{"annotation_id":"fb669b29-7338-4611-8149-d94e16b1aee2","file_hash":"bd817856bc2423e66eaebac1239672f8d6e1857a2e3ddbafa00367824955636d","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"a7d0b724-eea2-4567-b252-fd1a3734012f","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":1,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"c3d47b71-1159-4e91-a66c-14afe8d4bdff","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":1,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"496e3074-cf89-440a-8db5-d1975ced12e9","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":1,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"994d1535-bee5-4905-8695-58278a8be736","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"ef606d6d-7412-4d68-908f-734d7d4fb17c","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":1,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"8024be0a-9770-4e6e-8705-3b80a7eb4fe2","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":1,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"959d0c3e-43e9-49f7-9a38-1551863025bf","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":1,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"ec658fdf-9f33-4a3a-a4da-1e2c1ee2d14f","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":1,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"322f4283-b8c5-4d67-b378-f82ad9f2d2a8","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":1,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"954dd581-84fe-4101-8cc9-406e832ca37e","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":1,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"392eefc2-e65a-4785-8b6d-203a046a2665","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"61d3c798-9292-4a5e-9050-5192b86b9364","block_type":"box","text":"SM","page_number":1,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"ad35c3ac-144a-48bd-be49-bf25aa467e6b","block_type":"box","text":"BlackRock Funds II","page_number":1,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"815a7b79-aa1e-473e-b6dc-3bb470b21e11","block_type":"box","text":"BlackRock Funds III","page_number":1,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"f06c979e-0bf1-4ecf-ab6b-8b5b8835a2b3","block_type":"box","text":"BlackRock Funds IV","page_number":1,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"7cfa5434-f377-4d53-96b5-68d5ebd99241","block_type":"box","text":"BlackRock Funds V","page_number":1,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"14bdaa47-0cc6-41fb-9f86-20a7f4b3ded5","block_type":"box","text":"BlackRock Funds VI","page_number":1,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"ba7558f8-2732-4546-aab6-5a20b94061a3","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":1,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"c68211b4-db11-4f15-8a00-ab886839b983","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":1,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"67ef4300-c925-4c98-8473-342440c8c2e1","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":1,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"6e87d9b5-1fb4-4030-b7fe-b37a40403725","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":1,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"d23dfb7d-9305-401f-8908-ad4615051bbe","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":1,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"068b2cc0-c2c1-4749-930c-31c49b360005","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"cc787c04-188e-4482-a20a-16ec1509b64c","block_type":"box","text":"BlackRock Liquidity Funds","page_number":1,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"369c8913-d29d-4e55-b01c-d756e3380135","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":1,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"997ee52d-c7ac-4ee9-be75-ec6bfe34145b","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":1,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"5ecd1584-ca1b-48e1-a6e6-e95f42c8a5bc","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"b6d4a330-f21d-4345-a047-a68edce0545e","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":1,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"fe648217-e5a8-461b-90d2-0825e285b790","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":1,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"4876d836-a2ba-4558-b2d0-5775ae7fff46","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":1,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"4b564b10-d4c7-4562-aca8-2afbd8886a35","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":1,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"541ac945-4298-4b76-b5f7-3992f0f3b372","block_type":"box","text":"BlackRock Series, Inc.","page_number":1,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"f3ea6b70-c963-489b-8d49-7a740377851a","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"1f338537-e7b5-432a-bfb9-7dddb4e6dedf","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":1,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"490ebacb-fc55-4a4e-b157-d3916476498e","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":1,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"e08c0431-d17e-4971-9ba9-1fb8b7be0e81","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":1,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"f3bc2812-67de-462d-a63c-9e16395d3614","block_type":"box","text":"Supplement dated October 16, 2026","page_number":1,"box":{"x":372,"y":378,"width":260,"height":12}},{"id":"2bd69fda-dd27-4387-94a6-b7a137f24d89","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed","page_number":1,"box":{"x":221,"y":394,"width":561,"height":11}},{"id":"3282d476-b39c-42cf-8b18-04afe7a0b031","block_type":"box","text":"in Appendix A (each, a “Fund”), as amended from time to time.","page_number":1,"box":{"x":271,"y":409,"width":461,"height":12}},{"id":"0056ea82-45c3-4ce8-8f38-6f776f68dbd5","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":1,"box":{"x":116,"y":436,"width":292,"height":9}},{"id":"d29e8fe3-22b4-46ab-be40-0b7e9efa68ee","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":1,"box":{"x":116,"y":463,"width":722,"height":12}},{"id":"9b866760-1c2e-4e0f-8c6e-e67dfc2d865c","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":1,"box":{"x":116,"y":479,"width":721,"height":12}},{"id":"bb72080f-e72b-46e4-b2e2-f5d50e47f132","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":1,"box":{"x":116,"y":494,"width":695,"height":12}},{"id":"095c625c-4b21-4e73-b837-69ce12876ed0","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":1,"box":{"x":116,"y":510,"width":734,"height":12}},{"id":"2f0f4375-3a39-496f-9f97-2707d6a14a6f","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":1,"box":{"x":116,"y":525,"width":712,"height":12}},{"id":"f912de66-20d0-47be-a9a0-b70486ff515b","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":1,"box":{"x":116,"y":541,"width":771,"height":12}},{"id":"6bf3d93f-a45b-48d3-bba8-6e6fb5ff272d","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":1,"box":{"x":116,"y":556,"width":557,"height":12}},{"id":"98c571cf-8036-4e6c-8da3-fa9c73db350b","block_type":"box","text":"&Partners","page_number":1,"box":{"x":116,"y":584,"width":72,"height":9}},{"id":"7eb3024a-dc3c-43a6-bf42-9b82575f3467","block_type":"box","text":"AccuTech Systems Corporation","page_number":1,"box":{"x":116,"y":599,"width":219,"height":12}},{"id":"f66e88e9-9731-4e9b-9c20-f853119f6004","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":1,"box":{"x":116,"y":615,"width":173,"height":10}},{"id":"7b956b11-ca7d-4c45-8fee-ad9af997de10","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":1,"box":{"x":116,"y":630,"width":215,"height":12}},{"id":"1d86417e-9432-4eb2-942f-df2e324189cc","block_type":"box","text":"Advisor Group, Inc.","page_number":1,"box":{"x":116,"y":646,"width":140,"height":11}},{"id":"761d0098-56cd-4c42-b3c9-4c870067a640","block_type":"box","text":"AE Wealth Management, LLC","page_number":1,"box":{"x":116,"y":661,"width":207,"height":12}},{"id":"7ecebf03-f123-4d2f-985f-06940666c774","block_type":"box","text":"Alight Solutions LLC","page_number":1,"box":{"x":116,"y":677,"width":146,"height":11}},{"id":"3dc4f3fe-2096-423c-b875-f0de835a1c77","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":1,"box":{"x":116,"y":692,"width":250,"height":11}},{"id":"58e4fff3-8da9-45f4-a337-355f69d2a872","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":1,"box":{"x":116,"y":708,"width":314,"height":11}},{"id":"c48a3c59-ef8e-4bae-8a64-2f7242f3c0da","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":1,"box":{"x":116,"y":723,"width":345,"height":12}},{"id":"9ba6e2d2-52a2-4cf2-8d4b-2b09440eeeed","block_type":"box","text":"Altruist Financial LLC","page_number":1,"box":{"x":116,"y":739,"width":154,"height":9}},{"id":"538ba288-fc3d-4423-87fd-4e425e5f877e","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":1,"box":{"x":116,"y":754,"width":313,"height":12}},{"id":"bf84e0fd-1e1c-4089-8519-265267fb7cc7","block_type":"box","text":"American General Life Insurance Company","page_number":1,"box":{"x":116,"y":770,"width":295,"height":11}},{"id":"e7def267-9a29-467d-90d2-ded21db3f6ce","block_type":"box","text":"American United Life Insurance Company","page_number":1,"box":{"x":116,"y":785,"width":288,"height":12}},{"id":"507c60f8-36e9-40bf-b85f-705f145bcecf","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":1,"box":{"x":116,"y":801,"width":292,"height":11}},{"id":"72ebcba1-05f0-41a8-874a-ca23573a3490","block_type":"box","text":"Anthem Securities LLC","page_number":1,"box":{"x":116,"y":816,"width":160,"height":9}},{"id":"a52f8739-fc21-4ed0-be62-f7eb618565af","block_type":"box","text":"Argent Institutional Trust Company","page_number":1,"box":{"x":116,"y":832,"width":246,"height":11}},{"id":"bf471fd1-b947-4e9a-83b2-f9ced1c28e20","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":1,"box":{"x":116,"y":847,"width":263,"height":11}},{"id":"c2216e6e-957a-4b38-8a0e-66d0336e0752","block_type":"box","text":"Ascensus, Inc.","page_number":1,"box":{"x":116,"y":863,"width":102,"height":10}},{"id":"2fd487b5-32fc-4257-8979-553f2d0dcffe","block_type":"box","text":"Atomic Brokerage LLC","page_number":1,"box":{"x":116,"y":878,"width":165,"height":12}},{"id":"8c7c20fa-921b-4c08-8126-42da2e166a24","block_type":"box","text":"Avantax Investment Services, LLC","page_number":1,"box":{"x":116,"y":894,"width":242,"height":10}},{"id":"c3b15ebb-cc5a-4423-9440-aceaa56737d2","block_type":"box","text":"Bancroft Capital LLC","page_number":1,"box":{"x":116,"y":909,"width":147,"height":12}},{"id":"4a1dac23-3221-48c3-bb90-1316d93f09a2","block_type":"box","text":"Bank of America, N.A.","page_number":1,"box":{"x":520,"y":584,"width":161,"height":10}},{"id":"46839255-180c-4797-a4d6-93582ae818bf","block_type":"box","text":"Bank of New York Mellon","page_number":1,"box":{"x":520,"y":599,"width":185,"height":9}},{"id":"c9782af1-92e2-4b00-9041-e8843e4182af","block_type":"box","text":"Barclays Capital Inc.","page_number":1,"box":{"x":520,"y":615,"width":146,"height":11}},{"id":"76365da7-8929-4e47-95aa-db778996a390","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":1,"box":{"x":520,"y":630,"width":295,"height":11}},{"id":"edadf227-e1e3-4b3f-9f10-f318dc71494d","block_type":"box","text":"Benefit Trust Company","page_number":1,"box":{"x":520,"y":646,"width":163,"height":11}},{"id":"6f4768ed-7a9e-411c-b3f7-a7c4d3a753ce","block_type":"box","text":"Beta Capital Securities LLC","page_number":1,"box":{"x":520,"y":661,"width":190,"height":12}},{"id":"a51c98f3-873e-4dbb-844d-7a8eb124c466","block_type":"box","text":"bfinance US Ltd.","page_number":1,"box":{"x":520,"y":677,"width":114,"height":9}},{"id":"4c3369df-1b42-4ebb-9d17-726ff503fa93","block_type":"box","text":"BlackRock Advisors, LLC","page_number":1,"box":{"x":520,"y":692,"width":179,"height":11}},{"id":"bd2775e9-b29c-4352-bfbf-21673a13d878","block_type":"box","text":"BMO Capital Markets Corp.","page_number":1,"box":{"x":520,"y":708,"width":191,"height":11}},{"id":"30c82ed3-2ac2-49b9-b1ce-f770b299c5dc","block_type":"box","text":"BNP Paribas","page_number":1,"box":{"x":520,"y":723,"width":85,"height":9}},{"id":"5f8b4b4e-a06d-4dba-8568-fe1a4c490ab8","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":1,"box":{"x":520,"y":739,"width":311,"height":9}},{"id":"9ca6a2b1-d921-4b81-89b4-052b238a5761","block_type":"box","text":"BNY Mellon, N.A.","page_number":1,"box":{"x":520,"y":754,"width":128,"height":11}},{"id":"d030853d-beda-4ba4-baa9-c3c9825b87a0","block_type":"box","text":"BofA Securities, Inc.","page_number":1,"box":{"x":520,"y":770,"width":141,"height":10}},{"id":"1b48e4c4-78dd-4335-ad20-69a2a7ae3fb2","block_type":"box","text":"BOKF, N.A.","page_number":1,"box":{"x":520,"y":785,"width":84,"height":11}},{"id":"7cb7c671-a183-41c9-8b1d-01e2ae47f966","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":1,"box":{"x":520,"y":801,"width":253,"height":11}},{"id":"b00f4b4f-e938-41d6-8bb8-13ea35ca348e","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":1,"box":{"x":520,"y":816,"width":300,"height":12}},{"id":"ffecca57-78fa-454a-b392-21ff426e7f89","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":1,"box":{"x":520,"y":832,"width":327,"height":11}},{"id":"2dfadeaa-eb91-4eb1-8db8-09b3dd91b017","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":1,"box":{"x":520,"y":847,"width":226,"height":9}},{"id":"fec351ed-d1bd-4a62-8406-55d5d6498aa4","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":1,"box":{"x":520,"y":863,"width":210,"height":11}},{"id":"071f91c6-7656-4dc8-a1dd-250f887b7997","block_type":"box","text":"Capital One, N.A.","page_number":1,"box":{"x":520,"y":878,"width":126,"height":12}},{"id":"5313dd8f-e874-4aa4-8e4a-a398f483b70b","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":1,"box":{"x":520,"y":894,"width":212,"height":9}},{"id":"6eb9e909-0ec3-4f8f-b00e-be59d669689e","block_type":"box","text":"Cetera Advisors LLC","page_number":1,"box":{"x":520,"y":909,"width":144,"height":9}},{"id":"29c0da55-8400-4a3a-8e80-d944821427fe","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":1,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6a3ac358-6ef5-4fd7-ac7c-ce4c70e40a21","block_type":"box","text":"Cetera Financial Group","page_number":2,"box":{"x":116,"y":88,"width":162,"height":11}},{"id":"f865f314-716d-433e-93ce-5ea4c4cfaaf7","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":2,"box":{"x":116,"y":103,"width":227,"height":12}},{"id":"d2531e43-39d7-4671-8749-3756c8810db2","block_type":"box","text":"Cetera Investment Services LLC","page_number":2,"box":{"x":116,"y":119,"width":224,"height":9}},{"id":"25b9c06e-4240-4cb4-b8ca-a57b7d7bcded","block_type":"box","text":"CF Secured, LLC","page_number":2,"box":{"x":116,"y":134,"width":123,"height":11}},{"id":"68078dd7-8efb-41c3-b3b0-962eac9372aa","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":2,"box":{"x":116,"y":150,"width":192,"height":10}},{"id":"cc4d175c-05e2-4a23-b0eb-22ecc0db2cab","block_type":"box","text":"Charles Schwab Trust Bank","page_number":2,"box":{"x":116,"y":165,"width":192,"height":9}},{"id":"b0f775af-925c-4411-99f1-772b71572bce","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":2,"box":{"x":116,"y":181,"width":238,"height":11}},{"id":"418870e7-d332-4294-bfab-1875d210952f","block_type":"box","text":"CIM Investment Management, Inc.","page_number":2,"box":{"x":116,"y":196,"width":241,"height":12}},{"id":"54d847c4-96ea-4bf2-aaa8-bcf4ffce45f7","block_type":"box","text":"Citco Securities, LLC","page_number":2,"box":{"x":116,"y":212,"width":151,"height":10}},{"id":"9a5fc1e3-bfab-48dd-978f-24ea0e152dda","block_type":"box","text":"CitiBank, National Association","page_number":2,"box":{"x":116,"y":227,"width":215,"height":11}},{"id":"99874dfd-cf1b-4b74-a246-0b6042741e45","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":2,"box":{"x":116,"y":243,"width":212,"height":11}},{"id":"d7fe3e0d-c728-454d-894a-0570e10fe83e","block_type":"box","text":"Citizens Bank","page_number":2,"box":{"x":116,"y":258,"width":99,"height":9}},{"id":"147f183e-47d3-4969-b52f-8c31d42d17ab","block_type":"box","text":"Citizens Business Bank","page_number":2,"box":{"x":116,"y":274,"width":163,"height":9}},{"id":"2f1b47f1-7db1-47d5-a07d-05663b64c1e9","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":2,"box":{"x":116,"y":289,"width":231,"height":12}},{"id":"65f26138-06e6-455c-b397-cb56118d07cb","block_type":"box","text":"CMFG Life Insurance Company","page_number":2,"box":{"x":116,"y":305,"width":223,"height":11}},{"id":"98c23175-72f4-43e8-a992-646815acaf97","block_type":"box","text":"Comerica Bank","page_number":2,"box":{"x":116,"y":320,"width":109,"height":9}},{"id":"646ca7ab-f286-48ff-98ed-c8da599a774b","block_type":"box","text":"Commonwealth Financial Network","page_number":2,"box":{"x":116,"y":336,"width":242,"height":9}},{"id":"2bd30b40-7d15-4ab2-a1a7-39f2995ff39b","block_type":"box","text":"Computershare Trust Company","page_number":2,"box":{"x":116,"y":351,"width":216,"height":12}},{"id":"22453787-e095-4c09-8dbd-b95bfeea786b","block_type":"box","text":"Conduent HR Services, LLC","page_number":2,"box":{"x":116,"y":367,"width":198,"height":10}},{"id":"3c1b6821-c75b-40df-9b96-32d54c691b07","block_type":"box","text":"Delaware Life Insurance Company","page_number":2,"box":{"x":116,"y":382,"width":240,"height":12}},{"id":"d6f8a2e6-1875-4f80-87db-5747b79ec5d7","block_type":"box","text":"Delaware Trust Company","page_number":2,"box":{"x":116,"y":398,"width":178,"height":11}},{"id":"3b5cd9b9-2f4f-4339-8704-c0f5d433cdcb","block_type":"box","text":"Deutsche Bank AG","page_number":2,"box":{"x":116,"y":413,"width":135,"height":9}},{"id":"16f6e5a4-94dd-4602-ba7d-eb49e6134afa","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":2,"box":{"x":116,"y":429,"width":285,"height":11}},{"id":"cdb4d80a-8503-4aa8-9940-efe7c7a5f6f5","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":2,"box":{"x":116,"y":444,"width":232,"height":12}},{"id":"6edd91d2-ad1c-4044-8280-8e518424ffe7","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":2,"box":{"x":116,"y":460,"width":328,"height":10}},{"id":"798253d2-66e4-48a6-a872-620bf0a23032","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":2,"box":{"x":116,"y":475,"width":223,"height":12}},{"id":"dd41d3e1-e4b1-429a-9af7-b664561ce675","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":2,"box":{"x":116,"y":491,"width":200,"height":10}},{"id":"36f56663-216e-47e5-921a-a6ffaf73a1f2","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":2,"box":{"x":116,"y":506,"width":298,"height":12}},{"id":"e839b337-bfd4-4713-829f-e5954a14a3c9","block_type":"box","text":"Company","page_number":2,"box":{"x":116,"y":522,"width":69,"height":11}},{"id":"923ad97a-983b-4b90-b663-c6eae85a67e0","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":2,"box":{"x":116,"y":537,"width":349,"height":12}},{"id":"050ef7ec-bfe0-416c-8cbc-cf5949c9b3fe","block_type":"box","text":"Empower Financial Services, Inc.","page_number":2,"box":{"x":116,"y":553,"width":232,"height":11}},{"id":"31d9a4e3-44fd-4e45-8648-0067ba435219","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":2,"box":{"x":116,"y":568,"width":336,"height":12}},{"id":"edeb3ca8-415a-4912-b848-2548207ca3a8","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":584,"width":74,"height":9}},{"id":"28463de7-e263-427f-a386-6678ac31d0d1","block_type":"box","text":"Empower Plan Services, LLC","page_number":2,"box":{"x":116,"y":599,"width":205,"height":12}},{"id":"62daba0e-c775-411f-991e-31f701014167","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":2,"box":{"x":116,"y":615,"width":238,"height":11}},{"id":"9965115d-12dd-446e-9510-0d496542a175","block_type":"box","text":"Equitable Advisors, LLC","page_number":2,"box":{"x":116,"y":630,"width":174,"height":12}},{"id":"6b421e01-7eb5-441b-84f1-289216f55df0","block_type":"box","text":"Equitable Life Insurance Company","page_number":2,"box":{"x":116,"y":646,"width":240,"height":11}},{"id":"28b0dd99-7dd0-4d1a-acc7-fa945704bf10","block_type":"box","text":"E*trade Savings Bank","page_number":2,"box":{"x":116,"y":661,"width":150,"height":12}},{"id":"5add37fa-7594-41c7-9d44-8df4a29813ff","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":2,"box":{"x":116,"y":677,"width":262,"height":11}},{"id":"e0e88040-2f1f-4740-b03f-8cfee686b78b","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":2,"box":{"x":116,"y":692,"width":223,"height":12}},{"id":"05d342da-6c4e-4c94-b81d-a95193965246","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":2,"box":{"x":116,"y":708,"width":301,"height":11}},{"id":"06c573bb-21ab-46d3-a0e9-cbc6327aa38f","block_type":"box","text":"Company, Inc.","page_number":2,"box":{"x":116,"y":723,"width":98,"height":12}},{"id":"5e0419ea-0956-40de-821e-8a6c52874b96","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":2,"box":{"x":116,"y":739,"width":309,"height":11}},{"id":"64637c98-cbf5-4f6e-acd5-17553224683b","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":2,"box":{"x":116,"y":754,"width":178,"height":11}},{"id":"6bfb7783-5200-4685-9723-d6361bad36c2","block_type":"box","text":"First Allied Securities, Inc.","page_number":2,"box":{"x":116,"y":770,"width":181,"height":10}},{"id":"c5890fe3-72ab-4355-9125-5e05e00791c3","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":2,"box":{"x":116,"y":785,"width":269,"height":12}},{"id":"2c4845a9-99ed-49c2-a341-7978bf983bde","block_type":"box","text":"First Hawaiian Bank","page_number":2,"box":{"x":116,"y":801,"width":139,"height":9}},{"id":"bd38be50-feda-4743-8108-c3f5cc72eb0b","block_type":"box","text":"First Republic Bank","page_number":2,"box":{"x":116,"y":816,"width":136,"height":12}},{"id":"6169c098-42a4-4ebd-900b-e1b3284c190d","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":2,"box":{"x":116,"y":832,"width":339,"height":11}},{"id":"c221a385-be49-4f0e-827b-79f8c5025735","block_type":"box","text":"Company of New York","page_number":2,"box":{"x":116,"y":847,"width":162,"height":12}},{"id":"b4a76309-2fab-4128-918b-76e87dd04ab6","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":2,"box":{"x":116,"y":863,"width":348,"height":11}},{"id":"fffdb35d-969a-4df2-94f8-dc763274cf1f","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":878,"width":74,"height":9}},{"id":"dc0b1631-140c-4fff-bd8b-2da3e4ccf2dc","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":2,"box":{"x":116,"y":894,"width":262,"height":11}},{"id":"b80041f3-d392-4125-b555-7d5fd3eef185","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":2,"box":{"x":116,"y":909,"width":283,"height":12}},{"id":"614847b6-bd3c-4a89-9fbc-c15867dc6f47","block_type":"box","text":"FNEX Capital, LLC","page_number":2,"box":{"x":520,"y":88,"width":141,"height":11}},{"id":"0ead1ddc-a72b-4ddd-a15c-56415e9b84b3","block_type":"box","text":"Forethought Life Insurance Company","page_number":2,"box":{"x":520,"y":103,"width":258,"height":12}},{"id":"eaf647fb-72ce-45ff-8d95-065dc511238e","block_type":"box","text":"FSC Securities Corporation","page_number":2,"box":{"x":520,"y":119,"width":190,"height":11}},{"id":"acb5856d-7188-484d-9f3d-805b73d0ac04","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":2,"box":{"x":520,"y":134,"width":331,"height":12}},{"id":"bf1a8a34-cdd1-42a8-9445-1040c658c325","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":150,"width":336,"height":11}},{"id":"b030afd5-46cc-4e21-b000-c4e27da15710","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":2,"box":{"x":520,"y":165,"width":233,"height":11}},{"id":"54a92086-b50a-4173-b1f3-33d603cdcafb","block_type":"box","text":"Goldman Sachs & Co.","page_number":2,"box":{"x":520,"y":181,"width":156,"height":9}},{"id":"219d91b9-e837-4c52-a72a-a72258c8f4b1","block_type":"box","text":"Great Pacific Securities, LLC","page_number":2,"box":{"x":520,"y":196,"width":203,"height":11}},{"id":"8ea196e9-072c-412a-88d0-4c3c25f6e598","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":2,"box":{"x":520,"y":212,"width":275,"height":11}},{"id":"d35cc325-5a4a-4aa5-9dab-2935d658969e","block_type":"box","text":"Hancock Whitney Bank","page_number":2,"box":{"x":520,"y":227,"width":166,"height":12}},{"id":"263fe5bb-3e99-4e6c-9ca0-51b774b2ad53","block_type":"box","text":"Hartford Funds Management Company","page_number":2,"box":{"x":520,"y":243,"width":269,"height":11}},{"id":"05e5108e-1d18-46b6-bcf8-a3cf4b7744ff","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":2,"box":{"x":520,"y":258,"width":322,"height":12}},{"id":"ff47d9af-61bb-4ac6-a943-db502fdf135c","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":2,"box":{"x":520,"y":274,"width":203,"height":10}},{"id":"e3978e45-1dc0-400d-880f-29996e8bd686","block_type":"box","text":"Hightower Securities, Inc.","page_number":2,"box":{"x":520,"y":289,"width":181,"height":12}},{"id":"ba3f1aea-3cc2-435d-a833-fcd62cb24900","block_type":"box","text":"Hilltop Securities Inc.","page_number":2,"box":{"x":520,"y":305,"width":152,"height":11}},{"id":"1c64d612-469f-42e7-9f6d-4f9b3ea09fe3","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":2,"box":{"x":520,"y":320,"width":166,"height":11}},{"id":"e2bd8b36-23f0-42d1-8f4a-0054ecdc1113","block_type":"box","text":"Huntington Securities, Inc.","page_number":2,"box":{"x":520,"y":336,"width":186,"height":11}},{"id":"afac391c-e53e-43c7-aa73-dcc67e1a350c","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":2,"box":{"x":520,"y":351,"width":249,"height":11}},{"id":"63175056-bd8f-486c-a3bf-5f7437fc9dba","block_type":"box","text":"Integrity Life Insurance Company","page_number":2,"box":{"x":520,"y":367,"width":234,"height":11}},{"id":"0200013c-e90a-4589-a9a7-6209e4b98a63","block_type":"box","text":"Interactive Brokers, LLC","page_number":2,"box":{"x":520,"y":382,"width":174,"height":11}},{"id":"b0fbb6c6-9895-494a-86d4-afd3c4336685","block_type":"box","text":"Investment Trust of California","page_number":2,"box":{"x":520,"y":398,"width":209,"height":9}},{"id":"a3ba6062-3f64-4d55-858e-dedc6c7cad93","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":2,"box":{"x":520,"y":413,"width":287,"height":12}},{"id":"d0e465be-bf73-4ee4-9aa7-173d9d21e588","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":2,"box":{"x":520,"y":429,"width":193,"height":11}},{"id":"954445b6-6595-483b-ad29-6cf25206d3d0","block_type":"box","text":"Jefferies LLC","page_number":2,"box":{"x":520,"y":444,"width":97,"height":9}},{"id":"e543e4c7-5a1a-4fa1-8a8c-600fba9f0a02","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":2,"box":{"x":520,"y":460,"width":300,"height":11}},{"id":"208d746e-23db-413e-ad35-33a921a02efc","block_type":"box","text":"Jefferson National Life Insurance Company of New","page_number":2,"box":{"x":520,"y":475,"width":354,"height":12}},{"id":"2627274f-222f-4e6d-adbf-01683e04419f","block_type":"box","text":"York","page_number":2,"box":{"x":520,"y":491,"width":39,"height":9}},{"id":"615189c6-0ff9-4422-8de6-c68aeeef99d0","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":2,"box":{"x":520,"y":506,"width":333,"height":12}},{"id":"dafdea40-b9ef-4dee-9e22-98046713a616","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":522,"width":365,"height":11}},{"id":"96895d39-216c-4465-b8b7-9155b60bcec8","block_type":"box","text":"John Hancock Trust Company","page_number":2,"box":{"x":520,"y":537,"width":209,"height":12}},{"id":"88210170-0d4e-4dda-8b3a-7795493a822d","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":2,"box":{"x":520,"y":553,"width":199,"height":11}},{"id":"83718de7-e404-4ce3-9a0c-5cd2f7255e25","block_type":"box","text":"Kestra Investment Services, LLC","page_number":2,"box":{"x":520,"y":568,"width":229,"height":11}},{"id":"b4b1f09e-bb95-445f-8e01-cb56b4d4217f","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":2,"box":{"x":520,"y":584,"width":274,"height":11}},{"id":"67906a61-5b11-40d6-9155-d4561e32a6a5","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":2,"box":{"x":520,"y":599,"width":280,"height":12}},{"id":"0d6ccde0-5ef8-4941-8962-1aa907ff7a83","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":2,"box":{"x":520,"y":615,"width":328,"height":11}},{"id":"53f184d7-d970-47f9-adcb-be39dd9352f4","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":2,"box":{"x":520,"y":630,"width":290,"height":12}},{"id":"c1c4e029-4a37-455d-97b4-007f3b6af776","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":2,"box":{"x":520,"y":646,"width":233,"height":9}},{"id":"a839b793-ab86-43b4-a3ba-6e22a69b18fa","block_type":"box","text":"Lombard International Life Assurance Company","page_number":2,"box":{"x":520,"y":661,"width":328,"height":12}},{"id":"e1b844e3-2af5-4d50-8ab6-7fe89db02e42","block_type":"box","text":"LPL Financial LLC","page_number":2,"box":{"x":520,"y":677,"width":132,"height":9}},{"id":"c8644cc6-4f06-4ec6-bb19-c362194c679b","block_type":"box","text":"M&T Securities Inc.","page_number":2,"box":{"x":520,"y":692,"width":138,"height":9}},{"id":"891231db-fe86-4f28-99c5-71a181dbce0a","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":2,"box":{"x":520,"y":708,"width":291,"height":11}},{"id":"10492b68-ada6-4618-9911-7ede9d4d21bb","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":2,"box":{"x":520,"y":723,"width":321,"height":12}},{"id":"9e675eb8-4352-448e-aebe-1c74bee2b9b7","block_type":"box","text":"Members Life Insurance Company","page_number":2,"box":{"x":520,"y":739,"width":235,"height":11}},{"id":"f4cd75c8-5438-445b-990e-d30a752dcefd","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":2,"box":{"x":520,"y":754,"width":353,"height":12}},{"id":"149657f8-02e8-434a-aa41-f45bf922ffbb","block_type":"box","text":"Metavante Corporation","page_number":2,"box":{"x":520,"y":770,"width":156,"height":11}},{"id":"f638a6eb-0c6c-451c-8d56-4f8523bb9a53","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":2,"box":{"x":520,"y":785,"width":259,"height":12}},{"id":"36498ec8-6db4-4409-9239-11781db11874","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":2,"box":{"x":520,"y":801,"width":328,"height":11}},{"id":"e4886733-6d4f-4890-b998-9cdc3a7f1245","block_type":"box","text":"Midland Life Insurance Company","page_number":2,"box":{"x":520,"y":816,"width":228,"height":12}},{"id":"63bda52f-bf74-422a-8765-d80219eb0b26","block_type":"box","text":"Minnesota Life Insurance Company","page_number":2,"box":{"x":520,"y":832,"width":247,"height":11}},{"id":"9fcd3a6d-fdf3-49f9-9c14-f6c6402bd81c","block_type":"box","text":"Mischler Financial Group","page_number":2,"box":{"x":520,"y":847,"width":178,"height":12}},{"id":"f8c014e1-57bc-4343-9d0b-b93c8634aa09","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":2,"box":{"x":520,"y":863,"width":195,"height":9}},{"id":"4b02c18e-02ad-4b3e-bc4c-b67fd1790dfb","block_type":"box","text":"MML Distributors, LLC","page_number":2,"box":{"x":520,"y":878,"width":169,"height":11}},{"id":"7073ed34-abcb-42a7-94ef-74166476d201","block_type":"box","text":"MML Investors Services, LLC","page_number":2,"box":{"x":520,"y":894,"width":212,"height":10}},{"id":"501b43b5-cf6c-4bf5-844d-0f06bd0626b7","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":2,"box":{"x":520,"y":909,"width":189,"height":12}},{"id":"76b3bdf8-e12a-40f7-ba4c-baadfe4caea5","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":2,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"54b7446a-3ac2-4b55-aa33-b9df9fcbebd9","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":3,"box":{"x":116,"y":88,"width":232,"height":11}},{"id":"35c8d916-a759-4215-a52c-32c7dc5aef27","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":3,"box":{"x":116,"y":103,"width":245,"height":12}},{"id":"59ceb751-d833-4fb9-89c9-350d505db77c","block_type":"box","text":"MUFG Union Bank, National Association","page_number":3,"box":{"x":116,"y":119,"width":289,"height":10}},{"id":"cc437dcb-6fcf-4661-9fdc-33ea5e1bb39c","block_type":"box","text":"Nassau Life Insurance Company","page_number":3,"box":{"x":116,"y":134,"width":224,"height":12}},{"id":"0384cb3e-5d01-4ae8-830d-b25520d45e12","block_type":"box","text":"National Financial Services LLC","page_number":3,"box":{"x":116,"y":150,"width":226,"height":9}},{"id":"b6bf0ca8-aa0d-4e34-96f9-601082a115e4","block_type":"box","text":"National Integrity Life Insurance Company","page_number":3,"box":{"x":116,"y":165,"width":296,"height":12}},{"id":"683e6fc8-e20d-4a87-a5bd-4670532514e2","block_type":"box","text":"National Life Insurance Company","page_number":3,"box":{"x":116,"y":181,"width":234,"height":11}},{"id":"196c6183-736b-43ea-817d-bb514dcbed26","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":3,"box":{"x":116,"y":196,"width":245,"height":11}},{"id":"115dbc4f-cdca-4a63-8ada-1504229509f3","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":3,"box":{"x":116,"y":212,"width":242,"height":9}},{"id":"d32466c1-d6e6-41af-8bd6-b886b4914626","block_type":"box","text":"Nationwide Retirement Solutions","page_number":3,"box":{"x":116,"y":227,"width":230,"height":9}},{"id":"0b8cf4fb-0cc3-41d9-bb66-def48b455614","block_type":"box","text":"NCB Federal Savings Bank","page_number":3,"box":{"x":116,"y":243,"width":191,"height":11}},{"id":"f8ca799a-2a65-49bb-b77d-0cf7c8acc76a","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":3,"box":{"x":116,"y":258,"width":288,"height":12}},{"id":"81a7254e-f0ed-4a38-bab2-ba4de2314dbe","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":3,"box":{"x":116,"y":274,"width":350,"height":11}},{"id":"e92510d3-2b1e-4dfe-88bc-49866cadde49","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":3,"box":{"x":116,"y":289,"width":237,"height":12}},{"id":"e37e32f6-3085-4195-b814-1f78a9cba3ad","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":3,"box":{"x":116,"y":305,"width":249,"height":11}},{"id":"4d2bebd6-4f83-4057-9dbd-a85965b5e661","block_type":"box","text":"Northern Trust Company","page_number":3,"box":{"x":116,"y":320,"width":174,"height":12}},{"id":"0e2aa8c3-4b2a-4526-ac9a-f89fe111bb81","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":3,"box":{"x":116,"y":336,"width":329,"height":10}},{"id":"256e9e71-5ff9-460e-9193-c62fec0a8238","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":3,"box":{"x":116,"y":351,"width":320,"height":12}},{"id":"122ec0c5-04de-4d94-963d-521a0bfcbd3a","block_type":"box","text":"NYLife Distributors LLC","page_number":3,"box":{"x":116,"y":367,"width":177,"height":9}},{"id":"0bc36241-132f-41d6-bb5d-446f6063ca92","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":3,"box":{"x":116,"y":382,"width":175,"height":12}},{"id":"eed9d9cb-bb79-4ef8-a7ba-25808a33e046","block_type":"box","text":"Orion Advisor Services, LLC","page_number":3,"box":{"x":116,"y":398,"width":203,"height":10}},{"id":"3a2d003f-6fa3-4c9f-8844-5eed1ed6a145","block_type":"box","text":"Osaic Wealth, Inc.","page_number":3,"box":{"x":116,"y":413,"width":129,"height":11}},{"id":"6545dd09-af7f-418f-91d0-7931b16472f4","block_type":"box","text":"Pacific Life & Annuity Company","page_number":3,"box":{"x":116,"y":429,"width":230,"height":11}},{"id":"6789053e-ef07-420d-9a6e-9e851feea126","block_type":"box","text":"Pacific Life Insurance Company","page_number":3,"box":{"x":116,"y":444,"width":223,"height":12}},{"id":"f01098b7-8f5b-455a-9052-665881ce715c","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":3,"box":{"x":116,"y":460,"width":221,"height":10}},{"id":"75c5fec5-c2a0-45d8-8e0a-dbaa103189cb","block_type":"box","text":"Park Avenue Securities LLC","page_number":3,"box":{"x":116,"y":475,"width":198,"height":9}},{"id":"74ea3dd9-ec14-48c4-968a-de6840eab705","block_type":"box","text":"Penserra Securities LLC","page_number":3,"box":{"x":116,"y":491,"width":169,"height":9}},{"id":"5badec79-356a-4806-8267-614492b14d7e","block_type":"box","text":"Pershing LLC","page_number":3,"box":{"x":116,"y":506,"width":99,"height":12}},{"id":"d1083f6e-d963-48b8-b3cf-788ccb3b69bd","block_type":"box","text":"PFPC Inc.","page_number":3,"box":{"x":116,"y":522,"width":73,"height":9}},{"id":"be7e7149-cab9-46b7-b2c4-2d58cb4d318b","block_type":"box","text":"Piper Jaffray & Co.","page_number":3,"box":{"x":116,"y":537,"width":136,"height":12}},{"id":"b678f830-da9e-4b53-a41d-7ea424f178cf","block_type":"box","text":"PNC Bank, National Association","page_number":3,"box":{"x":116,"y":553,"width":226,"height":10}},{"id":"be616329-3d89-49fa-be90-3d4a55bbc162","block_type":"box","text":"PNC Capital Markets LLC","page_number":3,"box":{"x":116,"y":568,"width":185,"height":12}},{"id":"3717def9-5f77-4bb2-883f-a785f1bef6a1","block_type":"box","text":"PNC Investments LLC","page_number":3,"box":{"x":116,"y":584,"width":158,"height":9}},{"id":"9c5c4b24-24fb-4ec5-90bb-b3f7448efd22","block_type":"box","text":"Principal Bank","page_number":3,"box":{"x":116,"y":599,"width":105,"height":12}},{"id":"0e4687ee-c71c-4ba5-b90a-3b484be97335","block_type":"box","text":"Principal Life Insurance Company","page_number":3,"box":{"x":116,"y":615,"width":237,"height":11}},{"id":"d0c29df8-c1ea-4168-8751-bcf8aff14968","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":3,"box":{"x":116,"y":630,"width":332,"height":12}},{"id":"0216f6cb-4fd3-4115-b9a4-985687febd0c","block_type":"box","text":"Protective Life Insurance Company","page_number":3,"box":{"x":116,"y":646,"width":244,"height":11}},{"id":"57278cf3-a288-4b86-a6ff-3e4ebe8f3fc5","block_type":"box","text":"Pruco Life Insurance Company","page_number":3,"box":{"x":116,"y":661,"width":210,"height":12}},{"id":"ce9e85ec-6e9a-42c4-89b7-edb6757c19ea","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":3,"box":{"x":116,"y":677,"width":311,"height":11}},{"id":"97754689-9510-452b-8d61-43609a9d54ef","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":3,"box":{"x":116,"y":692,"width":257,"height":11}},{"id":"dac315a5-f708-44b6-8168-c441865d5223","block_type":"box","text":"Prudential Insurance Company of America","page_number":3,"box":{"x":116,"y":708,"width":289,"height":11}},{"id":"ec94e7c5-d89b-4196-a286-846477b5e1ff","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":3,"box":{"x":116,"y":723,"width":237,"height":12}},{"id":"0d4916c0-0138-4f54-a9d6-d0fee75592ea","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":3,"box":{"x":116,"y":739,"width":272,"height":11}},{"id":"eccab489-c7ca-4ec1-863d-00d5c6139e8e","block_type":"box","text":"RBC Capital Markets, LLC","page_number":3,"box":{"x":116,"y":754,"width":185,"height":12}},{"id":"01e09591-7695-4884-a121-6f717ae8ef93","block_type":"box","text":"Regions Bank","page_number":3,"box":{"x":116,"y":770,"width":95,"height":11}},{"id":"df64c38c-52c3-4297-b5b3-af1ed576f6b1","block_type":"box","text":"Reliance Trust Company","page_number":3,"box":{"x":116,"y":785,"width":168,"height":12}},{"id":"7437c1a5-37c8-452f-b364-581b4789c467","block_type":"box","text":"Reliastar Life Insurance Company","page_number":3,"box":{"x":116,"y":801,"width":231,"height":11}},{"id":"3e059797-ccaf-4551-9e36-70ef57168e36","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":3,"box":{"x":116,"y":816,"width":325,"height":12}},{"id":"c7347004-004e-474d-9c0b-36e62dfc6c1f","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":3,"box":{"x":116,"y":832,"width":207,"height":10}},{"id":"5a27126f-5593-438a-8492-80ce0ed09759","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":3,"box":{"x":116,"y":847,"width":311,"height":9}},{"id":"792c438a-8bb5-4c6b-9377-c95f4508b02e","block_type":"box","text":"RiverSource Life Insurance Company","page_number":3,"box":{"x":116,"y":863,"width":260,"height":11}},{"id":"49f35711-4723-4a73-a314-c090069f679b","block_type":"box","text":"SagePoint Financial, Inc.","page_number":3,"box":{"x":116,"y":878,"width":173,"height":12}},{"id":"146ae555-c129-4b56-8f2c-b687250bdd99","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":3,"box":{"x":116,"y":894,"width":252,"height":10}},{"id":"e3e45651-7769-4b3d-86b3-2c1f74a34f38","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":3,"box":{"x":116,"y":909,"width":207,"height":12}},{"id":"3c1a586f-8e5c-4e4c-84df-70ab995292c3","block_type":"box","text":"Santander Bank, N.A.","page_number":3,"box":{"x":520,"y":88,"width":152,"height":10}},{"id":"0c0b3601-9fbe-4db0-86e3-4e7817b4907b","block_type":"box","text":"Saturna Trust Company","page_number":3,"box":{"x":520,"y":103,"width":165,"height":12}},{"id":"e3fc9c9f-23a8-499c-9d1e-4671ca7a7ebd","block_type":"box","text":"Securities America, Inc.","page_number":3,"box":{"x":520,"y":119,"width":167,"height":10}},{"id":"173d53ce-9e06-4681-a513-e8278cabc895","block_type":"box","text":"Securities Finance Trust Company","page_number":3,"box":{"x":520,"y":134,"width":238,"height":12}},{"id":"2c75fd6b-24fe-4435-9b7f-29207627f48f","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":3,"box":{"x":520,"y":150,"width":286,"height":11}},{"id":"cee2c601-090b-4a68-8573-fc5e677c63f9","block_type":"box","text":"Security Financial Resources, Inc.","page_number":3,"box":{"x":520,"y":165,"width":235,"height":12}},{"id":"f64a1857-6f4f-4562-9e34-12eb6ab1a5b7","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":3,"box":{"x":520,"y":181,"width":304,"height":11}},{"id":"6c3f6f3a-cc4e-4e38-b50b-aec64ce5ca5d","block_type":"box","text":"SEI Private Trust Company","page_number":3,"box":{"x":520,"y":196,"width":191,"height":12}},{"id":"232c7a1e-e9ec-4d9a-b13a-9aaa41d04cd3","block_type":"box","text":"SG Americas Securities, LLC","page_number":3,"box":{"x":520,"y":212,"width":205,"height":10}},{"id":"05c6d4b4-4d6a-4eea-bd0c-7c177aae7085","block_type":"box","text":"Silicon Valley Bank","page_number":3,"box":{"x":520,"y":227,"width":141,"height":12}},{"id":"d13ad31d-b1b3-4e64-aff0-c561346132b6","block_type":"box","text":"Standard Insurance Company","page_number":3,"box":{"x":520,"y":243,"width":203,"height":11}},{"id":"85ad8eae-b2a2-472b-800e-8bdd0b900274","block_type":"box","text":"Standard Retirement Services, Inc.","page_number":3,"box":{"x":520,"y":258,"width":239,"height":11}},{"id":"073304a4-9762-4534-aef3-31d0bc0a725c","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":3,"box":{"x":520,"y":274,"width":347,"height":11}},{"id":"d928bf95-dd26-4e79-9984-d828868e206f","block_type":"box","text":"State Farm Life Insurance Company","page_number":3,"box":{"x":520,"y":289,"width":249,"height":12}},{"id":"de89a4b1-663d-4cf5-8f10-5ec8de2e47bf","block_type":"box","text":"State Farm VP Management Corp.","page_number":3,"box":{"x":520,"y":305,"width":237,"height":11}},{"id":"7335bcef-9426-45c8-b2d3-d93622041c05","block_type":"box","text":"State Street Bank and Trust Company","page_number":3,"box":{"x":520,"y":320,"width":259,"height":12}},{"id":"02cec4fd-3123-4c58-a07b-fd88b6bfa4bf","block_type":"box","text":"State Street Global Markets, LLC","page_number":3,"box":{"x":520,"y":336,"width":231,"height":10}},{"id":"d11a892a-a356-4e48-8f62-9f7c660b9594","block_type":"box","text":"Stern Brothers & Co.","page_number":3,"box":{"x":520,"y":351,"width":147,"height":9}},{"id":"10c79a6c-3c90-42e4-8f24-12d0aa0d4e7a","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":3,"box":{"x":520,"y":367,"width":290,"height":11}},{"id":"625031b5-c7ce-426f-be11-0cf6fdd05991","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":3,"box":{"x":520,"y":382,"width":227,"height":12}},{"id":"f51a7e7a-c58d-47d1-9b4c-2554a19977c2","block_type":"box","text":"SVB Asset Management","page_number":3,"box":{"x":520,"y":398,"width":170,"height":11}},{"id":"be9ac9c2-31bb-4604-a560-2b00539ce778","block_type":"box","text":"Symetra Life Insurance Company","page_number":3,"box":{"x":520,"y":413,"width":232,"height":12}},{"id":"9fa02149-df3b-4a9e-aab6-840768c99c20","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":3,"box":{"x":520,"y":429,"width":200,"height":11}},{"id":"12d3b07d-81b3-4330-8261-5a23f884e941","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":3,"box":{"x":520,"y":444,"width":310,"height":11}},{"id":"d2ffc45b-c603-4166-ac46-e887e920374d","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":3,"box":{"x":520,"y":460,"width":319,"height":11}},{"id":"0dfe54b5-f04d-40f2-95c4-52703366357a","block_type":"box","text":"Company","page_number":3,"box":{"x":520,"y":475,"width":69,"height":12}},{"id":"82fda826-842a-47ed-9d1a-39348c59f8db","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":3,"box":{"x":520,"y":491,"width":301,"height":11}},{"id":"4cfe54fb-3e76-4e50-ae16-5a9bc8f1839c","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":3,"box":{"x":520,"y":506,"width":204,"height":12}},{"id":"d9f3a908-31ee-41f2-b3d4-dce0c0f01ecf","block_type":"box","text":"TD Ameritrade, Inc.","page_number":3,"box":{"x":520,"y":522,"width":141,"height":10}},{"id":"46a8eddf-7706-454b-a18d-e145251b3c7a","block_type":"box","text":"TD Prime Services (US) LLC","page_number":3,"box":{"x":520,"y":537,"width":205,"height":11}},{"id":"0fdd2b92-989a-41b6-8966-2961a77d9ee8","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":3,"box":{"x":520,"y":553,"width":325,"height":11}},{"id":"135a93b8-e299-4bae-8d1d-d3dc46e7a722","block_type":"box","text":"America","page_number":3,"box":{"x":520,"y":568,"width":62,"height":9}},{"id":"ba4f6acf-0c1c-4559-b298-97b817694492","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":3,"box":{"x":520,"y":584,"width":220,"height":11}},{"id":"fd559cb1-8cc5-4864-8890-013aa8cf2aa7","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":3,"box":{"x":520,"y":599,"width":335,"height":12}},{"id":"e602b897-719f-4cc1-90e0-c282aef573dd","block_type":"box","text":"Transamerica Life Insurance Company","page_number":3,"box":{"x":520,"y":615,"width":268,"height":11}},{"id":"59951402-19b8-4095-b94d-eb781add7a27","block_type":"box","text":"Treasury Brokerage","page_number":3,"box":{"x":520,"y":630,"width":138,"height":12}},{"id":"7db6a3a2-fa01-4b3b-9df9-c3326afe5964","block_type":"box","text":"Triad Advisors, LLC","page_number":3,"box":{"x":520,"y":646,"width":146,"height":10}},{"id":"dbe93777-4550-41ca-a378-a3e2e19377a0","block_type":"box","text":"Truist Bank","page_number":3,"box":{"x":520,"y":661,"width":80,"height":9}},{"id":"6a4b13a2-2b7e-44e6-bd83-25c5858c6573","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":3,"box":{"x":520,"y":677,"width":210,"height":11}},{"id":"b6678b37-5708-4ce7-aca5-8c3efc9dd559","block_type":"box","text":"U.S. Bank, National Association","page_number":3,"box":{"x":520,"y":692,"width":219,"height":11}},{"id":"63ee74b3-7ddc-4561-8135-2f3ab1b35e79","block_type":"box","text":"UBATCO & Co.","page_number":3,"box":{"x":520,"y":708,"width":113,"height":9}},{"id":"358712dc-0b69-41f2-bec4-e9a7fed2fc09","block_type":"box","text":"UBS Financial Services, Inc.","page_number":3,"box":{"x":520,"y":723,"width":194,"height":11}},{"id":"0ce17a9b-f380-48b9-b52a-a005e2bc1579","block_type":"box","text":"UBS Securities LLC","page_number":3,"box":{"x":520,"y":739,"width":139,"height":9}},{"id":"9f240ef3-5c78-4d2b-a386-5a1ef2dbd488","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":3,"box":{"x":520,"y":754,"width":200,"height":11}},{"id":"8ff80ba3-e672-4c9d-9070-81cd5a6b5f96","block_type":"box","text":"UMB Bank, National Association","page_number":3,"box":{"x":520,"y":770,"width":228,"height":10}},{"id":"f20452ff-5025-42cb-b068-91761803098d","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":3,"box":{"x":520,"y":785,"width":356,"height":12}},{"id":"ccf918f8-29aa-4765-aba3-a3a87faa2fe0","block_type":"box","text":"New York","page_number":3,"box":{"x":520,"y":801,"width":70,"height":9}},{"id":"5867dcd2-f1e0-4cd0-909b-8eebdd87042f","block_type":"box","text":"VALIC Retirement Services Company","page_number":3,"box":{"x":520,"y":816,"width":261,"height":12}},{"id":"6f49b167-3ae9-47db-b746-207586fbec26","block_type":"box","text":"Vanguard Group, Inc.","page_number":3,"box":{"x":520,"y":832,"width":152,"height":11}},{"id":"4cd10264-90bf-427c-8038-950812ecbd2c","block_type":"box","text":"Vanguard Marketing Corporation","page_number":3,"box":{"x":520,"y":847,"width":230,"height":12}},{"id":"21d01fc3-337a-4ef3-9737-e6e568baaf37","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":3,"box":{"x":520,"y":863,"width":207,"height":11}},{"id":"dd8afde2-ee86-4a9d-828d-133a0ad409c3","block_type":"box","text":"Voya Financial Partners, LLC","page_number":3,"box":{"x":520,"y":878,"width":207,"height":12}},{"id":"6560d737-c527-46bc-a100-56205674220c","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":3,"box":{"x":520,"y":894,"width":262,"height":11}},{"id":"d035c525-80f9-4042-99dd-a8a90572010e","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":3,"box":{"x":520,"y":909,"width":263,"height":12}},{"id":"0202f252-08e9-4697-8bed-decd6dbf4087","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":3,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9c71e29e-d815-4321-a9bd-6bfe1874fcd8","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":4,"box":{"x":116,"y":88,"width":245,"height":11}},{"id":"b1295eab-46cf-4ad5-8815-351dc0d552ec","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":4,"box":{"x":116,"y":103,"width":347,"height":12}},{"id":"ccef4175-3853-498d-bff0-59f5dd1d6899","block_type":"box","text":"Waddell & Reed, Inc.","page_number":4,"box":{"x":116,"y":119,"width":151,"height":10}},{"id":"37739f0e-2e21-44a8-af90-6ebee7fea57f","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":4,"box":{"x":116,"y":134,"width":192,"height":12}},{"id":"8481aa9d-e233-423b-ae4f-4e7f96aa70b2","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":4,"box":{"x":116,"y":150,"width":322,"height":11}},{"id":"6d4d84a9-9541-42b1-8e52-77a543bfd6bf","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":4,"box":{"x":116,"y":165,"width":168,"height":12}},{"id":"d254b13d-8987-4346-b308-e1eec7f071a9","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":4,"box":{"x":520,"y":88,"width":251,"height":11}},{"id":"a982efaa-9fbd-4688-a293-21cd284ca038","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":4,"box":{"x":520,"y":103,"width":213,"height":12}},{"id":"faf2aa8a-a8e9-42b6-84fe-65615fe459eb","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":4,"box":{"x":520,"y":119,"width":198,"height":11}},{"id":"80a77c6a-317f-4cea-b181-334198f8e9f0","block_type":"box","text":"Wilmington Trust, National Association","page_number":4,"box":{"x":520,"y":134,"width":275,"height":12}},{"id":"9dc45550-5c8a-426a-8ea7-bfc01b6bb5d0","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":4,"box":{"x":520,"y":150,"width":238,"height":11}},{"id":"e488e1d5-95b9-4e45-bd71-7022880451d4","block_type":"box","text":"ZB, National Association","page_number":4,"box":{"x":520,"y":165,"width":176,"height":11}},{"id":"6f7c06d5-e7b9-4f51-bc60-1d962ff93fdf","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":4,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d6ba1ed5-29bf-4b21-98a2-bc18d73eebb8","block_type":"box","text":"Appendix A","page_number":5,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"81b8189b-5252-439f-9f36-e7f45944bdb4","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":5,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"501b6685-a40a-43c6-aa96-705def29729c","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":5,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"5ae5683f-45c5-4ca5-bdea-470441e333d6","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":5,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"3b3177f9-1631-4cdb-b7f1-16d787523a35","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":5,"box":{"x":150,"y":196,"width":267,"height":9}},{"id":"48cdfd46-3d11-4ec4-bf84-6bd44ad2ee6a","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":5,"box":{"x":150,"y":212,"width":304,"height":11}},{"id":"95f16b6f-36a9-4d81-97dc-f8058f933f54","block_type":"box","text":"BATS: High Income Municipal Series","page_number":5,"box":{"x":150,"y":227,"width":263,"height":12}},{"id":"eea5dce0-d4db-4173-bddc-e650391de7fc","block_type":"box","text":"BATS: High Income Taxable Series","page_number":5,"box":{"x":150,"y":243,"width":248,"height":11}},{"id":"c28f78c3-a4ef-4f3a-a09b-e35ec94854d5","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":5,"box":{"x":150,"y":258,"width":256,"height":12}},{"id":"aa398cf8-dfba-4458-9d1b-e482b92fc67b","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":5,"box":{"x":150,"y":274,"width":235,"height":11}},{"id":"a93e05e0-1510-4b07-a4fc-71dc76e4bd82","block_type":"box","text":"BATS: Short Duration Taxable Total","page_number":5,"box":{"x":150,"y":289,"width":254,"height":9}},{"id":"c4e97a78-5c0c-44a9-8c04-497f9ba05858","block_type":"box","text":"Return Series","page_number":5,"box":{"x":150,"y":305,"width":95,"height":9}},{"id":"45cbabd2-9166-4144-9a23-e152a441acc2","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":5,"box":{"x":150,"y":320,"width":306,"height":12}},{"id":"f7af7f81-da2a-4b45-9897-44627feef80e","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":5,"box":{"x":116,"y":351,"width":232,"height":11}},{"id":"d6783689-8655-4536-961b-ebc2d82f3e7f","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":5,"box":{"x":116,"y":382,"width":203,"height":11}},{"id":"ad26a12a-1b5a-47fe-93ed-e8847f1b17c3","block_type":"box","text":"BlackRock Total Return Fund","page_number":5,"box":{"x":150,"y":398,"width":207,"height":9}},{"id":"6606764c-3d37-40c9-8c3a-60779ac06b64","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":5,"box":{"x":116,"y":429,"width":331,"height":11}},{"id":"0d418a89-1cc3-4a76-a0c0-a7a572629f20","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":5,"box":{"x":150,"y":444,"width":321,"height":12}},{"id":"0033ed8a-5760-4414-9232-76735c546421","block_type":"box","text":"Fund","page_number":5,"box":{"x":150,"y":460,"width":38,"height":9}},{"id":"3f846843-1d34-405d-9da1-10ada2dce56f","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":5,"box":{"x":116,"y":491,"width":317,"height":11}},{"id":"ec4ff045-ce3d-4cca-bac8-083d0d8fd439","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":5,"box":{"x":116,"y":522,"width":301,"height":11}},{"id":"aa644cef-e8a6-46bc-a72c-66c25f7b2251","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":5,"box":{"x":116,"y":553,"width":248,"height":11}},{"id":"54afb5ce-5d4f-4b53-acc5-3a55b4705567","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":5,"box":{"x":116,"y":584,"width":332,"height":9}},{"id":"233bf079-345b-4892-bdb5-d566e26bcabf","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":5,"box":{"x":150,"y":599,"width":278,"height":9}},{"id":"e7177e5e-640d-4aec-81dd-6d9496b4ed2e","block_type":"box","text":"BlackRock Funds","page_number":5,"box":{"x":116,"y":630,"width":127,"height":9}},{"id":"242accc7-1ba4-49ea-bd72-d67d1702f95d","block_type":"box","text":"SM","page_number":5,"box":{"x":244,"y":630,"width":15,"height":6}},{"id":"2c2e5ab2-e308-4070-8436-66c4e1e18a25","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":5,"box":{"x":150,"y":646,"width":325,"height":11}},{"id":"d2846408-4cca-4a20-908c-fa51bba77c7b","block_type":"box","text":"BlackRock Advantage International Fund","page_number":5,"box":{"x":150,"y":661,"width":281,"height":12}},{"id":"0820a695-be1d-4ef5-b04e-8f0336473a8d","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":5,"box":{"x":150,"y":677,"width":320,"height":11}},{"id":"50c85ed8-2cc4-4d24-8260-09b9574e0360","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":5,"box":{"x":150,"y":692,"width":302,"height":12}},{"id":"28a14d0d-7fa9-41c3-bd85-0caa914b68ad","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":5,"box":{"x":150,"y":708,"width":321,"height":11}},{"id":"be5844d4-ee58-4ace-a441-396655abcb1a","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":5,"box":{"x":150,"y":723,"width":271,"height":12}},{"id":"3c10bc72-9e5f-4b1d-90b2-fd832344726d","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":5,"box":{"x":150,"y":739,"width":268,"height":11}},{"id":"aa30142d-6c92-43dc-9f70-69a0d1dfc36d","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":5,"box":{"x":150,"y":754,"width":288,"height":12}},{"id":"12418eb9-2618-43e4-8e9d-a0a2cf59235b","block_type":"box","text":"Reserve Vehicle","page_number":5,"box":{"x":150,"y":770,"width":110,"height":9}},{"id":"76b7d47a-6a41-418c-b264-941489867426","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":5,"box":{"x":150,"y":785,"width":294,"height":12}},{"id":"989ee0d7-012f-4e41-9566-e3a9588d6bf5","block_type":"box","text":"Markets Fund","page_number":5,"box":{"x":150,"y":801,"width":93,"height":9}},{"id":"1af629b8-9a34-465d-99ab-d240654fcc37","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":5,"box":{"x":150,"y":816,"width":309,"height":12}},{"id":"fe949581-74cc-4757-9a71-a4eae4eeb4ed","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":5,"box":{"x":150,"y":832,"width":267,"height":11}},{"id":"979a7c93-c313-4222-ad0a-1bcc28fa8239","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":5,"box":{"x":150,"y":847,"width":213,"height":12}},{"id":"354dd2ce-9727-494a-b236-c2036264131c","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":5,"box":{"x":150,"y":863,"width":324,"height":11}},{"id":"7fe412b1-d9db-4566-94c2-117e1e770bae","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":5,"box":{"x":150,"y":878,"width":288,"height":12}},{"id":"299238cb-3e5f-4a63-b5de-dfa9a61f6dbd","block_type":"box","text":"Portfolio","page_number":5,"box":{"x":150,"y":894,"width":63,"height":9}},{"id":"7172a4b6-3fb0-4500-ab23-97c4727db0ae","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":5,"box":{"x":150,"y":909,"width":255,"height":12}},{"id":"d1a32260-e993-4ca1-8687-acd67c2e622e","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":5,"box":{"x":554,"y":119,"width":312,"height":11}},{"id":"a6f3d7f8-d66c-4217-b099-16e0846be3f6","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":5,"box":{"x":554,"y":134,"width":269,"height":9}},{"id":"3e3818c3-fd26-43ef-840a-636d410e41b0","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":5,"box":{"x":554,"y":150,"width":241,"height":11}},{"id":"f857d0c7-3ffc-4d3c-9541-65f98e52e019","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":5,"box":{"x":554,"y":165,"width":287,"height":12}},{"id":"759b92ff-5525-4f42-9bb6-faf79e8067d5","block_type":"box","text":"Emerging Markets Equity Fund","page_number":5,"box":{"x":554,"y":181,"width":218,"height":11}},{"id":"37f61fd9-28f8-4a4e-a4e3-20e87b2a5f9b","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":5,"box":{"x":554,"y":196,"width":330,"height":12}},{"id":"be9ef8f0-b135-4867-9844-5eb4a7a93f2a","block_type":"box","text":"Cap Core Fund","page_number":5,"box":{"x":554,"y":212,"width":106,"height":11}},{"id":"a0f97d69-1a6b-4e30-a335-c95dc07827a7","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":5,"box":{"x":554,"y":227,"width":273,"height":12}},{"id":"4feea5b9-6ac8-45f6-8765-21736a4638d9","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":5,"box":{"x":554,"y":243,"width":299,"height":11}},{"id":"05b55c60-269b-4437-8a0b-bc8ee440dd2e","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":5,"box":{"x":554,"y":258,"width":298,"height":12}},{"id":"dda2fb48-6921-47ee-a600-80e90f76660c","block_type":"box","text":"Aware Fund","page_number":5,"box":{"x":554,"y":274,"width":87,"height":9}},{"id":"0068b282-5335-417f-b0a1-f0d5fc6c66bf","block_type":"box","text":"Circle Reserve Fund","page_number":5,"box":{"x":554,"y":289,"width":142,"height":9}},{"id":"0d238de8-176f-49d1-ab88-c95bb670fc79","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":5,"box":{"x":554,"y":305,"width":292,"height":11}},{"id":"76644da0-43ad-4489-9ca4-3b0a9ce8c018","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":5,"box":{"x":554,"y":320,"width":280,"height":9}},{"id":"1dcadef0-72ca-48ba-b24e-89eb0ec55462","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":5,"box":{"x":554,"y":336,"width":322,"height":11}},{"id":"c5db34be-38c5-4fe0-8efb-73c1dc939ce1","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":351,"width":38,"height":9}},{"id":"54131577-0ff0-4336-9fb2-6ce6185271b4","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":5,"box":{"x":554,"y":367,"width":249,"height":11}},{"id":"414e60a6-6407-4841-830e-180e86b78245","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":382,"width":254,"height":12}},{"id":"7603875e-0edc-4c32-996c-73375b27f45e","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":398,"width":298,"height":11}},{"id":"c7eacdf1-40bf-4c5d-8a1f-3da76bd4973b","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":5,"box":{"x":554,"y":413,"width":297,"height":9}},{"id":"0dba6b7e-42a4-42b1-aad7-79604c642385","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":5,"box":{"x":554,"y":429,"width":304,"height":9}},{"id":"2dd65002-21c6-4ac1-a017-d9cc3a1475c4","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":5,"box":{"x":554,"y":444,"width":306,"height":9}},{"id":"b3cf3dfe-bc9b-4894-8251-8cf9a2007241","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"16697c0f-478f-476c-ac33-db2a29a83b6a","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":5,"box":{"x":554,"y":475,"width":306,"height":9}},{"id":"f84c0c72-c379-430e-8c1d-5cb8fbcc4a5c","block_type":"box","text":"Index Fund","page_number":5,"box":{"x":554,"y":491,"width":81,"height":9}},{"id":"e9847d40-d36e-4013-a1ad-0403b81106f0","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":5,"box":{"x":554,"y":506,"width":296,"height":12}},{"id":"94c879e5-c071-4b82-bcb6-ac2fb9f50506","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":5,"box":{"x":554,"y":522,"width":299,"height":11}},{"id":"3c8862f9-fb10-428c-b1a1-f5b78b5a4cb1","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":537,"width":38,"height":9}},{"id":"011118e7-58bc-48bb-80c1-f94de5ee6304","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":5,"box":{"x":554,"y":553,"width":290,"height":9}},{"id":"05c220a9-7624-4b6b-9e8a-1a713cb4c342","block_type":"box","text":"BlackRock Funds II","page_number":5,"box":{"x":520,"y":584,"width":149,"height":9}},{"id":"30294ddc-100a-4177-a5ec-5da0e684ce87","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":5,"box":{"x":554,"y":599,"width":283,"height":12}},{"id":"16e7c830-492f-448f-afb6-149ff0b3b1e4","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":5,"box":{"x":554,"y":615,"width":283,"height":11}},{"id":"d68cf05a-f048-46af-abca-a57eb9d52333","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":5,"box":{"x":554,"y":630,"width":283,"height":12}},{"id":"50e70d2b-3fb2-42cf-b025-65d453bee0ce","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":5,"box":{"x":554,"y":646,"width":283,"height":11}},{"id":"d6ae7d97-6f8a-4696-b851-49dea051168e","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":5,"box":{"x":554,"y":661,"width":296,"height":12}},{"id":"c4027d37-0694-4d02-acf2-661591b56380","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":5,"box":{"x":554,"y":677,"width":255,"height":9}},{"id":"1decd384-b402-4e4b-bf2a-1da17de2d93a","block_type":"box","text":"BlackRock Managed Income Fund","page_number":5,"box":{"x":554,"y":692,"width":235,"height":12}},{"id":"450d3887-1369-4717-97d2-612de28728e1","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":5,"box":{"x":554,"y":708,"width":277,"height":9}},{"id":"24992f58-24eb-437e-974e-308b85c572e1","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":5,"box":{"x":554,"y":723,"width":285,"height":9}},{"id":"568d1723-517e-4092-83a8-cb1c485bff08","block_type":"box","text":"BlackRock Funds III","page_number":5,"box":{"x":520,"y":754,"width":151,"height":9}},{"id":"235f0211-bbf9-4ab8-b846-755cc61600e2","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":5,"box":{"x":554,"y":770,"width":247,"height":9}},{"id":"d617d673-db0d-43bf-91ab-97b10ff456e5","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":5,"box":{"x":554,"y":785,"width":226,"height":12}},{"id":"c172b548-e02a-45fb-a0de-248f38a78c02","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":5,"box":{"x":554,"y":801,"width":288,"height":11}},{"id":"d9709133-89f3-4b5d-bff1-dbeeb664f97a","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":5,"box":{"x":554,"y":816,"width":290,"height":9}},{"id":"8b32a5cb-660b-4966-94bb-eb8d2773de37","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"91fe57f9-5c8a-479e-b3af-29fda4b062eb","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"8192ea28-a92f-4eba-83c7-3cf493306a46","block_type":"box","text":"Dynamic Retirement","page_number":5,"box":{"x":700,"y":832,"width":149,"height":11}},{"id":"9aebfdaf-9a86-4b90-9892-ecb95dba9a20","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":847,"width":38,"height":9}},{"id":"a06b9f51-062f-4cf0-b4e2-48c192a7de9a","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"fc9e166b-f21f-478c-a691-c4b280017313","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"1901a2f4-553a-467b-98bd-559970726f39","block_type":"box","text":"Dynamic 2030 Fund","page_number":5,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"c22b66cd-9804-49be-af5a-644f89bd93be","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"dcc5e96e-2e8b-4314-ab4d-999cc9db6ccd","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"53139a9f-e062-4e22-b7a0-65f711eaa27d","block_type":"box","text":"Dynamic 2035 Fund","page_number":5,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"6f8d0693-891b-49bc-8eb9-43d7a8f67e9c","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":894,"width":136,"height":9}},{"id":"b5d8a5f0-7645-4184-9dea-49028b7d5262","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":893,"width":9,"height":6}},{"id":"38087943-5392-4169-8f54-4cfba86bc359","block_type":"box","text":"Dynamic 2040 Fund","page_number":5,"box":{"x":700,"y":894,"width":147,"height":11}},{"id":"b6f5b9db-5f08-4aa5-8a6b-384aa9ff3fe9","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":909,"width":136,"height":9}},{"id":"a1271dd0-781e-4bc9-bab3-6b420005297d","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":908,"width":9,"height":7}},{"id":"24fe2682-7951-4231-915b-c0f0f292e6ae","block_type":"box","text":"Dynamic 2045 Fund","page_number":5,"box":{"x":705,"y":909,"width":138,"height":12}},{"id":"a2832dcd-2528-48ba-b687-2841c854ea1c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":5,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1d6ba9a3-d57d-431a-ac78-8dde87a38dfd","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"c358496c-a648-4fe7-8d29-a29a8c959374","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"afe57b83-bd4e-4cb3-98bf-865a435126e2","block_type":"box","text":"Dynamic 2050 Fund","page_number":6,"box":{"x":296,"y":88,"width":147,"height":11}},{"id":"40c4db4b-a4d5-4dbc-8d98-ce660c7153ef","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":103,"width":136,"height":9}},{"id":"f418b668-eb39-4516-b257-a8db89a413ad","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":102,"width":9,"height":7}},{"id":"353c9d07-1a68-48b1-95c6-d94803b67bbd","block_type":"box","text":"Dynamic 2055 Fund","page_number":6,"box":{"x":296,"y":103,"width":147,"height":12}},{"id":"ffff11e6-bf38-4914-94e8-a01806bd0590","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"f40cd2d5-ce65-4c08-b5b3-7d2d5ac87290","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"e8659649-4519-48da-96e5-946b4e45011c","block_type":"box","text":"Dynamic 2060 Fund","page_number":6,"box":{"x":296,"y":119,"width":147,"height":11}},{"id":"12e5068e-1055-4867-b03b-d11e6cf389d4","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"4bcd7483-a950-4896-bc61-ad4ab58b301c","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"c5c50a6e-764d-412b-ab29-f6b374636c4f","block_type":"box","text":"Dynamic 2065 Fund","page_number":6,"box":{"x":296,"y":134,"width":147,"height":12}},{"id":"ef456c64-463a-419a-a4a0-598e685431ec","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"ba743d84-e3ac-4b52-87fa-73a6d3c6f9b4","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"6206f9be-3fd4-44db-be68-952691d83bcc","block_type":"box","text":"Dynamic 2070 Fund","page_number":6,"box":{"x":296,"y":150,"width":147,"height":11}},{"id":"ca186027-d42d-48b7-b7c1-d868c2b2863d","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"5965032d-62c0-4864-9ceb-dd221596f6d7","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"1d7d991b-190b-4faf-9065-429b947beb6e","block_type":"box","text":"Index Retirement Fund","page_number":6,"box":{"x":296,"y":165,"width":165,"height":9}},{"id":"f5691312-52d7-4989-bff8-1c2c371adc7f","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"f9ad6b85-4ac2-4073-a0d3-844792924ffe","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"674f409c-4a55-4e93-a47a-f9669470bf9f","block_type":"box","text":"Index 2030 Fund","page_number":6,"box":{"x":296,"y":181,"width":124,"height":9}},{"id":"f6cfe2b0-92d1-4e09-97f9-c8a7887a847e","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"19fb3de7-59da-4cc6-aee3-49da3a780a92","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"97125235-36e5-414e-b51f-90a21255baa4","block_type":"box","text":"Index 2035 Fund","page_number":6,"box":{"x":296,"y":196,"width":124,"height":9}},{"id":"5597fe96-921f-439e-9274-8214192130e6","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"148e8f45-03d3-4cdd-8cb9-8b64f6cda688","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"b4803fc3-4a0f-46e7-b1f7-b4b4d4030b89","block_type":"box","text":"Index 2040 Fund","page_number":6,"box":{"x":296,"y":212,"width":124,"height":9}},{"id":"ae405b6a-2570-4a29-91d3-399a0415d238","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"d6946b71-76fd-4136-80e4-059ce5d38019","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"105a26d9-4297-4030-a1bd-a60b11e8e88e","block_type":"box","text":"Index 2045 Fund","page_number":6,"box":{"x":296,"y":227,"width":124,"height":9}},{"id":"c1bd1493-18f6-4b62-a92b-9700b774b4e5","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"0380b28e-c613-4b65-90ef-31e2f513212d","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"cd44a9ec-681a-4d92-998a-7f28cf1a0d31","block_type":"box","text":"Index 2050 Fund","page_number":6,"box":{"x":296,"y":243,"width":124,"height":9}},{"id":"24ec0b51-8e8a-4456-99c0-1cd0f3627ba1","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"8261a63c-81c3-41c2-a080-5273006741fb","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"70741fba-78ab-4721-9ebd-6dfbc1dfbcd3","block_type":"box","text":"Index 2055 Fund","page_number":6,"box":{"x":296,"y":258,"width":124,"height":9}},{"id":"c2405b95-2c13-4ffb-be18-3cf6f5b968e3","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"f969268d-ca33-47d3-a112-27420c3ebbf6","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"9dc97752-6074-46ff-8066-daf6f8c1d54b","block_type":"box","text":"Index 2060 Fund","page_number":6,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"31629a1f-1504-4ad2-bf76-ac5c5437780b","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"e1a06f1b-6e86-45df-8a58-9882c2890551","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"1525e69c-9232-4cfb-8d9b-566f149691be","block_type":"box","text":"Index 2065 Fund","page_number":6,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"9d1d7834-48a1-4aff-9a03-f7d3d6c57438","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"7ed57c36-2304-4cfa-bd88-38927a12335a","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"6374cc4e-5718-416b-97b6-97170c9dd113","block_type":"box","text":"Index 2070 Fund","page_number":6,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"a8d43161-5a60-45b8-a364-107994784755","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":6,"box":{"x":150,"y":320,"width":310,"height":9}},{"id":"4436707b-2b0f-461d-a876-99ffd3009460","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":6,"box":{"x":150,"y":336,"width":303,"height":11}},{"id":"df1ad25d-315b-4213-a529-468116967b5a","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":6,"box":{"x":150,"y":351,"width":200,"height":9}},{"id":"cc64d5d3-c767-4a68-a3d2-ba5ca2e47b18","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":6,"box":{"x":150,"y":367,"width":284,"height":11}},{"id":"d897250f-01da-4c16-ae95-82c4b0e18a5f","block_type":"box","text":"BlackRock Funds IV","page_number":6,"box":{"x":116,"y":398,"width":154,"height":9}},{"id":"4cc2bbf3-96d4-4c46-8a2a-f318b67381dc","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":6,"box":{"x":150,"y":413,"width":268,"height":9}},{"id":"07e062ac-547e-44a0-b97b-dad9212046c0","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":6,"box":{"x":150,"y":429,"width":299,"height":11}},{"id":"d44b82a0-715e-4415-be65-84c9b24cbb97","block_type":"box","text":"BlackRock Funds V","page_number":6,"box":{"x":116,"y":460,"width":148,"height":9}},{"id":"d00a3747-bc05-403f-a7c9-ba937f806c97","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":6,"box":{"x":150,"y":475,"width":220,"height":9}},{"id":"753f3ef5-5df0-45b3-9d80-5712b99c67ec","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":6,"box":{"x":150,"y":491,"width":293,"height":11}},{"id":"178e4ce6-53fd-4ed8-b77f-dcb949b771ca","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":150,"y":506,"width":222,"height":12}},{"id":"c4fa89c7-0553-4faa-9eb0-89e29fb1471b","block_type":"box","text":"BlackRock Income Fund","page_number":6,"box":{"x":150,"y":522,"width":172,"height":9}},{"id":"68e4ff10-4564-47e5-811a-5864ecf55e3e","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":6,"box":{"x":150,"y":537,"width":313,"height":9}},{"id":"3ed78b89-5587-4548-8179-524040c9894e","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":6,"box":{"x":150,"y":553,"width":282,"height":9}},{"id":"c6c33e09-56fd-47cc-9ef7-7638de3ecf4e","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":6,"box":{"x":150,"y":568,"width":294,"height":12}},{"id":"c8fd616f-8f8e-4362-b874-d811348b2aaf","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":150,"y":584,"width":63,"height":9}},{"id":"afd54180-d977-44bc-a1cd-35333ac8f328","block_type":"box","text":"BlackRock Funds VI","page_number":6,"box":{"x":116,"y":615,"width":154,"height":9}},{"id":"d117746b-633c-464b-9cc2-f2f28d03a529","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":6,"box":{"x":150,"y":630,"width":313,"height":12}},{"id":"bcd122f2-daba-414c-9aef-2adcb87754bd","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":6,"box":{"x":116,"y":661,"width":287,"height":11}},{"id":"a1ece06b-6bc7-4a4e-befe-62696ed4986d","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":6,"box":{"x":116,"y":692,"width":208,"height":11}},{"id":"0d90104a-dd35-4c17-a9ff-3a559876a2f2","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":6,"box":{"x":150,"y":708,"width":312,"height":9}},{"id":"e0dd99f4-76a2-4001-a2df-2bb390ad2384","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":6,"box":{"x":150,"y":723,"width":298,"height":12}},{"id":"fc09effe-8230-4d6e-9f54-63f9365f9bca","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":6,"box":{"x":116,"y":754,"width":319,"height":12}},{"id":"d3765d43-3a7a-45f9-9f63-cbb56a5e7765","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":6,"box":{"x":116,"y":785,"width":344,"height":12}},{"id":"6a92afe8-2f24-48c9-aae0-ea4754bdbca3","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":6,"box":{"x":116,"y":816,"width":330,"height":12}},{"id":"ee926edb-c712-4ddb-8baf-c988045343bb","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":6,"box":{"x":116,"y":847,"width":296,"height":12}},{"id":"88b60519-768f-4c82-87cd-9d7cb170df1d","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":6,"box":{"x":150,"y":863,"width":306,"height":11}},{"id":"ad81d8aa-a73b-4091-a34c-1acc7fda514a","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":6,"box":{"x":150,"y":878,"width":314,"height":12}},{"id":"6ccce7f4-144b-4bab-980a-74a6f3dfb346","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":6,"box":{"x":150,"y":894,"width":261,"height":11}},{"id":"26277462-1908-4cde-837e-7f43563eb762","block_type":"box","text":"BlackRock Liquidity Funds","page_number":6,"box":{"x":520,"y":87,"width":203,"height":12}},{"id":"4e348136-d269-44cb-b913-ea7f59c8c2cf","block_type":"box","text":"FedFund","page_number":6,"box":{"x":554,"y":103,"width":63,"height":9}},{"id":"deee8cc5-435d-40ee-a834-c46099d7c802","block_type":"box","text":"MuniCash","page_number":6,"box":{"x":554,"y":119,"width":74,"height":9}},{"id":"14d28f46-49bb-48e7-a695-7ddfafb257a3","block_type":"box","text":"TempCash","page_number":6,"box":{"x":554,"y":134,"width":77,"height":12}},{"id":"736f2257-289a-4b02-8b38-f5709f7bfcd3","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":6,"box":{"x":554,"y":150,"width":300,"height":11}},{"id":"a5cca0d6-b153-453a-9eb1-b5c79640f0ad","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":165,"width":38,"height":9}},{"id":"9994fc4e-409c-4103-adb9-e1c913bff859","block_type":"box","text":"T-Fund","page_number":6,"box":{"x":554,"y":181,"width":54,"height":9}},{"id":"8827375d-251b-4e38-9372-2704ae007e4a","block_type":"box","text":"Treasury Trust Fund","page_number":6,"box":{"x":554,"y":196,"width":142,"height":12}},{"id":"2d3e8cab-5177-4e76-9fd3-a9dcec5c6c62","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":6,"box":{"x":520,"y":227,"width":282,"height":12}},{"id":"68f3a2d5-f32a-4433-94fb-e95634fe619c","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":6,"box":{"x":554,"y":243,"width":227,"height":11}},{"id":"d0628c6e-b6bc-4e57-8b33-1500f7b338fc","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":6,"box":{"x":520,"y":274,"width":339,"height":11}},{"id":"486118e5-22d6-4b57-8299-72ee6cc9b326","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":6,"box":{"x":554,"y":289,"width":314,"height":12}},{"id":"61763fd7-bd9b-4ce6-bee0-e4fb347b045f","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":6,"box":{"x":554,"y":305,"width":324,"height":11}},{"id":"89143cd5-a6e9-4049-a184-a4a07dd805ed","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":320,"width":38,"height":9}},{"id":"4f024d24-cf2f-4866-a9e8-5928f5bb620b","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":6,"box":{"x":554,"y":336,"width":326,"height":11}},{"id":"49f3bbfb-045e-4160-99ed-a3b213701e9e","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":367,"width":282,"height":11}},{"id":"0fd38a08-4fc4-4b4d-9c02-1094654ad349","block_type":"box","text":"BlackRock National Municipal Fund","page_number":6,"box":{"x":554,"y":382,"width":253,"height":12}},{"id":"ce33d424-d496-4a20-b73d-734585a1879b","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":6,"box":{"x":554,"y":398,"width":263,"height":9}},{"id":"deca2678-6bc8-4786-889d-1f55e58b0b9c","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":6,"box":{"x":520,"y":429,"width":252,"height":11}},{"id":"fc671a4b-4936-4532-ac1a-a032914bf990","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":6,"box":{"x":554,"y":444,"width":313,"height":12}},{"id":"6b05a335-1c79-410d-ba40-fba55cc68b33","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"bf3ce2d2-f71a-4ee1-b922-621995f8e712","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":6,"box":{"x":520,"y":491,"width":264,"height":9}},{"id":"21a38ddf-a44e-4249-8c6f-b93770cf2abe","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":6,"box":{"x":520,"y":522,"width":208,"height":11}},{"id":"be9c1016-6308-4e78-ab31-223d9302228d","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":6,"box":{"x":554,"y":537,"width":331,"height":12}},{"id":"4c690871-13eb-4237-a86b-51998cae7d03","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":6,"box":{"x":554,"y":553,"width":209,"height":9}},{"id":"2c5d0cf7-ca27-4f50-b667-55e7d687f0e7","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":6,"box":{"x":554,"y":568,"width":288,"height":12}},{"id":"fd72be4d-70c5-4a76-a38a-9b9ed064f4a8","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":6,"box":{"x":554,"y":584,"width":268,"height":9}},{"id":"d25edd27-3550-4277-a4a1-1410b5a6e244","block_type":"box","text":"BlackRock Government Money Market","page_number":6,"box":{"x":554,"y":599,"width":272,"height":12}},{"id":"ed38eac4-42d3-4297-a403-62d6bf71381b","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":554,"y":615,"width":63,"height":9}},{"id":"ef87eb82-6f88-4231-9528-2f5f8bab05dc","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":6,"box":{"x":520,"y":646,"width":226,"height":11}},{"id":"14ba0938-c3d5-4d3f-ad60-3d0ec1612128","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":554,"y":661,"width":217,"height":12}},{"id":"47d6b973-fde9-4382-b89d-e04bf903c010","block_type":"box","text":"BlackRock Series, Inc.","page_number":6,"box":{"x":520,"y":692,"width":161,"height":11}},{"id":"d8e092f9-0c2b-4823-8644-64bd7e142528","block_type":"box","text":"BlackRock International Fund","page_number":6,"box":{"x":554,"y":708,"width":203,"height":9}},{"id":"0ab52e98-e169-46bf-8ed9-00cb257e5199","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":739,"width":320,"height":11}},{"id":"1e2b8d18-1db5-4bbf-ac19-fb749f8234c7","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":6,"box":{"x":520,"y":770,"width":283,"height":11}},{"id":"75263d5a-26fd-4c66-a474-f969a1dc3013","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":6,"box":{"x":520,"y":801,"width":277,"height":11}},{"id":"dc025274-2f8b-4ab5-93c9-6aebab60619a","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":6,"box":{"x":554,"y":816,"width":304,"height":12}},{"id":"54cd9b97-c18b-48b0-85e6-b0ff5d407734","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":832,"width":38,"height":9}},{"id":"1711aa0c-20ec-4af3-b30b-79ebb6fc0c21","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":6,"box":{"x":554,"y":847,"width":298,"height":12}},{"id":"c120eabf-7c9c-4af7-9090-95b469e49483","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":863,"width":38,"height":9}},{"id":"fc2ea82d-4d82-462a-b186-5adc36fbf28e","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":6,"box":{"x":554,"y":878,"width":305,"height":12}},{"id":"3964f406-672e-498f-a939-cf279f21d893","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":894,"width":38,"height":9}},{"id":"fff1fb94-91f2-46cb-94af-c638bba8b53a","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":6,"box":{"x":554,"y":909,"width":298,"height":12}},{"id":"c09ce7d7-9e46-42c9-a390-7b04d4d6de39","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":6,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"59a297dd-2600-4b19-9112-ea41ff548be7","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":7,"box":{"x":150,"y":88,"width":234,"height":9}},{"id":"9a44eb09-2b16-40da-b5f0-f195716718bc","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":7,"box":{"x":150,"y":103,"width":293,"height":12}},{"id":"6dc5d498-24b3-4a2e-bd5d-dda85386f4ef","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":7,"box":{"x":150,"y":119,"width":264,"height":11}},{"id":"c00e5edb-4435-4347-86e0-a2a384925a26","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":7,"box":{"x":150,"y":134,"width":273,"height":9}},{"id":"d35c2ce6-56bf-4413-be28-8bc5d649bbab","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":7,"box":{"x":150,"y":150,"width":302,"height":11}},{"id":"7e2304fd-6061-4dda-a419-6894949c0c26","block_type":"box","text":"Fund","page_number":7,"box":{"x":150,"y":165,"width":38,"height":9}},{"id":"0faf63fd-c3b1-4436-8099-3591a6081755","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":7,"box":{"x":150,"y":181,"width":281,"height":9}},{"id":"611a5bba-c17d-41d1-84c4-06b4a8ab5cf7","block_type":"box","text":"BlackRock International V.I. Fund","page_number":7,"box":{"x":150,"y":196,"width":238,"height":9}},{"id":"80290e28-7673-46e4-b4dc-4b803dd52b7a","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":7,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"26dcff68-646e-4e4d-b81f-6999e6d20270","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":7,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"349b676b-b590-47d4-82d4-d898d1ce3cb7","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":7,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"a2868888-0a1d-4751-8518-0f29fd939601","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":7,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"05538119-6d05-41bb-9bfc-5ea74ec6fcc4","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":7,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"9a7c9a15-607d-45cd-9f31-56a572b95888","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":7,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"15b318fa-b825-4021-8d94-5c20c8e40dbc","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":7,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"a54d1495-102c-40f0-ab28-a3248a4ae6f4","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":7,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"c912c4f6-93e8-4c43-8028-d79550156ed9","block_type":"box","text":"SAI-GLOBAL-1026SUP","page_number":7,"box":{"x":116,"y":258,"width":175,"height":9}},{"id":"e5e0d2b3-d20c-4ac1-9e89-4ff189372f2b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":7,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e1419bf1-7cfa-43d7-acdb-15d144166f7a","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":8,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"34127b28-8462-4378-8f7d-bb7f85414937","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":8,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"a1f69d1d-ba29-4ee2-9703-b529f398aeb5","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":8,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"b47ca972-0d54-49bb-a1d5-a0020b19b303","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":8,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"8d263b77-f227-417e-abf0-c030dce06295","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":8,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"a396f2e4-197c-41d3-847d-4dbda9cbbce1","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":8,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"72110572-e6b8-4567-aa7b-0e2833981faa","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":8,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"d4b25023-3285-4399-8d14-6ab0cd29d000","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":8,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"82fe68be-6de7-455d-9390-63271f679016","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":8,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"c671499a-7e8b-4b25-8f3f-970e29bc3072","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":8,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"deaa5e26-578c-48db-82e9-b6259231c0a5","block_type":"box","text":"BlackRock Funds","page_number":8,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"81235866-3aef-4864-9a12-f2e411356ac4","block_type":"box","text":"SM","page_number":8,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"ebc864fe-8e92-4583-80d6-ee505b8c5091","block_type":"box","text":"BlackRock Funds II","page_number":8,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"053768e8-7d94-4ac6-aed8-7f86cf34b800","block_type":"box","text":"BlackRock Funds III","page_number":8,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"ff84075d-ba62-43c8-bee1-ac79a3c913ef","block_type":"box","text":"BlackRock Funds IV","page_number":8,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"3a1c2fb5-79d3-48ae-9183-fdf1da239de8","block_type":"box","text":"BlackRock Funds V","page_number":8,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"02c9699d-89b4-4104-ae27-1f492aeff39b","block_type":"box","text":"BlackRock Funds VI","page_number":8,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"401e0a9e-faa3-4c9f-b1e3-38f9ba552efe","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":8,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"5ea9a4eb-16b4-43b9-9384-68b96a2c802c","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":8,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"4c5769e5-3582-4df5-982f-6d023167a993","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":8,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"4d86189e-66a5-4f83-bd3a-fd1beae23691","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":8,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"09ecbad3-f7c2-4776-81ae-cce3e6139eaa","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":8,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"14e60c86-c801-4271-8c82-7102144670fb","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":8,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"1aa528b5-19f6-48ad-b652-b795070e4222","block_type":"box","text":"BlackRock Liquidity Funds","page_number":8,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"91cac3cb-7931-4be0-a28c-0c8e5663daf6","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":8,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"24f86202-1e89-4335-9037-33f0e0b2b8a7","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":8,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"e076bdd3-f455-4fc2-b7fb-e67ddddd77f0","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"7a1a52fd-d96e-4cdc-8398-2e76a8772154","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":8,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"525e05d6-abf4-4094-8dd7-a575b093a615","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":8,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"868fba60-e8ad-4636-aa99-89c49dc5985c","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":8,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"d591b2d9-114e-4b8b-b1a9-bb619fb57922","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":8,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"ed391f46-94ea-4e5a-8146-f9728ced7038","block_type":"box","text":"BlackRock Series, Inc.","page_number":8,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"c8c12a39-ec0d-4369-9f6e-f62bc357eafb","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"1676b45e-74b4-4163-b317-7beec1251f3c","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":8,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"467161f5-cc4c-4110-b44f-260b39523e0e","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":8,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"ac95c1e4-9448-4e15-8855-8285c1ac9f25","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":8,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"d7fd1656-aceb-4800-af31-b666d7dd0a7d","block_type":"box","text":"Supplement dated September 11, 2026","page_number":8,"box":{"x":362,"y":382,"width":280,"height":12}},{"id":"61e50221-1d0e-444c-80c3-fe72e4e04434","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed in Appendix A (each, a","page_number":8,"box":{"x":137,"y":398,"width":729,"height":11}},{"id":"58cfaa2a-b598-44a3-a11a-0a2f2694f30f","block_type":"box","text":"“Fund”), as amended from time to time.","page_number":8,"box":{"x":356,"y":413,"width":292,"height":11}},{"id":"b603031b-45d3-4ba2-95bf-0123d248143f","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":8,"box":{"x":116,"y":444,"width":292,"height":9}},{"id":"eeb9e5dd-1f49-465d-8bf1-ccb0f8c97f80","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":8,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"2a8763c7-7f53-45ae-82d4-e04beb942575","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":8,"box":{"x":116,"y":491,"width":721,"height":11}},{"id":"37460c03-d01d-4df9-a58e-1ac5358edef3","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":8,"box":{"x":116,"y":506,"width":695,"height":12}},{"id":"83073fbd-973b-4e2e-bdd5-e969fa3df6e9","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":8,"box":{"x":116,"y":522,"width":734,"height":11}},{"id":"cca01275-e18b-4c82-9794-e95029eb3ae0","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":8,"box":{"x":116,"y":537,"width":712,"height":12}},{"id":"866096e7-b1f6-4d8f-b652-60e43df00dfa","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":8,"box":{"x":116,"y":553,"width":771,"height":11}},{"id":"d39ed625-6240-4a11-8c42-3746692fbedd","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":8,"box":{"x":116,"y":568,"width":557,"height":12}},{"id":"57ef1dd2-310a-4771-b2f3-6b857334adb5","block_type":"box","text":"&Partners","page_number":8,"box":{"x":116,"y":599,"width":72,"height":9}},{"id":"2c005964-4e77-44e1-ba26-94dba4e14160","block_type":"box","text":"AccuTech Systems Corporation","page_number":8,"box":{"x":116,"y":615,"width":219,"height":11}},{"id":"6b976470-99e7-4030-ad43-4336084ae60c","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":8,"box":{"x":116,"y":630,"width":173,"height":11}},{"id":"2e5d93df-2ac7-45e8-97bf-ae9094ce15be","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":8,"box":{"x":116,"y":646,"width":215,"height":11}},{"id":"ff17aecf-444c-4f29-8ed9-c0beaa09de5b","block_type":"box","text":"Advisor Group, Inc.","page_number":8,"box":{"x":116,"y":661,"width":134,"height":12}},{"id":"362fe733-9ad2-495e-bc02-3ef23d348e88","block_type":"box","text":"AE Wealth Management, LLC","page_number":8,"box":{"x":116,"y":677,"width":207,"height":11}},{"id":"0d91e150-03ce-481a-9c38-174113a27389","block_type":"box","text":"Alight Solutions LLC","page_number":8,"box":{"x":116,"y":692,"width":146,"height":12}},{"id":"4e2586b3-6765-4088-8edc-6aeb68462d09","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":8,"box":{"x":116,"y":708,"width":250,"height":10}},{"id":"673847d9-7f5d-4ea2-ac00-0cfc2d0e60c6","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":8,"box":{"x":116,"y":723,"width":314,"height":12}},{"id":"37d89903-074d-4502-94af-b85ab12ae4bd","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":8,"box":{"x":116,"y":739,"width":345,"height":11}},{"id":"060b3aae-7319-4f13-9a25-a76b0351edf3","block_type":"box","text":"Altruist Financial LLC","page_number":8,"box":{"x":116,"y":754,"width":154,"height":9}},{"id":"71fbd55d-031a-44ab-9724-e802bd217684","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":8,"box":{"x":116,"y":770,"width":313,"height":11}},{"id":"9da41ba0-8f23-4e6c-ac98-d55f2257b0b7","block_type":"box","text":"American General Life Insurance Company","page_number":8,"box":{"x":116,"y":785,"width":295,"height":12}},{"id":"9bacb5d7-1463-4c62-ab0d-be9fbee0934f","block_type":"box","text":"American United Life Insurance Company","page_number":8,"box":{"x":116,"y":801,"width":288,"height":11}},{"id":"c8c54d9e-e22b-4185-bd27-bc3a1c32fb57","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":8,"box":{"x":116,"y":816,"width":292,"height":12}},{"id":"6e22740e-ae97-48c8-a8b7-e3a6c93e44e3","block_type":"box","text":"Anthem Securities LLC","page_number":8,"box":{"x":116,"y":832,"width":165,"height":9}},{"id":"0d6db576-c37b-4ed1-abbe-200b259242bb","block_type":"box","text":"Argent Institutional Trust Company","page_number":8,"box":{"x":116,"y":847,"width":246,"height":12}},{"id":"829cb144-8a10-4ff1-b5ec-a01adab19374","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":8,"box":{"x":116,"y":863,"width":263,"height":10}},{"id":"95df5173-abe5-43db-a3bc-e36aff04773f","block_type":"box","text":"Ascensus, Inc.","page_number":8,"box":{"x":116,"y":878,"width":102,"height":11}},{"id":"503971c0-1c3b-47a1-a872-0fb8f59ea99f","block_type":"box","text":"Atomic Brokerage LLC","page_number":8,"box":{"x":116,"y":894,"width":165,"height":11}},{"id":"48a18e0a-1b13-4889-b61d-a51574448174","block_type":"box","text":"Avantax Investment Services, LLC","page_number":8,"box":{"x":116,"y":909,"width":237,"height":11}},{"id":"522833bd-c72d-4a2c-ae94-b30cb1853eb2","block_type":"box","text":"Bancroft Capital LLC","page_number":8,"box":{"x":520,"y":599,"width":152,"height":12}},{"id":"48a6de6b-f7d1-4ae8-8107-a83ee8dbd07e","block_type":"box","text":"Bank of America, N.A.","page_number":8,"box":{"x":520,"y":615,"width":161,"height":10}},{"id":"56822868-7eb5-4c74-98bb-29e99d16ba92","block_type":"box","text":"Bank of New York Mellon","page_number":8,"box":{"x":520,"y":630,"width":185,"height":9}},{"id":"4f363065-9af2-40b4-95cd-abdfbc8d8c82","block_type":"box","text":"Barclays Capital Inc.","page_number":8,"box":{"x":520,"y":646,"width":146,"height":11}},{"id":"88a954fe-faf4-432d-8a3a-18e96aeb43ae","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":8,"box":{"x":520,"y":661,"width":290,"height":11}},{"id":"afcb595d-9eb7-4326-812c-1b99b3be0214","block_type":"box","text":"Benefit Trust Company","page_number":8,"box":{"x":520,"y":677,"width":158,"height":11}},{"id":"b4b4fcb2-8735-4442-9498-891beb141549","block_type":"box","text":"Beta Capital Securities LLC","page_number":8,"box":{"x":520,"y":692,"width":190,"height":12}},{"id":"f27e2920-29ce-4fda-a57d-0f51c6866036","block_type":"box","text":"bfinance US Ltd.","page_number":8,"box":{"x":520,"y":708,"width":114,"height":9}},{"id":"bd718187-7c4c-457a-8427-8a03403bbf1d","block_type":"box","text":"BlackRock Advisors, LLC","page_number":8,"box":{"x":520,"y":723,"width":179,"height":11}},{"id":"5f1b2be4-f8a4-4d09-9b37-5b1b6f46b503","block_type":"box","text":"BMO Capital Markets Corp.","page_number":8,"box":{"x":520,"y":739,"width":191,"height":11}},{"id":"57972bc3-d269-4157-bc0f-5db42c0e4b67","block_type":"box","text":"BNP Paribas","page_number":8,"box":{"x":520,"y":754,"width":85,"height":9}},{"id":"e3f1a33c-62ac-4533-9501-c71dc226ed1b","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":8,"box":{"x":520,"y":770,"width":311,"height":9}},{"id":"08aeabb8-c7c8-4167-9b1c-d39d70486dc1","block_type":"box","text":"BNY Mellon, N.A.","page_number":8,"box":{"x":520,"y":785,"width":128,"height":11}},{"id":"e9c0150f-5e86-4b25-be7f-2ca6d0a55b7d","block_type":"box","text":"BofA Securities, Inc.","page_number":8,"box":{"x":520,"y":801,"width":141,"height":10}},{"id":"267f8855-9c01-46c0-ba56-6d23979ae66a","block_type":"box","text":"BOKF, N.A.","page_number":8,"box":{"x":520,"y":816,"width":84,"height":11}},{"id":"c480e9fe-514c-40fe-8381-b8fa443a0e85","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":8,"box":{"x":520,"y":832,"width":258,"height":11}},{"id":"f4b77a9c-d58a-457c-9ed8-d864887d30ff","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":8,"box":{"x":520,"y":847,"width":305,"height":12}},{"id":"bdec5163-73c0-43b4-ba33-71118ae90f75","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":8,"box":{"x":520,"y":863,"width":327,"height":11}},{"id":"e7d4a4b2-1e6b-4ac3-98e5-6e4de452aa1c","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":8,"box":{"x":520,"y":878,"width":226,"height":9}},{"id":"b03519fc-28a9-4e2d-b3e0-006a9fa0b587","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":8,"box":{"x":520,"y":894,"width":210,"height":11}},{"id":"9064d890-67fc-4b90-93fc-3dbda7ec5de7","block_type":"box","text":"Capital One, N.A.","page_number":8,"box":{"x":520,"y":909,"width":121,"height":12}},{"id":"53464162-74d6-49a3-9112-9f2119c7c03a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":8,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9ba079da-4ad8-428d-92bd-a241f5f7aab9","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":9,"box":{"x":116,"y":88,"width":212,"height":9}},{"id":"bccc94dc-07c0-460f-9f91-dc3e9fc4564a","block_type":"box","text":"Cetera Advisors LLC","page_number":9,"box":{"x":116,"y":103,"width":149,"height":9}},{"id":"b8ca0fd0-73e6-43ad-9a31-29ce67d157e1","block_type":"box","text":"Cetera Financial Group","page_number":9,"box":{"x":116,"y":119,"width":162,"height":11}},{"id":"82032979-c012-4566-af4f-49f1b93c9277","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":9,"box":{"x":116,"y":134,"width":227,"height":12}},{"id":"a406c5d6-2cb9-4804-b739-e2e9f3f8114d","block_type":"box","text":"Cetera Investment Services LLC","page_number":9,"box":{"x":116,"y":150,"width":224,"height":9}},{"id":"173c2fdd-19a5-4a4a-aa37-0d933de2d50a","block_type":"box","text":"CF Secured, LLC","page_number":9,"box":{"x":116,"y":165,"width":123,"height":11}},{"id":"4c0e93d4-9578-4974-9d84-c6482dd81cb4","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":9,"box":{"x":116,"y":181,"width":192,"height":10}},{"id":"95af647d-6691-445f-9645-9600818d7027","block_type":"box","text":"Charles Schwab Trust Bank","page_number":9,"box":{"x":116,"y":196,"width":192,"height":9}},{"id":"4ff9b1b2-c93c-49ab-b8b3-9eab9b475d99","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":9,"box":{"x":116,"y":212,"width":238,"height":11}},{"id":"77de775f-783e-42aa-b282-035305ef8803","block_type":"box","text":"CIM Investment Management, Inc.","page_number":9,"box":{"x":116,"y":227,"width":241,"height":12}},{"id":"225d410d-72a1-4970-9c3a-8682875731a1","block_type":"box","text":"Citco Securities, LLC","page_number":9,"box":{"x":116,"y":243,"width":151,"height":10}},{"id":"0b105a7a-eb79-4eac-9611-ca82a38c0dd6","block_type":"box","text":"CitiBank, National Association","page_number":9,"box":{"x":116,"y":258,"width":215,"height":11}},{"id":"56bbd822-16a1-454c-8fe8-4cff7bae1dab","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":9,"box":{"x":116,"y":274,"width":212,"height":11}},{"id":"58dadb50-924b-4907-8cb3-aa77e3bb01b7","block_type":"box","text":"Citizens Bank","page_number":9,"box":{"x":116,"y":289,"width":99,"height":9}},{"id":"12f8c384-cb90-424b-a933-4e8867e86531","block_type":"box","text":"Citizens Business Bank","page_number":9,"box":{"x":116,"y":305,"width":163,"height":9}},{"id":"4ac4bdd5-2144-4005-a824-c43ba098c10d","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":9,"box":{"x":116,"y":320,"width":231,"height":12}},{"id":"f97546e0-cf56-4509-85d0-fc51c6bb84aa","block_type":"box","text":"CMFG Life Insurance Company","page_number":9,"box":{"x":116,"y":336,"width":223,"height":11}},{"id":"c44f843a-ac40-4158-a6e3-a2eace26d25d","block_type":"box","text":"Comerica Bank","page_number":9,"box":{"x":116,"y":351,"width":109,"height":9}},{"id":"94973ea3-2ccd-4169-b85e-1f3209789a14","block_type":"box","text":"Commonwealth Financial Network","page_number":9,"box":{"x":116,"y":367,"width":242,"height":9}},{"id":"53b4ae39-c60e-4e2d-9b15-e91aee41d351","block_type":"box","text":"Computershare Trust Company","page_number":9,"box":{"x":116,"y":382,"width":216,"height":12}},{"id":"18770250-9ea5-4fd5-9325-57b7a8928320","block_type":"box","text":"Conduent HR Services, LLC","page_number":9,"box":{"x":116,"y":398,"width":198,"height":10}},{"id":"67bd6cbb-c54f-4aa8-a094-5687d520078f","block_type":"box","text":"Delaware Life Insurance Company","page_number":9,"box":{"x":116,"y":413,"width":240,"height":12}},{"id":"f3b11f5e-0ded-4dc8-ab79-1091bdb33f4e","block_type":"box","text":"Delaware Trust Company","page_number":9,"box":{"x":116,"y":429,"width":178,"height":11}},{"id":"7238b05d-9c38-4c80-bff9-06f43ba363f8","block_type":"box","text":"Deutsche Bank AG","page_number":9,"box":{"x":116,"y":444,"width":135,"height":9}},{"id":"f577f6d2-0cff-405e-9738-162b4407dd43","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":9,"box":{"x":116,"y":460,"width":285,"height":11}},{"id":"47d3d346-d448-4a37-8274-d1cfb4e47a69","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":9,"box":{"x":116,"y":475,"width":232,"height":12}},{"id":"f8447683-100e-4f42-b7eb-a8b587b454a4","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":9,"box":{"x":116,"y":491,"width":328,"height":10}},{"id":"7ef8902f-7f72-4d16-86a4-5026b29149e7","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":9,"box":{"x":116,"y":506,"width":223,"height":12}},{"id":"249a1958-4eb2-4d21-9052-2ec8086d215e","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":9,"box":{"x":116,"y":522,"width":200,"height":10}},{"id":"af11e532-480f-4575-95b5-bf3535178f4c","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":9,"box":{"x":116,"y":537,"width":298,"height":12}},{"id":"e9d077d8-0085-4409-a31b-045ade37e643","block_type":"box","text":"Company","page_number":9,"box":{"x":116,"y":553,"width":69,"height":11}},{"id":"f8cd4ee8-3e64-4f00-b3fc-76193c0cc34f","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":9,"box":{"x":116,"y":568,"width":349,"height":12}},{"id":"8b764568-81c3-469e-ba1e-b54f9fbd6987","block_type":"box","text":"Empower Financial Services, Inc.","page_number":9,"box":{"x":116,"y":584,"width":232,"height":11}},{"id":"4224d9d4-0c1e-4302-9485-b4e6c92daae8","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":9,"box":{"x":116,"y":599,"width":336,"height":12}},{"id":"e0507aec-393e-4e75-8515-815cd538b0d2","block_type":"box","text":"New York","page_number":9,"box":{"x":116,"y":615,"width":74,"height":9}},{"id":"64be1d7c-4f92-4029-8b89-963b3ec59ede","block_type":"box","text":"Empower Plan Services, LLC","page_number":9,"box":{"x":116,"y":630,"width":205,"height":12}},{"id":"d4ed70d5-ba12-4803-a91f-d1c7b3d84f26","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":9,"box":{"x":116,"y":646,"width":238,"height":11}},{"id":"ebb29efe-5f2c-4d8d-a780-3ba9fad9eecc","block_type":"box","text":"Equitable Advisors, LLC","page_number":9,"box":{"x":116,"y":661,"width":169,"height":12}},{"id":"14c75b00-9f55-4e76-9677-a7c1871167ca","block_type":"box","text":"Equitable Life Insurance Company","page_number":9,"box":{"x":116,"y":677,"width":236,"height":11}},{"id":"4b0ef8a4-89a4-401e-9b68-531c04135470","block_type":"box","text":"E*trade Savings Bank","page_number":9,"box":{"x":116,"y":692,"width":150,"height":12}},{"id":"60e287b1-edfa-4eea-ba08-ec383e6af61c","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":9,"box":{"x":116,"y":708,"width":262,"height":11}},{"id":"3632aa09-384c-4979-83d2-b059a7763e53","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":9,"box":{"x":116,"y":723,"width":223,"height":12}},{"id":"65154081-f625-4cbd-8eb9-9f8ee68195ab","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":9,"box":{"x":116,"y":739,"width":301,"height":11}},{"id":"3b93a696-fca1-4fca-ad9f-29a6fff0ad43","block_type":"box","text":"Company, Inc.","page_number":9,"box":{"x":116,"y":754,"width":98,"height":12}},{"id":"a21e0b9d-5402-497e-a5a3-08f444f65513","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":9,"box":{"x":116,"y":770,"width":309,"height":11}},{"id":"349dcc05-ab05-4a68-83fc-0fd892d699b1","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":9,"box":{"x":116,"y":785,"width":178,"height":11}},{"id":"5a3f7b11-0112-4247-abed-ca7682867282","block_type":"box","text":"First Allied Securities, Inc.","page_number":9,"box":{"x":116,"y":801,"width":181,"height":10}},{"id":"2887f2c6-c76e-49ed-bc96-babeeeabc93f","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":9,"box":{"x":116,"y":816,"width":269,"height":12}},{"id":"9adcf218-045c-440d-bcea-d9ef946b392a","block_type":"box","text":"First Hawaiian Bank","page_number":9,"box":{"x":116,"y":832,"width":143,"height":9}},{"id":"e0ae6dcb-1b1e-425b-84c9-dcf60475b635","block_type":"box","text":"First Republic Bank","page_number":9,"box":{"x":116,"y":847,"width":140,"height":12}},{"id":"f0914e23-bfc9-4b9f-b67c-83af99eb570d","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":9,"box":{"x":116,"y":863,"width":339,"height":11}},{"id":"b7cf0e12-7e4b-49a0-b214-53d7182238aa","block_type":"box","text":"Company of New York","page_number":9,"box":{"x":116,"y":878,"width":162,"height":12}},{"id":"390ccf93-127b-4b27-88c4-cd8da57368d7","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":9,"box":{"x":520,"y":88,"width":348,"height":11}},{"id":"04bdb25c-ce40-4961-8e20-23474498fa70","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":103,"width":74,"height":9}},{"id":"1c4e2d1f-aa1b-4e07-aea0-d9e0259d2c1d","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":9,"box":{"x":520,"y":119,"width":262,"height":11}},{"id":"0460b2d7-45aa-46b1-8ec5-e782735764f3","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":9,"box":{"x":520,"y":134,"width":288,"height":12}},{"id":"a4b0b780-d6b3-43c0-8fbd-6ed02ac5cea7","block_type":"box","text":"FNEX Capital, LLC","page_number":9,"box":{"x":520,"y":150,"width":141,"height":11}},{"id":"3f1c1b16-96c9-4b9a-8d30-2c84a00cbf12","block_type":"box","text":"Forethought Life Insurance Company","page_number":9,"box":{"x":520,"y":165,"width":258,"height":12}},{"id":"90503f57-94f4-401a-b831-df8aeb6e9f73","block_type":"box","text":"FSC Securities Corporation","page_number":9,"box":{"x":520,"y":181,"width":190,"height":11}},{"id":"d72073ff-cc07-40a0-b397-8c6389192414","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":9,"box":{"x":520,"y":196,"width":331,"height":12}},{"id":"c6ac75a1-0820-4a44-a3cb-d05e4a4503e5","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":212,"width":336,"height":11}},{"id":"f74d1f52-4a48-4b29-923b-098414ed20c3","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":9,"box":{"x":520,"y":227,"width":233,"height":11}},{"id":"21f70a4c-13b9-4f60-8406-615351395aa5","block_type":"box","text":"Goldman Sachs & Co.","page_number":9,"box":{"x":520,"y":243,"width":156,"height":9}},{"id":"c81c50b9-1b67-4ff0-9ead-d5d0959097c3","block_type":"box","text":"Great Pacific Securities, LLC","page_number":9,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"7f2d7ff9-1bc6-408e-ac8f-b98979498a92","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":9,"box":{"x":520,"y":274,"width":275,"height":11}},{"id":"9aaeda15-46d8-4ade-9b7a-57210c8cc7cb","block_type":"box","text":"Hancock Whitney Bank","page_number":9,"box":{"x":520,"y":289,"width":166,"height":12}},{"id":"7be53b65-1302-4dc9-8bf9-1386e2b6a27c","block_type":"box","text":"Hartford Funds Management Company","page_number":9,"box":{"x":520,"y":305,"width":269,"height":11}},{"id":"06e5f629-ae39-4aea-8752-7728c51d03a9","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":9,"box":{"x":520,"y":320,"width":322,"height":12}},{"id":"37231d7c-d0d7-456c-8531-5f4f501eddc9","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":9,"box":{"x":520,"y":336,"width":203,"height":10}},{"id":"d5a0d19c-7cb8-4ced-b7e4-dfeb345a0e94","block_type":"box","text":"Hightower Securities, Inc.","page_number":9,"box":{"x":520,"y":351,"width":181,"height":12}},{"id":"e7f74820-7d7f-4b1f-b4b0-9eee4604fc0d","block_type":"box","text":"Hilltop Securities Inc.","page_number":9,"box":{"x":520,"y":367,"width":152,"height":11}},{"id":"78053a8b-9652-42f3-a25e-0acac4d91700","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":9,"box":{"x":520,"y":382,"width":166,"height":11}},{"id":"03d378bc-97df-4830-a63c-ddea602a2f16","block_type":"box","text":"Huntington Securities, Inc.","page_number":9,"box":{"x":520,"y":398,"width":186,"height":11}},{"id":"9ac3dfcb-b512-4e09-a68a-60f25cdc1467","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":9,"box":{"x":520,"y":413,"width":249,"height":11}},{"id":"a2c8c328-c62d-479b-a1ef-f66b2f28736d","block_type":"box","text":"Integrity Life Insurance Company","page_number":9,"box":{"x":520,"y":429,"width":234,"height":11}},{"id":"4b86b0a3-6214-4d4c-a810-21c0b3d5bb43","block_type":"box","text":"Interactive Brokers, LLC","page_number":9,"box":{"x":520,"y":444,"width":174,"height":11}},{"id":"7c2c282e-d62f-45d5-922a-f70b76901694","block_type":"box","text":"Investment Trust of California","page_number":9,"box":{"x":520,"y":460,"width":209,"height":9}},{"id":"ef5c18be-9474-458b-a6f6-3f2384e56c6b","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":9,"box":{"x":520,"y":475,"width":287,"height":12}},{"id":"68b33e39-e828-422c-8b8f-7e378646e06d","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":9,"box":{"x":520,"y":491,"width":193,"height":11}},{"id":"1399c769-ca46-4b6f-ba70-94b8e4cdc4a1","block_type":"box","text":"Jefferies LLC","page_number":9,"box":{"x":520,"y":506,"width":97,"height":9}},{"id":"c0ca8443-ce1b-4746-86db-6837df166472","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":9,"box":{"x":520,"y":522,"width":300,"height":11}},{"id":"679c1fdb-6c97-4955-816b-734a3610d26a","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":9,"box":{"x":520,"y":537,"width":318,"height":12}},{"id":"4d2a83c7-1a33-4099-a7de-6f263238e854","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":553,"width":74,"height":9}},{"id":"64bfb2c9-19bc-4ffa-a87f-e3191f3ffb22","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":9,"box":{"x":520,"y":568,"width":333,"height":12}},{"id":"5a7d2e2e-71fd-42ee-a5f3-710da7e5dc13","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":584,"width":365,"height":11}},{"id":"5cf07cb2-a309-4465-990d-044041789032","block_type":"box","text":"John Hancock Trust Company","page_number":9,"box":{"x":520,"y":599,"width":209,"height":12}},{"id":"e65750c2-68bc-4ebd-b9db-db92f142c280","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":9,"box":{"x":520,"y":615,"width":199,"height":11}},{"id":"b6c4699e-7e32-4212-ab87-9cfeb40626a3","block_type":"box","text":"Kestra Investment Services, LLC","page_number":9,"box":{"x":520,"y":630,"width":229,"height":11}},{"id":"0dd5b26b-b3d8-4f5d-8299-798635519a7b","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":9,"box":{"x":520,"y":646,"width":274,"height":11}},{"id":"dff06b94-31f7-4d43-a224-53146bf233fa","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":9,"box":{"x":520,"y":661,"width":275,"height":12}},{"id":"40a381e8-57e6-4e34-926f-49a7e60b69be","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":9,"box":{"x":520,"y":677,"width":324,"height":11}},{"id":"c83129f4-2eaf-41c8-a273-0caa98e805da","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":9,"box":{"x":520,"y":692,"width":286,"height":12}},{"id":"333946ca-4845-4312-b4e2-bd0d0d8707fe","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":9,"box":{"x":520,"y":708,"width":228,"height":9}},{"id":"69cffcff-c92b-4ea7-a72d-6455de92270d","block_type":"box","text":"Lombard International Life Assurance Company","page_number":9,"box":{"x":520,"y":723,"width":328,"height":12}},{"id":"bffc1f4e-1f1e-47d2-8f5f-17912771fdbe","block_type":"box","text":"LPL Financial LLC","page_number":9,"box":{"x":520,"y":739,"width":132,"height":9}},{"id":"c6d261ba-60de-43c6-a87d-f6c81528a329","block_type":"box","text":"M&T Securities Inc.","page_number":9,"box":{"x":520,"y":754,"width":138,"height":9}},{"id":"0da6c479-a40c-4292-bded-efc0a8b5d898","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":9,"box":{"x":520,"y":770,"width":291,"height":11}},{"id":"309d57ec-e886-441f-8d5b-3caa07ee3ffd","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":9,"box":{"x":520,"y":785,"width":321,"height":12}},{"id":"a0a7d9cb-758d-4182-ba54-c79f0d30c257","block_type":"box","text":"Members Life Insurance Company","page_number":9,"box":{"x":520,"y":801,"width":235,"height":11}},{"id":"8db1c85c-4e11-4f2f-9ef2-a93f7aff5511","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":9,"box":{"x":520,"y":816,"width":353,"height":12}},{"id":"84225fea-e572-478f-8bb3-086f9b84c6f3","block_type":"box","text":"Metavante Corporation","page_number":9,"box":{"x":520,"y":832,"width":161,"height":11}},{"id":"cfbd9feb-09c1-42fa-b419-904c13048808","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":9,"box":{"x":520,"y":847,"width":264,"height":12}},{"id":"c3504063-6ae3-4d84-8076-2786407e1a3c","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":9,"box":{"x":520,"y":863,"width":332,"height":11}},{"id":"2ae7abf1-e8c7-4d17-ac79-f2c1d155bcae","block_type":"box","text":"Midland Life Insurance Company","page_number":9,"box":{"x":520,"y":878,"width":233,"height":12}},{"id":"591fa041-a759-43bf-9fb8-887b50231634","block_type":"box","text":"2","page_number":9,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"8671b473-c721-4cea-8814-0300a6c95f3b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":9,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"417686e8-4e6b-4ad5-88f2-1879c2bafce3","block_type":"box","text":"Minnesota Life Insurance Company","page_number":10,"box":{"x":116,"y":88,"width":247,"height":11}},{"id":"dc9ff71e-2a88-486b-ae2b-d81b353b549e","block_type":"box","text":"Mischler Financial Group","page_number":10,"box":{"x":116,"y":103,"width":178,"height":12}},{"id":"0fd5d58b-dcfa-4b02-8e99-1ad998b7213f","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":10,"box":{"x":116,"y":119,"width":195,"height":9}},{"id":"d8d17ea5-b35f-4ed7-9e7f-588839695f11","block_type":"box","text":"MML Distributors, LLC","page_number":10,"box":{"x":116,"y":134,"width":169,"height":11}},{"id":"6efc0d4e-96cd-4444-b3d7-a8cee517d6e9","block_type":"box","text":"MML Investors Services, LLC","page_number":10,"box":{"x":116,"y":150,"width":212,"height":10}},{"id":"8d3de6e0-bf04-4fc2-b58e-ced5efd6bbe1","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":10,"box":{"x":116,"y":165,"width":193,"height":12}},{"id":"703c5bc0-1adb-4bf2-a39a-f8358e61946d","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":10,"box":{"x":116,"y":181,"width":232,"height":11}},{"id":"6ffd67dd-ddaf-492e-8e8a-1ea1ead2297f","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":10,"box":{"x":116,"y":196,"width":245,"height":12}},{"id":"17de1ce4-5f38-4164-b0e3-43e0e7a066d4","block_type":"box","text":"MUFG Union Bank, National Association","page_number":10,"box":{"x":116,"y":212,"width":289,"height":10}},{"id":"bdfc76c6-5027-4f6d-8d57-a861b3baeddc","block_type":"box","text":"Nassau Life Insurance Company","page_number":10,"box":{"x":116,"y":227,"width":224,"height":12}},{"id":"fcc7901c-8556-42c8-b143-90b32a651dff","block_type":"box","text":"National Financial Services LLC","page_number":10,"box":{"x":116,"y":243,"width":226,"height":9}},{"id":"a695d58c-1f90-4ef4-8511-5d40056e529e","block_type":"box","text":"National Integrity Life Insurance Company","page_number":10,"box":{"x":116,"y":258,"width":296,"height":12}},{"id":"cf989838-186e-4f6d-8572-2b5d981f6904","block_type":"box","text":"National Life Insurance Company","page_number":10,"box":{"x":116,"y":274,"width":234,"height":11}},{"id":"4dc40e18-f1a0-438c-aa7a-b4b8d6751213","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":10,"box":{"x":116,"y":289,"width":245,"height":11}},{"id":"f7ab9290-bc0e-4382-9866-c0875e796c3c","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":10,"box":{"x":116,"y":305,"width":242,"height":9}},{"id":"ef7511a7-0a81-4822-a927-e7b20a17c90e","block_type":"box","text":"Nationwide Retirement Solutions","page_number":10,"box":{"x":116,"y":320,"width":230,"height":9}},{"id":"71eb9a96-b306-4467-b4f1-962c92c348d9","block_type":"box","text":"NCB Federal Savings Bank","page_number":10,"box":{"x":116,"y":336,"width":191,"height":11}},{"id":"3f48ecfb-86b8-4b50-80ed-870108894244","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":10,"box":{"x":116,"y":351,"width":288,"height":12}},{"id":"2f88c593-3379-4649-a756-fa047e776cc0","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":10,"box":{"x":116,"y":367,"width":350,"height":11}},{"id":"fad53423-080e-4790-9817-d0d599f9ce73","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":10,"box":{"x":116,"y":382,"width":237,"height":12}},{"id":"3af2db2b-a630-4ca7-bc60-bc693f2b1430","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":10,"box":{"x":116,"y":398,"width":249,"height":11}},{"id":"f955cfe6-3fe3-4d60-831f-d98f46ddb34b","block_type":"box","text":"Northern Trust Company","page_number":10,"box":{"x":116,"y":413,"width":174,"height":12}},{"id":"565d4e91-10d8-411d-808d-cf25a6050d06","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":10,"box":{"x":116,"y":429,"width":329,"height":10}},{"id":"ecb69522-f965-4bd5-91f2-5827b840d7b9","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":10,"box":{"x":116,"y":444,"width":320,"height":12}},{"id":"9a8c8ecd-ce17-4a6a-b75d-9a0093490322","block_type":"box","text":"NYLife Distributors LLC","page_number":10,"box":{"x":116,"y":460,"width":177,"height":9}},{"id":"2d35ad70-36a2-404b-bdfd-30df0995639c","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":10,"box":{"x":116,"y":475,"width":175,"height":12}},{"id":"f48dd080-59ad-4d57-ac25-3eab79a55040","block_type":"box","text":"Orion Advisor Services, LLC","page_number":10,"box":{"x":116,"y":491,"width":203,"height":10}},{"id":"bae44226-ef6b-4980-9506-6df1c53453d3","block_type":"box","text":"Osaic Wealth, Inc.","page_number":10,"box":{"x":116,"y":506,"width":129,"height":11}},{"id":"94c1357d-94b9-4b25-b372-b307d5c6d864","block_type":"box","text":"Pacific Life & Annuity Company","page_number":10,"box":{"x":116,"y":522,"width":230,"height":11}},{"id":"78085e63-3039-4594-813c-139a00ca58f0","block_type":"box","text":"Pacific Life Insurance Company","page_number":10,"box":{"x":116,"y":537,"width":223,"height":12}},{"id":"79f7ecd5-6523-4b5f-b125-91a7b07b7828","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":10,"box":{"x":116,"y":553,"width":221,"height":10}},{"id":"8b5cd0c1-d618-4c62-a94d-990054540140","block_type":"box","text":"Park Avenue Securities LLC","page_number":10,"box":{"x":116,"y":568,"width":198,"height":9}},{"id":"846ea97f-f0e0-4671-b8b4-a46783240384","block_type":"box","text":"Penserra Securities LLC","page_number":10,"box":{"x":116,"y":584,"width":169,"height":9}},{"id":"9de0141c-288c-456a-ba06-b8008438faf7","block_type":"box","text":"Pershing LLC","page_number":10,"box":{"x":116,"y":599,"width":99,"height":12}},{"id":"4567aedc-cef0-4f71-916e-a5a628d3fb4a","block_type":"box","text":"PFPC Inc.","page_number":10,"box":{"x":116,"y":615,"width":73,"height":9}},{"id":"cacacba1-de88-47d7-9884-c2322a7da2de","block_type":"box","text":"Piper Jaffray & Co.","page_number":10,"box":{"x":116,"y":630,"width":136,"height":12}},{"id":"25a3d319-cf3e-4400-9629-92313cf37f5d","block_type":"box","text":"PNC Bank, National Association","page_number":10,"box":{"x":116,"y":646,"width":226,"height":10}},{"id":"652e88f8-931a-4b75-927a-80b61bf15fb1","block_type":"box","text":"PNC Capital Markets LLC","page_number":10,"box":{"x":116,"y":661,"width":180,"height":12}},{"id":"6d4f1a55-43ec-47c4-8788-5812f4ccb317","block_type":"box","text":"PNC Investments LLC","page_number":10,"box":{"x":116,"y":677,"width":154,"height":9}},{"id":"55c5a78c-ec21-4539-ae3c-15a01bc5a1fa","block_type":"box","text":"Principal Bank","page_number":10,"box":{"x":116,"y":692,"width":100,"height":12}},{"id":"132a4dec-f45d-4c4b-8657-c865da25ab05","block_type":"box","text":"Principal Life Insurance Company","page_number":10,"box":{"x":116,"y":708,"width":232,"height":11}},{"id":"e954d53e-18f8-401c-a79c-f6df685ce20e","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":10,"box":{"x":116,"y":723,"width":327,"height":12}},{"id":"abdd0043-b7bb-4eba-9fdc-45ac670c7460","block_type":"box","text":"Protective Life Insurance Company","page_number":10,"box":{"x":116,"y":739,"width":239,"height":11}},{"id":"979fe833-6241-4b06-8a73-f455d300aea3","block_type":"box","text":"Pruco Life Insurance Company","page_number":10,"box":{"x":116,"y":754,"width":210,"height":12}},{"id":"c7b399e0-d122-4b0e-87a0-d6d8de1aa022","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":10,"box":{"x":116,"y":770,"width":311,"height":11}},{"id":"ba999a0d-c1ee-48f9-b26b-a5ad5b942a67","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":10,"box":{"x":116,"y":785,"width":257,"height":11}},{"id":"c1007018-f6f8-45ae-875a-d4a76fbc2a8d","block_type":"box","text":"Prudential Insurance Company of America","page_number":10,"box":{"x":116,"y":801,"width":289,"height":11}},{"id":"e96158d8-381c-43e0-a7d5-aee3900300c6","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":10,"box":{"x":116,"y":816,"width":237,"height":12}},{"id":"0aa1e3b3-d67d-4b5c-887c-111280b1ae8b","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":10,"box":{"x":116,"y":832,"width":277,"height":11}},{"id":"3876e48b-e571-4f7c-adf3-9729d7529c3c","block_type":"box","text":"RBC Capital Markets, LLC","page_number":10,"box":{"x":116,"y":847,"width":190,"height":12}},{"id":"351661a8-6ea4-45b6-a241-3e3a2ca78f45","block_type":"box","text":"Regions Bank","page_number":10,"box":{"x":116,"y":863,"width":99,"height":11}},{"id":"16ea56a4-6489-4245-a940-27c62ecc0993","block_type":"box","text":"Reliance Trust Company","page_number":10,"box":{"x":116,"y":878,"width":172,"height":12}},{"id":"a7834007-bbd0-41eb-a9cd-d1724dc7c74a","block_type":"box","text":"Reliastar Life Insurance Company","page_number":10,"box":{"x":520,"y":88,"width":236,"height":11}},{"id":"4c9a2d03-b2ee-4748-b895-c53c109bc93f","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":10,"box":{"x":520,"y":103,"width":329,"height":12}},{"id":"0a869437-07eb-4e24-87ef-cb380c8e845e","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":10,"box":{"x":520,"y":119,"width":207,"height":10}},{"id":"a1c1a391-f6fc-4612-9bb2-515f508011c3","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":10,"box":{"x":520,"y":134,"width":311,"height":9}},{"id":"fa5262ed-efdb-4201-93b0-2407fc5d88f0","block_type":"box","text":"RiverSource Life Insurance Company","page_number":10,"box":{"x":520,"y":150,"width":260,"height":11}},{"id":"a7f2efd7-a616-4623-acf4-de559e633073","block_type":"box","text":"SagePoint Financial, Inc.","page_number":10,"box":{"x":520,"y":165,"width":173,"height":12}},{"id":"153f67ae-24e1-4d42-84c8-d00deef8cfe1","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":10,"box":{"x":520,"y":181,"width":252,"height":10}},{"id":"2e1e68ce-e808-40e4-a96e-af95ca4a54c8","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":10,"box":{"x":520,"y":196,"width":212,"height":12}},{"id":"ba16cbca-fbce-47d1-b823-e371fa6327f0","block_type":"box","text":"Santander Bank, N.A.","page_number":10,"box":{"x":520,"y":212,"width":152,"height":10}},{"id":"0f7452eb-6ce2-4ef0-a0c4-553bb74d55a4","block_type":"box","text":"Saturna Trust Company","page_number":10,"box":{"x":520,"y":227,"width":165,"height":12}},{"id":"babbcba2-f1b3-4985-8170-70d30a7a63a8","block_type":"box","text":"Securities America, Inc.","page_number":10,"box":{"x":520,"y":243,"width":167,"height":10}},{"id":"9da2bd4e-c4a3-42e1-9e17-1de849684bf2","block_type":"box","text":"Securities Finance Trust Company","page_number":10,"box":{"x":520,"y":258,"width":238,"height":12}},{"id":"9fcf9e2e-8a16-4515-a8d6-43f08d48bb1c","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":10,"box":{"x":520,"y":274,"width":286,"height":11}},{"id":"a62416af-65ea-48ba-8b72-565d94506e9b","block_type":"box","text":"Security Financial Resources, Inc.","page_number":10,"box":{"x":520,"y":289,"width":235,"height":12}},{"id":"b5c40659-91cf-4a90-84ba-7f7b5b3ef58b","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":10,"box":{"x":520,"y":305,"width":304,"height":11}},{"id":"475e7705-d9c8-4ea9-94e8-d8d62193c643","block_type":"box","text":"SEI Private Trust Company","page_number":10,"box":{"x":520,"y":320,"width":191,"height":12}},{"id":"d85a1eb0-5fea-48ba-bcda-232ec8c8b61a","block_type":"box","text":"SG Americas Securities, LLC","page_number":10,"box":{"x":520,"y":336,"width":205,"height":10}},{"id":"94ba429a-8ed5-4126-9350-4288ae5ee2c5","block_type":"box","text":"Silicon Valley Bank","page_number":10,"box":{"x":520,"y":351,"width":141,"height":12}},{"id":"9b24b74e-36b7-4f8c-bba3-5caa1ab3220b","block_type":"box","text":"Standard Insurance Company","page_number":10,"box":{"x":520,"y":367,"width":203,"height":11}},{"id":"b8131874-5d39-45df-9f67-9cb019075b86","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":10,"box":{"x":520,"y":382,"width":347,"height":12}},{"id":"5bf469cc-4807-4142-ba30-be680f6e7ba7","block_type":"box","text":"State Farm Life Insurance Company","page_number":10,"box":{"x":520,"y":398,"width":249,"height":11}},{"id":"97fe5e41-1215-457f-bde2-46415e831f76","block_type":"box","text":"State Farm VP Management Corp.","page_number":10,"box":{"x":520,"y":413,"width":237,"height":12}},{"id":"042ab4ce-64ea-4e79-be1b-372bfaed20da","block_type":"box","text":"State Street Bank and Trust Company","page_number":10,"box":{"x":520,"y":429,"width":259,"height":11}},{"id":"85e6bffd-7c9b-4ec4-bce2-f8ffe291c955","block_type":"box","text":"State Street Global Markets, LLC","page_number":10,"box":{"x":520,"y":444,"width":231,"height":11}},{"id":"a2ecf525-6afb-4b15-be15-a416dce93e43","block_type":"box","text":"Stern Brothers & Co.","page_number":10,"box":{"x":520,"y":460,"width":147,"height":9}},{"id":"f151d7a0-9259-4f49-a98c-bd2959fe9f6e","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":10,"box":{"x":520,"y":475,"width":290,"height":12}},{"id":"b497ff5c-ea71-4562-b935-ce55b8689e40","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":10,"box":{"x":520,"y":491,"width":227,"height":11}},{"id":"6130d835-ca1b-4afa-9747-4b9e6d4e5050","block_type":"box","text":"SVB Asset Management","page_number":10,"box":{"x":520,"y":506,"width":170,"height":12}},{"id":"55a553d4-c396-496a-8acc-e0946206ec10","block_type":"box","text":"Symetra Life Insurance Company","page_number":10,"box":{"x":520,"y":522,"width":232,"height":11}},{"id":"7eb359f7-7528-485e-bb26-58521439260b","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":10,"box":{"x":520,"y":537,"width":200,"height":12}},{"id":"df399129-70b4-475d-8bad-d6ad727b63e4","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":10,"box":{"x":520,"y":553,"width":310,"height":10}},{"id":"7edcb556-de13-4625-8819-cbb8ecd922b9","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":10,"box":{"x":520,"y":568,"width":319,"height":12}},{"id":"88ae705a-7f84-4db4-9183-0df2794c8907","block_type":"box","text":"Company","page_number":10,"box":{"x":520,"y":584,"width":69,"height":11}},{"id":"86da5ae2-799b-4546-b1ba-2424a6728fcd","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":10,"box":{"x":520,"y":599,"width":301,"height":12}},{"id":"b35b0568-6e97-4d0d-b0bc-28be5e691f47","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":10,"box":{"x":520,"y":615,"width":204,"height":11}},{"id":"7fd10b65-6f20-47ff-bf91-1553b427a0b5","block_type":"box","text":"TD Ameritrade, Inc.","page_number":10,"box":{"x":520,"y":630,"width":141,"height":11}},{"id":"b1198407-e4f6-4b4e-b2b0-85fb998079bf","block_type":"box","text":"TD Prime Services (US) LLC","page_number":10,"box":{"x":520,"y":646,"width":205,"height":11}},{"id":"c99baa31-b8a4-4212-a553-5c6a8c0c5176","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":10,"box":{"x":520,"y":661,"width":321,"height":12}},{"id":"0eee5973-0a16-4a56-bf51-efb2c9089294","block_type":"box","text":"America","page_number":10,"box":{"x":520,"y":677,"width":58,"height":9}},{"id":"3393f0ef-dbf6-4c17-8112-bd8de6a2db30","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":10,"box":{"x":520,"y":692,"width":216,"height":12}},{"id":"fe9e80d6-c518-4496-b35b-c3185fa331b0","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":10,"box":{"x":520,"y":708,"width":330,"height":11}},{"id":"00a6f62d-2dc8-4b3e-8c24-6148dddc72e9","block_type":"box","text":"Transamerica Life Insurance Company","page_number":10,"box":{"x":520,"y":723,"width":263,"height":12}},{"id":"9a40fcb7-0cf1-4740-854f-a016a6d105ce","block_type":"box","text":"Treasury Brokerage","page_number":10,"box":{"x":520,"y":739,"width":134,"height":11}},{"id":"1fc29bd4-c1d9-4bc5-acf0-1bf31817464a","block_type":"box","text":"Triad Advisors, LLC","page_number":10,"box":{"x":520,"y":754,"width":141,"height":11}},{"id":"ee3d8b06-c3c9-4d31-8cc4-d97997c6b62e","block_type":"box","text":"Truist Bank","page_number":10,"box":{"x":520,"y":770,"width":80,"height":9}},{"id":"9dc6c35d-d4a4-4bc3-9444-3b1567b0cf1d","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":10,"box":{"x":520,"y":785,"width":210,"height":12}},{"id":"617eb93e-c687-48eb-a1bc-e7faf8636a8e","block_type":"box","text":"U.S. Bank, National Association","page_number":10,"box":{"x":520,"y":801,"width":219,"height":10}},{"id":"50b46ab6-1a4a-494d-ba80-c7e55aa1ab93","block_type":"box","text":"UBATCO & Co.","page_number":10,"box":{"x":520,"y":816,"width":113,"height":9}},{"id":"3ede5835-4edc-471d-8ecc-5ef2d1a3a047","block_type":"box","text":"UBS Financial Services, Inc.","page_number":10,"box":{"x":520,"y":832,"width":199,"height":10}},{"id":"ddbd854d-7dc1-4cb9-8f82-603741129966","block_type":"box","text":"UBS Securities LLC","page_number":10,"box":{"x":520,"y":847,"width":143,"height":9}},{"id":"aa2946a1-b154-4aa7-88a3-01d50e321b2b","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":10,"box":{"x":520,"y":863,"width":205,"height":10}},{"id":"e1da9906-e46f-4e45-b8b6-3e25ba710aaa","block_type":"box","text":"UMB Bank, National Association","page_number":10,"box":{"x":520,"y":878,"width":232,"height":11}},{"id":"837fd4b7-4483-42d0-a121-8894e2dd9967","block_type":"box","text":"3","page_number":10,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"df5191d9-7ec0-4d96-96eb-38b0b4ab3448","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":10,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0efcab4c-e60a-4a4c-9093-cf9712195db7","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":11,"box":{"x":116,"y":88,"width":360,"height":11}},{"id":"c8faacc2-7df8-415a-8097-834e008624e0","block_type":"box","text":"New York","page_number":11,"box":{"x":116,"y":103,"width":74,"height":9}},{"id":"52f2a453-5c19-44b1-bd72-c64d8f990eba","block_type":"box","text":"VALIC Retirement Services Company","page_number":11,"box":{"x":116,"y":119,"width":265,"height":11}},{"id":"592db431-3c70-4970-aa72-605f7e448a2a","block_type":"box","text":"Vanguard Group, Inc.","page_number":11,"box":{"x":116,"y":134,"width":152,"height":12}},{"id":"2105c467-d2f6-42bb-998c-51683002df8e","block_type":"box","text":"Vanguard Marketing Corporation","page_number":11,"box":{"x":116,"y":150,"width":230,"height":11}},{"id":"4c6f34c7-b7be-4fe0-a9ad-beef5f231ca0","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":11,"box":{"x":116,"y":165,"width":207,"height":12}},{"id":"78b1825b-2d2e-4d51-8315-50086952bc81","block_type":"box","text":"Voya Financial Partners, LLC","page_number":11,"box":{"x":116,"y":181,"width":207,"height":11}},{"id":"44ca9936-275e-4b25-8cfc-a0e4e4175df6","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":11,"box":{"x":116,"y":196,"width":262,"height":12}},{"id":"a6833cac-0e96-42d4-9993-35a2508a7ef4","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":212,"width":268,"height":11}},{"id":"8aa9c620-3b87-4308-9ee5-fa6d28081e3b","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":11,"box":{"x":116,"y":227,"width":245,"height":12}},{"id":"869a3eec-dc36-4dfb-87a4-137aa4e3dae2","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":243,"width":347,"height":11}},{"id":"8d9fa38c-da87-4526-8af8-5ef4841c66b1","block_type":"box","text":"Waddell & Reed, Inc.","page_number":11,"box":{"x":520,"y":88,"width":151,"height":10}},{"id":"f6eb5e08-e47a-4291-905b-6f535a2c7628","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":11,"box":{"x":520,"y":103,"width":192,"height":12}},{"id":"fb24303b-66a9-480d-a159-fd8bf2dacb99","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":11,"box":{"x":520,"y":119,"width":322,"height":11}},{"id":"8ac463ce-c019-47b7-88d8-40e61fef98b3","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":11,"box":{"x":520,"y":134,"width":168,"height":12}},{"id":"493c2a07-f522-4891-9325-bce98bdb56a0","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":11,"box":{"x":520,"y":150,"width":251,"height":11}},{"id":"ab1ee6cc-5ea1-49ee-81cc-b01160634938","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":11,"box":{"x":520,"y":165,"width":213,"height":12}},{"id":"f19f9d3f-7c22-4a2e-bf1b-b0262323b8b2","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":11,"box":{"x":520,"y":181,"width":198,"height":11}},{"id":"3231ca0f-7c27-481b-80c7-8be4ed784470","block_type":"box","text":"Wilmington Trust, National Association","page_number":11,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"1922637d-7e5b-4527-a82c-e1b0ed59d920","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":11,"box":{"x":520,"y":212,"width":238,"height":11}},{"id":"de298f40-f23f-4c52-95c9-06aa4808acde","block_type":"box","text":"ZB, National Association","page_number":11,"box":{"x":520,"y":227,"width":176,"height":11}},{"id":"7d655646-15b3-443c-b7b2-8370b7cbbfbd","block_type":"box","text":"4","page_number":11,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"651507d3-3516-4d01-a002-8d5f6642ddd3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":11,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"db54bdb1-f1e2-4573-a3f8-212041eee687","block_type":"box","text":"Appendix A","page_number":12,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"ebd4ad76-639b-4238-96bd-023b9bf4e743","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":12,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"033aea65-ac97-4702-994e-ed088ea8d702","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":12,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"b66e857b-bf1f-4b15-bf47-34c5470682e4","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":12,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"bf27a9bc-2ea3-4221-b5c8-dad376e2ff58","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":12,"box":{"x":133,"y":196,"width":267,"height":9}},{"id":"6d9fc86f-960e-4bec-92b9-93c13d442ffe","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":12,"box":{"x":133,"y":212,"width":305,"height":11}},{"id":"ac69107d-c196-4c10-9069-e5b3c5b4e021","block_type":"box","text":"BATS: High Income Municipal Series","page_number":12,"box":{"x":133,"y":227,"width":263,"height":12}},{"id":"1b52f66b-c585-43f3-bb46-d8a9d50549eb","block_type":"box","text":"BATS: High Income Taxable Series","page_number":12,"box":{"x":133,"y":243,"width":248,"height":11}},{"id":"8b7a690f-a3f0-414c-922e-2655eaab80eb","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":12,"box":{"x":133,"y":258,"width":256,"height":12}},{"id":"8cb6299a-8190-439e-b9b1-2cecc804dbba","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":12,"box":{"x":133,"y":274,"width":235,"height":11}},{"id":"ceabd330-24ec-4655-9891-d65236e47b0e","block_type":"box","text":"BATS: Short Duration Taxable Total Return Series","page_number":12,"box":{"x":133,"y":289,"width":350,"height":9}},{"id":"72f88fff-0c1b-44ef-9f0b-952524a378be","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":12,"box":{"x":133,"y":305,"width":307,"height":11}},{"id":"a8e9ebfa-67fa-427b-beb1-edd593d4e047","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":12,"box":{"x":116,"y":336,"width":232,"height":11}},{"id":"fc1ff03b-fc97-42f5-af33-7f94baeaaaf8","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":12,"box":{"x":116,"y":367,"width":203,"height":11}},{"id":"14dffa85-ed1d-4593-a737-cad025895bf8","block_type":"box","text":"BlackRock Total Return Fund","page_number":12,"box":{"x":133,"y":382,"width":207,"height":9}},{"id":"ad5c51b9-2852-402a-b213-733e6d59c493","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":12,"box":{"x":116,"y":413,"width":331,"height":12}},{"id":"415a0bbb-62ff-462d-9e79-257cde0e6c2c","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":12,"box":{"x":133,"y":429,"width":322,"height":11}},{"id":"6da92ffa-c1e6-4eb9-aa38-c5660bdb3c49","block_type":"box","text":"Fund","page_number":12,"box":{"x":133,"y":444,"width":38,"height":9}},{"id":"a1799e33-1c92-4b34-9d3c-f4002511a355","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":12,"box":{"x":116,"y":475,"width":317,"height":12}},{"id":"43e0f4b3-a005-4b78-b156-6be164ea9447","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":12,"box":{"x":116,"y":506,"width":301,"height":12}},{"id":"81526441-3e18-40ff-87a0-4ed0d5527276","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":12,"box":{"x":116,"y":537,"width":248,"height":12}},{"id":"5c20f1f7-59a1-464c-a6de-f86e2f176a4f","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":12,"box":{"x":116,"y":568,"width":332,"height":9}},{"id":"7a8d62df-5454-4bd5-9366-4ab2cfea49b8","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":12,"box":{"x":133,"y":584,"width":278,"height":9}},{"id":"9f8194fe-d5c8-4a4a-aabb-7d864abbcc84","block_type":"box","text":"BlackRock Funds","page_number":12,"box":{"x":116,"y":615,"width":127,"height":9}},{"id":"6a4b983e-0001-4f2c-9a0d-062e57decf51","block_type":"box","text":"SM","page_number":12,"box":{"x":244,"y":614,"width":15,"height":6}},{"id":"a8834c01-a8fb-4a65-9b0a-ba8231979560","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":12,"box":{"x":133,"y":630,"width":325,"height":12}},{"id":"f3fb8189-5a5b-45f1-b039-fd2689b17aea","block_type":"box","text":"BlackRock Advantage International Fund","page_number":12,"box":{"x":133,"y":646,"width":285,"height":11}},{"id":"e34f212e-439b-4613-be4e-51735f3c8499","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":12,"box":{"x":133,"y":661,"width":321,"height":12}},{"id":"127da6c4-9c44-499d-b172-b4af77b683f0","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":12,"box":{"x":133,"y":677,"width":302,"height":11}},{"id":"fb4c3bbf-681c-4cc1-aa25-84f68fff3ad4","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":12,"box":{"x":133,"y":692,"width":321,"height":12}},{"id":"a9bc5804-2348-4b37-86db-31fe32700c5f","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":12,"box":{"x":133,"y":708,"width":271,"height":11}},{"id":"3764ca42-3417-465a-a949-de4a71819295","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":12,"box":{"x":133,"y":723,"width":269,"height":12}},{"id":"dfae5043-d7eb-44ad-85c6-cb1d304ea679","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":12,"box":{"x":133,"y":739,"width":288,"height":11}},{"id":"91b87150-7fc8-4715-af6e-9dd843bdb352","block_type":"box","text":"Reserve Vehicle","page_number":12,"box":{"x":133,"y":754,"width":110,"height":9}},{"id":"a31c6469-b646-40e4-b6bf-34dc5e037fde","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":12,"box":{"x":133,"y":770,"width":294,"height":11}},{"id":"f03c65ed-fc78-4f88-950b-b0878bb6783c","block_type":"box","text":"Markets Fund","page_number":12,"box":{"x":133,"y":785,"width":93,"height":9}},{"id":"a474fa17-659c-4733-8708-72f4e030c718","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":12,"box":{"x":133,"y":801,"width":309,"height":11}},{"id":"d9db20f6-bf50-4cb5-8113-e4a5dce03341","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":12,"box":{"x":133,"y":816,"width":263,"height":12}},{"id":"6153e11e-6838-4fd6-908e-f17f80729c99","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":12,"box":{"x":133,"y":832,"width":213,"height":11}},{"id":"0fd46281-8203-42a7-85c0-c78a1459343d","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":12,"box":{"x":133,"y":847,"width":324,"height":12}},{"id":"7c787c9d-d830-42f6-953d-38d34fad59d3","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":12,"box":{"x":133,"y":863,"width":288,"height":11}},{"id":"52b3a7c3-6d45-4d83-bf8d-c320048f43bb","block_type":"box","text":"Portfolio","page_number":12,"box":{"x":133,"y":878,"width":64,"height":9}},{"id":"32912fee-cef2-4be1-8880-124eb65b4ad2","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":12,"box":{"x":537,"y":119,"width":259,"height":11}},{"id":"10b729fb-f74e-4de0-8677-946e7a9e4565","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":12,"box":{"x":537,"y":134,"width":313,"height":12}},{"id":"40d446be-7c7f-403b-91db-0304106a56dc","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":12,"box":{"x":537,"y":150,"width":269,"height":9}},{"id":"d885a433-3fbe-413c-82fa-c6e9d588c44c","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":12,"box":{"x":537,"y":165,"width":241,"height":12}},{"id":"a9d866fc-c4f9-4714-bb19-cf82e2ae92f7","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":12,"box":{"x":537,"y":181,"width":287,"height":11}},{"id":"02911d35-ab57-49d5-8dd0-4fe5241eec04","block_type":"box","text":"Emerging Markets Equity Fund","page_number":12,"box":{"x":537,"y":196,"width":218,"height":12}},{"id":"ceebffc3-9e9c-4660-8df8-da2899377eec","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":12,"box":{"x":537,"y":212,"width":330,"height":11}},{"id":"5bbb6f54-a2d5-42d3-8ddb-cf62726f446a","block_type":"box","text":"Cap Core Fund","page_number":12,"box":{"x":537,"y":227,"width":107,"height":12}},{"id":"166b7f20-e0d0-4873-b8b4-2a8c4fff06fc","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":12,"box":{"x":537,"y":243,"width":273,"height":11}},{"id":"d8983749-8120-49f3-b07a-d914781796db","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":12,"box":{"x":537,"y":258,"width":299,"height":12}},{"id":"33983ed2-7f80-43bc-8500-abc592d459b4","block_type":"box","text":"BlackRock Wealth Liquid Environmentally Aware","page_number":12,"box":{"x":537,"y":274,"width":347,"height":11}},{"id":"b225894e-f7a8-477c-aa8b-87275691360c","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":289,"width":38,"height":9}},{"id":"b62a4dda-8bc8-4fb6-a596-cfc99b90738b","block_type":"box","text":"Circle Reserve Fund","page_number":12,"box":{"x":537,"y":305,"width":142,"height":9}},{"id":"cdc3187c-a83b-4ba7-b7ae-4f3704fb7983","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":12,"box":{"x":537,"y":320,"width":293,"height":12}},{"id":"0e66bb6f-ef4c-4493-a249-e11326aefcdd","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":12,"box":{"x":537,"y":336,"width":280,"height":9}},{"id":"d55fa34d-f62a-4fc6-b0d7-9a10f9977b2f","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":12,"box":{"x":537,"y":351,"width":322,"height":12}},{"id":"bebde103-a049-4c1d-ad2c-dd2fcf19a44e","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":367,"width":38,"height":9}},{"id":"cb811d0c-91e9-466d-89a8-6ffdf6c64058","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":12,"box":{"x":537,"y":382,"width":249,"height":12}},{"id":"d2d83aa2-e986-4e78-9775-7d9db6f2fa62","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":398,"width":254,"height":11}},{"id":"ea8ef152-27c4-4791-a374-eb95db25599d","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":413,"width":298,"height":12}},{"id":"717b2f0b-c199-4338-afb3-cd8ebb2ab37c","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":12,"box":{"x":537,"y":429,"width":297,"height":9}},{"id":"581125fb-2fa3-41ac-8c00-584753dfcdd5","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":12,"box":{"x":537,"y":444,"width":304,"height":9}},{"id":"f1c0b5c5-a881-4e4b-b7e5-f6d1b51d4b6a","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":460,"width":346,"height":9}},{"id":"1652e696-bce1-43ee-bebd-101971febe94","block_type":"box","text":"iShares U.S. Intermediate Government Bond Index","page_number":12,"box":{"x":537,"y":475,"width":349,"height":9}},{"id":"2a06ca4f-049d-4379-bd8c-c29ab9b8224e","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":491,"width":38,"height":9}},{"id":"30714a7f-9e93-4a6a-80fe-e9e9d7ede257","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":506,"width":296,"height":12}},{"id":"2e53c4fa-400a-4c11-a834-5555beaae828","block_type":"box","text":"iShares U.S. Long Government Bond Index Fund","page_number":12,"box":{"x":537,"y":522,"width":338,"height":11}},{"id":"3af9edcd-48be-46ff-abdd-91bc235add80","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":12,"box":{"x":537,"y":537,"width":290,"height":9}},{"id":"1cd8a06d-d02d-4ab2-bc3a-11dad5170c70","block_type":"box","text":"BlackRock Funds II","page_number":12,"box":{"x":520,"y":568,"width":149,"height":9}},{"id":"7a929c81-202e-488d-aab6-407071ae55aa","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":12,"box":{"x":537,"y":584,"width":284,"height":11}},{"id":"49573a8d-72ec-4cee-9823-6c76cd92feb4","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":12,"box":{"x":537,"y":599,"width":284,"height":12}},{"id":"42bc8b70-07d1-4ddc-97c6-ed53b5a40fce","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":12,"box":{"x":537,"y":615,"width":284,"height":11}},{"id":"42822c99-7aa7-44ad-b1a6-0e1becf2a75e","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":12,"box":{"x":537,"y":630,"width":284,"height":12}},{"id":"675e1f85-733f-4214-b67b-8e87540240c4","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":12,"box":{"x":537,"y":646,"width":301,"height":11}},{"id":"45a457a7-c1f9-42ee-bc2f-d31b9f2084ca","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":12,"box":{"x":537,"y":661,"width":255,"height":9}},{"id":"618ddf96-8273-41e8-a1a4-445ae747b050","block_type":"box","text":"BlackRock Managed Income Fund","page_number":12,"box":{"x":537,"y":677,"width":235,"height":11}},{"id":"258aca96-44db-4430-b54e-b2659a78020b","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":12,"box":{"x":537,"y":692,"width":278,"height":9}},{"id":"ed41f359-7f2e-44d6-b5f6-2e5cbd3645ad","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":12,"box":{"x":537,"y":708,"width":285,"height":9}},{"id":"9287c188-1e52-4df7-82a1-233a1d48e9ac","block_type":"box","text":"BlackRock Funds III","page_number":12,"box":{"x":520,"y":739,"width":151,"height":9}},{"id":"b265b02c-3542-4153-b8e5-489e67584358","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":12,"box":{"x":537,"y":754,"width":248,"height":9}},{"id":"49139472-f119-47a7-8a78-7487384e2e18","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":12,"box":{"x":537,"y":770,"width":226,"height":11}},{"id":"ff63a3b2-18f8-4347-81f9-a1ba37af7114","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":12,"box":{"x":537,"y":785,"width":288,"height":12}},{"id":"04cdacbc-63e9-4af3-badd-c4086e2badc0","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":12,"box":{"x":537,"y":801,"width":291,"height":9}},{"id":"80b3cb39-b470-4490-8573-2a94ea300325","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":816,"width":136,"height":9}},{"id":"dd6931f8-ece6-494e-b636-dbc88e7cf65b","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":815,"width":9,"height":7}},{"id":"287913e5-ec53-49fb-8271-f72306e2f408","block_type":"box","text":"Dynamic Retirement Fund","page_number":12,"box":{"x":688,"y":816,"width":179,"height":12}},{"id":"dc944756-e532-4712-bb05-b18d79be008d","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":832,"width":136,"height":9}},{"id":"7ebc3ae3-07a7-4fbc-8424-d37e3039a5bf","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":831,"width":9,"height":6}},{"id":"7c4d869f-8e59-4997-9315-92cbc179a3ff","block_type":"box","text":"Dynamic 2030 Fund","page_number":12,"box":{"x":683,"y":832,"width":147,"height":11}},{"id":"dbcbc49e-061b-458b-8a2f-d4a2e1bf0b39","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":847,"width":136,"height":9}},{"id":"b57160d1-e5f5-444b-a06f-c4b5faecd946","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":846,"width":9,"height":7}},{"id":"261942d2-816e-4809-8844-daa610ea02c0","block_type":"box","text":"Dynamic 2035 Fund","page_number":12,"box":{"x":683,"y":847,"width":147,"height":12}},{"id":"9fc28d20-3776-426f-ba8a-9a4b5d6c5b83","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":863,"width":136,"height":9}},{"id":"b71e842b-8dc0-432c-a0d3-13d8e6324077","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":862,"width":9,"height":6}},{"id":"a0d5db3c-7e9a-4f59-b1a1-c6e69709eb2f","block_type":"box","text":"Dynamic 2040 Fund","page_number":12,"box":{"x":683,"y":863,"width":147,"height":11}},{"id":"44c8e570-e212-4162-9dce-de076f73a7a0","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":878,"width":136,"height":9}},{"id":"a98f70ef-98df-4935-bbf0-a5e5a13d813c","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":877,"width":9,"height":7}},{"id":"a2cb86ba-43ae-4261-b3ea-979757568244","block_type":"box","text":"Dynamic 2045 Fund","page_number":12,"box":{"x":683,"y":878,"width":147,"height":12}},{"id":"6f5af5a0-a264-4939-a211-ca0dfe8f82a8","block_type":"box","text":"5","page_number":12,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"dedaa4eb-3a4d-4482-9ee5-add8f49ffe24","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":12,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7eb13767-bf8f-4978-a49f-8a29eec74e4e","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":88,"width":136,"height":9}},{"id":"81037e02-ae02-4c06-b2f4-e745780171ac","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":87,"width":9,"height":6}},{"id":"9b75c81e-666a-4d91-a075-b390daedf806","block_type":"box","text":"Dynamic 2050 Fund","page_number":13,"box":{"x":279,"y":88,"width":147,"height":11}},{"id":"3a7096e4-0988-4ec9-af88-99fcd340609c","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":103,"width":136,"height":9}},{"id":"788222a1-618c-4ed1-b404-f3833122ac31","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":102,"width":9,"height":7}},{"id":"875b6b26-0242-4802-8bb2-94114fc8af44","block_type":"box","text":"Dynamic 2055 Fund","page_number":13,"box":{"x":279,"y":103,"width":147,"height":12}},{"id":"5091d57d-0039-405a-b4e7-1d739675eac8","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":119,"width":136,"height":9}},{"id":"f9a6daa4-9500-4080-8d11-b250bb33e482","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":118,"width":9,"height":6}},{"id":"3693e7de-c1e9-42e6-a47b-e28a03760346","block_type":"box","text":"Dynamic 2060 Fund","page_number":13,"box":{"x":279,"y":119,"width":147,"height":11}},{"id":"980e4c41-12a7-4257-beda-d20907fec0f9","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":134,"width":136,"height":9}},{"id":"d03accdd-12e3-4679-b5b9-d6d5d719ef3d","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":133,"width":9,"height":7}},{"id":"a3f7daf0-8549-4cf8-a158-72aa7ad4f9a7","block_type":"box","text":"Dynamic 2065 Fund","page_number":13,"box":{"x":279,"y":134,"width":147,"height":12}},{"id":"c8b3f56b-49fc-4b90-9b2b-f579060557e7","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":150,"width":136,"height":9}},{"id":"2b79fbf4-edaa-4611-9491-d8828f89464c","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":149,"width":9,"height":6}},{"id":"d0f36a6a-ad98-47ee-8ea7-d844773318bd","block_type":"box","text":"Dynamic 2070 Fund","page_number":13,"box":{"x":279,"y":150,"width":147,"height":11}},{"id":"fc4743b6-62df-4de3-8e92-6772e4a888f3","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":165,"width":136,"height":9}},{"id":"550659c8-a07c-40f4-89b2-c8084b04a2e7","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":164,"width":9,"height":7}},{"id":"8ae3d84f-b552-4522-94a0-70f508fd7e3a","block_type":"box","text":"ESG Index Retirement Fund","page_number":13,"box":{"x":279,"y":165,"width":201,"height":9}},{"id":"4b8f9e11-6e18-4a74-afec-b89bc9d4246c","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":181,"width":136,"height":9}},{"id":"78a74804-8397-4241-84d4-39b7e85bd640","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":180,"width":9,"height":6}},{"id":"5661b313-d231-49e9-b5f8-248d9fd63c27","block_type":"box","text":"ESG Index 2030 Fund","page_number":13,"box":{"x":279,"y":181,"width":160,"height":9}},{"id":"3cff3ce6-3245-4c87-ab68-6a6b6f2b72e2","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":196,"width":136,"height":9}},{"id":"a0975bd6-3389-4da7-9993-a1dffa7f5fde","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":195,"width":9,"height":7}},{"id":"11e6f0cf-f054-499c-ab1f-5caf0c310a8e","block_type":"box","text":"ESG Index 2035 Fund","page_number":13,"box":{"x":279,"y":196,"width":160,"height":9}},{"id":"05a5221b-2dc3-453a-ae3c-b3f30776249a","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":212,"width":136,"height":9}},{"id":"638d3f4c-8a6e-4dde-b77c-c75e3c2da139","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":211,"width":9,"height":6}},{"id":"da4f6161-3b05-4da0-9ffe-47b942db90f5","block_type":"box","text":"ESG Index 2040 Fund","page_number":13,"box":{"x":279,"y":212,"width":160,"height":9}},{"id":"8ed8be00-d480-4871-b79b-2a62317a6240","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":227,"width":136,"height":9}},{"id":"22a3d73d-4418-481f-aebc-3b88d426e1ec","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":226,"width":9,"height":7}},{"id":"e9802227-eac6-4bbf-8c8a-79abb5c36ffa","block_type":"box","text":"ESG Index 2045 Fund","page_number":13,"box":{"x":279,"y":227,"width":160,"height":9}},{"id":"71e07dc6-66a0-44bc-b967-3733f7e83639","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":243,"width":136,"height":9}},{"id":"7799c978-9e28-49de-8a34-8b1712c56526","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":242,"width":9,"height":6}},{"id":"7289ea82-b851-4b90-8a3e-7e91276e9608","block_type":"box","text":"ESG Index 2050 Fund","page_number":13,"box":{"x":279,"y":243,"width":160,"height":9}},{"id":"20cbede1-e582-42d3-befb-fb58386a6860","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":258,"width":136,"height":9}},{"id":"70eceb99-bc5f-4b0d-92d7-96ef0e74cac3","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":257,"width":9,"height":7}},{"id":"d55fae8c-3c4f-4e2c-bccc-392b24b8fc16","block_type":"box","text":"ESG Index 2055 Fund","page_number":13,"box":{"x":279,"y":258,"width":160,"height":9}},{"id":"f90f0dec-603e-4018-ad93-1c7e4df18bb4","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":274,"width":136,"height":9}},{"id":"4dd30b7d-253f-43d4-b54b-e1f7ce2b9110","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":273,"width":9,"height":6}},{"id":"7ac57d5e-e1bf-4f5e-8d1c-ac047f5618cf","block_type":"box","text":"ESG Index 2060 Fund","page_number":13,"box":{"x":279,"y":274,"width":160,"height":9}},{"id":"2e532c92-0b34-46ec-beec-083634a774e2","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":289,"width":136,"height":9}},{"id":"69aea158-7169-446b-b5cb-7dc9224403f3","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":288,"width":9,"height":7}},{"id":"9cf752b1-d6a1-4948-82d3-b40ea293e16c","block_type":"box","text":"ESG Index 2065 Fund","page_number":13,"box":{"x":279,"y":289,"width":160,"height":9}},{"id":"5741f5c2-3030-4218-ab33-e803014693d6","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":305,"width":136,"height":9}},{"id":"7d480201-572d-4c84-b177-0ec94ab3899a","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":304,"width":9,"height":6}},{"id":"1d935d77-aa6f-4313-98fa-329505bb6fe9","block_type":"box","text":"ESG Index 2070 Fund","page_number":13,"box":{"x":279,"y":305,"width":160,"height":9}},{"id":"59d6a0c6-ab72-4258-ade2-6b19f526fe14","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":320,"width":136,"height":9}},{"id":"e6896570-8816-4bad-a88e-1a19976645fa","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":319,"width":9,"height":7}},{"id":"440a426c-ecf3-47cd-baae-36e67f42f3ee","block_type":"box","text":"Index Retirement Fund","page_number":13,"box":{"x":279,"y":320,"width":165,"height":9}},{"id":"0bd4944f-79de-4d1e-89ce-60b4e88e1c19","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":336,"width":136,"height":9}},{"id":"a62778f6-e36b-40a0-96f9-f4ba40acb574","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":335,"width":9,"height":6}},{"id":"1e2eff4c-9dd6-47e7-815f-920af85e4878","block_type":"box","text":"Index 2030 Fund","page_number":13,"box":{"x":279,"y":336,"width":124,"height":9}},{"id":"5ab8958e-401d-4325-b9cf-c9513e7c498c","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":351,"width":136,"height":9}},{"id":"b1124071-95ab-4acc-b93e-0532f1f91a26","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":350,"width":9,"height":7}},{"id":"20a7cf10-f127-4bce-affb-1a1d0c2f0725","block_type":"box","text":"Index 2035 Fund","page_number":13,"box":{"x":279,"y":351,"width":124,"height":9}},{"id":"9d9de2c2-fc4a-4c5e-93f9-45b4447ae8a6","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":367,"width":136,"height":9}},{"id":"c3e7ef55-e2e0-4277-be8d-faf2c9a3254b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":366,"width":9,"height":6}},{"id":"778a25da-c596-4ead-b857-20922eff7d6a","block_type":"box","text":"Index 2040 Fund","page_number":13,"box":{"x":279,"y":367,"width":124,"height":9}},{"id":"7d9e34a5-c4a9-4fcc-a8ef-5cba91425aa6","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":382,"width":136,"height":9}},{"id":"bb7a660c-49da-4ea1-a5b4-1006d5a1ccd2","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":381,"width":9,"height":7}},{"id":"a08acccd-966e-4393-9ff5-5b52fcc88999","block_type":"box","text":"Index 2045 Fund","page_number":13,"box":{"x":279,"y":382,"width":124,"height":9}},{"id":"36179188-e704-49f6-9ba6-9208fa6eef02","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":398,"width":136,"height":9}},{"id":"21cd6a1c-c043-4c09-92e6-6fa31d01793b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":397,"width":9,"height":6}},{"id":"22da6efc-c076-439f-8329-98cd4676fa78","block_type":"box","text":"Index 2050 Fund","page_number":13,"box":{"x":279,"y":398,"width":124,"height":9}},{"id":"6b0f8f6d-df23-4baa-ac45-3686992e7d59","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":413,"width":136,"height":9}},{"id":"e1935582-b412-4422-9213-33850b80914b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":412,"width":9,"height":7}},{"id":"5113311d-954f-4704-be94-7b136adfc799","block_type":"box","text":"Index 2055 Fund","page_number":13,"box":{"x":279,"y":413,"width":124,"height":9}},{"id":"673226f7-1d34-4627-9dd9-c298c1b376d5","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":429,"width":136,"height":9}},{"id":"6f1e2f83-696d-4dec-b741-53af32799b1f","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":428,"width":9,"height":6}},{"id":"2b8b7907-9e3d-4936-9160-ca11dc874b5e","block_type":"box","text":"Index 2060 Fund","page_number":13,"box":{"x":279,"y":429,"width":124,"height":9}},{"id":"1bd26082-9ffd-475b-b080-9d962d7f8e4e","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":444,"width":136,"height":9}},{"id":"283e83e4-4452-406d-9dac-03a8ac440b16","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":443,"width":9,"height":7}},{"id":"babdc808-9214-4dd5-84cd-e8e0a50aa76d","block_type":"box","text":"Index 2065 Fund","page_number":13,"box":{"x":279,"y":444,"width":124,"height":9}},{"id":"3f0b8f09-7d10-45eb-a010-ede73c4fd6a3","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":460,"width":136,"height":9}},{"id":"2f954461-768a-428c-9bc4-53602aa94e8a","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":459,"width":9,"height":6}},{"id":"aa4a530f-13a8-42ac-aeea-b63356c6acb1","block_type":"box","text":"Index 2070 Fund","page_number":13,"box":{"x":279,"y":460,"width":124,"height":9}},{"id":"41108843-25cb-4707-bd0d-0af0dd11cb7f","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":13,"box":{"x":133,"y":475,"width":310,"height":9}},{"id":"2e6860a8-d131-45bd-8236-6fe267d7523d","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":13,"box":{"x":133,"y":491,"width":303,"height":11}},{"id":"94dda05f-2ac9-48d6-b63f-df2ca631e844","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":13,"box":{"x":133,"y":506,"width":200,"height":9}},{"id":"e31e4b3d-1f78-4554-bf58-a3ec49a0c380","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":13,"box":{"x":133,"y":522,"width":284,"height":11}},{"id":"d6a8e793-64fb-4722-91b8-84b306282b36","block_type":"box","text":"BlackRock Funds IV","page_number":13,"box":{"x":116,"y":553,"width":154,"height":9}},{"id":"f141f3aa-46da-4243-bc8f-87b6d9ff4756","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":13,"box":{"x":133,"y":568,"width":269,"height":9}},{"id":"844b2596-dea6-418d-b04a-bf6c4dab62fd","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":13,"box":{"x":133,"y":584,"width":299,"height":11}},{"id":"e8be7565-7d91-4bbf-a56f-f56939bb84cd","block_type":"box","text":"BlackRock Funds V","page_number":13,"box":{"x":116,"y":615,"width":148,"height":9}},{"id":"899b2b1b-94b9-416a-90e0-5fdcf826cf84","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":13,"box":{"x":133,"y":630,"width":220,"height":9}},{"id":"99ec19ab-475b-4213-bec6-e5227f9a80c9","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":13,"box":{"x":133,"y":646,"width":293,"height":11}},{"id":"9a77b26c-9be4-4742-a839-c63e976e387f","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":133,"y":661,"width":217,"height":12}},{"id":"45cd1301-f1c4-48dc-b6b0-b60d7f0c16bf","block_type":"box","text":"BlackRock Income Fund","page_number":13,"box":{"x":133,"y":677,"width":168,"height":9}},{"id":"a8ace3ed-c6d6-431e-8508-d62cde83ef60","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":13,"box":{"x":133,"y":692,"width":309,"height":9}},{"id":"c6087902-8352-4a13-9d70-d7b21376c78c","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":13,"box":{"x":133,"y":708,"width":278,"height":9}},{"id":"e61c0847-54f4-495f-9b44-06d6ae40e7c5","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":13,"box":{"x":133,"y":723,"width":289,"height":12}},{"id":"823c1d56-57f1-498a-ad6c-aa8ae4085a87","block_type":"box","text":"Portfolio","page_number":13,"box":{"x":133,"y":739,"width":59,"height":9}},{"id":"6f68734c-e969-419c-b30e-7187f7f6095c","block_type":"box","text":"BlackRock Funds VI","page_number":13,"box":{"x":116,"y":770,"width":150,"height":9}},{"id":"fa4ac35d-4682-4790-b300-a6bde07db8ff","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":13,"box":{"x":133,"y":785,"width":309,"height":12}},{"id":"5016d568-24a2-47b1-a337-bf54aff63762","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":13,"box":{"x":116,"y":816,"width":287,"height":11}},{"id":"191965d5-788d-4f0a-87f3-22f7e824b63c","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":13,"box":{"x":116,"y":847,"width":213,"height":11}},{"id":"78d851dc-a43a-44e4-a2a3-82633b3eb6ef","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":13,"box":{"x":133,"y":863,"width":317,"height":9}},{"id":"d10da655-cf07-4b4a-9e0b-537a2c2d7ef7","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":13,"box":{"x":133,"y":878,"width":303,"height":12}},{"id":"54f95305-b456-4c7c-a602-f553014fc7c2","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":13,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"90896548-be59-4660-99ad-1660dd42c6a1","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":13,"box":{"x":520,"y":118,"width":349,"height":12}},{"id":"f60ace40-0082-4f33-8f5f-62c5c1efe5f9","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":13,"box":{"x":520,"y":149,"width":335,"height":12}},{"id":"d06d2c9c-e328-4fdc-ad59-2b12e93586b4","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":13,"box":{"x":520,"y":180,"width":296,"height":12}},{"id":"ac52741c-aca7-4379-a070-b6c3186b8270","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":13,"box":{"x":537,"y":196,"width":306,"height":12}},{"id":"c2bec33b-fed3-4105-a622-6ad6f0b3ffe2","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":13,"box":{"x":537,"y":212,"width":314,"height":11}},{"id":"0af29f22-f481-475e-aa82-e3b5d61740b0","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":13,"box":{"x":537,"y":227,"width":261,"height":12}},{"id":"d60d1661-4fda-4694-9ba3-7ace121ca4ed","block_type":"box","text":"BlackRock Liquidity Funds","page_number":13,"box":{"x":520,"y":258,"width":203,"height":12}},{"id":"ca2afbb9-dc84-4f48-8209-a856c831eed8","block_type":"box","text":"FedFund","page_number":13,"box":{"x":537,"y":274,"width":64,"height":9}},{"id":"bd702208-f410-4627-a51b-4729c0271ad6","block_type":"box","text":"MuniCash","page_number":13,"box":{"x":537,"y":289,"width":74,"height":9}},{"id":"11fb2e1d-f560-4bfd-88a0-da9f3a21e407","block_type":"box","text":"TempCash","page_number":13,"box":{"x":537,"y":305,"width":77,"height":11}},{"id":"a0bb2ea3-4047-47c2-9070-65b0673dcd90","block_type":"box","text":"BlackRock Select Treasury Based Liquidity Fund","page_number":13,"box":{"x":537,"y":320,"width":339,"height":12}},{"id":"f4599e64-f826-4ff1-b8ea-90661d47644b","block_type":"box","text":"T-Fund","page_number":13,"box":{"x":537,"y":336,"width":54,"height":9}},{"id":"30283fd0-ec3d-4779-b247-acd375c20f23","block_type":"box","text":"Treasury Trust Fund","page_number":13,"box":{"x":537,"y":351,"width":142,"height":12}},{"id":"01ec4166-17d0-43db-bfc4-f95734fcbc56","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":13,"box":{"x":520,"y":382,"width":282,"height":12}},{"id":"2bb0c464-cfdb-4448-9515-4f47a3852d2f","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":13,"box":{"x":537,"y":398,"width":227,"height":11}},{"id":"e47de622-c33e-40b9-bb8b-e7f7d22cda78","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":13,"box":{"x":520,"y":429,"width":339,"height":11}},{"id":"c7dcd755-32ee-4f0b-9ac6-c9a8720cf506","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":13,"box":{"x":537,"y":444,"width":314,"height":12}},{"id":"ab0efc5e-6508-4b78-9b48-25d41584ccb6","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":13,"box":{"x":537,"y":460,"width":324,"height":11}},{"id":"1dd71e9c-8ab3-4766-820f-62934519526f","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":475,"width":38,"height":9}},{"id":"2f34e3e7-41e3-41b1-a214-9ed3de8700b2","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":13,"box":{"x":537,"y":491,"width":326,"height":11}},{"id":"83abd85c-03fc-4182-96c0-c391cc98454c","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":522,"width":282,"height":11}},{"id":"6c33cacd-5c4b-4ef2-ae84-4613379fcfbe","block_type":"box","text":"BlackRock National Municipal Fund","page_number":13,"box":{"x":537,"y":537,"width":253,"height":12}},{"id":"32527edf-7f3b-4ba0-801b-91a8e2b7b013","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":13,"box":{"x":537,"y":553,"width":263,"height":9}},{"id":"3f8ccfe4-65e6-444b-bd21-7f514cfbfeb5","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":13,"box":{"x":520,"y":584,"width":252,"height":11}},{"id":"cee72884-040f-4c0c-8956-47536e219fd0","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":13,"box":{"x":537,"y":599,"width":313,"height":12}},{"id":"d3f80a0a-ad71-4f5c-9cf2-a66cc521f992","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":615,"width":38,"height":9}},{"id":"a828e6ae-c367-4b1b-9ad5-4c25f7240846","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":13,"box":{"x":520,"y":646,"width":264,"height":9}},{"id":"64f682f0-5648-42c1-a7c7-88f48fe4505a","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":13,"box":{"x":520,"y":677,"width":203,"height":11}},{"id":"e1bd8152-ccf4-41cd-8678-9106cd4a2509","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":13,"box":{"x":537,"y":692,"width":327,"height":12}},{"id":"130397b5-308a-43e5-8122-6503e920ae79","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":13,"box":{"x":537,"y":708,"width":205,"height":9}},{"id":"9cccab82-b6ad-40db-b593-df3bb449011b","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":13,"box":{"x":537,"y":723,"width":283,"height":12}},{"id":"59f27748-a241-4d73-b00d-ad65fdab7ee1","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":13,"box":{"x":537,"y":739,"width":263,"height":9}},{"id":"17dac93b-3657-4d38-8b1c-6674a2690cbd","block_type":"box","text":"BlackRock Government Money Market Portfolio","page_number":13,"box":{"x":537,"y":754,"width":331,"height":12}},{"id":"e289b3ef-b9d6-48a5-8789-461060a8f5de","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":13,"box":{"x":520,"y":785,"width":221,"height":11}},{"id":"19976348-6efd-4fe5-b2e8-29ab77ffccaa","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":537,"y":801,"width":217,"height":11}},{"id":"297ad7ac-8494-4a61-8e8d-62d0c2b11bfe","block_type":"box","text":"BlackRock Series, Inc.","page_number":13,"box":{"x":520,"y":832,"width":166,"height":11}},{"id":"f6d78050-d30c-4fbb-9e1f-54d9cc59ddfd","block_type":"box","text":"BlackRock International Fund","page_number":13,"box":{"x":537,"y":847,"width":208,"height":9}},{"id":"7c042e57-d19e-49cb-95a1-53e5aa3a3c3d","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":878,"width":325,"height":12}},{"id":"778b2661-b468-42df-b953-edb9b283ef3a","block_type":"box","text":"6","page_number":13,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"8410d0a0-f5e1-4155-a0a2-6be5477b8514","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":13,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9746e675-ee9b-4c9c-a852-ebc0f9a08e51","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":14,"box":{"x":116,"y":87,"width":288,"height":12}},{"id":"fad801af-270e-4744-a2bc-100bb6541868","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":14,"box":{"x":116,"y":118,"width":282,"height":12}},{"id":"500779a5-0cd1-4816-b17b-7f5954ae7878","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I. Fund","page_number":14,"box":{"x":133,"y":134,"width":348,"height":12}},{"id":"46b55982-be7f-4702-8dc1-693f2b91d7b0","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I. Fund","page_number":14,"box":{"x":133,"y":150,"width":337,"height":11}},{"id":"90529b2c-8951-4890-a810-7bb982660f21","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I. Fund","page_number":14,"box":{"x":133,"y":165,"width":344,"height":12}},{"id":"a3204ac7-8edc-4ca1-9e90-4baf6e54eb06","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":14,"box":{"x":133,"y":181,"width":303,"height":11}},{"id":"7bd201e8-226a-4c8e-9362-0608c970b010","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":14,"box":{"x":133,"y":196,"width":234,"height":9}},{"id":"bb80cbb1-aee6-4dbd-b833-639f29bbcf60","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":14,"box":{"x":133,"y":212,"width":293,"height":11}},{"id":"16efbfe6-c0ea-4766-bd50-3676e6bf1b22","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":14,"box":{"x":133,"y":227,"width":264,"height":12}},{"id":"4b374689-378b-4165-b511-62bdd6b21b57","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":14,"box":{"x":133,"y":243,"width":273,"height":9}},{"id":"95e329cf-20ad-4520-94d6-f54b1323ce88","block_type":"box","text":"BlackRock Government Money Market V.I. Fund","page_number":14,"box":{"x":537,"y":88,"width":341,"height":11}},{"id":"38441ff6-b0ed-41d6-96e4-443e36689ad9","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":14,"box":{"x":537,"y":103,"width":281,"height":9}},{"id":"bbd45dc1-9cbd-4827-89f4-65dcf3eebf1d","block_type":"box","text":"BlackRock International V.I. Fund","page_number":14,"box":{"x":537,"y":119,"width":238,"height":9}},{"id":"55abfa3f-f6e1-46ed-ba6d-3aff52eef34a","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":14,"box":{"x":537,"y":134,"width":323,"height":12}},{"id":"25a6787e-77c4-4714-bb8f-950386d334d7","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":14,"box":{"x":537,"y":150,"width":284,"height":11}},{"id":"188d95fc-bc60-4eb0-8a2b-401adfdc4e0a","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":14,"box":{"x":537,"y":165,"width":256,"height":9}},{"id":"7eda30de-a848-4046-a316-f3b940b0e6d4","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":14,"box":{"x":537,"y":181,"width":265,"height":11}},{"id":"7a9035f7-c48a-41bb-886f-1ae3b1415dfc","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":14,"box":{"x":520,"y":211,"width":299,"height":12}},{"id":"1bcaa0b6-2189-404c-8005-e7a282b5a0ff","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":14,"box":{"x":537,"y":227,"width":227,"height":12}},{"id":"98d4e42a-03dc-41c6-9796-3d1fb867ec33","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":14,"box":{"x":537,"y":243,"width":238,"height":9}},{"id":"a5c9921b-4780-4b07-bde5-ddcdd08bc7fb","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":14,"box":{"x":267,"y":274,"width":470,"height":11}},{"id":"26fb7db4-c73a-4d3b-9c57-388871eba44f","block_type":"box","text":"SAI-GLOBAL-0926SUP","page_number":14,"box":{"x":116,"y":305,"width":175,"height":9}},{"id":"c796d6e4-17ce-4190-b970-ea5f0d9eb9c4","block_type":"box","text":"7","page_number":14,"box":{"x":496,"y":910,"width":7,"height":8}},{"id":"8a28c7c1-6e4d-49ed-8fc6-75628d482320","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":14,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8118a449-b621-4b4b-815c-ad4954da7057","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":15,"box":{"x":273,"y":145,"width":452,"height":11}},{"id":"3a1a0091-5c29-4d21-abee-b56d294a07db","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":15,"box":{"x":284,"y":170,"width":433,"height":20}},{"id":"3454ea64-0328-4095-bc0d-b395385ea9cc","block_type":"box","text":"100 Bellevue Parkway, Wilmington, DE 19809 • Phone No. (800) 537-4942","page_number":15,"box":{"x":147,"y":200,"width":706,"height":15}},{"id":"c62cddc9-d1ac-491a-8008-447f38305d64","block_type":"box","text":"BlackRock Series Fund II, Inc. (the “Fund”) is an open-end management investment","page_number":15,"box":{"x":151,"y":250,"width":656,"height":12}},{"id":"bab93440-627f-493b-9b52-c5bf2d393c5c","block_type":"box","text":"company. This Statement of Additional Information relates to BlackRock High Yield Portfolio (the","page_number":15,"box":{"x":117,"y":264,"width":761,"height":12}},{"id":"6917287d-38a4-4673-89df-08c8dbdcc283","block_type":"box","text":"“Portfolio”). The Portfolio is in effect a separate fund issuing its own shares. This Statement of","page_number":15,"box":{"x":117,"y":278,"width":736,"height":12}},{"id":"c33e1355-72b1-4676-b4de-f353096fad9d","block_type":"box","text":"Additional Information is not a prospectus and should be read in conjunction with the","page_number":15,"box":{"x":116,"y":293,"width":674,"height":12}},{"id":"afe97f87-beb5-40ea-b12a-a782dc710c55","block_type":"box","text":"Prospectus of the Portfolio dated May 1, 2026, as amended or supplemented from time to time,","page_number":15,"box":{"x":118,"y":307,"width":749,"height":12}},{"id":"36081aaa-92cc-47c1-8e80-b113d27f1d0d","block_type":"box","text":"which has been filed with the Securities and Exchange Commission (the “Commission” or the","page_number":15,"box":{"x":116,"y":321,"width":734,"height":12}},{"id":"b31c1b69-683d-43aa-bbd3-ece52ae9ac72","block_type":"box","text":"“SEC”) and can be obtained, without charge, by calling (800) 537-4942 or by writing to the Fund","page_number":15,"box":{"x":117,"y":335,"width":755,"height":12}},{"id":"12f1c27b-71ad-4e55-b0b5-5637838ee1fe","block_type":"box","text":"at the above address. The Portfolio’s Prospectus is incorporated by reference into this Statement","page_number":15,"box":{"x":117,"y":349,"width":759,"height":12}},{"id":"0d4f64fb-f7d1-4c3e-9f24-69af79cc6153","block_type":"box","text":"of Additional Information, and Part I of this Statement of Additional Information and the portions","page_number":15,"box":{"x":117,"y":364,"width":760,"height":11}},{"id":"1a061899-3827-49a1-99f1-a92f40d65209","block_type":"box","text":"of Part II of this Statement of Additional Information that relate to the Portfolio have been","page_number":15,"box":{"x":117,"y":378,"width":701,"height":9}},{"id":"a07f6038-038e-4173-a0f0-db76b8d7b90f","block_type":"box","text":"incorporated by reference into the Portfolio’s Prospectus. The portions of Part II of this Statement","page_number":15,"box":{"x":117,"y":392,"width":765,"height":12}},{"id":"7d99f10d-3a22-4c23-86fd-68ec883400f1","block_type":"box","text":"of Additional Information that do not relate to the Portfolio do not form a part of the Portfolio’s","page_number":15,"box":{"x":117,"y":406,"width":740,"height":12}},{"id":"21cfc9f7-9a53-4d45-92a5-f93db79aa4b9","block_type":"box","text":"Statement of Additional Information, have not been incorporated by reference into the Portfolio’s","page_number":15,"box":{"x":116,"y":420,"width":762,"height":13}},{"id":"351ad987-5daf-4a0f-bc57-7d2b0cff9fcf","block_type":"box","text":"Prospectus and should not be relied upon by investors in the Portfolio. The audited financial","page_number":15,"box":{"x":118,"y":435,"width":722,"height":12}},{"id":"a6927387-8953-48e5-8d64-8f6723b75085","block_type":"box","text":"statements of the Portfolio is incorporated into this Statement of Additional Information by","page_number":15,"box":{"x":116,"y":449,"width":716,"height":12}},{"id":"efd6530c-8946-4e67-93dd-8916bbbf0f06","block_type":"box","text":"reference to the Portfolio’s Annual Financial Statements and Additional Information for the fiscal","page_number":15,"box":{"x":117,"y":463,"width":761,"height":10}},{"id":"3280b766-c646-482f-9f55-5a7fda049fcf","block_type":"box","text":"year ended December 31, 2025, as filed with the SEC on Form N-CSR (the “2025 Annual","page_number":15,"box":{"x":116,"y":477,"width":693,"height":12}},{"id":"694f07ba-4706-49c6-bdb9-76a2f9c33479","block_type":"box","text":"Financial Statements”). You may request a copy of the 2025 Annual Financial Statements at no","page_number":15,"box":{"x":118,"y":491,"width":747,"height":13}},{"id":"885815de-2e63-41dc-91d9-2d5ecab88d1a","block_type":"box","text":"charge by calling (800) 537-4942 between 8:00 a.m. and 6:00 p.m. Eastern time on any business","page_number":15,"box":{"x":117,"y":506,"width":760,"height":12}},{"id":"3ab4fcde-8c3f-44f2-bfd6-1738dae4547d","block_type":"box","text":"day.","page_number":15,"box":{"x":117,"y":520,"width":30,"height":12}},{"id":"eb1a3461-caf7-44ea-81ea-a7e32dddfcb4","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company","page_number":15,"box":{"x":151,"y":542,"width":726,"height":12}},{"id":"6406d8a2-e5bf-423a-839a-4eb56e7a0fc7","block_type":"box","text":"Act” or the “1940 Act”), or other applicable law, will include any rules promulgated thereunder","page_number":15,"box":{"x":116,"y":556,"width":734,"height":12}},{"id":"37e2b271-80af-43c4-8ebc-ce462a7328a4","block_type":"box","text":"and any guidance, interpretations or modifications by the Commission, Commission staff or","page_number":15,"box":{"x":117,"y":570,"width":723,"height":12}},{"id":"d6de097d-927c-4062-a339-c3d552888e82","block_type":"box","text":"other authority with appropriate jurisdiction, including court interpretations, and exemptive,","page_number":15,"box":{"x":117,"y":585,"width":722,"height":12}},{"id":"7e1085b5-b6c5-44a7-bf62-b2cea3508d97","block_type":"box","text":"no-action or other relief or permission from the Commission, Commission staff or other","page_number":15,"box":{"x":117,"y":599,"width":688,"height":11}},{"id":"50864da5-d198-406a-949c-365991e15a14","block_type":"box","text":"authority.","page_number":15,"box":{"x":117,"y":613,"width":74,"height":12}},{"id":"93594735-8059-4478-b4da-717bfe55b08f","block_type":"box","text":"BlackRock Advisors, LLC (“BlackRock”) — Manager","page_number":15,"box":{"x":168,"y":664,"width":665,"height":20}},{"id":"cf1fc3ce-1597-404a-9007-4783ba78a33b","block_type":"box","text":"BlackRock Investments, LLC (“BRIL”) — Distributor","page_number":15,"box":{"x":166,"y":687,"width":669,"height":18}},{"id":"beb29e03-f08c-47db-8c3f-013431959318","block_type":"box","text":"The date of this Statement of Additional Information is May 1, 2026.","page_number":15,"box":{"x":232,"y":742,"width":534,"height":12}},{"id":"cf087d21-6e2d-40c7-a6b2-f8c27df801db","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":15,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"42ed430f-d783-4f58-9960-2f840cfef906","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":407,"y":79,"width":185,"height":10}},{"id":"e5d1f4d9-55ed-4734-a2c4-738f2c540e24","block_type":"box","text":"Page","page_number":16,"box":{"x":846,"y":124,"width":30,"height":10}},{"id":"aea885ee-50b4-45ab-b4d7-04ae28b27c91","block_type":"box","text":"PART I","page_number":16,"box":{"x":124,"y":148,"width":56,"height":9}},{"id":"e22b1708-65e1-45af-8e38-98e44f53609a","block_type":"box","text":"Investment Objectives and Policies","page_number":16,"box":{"x":125,"y":169,"width":249,"height":12}},{"id":"a5e064af-6ef8-4050-bb14-431a69022b23","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-2","page_number":16,"box":{"x":381,"y":169,"width":502,"height":10}},{"id":"0804786f-fa5f-4c82-8bbe-bba43c43c5e2","block_type":"box","text":"Investment Restrictions","page_number":16,"box":{"x":125,"y":191,"width":169,"height":9}},{"id":"26751bff-658e-4c89-abd2-9c6c154796b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":16,"box":{"x":300,"y":191,"width":583,"height":9}},{"id":"10059888-d99f-47e0-872a-4294f6be181c","block_type":"box","text":"Information on Directors and Officers","page_number":16,"box":{"x":125,"y":211,"width":276,"height":10}},{"id":"57631e32-3777-45b9-b408-52504c9ba845","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-9","page_number":16,"box":{"x":416,"y":212,"width":466,"height":9}},{"id":"1d978da4-cb1b-4b9a-9bf8-a1fc9a18b86b","block_type":"box","text":"Management, Advisory and Other Service Arrangements","page_number":16,"box":{"x":124,"y":233,"width":411,"height":12}},{"id":"624d0463-de67-4ce2-9b2f-586369673e8f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":16,"box":{"x":550,"y":233,"width":332,"height":10}},{"id":"f47370a5-efa6-46a2-a954-c50b3bb503ca","block_type":"box","text":"Information on Distribution and Other Service Arrangements","page_number":16,"box":{"x":125,"y":254,"width":445,"height":13}},{"id":"da76862e-aeb8-479c-ae1e-2481ac8b7dbd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-23","page_number":16,"box":{"x":577,"y":255,"width":305,"height":9}},{"id":"1f3302d1-40c8-4b5a-8352-2e24f09181c2","block_type":"box","text":"Computation of Offering Price Per Share","page_number":16,"box":{"x":125,"y":275,"width":295,"height":13}},{"id":"c414de97-a766-4a0c-a474-c0f9135c10b7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":434,"y":276,"width":449,"height":9}},{"id":"bbae3acf-b4b3-4aee-9e49-e5283d5c246e","block_type":"box","text":"Portfolio Transactions and Brokerage","page_number":16,"box":{"x":125,"y":296,"width":272,"height":13}},{"id":"54248646-0f25-4eeb-9796-022e93721d4e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":407,"y":297,"width":476,"height":10}},{"id":"0780cc51-4865-4637-bc71-a8b222b5f809","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":125,"y":318,"width":134,"height":10}},{"id":"63717c58-fcac-4791-bd7e-0941e1ca6caa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":273,"y":319,"width":610,"height":9}},{"id":"6d9c1d50-8a6a-4108-8b8d-34e57efedacf","block_type":"box","text":"Special Tax Rules Applicable to Variable Contracts","page_number":16,"box":{"x":125,"y":339,"width":372,"height":13}},{"id":"0e7fbfd5-a1e2-4cf1-a419-f5a9a02aafe7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":16,"box":{"x":505,"y":340,"width":378,"height":9}},{"id":"ee4fe7e7-a6e0-4aea-97ea-3af3fa3afddd","block_type":"box","text":"Additional Information","page_number":16,"box":{"x":124,"y":360,"width":170,"height":10}},{"id":"3ff52882-09c6-4d63-b25a-4f7febc3d454","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-28","page_number":16,"box":{"x":300,"y":361,"width":582,"height":9}},{"id":"c2a2d15e-a528-4679-89ef-5ec01d8efb32","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":125,"y":382,"width":148,"height":10}},{"id":"74041190-4899-4d82-ab71-53467701ec29","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-30","page_number":16,"box":{"x":282,"y":383,"width":600,"height":9}},{"id":"d8c36526-56fb-4622-aff4-f4637d1953a0","block_type":"box","text":"PART II","page_number":16,"box":{"x":124,"y":430,"width":61,"height":9}},{"id":"3479c0cb-9a7a-4467-ad5d-8796ff46f11e","block_type":"box","text":"Investment Risks and Considerations","page_number":16,"box":{"x":125,"y":451,"width":268,"height":10}},{"id":"50d2f5af-e7fb-4edd-a223-a8152c555130","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [II-1","page_number":16,"box":{"x":407,"y":452,"width":475,"height":11}},{"id":"41b7534d-e7f7-4911-81d7-e7cd64130572","block_type":"box","text":"Management and Other Service Arrangements","page_number":16,"box":{"x":124,"y":472,"width":336,"height":13}},{"id":"fea8964a-caec-4412-8fee-c3bbcba14b82","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-100","page_number":16,"box":{"x":470,"y":473,"width":412,"height":9}},{"id":"5d518cda-38ca-4aca-b92e-a3d5f58b8d67","block_type":"box","text":"Selective Disclosure of Portfolio Holdings","page_number":16,"box":{"x":125,"y":494,"width":301,"height":12}},{"id":"cf927d79-1a85-4afd-ae0e-61c60db122b3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-103","page_number":16,"box":{"x":434,"y":494,"width":448,"height":10}},{"id":"0109c155-0073-4d3a-9af2-66787d97377b","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":125,"y":515,"width":134,"height":10}},{"id":"d613d597-6c68-4b4b-9a44-d6f1e26a0c6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-121","page_number":16,"box":{"x":273,"y":516,"width":609,"height":9}},{"id":"bafbd2c1-936a-4289-95e9-72efc9a192d7","block_type":"box","text":"Redemption of Shares","page_number":16,"box":{"x":125,"y":536,"width":158,"height":13}},{"id":"dccded01-0dea-451b-a172-0fce636700db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-141","page_number":16,"box":{"x":291,"y":537,"width":591,"height":9}},{"id":"32b98964-65c5-4937-8475-7d05e2bbc847","block_type":"box","text":"Shareholder Services","page_number":16,"box":{"x":125,"y":557,"width":147,"height":11}},{"id":"2b9f1d59-6901-4f5f-abab-8d83512da713","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-145","page_number":16,"box":{"x":282,"y":558,"width":600,"height":10}},{"id":"14ba9eb1-41d8-469a-b301-0bb37961458c","block_type":"box","text":"Pricing of Shares","page_number":16,"box":{"x":125,"y":579,"width":120,"height":13}},{"id":"99b1a421-4434-4a5c-9b07-4178c2a1710c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-150","page_number":16,"box":{"x":256,"y":580,"width":626,"height":9}},{"id":"e9635902-ed70-4a81-8dad-341f2bf22f2d","block_type":"box","text":"Portfolio Transactions and Brokerage","page_number":16,"box":{"x":125,"y":600,"width":272,"height":13}},{"id":"6fa00c2d-7320-46c9-a698-8ef5c8994390","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-153","page_number":16,"box":{"x":407,"y":601,"width":475,"height":9}},{"id":"c95f12d6-b06c-416b-a908-cbe3454f1ad1","block_type":"box","text":"Dividends and Taxes","page_number":16,"box":{"x":125,"y":621,"width":151,"height":10}},{"id":"cb0bab56-16c0-4132-9977-0e253b6e9648","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-158","page_number":16,"box":{"x":282,"y":622,"width":600,"height":9}},{"id":"2bcb9a3b-7f93-4d68-96fb-65ef4e9d07d0","block_type":"box","text":"Performance Data","page_number":16,"box":{"x":125,"y":643,"width":130,"height":10}},{"id":"dbc3549e-8949-4081-bfd3-03f8c38bf959","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-168","page_number":16,"box":{"x":265,"y":643,"width":617,"height":10}},{"id":"739d2e13-030c-4dc7-aef5-31d6fb112414","block_type":"box","text":"Proxy Voting Policies and Procedures","page_number":16,"box":{"x":125,"y":664,"width":271,"height":13}},{"id":"5f723aa3-91db-4354-8c38-9b23c4dfa0a6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-170","page_number":16,"box":{"x":407,"y":665,"width":475,"height":9}},{"id":"da775a84-a9d5-4ad6-98c6-accf34fce742","block_type":"box","text":"General Information","page_number":16,"box":{"x":125,"y":685,"width":148,"height":10}},{"id":"45330848-5279-41d2-988b-0e3a805a7859","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-171","page_number":16,"box":{"x":282,"y":686,"width":600,"height":9}},{"id":"1dfcef90-9e4d-4dfa-9854-2e104fcecb9d","block_type":"box","text":"Appendix A — Description of Bond Ratings","page_number":16,"box":{"x":124,"y":707,"width":320,"height":12}},{"id":"9a2610ce-b605-4b5a-898d-36a088740683","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":16,"box":{"x":452,"y":707,"width":430,"height":10}},{"id":"96d60208-6711-41dc-b2e5-69de52b5fff3","block_type":"box","text":"Appendix B — Proxy Voting Policies","page_number":16,"box":{"x":124,"y":728,"width":268,"height":13}},{"id":"1878f575-d573-4bf3-b4c3-5415174b6ddf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1]","page_number":16,"box":{"x":398,"y":729,"width":484,"height":11}},{"id":"488a16c0-dc80-4eca-826f-693fdd3c1e74","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":16,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d799f865-4058-4f81-8fd2-c811e531aef1","block_type":"box","text":"P","page_number":17,"box":{"x":342,"y":80,"width":10,"height":10}},{"id":"7450ffca-adf1-4155-93f4-7aa297d2c5f1","block_type":"box","text":"ART","page_number":17,"box":{"x":352,"y":83,"width":26,"height":7}},{"id":"aa59e01d-fbe0-4914-a4d4-27ead0582da6","block_type":"box","text":"I: I","page_number":17,"box":{"x":383,"y":80,"width":22,"height":10}},{"id":"bc2e243d-6c1d-4484-b058-82c5f784ec30","block_type":"box","text":"NFORMATION","page_number":17,"box":{"x":406,"y":83,"width":86,"height":7}},{"id":"c8f2bf36-7ac5-4436-a6de-3e2a58c69fd9","block_type":"box","text":"A","page_number":17,"box":{"x":498,"y":80,"width":13,"height":10}},{"id":"633d601a-f0b4-4cf2-9c30-a6b13b5d9710","block_type":"box","text":"BOUT THE","page_number":17,"box":{"x":511,"y":83,"width":66,"height":7}},{"id":"f3b7152e-bf85-4155-9aae-9ee59dd85403","block_type":"box","text":"P","page_number":17,"box":{"x":583,"y":80,"width":9,"height":10}},{"id":"ccaa20bd-9337-43d9-98d4-a1d0ce13a2ec","block_type":"box","text":"ORTFOLIO","page_number":17,"box":{"x":593,"y":83,"width":63,"height":7}},{"id":"66389725-4233-4ae5-8f62-ad56915174ff","block_type":"box","text":"Part I of this Statement of Additional Information (“SAI”) sets forth information about the Portfolio. It","page_number":17,"box":{"x":116,"y":106,"width":715,"height":12}},{"id":"25aaa477-b332-4378-8973-d7f6c0b420ea","block_type":"box","text":"includes information about the Fund’s Board of Directors (the “Board” or the “Board of Directors”), the","page_number":17,"box":{"x":116,"y":121,"width":728,"height":13}},{"id":"b759fac6-6674-4b79-9512-285d7a18280d","block_type":"box","text":"management services provided to and the management fees paid by the Portfolio and information about other","page_number":17,"box":{"x":116,"y":137,"width":763,"height":13}},{"id":"4bedd178-45c1-4509-b1a5-ce6d7553a414","block_type":"box","text":"fees applicable to and services provided to the Portfolio. This Part I of this SAI should be read in conjunction","page_number":17,"box":{"x":116,"y":152,"width":754,"height":13}},{"id":"fa44dc09-7857-44f6-8de4-60a28b87bff8","block_type":"box","text":"with the Portfolio’s Prospectus and those portions of Part II of this SAI that pertain to the Portfolio.","page_number":17,"box":{"x":116,"y":168,"width":690,"height":13}},{"id":"215a908f-efc9-43b3-9c1a-4acbb39f0fe1","block_type":"box","text":"Shares of the Portfolio are sold to separate accounts (“Separate Accounts”) of insurance companies","page_number":17,"box":{"x":116,"y":191,"width":688,"height":13}},{"id":"8fa96591-9db9-4536-a607-c666ea1ad84f","block_type":"box","text":"(“Insurance Companies”) to fund certain variable life insurance and/or variable annuity contracts (together,","page_number":17,"box":{"x":117,"y":207,"width":746,"height":12}},{"id":"3cf931f0-46c4-4123-bf0e-9ac7b076d9bb","block_type":"box","text":"“Contracts”) issued by such companies. Certain Insurance Companies may be affiliates of the Manager. The","page_number":17,"box":{"x":117,"y":222,"width":752,"height":13}},{"id":"c0d22e3d-d8f9-495e-b15f-250f6eb812da","block_type":"box","text":"rights of the Insurance Companies as shareholders should be distinguished from the rights of a Contract","page_number":17,"box":{"x":116,"y":238,"width":721,"height":12}},{"id":"ce599dfb-82a6-43bd-9467-a1140d56f146","block_type":"box","text":"owner, which are set forth in the Contract. A Contract owner has no interest in the shares of the Portfolio, but","page_number":17,"box":{"x":116,"y":253,"width":767,"height":13}},{"id":"9b982a69-8dff-4db5-ba35-f4dd6b463ec2","block_type":"box","text":"only in the Contract. A Contract is described in the pros","page_number":17,"box":{"x":116,"y":269,"width":390,"height":13}},{"id":"a39e3c28-5893-4129-8bef-cd937835affa","block_type":"box","text":"pectus for that Contract. That prospectus describes","page_number":17,"box":{"x":506,"y":269,"width":354,"height":13}},{"id":"6976bc2a-7d52-475d-8a85-cbba607d1c4e","block_type":"box","text":"the relationship between increases or decreases in the net asset value of shares of the Portfolio, and any","page_number":17,"box":{"x":116,"y":284,"width":713,"height":13}},{"id":"151f2bb2-3643-45d3-b16c-f9d18fd11fb0","block_type":"box","text":"distributions on such shares, and the benefits provided","page_number":17,"box":{"x":116,"y":300,"width":377,"height":13}},{"id":"aa4a9a7b-ac66-4eb8-ae19-e0d2056ff02a","block_type":"box","text":"under a Contract. The prospectus for the Contracts","page_number":17,"box":{"x":498,"y":300,"width":356,"height":13}},{"id":"d396d801-752f-485d-8d9d-ebb75ae81e44","block_type":"box","text":"also describes various fees payable to the Insurance Companies and charges to the Separate Accounts made by","page_number":17,"box":{"x":116,"y":315,"width":764,"height":13}},{"id":"8537b371-61e2-46e0-9505-daa0f58d919b","block_type":"box","text":"the Insurance Companies with respect to the Contracts. Since shares of the Portfolio will be sold only to the","page_number":17,"box":{"x":116,"y":331,"width":746,"height":13}},{"id":"b9a3de69-56ae-467b-b8bf-f8376893fba5","block_type":"box","text":"Insurance Companies for the Separate Accounts, the term","page_number":17,"box":{"x":116,"y":346,"width":400,"height":13}},{"id":"c28c3871-ce6d-4c7b-a60d-e2fdc0c4ce4e","block_type":"box","text":"s “shareholder” and “shareholders” in this SAI refer","page_number":17,"box":{"x":516,"y":346,"width":363,"height":10}},{"id":"03972e70-a543-41ac-a5a9-d0d07069fc16","block_type":"box","text":"to the Insurance Companies.","page_number":17,"box":{"x":116,"y":362,"width":197,"height":13}},{"id":"3f964abf-6a9b-46e4-846f-cba0bf89bac3","block_type":"box","text":"I. Investment Objectives and Policies","page_number":17,"box":{"x":116,"y":390,"width":317,"height":13}},{"id":"0191b90e-bbc1-422d-8b3d-bfe7c6f4f499","block_type":"box","text":"The investment objective of the Portfolio is included in its Prospectus. Set forth below is a listing of some of","page_number":17,"box":{"x":116,"y":416,"width":745,"height":13}},{"id":"8772722b-29f7-452f-a7be-22c288ce43f5","block_type":"box","text":"the types of investments and investment strategies that the Portfolio may use, and the risks and considerations","page_number":17,"box":{"x":116,"y":431,"width":761,"height":13}},{"id":"26d03f4d-0887-4d97-b280-3d7a4876601d","block_type":"box","text":"associated with those investments and investment strategies. Please see Part II of this SAI for further","page_number":17,"box":{"x":116,"y":447,"width":690,"height":13}},{"id":"3a753334-d59c-4cd7-9104-bdd2f2718c95","block_type":"box","text":"information on these investments and investment strategies. Information contained in Part II about the risks","page_number":17,"box":{"x":116,"y":462,"width":747,"height":13}},{"id":"1d3bf5fc-4f15-482d-8a45-8c38c5e24f9c","block_type":"box","text":"and considerations associated with investments and/or investment strategies applies only to the extent the","page_number":17,"box":{"x":116,"y":478,"width":730,"height":13}},{"id":"f163e6f9-c585-45e1-9444-a42dd22d5ae8","block_type":"box","text":"Portfolio makes each type of investment or uses each investment strategy. Also set forth below is a listing of","page_number":17,"box":{"x":116,"y":494,"width":747,"height":12}},{"id":"8d4c7602-e6d8-4e3e-88c2-45ae9b95a8fe","block_type":"box","text":"the proxy voting policy and related guidelines applicab","page_number":17,"box":{"x":116,"y":509,"width":380,"height":13}},{"id":"a82259a9-ff91-4ad9-8e2e-04c51a0e847e","block_type":"box","text":"le to the Portfolio. Please see the Proxy Voting Policy","page_number":17,"box":{"x":497,"y":509,"width":367,"height":13}},{"id":"2371d125-5f4f-46b5-826d-d2f17f78adb4","block_type":"box","text":"section in this SAI for further information about these policies. A copy of each policy is included in","page_number":17,"box":{"x":116,"y":525,"width":685,"height":12}},{"id":"98376542-64fa-46f6-a4a9-9dd0e9a9115b","block_type":"box","text":"Appendix B. Information that does not apply to the Portfolio does not form a part of the Portfolio’s SAI and","page_number":17,"box":{"x":116,"y":540,"width":753,"height":13}},{"id":"afc51ee8-eece-4eab-869c-3b06014ae627","block_type":"box","text":"should not be relied on by investors in the Portfolio.","page_number":17,"box":{"x":116,"y":556,"width":360,"height":12}},{"id":"c8f42ae0-44b0-4a7e-977a-88eafe4af88d","block_type":"box","text":"I-2","page_number":17,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"6a336b9b-a965-4d08-8518-5b0970d0f047","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":17,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4fb86c04-1509-4b7f-9d99-bc4feeab6091","block_type":"box","text":"Only information that is clearly identified as applicab","page_number":18,"box":{"x":117,"y":79,"width":370,"height":13}},{"id":"bff13485-0716-4bcc-beef-0bc58b011242","block_type":"box","text":"le to the Portfolio is considered to form a part of that","page_number":18,"box":{"x":488,"y":79,"width":368,"height":13}},{"id":"34e5df86-64df-4e7a-8a37-e071b6c8042e","block_type":"box","text":"Portfolio’s SAI.","page_number":18,"box":{"x":116,"y":94,"width":105,"height":10}},{"id":"65cd91d0-ad35-4aaf-9eaa-5d514a92b376","block_type":"box","text":"BlackRock","page_number":18,"box":{"x":813,"y":122,"width":63,"height":8}},{"id":"4d9c2cff-010f-4976-ad39-1005a3d1b30b","block_type":"box","text":"High Yield","page_number":18,"box":{"x":813,"y":132,"width":63,"height":11}},{"id":"1a348a98-9f83-439b-8c5e-1c333078098e","block_type":"box","text":"Portfolio","page_number":18,"box":{"x":819,"y":143,"width":51,"height":8}},{"id":"44c8afdc-5949-4108-8eb4-8a7c01c24507","block_type":"box","text":"Asset-Backed Securities","page_number":18,"box":{"x":123,"y":157,"width":135,"height":8}},{"id":"ce0ecbba-6bee-44fe-a3d1-cfe6af8dda89","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":158,"width":10,"height":7}},{"id":"ca083a1c-be23-4a84-be26-e3c0dc8e9451","block_type":"box","text":"Asset-Based Securities","page_number":18,"box":{"x":123,"y":175,"width":127,"height":8}},{"id":"c3f39019-2390-49ee-a208-dec761354e83","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":175,"width":10,"height":8}},{"id":"0f5873c7-ba4a-4ce1-9721-45519517c44f","block_type":"box","text":"Precious Metal-Related Securities","page_number":18,"box":{"x":136,"y":192,"width":193,"height":8}},{"id":"9c6067c6-7bed-42e5-ac97-b3374c29d8fc","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":193,"width":10,"height":7}},{"id":"1e7e3df2-6906-4d3d-bce1-db162316906f","block_type":"box","text":"Borrowing and Leverage","page_number":18,"box":{"x":123,"y":209,"width":143,"height":10}},{"id":"06c41f83-734d-49ed-bc18-b893095f7732","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":210,"width":10,"height":7}},{"id":"da5bb848-795d-4884-9437-12568230746b","block_type":"box","text":"Cash Management","page_number":18,"box":{"x":123,"y":226,"width":108,"height":11}},{"id":"16e3d3e5-3c50-4fb4-b3f7-3ced70687d8b","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":227,"width":10,"height":7}},{"id":"62d48edf-699e-4dff-b7c5-98eafd61b9a5","block_type":"box","text":"Collateralized Debt Obligations","page_number":18,"box":{"x":123,"y":244,"width":183,"height":10}},{"id":"c4325a4e-4a0e-4158-8f23-8c169c92eaad","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":244,"width":10,"height":8}},{"id":"58a2e812-3b6e-4f29-8982-704ce0b4f495","block_type":"box","text":"Collateralized Bond Obligations","page_number":18,"box":{"x":137,"y":261,"width":185,"height":10}},{"id":"98fbfb2b-ecd8-45ee-a9c1-116d41ff6292","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":262,"width":10,"height":7}},{"id":"c5dd7481-6f49-4f71-a147-558c612b5a23","block_type":"box","text":"Collateralized Loan Obligations","page_number":18,"box":{"x":137,"y":278,"width":184,"height":10}},{"id":"2abc748a-75b4-4aab-8851-6eed7d4fbbe2","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":279,"width":10,"height":7}},{"id":"fd0d6e0e-9a01-4388-a346-02f7800ae205","block_type":"box","text":"Commercial Paper","page_number":18,"box":{"x":123,"y":295,"width":107,"height":11}},{"id":"7d592c7a-77cf-45d7-bd43-c018f9af799e","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":296,"width":10,"height":7}},{"id":"100dd49d-d167-4caf-ba09-cab359419cc3","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments","page_number":18,"box":{"x":123,"y":313,"width":392,"height":10}},{"id":"7d548979-a07e-4ffa-ac2a-361dd39500fe","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":313,"width":10,"height":8}},{"id":"ce363b00-5856-47e0-8e02-0d78643ee6a0","block_type":"box","text":"Qualifying Hybrid Instruments","page_number":18,"box":{"x":137,"y":330,"width":178,"height":10}},{"id":"6eec63c6-42aa-4538-8ec1-9af7965c597b","block_type":"box","text":"Hybrid Instruments Without Principal Protection","page_number":18,"box":{"x":136,"y":347,"width":285,"height":10}},{"id":"edf6f10c-95c8-4957-b510-f401815179b0","block_type":"box","text":"Limitations on Leverage","page_number":18,"box":{"x":136,"y":365,"width":140,"height":10}},{"id":"8ded1bf6-213b-4c95-a19b-e7106759aa19","block_type":"box","text":"Counterparty Risk","page_number":18,"box":{"x":137,"y":382,"width":107,"height":10}},{"id":"138eb0a2-690a-4baf-8fa7-ce08627dace1","block_type":"box","text":"Convertible Securities","page_number":18,"box":{"x":123,"y":399,"width":125,"height":8}},{"id":"429137e5-ea5f-4406-9291-72b249f5a321","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":400,"width":10,"height":7}},{"id":"ac24f9a5-35a1-4f03-94e8-a2f9fe9d98f6","block_type":"box","text":"Corporate Loans","page_number":18,"box":{"x":123,"y":417,"width":98,"height":9}},{"id":"5ca8f4f6-e7f8-431f-9965-5601d0ff92a4","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":417,"width":10,"height":7}},{"id":"bf7b5e91-84ac-4e7d-bed1-456d2baaf40f","block_type":"box","text":"Direct Lending","page_number":18,"box":{"x":136,"y":433,"width":86,"height":11}},{"id":"1d97ea49-bc7a-468d-a7fd-791645d70eee","block_type":"box","text":"Credit Linked Securities","page_number":18,"box":{"x":123,"y":451,"width":138,"height":8}},{"id":"565f72a3-f60b-4190-99d7-de8dbc12ed30","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":451,"width":10,"height":8}},{"id":"f442b622-74ff-4f99-9562-7cedd371d5b9","block_type":"box","text":"Debt Securities","page_number":18,"box":{"x":123,"y":468,"width":85,"height":8}},{"id":"bceacea3-b667-497e-a396-e1dddce725f5","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":469,"width":10,"height":7}},{"id":"5d5ab253-44e3-43d5-9e0f-c479acd14a55","block_type":"box","text":"Floating and Variable Rate Securities","page_number":18,"box":{"x":136,"y":485,"width":215,"height":10}},{"id":"09a78b49-bfce-46ae-b16b-f9470b2f715d","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":486,"width":10,"height":7}},{"id":"dd983f9b-8498-4fb7-92ba-fd16557e630e","block_type":"box","text":"Inflation-Indexed Bonds","page_number":18,"box":{"x":136,"y":502,"width":140,"height":8}},{"id":"9b1f4d54-ce07-4298-8b66-c534728ee998","block_type":"box","text":"Investment Grade Debt Obligations","page_number":18,"box":{"x":136,"y":520,"width":206,"height":10}},{"id":"dc41df37-a08f-428a-8819-8ce3c68ffecc","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":520,"width":10,"height":8}},{"id":"a053a81c-f508-4c4c-abca-e6815b3ce729","block_type":"box","text":"High Yield Investments (“Junk Bonds”)","page_number":18,"box":{"x":136,"y":537,"width":230,"height":10}},{"id":"93c0d76c-73ef-4e74-9f3f-8bd399fa6cc5","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":538,"width":10,"height":7}},{"id":"4da2a993-e079-400f-9118-a0f60f3c4eb0","block_type":"box","text":"Mezzanine Investments","page_number":18,"box":{"x":150,"y":555,"width":134,"height":7}},{"id":"ae4b1b5b-ac90-4dfc-8d2f-bcfd50b7c88e","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":555,"width":10,"height":7}},{"id":"0ce797a7-2bf3-4936-980c-0ad157538300","block_type":"box","text":"Pay-in-kind Bonds","page_number":18,"box":{"x":150,"y":571,"width":106,"height":11}},{"id":"04ef9c32-1986-423e-b11c-b0166e0154e5","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":572,"width":10,"height":7}},{"id":"12aace03-448e-4663-b9c1-270907e73d47","block_type":"box","text":"Supranational Entities","page_number":18,"box":{"x":150,"y":589,"width":127,"height":10}},{"id":"f7a5d32b-3433-417b-ab7d-f34cf062bb6d","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":589,"width":10,"height":8}},{"id":"d7b7137c-406d-404d-811f-bc31c5fa2def","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs)","page_number":18,"box":{"x":123,"y":606,"width":268,"height":10}},{"id":"063c3c15-ab2a-4d5f-a14d-eb60772d0118","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":607,"width":10,"height":7}},{"id":"1a4a72bc-d28a-4c5f-9cfa-e1c5364393ff","block_type":"box","text":"Derivatives","page_number":18,"box":{"x":123,"y":624,"width":64,"height":7}},{"id":"96857c2a-d205-41df-8c3b-063d58387550","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":624,"width":10,"height":7}},{"id":"d0801c21-bd62-4c80-9bbf-c38d3bada095","block_type":"box","text":"Hedging","page_number":18,"box":{"x":136,"y":640,"width":49,"height":11}},{"id":"fcb8f950-1e53-4cfb-9ffc-cc6e655d6853","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":641,"width":10,"height":7}},{"id":"4296eb0a-69ef-4754-85a9-1d592d06613e","block_type":"box","text":"Speculation","page_number":18,"box":{"x":136,"y":658,"width":67,"height":10}},{"id":"411cdae2-ef10-4996-8fb8-efda5ec7f6da","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":658,"width":10,"height":8}},{"id":"26b488f8-8eac-44ed-8159-459cf0f97995","block_type":"box","text":"Risk Factors in Derivatives","page_number":18,"box":{"x":136,"y":675,"width":155,"height":8}},{"id":"d35b5ffa-f382-4256-ac54-d679785885e6","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":676,"width":10,"height":7}},{"id":"e51c2e57-d5da-4b30-9c4d-efbdda21d9e0","block_type":"box","text":"Correlation Risk","page_number":18,"box":{"x":150,"y":692,"width":96,"height":8}},{"id":"f9521b09-c2c1-4fef-805c-f3378f6fadde","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":693,"width":10,"height":7}},{"id":"e021dc5e-8ea8-4d27-9534-71f78a5aea70","block_type":"box","text":"Counterparty Risk","page_number":18,"box":{"x":150,"y":709,"width":107,"height":11}},{"id":"370b732c-767b-41d6-a289-388476cd451c","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":710,"width":10,"height":7}},{"id":"df45f9f9-83ed-46c6-90e4-2096c9232568","block_type":"box","text":"Credit Risk","page_number":18,"box":{"x":150,"y":727,"width":65,"height":8}},{"id":"76d925d6-6d41-417f-a7d3-3afd26d95732","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":727,"width":10,"height":8}},{"id":"cfc20d2e-fb26-4485-ae68-01d2bdfee94a","block_type":"box","text":"Currency Risk","page_number":18,"box":{"x":150,"y":744,"width":83,"height":10}},{"id":"d5cbc6f0-e30e-4310-80dd-c894a226470d","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":745,"width":10,"height":7}},{"id":"c55a2011-00eb-4d91-8bc2-9800fcb08c00","block_type":"box","text":"Illiquidity Risk","page_number":18,"box":{"x":150,"y":761,"width":86,"height":10}},{"id":"cb43b808-8fd8-485d-9d3c-fdf8dcf09d59","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":762,"width":10,"height":7}},{"id":"82324f04-b8af-437f-9a8d-bf02746fa248","block_type":"box","text":"Index Risk","page_number":18,"box":{"x":150,"y":778,"width":62,"height":8}},{"id":"d85fb62d-2664-4c2b-b4cc-6daaa8a26855","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":779,"width":10,"height":7}},{"id":"53551db6-c4b9-4560-bb09-cebb78bf21f7","block_type":"box","text":"Legal Risk","page_number":18,"box":{"x":150,"y":796,"width":60,"height":10}},{"id":"96ba64af-ec20-4ad0-bc05-8335dd4b4172","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":796,"width":10,"height":8}},{"id":"2a399166-c6d6-41d4-a42b-7d199a73b791","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":150,"y":813,"width":80,"height":10}},{"id":"57a62511-b5db-4913-bc7c-893bfe55120a","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":814,"width":10,"height":7}},{"id":"34d6bbf7-1009-495e-8ef3-04fe196d75d1","block_type":"box","text":"Market Risk","page_number":18,"box":{"x":150,"y":830,"width":72,"height":8}},{"id":"57fcd5a7-772c-4f54-b804-1f8a44bcf00a","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":831,"width":10,"height":7}},{"id":"927f6e82-13d4-48c4-867c-5e9d84dc4deb","block_type":"box","text":"Operational Risk","page_number":18,"box":{"x":150,"y":847,"width":99,"height":11}},{"id":"a7fa7fc5-b967-4b26-b1b8-eaa7cc32c3cb","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":848,"width":10,"height":7}},{"id":"f68aa9f1-0581-4125-9373-73e99ddcba3d","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":149,"y":865,"width":87,"height":8}},{"id":"0f5c035c-4047-432f-b878-7829b6426e67","block_type":"box","text":"X","page_number":18,"box":{"x":840,"y":865,"width":10,"height":7}},{"id":"083a2035-17fb-407f-8b8e-3ea03111604f","block_type":"box","text":"I-3","page_number":18,"box":{"x":490,"y":917,"width":18,"height":9}},{"id":"e0e1e417-354f-42a3-8442-b639fa7cf5ec","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":18,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"caa3deaa-ff56-4398-a3c0-dca499bcaea4","block_type":"box","text":"BlackRock","page_number":19,"box":{"x":813,"y":76,"width":63,"height":8}},{"id":"858f5105-9418-4d33-b3cc-21aaaa76e19e","block_type":"box","text":"High Yield","page_number":19,"box":{"x":813,"y":86,"width":63,"height":10}},{"id":"2f4356ea-054a-41e5-819b-76e05bda9dc1","block_type":"box","text":"Portfolio","page_number":19,"box":{"x":819,"y":96,"width":51,"height":8}},{"id":"047c2a5a-c3d6-4e62-bacc-51702f18afc5","block_type":"box","text":"Volatility Risk","page_number":19,"box":{"x":149,"y":111,"width":84,"height":10}},{"id":"7c0c6c75-c7d7-455d-91ce-9d27fe0a7ca6","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":112,"width":10,"height":7}},{"id":"b55ac67a-12d5-4b7e-ab45-0f369b835111","block_type":"box","text":"Futures","page_number":19,"box":{"x":136,"y":129,"width":43,"height":7}},{"id":"b3377876-64e6-4d0d-a9cb-45529f18db17","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":129,"width":10,"height":7}},{"id":"c7b1562b-f424-4f3f-a908-3ec4365a977a","block_type":"box","text":"Swap Agreements","page_number":19,"box":{"x":136,"y":146,"width":102,"height":9}},{"id":"33626d93-5249-46fd-b6ff-6f16b65a7413","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":146,"width":10,"height":7}},{"id":"e907816b-c86c-4cd9-b10d-bb2f4c96fdbe","block_type":"box","text":"Credit Default Swaps and Similar Instruments X","page_number":19,"box":{"x":150,"y":162,"width":700,"height":11}},{"id":"dc4bc5a6-7e42-489e-8b74-9b8bf6a2b5b7","block_type":"box","text":"Interest Rate Swaps, Floors and Caps","page_number":19,"box":{"x":150,"y":180,"width":215,"height":10}},{"id":"0349e315-7e77-456c-a1b9-21b98e81a482","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":180,"width":10,"height":7}},{"id":"4fdb5f0b-1212-41db-917c-a798eeb696fc","block_type":"box","text":"Total Return Swaps","page_number":19,"box":{"x":150,"y":197,"width":115,"height":10}},{"id":"f25a26c7-89be-42f8-a358-aff1ef4bed1f","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":197,"width":10,"height":8}},{"id":"37c900f4-fbbf-48a5-bac6-91f355151456","block_type":"box","text":"Options","page_number":19,"box":{"x":137,"y":214,"width":45,"height":10}},{"id":"10a30ea3-0a20-4ae6-bbe2-da329062229d","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":215,"width":10,"height":7}},{"id":"f4932cda-39a6-476c-bac4-5aed83c1482e","block_type":"box","text":"Options on Securities and Securities Indices","page_number":19,"box":{"x":150,"y":231,"width":250,"height":10}},{"id":"3d51f60b-7659-42e9-aea3-f6f61e7549e8","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":232,"width":10,"height":7}},{"id":"29d25777-5abd-4d0b-bc7a-9a12656208f5","block_type":"box","text":"Call Options","page_number":19,"box":{"x":150,"y":248,"width":74,"height":11}},{"id":"6ec6b0ca-27b2-46f7-8593-240ad77b8a64","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":249,"width":10,"height":7}},{"id":"2d8e17dd-ee71-4f87-a997-92768141b89b","block_type":"box","text":"Put Options","page_number":19,"box":{"x":150,"y":266,"width":69,"height":10}},{"id":"9ff2e05e-5866-4cf7-bb40-7d7816de4dbf","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":266,"width":10,"height":7}},{"id":"64928aa7-1189-41b5-a1d7-6d41a85b8bad","block_type":"box","text":"Options on Government National Mortgage Association (“GNMA”) Certificates","page_number":19,"box":{"x":150,"y":283,"width":469,"height":10}},{"id":"c3705b10-fde9-48d0-a053-e64034bccc6d","block_type":"box","text":"Options on Swaps (“Swaptions”)","page_number":19,"box":{"x":150,"y":300,"width":192,"height":10}},{"id":"96f62124-b943-436e-96b8-bea7750a0b93","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":301,"width":10,"height":7}},{"id":"5382e323-87e0-4ee7-822b-11e1eeb4b260","block_type":"box","text":"FLEX Options","page_number":19,"box":{"x":150,"y":318,"width":84,"height":9}},{"id":"620dd58a-1f97-4b86-bee8-ebb616d9720d","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":318,"width":10,"height":7}},{"id":"14756b3c-e15f-4868-9436-a20e29afc86a","block_type":"box","text":"Foreign Exchange Transactions","page_number":19,"box":{"x":136,"y":334,"width":182,"height":10}},{"id":"699ac665-c2dc-48d4-85cd-c6115f508717","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":335,"width":10,"height":7}},{"id":"ce2026d1-18d2-4d23-ac81-e9d3cba2f52f","block_type":"box","text":"Spot Transactions and FX Forwards","page_number":19,"box":{"x":150,"y":351,"width":210,"height":11}},{"id":"6d4edfa5-dfe7-4069-9723-2ea3e042924f","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":352,"width":10,"height":7}},{"id":"5268bd08-172c-49de-af74-b33bf15b507d","block_type":"box","text":"Currency Futures","page_number":19,"box":{"x":150,"y":369,"width":100,"height":10}},{"id":"d7aa3022-f3c5-45d6-a2f8-81ae58183e61","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":369,"width":10,"height":8}},{"id":"0898ac15-f0a1-4462-92f8-974b86b1f16c","block_type":"box","text":"Currency Options","page_number":19,"box":{"x":150,"y":386,"width":103,"height":10}},{"id":"b4cd965d-74d4-4dd8-bdf4-043b30eded8a","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":386,"width":10,"height":8}},{"id":"891dfa07-82d3-4910-8b87-a08d3662044c","block_type":"box","text":"Currency Swaps","page_number":19,"box":{"x":150,"y":404,"width":93,"height":9}},{"id":"529a5831-1f18-4eed-98af-c42c628465f1","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":404,"width":10,"height":7}},{"id":"ce604292-09f1-4ac3-9383-70c80c28d49a","block_type":"box","text":"Distressed Securities","page_number":19,"box":{"x":123,"y":420,"width":116,"height":8}},{"id":"5a6f7650-b735-4901-89bb-932568cf14e5","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":421,"width":10,"height":7}},{"id":"df2e35d4-5b7c-49ce-9c70-01ed5a3e0370","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":19,"box":{"x":123,"y":437,"width":347,"height":11}},{"id":"27cba6db-2220-47b4-a151-6e4f796f628c","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":438,"width":10,"height":7}},{"id":"01185fce-0889-4436-ad38-5a3303bded42","block_type":"box","text":"Equity Securities","page_number":19,"box":{"x":123,"y":455,"width":95,"height":10}},{"id":"2583fa3c-e528-43a0-a537-8ceb09323820","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":455,"width":10,"height":7}},{"id":"2084011e-47c4-472b-94c8-351013792d61","block_type":"box","text":"Real Estate-Related Securities","page_number":19,"box":{"x":136,"y":472,"width":171,"height":8}},{"id":"64465a83-d832-4450-bede-9358e0ff9eb5","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":472,"width":10,"height":8}},{"id":"5596e558-b47b-41a3-be4d-ca1d9cfd70cd","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies X","page_number":19,"box":{"x":136,"y":489,"width":714,"height":10}},{"id":"9a40dae0-5c69-4cdf-942a-3b28749ab292","block_type":"box","text":"Tracking Stocks","page_number":19,"box":{"x":136,"y":506,"width":93,"height":10}},{"id":"7cb957eb-4d3c-4136-968d-79bd1528f7b5","block_type":"box","text":"Exchange-Traded Notes (“ETNs”)","page_number":19,"box":{"x":123,"y":523,"width":202,"height":11}},{"id":"cc8e614f-078a-40c1-9800-a34b88b42388","block_type":"box","text":"Foreign Investments","page_number":19,"box":{"x":123,"y":541,"width":115,"height":10}},{"id":"d0ea3cdf-8b35-4db3-8174-979b735341bc","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":541,"width":10,"height":7}},{"id":"63533a10-0ab8-4556-acc0-0af923bd2a18","block_type":"box","text":"Foreign Investment Risks","page_number":19,"box":{"x":136,"y":558,"width":146,"height":10}},{"id":"24517eaa-9f6a-458c-b705-c5d6a6e14579","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":558,"width":10,"height":8}},{"id":"3adc5a3f-0637-476c-af9f-4551bda000ec","block_type":"box","text":"Foreign Market Risk","page_number":19,"box":{"x":136,"y":575,"width":121,"height":10}},{"id":"90419d67-6f75-41a0-8fad-c4d80a770c36","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":575,"width":10,"height":8}},{"id":"f9e87457-24e3-4b00-b491-ae2f15d437d3","block_type":"box","text":"Foreign Economy Risk","page_number":19,"box":{"x":136,"y":592,"width":132,"height":10}},{"id":"51fb9969-a75a-4c3d-819a-c7633c56623f","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":593,"width":10,"height":7}},{"id":"842e509a-27d0-4b45-8c86-d1157931fb56","block_type":"box","text":"Currency Risk and Exchange Risk","page_number":19,"box":{"x":137,"y":609,"width":197,"height":10}},{"id":"6c78f096-a718-4f34-a96f-de5dffa52add","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":610,"width":10,"height":7}},{"id":"db06d281-49c0-4504-964e-3fc2aca03ce3","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards X","page_number":19,"box":{"x":137,"y":626,"width":713,"height":11}},{"id":"99350fbd-4eb4-4ec1-87b4-79b73eb7cbdd","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States X","page_number":19,"box":{"x":137,"y":644,"width":713,"height":10}},{"id":"ced71dae-1b30-4404-b22c-c655b15ce1c9","block_type":"box","text":"Publicly Available Information","page_number":19,"box":{"x":136,"y":661,"width":178,"height":10}},{"id":"0e746bb7-7434-4746-8b08-5fcf861bf12f","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":661,"width":10,"height":8}},{"id":"442cf9d6-5a05-4a2d-a91e-021732e3df76","block_type":"box","text":"Settlement Risk","page_number":19,"box":{"x":136,"y":678,"width":90,"height":8}},{"id":"39c94b67-32c1-4b3d-aa29-2a6e2df5bf95","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":679,"width":10,"height":7}},{"id":"20607e8b-19bd-4dbb-8942-040d8dbff22f","block_type":"box","text":"Sovereign Debt","page_number":19,"box":{"x":136,"y":695,"width":88,"height":10}},{"id":"834ecd36-0410-48eb-9d23-fdae12efd3a1","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":696,"width":10,"height":7}},{"id":"62761726-8554-449a-bd8f-dd4725aeed3c","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":19,"box":{"x":136,"y":712,"width":186,"height":11}},{"id":"19c3f953-51c7-49e0-96ad-d4abfd275692","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":713,"width":10,"height":7}},{"id":"d00f3bae-183f-4fdc-8d45-c0e14879ff7a","block_type":"box","text":"U.S. Economic Trading Partners Risk","page_number":19,"box":{"x":136,"y":729,"width":216,"height":11}},{"id":"2c4e7bfb-8c59-468d-aac3-1d3b675f0848","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":730,"width":10,"height":7}},{"id":"3d80a2ce-b455-4ceb-8b87-021f49dfe551","block_type":"box","text":"Funding Agreements","page_number":19,"box":{"x":123,"y":747,"width":118,"height":10}},{"id":"472c58e6-861a-4ac3-bbe6-ac014d073a41","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":747,"width":10,"height":8}},{"id":"21bd6923-d64c-41f9-8f61-df74164791bc","block_type":"box","text":"Guarantees","page_number":19,"box":{"x":123,"y":764,"width":65,"height":8}},{"id":"faf041cf-a978-4c22-9253-fb097e952e4c","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":765,"width":10,"height":7}},{"id":"70f2c5ce-2317-415d-8a9c-4abb23936060","block_type":"box","text":"Illiquid Investments","page_number":19,"box":{"x":123,"y":781,"width":113,"height":10}},{"id":"e36703a7-be30-42c8-ac42-2ac1c7a7741b","block_type":"box","text":"X","page_number":19,"box":{"x":840,"y":782,"width":10,"height":7}},{"id":"c59a11b7-d649-42b8-bdb6-8c5707b00eb1","block_type":"box","text":"Index Funds","page_number":19,"box":{"x":123,"y":798,"width":71,"height":8}},{"id":"c79ec122-2d9c-4304-9ed6-1e8961be3df8","block_type":"box","text":"Cash Flows; Expenses","page_number":19,"box":{"x":137,"y":815,"width":126,"height":11}},{"id":"0c35cec8-f9d2-44d1-a49d-cfcb2f63c700","block_type":"box","text":"Tracking Error Risk","page_number":19,"box":{"x":136,"y":833,"width":117,"height":10}},{"id":"0e28c354-79f9-4109-a26f-0f9885665165","block_type":"box","text":"S&P 500 Index","page_number":19,"box":{"x":136,"y":850,"width":89,"height":8}},{"id":"8476ff80-9ee2-4e2f-bd67-20d8d434dce8","block_type":"box","text":"Russell Indexes","page_number":19,"box":{"x":136,"y":867,"width":88,"height":8}},{"id":"ffd87c04-909a-401a-889f-3b79c7513148","block_type":"box","text":"I-4","page_number":19,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"1f7945ee-9960-44c6-b619-d1206aef7215","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":19,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"737ffc3e-7898-4ce1-b213-11a837d91bc5","block_type":"box","text":"BlackRock","page_number":20,"box":{"x":813,"y":76,"width":63,"height":8}},{"id":"c6078941-5fb0-46cf-a8c0-c40b5150c3cb","block_type":"box","text":"High Yield","page_number":20,"box":{"x":813,"y":86,"width":63,"height":10}},{"id":"74c4e23e-7537-45fe-b20f-cee4df842a56","block_type":"box","text":"Portfolio","page_number":20,"box":{"x":819,"y":96,"width":51,"height":8}},{"id":"7d08edc5-a6cf-4b5e-81cd-148cae3f3588","block_type":"box","text":"MSCI Indexes","page_number":20,"box":{"x":136,"y":112,"width":82,"height":8}},{"id":"1555d627-320d-4f7e-a125-6434e196d0f9","block_type":"box","text":"FTSE Indexes","page_number":20,"box":{"x":136,"y":130,"width":79,"height":8}},{"id":"bf17152d-2aee-42a9-a0d0-8d2bfb4d9f94","block_type":"box","text":"Bloomberg Indexes","page_number":20,"box":{"x":136,"y":148,"width":111,"height":10}},{"id":"e941d597-c43c-492b-95d4-e69d8da90de1","block_type":"box","text":"ICE BofA Indexes","page_number":20,"box":{"x":136,"y":166,"width":103,"height":8}},{"id":"4f9354f9-9134-43f1-8b59-429836e49446","block_type":"box","text":"Indexed and Inverse Securities","page_number":20,"box":{"x":123,"y":183,"width":174,"height":9}},{"id":"8963d480-f882-4bf3-a2cc-90f4b2f8808f","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":184,"width":10,"height":7}},{"id":"9346eebd-3732-4b65-80c2-3fa97590ec2a","block_type":"box","text":"Inflation Risk","page_number":20,"box":{"x":123,"y":201,"width":79,"height":8}},{"id":"76ed38b0-0bc6-4a50-af24-502292ba6c7c","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":202,"width":10,"height":7}},{"id":"14f3b4d4-fe22-47a0-931e-81d371698d88","block_type":"box","text":"Initial Public Offering (“IPO”) Risk","page_number":20,"box":{"x":123,"y":219,"width":207,"height":11}},{"id":"adb1f1c8-eb11-45a8-8b89-d9ac85c597e0","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":220,"width":10,"height":7}},{"id":"5d46d8b0-ecc5-4176-9c30-1cc9d1f6048c","block_type":"box","text":"Investment in Emerging Markets","page_number":20,"box":{"x":123,"y":237,"width":188,"height":11}},{"id":"a69e9683-0dd6-4ea9-b128-5ecb0d93ee8e","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":238,"width":10,"height":7}},{"id":"546a3f5b-9678-4c0c-a20b-38ac29a4b425","block_type":"box","text":"Brady Bonds","page_number":20,"box":{"x":136,"y":255,"width":73,"height":11}},{"id":"13ff7b6c-10b8-4e46-901a-d35278d08e79","block_type":"box","text":"China Investments Risk","page_number":20,"box":{"x":137,"y":273,"width":136,"height":8}},{"id":"ba536dfe-6082-4815-9b6b-f75306874322","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":274,"width":10,"height":7}},{"id":"a34cd93a-98de-4523-b43b-681c6850fff1","block_type":"box","text":"Investment in Other Investment Companies","page_number":20,"box":{"x":123,"y":291,"width":251,"height":10}},{"id":"22b4d476-bea2-4002-b2d2-61d6b5902b44","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":292,"width":10,"height":7}},{"id":"b875a825-288e-4a36-8d58-3c66eb4c4f10","block_type":"box","text":"Exchange-Traded Funds","page_number":20,"box":{"x":136,"y":309,"width":141,"height":10}},{"id":"29bd60ce-8449-434c-8a7b-2b7522059737","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":310,"width":10,"height":7}},{"id":"dd848cda-915c-45e9-828f-b2a7b4574cd9","block_type":"box","text":"Issuer Insolvency Risk","page_number":20,"box":{"x":123,"y":327,"width":128,"height":10}},{"id":"03c5ed01-59e3-4b83-9758-4c101bd96fc9","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":328,"width":10,"height":7}},{"id":"06cc9c3b-80e0-4036-bc18-261772a5af95","block_type":"box","text":"Lease Obligations","page_number":20,"box":{"x":123,"y":345,"width":103,"height":10}},{"id":"2de57ce1-f9a7-491b-8d78-aadd94dfe2fc","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":346,"width":10,"height":7}},{"id":"f913e177-dd40-490c-9373-f1959197f092","block_type":"box","text":"Life Settlement Investments","page_number":20,"box":{"x":123,"y":363,"width":158,"height":8}},{"id":"cc7bfa3f-2bbf-491d-afeb-feb5aa0bc60f","block_type":"box","text":"Liquidity Risk Management","page_number":20,"box":{"x":123,"y":381,"width":162,"height":10}},{"id":"4f010f33-0d63-4f57-a817-b56e97d35b6f","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":382,"width":10,"height":7}},{"id":"cdda9e13-c091-4416-a598-ba7fc76940fa","block_type":"box","text":"Master Limited Partnerships","page_number":20,"box":{"x":123,"y":399,"width":164,"height":10}},{"id":"07c69892-d15f-40c9-9d71-fedee0531133","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":400,"width":10,"height":7}},{"id":"4a4e6da2-023a-4d5f-a565-ed52532342b3","block_type":"box","text":"Merger Transaction Risk","page_number":20,"box":{"x":123,"y":417,"width":146,"height":10}},{"id":"890f3bb4-8c4d-4ee8-9bea-0e44dfb509c0","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":418,"width":10,"height":7}},{"id":"c7acf266-4bca-4013-ba8c-2f83ada441a8","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks","page_number":20,"box":{"x":123,"y":435,"width":577,"height":10}},{"id":"2878065a-d718-43a9-a980-ffae6b1f549a","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":436,"width":10,"height":7}},{"id":"375a4da1-9587-4435-958e-d1d751094f7d","block_type":"box","text":"Money Market Securities","page_number":20,"box":{"x":123,"y":453,"width":145,"height":10}},{"id":"08dfc9e2-2688-4330-86fe-7131eb6a128e","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":454,"width":10,"height":7}},{"id":"a645c498-ee17-41f8-85c0-809ff56bf2a2","block_type":"box","text":"Mortgage-Related Securities","page_number":20,"box":{"x":123,"y":471,"width":162,"height":10}},{"id":"ba0e0d7b-840c-412a-8d34-39eea45f1859","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":471,"width":10,"height":8}},{"id":"a3d5fcb4-73d9-43d8-88f0-700e2fbec74c","block_type":"box","text":"Mortgage-Backed Securities","page_number":20,"box":{"x":136,"y":489,"width":161,"height":10}},{"id":"19f3545d-c4f2-4a55-a042-422368f5c710","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":489,"width":10,"height":8}},{"id":"57443ba0-8ba0-422d-9083-e14278ab74d4","block_type":"box","text":"Collateralized Mortgage Obligations (“CMOs”) X","page_number":20,"box":{"x":137,"y":507,"width":713,"height":10}},{"id":"9e83374a-3106-4ab2-8a03-ab80864d439c","block_type":"box","text":"Adjustable Rate Mortgage Securities","page_number":20,"box":{"x":136,"y":525,"width":211,"height":10}},{"id":"17f3502e-2285-463a-9332-0cd5eff96c4e","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":525,"width":10,"height":8}},{"id":"ed4ecfbf-8cb3-4ba2-bd93-c164e8c9b7c9","block_type":"box","text":"CMO Residuals","page_number":20,"box":{"x":137,"y":543,"width":92,"height":8}},{"id":"c2f308fb-4597-463f-9c18-d4759f31f837","block_type":"box","text":"Stripped Mortgage-Backed Securities","page_number":20,"box":{"x":136,"y":561,"width":213,"height":10}},{"id":"94755064-46de-40da-a235-408b3c9b6b55","block_type":"box","text":"Tiered Index Bonds","page_number":20,"box":{"x":136,"y":579,"width":113,"height":8}},{"id":"22d4e4ca-0a8c-4858-9ff8-759e82e2ae45","block_type":"box","text":"TBA Commitments","page_number":20,"box":{"x":136,"y":597,"width":112,"height":8}},{"id":"d5995f2c-e699-4feb-8a85-2ea545a5e8ac","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":597,"width":10,"height":7}},{"id":"99d77ae9-b721-4eb2-a2ef-7385f81b9691","block_type":"box","text":"Mortgage Dollar Rolls","page_number":20,"box":{"x":136,"y":614,"width":131,"height":11}},{"id":"813e02c4-6a91-40c1-bc11-f596e4fa6dcc","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":615,"width":10,"height":7}},{"id":"b6748a11-715c-48c2-9fa1-67ebaa8205f6","block_type":"box","text":"Net Interest Margin (NIM) Securities","page_number":20,"box":{"x":136,"y":633,"width":215,"height":10}},{"id":"15773b02-b500-4684-9c98-6e8612a480ec","block_type":"box","text":"Municipal Investments","page_number":20,"box":{"x":123,"y":650,"width":131,"height":11}},{"id":"ea5b91b4-4701-46a3-ae14-fcee4c99ab69","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":651,"width":10,"height":7}},{"id":"bae17e32-b3c1-4acb-8e0c-1e501754c4f3","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds X","page_number":20,"box":{"x":136,"y":668,"width":714,"height":11}},{"id":"3a1686dd-96a8-4e31-a535-313a3559242d","block_type":"box","text":"Description of Municipal Bonds","page_number":20,"box":{"x":136,"y":686,"width":185,"height":11}},{"id":"81f5d044-f6eb-4dc8-aed0-4c7aeb8abca5","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":687,"width":10,"height":7}},{"id":"3087c862-f002-45c6-8c3a-a8efa081aa9b","block_type":"box","text":"General Obligation Bonds","page_number":20,"box":{"x":150,"y":704,"width":150,"height":11}},{"id":"515e7c3f-f87a-4be9-9aa1-aef6a3c4cb9f","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":705,"width":10,"height":7}},{"id":"ffa69468-6d30-43e9-820d-87729f168990","block_type":"box","text":"Revenue Bonds","page_number":20,"box":{"x":150,"y":722,"width":88,"height":8}},{"id":"28e07fc7-e549-4447-90f8-7b35f338bfbb","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":723,"width":10,"height":7}},{"id":"58b310ef-ea70-4576-a61f-81b246764c2c","block_type":"box","text":"Private Activity Bonds (“PABs”)","page_number":20,"box":{"x":150,"y":740,"width":186,"height":10}},{"id":"410c6766-6a44-4526-a51e-c9a138319835","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":741,"width":10,"height":7}},{"id":"0a6e8694-dae7-4935-b512-260cdda659bc","block_type":"box","text":"Moral Obligation Bonds","page_number":20,"box":{"x":150,"y":758,"width":141,"height":10}},{"id":"1cef8156-0687-44c7-aa05-128e3639fd46","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":759,"width":10,"height":7}},{"id":"9243caa5-be46-443b-b337-e3859575ab09","block_type":"box","text":"Municipal Notes","page_number":20,"box":{"x":150,"y":776,"width":97,"height":10}},{"id":"1268701d-ed04-4a43-9703-9c812831b341","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":777,"width":10,"height":7}},{"id":"ad70b16a-8e5e-4e3e-a801-b05217638559","block_type":"box","text":"Municipal Commercial Paper","page_number":20,"box":{"x":150,"y":794,"width":170,"height":10}},{"id":"2f370dc1-0008-4eaa-b474-0a6d0fecebc6","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":795,"width":10,"height":7}},{"id":"148862a2-2e8e-42c8-ad59-df2a49a66c08","block_type":"box","text":"Municipal Lease Obligations","page_number":20,"box":{"x":150,"y":812,"width":166,"height":10}},{"id":"61759079-7d53-4750-9dc8-c5a2679682de","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":813,"width":10,"height":7}},{"id":"16936d1d-bee2-419d-bc66-e7a5aba428f2","block_type":"box","text":"Tender Option Bonds","page_number":20,"box":{"x":150,"y":830,"width":125,"height":10}},{"id":"164064bd-57bd-4d01-abd0-41da68ca9319","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":831,"width":10,"height":7}},{"id":"9d5ee3c6-144c-417d-a9f7-81bd62dcac1b","block_type":"box","text":"Yields","page_number":20,"box":{"x":150,"y":848,"width":35,"height":8}},{"id":"0029f604-775a-4189-9550-e098fa2b6431","block_type":"box","text":"X","page_number":20,"box":{"x":840,"y":849,"width":10,"height":7}},{"id":"47a09bb7-00db-4b7b-870d-db02d45e9ebb","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”) X","page_number":20,"box":{"x":149,"y":866,"width":701,"height":10}},{"id":"23d9e911-2985-4b52-9067-00cabdeee276","block_type":"box","text":"I-5","page_number":20,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"170e4c46-31f1-4116-8a5b-346dad75079e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":20,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"787b299b-5f0b-487e-a7a9-47cb738cf562","block_type":"box","text":"BlackRock","page_number":21,"box":{"x":813,"y":76,"width":63,"height":8}},{"id":"8eae8f6a-cd6f-49ee-8fbd-599f6759a143","block_type":"box","text":"High Yield","page_number":21,"box":{"x":813,"y":86,"width":63,"height":10}},{"id":"219301bb-e04a-4aa0-8e61-31e22581d2c3","block_type":"box","text":"Portfolio","page_number":21,"box":{"x":819,"y":96,"width":51,"height":8}},{"id":"c37cf0c9-52ae-4e3e-8c34-2de994b8ae8d","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes X","page_number":21,"box":{"x":150,"y":112,"width":700,"height":10}},{"id":"c425a2f8-cb09-4ae4-8f8b-76ae5c0e3c37","block_type":"box","text":"Call Rights","page_number":21,"box":{"x":150,"y":130,"width":64,"height":10}},{"id":"7925ab44-2b7b-49bc-be12-664814171ec2","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":131,"width":10,"height":7}},{"id":"b44c5d1b-3a3f-44f6-9482-d718bbd38e5d","block_type":"box","text":"Municipal Interest Rate Swap Transactions","page_number":21,"box":{"x":150,"y":148,"width":250,"height":10}},{"id":"dccdd579-5f2d-4637-82e7-480ef6d892d8","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":149,"width":10,"height":7}},{"id":"f0a65ec2-a592-40c0-93c2-e2cefb48a6d2","block_type":"box","text":"Insured Municipal Bonds","page_number":21,"box":{"x":150,"y":166,"width":145,"height":10}},{"id":"3f39c4dc-fa2d-4368-940d-ae255b008df0","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":167,"width":10,"height":7}},{"id":"07f6ff7c-2f24-4c0b-b322-ef9ad639bf8f","block_type":"box","text":"Build America Bonds","page_number":21,"box":{"x":150,"y":184,"width":121,"height":8}},{"id":"c86ae2b0-82c5-4627-86df-3bc9bb8b6fc5","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":185,"width":10,"height":7}},{"id":"3047eb5e-34ea-4e26-96d4-ee2fe510e45d","block_type":"box","text":"Tax-Exempt Municipal Investments","page_number":21,"box":{"x":150,"y":202,"width":207,"height":10}},{"id":"626db516-b71b-4842-8e51-dbe2d35a3ba0","block_type":"box","text":"Operational and Technology Risks","page_number":21,"box":{"x":123,"y":220,"width":202,"height":11}},{"id":"6bb7bafa-cc33-433d-95f1-f066809933a2","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":221,"width":10,"height":7}},{"id":"228f6722-59d4-4fa4-aa24-3031e28235f0","block_type":"box","text":"Participation Notes","page_number":21,"box":{"x":123,"y":239,"width":112,"height":10}},{"id":"42e4e489-2f6f-4ecf-b695-5960151735a4","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":239,"width":10,"height":7}},{"id":"88d6976e-583d-4929-a849-d326616f65b3","block_type":"box","text":"Portfolio Turnover Rates","page_number":21,"box":{"x":123,"y":256,"width":145,"height":9}},{"id":"7f2f91d2-7989-4d04-b717-79c18c75302b","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":257,"width":10,"height":7}},{"id":"5bb76353-8349-41f5-92e7-477b99dcac2f","block_type":"box","text":"Preferred Stock","page_number":21,"box":{"x":123,"y":275,"width":88,"height":8}},{"id":"f8349fc2-32e1-4cb2-84ac-5f10a7e5ebe3","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":275,"width":10,"height":7}},{"id":"e77c1f99-1960-488d-b89c-7259e6fac0dc","block_type":"box","text":"Tax-Exempt Preferred Shares","page_number":21,"box":{"x":136,"y":293,"width":170,"height":10}},{"id":"cf9e5c5b-56c1-408e-946a-4a9742beadc0","block_type":"box","text":"Trust Preferred Securities","page_number":21,"box":{"x":136,"y":311,"width":146,"height":8}},{"id":"1577083e-c66e-45a6-9cb4-225ffc5df092","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":311,"width":10,"height":8}},{"id":"a9bac311-1f91-4aec-a4ad-35f0bae22284","block_type":"box","text":"Proxy Voting Policies","page_number":21,"box":{"x":123,"y":329,"width":124,"height":10}},{"id":"b8a5fefa-7c33-4a88-b2b3-0a92c5c7fc54","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy X","page_number":21,"box":{"x":137,"y":347,"width":713,"height":10}},{"id":"b2bc714b-0034-4d2d-a716-a816d685926f","block_type":"box","text":"BlackRock Active Investment Stewardship Climate and Decarbonization Stewardship Guidelines","page_number":21,"box":{"x":150,"y":365,"width":558,"height":10}},{"id":"a8283a26-164c-4a7d-9309-c95231dab373","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":21,"box":{"x":136,"y":383,"width":228,"height":10}},{"id":"96d7c75e-4457-4fbc-af5d-78a676f7f54e","block_type":"box","text":"BlackRock Investment Stewardship Climate and Decarbonization Stewardship Guidelines","page_number":21,"box":{"x":150,"y":401,"width":518,"height":10}},{"id":"a02869eb-e821-4b72-9f2f-51acc606a9d2","block_type":"box","text":"Real Estate Investment Trusts (“REITs”)","page_number":21,"box":{"x":123,"y":419,"width":237,"height":10}},{"id":"48f72335-e200-48f2-82a8-79c11f5ca8d5","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":420,"width":10,"height":7}},{"id":"040f78ee-4b42-4316-9933-b21ff3ab9de9","block_type":"box","text":"Market Risks/Recent Market Events","page_number":21,"box":{"x":123,"y":437,"width":211,"height":8}},{"id":"0612aaf6-3ad5-4923-a0a2-a63bea24a305","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":438,"width":10,"height":7}},{"id":"d73e03a6-0686-414f-8f97-bbb918bc60ef","block_type":"box","text":"Reference Rate Replacement Risk","page_number":21,"box":{"x":123,"y":455,"width":195,"height":11}},{"id":"979e07c0-bd83-48e4-a3dc-40f69085e777","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":456,"width":10,"height":7}},{"id":"104256f4-043b-4dc9-9ea7-cc8118ac120e","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":21,"box":{"x":123,"y":474,"width":331,"height":10}},{"id":"f36d4abd-1a91-4ac3-8c9d-f1067466e157","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":474,"width":10,"height":7}},{"id":"1a4676a8-4fa8-4c79-8c87-4d5d9228cc84","block_type":"box","text":"Restricted Securities","page_number":21,"box":{"x":123,"y":492,"width":115,"height":8}},{"id":"196626f6-8cce-46fa-9aea-cb759436a428","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":492,"width":10,"height":8}},{"id":"3964f6c9-1962-4ca2-830a-dbe3e61257dc","block_type":"box","text":"Reverse Repurchase Agreements","page_number":21,"box":{"x":123,"y":510,"width":186,"height":10}},{"id":"74314171-caa8-490f-a3df-68ba34fd34ca","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":510,"width":10,"height":8}},{"id":"0885324a-6b4e-4878-8d59-b6797d5c5795","block_type":"box","text":"Rights Offerings and Warrants to Purchase","page_number":21,"box":{"x":123,"y":528,"width":249,"height":10}},{"id":"814a3c03-aac0-4106-a528-8ed879cffa99","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":528,"width":10,"height":8}},{"id":"7d030fe3-4e21-4f52-876e-1976623513db","block_type":"box","text":"Rule 144A Securities","page_number":21,"box":{"x":123,"y":546,"width":120,"height":8}},{"id":"99d01d71-80b4-48e7-b517-92262c1ea8a8","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":547,"width":10,"height":7}},{"id":"7885c589-56c7-4881-8cf5-fe4d9c31fb12","block_type":"box","text":"Securities Lending","page_number":21,"box":{"x":123,"y":564,"width":104,"height":10}},{"id":"ae2aea6b-77f9-4576-8858-5dc674664594","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":565,"width":10,"height":7}},{"id":"440b8419-5971-4c3c-a619-456c8098a8b1","block_type":"box","text":"Short Sales","page_number":21,"box":{"x":123,"y":582,"width":62,"height":8}},{"id":"4b21bb80-4722-48c7-af55-ac3b6a9a9d04","block_type":"box","text":"See note 1","page_number":21,"box":{"x":816,"y":580,"width":57,"height":7}},{"id":"b74ce563-c7d2-4483-a3ab-0d7cc15709ef","block_type":"box","text":"below","page_number":21,"box":{"x":828,"y":590,"width":34,"height":8}},{"id":"4af0c124-ef1e-4259-b251-811879baff6a","block_type":"box","text":"Special Purpose Acquisition Companies","page_number":21,"box":{"x":123,"y":608,"width":228,"height":10}},{"id":"9d20dca1-d623-48ae-bba1-b2058060d112","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":609,"width":10,"height":7}},{"id":"662d845f-2b90-4a91-b492-860e76e82a03","block_type":"box","text":"Standby Commitment Agreements","page_number":21,"box":{"x":123,"y":626,"width":198,"height":10}},{"id":"54cf6898-b190-4c5d-a60e-019cb21dfdf6","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":627,"width":10,"height":7}},{"id":"9bb0068a-9702-4034-a174-ab3c8a5e7185","block_type":"box","text":"Stripped Securities","page_number":21,"box":{"x":123,"y":644,"width":106,"height":10}},{"id":"8b5abeee-1172-488e-8738-c4dd31075ccb","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":645,"width":10,"height":7}},{"id":"d91d20bb-dc14-42b7-aded-1d7e962afff6","block_type":"box","text":"Structured Notes","page_number":21,"box":{"x":123,"y":662,"width":97,"height":8}},{"id":"1bb8842a-21b4-4061-a1fe-8da38e4db8ee","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":663,"width":10,"height":7}},{"id":"68e311ce-e0ea-479c-8dff-6a0bc7bb4c93","block_type":"box","text":"Taxability Risk","page_number":21,"box":{"x":123,"y":680,"width":90,"height":10}},{"id":"c243459e-63d1-4412-8eb6-136a565e6a8b","block_type":"box","text":"Temporary Defensive Measures","page_number":21,"box":{"x":123,"y":698,"width":183,"height":11}},{"id":"acb0997b-1c6c-48fd-adec-0a3621fcbf00","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":699,"width":10,"height":7}},{"id":"d8f16f6c-1335-4ce5-9141-c536487c95d1","block_type":"box","text":"U.S. Government Obligations","page_number":21,"box":{"x":123,"y":716,"width":171,"height":11}},{"id":"f3a25447-75b2-42c2-b82f-1d3cbc79f008","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":717,"width":10,"height":7}},{"id":"80a98e89-7bc4-4f4e-b65e-1c5bcd57bcd6","block_type":"box","text":"U.S. Treasury Obligations","page_number":21,"box":{"x":136,"y":734,"width":150,"height":11}},{"id":"10435a77-918f-4784-9bb2-1f2fdc76ea89","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":735,"width":10,"height":7}},{"id":"fb0c150e-c660-40cc-8aa0-9d4bc5081218","block_type":"box","text":"U.S. Treasury Rolls","page_number":21,"box":{"x":123,"y":753,"width":113,"height":10}},{"id":"14a0e851-d34d-4179-b576-c0a3c01a151a","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":753,"width":10,"height":7}},{"id":"a36ccd43-d4c4-491c-9263-d6bfbb36d6e9","block_type":"box","text":"Utility Industries","page_number":21,"box":{"x":123,"y":771,"width":97,"height":10}},{"id":"eeede401-f916-40a4-bba7-a283103464f4","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":771,"width":10,"height":8}},{"id":"7a2f754a-a796-40f6-97c1-23f6dbcb9881","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments","page_number":21,"box":{"x":122,"y":789,"width":463,"height":10}},{"id":"1273d44d-0158-47d7-b89a-edc9dc80cbf2","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":789,"width":10,"height":8}},{"id":"41c851d9-0c83-4207-a918-d5dc4fa68f62","block_type":"box","text":"Yields and Ratings","page_number":21,"box":{"x":123,"y":807,"width":108,"height":10}},{"id":"8f0f5642-be50-4928-854a-0c94035a8b02","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":808,"width":10,"height":7}},{"id":"72e7c4c2-671e-42c0-b5f1-67510d65791e","block_type":"box","text":"Zero Coupon Securities","page_number":21,"box":{"x":123,"y":825,"width":136,"height":10}},{"id":"7986506e-8cc3-47d1-afe0-67f11d38139f","block_type":"box","text":"X","page_number":21,"box":{"x":840,"y":826,"width":10,"height":7}},{"id":"71807797-b921-42c6-adeb-4e6459b04c28","block_type":"box","text":"1","page_number":21,"box":{"x":128,"y":857,"width":4,"height":4}},{"id":"6c070fb3-db5b-407e-9329-ccf16e909b2c","block_type":"box","text":"The Fund may only make short sales against the box and with respect to futures contracts and related options.","page_number":21,"box":{"x":146,"y":856,"width":640,"height":10}},{"id":"b7f18f3b-8f57-4d9e-a417-992f3c869153","block_type":"box","text":"I-6","page_number":21,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"663813e8-e1a1-4f8c-8cb3-1bf698a7d136","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":21,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"51b17aa5-7dee-4889-80fb-7a996bdcda82","block_type":"box","text":"Insurance Law Restrictions.","page_number":22,"box":{"x":116,"y":79,"width":190,"height":10}},{"id":"6607cdaa-25e3-4824-9ea1-d6dc1989d801","block_type":"box","text":"In order for shares of the Portfolio to remain eligible investments for the Separate","page_number":22,"box":{"x":311,"y":79,"width":557,"height":13}},{"id":"d26d6016-2228-44d5-b9b4-d9c66b7191a1","block_type":"box","text":"Accounts, it may be necessary, from time to time, for the Portfolio to limit its investments in certain types of","page_number":22,"box":{"x":116,"y":94,"width":740,"height":13}},{"id":"8364252e-d2a5-491a-81a7-2fdaf80a688d","block_type":"box","text":"securities in accordance with the insurance laws or regulations of the various states in which the Contracts are","page_number":22,"box":{"x":116,"y":110,"width":753,"height":13}},{"id":"a9fbc8a3-849f-45f5-bb5b-efef3577eb87","block_type":"box","text":"sold. New York insurance law requires that investments of the Portfolio be made with the degree of care of an","page_number":22,"box":{"x":116,"y":125,"width":755,"height":13}},{"id":"c95946ed-5a51-4dad-920a-aec5fd6b022d","block_type":"box","text":"“ordinarily prudent person.” BlackRock Advisors, LLC (“BlackRock” or the “Manager”) believes that","page_number":22,"box":{"x":117,"y":141,"width":707,"height":13}},{"id":"13b3a274-63f3-4f46-8e99-8553a59c1446","block_type":"box","text":"compliance with this standard will not have any negative impact on the performance of the Portfolio.","page_number":22,"box":{"x":116,"y":156,"width":693,"height":13}},{"id":"ad5d054a-f251-4429-bdcf-d893540d530f","block_type":"box","text":"Other Considerations.","page_number":22,"box":{"x":116,"y":180,"width":154,"height":10}},{"id":"87d24d0c-05ce-4c3b-965c-022843f0c4cf","block_type":"box","text":"The Manager will use its best efforts to assure that the Portfolio complies with certain","page_number":22,"box":{"x":275,"y":180,"width":596,"height":12}},{"id":"45744559-d9e8-4236-b6e3-c429a4e2aa4e","block_type":"box","text":"investment limitations of the Internal Revenue Service (the “IRS”) to assure favorable income tax treatment","page_number":22,"box":{"x":116,"y":195,"width":745,"height":12}},{"id":"faad0d8f-0802-4872-847a-1c2244e1c56e","block_type":"box","text":"for the Contracts. It is not expected that such invest","page_number":22,"box":{"x":116,"y":211,"width":358,"height":12}},{"id":"58108370-55ad-4e66-bd33-d7d9d106872b","block_type":"box","text":"ment limitations will materially affect the ability of the","page_number":22,"box":{"x":475,"y":211,"width":378,"height":12}},{"id":"3d5bf99d-6b5e-4e91-bbc0-dc8236316584","block_type":"box","text":"Portfolio to achieve its investment objective.","page_number":22,"box":{"x":116,"y":226,"width":305,"height":13}},{"id":"89ec319b-56c4-40a7-a05f-bc7fda20e87f","block_type":"box","text":"Suitability.","page_number":22,"box":{"x":116,"y":249,"width":74,"height":13}},{"id":"361faf06-21a1-4c44-92a3-284ba08dac39","block_type":"box","text":"The economic benefit of an investment in the Portfolio depends upon many factors beyond the","page_number":22,"box":{"x":195,"y":249,"width":656,"height":13}},{"id":"119ca1dd-cc39-43fb-bed5-3a9576fcd50b","block_type":"box","text":"control of the Portfolio, the Fund, the Manager and its affiliates. The Portfolio should be considered a vehicle","page_number":22,"box":{"x":116,"y":265,"width":758,"height":13}},{"id":"471f19cd-22c8-4f00-b9c9-345ba0e5cd26","block_type":"box","text":"for diversification and not as a balanced investment program. The suitability for any particular investor of a","page_number":22,"box":{"x":116,"y":280,"width":748,"height":13}},{"id":"dc8671d2-af3e-4e0f-a91a-99e80f22a9ac","block_type":"box","text":"purchase of shares in the Portfolio will depend upon, among other things, such investor’s investment","page_number":22,"box":{"x":116,"y":296,"width":697,"height":13}},{"id":"2f5b7eb7-bb9d-4b5a-96b3-dd16e76e4313","block_type":"box","text":"objectives and such investor’s ability to accept the risks a","page_number":22,"box":{"x":116,"y":311,"width":394,"height":13}},{"id":"00ddead9-1f7f-4d25-9036-7742ce4f7096","block_type":"box","text":"ssociated with investing in securities, including the","page_number":22,"box":{"x":510,"y":311,"width":348,"height":13}},{"id":"bca5257f-beff-45a8-a01f-eb6bf55a90b0","block_type":"box","text":"risk of loss of principal.","page_number":22,"box":{"x":116,"y":327,"width":163,"height":13}},{"id":"cee5e86a-decb-4e19-b37e-d45954314fb0","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":22,"box":{"x":116,"y":350,"width":238,"height":13}},{"id":"a46c2e09-51b6-4d58-9343-d665c983a28d","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers","page_number":22,"box":{"x":359,"y":350,"width":518,"height":13}},{"id":"e3f06b87-86e9-4143-824d-a1ba90b5adad","block_type":"box","text":"to registered investment companies to regulation by the CFTC if a fund that is advised by the investment","page_number":22,"box":{"x":116,"y":366,"width":725,"height":12}},{"id":"23134dd2-8eb4-415d-b828-d2370c78aaa6","block_type":"box","text":"adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC","page_number":22,"box":{"x":116,"y":381,"width":747,"height":13}},{"id":"04c95ce2-258d-4f85-8bc2-5358910420fc","block_type":"box","text":"regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment","page_number":22,"box":{"x":116,"y":397,"width":728,"height":12}},{"id":"8142c280-c51f-4cb1-a1e9-bfb2a9e299d4","block_type":"box","text":"exposure to such instruments. The CFTC also subjects advisers to registered investment companies to","page_number":22,"box":{"x":116,"y":412,"width":703,"height":13}},{"id":"4564e057-18d0-4554-8cdc-d6fa6b239772","block_type":"box","text":"regulation by the CFTC if the registered investment company invests in one or more commodity pools. To the","page_number":22,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"bd7364c7-75de-4c8e-b750-35751f159e4d","block_type":"box","text":"extent the Portfolio uses CFTC Derivatives, it intends to do so below such prescribed levels and will not","page_number":22,"box":{"x":116,"y":443,"width":720,"height":13}},{"id":"042d1d3c-a3da-4845-bbdf-8efa42fd820b","block_type":"box","text":"market itself as a “commodity pool” or a vehicle for trading such instruments.","page_number":22,"box":{"x":116,"y":459,"width":543,"height":12}},{"id":"79677417-61cc-4872-9bc5-39ffe4f01fc6","block_type":"box","text":"The Portfolio may have investments in “underlying funds","page_number":22,"box":{"x":116,"y":482,"width":397,"height":13}},{"id":"a48f71f6-df32-4c0c-a67f-591b6ddd2ea5","block_type":"box","text":"” (and such underlying funds themselves may invest","page_number":22,"box":{"x":515,"y":482,"width":358,"height":13}},{"id":"7c8ca564-85f6-4100-9a1e-087bdc61f5d6","block_type":"box","text":"in underlying funds) not advised by BlackRock (which for purposes of the no-action letter referenced below","page_number":22,"box":{"x":116,"y":497,"width":746,"height":13}},{"id":"462e3539-1319-40ce-a672-5c7f086f6d7a","block_type":"box","text":"may include certain securitized vehicles, mortgage real est","page_number":22,"box":{"x":116,"y":513,"width":399,"height":13}},{"id":"72c75059-74b9-46ea-af40-6c469edcb7cf","block_type":"box","text":"ate investment trusts and/or investment companies","page_number":22,"box":{"x":515,"y":513,"width":350,"height":13}},{"id":"f8f62683-7c36-4619-bde1-af04722028ab","block_type":"box","text":"that may invest in CFTC Derivatives), and therefore may be viewed by the CFTC as a commodity pool.","page_number":22,"box":{"x":116,"y":528,"width":718,"height":13}},{"id":"3f2f638b-98c4-4083-8f2b-02aa2cb28251","block_type":"box","text":"BlackRock has no transparency into the holdings of these underlying funds because they are not advised by","page_number":22,"box":{"x":116,"y":544,"width":744,"height":13}},{"id":"a6c3d119-bd08-4e10-970c-3749194f2d7a","block_type":"box","text":"BlackRock. To address this issue of lack of transparency, the CFTC staff issued a no-action letter on","page_number":22,"box":{"x":116,"y":559,"width":695,"height":13}},{"id":"05c681fd-bab9-434f-9517-bdde0906b91c","block_type":"box","text":"November 29, 2012 permitting the adviser of a fund that invests in such underlying funds and that would","page_number":22,"box":{"x":116,"y":575,"width":734,"height":13}},{"id":"c1f296a6-2914-4039-8ba1-192a204cec85","block_type":"box","text":"otherwise have filed a claim of exclusion pursuant to Rule 4.5 to delay registration as a “commodity pool","page_number":22,"box":{"x":116,"y":590,"width":732,"height":13}},{"id":"2a9724f0-3138-4f46-a61c-a17fdb8affe0","block_type":"box","text":"operator” until six months from the date on which the CFTC issues additional guidance on the treatment of","page_number":22,"box":{"x":116,"y":606,"width":751,"height":13}},{"id":"f1777253-d695-4e4b-9921-d6f85c479993","block_type":"box","text":"CFTC Derivatives held by underlying funds. BlackRock, the adviser of the Portfolio, has filed a claim with the","page_number":22,"box":{"x":117,"y":621,"width":762,"height":13}},{"id":"7748201a-2885-4a2d-b3a4-4995bab63c8f","block_type":"box","text":"CFTC for the Portfolio to rely on this no-action relief. Accordingly, BlackRock is not subject to registration or","page_number":22,"box":{"x":117,"y":637,"width":764,"height":13}},{"id":"efad9cfd-4486-4203-b148-11003f715836","block_type":"box","text":"regulation as a “commodity pool operator” under the Commodity Exchange Act in respect of the Portfolio.","page_number":22,"box":{"x":116,"y":652,"width":747,"height":13}},{"id":"8d2f347c-a0e7-4609-89f2-25d70e87fe3c","block_type":"box","text":"II. Investment Restrictions","page_number":22,"box":{"x":116,"y":681,"width":237,"height":10}},{"id":"abdc5f6a-0927-4a14-8771-63c3fd99ac0d","block_type":"box","text":"The Fund has adopted the following fundamental and non-fundamental restrictions and policies relating to the","page_number":22,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"3fbf5af4-98ec-4091-9c50-8928e570080b","block_type":"box","text":"investment of the assets of the Portfolio and its activities. The fundamental policies set forth below may not be","page_number":22,"box":{"x":116,"y":722,"width":746,"height":13}},{"id":"4a2ae09f-e828-4c5e-8e9f-520806493ac8","block_type":"box","text":"changed without the approval of the holders of a majority of the outstanding voting shares of the Portfolio","page_number":22,"box":{"x":116,"y":738,"width":722,"height":12}},{"id":"84fdce04-c76b-40b7-ae02-a8d088597f57","block_type":"box","text":"(which for this purpose and under the Investment Company Act of 1940, as amended (the “Investment","page_number":22,"box":{"x":117,"y":753,"width":698,"height":13}},{"id":"c6eedbe6-0c6f-40c9-a5f4-f681a80115ed","block_type":"box","text":"Company Act”), means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of","page_number":22,"box":{"x":117,"y":769,"width":754,"height":13}},{"id":"71a416b9-8ff9-4293-a694-1648e80ab51c","block_type":"box","text":"the outstanding shares are represented or (ii) more than 50% of the outstanding shares). The non-fundamental","page_number":22,"box":{"x":116,"y":784,"width":750,"height":13}},{"id":"1495d915-1769-40aa-a630-b6f1038e7ef5","block_type":"box","text":"policies set forth below may be changed by vote of a majority of the Fund’s Board of Directors at any time.","page_number":22,"box":{"x":116,"y":800,"width":724,"height":13}},{"id":"8bb653af-3210-49e2-8aa6-63f129281057","block_type":"box","text":"I-7","page_number":22,"box":{"x":490,"y":917,"width":20,"height":9}},{"id":"ef383c82-e9df-4320-8cdf-e86f04bd283c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":22,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f99aabae-6134-483a-b115-eb9937a8180b","block_type":"box","text":"Restrictions Applicable to the Portfolio","page_number":23,"box":{"x":136,"y":79,"width":284,"height":13}},{"id":"12cecb97-3d1d-4f6c-a614-94e310ca2c52","block_type":"box","text":"The Portfolio has adopted investment restrictions numbered (1) through (9) as fundamental policies. Under its","page_number":23,"box":{"x":116,"y":104,"width":763,"height":13}},{"id":"eee41a52-11be-45fc-a01f-472ae5449edc","block_type":"box","text":"fundamental investment restrictions, the Portfolio may not:","page_number":23,"box":{"x":116,"y":120,"width":410,"height":13}},{"id":"3a48f470-62e0-443c-8500-dbd320ce9fd9","block_type":"box","text":"(1) Make any investment inconsistent with the Portfolio’s classification as a diversified company under the","page_number":23,"box":{"x":117,"y":143,"width":736,"height":13}},{"id":"e3766222-b3c5-45aa-aca8-ce2a83bd3d1f","block_type":"box","text":"Investment Company Act.","page_number":23,"box":{"x":116,"y":159,"width":181,"height":12}},{"id":"16fc1953-8410-4f63-bd6e-8ba7fe3666c6","block_type":"box","text":"(2) Invest more than 25% of its assets, taken at market value, in the securities of issuers in any particular","page_number":23,"box":{"x":117,"y":181,"width":725,"height":13}},{"id":"b85ef7e9-ebd0-4313-8728-97dd5fbea989","block_type":"box","text":"industry (excluding the U.S. Government and its agencies and instrumentalities).","page_number":23,"box":{"x":116,"y":197,"width":555,"height":13}},{"id":"a63fc59c-430f-4f76-992e-0e26b92f60fb","block_type":"box","text":"(3) Make investments for the purpose of exercising control or management.","page_number":23,"box":{"x":117,"y":220,"width":523,"height":13}},{"id":"7a1c847c-42c3-4997-9238-67fa77215f72","block_type":"box","text":"(4) Purchase or sell real estate, except that the Portfolio may invest in securities directly or indirectly secured","page_number":23,"box":{"x":117,"y":243,"width":747,"height":13}},{"id":"66350448-e26e-465c-a811-5389beb0a7e7","block_type":"box","text":"by real estate or interests therein or issued by companies which invest in real estate or interests therein.","page_number":23,"box":{"x":116,"y":259,"width":710,"height":12}},{"id":"36218b7d-ce42-477d-b399-43038998440d","block_type":"box","text":"(5) Purchase or sell commodities or contracts on comm","page_number":23,"box":{"x":117,"y":282,"width":381,"height":12}},{"id":"e830be47-508d-4e7a-95c7-cee7fc8e2687","block_type":"box","text":"odities, except to the extent that the Portfolio may do","page_number":23,"box":{"x":499,"y":282,"width":371,"height":12}},{"id":"d87c58e4-f986-41a3-83a5-7a488ff489ec","block_type":"box","text":"so in accordance with applicable law and the Prospectus and Statement of Additional Information, as they","page_number":23,"box":{"x":116,"y":297,"width":738,"height":13}},{"id":"db607772-bfa1-40f1-ae1a-c81ca12b5e5b","block_type":"box","text":"may be amended from time to time, and without registering as a commodity pool operator under the","page_number":23,"box":{"x":116,"y":313,"width":700,"height":12}},{"id":"40ae64c8-b9ea-4c86-813f-753c51f7b9d2","block_type":"box","text":"Commodity Exchange Act.","page_number":23,"box":{"x":117,"y":328,"width":186,"height":13}},{"id":"6d25a34c-5565-4420-9475-d61117343015","block_type":"box","text":"(6) Make loans to other persons, except (i) that the acquisition of bonds, debentures, or other corporate debt","page_number":23,"box":{"x":117,"y":351,"width":753,"height":13}},{"id":"7d5b3606-76fe-4c01-b1d9-39d0bc5f227b","block_type":"box","text":"securities and investment in government obligations, commercial paper, pass-through instruments, certificates","page_number":23,"box":{"x":116,"y":367,"width":759,"height":13}},{"id":"d6d8ccd4-45f7-4d61-9856-d1a0cdf6ff8a","block_type":"box","text":"of deposit, bankers acceptances, repurchase agreements","page_number":23,"box":{"x":116,"y":382,"width":384,"height":13}},{"id":"6fdd6453-1b35-4406-9b69-3b83ad0bb1fa","block_type":"box","text":"or any similar instruments shall not be deemed to be","page_number":23,"box":{"x":505,"y":382,"width":363,"height":13}},{"id":"ad767ac5-1f73-49a1-986c-da18c968800c","block_type":"box","text":"the making of a loan, (ii) that the Portfolio may lend","page_number":23,"box":{"x":116,"y":398,"width":364,"height":13}},{"id":"6abc2142-17c8-4776-9982-07617fdb06a9","block_type":"box","text":"its portfolio securities, provided that the lending of","page_number":23,"box":{"x":485,"y":398,"width":352,"height":13}},{"id":"5ae6664c-ed44-4941-ba3f-05b9ef515201","block_type":"box","text":"portfolio securities may be made only in accordance with applicable law and the guidelines set forth in the","page_number":23,"box":{"x":116,"y":413,"width":736,"height":13}},{"id":"3347e456-6f0a-45bb-a8e6-c376f4d9f2f7","block_type":"box","text":"Fund’s Prospectus and this Statement of Additional Information, as they may be amended from time to time","page_number":23,"box":{"x":116,"y":429,"width":750,"height":13}},{"id":"6502f389-8d37-4459-ac46-db415928d3e5","block_type":"box","text":"and (iii) as may otherwise be permitted by an exemptive order issued to the Fund by the SEC.","page_number":23,"box":{"x":116,"y":444,"width":647,"height":13}},{"id":"b5e7bd6a-5d2b-4032-b38f-2d7e064717b0","block_type":"box","text":"(7) Borrow money, except that (i) the Portfolio may borrow in amounts up to 33","page_number":23,"box":{"x":117,"y":467,"width":546,"height":13}},{"id":"f69ccca4-d892-46cc-ba27-6d27d5992657","block_type":"box","text":"1⁄","page_number":23,"box":{"x":667,"y":468,"width":4,"height":6}},{"id":"a8aead79-aa6a-46d0-91ee-f9a00c1dde97","block_type":"box","text":"1⁄3","page_number":23,"box":{"x":669,"y":468,"width":9,"height":9}},{"id":"5e1e408d-4048-47df-af79-d90a3bc6f43e","block_type":"box","text":"⁄3","page_number":23,"box":{"x":677,"y":471,"width":5,"height":6}},{"id":"c58d3efe-db89-4f04-b037-627c6e642f2a","block_type":"box","text":"% of its total assets","page_number":23,"box":{"x":684,"y":467,"width":130,"height":11}},{"id":"a84b9fa1-e1fd-4426-a578-68e66f56d78b","block_type":"box","text":"(including the amount borrowed), (ii) the Portfolio may borrow up to an additional 5% of its assets for","page_number":23,"box":{"x":117,"y":483,"width":698,"height":13}},{"id":"d8680761-1d39-4f16-82bf-f63462df1479","block_type":"box","text":"temporary purposes, (iii) the Portfolio may obtain such short-term credit as may be necessary for the clearance of","page_number":23,"box":{"x":116,"y":498,"width":766,"height":13}},{"id":"17a1483c-0ca9-438f-bb92-b23d9966c6d3","block_type":"box","text":"purchases and sales of portfolio securities and (iv) the Portfolio may purchase securities on margin to the extent","page_number":23,"box":{"x":116,"y":514,"width":753,"height":13}},{"id":"da28a442-8a14-4c14-9494-e0a493f458f8","block_type":"box","text":"permitted by applicable law. The Portfolio may not pledge its assets other than to secure such borrowings or, to","page_number":23,"box":{"x":116,"y":529,"width":755,"height":13}},{"id":"6483a9dc-9bd5-425d-9d7c-6e366c0975cf","block_type":"box","text":"the extent permitted by the Portfolio’s investment policies as set forth in the Prospectus and the Statement of","page_number":23,"box":{"x":116,"y":545,"width":733,"height":13}},{"id":"ff14e256-2c48-4f66-914b-da69e1c7c807","block_type":"box","text":"Additional Information, as they may be amended from time to time, in connection with hedging transactions,","page_number":23,"box":{"x":116,"y":560,"width":740,"height":13}},{"id":"a3920f20-2eab-42e6-8e1a-8c3311449a14","block_type":"box","text":"short sales, when-issued and forward commitment transactions and similar investment strategies.","page_number":23,"box":{"x":116,"y":576,"width":656,"height":13}},{"id":"661fd9ea-de7a-458e-8f46-446662f2081b","block_type":"box","text":"(8) Issue senior securities to the extent such","page_number":23,"box":{"x":117,"y":599,"width":298,"height":12}},{"id":"57fa6bba-b39e-4af5-800c-2c7ecf3106ba","block_type":"box","text":"issuance would violate applicable law.","page_number":23,"box":{"x":420,"y":599,"width":264,"height":13}},{"id":"a44b0807-f5d9-4fdd-b999-5eda62debd43","block_type":"box","text":"(9) Underwrite securities of other issuers except insofar as the Fund may be deemed an underwriter under the","page_number":23,"box":{"x":117,"y":622,"width":756,"height":13}},{"id":"d3e21c55-d705-4c9e-842f-44036c914fa2","block_type":"box","text":"Securities Act of 1933, as amended, in selling portfolio securities.","page_number":23,"box":{"x":116,"y":637,"width":450,"height":13}},{"id":"e303960e-f399-4b0d-85fa-ae7297145300","block_type":"box","text":"The Portfolio, and as otherwise noted below, has adopted investment restrictions numbered (a) and (b) as","page_number":23,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"743a00da-0fcf-4eb1-a947-cf11b0a18321","block_type":"box","text":"non-fundamental policies. Under the non-fundamental inv","page_number":23,"box":{"x":116,"y":676,"width":404,"height":13}},{"id":"318e6774-a59f-435f-9ab5-9dc3b8de2a93","block_type":"box","text":"estment restrictions, the Portfolio, and as otherwise","page_number":23,"box":{"x":521,"y":676,"width":355,"height":12}},{"id":"d44f22fa-3070-4df9-945c-fe39d4221379","block_type":"box","text":"noted below, may not:","page_number":23,"box":{"x":116,"y":692,"width":156,"height":12}},{"id":"c50c9328-0b17-473f-bc16-14232fad6058","block_type":"box","text":"(a) Purchase securities of other investment compan","page_number":23,"box":{"x":117,"y":715,"width":351,"height":12}},{"id":"157e18c7-2bf4-433a-8353-a2fa0fe5b2dd","block_type":"box","text":"ies, except to the extent permitted by the Investment","page_number":23,"box":{"x":468,"y":715,"width":362,"height":12}},{"id":"4eac08e7-425d-490d-aaf4-be7f69f96e0f","block_type":"box","text":"Company Act. As a matter of policy, however, the Portfolio will not purchase shares of any registered","page_number":23,"box":{"x":117,"y":730,"width":706,"height":13}},{"id":"7f0e1050-6777-4f16-a39e-a0b2cc9fb57c","block_type":"box","text":"open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G)","page_number":23,"box":{"x":116,"y":746,"width":736,"height":12}},{"id":"65fc374e-a5bf-47a5-867d-2b30df6966a0","block_type":"box","text":"(the “fund of funds” provisions) of the Investment Company Act, at any time the Portfolio has knowledge","page_number":23,"box":{"x":117,"y":761,"width":735,"height":13}},{"id":"8d7782cf-c122-4006-b9c6-30f9b3bc3711","block_type":"box","text":"that its shares are purchased by another investment company investor in reliance on the provisions of","page_number":23,"box":{"x":116,"y":777,"width":703,"height":12}},{"id":"528874b5-9d99-4c86-b678-48a14abae8ff","block_type":"box","text":"subparagraph (G) of Section 12(d)(1).","page_number":23,"box":{"x":116,"y":792,"width":262,"height":13}},{"id":"c05bdc12-2f72-422f-b41d-16b91f6c1400","block_type":"box","text":"(b) Make short sales of securities or maintain a short position, except to the extent permitted by the Portfolio’s","page_number":23,"box":{"x":117,"y":815,"width":747,"height":13}},{"id":"323b8f8b-83af-4534-bc77-f09740f4b33f","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":23,"box":{"x":116,"y":831,"width":707,"height":13}},{"id":"48e2a13f-61ae-487c-99ce-88caec0a4fd1","block_type":"box","text":"With respect to the Portfolio’s industry classifications, the Portfolio currently utilizes any one or more of the","page_number":23,"box":{"x":116,"y":854,"width":749,"height":13}},{"id":"53b0f678-73b2-4a48-888d-c57028c6c320","block_type":"box","text":"industry sub-classifications used by one or more widely recognized market indexes or rating group indexes,","page_number":23,"box":{"x":116,"y":869,"width":743,"height":13}},{"id":"63675bdb-6509-4816-b39b-c9e31096bdd9","block_type":"box","text":"I-8","page_number":23,"box":{"x":490,"y":917,"width":18,"height":9}},{"id":"1503a62f-e5f3-49ad-b22e-f9c3c10ba4ed","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":23,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b560aa98-94b7-4be1-9992-492de8c55712","block_type":"box","text":"and/or as defined by Portfolio management. The policy also will be interpreted to give broad authority to the","page_number":24,"box":{"x":116,"y":79,"width":755,"height":13}},{"id":"34b7551b-215a-4efe-870f-2a6c32de23bb","block_type":"box","text":"Portfolio as to how to classify issuers within or among industries.","page_number":24,"box":{"x":116,"y":94,"width":452,"height":13}},{"id":"e49872db-f755-43e8-befd-9b9ec8af691d","block_type":"box","text":"Except with respect to restriction (7), if a percentage restriction on the investment or use of assets set forth","page_number":24,"box":{"x":116,"y":118,"width":736,"height":12}},{"id":"ad3b7d9d-a07f-46aa-ac8d-999c0ae7214a","block_type":"box","text":"above is adhered to at the time a transaction is effected","page_number":24,"box":{"x":116,"y":133,"width":381,"height":10}},{"id":"47df3d58-1247-48e1-988d-aedf3bd73387","block_type":"box","text":", later changes in percentages resulting from changing","page_number":24,"box":{"x":498,"y":133,"width":370,"height":13}},{"id":"3c65988b-98c4-4467-964e-52163968ac46","block_type":"box","text":"values will not be considered a violation.","page_number":24,"box":{"x":116,"y":149,"width":282,"height":10}},{"id":"7e00ebf6-dcf9-40e3-8e51-267a99aa58d9","block_type":"box","text":"III. Information on Directors and Officers","page_number":24,"box":{"x":116,"y":177,"width":344,"height":10}},{"id":"14e57709-efce-4d58-8347-2e8ac2fe0f50","block_type":"box","text":"The Board of Directors (the “Board”) of the Fund consists of nine individuals (each a “Director”), seven of whom","page_number":24,"box":{"x":116,"y":203,"width":753,"height":12}},{"id":"bcbcb409-a523-45b1-8e8a-435df5aeb3bf","block_type":"box","text":"are not “interested persons” of the Fund as defined in the Investment Company Act (the “Independent Directors”).","page_number":24,"box":{"x":116,"y":218,"width":760,"height":13}},{"id":"480f49a1-08f8-44b6-982b-0f3024c2caa4","block_type":"box","text":"The registered investment companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are","page_number":24,"box":{"x":116,"y":234,"width":756,"height":13}},{"id":"69b2843a-6d87-4540-b91a-d50ba47c82a7","block_type":"box","text":"organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares","page_number":24,"box":{"x":116,"y":249,"width":713,"height":13}},{"id":"7653513f-44e2-4c13-a4a1-ba5bd43b6c70","block_type":"box","text":"Complex (each, a “BlackRock Fund Complex”). The Fund is included in the BlackRock Fund Complex referred to","page_number":24,"box":{"x":117,"y":265,"width":761,"height":13}},{"id":"6ca06d83-84a2-4b13-a677-d05ab2ba625a","block_type":"box","text":"as the BlackRock Fixed-Income Complex. The Directors also oversee as board members the operations of the other","page_number":24,"box":{"x":116,"y":280,"width":763,"height":13}},{"id":"a1852ed2-6951-44e6-8686-8e69df6d62b2","block_type":"box","text":"open-end and closed-end registered investment companies included in the BlackRock Fixed-Income Complex.","page_number":24,"box":{"x":116,"y":296,"width":725,"height":13}},{"id":"12e66ae3-4756-4e95-a5dd-722edbd357af","block_type":"box","text":"The Board has overall responsibility for the oversight of the Fund and the Portfolio. The Chair of the Board and","page_number":24,"box":{"x":116,"y":319,"width":758,"height":13}},{"id":"3199a9f9-3639-4fb6-b6e3-2b8b70401bc7","block_type":"box","text":"the Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Director, but","page_number":24,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"b679c1bf-fd97-4b84-854a-ef59a3dbd77c","block_type":"box","text":"also the Chair of each Board committee (each, a “Committee”) is an Independent Director. The Board has six","page_number":24,"box":{"x":116,"y":350,"width":744,"height":13}},{"id":"8838b418-978b-4038-ad0b-050577e16b05","block_type":"box","text":"standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":24,"box":{"x":116,"y":366,"width":692,"height":12}},{"id":"10926025-198a-4f5c-b0c1-85b7a5aa0caf","block_type":"box","text":"Committee, a Performance Oversight Committee, a Secu","page_number":24,"box":{"x":117,"y":381,"width":383,"height":13}},{"id":"68f7f00a-0317-4b49-abb4-5e813a3e1ccd","block_type":"box","text":"rities Lending Committee and an Executive Committee.","page_number":24,"box":{"x":500,"y":381,"width":376,"height":13}},{"id":"5874826f-9796-44aa-a43a-b55ad6c4a998","block_type":"box","text":"The role of the Chair of the Board is to preside over all meetings of the Board and to act as a liaison with service","page_number":24,"box":{"x":116,"y":397,"width":759,"height":12}},{"id":"6c13ba2e-fab2-4793-9570-e5bb9cf346f1","block_type":"box","text":"providers, officers, attorneys, and other Directors between meetings. The Chair of each Committee performs a","page_number":24,"box":{"x":116,"y":412,"width":746,"height":13}},{"id":"2ef5f9af-69ef-41ff-884a-afdb4549b0db","block_type":"box","text":"similar role with respect to the Committee. The Chair of the Board or a Committee may also perform such other","page_number":24,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"03c594e4-d097-4180-8750-dbfcb975549e","block_type":"box","text":"functions as may be delegated by the Board or the Committee from time to time. The Independent Directors","page_number":24,"box":{"x":116,"y":443,"width":732,"height":13}},{"id":"22b98314-b899-4770-a823-d13cd7d08f70","block_type":"box","text":"meet regularly outside the presence of the Portfolio’s management, in executive sessions or with other service","page_number":24,"box":{"x":116,"y":459,"width":735,"height":12}},{"id":"2a841af0-ca6a-4c61-91b5-ff57ce43b7a4","block_type":"box","text":"providers to the Portfolio. The Board has regular meetings five times a year, including a meeting to consider the","page_number":24,"box":{"x":116,"y":474,"width":753,"height":13}},{"id":"3557e6c0-afed-4757-9a25-bb382ee6dc5c","block_type":"box","text":"approval of the Portfolio’s investment management agreement, and, if necessary, may hold special meetings","page_number":24,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"62e22a1e-8dd5-4d72-a076-6c689151faf2","block_type":"box","text":"before its next regular meeting. The Audit Committee, the Governance and Nominating Committee, the","page_number":24,"box":{"x":116,"y":505,"width":705,"height":13}},{"id":"3588135c-1b34-45a4-a8d8-93a34dff349d","block_type":"box","text":"Compliance Committee, the Performance Oversight Committee and the Securities Lending Committee each","page_number":24,"box":{"x":117,"y":521,"width":728,"height":12}},{"id":"bb0aa218-c759-4c43-ba7f-7c29ee8f50fa","block_type":"box","text":"meets regularly and the Executive Committee meets on an ad hoc basis to conduct the oversight functions","page_number":24,"box":{"x":116,"y":536,"width":715,"height":13}},{"id":"2073ba8d-eade-452a-99b8-b8108745f642","block_type":"box","text":"delegated to that Committee by the Board and reports its findings to the Board. The Board and each standing","page_number":24,"box":{"x":116,"y":552,"width":740,"height":12}},{"id":"45eefe25-d6f1-4251-8783-c60e570e6cbf","block_type":"box","text":"Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":24,"box":{"x":117,"y":567,"width":762,"height":13}},{"id":"fb384678-b15a-40ba-b0a5-27dce9c4ab68","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":24,"box":{"x":116,"y":583,"width":767,"height":12}},{"id":"39bcb2fb-20f1-49b8-b2f1-328de373a0ba","block_type":"box","text":"management and to allocate areas of responsibility among Committees and the Board to enhance oversight.","page_number":24,"box":{"x":116,"y":598,"width":728,"height":13}},{"id":"a0e0f00f-827a-4322-840c-b384ebb42e33","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that","page_number":24,"box":{"x":116,"y":621,"width":730,"height":13}},{"id":"2520b61d-95ee-4add-b70f-5bbfed3ac1b6","block_type":"box","text":"having an independent Chair:","page_number":24,"box":{"x":116,"y":637,"width":205,"height":13}},{"id":"09915ea3-42d3-4ebb-848e-e131949c4759","block_type":"box","text":"• increases the independent oversight of the Portfolio and enhances the Board’s objective evaluation of","page_number":24,"box":{"x":124,"y":660,"width":757,"height":13}},{"id":"87ed6d9d-c29a-4ebc-9482-5df61a7212a2","block_type":"box","text":"the Chief Executive Officer;","page_number":24,"box":{"x":150,"y":676,"width":201,"height":12}},{"id":"32f937b9-a919-44fe-ad51-12eb33b33d58","block_type":"box","text":"• allows the Chief Executive Officer to focus on the Portfo","page_number":24,"box":{"x":124,"y":699,"width":419,"height":10}},{"id":"15ff942e-c627-4b8c-8b01-f5d5250a82d8","block_type":"box","text":"lio’s operations instead of Board administration;","page_number":24,"box":{"x":544,"y":699,"width":335,"height":13}},{"id":"f0d227dd-470a-43fa-acef-bbe23fdbcf11","block_type":"box","text":"• provides greater opportunities for direct and independent communication between shareholders and","page_number":24,"box":{"x":124,"y":722,"width":753,"height":13}},{"id":"7080dea8-4c64-4816-a979-33662556ead1","block_type":"box","text":"the Board; and","page_number":24,"box":{"x":150,"y":738,"width":107,"height":12}},{"id":"53e538f9-8386-4d1a-9273-7b4baf15c348","block_type":"box","text":"• provides an independent spokesman for the Portfolio.","page_number":24,"box":{"x":124,"y":761,"width":414,"height":13}},{"id":"4f20ee18-6741-433d-9932-93aef1160a19","block_type":"box","text":"The Board has engaged the Manager to manage the Portfolio on a day-to-day basis. The Board is responsible","page_number":24,"box":{"x":116,"y":784,"width":756,"height":13}},{"id":"5a0637d2-750b-4a72-a88e-08da9502ae58","block_type":"box","text":"for overseeing the Manager, other service providers, the operations of the Portfolio and associated risks in","page_number":24,"box":{"x":116,"y":800,"width":734,"height":13}},{"id":"d5c044b1-2209-4f8b-85ad-9c4058d2927a","block_type":"box","text":"accordance with the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s","page_number":24,"box":{"x":116,"y":815,"width":750,"height":13}},{"id":"f9ff92bb-067d-48a6-a3da-43e05bbe6943","block_type":"box","text":"charter, and the Portfolio’s investment objective and strategies. The Board reviews, on an ongoing basis, the","page_number":24,"box":{"x":116,"y":831,"width":747,"height":13}},{"id":"5749b62f-699c-48fc-93ec-9636e73d35c1","block_type":"box","text":"Portfolio’s performance, operations, and investment strategies and techniques. The Board also conducts","page_number":24,"box":{"x":116,"y":846,"width":718,"height":13}},{"id":"e6bf3dfa-e2b6-4eef-9e26-43c8483b52fa","block_type":"box","text":"reviews of the Manager and its role in running the operations of the Portfolio.","page_number":24,"box":{"x":116,"y":862,"width":540,"height":13}},{"id":"012f9075-53b6-4bbe-997f-b8c5c432d85c","block_type":"box","text":"I-9","page_number":24,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"1755bf64-a2c3-4520-bc7d-59d810b961ba","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":24,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"aa108202-328e-4869-ae52-7fe6ba0461fe","block_type":"box","text":"Day-to-day risk management with respect to the Portfolio is the responsibility of the Manager, sub-advisers or","page_number":25,"box":{"x":116,"y":79,"width":746,"height":13}},{"id":"45252f20-0875-4691-a11d-5ee4f69a0862","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The","page_number":25,"box":{"x":116,"y":94,"width":730,"height":13}},{"id":"2c95cef4-d575-4541-beda-03d7d91a7035","block_type":"box","text":"Portfolio is subject to a number of risks, including investment, compliance, operational and valuation risks,","page_number":25,"box":{"x":116,"y":110,"width":725,"height":13}},{"id":"9328c1ee-bae7-483e-b4d3-70f0edbba32d","block_type":"box","text":"among others. While there are a number of risk management functions performed by the Manager, sub-advisers","page_number":25,"box":{"x":116,"y":125,"width":760,"height":13}},{"id":"3e59c684-e242-423f-8eb2-6eeaf2841c78","block_type":"box","text":"or other service providers, as applicable, it is not possibl","page_number":25,"box":{"x":116,"y":141,"width":378,"height":13}},{"id":"bf3c25fd-93c1-493f-a5f6-ebcb9c07ba5e","block_type":"box","text":"e to eliminate all of the risks applicable to the Portfolio.","page_number":25,"box":{"x":495,"y":141,"width":374,"height":13}},{"id":"b4854e74-3ad7-42bb-b83c-934897dd449b","block_type":"box","text":"Risk oversight is part of the Board’s general oversight of the Portfolio and is addressed as part of various Board","page_number":25,"box":{"x":116,"y":156,"width":753,"height":13}},{"id":"6739fe68-7170-4c73-934a-7af13bbb3442","block_type":"box","text":"and Committee activities. The Board, directly or throug","page_number":25,"box":{"x":116,"y":172,"width":376,"height":13}},{"id":"126e6c63-f72e-4dd1-9078-e24d9e69222d","block_type":"box","text":"h Committees, also reviews reports from, among others,","page_number":25,"box":{"x":493,"y":172,"width":380,"height":13}},{"id":"679bd88c-1d22-4247-ab51-1eb41bcb76b4","block_type":"box","text":"management, the independent registered public accounting firm for the Portfolio, the Manager, sub-advisers and","page_number":25,"box":{"x":116,"y":187,"width":762,"height":13}},{"id":"d7567c2c-d832-4215-a145-42b483dcd048","block_type":"box","text":"internal auditors for the Manager or its affiliates, as appropriate, regarding risks faced by the Portfolio and","page_number":25,"box":{"x":116,"y":203,"width":722,"height":13}},{"id":"34ff0271-bead-44fe-b943-c9bfc32b40dc","block_type":"box","text":"management’s or the service provider’s risk functions. The Committee system facilitates the timely and efficient","page_number":25,"box":{"x":116,"y":218,"width":752,"height":13}},{"id":"506f35b0-6777-4dd2-ad6f-be155c22a732","block_type":"box","text":"consideration of matters by the Directors and facilitates effective oversight of compliance with legal and","page_number":25,"box":{"x":116,"y":234,"width":702,"height":13}},{"id":"f53ab265-0cf0-4806-ba63-d04e4330eba0","block_type":"box","text":"regulatory requirements and of the Portfolio’s activities and associated risks. The Board has approved the","page_number":25,"box":{"x":116,"y":249,"width":712,"height":13}},{"id":"875662c5-7ef9-40bc-9a3a-4ab41b7d51c3","block_type":"box","text":"appointment of a Chief Compliance Officer (“CCO”), who oversees the implementation and testing of the","page_number":25,"box":{"x":116,"y":265,"width":722,"height":13}},{"id":"161cf7d6-e6f9-41a9-a8c8-65f11a4fd9b7","block_type":"box","text":"Portfolio’s compliance program and reports regularly to the Board regarding compliance matters for the","page_number":25,"box":{"x":116,"y":280,"width":705,"height":13}},{"id":"219f1034-e5b5-4bab-8f90-6755ee73c2df","block_type":"box","text":"Portfolio and its service providers. The Independent Directors have engaged independent legal counsel to assist","page_number":25,"box":{"x":116,"y":296,"width":749,"height":13}},{"id":"b67cc226-a40e-41ad-8760-614258ff28c8","block_type":"box","text":"them in performing their oversight responsibilities.","page_number":25,"box":{"x":116,"y":311,"width":341,"height":13}},{"id":"9cd1cb58-38d8-46dd-b09d-ad3e3ed485d9","block_type":"box","text":"Audit Committee.","page_number":25,"box":{"x":116,"y":335,"width":121,"height":10}},{"id":"84b72c12-d9f6-4449-b501-b400e4a9edc9","block_type":"box","text":"The Board has a standing Audit Committee composed of Lorenzo A. Flores (Chair),","page_number":25,"box":{"x":243,"y":335,"width":569,"height":12}},{"id":"f44259b4-0684-401b-85a6-f474f314b300","block_type":"box","text":"J. Phillip Holloman and Arthur P. Steinmetz, all of whom are Independent Directors. The principal","page_number":25,"box":{"x":115,"y":350,"width":670,"height":13}},{"id":"ed9d5427-7284-45c5-8090-6f8cd2fe6261","block_type":"box","text":"responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to","page_number":25,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"67b44b8f-11ec-46c8-a611-010a8477697b","block_type":"box","text":"the accounting and financial reporting policies and practices of the Portfolio. The Audit Committee’s","page_number":25,"box":{"x":116,"y":381,"width":682,"height":13}},{"id":"4cc9b80e-5c0b-456a-9fdb-d86d3e25be7f","block_type":"box","text":"responsibilities include, without limitation: (i) approving, and recommending to the full Board for approval, the","page_number":25,"box":{"x":116,"y":397,"width":754,"height":12}},{"id":"18cf859a-b5d9-4f02-b907-55652c35a9a9","block_type":"box","text":"selection, retention, termination and compensation of the Portfolio’s independent registered public accounting","page_number":25,"box":{"x":116,"y":412,"width":744,"height":13}},{"id":"0681029b-3c84-486c-9ab0-f225ea6cccd5","block_type":"box","text":"firm (the “Independent Registered Public Accounting Firm”) and evaluating the independence and objectivity of","page_number":25,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"0f7a9645-0e7b-4027-bf5c-87bf8320084d","block_type":"box","text":"the Independent Registered Public Accounting Firm; (ii) approving all audit engagement terms and fees for the","page_number":25,"box":{"x":116,"y":443,"width":745,"height":13}},{"id":"2052047c-e911-4f9e-8610-a3841044c644","block_type":"box","text":"Portfolio; (iii) reviewing the conduct and results of each audit; (iv) reviewing any issues raised by the Portfolio’s","page_number":25,"box":{"x":116,"y":459,"width":751,"height":12}},{"id":"986d985c-a786-4407-b446-47a49ec3ab4f","block_type":"box","text":"Independent Registered Public Accounting Firm or management regarding the accounting or financial reporting","page_number":25,"box":{"x":116,"y":474,"width":756,"height":13}},{"id":"e01bd064-37b0-418e-8db7-f57c8460b35b","block_type":"box","text":"policies and practices of the Portfolio, its internal controls, and, as appropriate, the internal controls of certain","page_number":25,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"d3b7a780-9465-40a0-8e87-7c76aee6bcd0","block_type":"box","text":"service providers and management’s response to any such issues; (v) reviewing and discussing the Portfolio’s","page_number":25,"box":{"x":116,"y":505,"width":730,"height":13}},{"id":"7eecfeca-a597-402a-b071-3e5289589a6c","block_type":"box","text":"audited and unaudited financial statements and disclosure in the Portfolio’s shareholder reports relating to the","page_number":25,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"716389b9-d6c4-4801-9458-0dd82132a322","block_type":"box","text":"Portfolio’s performance; (vi) assisting the Board’s responsibilities with respect to the internal controls of the","page_number":25,"box":{"x":116,"y":536,"width":725,"height":13}},{"id":"1d9adca7-9345-4351-b2b6-e63ec8334aae","block_type":"box","text":"Portfolio and its service providers with respect to accounting and financial matters; and (vii) resolving any","page_number":25,"box":{"x":116,"y":552,"width":716,"height":12}},{"id":"33a13f48-e4c0-40a2-afa7-c56d8afcd97b","block_type":"box","text":"disagreements between the Portfolio’s management and the Portfolio’s Independent Registered Public","page_number":25,"box":{"x":116,"y":567,"width":686,"height":13}},{"id":"92ce50db-b602-40fc-b278-a84a3df228de","block_type":"box","text":"Accounting Firm regarding financial reporting. The Board has adopted a written charter for the Board’s Audit","page_number":25,"box":{"x":116,"y":583,"width":746,"height":12}},{"id":"b91e9dc0-858b-4f8e-9349-399aefb30cf2","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Audit Committee met six times.","page_number":25,"box":{"x":117,"y":598,"width":660,"height":13}},{"id":"12f037ef-e288-4317-9457-ca3399a43400","block_type":"box","text":"Governance and Nominating Committee.","page_number":25,"box":{"x":117,"y":621,"width":278,"height":13}},{"id":"65d51316-5830-4ce6-b223-a0c2b3638a81","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":25,"box":{"x":401,"y":621,"width":451,"height":13}},{"id":"12cf0e25-dda0-4c26-96ba-12e953797243","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman and R. Glenn Hubbard, all of whom","page_number":25,"box":{"x":116,"y":637,"width":750,"height":13}},{"id":"74abf7f6-9070-4e2d-af99-8cc94dc80504","block_type":"box","text":"are Independent Directors. The principal responsibilities of the Governance and Nominating Committee are:","page_number":25,"box":{"x":116,"y":652,"width":726,"height":13}},{"id":"9aeffa56-5704-4a28-81aa-f39a68ac3708","block_type":"box","text":"(i) identifying individuals qualified to serve as Independent Directors and recommending Board nominees that are","page_number":25,"box":{"x":117,"y":668,"width":758,"height":13}},{"id":"c86653e7-3a99-47b9-a77f-64691041fcde","block_type":"box","text":"not “interested persons” of the Portfolio (as defined in the Investment Company Act) for election by shareholders","page_number":25,"box":{"x":116,"y":683,"width":758,"height":13}},{"id":"8d91a2db-f727-43f2-a9ea-7bba2fd5419f","block_type":"box","text":"or appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and","page_number":25,"box":{"x":116,"y":699,"width":698,"height":13}},{"id":"3b3c0288-7067-4bdd-ac8c-bdb99929617d","block_type":"box","text":"Committees of the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board","page_number":25,"box":{"x":117,"y":714,"width":759,"height":13}},{"id":"184f24bc-9e84-47fc-a057-8767a3651247","block_type":"box","text":"and Committees of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in","page_number":25,"box":{"x":116,"y":730,"width":753,"height":13}},{"id":"745a33a6-8759-4961-8051-9baa568c224f","block_type":"box","text":"respect to Independent Director compensation; (v) monitoring corporate governance matters and making","page_number":25,"box":{"x":116,"y":745,"width":704,"height":13}},{"id":"902813d8-223d-4de9-9920-345026754d37","block_type":"box","text":"recommendations in respect thereof to the Board; (vi) acting as the administrative committee with respect to","page_number":25,"box":{"x":116,"y":761,"width":722,"height":13}},{"id":"173f451f-a9c3-4660-8534-03689f8df804","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":25,"box":{"x":116,"y":776,"width":762,"height":13}},{"id":"96ce8a7b-60d8-404d-aa82-a33d716e2274","block_type":"box","text":"ethics as they relate to the Independent Directors; and (vii) reviewing and making recommendations to the Board","page_number":25,"box":{"x":116,"y":792,"width":755,"height":13}},{"id":"67a49507-284f-4775-af77-2c15c60a1082","block_type":"box","text":"in respect of Portfolio share ownership by the Independent Directors. The Board has adopted a written charter for","page_number":25,"box":{"x":116,"y":807,"width":763,"height":13}},{"id":"4ae9cc68-29c3-4394-b41a-34d957536e48","block_type":"box","text":"the Board’s Governance and Nominating Committee. During the fiscal year ended December 31, 2025, the","page_number":25,"box":{"x":116,"y":823,"width":718,"height":13}},{"id":"b8e99fde-7e7a-49a4-acf2-cbd9238bb5f2","block_type":"box","text":"Governance and Nominating Committee met four times.","page_number":25,"box":{"x":117,"y":838,"width":380,"height":13}},{"id":"991576ce-2ab1-43af-9570-c93717b02b45","block_type":"box","text":"I-10","page_number":25,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"2152498c-4262-4c28-bcc8-3e7bb52c3204","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":25,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b3d9094e-d226-43ab-8add-4b29a54248d9","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board","page_number":26,"box":{"x":116,"y":79,"width":747,"height":13}},{"id":"90eae3e6-a9df-488e-9111-dd598e07199d","block_type":"box","text":"who have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the","page_number":26,"box":{"x":116,"y":94,"width":724,"height":13}},{"id":"70fda2a9-3dc8-4afe-86c6-7b94b4dfff0b","block_type":"box","text":"Board will be better suited to fulfill its responsibility of overseeing the Portfolio’s activities. In so doing, the","page_number":26,"box":{"x":116,"y":110,"width":730,"height":13}},{"id":"4af87fa0-21ab-4b5a-a5d2-6ae6db5553ce","block_type":"box","text":"Governance and Nominating Committee reviews the size of the Board, the ages of the current Directors and","page_number":26,"box":{"x":117,"y":125,"width":739,"height":13}},{"id":"5a15cf2d-432d-4219-afa1-07105c1ffe8b","block_type":"box","text":"their tenure on the Board, and the skills, background and experiences of the Directors in light of the issues","page_number":26,"box":{"x":116,"y":141,"width":727,"height":13}},{"id":"cf512232-664b-47c0-bc92-8250432794e0","block_type":"box","text":"facing the Portfolio in determining whether one or more new directors should be added to the Board. The","page_number":26,"box":{"x":116,"y":156,"width":724,"height":13}},{"id":"b931f373-2b36-470e-a54a-87e7e1443cbe","block_type":"box","text":"Board as a group strives to achieve diversity in terms of gender, race and geographic location. The Governance","page_number":26,"box":{"x":116,"y":172,"width":758,"height":13}},{"id":"9f0146f6-2426-4cc0-9aac-75bfc6dc675b","block_type":"box","text":"and Nominating Committee believes that the Directors as a group possess the array of skills, experiences and","page_number":26,"box":{"x":116,"y":187,"width":747,"height":13}},{"id":"09517920-1bc6-4384-a86c-ebf42ca35765","block_type":"box","text":"backgrounds necessary to guide the Portfolio. The Directors’ biographies included herein highlight the diversity","page_number":26,"box":{"x":116,"y":203,"width":762,"height":13}},{"id":"0d8af88b-b3a0-43c4-b99f-0e0c7ca3b4c8","block_type":"box","text":"and breadth of skills, qualifications and expertise that the Directors bring to the Portfolio.","page_number":26,"box":{"x":116,"y":218,"width":614,"height":13}},{"id":"6f9ec4b2-14ee-4ac7-998e-c01aa724e793","block_type":"box","text":"The Governance and Nominating Committee may consid","page_number":26,"box":{"x":116,"y":242,"width":399,"height":12}},{"id":"e815da19-f0b4-4c8d-93d4-1b3ee91dbf5a","block_type":"box","text":"er nominations for Directors made by the Portfolio’s","page_number":26,"box":{"x":516,"y":242,"width":364,"height":12}},{"id":"948fd64d-d321-4183-b221-ca9f56813f52","block_type":"box","text":"shareholders as it deems appropriate. Under the Fund’s Bylaws, shareholders must follow certain procedures","page_number":26,"box":{"x":116,"y":257,"width":752,"height":13}},{"id":"fe5978e6-03ac-4728-b139-857fb9aa4115","block_type":"box","text":"to nominate a person for election as a Director at a shareholder meeting at which Directors are to be elected.","page_number":26,"box":{"x":116,"y":273,"width":753,"height":12}},{"id":"45384a67-2b90-4940-8a55-60c1b53b9cc0","block_type":"box","text":"Under these advance notice procedures, sharehold","page_number":26,"box":{"x":116,"y":288,"width":347,"height":13}},{"id":"a5ecea93-a577-42a8-9201-1e3c8a6ecb45","block_type":"box","text":"ers must submit the proposed nominee by delivering a","page_number":26,"box":{"x":463,"y":288,"width":374,"height":13}},{"id":"e676fb94-b6ae-4273-a080-d910b09a521d","block_type":"box","text":"notice to the Secretary of the Fund at its principal executive offices no later than the close of business on the","page_number":26,"box":{"x":116,"y":304,"width":747,"height":12}},{"id":"507499b8-548c-454a-ab04-b654549a20ba","block_type":"box","text":"fifth (5th) day following the day on which notice of the date of the meeting was mailed or public disclosure of","page_number":26,"box":{"x":116,"y":319,"width":762,"height":13}},{"id":"c8475999-a1ea-4719-928f-b730823c9f5d","block_type":"box","text":"the date of the meeting was made, whichever first occurs.","page_number":26,"box":{"x":116,"y":335,"width":397,"height":12}},{"id":"849b312c-81dc-4456-8529-6e3da3321008","block_type":"box","text":"The Fund’s Bylaws provide that notice of a proposed nomination must include certain information about the","page_number":26,"box":{"x":116,"y":358,"width":755,"height":13}},{"id":"96e160e3-f94c-42dc-b198-f685b4609113","block_type":"box","text":"shareholder and the nominee, as well as certain other information, including a written consent of the","page_number":26,"box":{"x":116,"y":373,"width":698,"height":13}},{"id":"936453c6-d5ce-4c73-a0e4-b4133a4ee2f1","block_type":"box","text":"proposed nominee to serve if elected. Reference is made to the Fund’s Bylaws for more details.","page_number":26,"box":{"x":116,"y":389,"width":653,"height":13}},{"id":"48344d85-34ac-4216-916c-76998249f37f","block_type":"box","text":"Compliance Committee.","page_number":26,"box":{"x":117,"y":412,"width":167,"height":13}},{"id":"7ba1b883-fc32-4e78-95dd-1cb4b9bcede4","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair),","page_number":26,"box":{"x":290,"y":412,"width":553,"height":13}},{"id":"a435a008-a9be-4235-886f-a89b9d6579e3","block_type":"box","text":"Stayce D. Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Directors. The","page_number":26,"box":{"x":116,"y":428,"width":707,"height":12}},{"id":"bd1c9514-f823-4710-b0ac-afbdc8f180b1","block_type":"box","text":"Compliance Committee’s purpose is to assist th","page_number":26,"box":{"x":117,"y":443,"width":328,"height":13}},{"id":"4a92764b-010e-4347-8e3e-f7e6d5afd01d","block_type":"box","text":"e Board in fulfilling its responsibility with respect to the","page_number":26,"box":{"x":445,"y":443,"width":385,"height":13}},{"id":"ef28d231-9340-4c48-b4af-f85f11794f4a","block_type":"box","text":"oversight of regulatory and fiduciary compliance matters involving the Portfolio, the fund-related activities of","page_number":26,"box":{"x":116,"y":459,"width":758,"height":12}},{"id":"3f9a9e0d-8b90-484f-8697-83503d506ef8","block_type":"box","text":"BlackRock, and any sub-advisers and the Portfolio’s other third party service providers. The Compliance","page_number":26,"box":{"x":116,"y":474,"width":726,"height":13}},{"id":"f761bd46-2b84-44df-836e-e1d9b00c87fd","block_type":"box","text":"Committee’s responsibilities include, without limitation: (i) overseeing the compliance policies and procedures","page_number":26,"box":{"x":117,"y":490,"width":760,"height":12}},{"id":"d292af43-05ee-440e-9092-6810eb3f0b96","block_type":"box","text":"of the Portfolio and its service providers and recommending changes or additions to such policies and","page_number":26,"box":{"x":116,"y":505,"width":704,"height":13}},{"id":"adad56a2-0219-442d-90f5-96eb668bccde","block_type":"box","text":"procedures; (ii) reviewing information on and, where appropriate, recommending policies concerning the","page_number":26,"box":{"x":116,"y":521,"width":727,"height":12}},{"id":"fb8f27a0-d0f5-4674-a0c3-e116cd60c1c5","block_type":"box","text":"Portfolio’s compliance with applicable law; (iii) revie","page_number":26,"box":{"x":116,"y":536,"width":365,"height":13}},{"id":"286ed7b4-0af4-4503-a658-e4dadf632f9e","block_type":"box","text":"wing information on any significant correspondence with","page_number":26,"box":{"x":482,"y":536,"width":398,"height":13}},{"id":"d8d33081-5467-42ca-bc99-b63e150b3157","block_type":"box","text":"or other actions by regulators or governmental agencies with respect to the Portfolio and any employee","page_number":26,"box":{"x":116,"y":552,"width":715,"height":12}},{"id":"d4cd12ee-ebb7-4372-bb33-0f5694c7e820","block_type":"box","text":"complaints or published reports that raise concerns regarding compliance matters; and (iv) reviewing reports","page_number":26,"box":{"x":116,"y":567,"width":752,"height":13}},{"id":"3512b5ae-a65e-466f-8bf1-c65ebb86d0e3","block_type":"box","text":"from, overseeing the annual performance review of, and making certain recommendations in respect of, the","page_number":26,"box":{"x":116,"y":583,"width":744,"height":12}},{"id":"f4d1a190-cd9b-4ffc-9d6b-2898a7f3296e","block_type":"box","text":"Fund’s CCO, including, without limitation, determining the amount and structure of the CCO’s","page_number":26,"box":{"x":116,"y":598,"width":666,"height":13}},{"id":"09ef4306-6e79-4c44-932b-c940633163ef","block_type":"box","text":"compensation. The Board has adopted a written charter for the Board’s Compliance Committee. During the","page_number":26,"box":{"x":116,"y":614,"width":750,"height":12}},{"id":"1c0f715d-2b47-4472-bea3-01c2058d5590","block_type":"box","text":"fiscal year ended December 31, 2025, the Compliance Committee met four times.","page_number":26,"box":{"x":116,"y":629,"width":565,"height":13}},{"id":"5a10c469-787c-4a55-94e1-26f1b216550c","block_type":"box","text":"Performance Oversight Committee.","page_number":26,"box":{"x":116,"y":652,"width":247,"height":13}},{"id":"2e78fefa-96e1-4c86-86e6-c61d24636226","block_type":"box","text":"The Board has a Performance Oversight Committee composed of","page_number":26,"box":{"x":369,"y":652,"width":454,"height":13}},{"id":"7d3e9768-09c2-4540-a452-89a2f0f6d81d","block_type":"box","text":"Arthur P. Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman,","page_number":26,"box":{"x":116,"y":668,"width":718,"height":13}},{"id":"0c30fb11-ba27-46f3-8c64-c36a7620002f","block_type":"box","text":"R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Directors. The Performance Oversight","page_number":26,"box":{"x":116,"y":683,"width":749,"height":13}},{"id":"cb26ebf3-03ab-4e4d-9a3d-ef40d156dcf7","block_type":"box","text":"Committee’s purpose is to assist the Board in fulfilling","page_number":26,"box":{"x":117,"y":699,"width":374,"height":13}},{"id":"0bbb1e37-0278-4494-b871-53b4f59ce9fa","block_type":"box","text":"its responsibility to oversee the Portfolio’s investment","page_number":26,"box":{"x":496,"y":699,"width":369,"height":13}},{"id":"c886d539-57b8-4111-a830-df39b7572377","block_type":"box","text":"performance relative to the Portfolio’s investment objective, policies and practices. The Performance Oversight","page_number":26,"box":{"x":116,"y":714,"width":766,"height":13}},{"id":"1ec18ab7-c3be-4fe0-9eac-240e91ef1df5","block_type":"box","text":"Committee’s responsibilities include, without limitation: (i) reviewing the Portfolio’s investment objective,","page_number":26,"box":{"x":117,"y":730,"width":731,"height":13}},{"id":"536366fe-45e1-43da-98c0-3e652e0a2785","block_type":"box","text":"policies and practices; (ii) recommending to the Board any required action in respect of changes in","page_number":26,"box":{"x":116,"y":745,"width":679,"height":13}},{"id":"e18ee870-ee77-45ed-b4c9-49284349444d","block_type":"box","text":"fundamental and non-fundamental investment restrictions; (iii) reviewing information on appropriate","page_number":26,"box":{"x":116,"y":761,"width":703,"height":13}},{"id":"105cf70a-10cd-4fa9-9d45-920eb9029116","block_type":"box","text":"benchmarks and competitive universes; (iv) reviewing the Portfolio’s investment performance relative to such","page_number":26,"box":{"x":116,"y":776,"width":755,"height":13}},{"id":"50a1efb9-b334-4814-a893-ae80539db7d5","block_type":"box","text":"benchmarks; (v) reviewing information on unusual or exceptional investment matters; (vi) reviewing whether","page_number":26,"box":{"x":116,"y":792,"width":757,"height":13}},{"id":"eba42733-3c9c-422f-9b4d-622a50b55bb9","block_type":"box","text":"the Portfolio has complied with its investment policies and restrictions; and (vii) overseeing policies,","page_number":26,"box":{"x":116,"y":807,"width":690,"height":13}},{"id":"e068f4cb-3015-481b-b3d2-c8081638ddef","block_type":"box","text":"procedures and controls regarding valuation of the Portfolio’s investments. The Board has adopted a written","page_number":26,"box":{"x":116,"y":823,"width":752,"height":13}},{"id":"1e306147-e000-4a21-912b-7d9434d4ff31","block_type":"box","text":"charter for the Board’s Performance Oversight Committee. During the fiscal year ended December 31, 2025,","page_number":26,"box":{"x":116,"y":838,"width":753,"height":13}},{"id":"b81ede62-d364-4e80-b1fd-1592a898d36d","block_type":"box","text":"the Performance Oversight Committee met four times.","page_number":26,"box":{"x":116,"y":854,"width":377,"height":13}},{"id":"21e1b557-718d-4251-b17f-f3680cfb3473","block_type":"box","text":"I-11","page_number":26,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"71835bb5-a988-4c82-aab5-aabdb9a2a389","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":26,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"74f0f5c6-b952-4c80-9ad6-107507280f26","block_type":"box","text":"Securities Lending Committee.","page_number":27,"box":{"x":116,"y":79,"width":212,"height":13}},{"id":"5efd8757-cafc-49b3-b52b-0c6b114bbc0a","block_type":"box","text":"The Board has a Securities Lending Committee composed Cynthia L. Egan","page_number":27,"box":{"x":334,"y":79,"width":518,"height":13}},{"id":"f533c9c5-ad2f-4c8a-a300-1bff973cc3a3","block_type":"box","text":"(Chair) and W. Carl Kester, both of whom are Independent Directors. The principal responsibilities of the","page_number":27,"box":{"x":117,"y":94,"width":734,"height":13}},{"id":"892faacd-ab4e-4ca5-a62b-1331031e898b","block_type":"box","text":"Securities Lending Committee include, without limitation: (i) supporting, overseeing and organizing on behalf","page_number":27,"box":{"x":116,"y":110,"width":761,"height":13}},{"id":"d534eb21-e5ea-44f1-9fc6-d051f16bc526","block_type":"box","text":"of the Board the process for oversight of the Fund’s securities lending activities; and (ii) providing a","page_number":27,"box":{"x":116,"y":125,"width":686,"height":13}},{"id":"d4caaf7a-1be9-4b50-8c7a-3b43344a63fd","block_type":"box","text":"recommendation to the Board regarding the annual approval of the Fund’s Securities Lending Guidelines and","page_number":27,"box":{"x":116,"y":141,"width":757,"height":13}},{"id":"fa131206-f606-452c-b27b-f164b2fc4107","block_type":"box","text":"the Fund’s agreement with the lending agent. The Board has adopted a written charter for the Board’s","page_number":27,"box":{"x":116,"y":156,"width":707,"height":13}},{"id":"40c70ac1-1b06-4db1-83fc-799217b607ae","block_type":"box","text":"Securities Lending Committee. During the fiscal year ended December 31, 2025, the Securities Lending","page_number":27,"box":{"x":116,"y":172,"width":713,"height":13}},{"id":"cb473e71-d950-4bef-9c87-3da31eeb6e37","block_type":"box","text":"Committee met two times.","page_number":27,"box":{"x":117,"y":188,"width":183,"height":9}},{"id":"e7322a63-4d2b-40a1-b981-aaafc1581ab8","block_type":"box","text":"Executive Committee.","page_number":27,"box":{"x":116,"y":211,"width":146,"height":10}},{"id":"368edd0c-8cec-4769-9487-b1b087f19935","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W.","page_number":27,"box":{"x":267,"y":211,"width":587,"height":12}},{"id":"98a200fe-80aa-449c-a19a-bc7b49f9638d","block_type":"box","text":"Carl Kester, both of whom are Independent Directors, and John M. Perlowski, who serves as an interested Director.","page_number":27,"box":{"x":117,"y":226,"width":765,"height":13}},{"id":"e87670ff-346a-46da-b9fe-6bfd542984ae","block_type":"box","text":"The principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters","page_number":27,"box":{"x":116,"y":242,"width":751,"height":12}},{"id":"c5b22d1b-9f94-4bb9-9ae8-fd9f2ff822d4","block_type":"box","text":"between meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the","page_number":27,"box":{"x":116,"y":257,"width":739,"height":13}},{"id":"77f3f44a-6467-4797-882b-ab3faa72a387","block_type":"box","text":"Board; and (iii) exercising such other authority as may from time to time be delegated to the Executive Committee","page_number":27,"box":{"x":116,"y":273,"width":753,"height":12}},{"id":"480b5d66-3ba6-4aca-bceb-1828304dc1d3","block_type":"box","text":"by the Board. The Board has adopted a written charter for the Board’s Executive Committee. During the fiscal year","page_number":27,"box":{"x":116,"y":288,"width":762,"height":13}},{"id":"f08f4abf-aa85-45df-b6f9-e86b19b1e077","block_type":"box","text":"ended December 31, 2025, the Executive Committee did not meet.","page_number":27,"box":{"x":116,"y":304,"width":441,"height":12}},{"id":"5a4796d7-4da7-4b1b-81e5-2da8e2fc420d","block_type":"box","text":"The Independent Directors have adopted a statement of policy that describes the experiences, qualifications,","page_number":27,"box":{"x":116,"y":327,"width":748,"height":13}},{"id":"6212ac9a-c862-485e-b96a-009f97e08a41","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Director candidates (the","page_number":27,"box":{"x":116,"y":342,"width":712,"height":13}},{"id":"c20816f8-f51e-4b55-b4c2-b134677a1c13","block_type":"box","text":"“Statement of Policy”). The Board believes that each Independent Director satisfied, at the time he or she was","page_number":27,"box":{"x":117,"y":358,"width":758,"height":13}},{"id":"4b24e345-b1d4-45b3-8035-d14fe6566604","block_type":"box","text":"initially elected or appointed a Director, and continues to satisfy, the standards contemplated by the Statement","page_number":27,"box":{"x":116,"y":373,"width":766,"height":13}},{"id":"6dada10d-26b2-4207-a6c6-f7734030acd8","block_type":"box","text":"of Policy as well as the standards set forth in the Fund’s Bylaws. Furthermore, in determining that a particular","page_number":27,"box":{"x":116,"y":389,"width":762,"height":13}},{"id":"03b1ad89-358a-4277-a58a-2985e0cd3885","block_type":"box","text":"Director was and continues to be qualified to serve as a Director, the Board has considered a variety of","page_number":27,"box":{"x":116,"y":404,"width":713,"height":13}},{"id":"d5a79b72-a113-46e5-b7a3-1b9adcc9c3c1","block_type":"box","text":"criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Directors have","page_number":27,"box":{"x":116,"y":420,"width":752,"height":13}},{"id":"0cf3b372-49ac-419a-a0a3-56f1b868c815","block_type":"box","text":"balanced and diverse experiences, skills, attributes and qualifications, which allow the Board to operate","page_number":27,"box":{"x":116,"y":435,"width":716,"height":13}},{"id":"089f4771-c362-4edb-b1fe-68f83dd0d9b6","block_type":"box","text":"effectively in governing the Portfolio and protecting the interests of shareholders. Among the attributes","page_number":27,"box":{"x":116,"y":451,"width":712,"height":13}},{"id":"2e52cc93-3238-414f-a2df-b7bcf568ccb0","block_type":"box","text":"common to all Directors is their ability to review critica","page_number":27,"box":{"x":116,"y":466,"width":385,"height":13}},{"id":"e5d6f7aa-ecef-4484-99e8-32bcf4ca4a36","block_type":"box","text":"lly, evaluate, question and discuss information","page_number":27,"box":{"x":502,"y":466,"width":321,"height":13}},{"id":"6b7a9e59-ff87-421d-acc1-8aaece4b4737","block_type":"box","text":"provided to them, to interact effectively with the Manager, sub-advisers, other service providers, counsel and","page_number":27,"box":{"x":116,"y":482,"width":753,"height":13}},{"id":"02a9843e-42f6-47cf-ae01-1778cbcdb5cf","block_type":"box","text":"independent auditors, and to exercise effective business judgment in the performance of their duties as","page_number":27,"box":{"x":116,"y":497,"width":707,"height":13}},{"id":"cf638f94-ecdd-474f-8b7f-19ddc1af0a1f","block_type":"box","text":"Directors. Each Director’s ability to perform his or her duties effectively is evidenced by his or her educational","page_number":27,"box":{"x":116,"y":513,"width":762,"height":13}},{"id":"9f8d3b2d-c4d7-4651-9926-73eb14563518","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience","page_number":27,"box":{"x":116,"y":528,"width":736,"height":13}},{"id":"7f830677-fda0-44fd-b973-7d679ed20721","block_type":"box","text":"from service as a board member of the Fund or the other funds in the BlackRock Fund Complexes (and any","page_number":27,"box":{"x":116,"y":544,"width":748,"height":13}},{"id":"ec1e7eec-2c53-4c14-aea8-171af0a9c6ac","block_type":"box","text":"predecessor funds), other investment funds, public companies, or not-for-profit entities or other organizations;","page_number":27,"box":{"x":116,"y":559,"width":764,"height":13}},{"id":"68a180e0-d776-441b-9751-a2053be98aac","block_type":"box","text":"ongoing commitment and participation in Board and C","page_number":27,"box":{"x":116,"y":575,"width":384,"height":13}},{"id":"5b48e29c-16c7-45d1-b252-9848e024b77f","block_type":"box","text":"ommittee meetings, as well as his or her leadership of","page_number":27,"box":{"x":501,"y":575,"width":370,"height":13}},{"id":"1b2ad4aa-567e-4a03-b5ce-318eab04ece2","block_type":"box","text":"standing and other committees throughout the years; or other relevant life experiences.","page_number":27,"box":{"x":116,"y":590,"width":601,"height":13}},{"id":"04500ec6-3cf3-4642-8b5c-40b15d4da156","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Director that support the","page_number":27,"box":{"x":116,"y":614,"width":751,"height":12}},{"id":"f1ae5c30-97d8-4c25-a3af-a6647937a988","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":27,"box":{"x":116,"y":629,"width":361,"height":10}},{"id":"9614a2bb-4fbb-4c4c-a99f-4a1846b1805a","block_type":"box","text":"Directors","page_number":27,"box":{"x":116,"y":657,"width":53,"height":8}},{"id":"f6abaef5-01c1-4000-940f-9dbed18c4ac9","block_type":"box","text":"Experience, Qualifications and Skills","page_number":27,"box":{"x":266,"y":657,"width":212,"height":10}},{"id":"69d44c54-494b-4fca-8baf-dc50a21f43dd","block_type":"box","text":"Independent Directors","page_number":27,"box":{"x":116,"y":679,"width":130,"height":10}},{"id":"da473dd4-0d65-4e05-b636-91c5c5af6ec9","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as the Chairman of \r\nhl f df hdf hd bbd hd","page_number":27,"box":{"x":116,"y":694,"width":752,"height":10}},{"id":"632c41c3-deff-47bb-8aa5-0e4a831baa84","block_type":"box","text":"g \r\nthe U.S. Council of Economic Advisers of the President of the United States. Dr. Hubbard has served as","page_number":27,"box":{"x":266,"y":704,"width":598,"height":8}},{"id":"a112d2a5-57c9-4cb6-adc8-45ceb33f1508","block_type":"box","text":"the Dean of Columbia Business School, as a member of the Columbia Faculty and as a Visiting Professor\r\nhhdhl f d hd hl d","page_number":27,"box":{"x":266,"y":714,"width":606,"height":10}},{"id":"a59c2da3-96ca-4fd5-9188-7f66fb0940e7","block_type":"box","text":"y g \r\nat the John F. Kennedy School of Government at Harvard University, the Harvard Business School and\r\nhf hbbddhdf hd","page_number":27,"box":{"x":266,"y":724,"width":597,"height":10}},{"id":"7ba0ea8a-7d0c-4d0a-87a3-7ca163e1d751","block_type":"box","text":"Jy y\r\nthe University of Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States\r\ndddf blhfld d","page_number":27,"box":{"x":266,"y":734,"width":594,"height":10}},{"id":"8d7be39a-45d3-49c5-8a24-e8a49b6a8297","block_type":"box","text":"y gp\r\nadds a dimension of balance to the Portfolio’s governance and provides perspective on economic issues.\r\nbbdhbdf d lfdh","page_number":27,"box":{"x":266,"y":744,"width":598,"height":10}},{"id":"8e715f06-0bf7-4c8b-92f7-653425af475e","block_type":"box","text":"gppp\r\nDr. Hubbard’s service on the boards of ADP and Metropolitan Life Insurance Company provides the\r\nd h hbff hh hf hfl","page_number":27,"box":{"x":266,"y":754,"width":585,"height":10}},{"id":"e071eaa2-4391-44f7-9ee0-ea8ea4a60cb7","block_type":"box","text":"ppy p\r\nBoard with the benefit of his experience with the management practices of other financial companies.\r\nbbdldhbdf df hldd fdh","page_number":27,"box":{"x":266,"y":764,"width":585,"height":10}},{"id":"f720ef29-d71f-4a86-a0d8-0c4d0ff91afe","block_type":"box","text":"pgpp\r\nDr. Hubbard’s long-standing service on the boards of directors/trustees of the closed-end funds in the\r\nlkk dlldhh fddf hfl","page_number":27,"box":{"x":266,"y":774,"width":586,"height":10}},{"id":"0ddcceda-6d37-44b2-a655-132458cf62d3","block_type":"box","text":"gg \r\nBlackRock Fixed-Income Complex also provides him with a specific understanding of the Portfolio, their\r\nd hbd lfhflbbdddf","page_number":27,"box":{"x":266,"y":784,"width":608,"height":10}},{"id":"8b45c731-a870-47dd-963f-98530f7ef492","block_type":"box","text":"pppg \r\noperations, and the business and regulatory issues facing the Portfolio. Dr. Hubbard’s independence from\r\nhfld hhhhf hdhf h","page_number":27,"box":{"x":266,"y":794,"width":611,"height":10}},{"id":"47662b38-a7cf-45fa-b26d-585f27c4829c","block_type":"box","text":"pgy g p\r\nthe Portfolio and the Manager enhances his service as Chair of the Board, Chair of the Executive\r\nd bf hd hl","page_number":27,"box":{"x":266,"y":804,"width":560,"height":10}},{"id":"74c911eb-558a-433f-867b-d3ca174a12d5","block_type":"box","text":"g\r\nCommittee and a member of the Governance and Nominating Committee, the Compliance Committee\r\nd hfh","page_number":27,"box":{"x":266,"y":814,"width":594,"height":10}},{"id":"c53dd573-c259-44c5-a855-9cee5d0acd10","block_type":"box","text":"and the Performance Oversight Committee.","page_number":27,"box":{"x":266,"y":824,"width":251,"height":10}},{"id":"a75517bb-d53f-42f4-80d4-f2f1e18d3071","block_type":"box","text":"I-12","page_number":27,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"4f74fc91-66d0-44be-aff8-1bbc7057c674","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":27,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"12124ced-aafd-4e57-a54b-0387e28f28b1","block_type":"box","text":"Directors","page_number":28,"box":{"x":116,"y":76,"width":53,"height":8}},{"id":"72e9520f-2c37-4e9c-a42d-d1d72f4d703b","block_type":"box","text":"Experience, Qualifications and Skills","page_number":28,"box":{"x":266,"y":76,"width":212,"height":10}},{"id":"000f759b-c571-4881-9fba-34ae2c592250","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in finance, and his \r\nhhkff dd","page_number":28,"box":{"x":116,"y":95,"width":713,"height":10}},{"id":"125b8b3b-4fb2-4f21-9eb3-6612f056cff4","block_type":"box","text":"pp\r\nexperience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business School\r\nd f dffd hl fhh ddh","page_number":28,"box":{"x":266,"y":105,"width":609,"height":10}},{"id":"adb295d5-b3aa-4db0-8ad3-7c19d1bc7469","block_type":"box","text":"pg\r\nand as Deputy Dean of Academic Affairs at Harvard Business School from 2006 through 2010 adds to the\r\nd lh f fd hhd d","page_number":28,"box":{"x":266,"y":115,"width":608,"height":10}},{"id":"0cdcff82-bebb-4d36-b7a0-d35034ddcc51","block_type":"box","text":"py g\r\nBoard a wealth of expertise in corporate finance and corporate governance. Dr. Kester has authored and\r\ndd bkd h bh blddldl","page_number":28,"box":{"x":266,"y":125,"width":596,"height":11}},{"id":"b59517f6-8fea-4730-b1c1-9ca56640f2cb","block_type":"box","text":"ppp\r\nedited numerous books and research papers on both subject \r\nf fdd lddl","page_number":28,"box":{"x":266,"y":136,"width":342,"height":10}},{"id":"bd2be660-2ea5-4279-a496-16523b6cf209","block_type":"box","text":"g\r\nmatters, including co-editing a leading volume \r\ndhbdf d","page_number":28,"box":{"x":612,"y":136,"width":263,"height":10}},{"id":"9f699a96-72da-47d7-b43e-4870c822bab6","block_type":"box","text":"pp\r\nof finance case studies used worldwide. Dr. Kester’s l","page_number":28,"box":{"x":266,"y":146,"width":302,"height":8}},{"id":"46c542a3-ed31-4e46-93e1-8700ad398437","block_type":"box","text":"jg g g \r\nong-standing service on the boards of directors/trustees \r\nlldhh f","page_number":28,"box":{"x":569,"y":146,"width":314,"height":10}},{"id":"b6cb86ef-cfa8-4d7b-90ad-476f3cf87e93","block_type":"box","text":"gg \r\nof the closed-end funds in the BlackRock Fixed-Income Complex also provides him with a specific\r\nddf hflhd hbd lfh","page_number":28,"box":{"x":266,"y":156,"width":561,"height":10}},{"id":"5e4daa0a-ecad-40dc-b6f5-1edaa313ea57","block_type":"box","text":"understanding of the Portfolio, their operations, and the \r\nddfhfld h","page_number":28,"box":{"x":266,"y":166,"width":320,"height":11}},{"id":"8967dc64-3f9b-494a-b978-f35511631bef","block_type":"box","text":"ppp\r\nbusiness and regulatory issues facing the Portfolio. \r\nhhhf h","page_number":28,"box":{"x":590,"y":166,"width":287,"height":11}},{"id":"2f307b74-edd1-47f9-89f2-69e166def03f","block_type":"box","text":"g pgy g \r\nDr. Kester’s independence from the Portfolio and the Manager enhances his service as a Vice Chair of the\r\ndhf hd d bf h","page_number":28,"box":{"x":266,"y":176,"width":601,"height":11}},{"id":"3405243f-450b-4207-9381-e59bc4288254","block_type":"box","text":"pg\r\nBoard, Chair of the Governance and Nominating Committee and a member of the Executive Committee,\r\nhlhfhd hd","page_number":28,"box":{"x":266,"y":187,"width":599,"height":10}},{"id":"f470cdcc-fa2c-48e4-8acc-d65dff0e8289","block_type":"box","text":"g \r\nthe Compliance Committee, the Performance Oversi","page_number":28,"box":{"x":266,"y":197,"width":298,"height":10}},{"id":"5bd27bf2-c7ee-4c55-b153-73c5742e3a1e","block_type":"box","text":"ght Committee and the Securities Lending Committee.","page_number":28,"box":{"x":565,"y":197,"width":309,"height":10}},{"id":"039900ac-21fe-4a17-8097-f3cd23479fe1","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment companies and the \r\ndlf hf dl","page_number":28,"box":{"x":116,"y":213,"width":738,"height":10}},{"id":"22a270fa-a22e-46e4-b14e-4f5339c89585","block_type":"box","text":"ygggp\r\nretirement industry as a result of her many years of experience as President, Retirement Plan Services, for\r\nd hffdl","page_number":28,"box":{"x":266,"y":223,"width":607,"height":10}},{"id":"87868f89-4ce5-4e65-937f-b5ba9665a543","block_type":"box","text":"y y yp\r\nT. Rowe Price Group, Inc. and her various senior operating officer positions at Fidelity Investments,\r\nldhdf df dll","page_number":28,"box":{"x":266,"y":233,"width":579,"height":10}},{"id":"1e3780d5-3d5b-404b-a813-970e7687a347","block_type":"box","text":"ppg py \r\nincluding her service as Executive Vice President of FMR Co., President of Fidelity Institutional Services\r\nd df hdlhblfdhld d","page_number":28,"box":{"x":266,"y":243,"width":601,"height":10}},{"id":"ec03c660-ed8d-47c6-b41d-d2d686a2c89a","block_type":"box","text":"g y \r\nCompany and President of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to\r\nhf dbh","page_number":28,"box":{"x":266,"y":253,"width":596,"height":11}},{"id":"b6c7a98e-3760-451e-bdf6-c45ba687f4e8","block_type":"box","text":"py y g\r\nthe U.S. Department of Treasury as an expert in domestic retirement security. Ms. Egan began her\r\nfl hd f f hdl d hdl k","page_number":28,"box":{"x":266,"y":264,"width":568,"height":10}},{"id":"363b1e5d-ea0b-45f8-99fb-fbbf7819440a","block_type":"box","text":"py pygg\r\nprofessional career at the Board of Governors of the Federal Reserve and the Federal Reserve Bank of\r\nkldf blldd","page_number":28,"box":{"x":266,"y":274,"width":588,"height":10}},{"id":"59db0092-60a8-4641-8f66-3d87c3a707c3","block_type":"box","text":"p\r\nNew York. Ms. Egan is also a director of UNUM Corporation, a publicly traded insurance company\r\ndl k d dd hf hd f h","page_number":28,"box":{"x":266,"y":284,"width":583,"height":10}},{"id":"0a28f8bb-5616-463c-92f6-3e5bb831c9a9","block_type":"box","text":"gppy py\r\nproviding personal risk reinsurance, and a director and Chair of the Board of The Hanover Group, a\r\nblllhld dddd","page_number":28,"box":{"x":266,"y":294,"width":583,"height":10}},{"id":"953f50da-93a9-4197-9b09-61f845f5c080","block_type":"box","text":"pg pp\r\npublic property casualty insurance company. Ms. Egan is also the lead independent director and non\r\nhf hd f blldd fd","page_number":28,"box":{"x":266,"y":304,"width":587,"height":11}},{"id":"d949a04c-9494-484b-92e9-bdc07cce0dc9","block_type":"box","text":"pppy y pygp\r\nexecutive Vice Chair of the Board of Huntsman Corporation, a publicly traded manufacturer and\r\nkf hl dddfhfld hh","page_number":28,"box":{"x":266,"y":315,"width":565,"height":10}},{"id":"f562684c-e8b8-43e9-85da-9a2076260c7b","block_type":"box","text":"ppy \r\nmarketer of chemical products. Ms. Egan’s independence from the Portfolio and the Manager enhances\r\nhhf hlhf hdd","page_number":28,"box":{"x":266,"y":325,"width":598,"height":10}},{"id":"932ef449-7410-4ee5-bec3-7e5f3e45ca05","block_type":"box","text":"pgpg\r\nher service as Chair of the Compliance Committee, Chair of the Securities Lending Committee and a\r\nbf hd d hfh","page_number":28,"box":{"x":266,"y":335,"width":581,"height":10}},{"id":"cfc31a87-47b8-45c5-b5be-6937e4d5c031","block_type":"box","text":"pg \r\nmember of the Governance and Nominating Committee and the Performance Oversight Committee.","page_number":28,"box":{"x":266,"y":345,"width":579,"height":10}},{"id":"68b1834e-4713-428e-a28c-ee1abd0b3feb","block_type":"box","text":"Lorenzo A. Flores The Board benefits from Lorenzo A. Flores’s many years of business, leadership and financial experience \r\nhlbld llhf l","page_number":28,"box":{"x":116,"y":361,"width":755,"height":10}},{"id":"12a0498f-4016-4846-8085-00b68ef727e1","block_type":"box","text":"y yp p\r\nin his roles at various public and private companies. In particular, Mr. Flores’s service as Chief Financial\r\nfff ddhddld","page_number":28,"box":{"x":266,"y":371,"width":604,"height":10}},{"id":"cb972cb1-3835-4470-b9a7-197d13f74d1a","block_type":"box","text":"pppp\r\nOfficer of Lattice Semiconductor Corporation, a semiconductor company that designs, develops, and\r\nkblldd ld fhf l fff l d","page_number":28,"box":{"x":266,"y":381,"width":585,"height":11}},{"id":"0a9d6510-adda-4b50-b30b-a4623b071634","block_type":"box","text":"ppy gp\r\nmarkets programmable logic products and related software, Chief Financial Officer of Intel Foundry, a\r\ndff l d llf l","page_number":28,"box":{"x":266,"y":392,"width":595,"height":10}},{"id":"5aad76f4-e142-46b6-b093-be63c79ece87","block_type":"box","text":"pggpy\r\nsemiconductor manufacturing unit of Intel Corporation, and Corporate Controller of Xilinx, Inc., a\r\nhld dhlblldd h","page_number":28,"box":{"x":266,"y":402,"width":578,"height":10}},{"id":"9a3fe189-c365-492a-813b-72a937123ab8","block_type":"box","text":"g pp\r\ntechnology and semiconductor company that supplies programmable logic devices, and Vice Chairman of\r\nfd lf flh d ld dd hl","page_number":28,"box":{"x":266,"y":412,"width":612,"height":10}},{"id":"cc196318-f3cf-4cdd-9840-905af498e878","block_type":"box","text":"gy py pppgg\r\nKioxia, Inc., a manufacturer and supplier of flash memory and solid state drives, and his long experience\r\nhhldllhdhflbd hld","page_number":28,"box":{"x":266,"y":422,"width":606,"height":10}},{"id":"c2c9a658-c4f1-4171-861d-beb1b5061fef","block_type":"box","text":"ppy g p\r\nin the technology industry allow him to provide insight to into financial, business and technology trends.\r\nlkldf fl d lfhhf hd","page_number":28,"box":{"x":266,"y":432,"width":605,"height":11}},{"id":"f9363dba-19bf-442c-aa43-c98891740799","block_type":"box","text":"gy y pggy \r\nMr. Flores’s knowledge of financial and accounting matters qualifies him to serve as Chair of the Audit\r\nlddfhfld hhh","page_number":28,"box":{"x":266,"y":443,"width":598,"height":10}},{"id":"0d8ad774-4fff-4f89-8c66-5a024c10fd27","block_type":"box","text":"gg q\r\nCommittee. Mr. Flores’s independence from the Portfolio and the Manager enhances his service as a\r\nbf hfh","page_number":28,"box":{"x":266,"y":453,"width":580,"height":10}},{"id":"83f67afd-d2ef-4c21-9c5e-9e5e16ddd46d","block_type":"box","text":"p\r\nmember of the Performance Oversight Committee.","page_number":28,"box":{"x":266,"y":463,"width":292,"height":10}},{"id":"d7fb1935-12cf-40a2-a22b-7b216bf93af5","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained during her \r\nlldhl f hd","page_number":28,"box":{"x":116,"y":479,"width":728,"height":10}},{"id":"a19091b1-1e00-4ea3-9b65-244cd8607fcd","block_type":"box","text":"yp gpgg \r\nextensive military career, including as a three-star Lieutenant General of the United States Air Force. In\r\nhld hd hf f ff f h","page_number":28,"box":{"x":266,"y":489,"width":596,"height":10}},{"id":"d726d160-4fcf-49d1-89a4-c232a078c5f7","block_type":"box","text":"y g \r\nher most recent role, Ms. Harris reported to the Secretary and Chief of Staff of the Air Force on matters\r\nffffd hldlf d","page_number":28,"box":{"x":266,"y":499,"width":600,"height":10}},{"id":"d6decd73-0957-4664-bd44-57a71834fd6f","block_type":"box","text":"py \r\nconcerning Air Force effectiveness, efficiency and the military discipline of active duty, Air Force Reserve\r\nd l d fldhf","page_number":28,"box":{"x":266,"y":509,"width":606,"height":10}},{"id":"8ebdad2d-6435-4137-a3bc-1518988bf82f","block_type":"box","text":"g y y py\r\nand Air National Guard forces. Ms. Harris’s experience on governance matters includes oversight of\r\nld hd lfll ld","page_number":28,"box":{"x":266,"y":519,"width":581,"height":11}},{"id":"7464c57a-c9fa-46f2-9469-7bb2f90467b9","block_type":"box","text":"pgg\r\ninspection policy and the inspection and evaluation system for all Air Force nuclear and conventional\r\nfhf lld hll","page_number":28,"box":{"x":266,"y":530,"width":586,"height":10}},{"id":"b1f23615-a350-41f6-85ac-558e8d2a7728","block_type":"box","text":"ppy py\r\nforces; oversight of Air Force counterintelligence operations and service on the Air Force Intelligence\r\nhlf fdd bd hf l d","page_number":28,"box":{"x":266,"y":540,"width":581,"height":10}},{"id":"712925d7-928e-45c6-b137-f2be9fdf911b","block_type":"box","text":"ggpg\r\nOversight Panel; investigation of fraud, waste and abuse; and oversight of criminal investigations and\r\nllldf h","page_number":28,"box":{"x":266,"y":550,"width":587,"height":10}},{"id":"d3291fa9-702d-4546-97fd-c1378599896b","block_type":"box","text":"gggg\r\ncomplaints resolution programs. Ms. Harris is also a director of The Boeing Company. Ms. Harris’s\r\nddfhfld hhhbf hl","page_number":28,"box":{"x":266,"y":560,"width":579,"height":11}},{"id":"21f30e48-8ca6-40fc-b88d-404122339dce","block_type":"box","text":"ppgg py\r\nindependence from the Portfolio and the Manager enhances her service as a member of the Compliance\r\nd hfh","page_number":28,"box":{"x":266,"y":570,"width":598,"height":11}},{"id":"6049ea9b-f3fd-4bfe-8c8e-25ac9bc2ccd3","block_type":"box","text":"pg\r\nCommittee and the Performance Oversight Committee.","page_number":28,"box":{"x":266,"y":581,"width":319,"height":10}},{"id":"732fc722-28d0-473b-b2ca-b0ac951ab1ba","block_type":"box","text":"J. Phillip Holloman The Board benefits from J. Phillip Holloman’s many years of business and leadership experience as an \r\ndd dbd bf bld l","page_number":28,"box":{"x":115,"y":596,"width":741,"height":11}},{"id":"60a44294-1992-4de5-984d-7729bb291c33","block_type":"box","text":"p y yp p\r\nexecutive, director and advisory board member of various public and private companies. In particular,\r\nlld hf dd hf ff","page_number":28,"box":{"x":266,"y":607,"width":592,"height":10}},{"id":"0dd99fe3-c33c-4da6-a497-f195bf039650","block_type":"box","text":"y pppp\r\nMr. Holloman’s service as Board Chairman of Vestis Corporation, President and Chief Operating Officer\r\nf llhdhbdd dll","page_number":28,"box":{"x":266,"y":617,"width":611,"height":10}},{"id":"55fd87ca-89c6-4ad1-8cca-a7f11c597ad8","block_type":"box","text":"ppg \r\nof Cintas Corporation allows him to provide insight into business trends and conditions. Mr. Holloman’s\r\nkldf fl d lfhbf hd","page_number":28,"box":{"x":266,"y":627,"width":610,"height":10}},{"id":"3da0d096-2af8-415b-a995-591520042220","block_type":"box","text":"ppg\r\nknowledge of financial and accounting matters qualifies him to serve as a member of the Audit\r\nllddfhfld hhh","page_number":28,"box":{"x":266,"y":637,"width":549,"height":10}},{"id":"fc3471b5-c280-4fbb-8fe2-4256227bffea","block_type":"box","text":"gg q\r\nCommittee. Mr. Holloman’s independence from the Portfolio and the Manager enhances his service as a\r\nbf hd d hfh","page_number":28,"box":{"x":266,"y":647,"width":604,"height":11}},{"id":"4d9dd2b9-df9d-49f2-bb52-fea7a38ca7fd","block_type":"box","text":"pg\r\nmember of the Governance and Nominating Committee and the Performance Oversight Committee.","page_number":28,"box":{"x":266,"y":658,"width":580,"height":10}},{"id":"a267dab4-8c8d-4b63-8d8a-cc1aaf8ca160","block_type":"box","text":"Arthur P. Steinmetz The Board benefits from Arthur P. Steinmetz’s many years of business and leadership experience as an \r\nhd df hfl d","page_number":28,"box":{"x":116,"y":673,"width":741,"height":10}},{"id":"1f4bef9c-e074-4181-9e82-a91202df5f4b","block_type":"box","text":"y yp p\r\nexecutive, chairman and director of various companies in the financial industry. Mr. Steinmetz’s service as\r\nhhf ffd df hhdd","page_number":28,"box":{"x":266,"y":683,"width":615,"height":11}},{"id":"16d115e7-d537-4130-aa2c-464cde3e821f","block_type":"box","text":"py\r\nChairman, Chief Executive Officer and President of the Oppenheimer Funds, Inc. and as Trustee,\r\ndd l fff hdfddh","page_number":28,"box":{"x":266,"y":693,"width":563,"height":11}},{"id":"1f23cce6-b7fd-45f9-be03-7c01b0d31f88","block_type":"box","text":"pp\r\nPresident and Principal Executive Officer of certain Oppenheimer Funds funds provides insight into the\r\ndhld f k","page_number":28,"box":{"x":266,"y":704,"width":598,"height":10}},{"id":"2d7fddc8-c2a8-4ac3-937c-829fc26ae747","block_type":"box","text":"ppppg\r\nasset management industry. He has also served as a Director of ScotiaBank (U.S.). Mr. Steinmetz’s\r\nkldf fl d lfhbf hd","page_number":28,"box":{"x":266,"y":714,"width":568,"height":10}},{"id":"209e3f27-f1b2-49d1-a07c-13875a649214","block_type":"box","text":"gy\r\nknowledge of financial and accounting matters qualifies him to serve as a member of the Audit\r\nddfhd d hhh","page_number":28,"box":{"x":266,"y":724,"width":549,"height":10}},{"id":"a12fab82-a138-4563-9d50-39c845a9714c","block_type":"box","text":"gg q\r\nCommittee. Mr. Steinmetz’s independence from the Fund and the Manager enhances his service as Chair\r\nf hfh","page_number":28,"box":{"x":266,"y":734,"width":606,"height":11}},{"id":"062aa046-8f42-4737-a03c-0fa8eedd5cde","block_type":"box","text":"p\r\nof the Performance Oversight Committee.","page_number":28,"box":{"x":266,"y":745,"width":241,"height":10}},{"id":"47d4ac10-b9d2-4de2-a42d-582a7a1b1286","block_type":"box","text":"Interested Directors","page_number":28,"box":{"x":116,"y":763,"width":115,"height":8}},{"id":"e6f5982f-1e81-4d15-a84e-2fb696886f09","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30 years of \r\nfd lbh","page_number":28,"box":{"x":116,"y":778,"width":715,"height":10}},{"id":"ef911a7b-89dc-42d4-842d-e0298f78ef32","block_type":"box","text":"ypy\r\nexperience in finance and asset management. In particular, Mr. Fairbairn’s positions as Vice Chairman of\r\nlkkbf lkklbl d hf lkk","page_number":28,"box":{"x":266,"y":788,"width":610,"height":10}},{"id":"eeb92016-71cf-4062-b6af-7427f5967dfd","block_type":"box","text":"pgpp\r\nBlackRock, Inc., Member of BlackRock’s Global Operating Committee and Co-Chair of BlackRock’s\r\nl dhd h lh f l bkldd","page_number":28,"box":{"x":266,"y":798,"width":588,"height":11}},{"id":"966d65d1-3b27-4dc1-b6b5-c08880ca7995","block_type":"box","text":"pg \r\nHuman Capital Committee provide the Board with a wealth of practical business knowledge and\r\nldhddbhlbl d h","page_number":28,"box":{"x":266,"y":809,"width":561,"height":10}},{"id":"59809300-53aa-4098-8043-68b3de9def26","block_type":"box","text":"pppg\r\nleadership. In addition, Mr. Fairbairn has global investment management and oversight experience\r\nhh hfbf lkklbl lbl","page_number":28,"box":{"x":266,"y":819,"width":571,"height":10}},{"id":"784a5a92-62b6-40de-87b4-e3b25dc28a09","block_type":"box","text":"pgggp\r\nthrough his former positions as Member of BlackRock’s Global Executive Committee, Global Head of\r\nlkkl d h\r\n® b\r\nd f lkklbl lhf","page_number":28,"box":{"x":266,"y":829,"width":594,"height":10}},{"id":"42fd58a7-63ed-4b2a-b36d-6dc5082269ed","block_type":"box","text":"gp\r\nBlackRock’s Retail and iShares","page_number":28,"box":{"x":266,"y":839,"width":179,"height":8}},{"id":"daa9fabb-4284-49ba-8ee8-53d7d72362ce","block_type":"box","text":"®","page_number":28,"box":{"x":446,"y":839,"width":7,"height":6}},{"id":"9e605be1-d905-47b0-83c9-bc25d59c917e","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of \r\nd hhlkk","page_number":28,"box":{"x":458,"y":839,"width":394,"height":11}},{"id":"76529477-415e-4c04-b68d-bac3bc5cd6db","block_type":"box","text":"p\r\nBlackRock’s international businesses and his previous oversight over BlackRock’s Strategic Partner\r\nd dblbd bf","page_number":28,"box":{"x":266,"y":849,"width":572,"height":11}},{"id":"84773dd5-1479-41ca-8a15-3ee87c26ff02","block_type":"box","text":"pgg\r\nProgram and Strategic Product Management Group. Mr. Fairbairn also serves as a board member for the\r\nfdhlkk ll","page_number":28,"box":{"x":266,"y":860,"width":609,"height":10}},{"id":"65c50bf2-4989-47f4-b951-f712b5e086a2","block_type":"box","text":"ggg\r\nfunds in the BlackRock Multi-Asset Complex.","page_number":28,"box":{"x":266,"y":870,"width":266,"height":10}},{"id":"997a1240-f721-4e5d-9486-955aa083ea03","block_type":"box","text":"I-13","page_number":28,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"0eebba03-eaef-4a6c-ba58-62413448a196","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":28,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"88c03f68-9f03-4f21-ab77-c00c46c586d5","block_type":"box","text":"Directors","page_number":29,"box":{"x":116,"y":76,"width":53,"height":8}},{"id":"fa1e99b0-92d5-4c76-b454-77cccc437f4e","block_type":"box","text":"Experience, Qualifications and Skills","page_number":29,"box":{"x":266,"y":76,"width":212,"height":10}},{"id":"24b8e6f6-1626-44ea-8b49-44c72f639c72","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as the Head of","page_number":29,"box":{"x":115,"y":95,"width":733,"height":10}},{"id":"999153ac-fbac-4ed7-bd4f-024c7b6b9d0f","block_type":"box","text":"BlackRock Global Accounting and Product Services since 2009, and as President and Chief Executive","page_number":29,"box":{"x":266,"y":105,"width":587,"height":11}},{"id":"90ca30a4-a5e8-4939-8167-4dda42729d63","block_type":"box","text":"Officer of the Fund provides him with a strong understanding of the Portfolio, their operations, and the","page_number":29,"box":{"x":266,"y":116,"width":600,"height":10}},{"id":"60d2fd86-1888-4304-b148-dff784e29228","block_type":"box","text":"business and regulatory issues facing the Portfolio. Mr. Perlowski’s prior position as Managing Director","page_number":29,"box":{"x":266,"y":126,"width":602,"height":10}},{"id":"ebcd6a9e-5644-425b-8110-61e55cd70673","block_type":"box","text":"and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, and his","page_number":29,"box":{"x":266,"y":136,"width":607,"height":11}},{"id":"53867e89-3034-45ee-a80d-1c608195040f","block_type":"box","text":"former service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and as","page_number":29,"box":{"x":266,"y":147,"width":566,"height":8}},{"id":"78ab2d69-02bc-46eb-b2d0-3bb524ce66ff","block_type":"box","text":"Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of his experience with","page_number":29,"box":{"x":266,"y":157,"width":612,"height":10}},{"id":"675590ab-c359-4ef1-a8bc-a2532954fd31","block_type":"box","text":"the management practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":29,"box":{"x":266,"y":167,"width":609,"height":11}},{"id":"c3d7af3c-243b-4e7d-bb49-dc8873ca9436","block_type":"box","text":"the funds in the BlackRock Multi-Asset Complex. Mr. Perlowski is a member of BlackRock’s Global","page_number":29,"box":{"x":266,"y":178,"width":583,"height":10}},{"id":"24e64cbc-3a8f-4f53-9506-c336691b9a82","block_type":"box","text":"Executive Committee. Mr. Perlowski’s experience with BlackRock enhances his service as a member of the","page_number":29,"box":{"x":266,"y":188,"width":616,"height":10}},{"id":"defb5b9a-228d-4545-b949-1f361dbda7a3","block_type":"box","text":"Executive Committee.","page_number":29,"box":{"x":266,"y":199,"width":126,"height":7}},{"id":"1abdc9a6-f777-4813-9bcf-00a146dc3fc6","block_type":"box","text":"Biographical Information","page_number":29,"box":{"x":136,"y":227,"width":185,"height":13}},{"id":"fddb1e29-fe9f-4e02-9612-c03a0eb76e03","block_type":"box","text":"Certain biographical and other information relating t","page_number":29,"box":{"x":117,"y":253,"width":368,"height":13}},{"id":"9e577eca-a950-4e6c-92a3-5f952315a696","block_type":"box","text":"o the Directors is set forth below, including their address","page_number":29,"box":{"x":485,"y":253,"width":393,"height":13}},{"id":"3d60eef8-2ce2-45c7-8569-24cd953531e6","block_type":"box","text":"and year of birth, principal occupations for at least the last five years, length of time served, total number of","page_number":29,"box":{"x":116,"y":269,"width":749,"height":13}},{"id":"c4b86a54-f3fe-47f6-9796-f57a966c09b8","block_type":"box","text":"registered investment companies and investment portfolios overseen in the BlackRock-advised Funds and any","page_number":29,"box":{"x":116,"y":284,"width":759,"height":13}},{"id":"72fef5f4-aa58-4c29-8183-a7609a682805","block_type":"box","text":"currently held public company and other investment company directorships.","page_number":29,"box":{"x":116,"y":300,"width":529,"height":13}},{"id":"dc3b290e-fa29-4332-84a6-9f36ac26f11f","block_type":"box","text":"Name and","page_number":29,"box":{"x":116,"y":431,"width":60,"height":8}},{"id":"51240946-ce33-4b32-9ecb-2e6826be5f6a","block_type":"box","text":"Year of Birth","page_number":29,"box":{"x":116,"y":441,"width":76,"height":8}},{"id":"d5f5a267-1b86-44bc-8419-d829d5c8c771","block_type":"box","text":"1,2","page_number":29,"box":{"x":193,"y":442,"width":11,"height":6}},{"id":"fd31d5b6-0dbf-455a-897c-87b5a9f8c668","block_type":"box","text":"Position(s)","page_number":29,"box":{"x":256,"y":421,"width":60,"height":9}},{"id":"b5d3ca2b-a1bc-4c21-acf7-78693a69e309","block_type":"box","text":"Held (Length","page_number":29,"box":{"x":256,"y":431,"width":76,"height":10}},{"id":"81ccf616-2f8b-4bd4-ad70-1d08c2d60edf","block_type":"box","text":"of Service)","page_number":29,"box":{"x":256,"y":441,"width":59,"height":10}},{"id":"5c2c0fe2-32b7-4efe-8857-a5053652ba00","block_type":"box","text":"3","page_number":29,"box":{"x":316,"y":442,"width":4,"height":5}},{"id":"f5d26099-6315-4ee1-8b81-d6c880185d42","block_type":"box","text":"Principal Occupation(s)","page_number":29,"box":{"x":456,"y":431,"width":136,"height":10}},{"id":"31ff971d-5520-4df6-a82b-ee15dac682ac","block_type":"box","text":"During Past Five Years","page_number":29,"box":{"x":458,"y":442,"width":132,"height":9}},{"id":"b9dba207-37e2-41fe-8c9b-51b5dfddef92","block_type":"box","text":"Number of","page_number":29,"box":{"x":710,"y":328,"width":65,"height":8}},{"id":"f37d9110-570c-4909-a0bc-70515acfb40a","block_type":"box","text":"BlackRock","page_number":29,"box":{"x":710,"y":338,"width":68,"height":8}},{"id":"19297208-fe9f-47b4-bc22-a1cbd6e4f1d2","block_type":"box","text":"Advised","page_number":29,"box":{"x":710,"y":348,"width":46,"height":8}},{"id":"a71a74a5-ee67-469a-a83f-d819a2b0981e","block_type":"box","text":"Registered","page_number":29,"box":{"x":710,"y":359,"width":60,"height":10}},{"id":"c30e008d-e725-4adb-9bd1-ccce9018fef1","block_type":"box","text":"Investment","page_number":29,"box":{"x":710,"y":370,"width":63,"height":7}},{"id":"dc8f5775-8ca6-4081-8367-762d7e117f3c","block_type":"box","text":"Companies","page_number":29,"box":{"x":711,"y":380,"width":64,"height":9}},{"id":"9bc66584-f197-4e91-9db3-8f6a4938b668","block_type":"box","text":"(“RICs”)","page_number":29,"box":{"x":711,"y":390,"width":51,"height":9}},{"id":"6d092ed8-5c0a-44aa-8e84-0417afd6feda","block_type":"box","text":"Consisting of","page_number":29,"box":{"x":711,"y":400,"width":77,"height":10}},{"id":"4d1d9821-dd8b-443d-84e3-15035a6050c6","block_type":"box","text":"Investment","page_number":29,"box":{"x":710,"y":411,"width":63,"height":7}},{"id":"e7dd16bc-0fd7-4a07-a464-430b40af2a14","block_type":"box","text":"Portfolios","page_number":29,"box":{"x":710,"y":421,"width":56,"height":8}},{"id":"96faae4f-69c5-4f66-9091-0c64bc9e8a45","block_type":"box","text":"(“Portfolios”)","page_number":29,"box":{"x":711,"y":431,"width":79,"height":10}},{"id":"cf85b5d5-cfa8-4cf3-b77b-f575d7e373d8","block_type":"box","text":"Overseen","page_number":29,"box":{"x":711,"y":442,"width":53,"height":7}},{"id":"640e4646-39bc-4780-b5e4-3aed6d07a6cc","block_type":"box","text":"Public","page_number":29,"box":{"x":799,"y":369,"width":36,"height":8}},{"id":"f4a7784c-0e36-45b5-9a01-842f54578220","block_type":"box","text":"Company and","page_number":29,"box":{"x":800,"y":379,"width":81,"height":10}},{"id":"eb51ce8d-6139-4ed7-b038-d6be3da6eb67","block_type":"box","text":"Other","page_number":29,"box":{"x":800,"y":390,"width":33,"height":8}},{"id":"9b3f16e2-65ea-40c4-a43f-24ac2f5c353a","block_type":"box","text":"Investment","page_number":29,"box":{"x":799,"y":401,"width":64,"height":7}},{"id":"873780aa-465f-48ae-8917-99b7609eee42","block_type":"box","text":"Company","page_number":29,"box":{"x":800,"y":411,"width":56,"height":9}},{"id":"db8aff9a-a342-47d2-b038-b7c37cedff7e","block_type":"box","text":"Directorships","page_number":29,"box":{"x":799,"y":421,"width":77,"height":10}},{"id":"3c5a2e4b-0207-4fae-91e3-eb5bc7f1e240","block_type":"box","text":"Held During","page_number":29,"box":{"x":799,"y":431,"width":73,"height":10}},{"id":"5b28d903-1e55-4977-b809-900bce3ae2c6","block_type":"box","text":"Past Five Years","page_number":29,"box":{"x":799,"y":442,"width":88,"height":7}},{"id":"ec85db54-710e-44f4-b084-bde9b9ffbe8e","block_type":"box","text":"Independent Directors","page_number":29,"box":{"x":116,"y":463,"width":130,"height":10}},{"id":"b9a69c88-2f95-4583-983c-895173b50816","block_type":"box","text":"R. Glenn Hubbard","page_number":29,"box":{"x":116,"y":479,"width":108,"height":8}},{"id":"80dd69e4-018b-4c97-b9a9-05543ee03b92","block_type":"box","text":"1958","page_number":29,"box":{"x":117,"y":490,"width":28,"height":7}},{"id":"c83855f3-0719-419e-8a7e-cfcbd350d8ef","block_type":"box","text":"Chair of the","page_number":29,"box":{"x":256,"y":479,"width":69,"height":8}},{"id":"461b840a-be5b-4f12-8ecc-2d605b2a7096","block_type":"box","text":"Board (Since","page_number":29,"box":{"x":256,"y":489,"width":72,"height":10}},{"id":"04dab0b9-7f69-4370-b060-c618242f4113","block_type":"box","text":"2022) and","page_number":29,"box":{"x":256,"y":499,"width":59,"height":10}},{"id":"4c660362-0465-4dba-803e-e269dbeb362f","block_type":"box","text":"Director","page_number":29,"box":{"x":256,"y":510,"width":48,"height":8}},{"id":"2559c2c9-a23e-4cb6-b135-401e24ad145e","block_type":"box","text":"(Since 2019)","page_number":29,"box":{"x":256,"y":521,"width":71,"height":9}},{"id":"6f145ac3-5398-4054-914a-c31be6892254","block_type":"box","text":"Dean, Columbia Business School from 2004 to 2019;","page_number":29,"box":{"x":347,"y":479,"width":308,"height":10}},{"id":"a5b4e9f7-4b2d-45d5-93f4-fc7b23b3dcd1","block_type":"box","text":"Faculty member, Columbia Business School since 1988.","page_number":29,"box":{"x":347,"y":489,"width":321,"height":10}},{"id":"bfcef243-f91f-47c5-9078-3931997950c0","block_type":"box","text":"50 RICs","page_number":29,"box":{"x":711,"y":479,"width":46,"height":8}},{"id":"684f6c9f-02f4-4ad7-8eee-7e6adfce92cd","block_type":"box","text":"consisting of","page_number":29,"box":{"x":710,"y":489,"width":74,"height":10}},{"id":"88c81633-497c-4dd9-93d3-84a74831802d","block_type":"box","text":"83 Portfolios","page_number":29,"box":{"x":711,"y":499,"width":74,"height":8}},{"id":"419683e4-311d-48a0-a0a8-88e9295cc6bf","block_type":"box","text":"ADP (data","page_number":29,"box":{"x":799,"y":479,"width":61,"height":10}},{"id":"93063e3b-1497-4777-b8fd-f52e3c9c612c","block_type":"box","text":"and","page_number":29,"box":{"x":800,"y":489,"width":21,"height":8}},{"id":"05342de1-2a0f-40ff-b157-6aae32bcb36d","block_type":"box","text":"information","page_number":29,"box":{"x":800,"y":499,"width":68,"height":8}},{"id":"5309449a-8066-4921-8e1f-c4bca3c246b1","block_type":"box","text":"services) from","page_number":29,"box":{"x":800,"y":510,"width":79,"height":10}},{"id":"3af4afb4-fa1f-406e-a5c4-4806cf3ca802","block_type":"box","text":"2004 to 2020;","page_number":29,"box":{"x":799,"y":521,"width":82,"height":9}},{"id":"6fb73671-e6c0-43a4-a921-18f50456aaef","block_type":"box","text":"Metropolitan","page_number":29,"box":{"x":799,"y":530,"width":78,"height":11}},{"id":"2e6b45d0-0b20-4338-825b-8c17acef17e9","block_type":"box","text":"Life Insurance","page_number":29,"box":{"x":800,"y":541,"width":81,"height":8}},{"id":"5101897f-6843-4ddc-ac5d-c5455cf304e2","block_type":"box","text":"Company","page_number":29,"box":{"x":800,"y":552,"width":56,"height":9}},{"id":"42d75f5c-0488-4ec8-9fa6-485ff48e1444","block_type":"box","text":"(insurance);","page_number":29,"box":{"x":800,"y":562,"width":67,"height":9}},{"id":"c1b239fb-f585-42ba-aa0e-9b4ebc6431e0","block_type":"box","text":"TotalEnergies","page_number":29,"box":{"x":799,"y":572,"width":80,"height":10}},{"id":"ca452b36-f5b0-43b9-a1be-fd2ed01eb852","block_type":"box","text":"SE (multi","page_number":29,"box":{"x":800,"y":582,"width":57,"height":10}},{"id":"690b527c-9539-4cb8-8b96-91677aa39957","block_type":"box","text":"energy)","page_number":29,"box":{"x":800,"y":593,"width":41,"height":10}},{"id":"c837eb69-e93d-48e9-bcb0-7dbf041a06e2","block_type":"box","text":"W. Carl Kester","page_number":29,"box":{"x":116,"y":608,"width":86,"height":8}},{"id":"f894a544-603b-4b34-a527-e9be2aa3aff0","block_type":"box","text":"4","page_number":29,"box":{"x":202,"y":608,"width":5,"height":5}},{"id":"1f52210c-c320-4292-a0d5-3935b0df177f","block_type":"box","text":"1951","page_number":29,"box":{"x":117,"y":619,"width":27,"height":7}},{"id":"187e28eb-568c-44bb-a99b-65c359d55a2c","block_type":"box","text":"Vice Chair of","page_number":29,"box":{"x":255,"y":608,"width":78,"height":8}},{"id":"627ea533-b90a-4cb1-8bdb-9274705df63b","block_type":"box","text":"the Board","page_number":29,"box":{"x":256,"y":618,"width":56,"height":8}},{"id":"452ccb52-6d93-4f98-be01-4986f6713866","block_type":"box","text":"(Since 2022)","page_number":29,"box":{"x":256,"y":629,"width":71,"height":9}},{"id":"af3ddb4a-37ca-429c-8b73-a0b0bf39b067","block_type":"box","text":"and Director","page_number":29,"box":{"x":256,"y":639,"width":73,"height":8}},{"id":"7f5f86fe-c745-4c42-8794-3db0ab4a1910","block_type":"box","text":"(Since 2019)","page_number":29,"box":{"x":256,"y":650,"width":71,"height":9}},{"id":"36019c14-af7c-45b7-89d7-18e9d0c26407","block_type":"box","text":"Baker Foundation Professor and George Fisher Baker Jr.","page_number":29,"box":{"x":347,"y":608,"width":326,"height":10}},{"id":"fb00af9a-2112-4511-81aa-8d9271545718","block_type":"box","text":"Professor of Business Administration, Emeritus, Harvard","page_number":29,"box":{"x":347,"y":618,"width":328,"height":10}},{"id":"d2fd7fbc-e6fa-4142-ae9c-ca667b45637c","block_type":"box","text":"Business School since 2022; George Fisher Baker Jr.","page_number":29,"box":{"x":347,"y":629,"width":299,"height":10}},{"id":"43ea551d-8cbd-4636-92d9-5858283bb468","block_type":"box","text":"Professor of Business Administration, Harvard Business","page_number":29,"box":{"x":347,"y":639,"width":321,"height":10}},{"id":"2f8d9b9a-a66c-446b-b758-91e080d81b10","block_type":"box","text":"School from 2008 to 2022; Deputy Dean for Academic","page_number":29,"box":{"x":347,"y":649,"width":319,"height":10}},{"id":"fd677686-0921-4898-85df-c09ab4b13f01","block_type":"box","text":"Affairs from 2006 to 2010; Chairman of the Finance Unit,","page_number":29,"box":{"x":347,"y":660,"width":338,"height":9}},{"id":"05e2d188-6faa-4416-bc53-d74320d574e0","block_type":"box","text":"from 2005 to 2006; Senior Associate Dean and Chairman of","page_number":29,"box":{"x":347,"y":670,"width":351,"height":10}},{"id":"fd003012-4980-4578-973b-a7869ac7c49c","block_type":"box","text":"the MBA Program from 1999 to 2005; Member of the","page_number":29,"box":{"x":347,"y":680,"width":315,"height":10}},{"id":"588d9df4-e483-4e7f-a6ab-b5bf4704fdb8","block_type":"box","text":"faculty of Harvard Business School since 1981.","page_number":29,"box":{"x":347,"y":691,"width":271,"height":10}},{"id":"db39ed86-e25e-4698-be8e-85fafec229d7","block_type":"box","text":"52 RICs","page_number":29,"box":{"x":711,"y":608,"width":46,"height":8}},{"id":"bd780023-2a54-4fb3-9b48-a7e2fa891c8a","block_type":"box","text":"consisting of","page_number":29,"box":{"x":710,"y":618,"width":74,"height":10}},{"id":"649fbf58-4d03-4f33-b262-ac8675776c8b","block_type":"box","text":"85 Portfolios","page_number":29,"box":{"x":711,"y":629,"width":74,"height":8}},{"id":"f224647e-dfe2-4c8e-b357-665ad9975e9e","block_type":"box","text":"None","page_number":29,"box":{"x":799,"y":609,"width":32,"height":7}},{"id":"72ba6367-0e57-4445-adc9-9ff8ea07038b","block_type":"box","text":"Cynthia L. Egan","page_number":29,"box":{"x":116,"y":706,"width":94,"height":10}},{"id":"141cf62d-ebd3-465a-a809-a7079575b057","block_type":"box","text":"4","page_number":29,"box":{"x":211,"y":707,"width":4,"height":4}},{"id":"63b19e8d-649f-46aa-89f2-4133b1faabfe","block_type":"box","text":"1955","page_number":29,"box":{"x":117,"y":717,"width":28,"height":7}},{"id":"663c4581-11ca-42e6-9b22-647bbde8a2ed","block_type":"box","text":"Director","page_number":29,"box":{"x":256,"y":707,"width":48,"height":7}},{"id":"16b3b7f0-97c9-4b51-889b-e5a10dd0d3fa","block_type":"box","text":"(Since 2019)","page_number":29,"box":{"x":256,"y":717,"width":71,"height":9}},{"id":"81667dbb-b6cc-4648-ace6-f82bfeb3c7bd","block_type":"box","text":"Advisor, U.S. Department of the Treasury from 2014 to","page_number":29,"box":{"x":347,"y":706,"width":323,"height":10}},{"id":"3cd1e57a-8d30-4cd8-809e-137ec50f2352","block_type":"box","text":"2015; President, Retirement Plan Services, for T. Rowe Price","page_number":29,"box":{"x":347,"y":716,"width":350,"height":10}},{"id":"102baf1c-d366-4534-afee-d8f566142f54","block_type":"box","text":"Group, Inc. from 2007 to 2012; executive positions within","page_number":29,"box":{"x":347,"y":727,"width":339,"height":10}},{"id":"49836590-c789-4f8e-bdf6-4b7e89c8d29b","block_type":"box","text":"Fidelity Investments from 1989 to 2007.","page_number":29,"box":{"x":347,"y":737,"width":233,"height":10}},{"id":"e37bfcbb-dfc8-4493-b416-167ab69bd6eb","block_type":"box","text":"52 RICs","page_number":29,"box":{"x":711,"y":707,"width":46,"height":7}},{"id":"982cd53a-ad28-4ebc-94b4-04cd9c8e8e0b","block_type":"box","text":"consisting of","page_number":29,"box":{"x":710,"y":716,"width":74,"height":11}},{"id":"8ad1c4b6-12db-498d-aa9e-aeab339e6925","block_type":"box","text":"85 Portfolios","page_number":29,"box":{"x":711,"y":727,"width":74,"height":8}},{"id":"5a0c34ad-ef85-48f7-968a-00dbb554f9b1","block_type":"box","text":"Unum","page_number":29,"box":{"x":799,"y":707,"width":36,"height":7}},{"id":"6b7d35f8-248f-4cf0-8308-79ada4575a7c","block_type":"box","text":"(insurance);","page_number":29,"box":{"x":800,"y":717,"width":67,"height":9}},{"id":"dde4043f-15ca-4cbb-a63e-a02fc79c4927","block_type":"box","text":"The Hanover","page_number":29,"box":{"x":799,"y":727,"width":77,"height":8}},{"id":"ea2fd073-172a-46f4-aaee-c86c655e300e","block_type":"box","text":"Insurance","page_number":29,"box":{"x":800,"y":738,"width":55,"height":7}},{"id":"02888dfc-8183-448a-b893-f36149faaea9","block_type":"box","text":"Group (Board","page_number":29,"box":{"x":800,"y":747,"width":80,"height":11}},{"id":"fa799552-f254-4651-919f-28fb4f2ff53f","block_type":"box","text":"of Chair);","page_number":29,"box":{"x":800,"y":758,"width":55,"height":10}},{"id":"a8ae2299-05d8-4742-a3ba-7f4581c2cd56","block_type":"box","text":"Huntsman","page_number":29,"box":{"x":800,"y":769,"width":60,"height":7}},{"id":"4731fb3f-f332-4fc4-b1e5-d2dd96e9f992","block_type":"box","text":"Corporation","page_number":29,"box":{"x":800,"y":779,"width":71,"height":10}},{"id":"1a4f59b8-1e99-49d0-aae7-e1f4d82b5e10","block_type":"box","text":"(Lead","page_number":29,"box":{"x":800,"y":789,"width":32,"height":10}},{"id":"ab333a06-6e84-40db-b5fa-9cc3c7bd215c","block_type":"box","text":"Independent","page_number":29,"box":{"x":800,"y":799,"width":71,"height":10}},{"id":"11a21785-84f8-4aaa-a010-510bcd5ac965","block_type":"box","text":"Director and","page_number":29,"box":{"x":800,"y":809,"width":73,"height":8}},{"id":"d9bba23e-e45b-4f70-a5ac-5ea5ee3f7f79","block_type":"box","text":"non-Executive","page_number":29,"box":{"x":800,"y":820,"width":82,"height":8}},{"id":"08190632-2b4c-420e-a8a8-9681a945d234","block_type":"box","text":"Vice Chair of","page_number":29,"box":{"x":799,"y":830,"width":78,"height":8}},{"id":"bee47fc5-345f-44bc-aa94-8c5546ce4bb9","block_type":"box","text":"the Board)","page_number":29,"box":{"x":799,"y":840,"width":60,"height":10}},{"id":"e565edd9-381f-4895-b726-805f14e59ec1","block_type":"box","text":"(chemical","page_number":29,"box":{"x":800,"y":851,"width":54,"height":10}},{"id":"3e0b32ac-68d2-4c05-bcb6-746f8649fa9a","block_type":"box","text":"products)","page_number":29,"box":{"x":799,"y":861,"width":54,"height":10}},{"id":"a69b52a5-fa03-4b82-974f-77f2afb96d23","block_type":"box","text":"I-14","page_number":29,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"3341d8d0-5262-4e1a-9aeb-0a0668104e3c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":29,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"bb62361d-c634-42fb-8ea9-82f5292490e5","block_type":"box","text":"Name and","page_number":30,"box":{"x":116,"y":179,"width":60,"height":8}},{"id":"422c536d-931a-40a8-b35e-0cdb393962db","block_type":"box","text":"Year of Birth","page_number":30,"box":{"x":116,"y":189,"width":76,"height":8}},{"id":"04822986-c274-4440-a5ee-3fb8346c1f34","block_type":"box","text":"1,2","page_number":30,"box":{"x":193,"y":190,"width":11,"height":6}},{"id":"ba7c4780-703e-469d-8da6-566005005420","block_type":"box","text":"Position(s)","page_number":30,"box":{"x":256,"y":169,"width":60,"height":9}},{"id":"3b0d8776-2479-4086-beac-dac7f67a0963","block_type":"box","text":"Held (Length","page_number":30,"box":{"x":256,"y":179,"width":76,"height":10}},{"id":"beeb86e1-4e9f-4a30-9679-aee19b8c4b92","block_type":"box","text":"of Service)","page_number":30,"box":{"x":256,"y":189,"width":59,"height":10}},{"id":"99e0e8ac-ef50-4e69-bce0-d6fc5208a9e2","block_type":"box","text":"3","page_number":30,"box":{"x":316,"y":190,"width":4,"height":5}},{"id":"cb7f94f0-d7d9-4d84-8133-aadc30cc2c0b","block_type":"box","text":"Principal Occupation(s)","page_number":30,"box":{"x":454,"y":179,"width":137,"height":10}},{"id":"dc68cf8a-ca4b-4b65-9fc7-35f60fd0ce1c","block_type":"box","text":"During Past Five Years","page_number":30,"box":{"x":457,"y":190,"width":132,"height":10}},{"id":"8faa5071-8f5b-41b9-a03c-6183d25841d4","block_type":"box","text":"Number of","page_number":30,"box":{"x":708,"y":76,"width":65,"height":8}},{"id":"f07a477d-aa39-4ffc-b45f-82e2f9806a61","block_type":"box","text":"BlackRock","page_number":30,"box":{"x":708,"y":86,"width":68,"height":8}},{"id":"ce244cb0-18d5-4b5b-b083-5192db11a70f","block_type":"box","text":"Advised","page_number":30,"box":{"x":708,"y":96,"width":46,"height":8}},{"id":"63a50a47-cae5-443c-9e9c-1c5a29b0c03c","block_type":"box","text":"Registered","page_number":30,"box":{"x":708,"y":107,"width":60,"height":10}},{"id":"ab0ffc4d-ff03-4d6f-8202-c939e63911fd","block_type":"box","text":"Investment","page_number":30,"box":{"x":708,"y":118,"width":63,"height":7}},{"id":"1533289f-90ae-444b-a976-3ba346ccc29c","block_type":"box","text":"Companies","page_number":30,"box":{"x":708,"y":128,"width":64,"height":10}},{"id":"e047c5a5-a42a-4d49-804a-0c763435fe67","block_type":"box","text":"(“RICs”)","page_number":30,"box":{"x":709,"y":138,"width":51,"height":9}},{"id":"51be3906-ed01-4a48-8885-bdf6b1d5e03c","block_type":"box","text":"Consisting of","page_number":30,"box":{"x":708,"y":148,"width":77,"height":10}},{"id":"a3531f73-4529-412e-9cbf-ea201bec24b9","block_type":"box","text":"Investment","page_number":30,"box":{"x":708,"y":159,"width":63,"height":7}},{"id":"37509056-7d69-4c52-8540-f60a76877e8c","block_type":"box","text":"Portfolios","page_number":30,"box":{"x":708,"y":169,"width":56,"height":8}},{"id":"62035435-aee2-4887-8298-e257568b50bd","block_type":"box","text":"(“Portfolios”)","page_number":30,"box":{"x":709,"y":179,"width":79,"height":10}},{"id":"a022a3bb-cbf4-4895-b418-3c2405319507","block_type":"box","text":"Overseen","page_number":30,"box":{"x":708,"y":190,"width":53,"height":7}},{"id":"29f77f52-f0fa-49e0-8edc-63df151a2e30","block_type":"box","text":"Public","page_number":30,"box":{"x":799,"y":117,"width":36,"height":8}},{"id":"2a29f108-3b04-4ea4-9eb8-7703b4e9ac7e","block_type":"box","text":"Company and","page_number":30,"box":{"x":800,"y":127,"width":81,"height":11}},{"id":"c05f4691-f307-47a8-8790-6a28a047822e","block_type":"box","text":"Other","page_number":30,"box":{"x":800,"y":138,"width":33,"height":8}},{"id":"d387966c-bd73-4768-b2b2-705496caaf87","block_type":"box","text":"Investment","page_number":30,"box":{"x":799,"y":149,"width":64,"height":7}},{"id":"9d3d7c8e-4b58-4696-919a-10fdd85b9830","block_type":"box","text":"Company","page_number":30,"box":{"x":800,"y":159,"width":56,"height":10}},{"id":"f1371d25-a268-4214-8785-ee970e6df76e","block_type":"box","text":"Directorships","page_number":30,"box":{"x":799,"y":169,"width":77,"height":10}},{"id":"b8623cc7-ee33-45a4-98e9-c17e7be0aead","block_type":"box","text":"Held During","page_number":30,"box":{"x":799,"y":179,"width":73,"height":10}},{"id":"af519be3-8eaa-45a5-a3a4-365f201d4f3d","block_type":"box","text":"Past Five Years","page_number":30,"box":{"x":799,"y":190,"width":88,"height":7}},{"id":"3a137f08-f31c-4607-b94a-82993dfa18ba","block_type":"box","text":"Lorenzo A. Flores","page_number":30,"box":{"x":116,"y":209,"width":103,"height":8}},{"id":"177869d1-13d7-41e8-9ae0-9faef634eb3c","block_type":"box","text":"1964","page_number":30,"box":{"x":117,"y":219,"width":28,"height":8}},{"id":"81b243be-1b63-4c35-90b0-ca536f4e0d5c","block_type":"box","text":"Director","page_number":30,"box":{"x":256,"y":209,"width":48,"height":8}},{"id":"cbfd3d61-6b8d-474b-b337-f94bbad3b6e6","block_type":"box","text":"(Since 2021)","page_number":30,"box":{"x":256,"y":219,"width":71,"height":10}},{"id":"7aace80f-5034-4c63-bd19-e59263d8548f","block_type":"box","text":"Chief Financial Officer, Lattice Semiconductor Corporation","page_number":30,"box":{"x":347,"y":209,"width":345,"height":10}},{"id":"e591a110-dc50-4977-9988-c64b7c5ae926","block_type":"box","text":"(LSCC) since 2025; Chief Financial Officer, Intel Foundry","page_number":30,"box":{"x":347,"y":219,"width":335,"height":10}},{"id":"30611af6-8c66-4849-9209-700cdfdcb216","block_type":"box","text":"from 2024 to 2025; Vice Chairman, Kioxia, Inc. from 2019","page_number":30,"box":{"x":347,"y":229,"width":346,"height":10}},{"id":"723ec422-07e5-4dc5-a5b0-00e85fb05b7d","block_type":"box","text":"to 2024; Chief Financial Officer, Xilinx, Inc. from 2016 to","page_number":30,"box":{"x":347,"y":239,"width":339,"height":10}},{"id":"70149439-8c9a-4020-b917-1436da317304","block_type":"box","text":"2019; Corporate Controller, Xilinx, Inc. from 2008 to","page_number":30,"box":{"x":347,"y":250,"width":315,"height":10}},{"id":"29272c2b-c6dc-443c-9fdc-2e567107357a","block_type":"box","text":"2016.","page_number":30,"box":{"x":347,"y":261,"width":32,"height":7}},{"id":"e46267df-ed27-48d7-ae5c-448311da4be7","block_type":"box","text":"50 RICs","page_number":30,"box":{"x":708,"y":209,"width":47,"height":8}},{"id":"b7afd678-50c5-4809-b0cb-f1691ab333a4","block_type":"box","text":"consisting of","page_number":30,"box":{"x":708,"y":219,"width":73,"height":10}},{"id":"104f8090-9e12-43fb-ac1a-d0d16d58710d","block_type":"box","text":"83 Portfolios","page_number":30,"box":{"x":709,"y":229,"width":74,"height":8}},{"id":"07e7ca12-d630-461a-b724-67c0e85ba6f6","block_type":"box","text":"None","page_number":30,"box":{"x":799,"y":209,"width":32,"height":8}},{"id":"66857a4f-e17a-463a-9da9-3081f6752ea5","block_type":"box","text":"Stayce D. Harris","page_number":30,"box":{"x":116,"y":276,"width":95,"height":10}},{"id":"9e890e0f-c521-44b0-885b-743eae822af8","block_type":"box","text":"1959","page_number":30,"box":{"x":117,"y":286,"width":28,"height":8}},{"id":"dcc4251b-3e3c-4ab9-8ab4-ce4fd13db1fb","block_type":"box","text":"Director","page_number":30,"box":{"x":256,"y":276,"width":48,"height":7}},{"id":"4d448234-ccf3-45e3-af40-a123b4a55e99","block_type":"box","text":"(Since 2021)","page_number":30,"box":{"x":256,"y":286,"width":71,"height":10}},{"id":"e4eba3bd-8626-4238-8446-8db926b5d5c7","block_type":"box","text":"Lieutenant General, Inspector General of the United States","page_number":30,"box":{"x":347,"y":275,"width":338,"height":11}},{"id":"39cdc167-b354-455f-95a1-cbc7b4a7c31b","block_type":"box","text":"Air Force from 2017 to 2019; Lieutenant General, Assistant","page_number":30,"box":{"x":347,"y":286,"width":347,"height":10}},{"id":"b08901cd-fc23-4a03-a37f-ff6b61c1f55f","block_type":"box","text":"Vice Chief of Staff and Director, Air Staff, United States Air","page_number":30,"box":{"x":346,"y":296,"width":347,"height":10}},{"id":"4534082a-2aa8-4e36-a505-2dd04fc32c3a","block_type":"box","text":"Force from 2016 to 2017; Major General, Commander,","page_number":30,"box":{"x":347,"y":306,"width":323,"height":11}},{"id":"095cc0cd-598b-439a-baf9-e9918449271a","block_type":"box","text":"22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia","page_number":30,"box":{"x":347,"y":317,"width":342,"height":10}},{"id":"85672fa9-cfaf-4d25-bb96-568a7730af8d","block_type":"box","text":"from 2014 to 2016; Pilot, United Airlines from 1990 to","page_number":30,"box":{"x":347,"y":327,"width":320,"height":10}},{"id":"c4ef1191-519a-4750-9c05-75e087c87e5d","block_type":"box","text":"2020.","page_number":30,"box":{"x":347,"y":338,"width":32,"height":7}},{"id":"d0c47104-bf26-4431-a85f-9204e70218b5","block_type":"box","text":"50 RICs","page_number":30,"box":{"x":708,"y":276,"width":47,"height":8}},{"id":"258e031c-fd16-4f54-9f9b-edb97324f85f","block_type":"box","text":"consisting of","page_number":30,"box":{"x":708,"y":286,"width":73,"height":10}},{"id":"7b0397f9-0693-45ce-8771-c63c1b31dd1b","block_type":"box","text":"83 Portfolios","page_number":30,"box":{"x":709,"y":296,"width":74,"height":8}},{"id":"ae99a02c-bd22-46bf-a37a-72703e66a932","block_type":"box","text":"KULR","page_number":30,"box":{"x":800,"y":276,"width":36,"height":8}},{"id":"0a932c79-d33d-4e57-a518-f0590d9d7908","block_type":"box","text":"Technology","page_number":30,"box":{"x":799,"y":286,"width":68,"height":10}},{"id":"9e4f8438-b0fa-4cbe-9c2c-d9737bc5b48d","block_type":"box","text":"Group, Inc. in","page_number":30,"box":{"x":800,"y":297,"width":81,"height":9}},{"id":"5d95c7c5-d996-4c99-ad6e-6da9303b0bbd","block_type":"box","text":"2021; The","page_number":30,"box":{"x":799,"y":306,"width":60,"height":10}},{"id":"de381c10-80c5-45b3-be1d-a14c396f3dc8","block_type":"box","text":"Boeing","page_number":30,"box":{"x":800,"y":317,"width":39,"height":10}},{"id":"ab0e823b-65dc-42bb-bd62-4e1f53402bc4","block_type":"box","text":"Company","page_number":30,"box":{"x":800,"y":327,"width":56,"height":10}},{"id":"45f5e4b9-8bb3-4440-8556-1146360effd0","block_type":"box","text":"(airplane","page_number":30,"box":{"x":800,"y":337,"width":50,"height":10}},{"id":"4f197e35-03d9-4d6f-bc88-fc650ab4c07b","block_type":"box","text":"manufacturer)","page_number":30,"box":{"x":799,"y":347,"width":82,"height":10}},{"id":"7abb7b8c-cec7-4dc3-9f6e-3ad0e4d21441","block_type":"box","text":"J. Phillip Holloman","page_number":30,"box":{"x":115,"y":363,"width":113,"height":10}},{"id":"0acadd08-5508-4ee2-a893-81b5864bc370","block_type":"box","text":"1955","page_number":30,"box":{"x":117,"y":374,"width":28,"height":7}},{"id":"c6843f80-365e-48bd-8276-9e70fa5af835","block_type":"box","text":"Director","page_number":30,"box":{"x":256,"y":363,"width":48,"height":8}},{"id":"d6bdddd2-b217-4ca2-b147-50f4090bc924","block_type":"box","text":"(Since 2021)","page_number":30,"box":{"x":256,"y":374,"width":71,"height":9}},{"id":"e8550342-b279-43d0-b525-b5735729bffe","block_type":"box","text":"Board Chairman of Vestis Corporation since 2023; Interim","page_number":30,"box":{"x":347,"y":363,"width":342,"height":10}},{"id":"c0399b0f-22fc-48fa-b6c3-c66109354daf","block_type":"box","text":"Executive Chairman, President and Chief Executive Officer","page_number":30,"box":{"x":347,"y":373,"width":343,"height":10}},{"id":"77cfe4fe-37af-48a4-b1f2-1c7338b56dfa","block_type":"box","text":"of Vestis Corporation from April 2025 to July 2025;","page_number":30,"box":{"x":347,"y":383,"width":304,"height":11}},{"id":"006844fe-d86b-4ec5-9d5d-2e0fac62a962","block_type":"box","text":"President and Chief Operating Officer, Cintas Corporation","page_number":30,"box":{"x":347,"y":394,"width":341,"height":10}},{"id":"1dbae2a0-94f6-46c7-835b-61b7337f6424","block_type":"box","text":"from 2008 to 2018.","page_number":30,"box":{"x":347,"y":404,"width":113,"height":8}},{"id":"77586b38-21b3-4e33-b044-1960d1064fba","block_type":"box","text":"50 RICs","page_number":30,"box":{"x":708,"y":363,"width":47,"height":8}},{"id":"6ac9079a-2bdc-42bf-be53-4f1c43926315","block_type":"box","text":"consisting of","page_number":30,"box":{"x":708,"y":373,"width":73,"height":10}},{"id":"9ee47b9e-9c38-4bae-8ddf-a1b809404bee","block_type":"box","text":"83 Portfolios","page_number":30,"box":{"x":709,"y":383,"width":74,"height":8}},{"id":"b115c89d-7669-43e1-8b00-39eba3825738","block_type":"box","text":"Vestis","page_number":30,"box":{"x":799,"y":363,"width":34,"height":8}},{"id":"8053ded0-721e-436f-9fdd-45c9923141ee","block_type":"box","text":"Corporation","page_number":30,"box":{"x":800,"y":374,"width":71,"height":9}},{"id":"e0868fcf-7223-4ad0-b8e4-f66ad61daf12","block_type":"box","text":"(uniforms and","page_number":30,"box":{"x":800,"y":383,"width":81,"height":10}},{"id":"156c4eb2-b1fc-416a-bf2e-c35aa95a459b","block_type":"box","text":"facilities","page_number":30,"box":{"x":800,"y":394,"width":46,"height":8}},{"id":"52d2e7aa-502c-4535-b5c6-cc7570fcca7f","block_type":"box","text":"services)","page_number":30,"box":{"x":800,"y":404,"width":47,"height":10}},{"id":"06d95e6f-689b-4681-a9c9-8e6d6ccf8d27","block_type":"box","text":"Arthur P. Steinmetz","page_number":30,"box":{"x":116,"y":419,"width":114,"height":9}},{"id":"c79a3579-08d7-4d73-bec6-3503c91be7cb","block_type":"box","text":"4","page_number":30,"box":{"x":230,"y":420,"width":4,"height":5}},{"id":"9e93492b-c0c5-4d42-be54-9e91913cfc13","block_type":"box","text":"1958","page_number":30,"box":{"x":117,"y":430,"width":28,"height":8}},{"id":"caba799c-0e2f-46ca-8fe2-44643819133d","block_type":"box","text":"Director","page_number":30,"box":{"x":256,"y":420,"width":48,"height":7}},{"id":"a6d2ba74-8e6b-4f4e-8a48-e41c1da05d44","block_type":"box","text":"(Since 2023)","page_number":30,"box":{"x":256,"y":430,"width":71,"height":10}},{"id":"47edc14c-dcb5-4a16-abc3-6796ffb8e834","block_type":"box","text":"Trustee of Denison University since 2020; Consultant, Posit","page_number":30,"box":{"x":347,"y":419,"width":346,"height":11}},{"id":"beb7f6e6-544f-4f8f-b4ad-d16ee4d9e9de","block_type":"box","text":"PBC (enterprise data science) since 2020; Director,","page_number":30,"box":{"x":347,"y":430,"width":292,"height":10}},{"id":"c30b91d0-f013-42f5-92c3-9f7fd07ab64e","block_type":"box","text":"ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief","page_number":30,"box":{"x":347,"y":440,"width":321,"height":10}},{"id":"35972a80-bab7-4736-a4a1-61b25ea3d05e","block_type":"box","text":"Executive Officer and President of Oppenheimer Funds, Inc.","page_number":30,"box":{"x":347,"y":450,"width":348,"height":11}},{"id":"fae35cf3-1210-48b4-baf5-587975ec6142","block_type":"box","text":"from 2015, 2014 and 2013, respectively to 2019; Trustee,","page_number":30,"box":{"x":347,"y":461,"width":336,"height":10}},{"id":"02e641d6-3419-40f6-9c7d-0c9ef260be0a","block_type":"box","text":"President and Principal Executive Officer of 104","page_number":30,"box":{"x":347,"y":471,"width":279,"height":10}},{"id":"333fa065-f653-45c5-921d-e899da2451a9","block_type":"box","text":"OppenheimerFunds funds from 2014 to 2019. Portfolio","page_number":30,"box":{"x":347,"y":481,"width":323,"height":10}},{"id":"211b7637-7c5c-4219-b2b1-defc4d3bcfa6","block_type":"box","text":"manager of various OppenheimerFunds fixed income","page_number":30,"box":{"x":347,"y":491,"width":307,"height":11}},{"id":"5d673484-9fcc-4f35-bea0-2796e275e302","block_type":"box","text":"mutual funds from 1986 to 2014.","page_number":30,"box":{"x":347,"y":502,"width":194,"height":8}},{"id":"74d78d19-9380-4862-ae29-f5e139661a52","block_type":"box","text":"52 RICs","page_number":30,"box":{"x":708,"y":420,"width":47,"height":7}},{"id":"2fc406d1-d229-4aa8-a478-c294a4745af9","block_type":"box","text":"consisting of","page_number":30,"box":{"x":708,"y":430,"width":73,"height":10}},{"id":"e46b4180-0fcd-4902-af26-2a0feccdf38c","block_type":"box","text":"85 Portfolios","page_number":30,"box":{"x":709,"y":440,"width":74,"height":8}},{"id":"6b2c1363-5488-412a-94b3-ab110a692f0b","block_type":"box","text":"None","page_number":30,"box":{"x":799,"y":420,"width":32,"height":7}},{"id":"90c8cf05-9b1d-4829-ba7a-af90bc9a7a8d","block_type":"box","text":"Interested Directors","page_number":30,"box":{"x":116,"y":520,"width":115,"height":8}},{"id":"f48ae2f2-f384-44b9-8e09-c73266159de4","block_type":"box","text":"5","page_number":30,"box":{"x":232,"y":520,"width":4,"height":5}},{"id":"5231d1ad-2c12-4c70-8777-84bb9a86d2ef","block_type":"box","text":"Robert Fairbairn","page_number":30,"box":{"x":116,"y":535,"width":97,"height":8}},{"id":"67740e68-2f15-4de7-bd21-ea8111525cf4","block_type":"box","text":"1965","page_number":30,"box":{"x":117,"y":546,"width":28,"height":7}},{"id":"144bada8-efed-427d-8a10-eeb5285a581f","block_type":"box","text":"Director","page_number":30,"box":{"x":256,"y":536,"width":48,"height":7}},{"id":"d8289ef8-338a-4202-8bf2-d889b0108b7a","block_type":"box","text":"(Since 2015)","page_number":30,"box":{"x":256,"y":546,"width":71,"height":9}},{"id":"cc9dd08f-6372-482a-9375-19af4b29ca11","block_type":"box","text":"Vice Chairman of BlackRock, Inc. since 2019; Member of","page_number":30,"box":{"x":346,"y":535,"width":338,"height":10}},{"id":"cefee28f-2d8c-4f5a-b274-e8de767c6fd4","block_type":"box","text":"BlackRock’s Global Operating Committee; Co-Chair of","page_number":30,"box":{"x":347,"y":545,"width":323,"height":11}},{"id":"52d1967e-5a47-47d9-a7af-b1954af3f989","block_type":"box","text":"BlackRock’s Human Capital Committee; Senior Managing","page_number":30,"box":{"x":347,"y":556,"width":340,"height":10}},{"id":"b0fc8b04-4db8-4cb5-8d26-3a8a6dde7474","block_type":"box","text":"Director of BlackRock, Inc. from 2010 to 2019; oversaw","page_number":30,"box":{"x":347,"y":566,"width":329,"height":10}},{"id":"d26e0fc6-1e77-45ec-925d-13d6d2b86399","block_type":"box","text":"BlackRock’s Strategic Partner Program and Strategic","page_number":30,"box":{"x":347,"y":576,"width":304,"height":10}},{"id":"7c600fe3-6f93-4550-b843-08fd9b60dc04","block_type":"box","text":"Product Management Group from 2012 to 2019; Member","page_number":30,"box":{"x":347,"y":586,"width":338,"height":11}},{"id":"e90b23c1-10e7-4c32-b5c6-5d1b1ebb8e22","block_type":"box","text":"of the Board of Managers of BlackRock Investments, LLC","page_number":30,"box":{"x":347,"y":597,"width":336,"height":10}},{"id":"70873ccc-ef01-4cdc-8325-3c81516f88f2","block_type":"box","text":"from 2011 to 2018; Global Head of BlackRock’s Retail and","page_number":30,"box":{"x":347,"y":607,"width":347,"height":10}},{"id":"dcc36791-7779-4553-a1d2-bd2a9e0084f7","block_type":"box","text":"iShares","page_number":30,"box":{"x":347,"y":617,"width":40,"height":8}},{"id":"473d25ef-2d38-4bac-9ec0-f5e339ba3635","block_type":"box","text":"®","page_number":30,"box":{"x":388,"y":617,"width":7,"height":6}},{"id":"9c84e10c-7b97-4186-b63e-e1f86936f686","block_type":"box","text":"businesses from 2012 to 2016.","page_number":30,"box":{"x":400,"y":617,"width":176,"height":8}},{"id":"a8385e44-1975-484e-98bf-62bab2c0cfa6","block_type":"box","text":"76 RICs","page_number":30,"box":{"x":709,"y":536,"width":46,"height":7}},{"id":"9f389aa0-8d8d-4d2a-90a2-581cbbd93d4b","block_type":"box","text":"consisting of","page_number":30,"box":{"x":708,"y":545,"width":73,"height":11}},{"id":"49514a25-d413-487d-b137-29cbe3094540","block_type":"box","text":"252 Portfolios","page_number":30,"box":{"x":708,"y":556,"width":82,"height":8}},{"id":"76809b68-5663-49a8-8242-7ba4e11c9d53","block_type":"box","text":"None","page_number":30,"box":{"x":799,"y":536,"width":32,"height":7}},{"id":"6078710b-3fdf-4f3c-9170-71e96168a326","block_type":"box","text":"John M. Perlowski","page_number":30,"box":{"x":115,"y":633,"width":109,"height":10}},{"id":"d4c6c747-16ce-45e6-b11f-623b9866e02a","block_type":"box","text":"4","page_number":30,"box":{"x":225,"y":633,"width":4,"height":5}},{"id":"4d44fb05-55d9-4394-93e3-6ffbcc37603d","block_type":"box","text":"1964","page_number":30,"box":{"x":117,"y":644,"width":28,"height":7}},{"id":"84373899-6174-4d6c-a5fc-ee6055759001","block_type":"box","text":"Director","page_number":30,"box":{"x":256,"y":633,"width":48,"height":8}},{"id":"44102e74-bfbe-4296-b68c-95490c942693","block_type":"box","text":"(Since 2015)","page_number":30,"box":{"x":256,"y":644,"width":71,"height":9}},{"id":"5b86e424-a7c4-4119-9177-5d8f90bf9a6c","block_type":"box","text":"President and","page_number":30,"box":{"x":256,"y":660,"width":77,"height":8}},{"id":"9f065c9b-42ce-4d63-985a-d410549e7189","block_type":"box","text":"Chief","page_number":30,"box":{"x":256,"y":670,"width":31,"height":8}},{"id":"efca7649-4069-4b9a-8a40-aa08c297afab","block_type":"box","text":"Executive","page_number":30,"box":{"x":256,"y":681,"width":55,"height":7}},{"id":"4bdd7386-c9a2-417d-83a3-f6836c9c9682","block_type":"box","text":"Officer","page_number":30,"box":{"x":256,"y":691,"width":40,"height":8}},{"id":"406bd6fb-7e4e-49fb-8b31-88adc8fd9625","block_type":"box","text":"(Since 2010)","page_number":30,"box":{"x":256,"y":701,"width":71,"height":10}},{"id":"1533c27f-288c-43a1-99bd-375dbd488e4f","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2009; Head of","page_number":30,"box":{"x":347,"y":633,"width":342,"height":10}},{"id":"43d2da5a-6248-4365-a185-97a75ddfc2c0","block_type":"box","text":"BlackRock Global Accounting and Product Services since","page_number":30,"box":{"x":347,"y":643,"width":331,"height":10}},{"id":"6cb1d824-c36b-468b-9fe3-232a77998e58","block_type":"box","text":"2009; Advisory Director of Family Resource Network","page_number":30,"box":{"x":347,"y":653,"width":313,"height":11}},{"id":"1b9a12b1-1ac7-4dab-b21d-cf24790850ae","block_type":"box","text":"(charitable foundation) since 2009; Member of BlackRock’s","page_number":30,"box":{"x":347,"y":664,"width":347,"height":10}},{"id":"18c56097-776a-42a5-ad48-875340f381b5","block_type":"box","text":"Global Executive Committee since 2025.","page_number":30,"box":{"x":347,"y":674,"width":235,"height":8}},{"id":"be572660-14e1-41de-a8fe-a961dea58b91","block_type":"box","text":"78 RICs","page_number":30,"box":{"x":709,"y":633,"width":46,"height":8}},{"id":"06429057-5523-49ae-9c84-47865f35a6fd","block_type":"box","text":"consisting of","page_number":30,"box":{"x":708,"y":643,"width":73,"height":10}},{"id":"a75a047d-2506-4547-bbd1-569f317774dd","block_type":"box","text":"254 Portfolios","page_number":30,"box":{"x":708,"y":653,"width":82,"height":8}},{"id":"0dc7b87e-2ef8-4712-865a-89d6258e497d","block_type":"box","text":"None","page_number":30,"box":{"x":799,"y":634,"width":32,"height":7}},{"id":"997a61ca-04d0-4108-9a8b-3c993e400458","block_type":"box","text":"1","page_number":30,"box":{"x":128,"y":727,"width":4,"height":5}},{"id":"becb0c49-338c-4251-a16f-ae61c823eff3","block_type":"box","text":"The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":30,"box":{"x":146,"y":727,"width":588,"height":10}},{"id":"ba28abf4-f82f-4a22-882a-bed0cd09d279","block_type":"box","text":"2","page_number":30,"box":{"x":128,"y":738,"width":4,"height":4}},{"id":"998d1a23-f5fd-4fbd-ad72-25ba7a9d24d1","block_type":"box","text":"Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death,","page_number":30,"box":{"x":146,"y":737,"width":722,"height":10}},{"id":"3df95a13-f6f0-4490-9dff-27e0ca1970ad","block_type":"box","text":"resignation, retirement or removal as provided by the Fund’s by-laws or charter or statute, or until December 31 of the year in","page_number":30,"box":{"x":146,"y":747,"width":732,"height":11}},{"id":"80aecdaa-685d-45b5-a8e3-58e27738b61b","block_type":"box","text":"which he or she turns 75. Directors who are “interested persons,” as defined in the Investment Company Act (each, an","page_number":30,"box":{"x":146,"y":758,"width":687,"height":10}},{"id":"044148a6-bf05-46af-9e66-1730b5b3d922","block_type":"box","text":"“Interested Director”), serve until their successor is duly elected and qualifies or until their earlier death, resignation,","page_number":30,"box":{"x":147,"y":768,"width":674,"height":10}},{"id":"559bc3c2-88ac-41ee-9484-e706f4f91db9","block_type":"box","text":"retirement or removal as provided by the Fund’s by-laws or statute, or until December 31 of the year in which they turn 72.","page_number":30,"box":{"x":146,"y":778,"width":716,"height":11}},{"id":"c652a896-cd9c-4486-b71e-d0b1fb5eb4a6","block_type":"box","text":"The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate.","page_number":30,"box":{"x":146,"y":789,"width":645,"height":10}},{"id":"38c66b33-8b82-4c84-a152-86adaec3ecd1","block_type":"box","text":"3","page_number":30,"box":{"x":128,"y":800,"width":4,"height":5}},{"id":"4e2a0ad3-3272-4fe7-948e-d02ab521c125","block_type":"box","text":"Length of service includes service as a director of the Predecessor Fund (as defined below), as applicable. Following the","page_number":30,"box":{"x":146,"y":799,"width":682,"height":10}},{"id":"0de0fdef-9b64-45c9-b583-e116c477642e","block_type":"box","text":"combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various","page_number":30,"box":{"x":146,"y":809,"width":698,"height":11}},{"id":"79f0f748-0482-4283-b261-9f9bafa27b2d","block_type":"box","text":"legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain","page_number":30,"box":{"x":146,"y":820,"width":729,"height":10}},{"id":"cfbaed3c-41c7-459c-b11e-1a9f96742d37","block_type":"box","text":"Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows:","page_number":30,"box":{"x":146,"y":830,"width":690,"height":10}},{"id":"66d537b6-e681-44f0-b164-57517e066ddb","block_type":"box","text":"R. Glenn Hubbard, 2004 and W. Carl Kester, 1995. Certain other Independent Directors became members of the boards of the","page_number":30,"box":{"x":146,"y":840,"width":732,"height":11}},{"id":"658c78bf-7574-4665-bfb5-14cf525d3a05","block_type":"box","text":"closed-end funds in the BlackRock Fixed-Income Complex as follows: Cynthia L. Egan, 2016.","page_number":30,"box":{"x":146,"y":851,"width":540,"height":10}},{"id":"9f2775ae-6753-40db-8826-aa206119c3a4","block_type":"box","text":"4","page_number":30,"box":{"x":128,"y":862,"width":4,"height":4}},{"id":"d2aafab5-83aa-4113-86b8-8cd6e47383dc","block_type":"box","text":"Ms. Egan, Dr. Kester, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and","page_number":30,"box":{"x":146,"y":861,"width":682,"height":10}},{"id":"7a8911e6-8f59-4cd6-8bd8-69b25e3243e7","block_type":"box","text":"BlackRock Private Investments Fund.","page_number":30,"box":{"x":146,"y":871,"width":216,"height":8}},{"id":"aa77cd44-98e7-4851-95e6-3e9d72e85875","block_type":"box","text":"I-15","page_number":30,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"92da5496-2d06-42e5-9a03-d637d3e271ac","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":30,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8e575a94-5c92-4160-b7f5-3d86717f4663","block_type":"box","text":"5","page_number":31,"box":{"x":128,"y":76,"width":4,"height":5}},{"id":"403bd74a-1351-4ade-bfa0-51d2d5104fa8","block_type":"box","text":"Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the Investment Company Act, of the Fund based","page_number":31,"box":{"x":146,"y":76,"width":731,"height":10}},{"id":"49acc21d-a182-42b2-90ff-66cac9817236","block_type":"box","text":"on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the","page_number":31,"box":{"x":147,"y":86,"width":700,"height":10}},{"id":"56547f17-be21-4fb3-9bfe-4bdac9509e84","block_type":"box","text":"BlackRock Multi-Asset Complex.","page_number":31,"box":{"x":146,"y":96,"width":194,"height":10}},{"id":"70a794d5-5541-4658-8bb3-eb1e2ed78d3c","block_type":"box","text":"Certain biographical and other information relating to the officers of the Fund who are not Directors is set","page_number":31,"box":{"x":117,"y":115,"width":738,"height":13}},{"id":"72ce46be-ffab-49ff-8fd9-020885423151","block_type":"box","text":"forth below, including their address and year of birth, principal occupations for at least the last five years and","page_number":31,"box":{"x":116,"y":131,"width":759,"height":13}},{"id":"6d45f5b8-750b-4614-a43c-1014632f4dca","block_type":"box","text":"length of time served.","page_number":31,"box":{"x":116,"y":146,"width":148,"height":13}},{"id":"37db4a71-5352-4645-932c-cda505f43a4d","block_type":"box","text":"Name and","page_number":31,"box":{"x":116,"y":181,"width":60,"height":8}},{"id":"d03cc894-69e8-428f-bb06-f4c562be24a9","block_type":"box","text":"Year of Birth","page_number":31,"box":{"x":116,"y":191,"width":76,"height":8}},{"id":"09244cc5-508c-4a50-aae8-0edeb9beb3f5","block_type":"box","text":"1,2","page_number":31,"box":{"x":193,"y":191,"width":11,"height":6}},{"id":"d19d2b94-b22d-4c99-bb67-5126f81f0bd6","block_type":"box","text":"Position(s)","page_number":31,"box":{"x":273,"y":171,"width":60,"height":9}},{"id":"800e12bf-347a-41b4-a1db-b83d5024a44d","block_type":"box","text":"Held (Length","page_number":31,"box":{"x":272,"y":181,"width":77,"height":10}},{"id":"de1410a6-405a-4807-8411-5ee102cacfac","block_type":"box","text":"of Service)","page_number":31,"box":{"x":273,"y":191,"width":59,"height":10}},{"id":"20a99992-e88f-4b8c-9d4b-eeae5e51abec","block_type":"box","text":"3","page_number":31,"box":{"x":333,"y":191,"width":4,"height":5}},{"id":"4a609404-6d42-4f2a-9bdb-9a3f7a04d509","block_type":"box","text":"Principal Occupation(s)","page_number":31,"box":{"x":559,"y":181,"width":136,"height":10}},{"id":"5917af22-f06e-4f41-b93b-e84dfd49f778","block_type":"box","text":"During Past Five Years","page_number":31,"box":{"x":561,"y":191,"width":132,"height":10}},{"id":"b00d5a89-35e4-4c44-a497-3ab60064d896","block_type":"box","text":"Officers Who Are Not Directors","page_number":31,"box":{"x":116,"y":213,"width":187,"height":8}},{"id":"1170789e-f777-4acd-a3eb-b352bbe58a47","block_type":"box","text":"Jennifer McGovern","page_number":31,"box":{"x":115,"y":228,"width":112,"height":10}},{"id":"f6738c7e-5acc-4819-bbe0-0aa5b98363cc","block_type":"box","text":"1977","page_number":31,"box":{"x":117,"y":239,"width":28,"height":7}},{"id":"1408c8b1-b902-4337-9500-5167fbf71b31","block_type":"box","text":"Vice President","page_number":31,"box":{"x":272,"y":228,"width":82,"height":8}},{"id":"5cc604a9-01bd-41c1-9b32-b42b04543683","block_type":"box","text":"(Since 2014)","page_number":31,"box":{"x":273,"y":238,"width":71,"height":10}},{"id":"c9a5f826-8602-49a3-ae52-2ec9c3b07554","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2016.","page_number":31,"box":{"x":380,"y":228,"width":291,"height":10}},{"id":"ddb4d20c-4f7c-4611-85cf-6c8f36f3ea04","block_type":"box","text":"Trent Walker","page_number":31,"box":{"x":116,"y":253,"width":78,"height":8}},{"id":"580123ef-599d-4dc9-a5a1-a3f5846d9f7d","block_type":"box","text":"1974","page_number":31,"box":{"x":117,"y":264,"width":28,"height":7}},{"id":"80f6e555-5e88-4690-8d33-9f1347a21b6d","block_type":"box","text":"Chief Financial","page_number":31,"box":{"x":273,"y":253,"width":87,"height":8}},{"id":"dc828136-08e6-4712-8570-f7f6f17af8e6","block_type":"box","text":"Officer","page_number":31,"box":{"x":273,"y":263,"width":40,"height":8}},{"id":"4837c4ad-2b59-4a21-b618-53daece32717","block_type":"box","text":"(Since 2021)","page_number":31,"box":{"x":273,"y":274,"width":71,"height":9}},{"id":"2a2a7284-cbd6-4a89-a512-a9f84604ddd4","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019; Executive Vice President of\r\nf","page_number":31,"box":{"x":380,"y":253,"width":454,"height":10}},{"id":"6732e80b-350a-4267-9878-5335b28bef48","block_type":"box","text":"gg \r\nPIMCO from 2016 to 2019.","page_number":31,"box":{"x":380,"y":263,"width":164,"height":8}},{"id":"cc85799a-5738-45b2-b42d-6b3c626d75c8","block_type":"box","text":"Jay M. Fife","page_number":31,"box":{"x":115,"y":289,"width":65,"height":10}},{"id":"cbf86fdc-740a-40c8-a2ff-f42cf19fb880","block_type":"box","text":"1970","page_number":31,"box":{"x":117,"y":299,"width":28,"height":8}},{"id":"af9ee7e3-c0a1-43bb-954a-084640742788","block_type":"box","text":"Treasurer","page_number":31,"box":{"x":272,"y":289,"width":56,"height":8}},{"id":"7c3f85c6-16df-4462-8425-3c2a671733e7","block_type":"box","text":"(Since 2007)","page_number":31,"box":{"x":273,"y":299,"width":71,"height":10}},{"id":"962357d3-2a57-495a-94cb-bb796fcfaea1","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2007.","page_number":31,"box":{"x":380,"y":289,"width":291,"height":10}},{"id":"bbd1e6fc-83b8-42be-9234-b7f84ab5bd30","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the\r\nlkkdd fdhlkk llhlkk","page_number":31,"box":{"x":380,"y":314,"width":482,"height":10}},{"id":"a943b630-79e6-435f-a408-da111b06cc8d","block_type":"box","text":"gg p\r\nBlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock\r\ndld hhlhf","page_number":31,"box":{"x":380,"y":324,"width":470,"height":10}},{"id":"424d3a02-2a78-4108-901a-525e689efd88","block_type":"box","text":"p\r\nFixed-Income Complex and the iShares Complex since 2023; Deputy Chief\r\nlfffhlkkdd fdhlkk l","page_number":31,"box":{"x":380,"y":334,"width":436,"height":11}},{"id":"70a12a2a-5e99-48fc-8e1b-a8d11eec494c","block_type":"box","text":"pppy \r\nCompliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset\r\nlhlkk dld hhlf","page_number":31,"box":{"x":381,"y":344,"width":481,"height":11}},{"id":"05bab415-0da9-481e-bbdf-9aff0e7386b0","block_type":"box","text":"p\r\nComplex, the BlackRock Fixed-Income Complex and the iShares Complex from","page_number":31,"box":{"x":381,"y":354,"width":464,"height":11}},{"id":"9860d837-9d4e-4754-9493-7b8856dbeac6","block_type":"box","text":"2014 to 2023.","page_number":31,"box":{"x":380,"y":365,"width":82,"height":8}},{"id":"cc89d213-ff40-42fd-a77b-48c01d6e7788","block_type":"box","text":"Lisa Belle","page_number":31,"box":{"x":116,"y":380,"width":54,"height":8}},{"id":"767a79de-b6e2-4937-b63b-8fdf7a312739","block_type":"box","text":"1968","page_number":31,"box":{"x":117,"y":391,"width":28,"height":7}},{"id":"efed327b-a52b-4fef-8cb7-0a1c46d6ff3e","block_type":"box","text":"Anti-Money\r\nd","page_number":31,"box":{"x":272,"y":380,"width":71,"height":10}},{"id":"c02698c3-895f-4113-becc-434169f8b23b","block_type":"box","text":"y\r\nLaundering\r\nl","page_number":31,"box":{"x":273,"y":390,"width":66,"height":10}},{"id":"ac04fed2-e47d-4365-9c62-b375183203d4","block_type":"box","text":"g\r\nCompliance\r\nff","page_number":31,"box":{"x":273,"y":400,"width":68,"height":10}},{"id":"0bfe873f-354f-4f5d-9bdc-b72617aee034","block_type":"box","text":"p\r\nOfficer","page_number":31,"box":{"x":273,"y":410,"width":40,"height":8}},{"id":"3ef78452-58ef-4783-8049-140a2977e466","block_type":"box","text":"(Since 2019)","page_number":31,"box":{"x":273,"y":421,"width":71,"height":9}},{"id":"c15e104a-5199-4cc8-ba17-fc6cb5a46ae3","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for\r\nd lh f f","page_number":31,"box":{"x":380,"y":380,"width":487,"height":10}},{"id":"f528c692-bf77-4d40-a411-0993c5dba4ee","block_type":"box","text":"gg \r\nAsset and Wealth Management of JP Morgan from 2013 to 2019.","page_number":31,"box":{"x":380,"y":390,"width":382,"height":10}},{"id":"2ebce5c9-efda-47a0-8f5c-a19c1478f0bf","block_type":"box","text":"Janey Ahn","page_number":31,"box":{"x":115,"y":436,"width":61,"height":10}},{"id":"968ff7c2-b195-45e8-8b65-4b773988e85e","block_type":"box","text":"1975","page_number":31,"box":{"x":117,"y":447,"width":28,"height":7}},{"id":"1e825cfb-0020-44f7-b495-61d7dfc614a8","block_type":"box","text":"Secretary","page_number":31,"box":{"x":273,"y":436,"width":52,"height":10}},{"id":"c63c833d-8d3e-46d5-a756-e8af37f69e68","block_type":"box","text":"(Since 2019)","page_number":31,"box":{"x":273,"y":446,"width":71,"height":10}},{"id":"7eeb1089-3d99-4722-b4f1-6e07dd25d93b","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018.","page_number":31,"box":{"x":380,"y":436,"width":291,"height":10}},{"id":"63081de0-2f14-4687-bf3c-727743a70c2c","block_type":"box","text":"1","page_number":31,"box":{"x":128,"y":472,"width":4,"height":5}},{"id":"851633bc-67ce-4d4b-81b2-df8ffc747d56","block_type":"box","text":"The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":31,"box":{"x":146,"y":472,"width":581,"height":10}},{"id":"c5fe4b83-0c28-4f35-b1ec-4e33741261ee","block_type":"box","text":"2","page_number":31,"box":{"x":128,"y":483,"width":4,"height":4}},{"id":"f21541e2-92dd-4cf7-b5f9-0b6a5a1bac98","block_type":"box","text":"Officers of the Fund serve at the pleasure of the Board.","page_number":31,"box":{"x":147,"y":482,"width":316,"height":10}},{"id":"0b3d5ca0-55ff-426a-bcde-e17800e029d9","block_type":"box","text":"3","page_number":31,"box":{"x":128,"y":493,"width":4,"height":5}},{"id":"43f02b07-3bd5-47c2-a5e0-3cdb304db407","block_type":"box","text":"Length of service includes service in such capacity for the Predecessor Fund.","page_number":31,"box":{"x":146,"y":493,"width":438,"height":10}},{"id":"6844bc26-6c8f-484c-a87f-53a2e10616a3","block_type":"box","text":"Share Ownership","page_number":31,"box":{"x":137,"y":516,"width":124,"height":12}},{"id":"431822ca-c0e0-4c65-abf4-91d9395d3594","block_type":"box","text":"Information relating to each Director’s share ownersh","page_number":31,"box":{"x":116,"y":539,"width":373,"height":13}},{"id":"d4718df7-03b4-4d01-9e3a-0f1a5960faa0","block_type":"box","text":"ip in the Fund and in all BlackRock-advised Funds that","page_number":31,"box":{"x":490,"y":539,"width":382,"height":13}},{"id":"59e58f41-d04c-4dc7-8d34-7c89606f076a","block_type":"box","text":"are currently overseen by the respective Director (“Supervised Funds”) as of December 31, 2025 is set forth in","page_number":31,"box":{"x":116,"y":554,"width":763,"height":13}},{"id":"edf9268e-a764-4e23-b937-0cbca243e4d0","block_type":"box","text":"the chart below. Amounts shown may include shares as to which a Director has indirect beneficial ownership,","page_number":31,"box":{"x":116,"y":570,"width":762,"height":13}},{"id":"1648d9b9-f198-4d28-ac98-e9e8b01091de","block_type":"box","text":"such as through participation in certain family accounts, 529 college savings plan interests, or similar","page_number":31,"box":{"x":116,"y":585,"width":700,"height":13}},{"id":"be477826-0185-4799-b60a-c2d8403c4a9a","block_type":"box","text":"arrangements where the Director has beneficial","page_number":31,"box":{"x":116,"y":601,"width":327,"height":13}},{"id":"007a5097-b01a-461f-90cc-a106bb47e6a7","block_type":"box","text":"economic interest but not a direct ownership interest.","page_number":31,"box":{"x":448,"y":601,"width":368,"height":13}},{"id":"04e3958f-4550-4748-9fbb-999837f6bedd","block_type":"box","text":"Name","page_number":31,"box":{"x":158,"y":656,"width":35,"height":8}},{"id":"b32071f6-28bc-4f86-a379-b89c906c774e","block_type":"box","text":"Dollar","page_number":31,"box":{"x":653,"y":624,"width":37,"height":9}},{"id":"4b728c1a-4818-448c-89c0-f948e5c39520","block_type":"box","text":"Range of Equity","page_number":31,"box":{"x":625,"y":635,"width":94,"height":10}},{"id":"cac660a3-679f-4e92-b93c-93555c35133c","block_type":"box","text":"Securities in the","page_number":31,"box":{"x":627,"y":645,"width":90,"height":8}},{"id":"095e0fda-be9e-4e92-a8a5-e64639797ea6","block_type":"box","text":"Fund","page_number":31,"box":{"x":657,"y":655,"width":29,"height":9}},{"id":"8d3fa990-65b5-4f35-96a2-98ba17cb5f19","block_type":"box","text":"Aggregate Dollar","page_number":31,"box":{"x":778,"y":624,"width":99,"height":11}},{"id":"28be3658-cad9-4679-a865-79457d90db8b","block_type":"box","text":"Range of Equity","page_number":31,"box":{"x":780,"y":635,"width":94,"height":10}},{"id":"d85a1b7f-7ed7-435f-9d38-7f8e56f6595c","block_type":"box","text":"Securities in","page_number":31,"box":{"x":793,"y":646,"width":69,"height":7}},{"id":"dacb9f5f-61ad-4086-b8b1-abc9dd8dda3d","block_type":"box","text":"Supervised Funds*","page_number":31,"box":{"x":774,"y":655,"width":106,"height":11}},{"id":"95696355-32ac-4047-976e-fc5a9483a152","block_type":"box","text":"Independent Directors:","page_number":31,"box":{"x":116,"y":677,"width":134,"height":11}},{"id":"410fa5a0-46d9-4ca9-a391-5a0e0009f81b","block_type":"box","text":"Cynthia L. Egan","page_number":31,"box":{"x":130,"y":693,"width":94,"height":10}},{"id":"79713572-cfff-4369-8015-8b943a188fcc","block_type":"box","text":"None Over $100,000","page_number":31,"box":{"x":656,"y":693,"width":215,"height":10}},{"id":"90e5191a-4f87-427d-99a4-7fd7605b174e","block_type":"box","text":"Lorenzo A. Flores None Over $100,000","page_number":31,"box":{"x":130,"y":708,"width":741,"height":10}},{"id":"ddf267ea-acdb-4efc-8fe8-5f3759326d36","block_type":"box","text":"Stayce D. Harris None Over $100,000","page_number":31,"box":{"x":130,"y":724,"width":741,"height":10}},{"id":"0cab14f1-b486-4f31-bd46-f80d330dd566","block_type":"box","text":"J. Phillip Holloman None Over $100,000","page_number":31,"box":{"x":129,"y":739,"width":742,"height":11}},{"id":"6995ba24-49d6-4187-aaee-1622460b20a7","block_type":"box","text":"R. Glenn Hubbard None Over $100,000","page_number":31,"box":{"x":130,"y":755,"width":741,"height":10}},{"id":"8141e9ee-925f-4211-8ba9-e05a908d0f45","block_type":"box","text":"W. Carl Kester","page_number":31,"box":{"x":129,"y":770,"width":86,"height":9}},{"id":"264aa7b0-38c8-426b-9052-f4254081b8e6","block_type":"box","text":"None Over $100,000","page_number":31,"box":{"x":656,"y":770,"width":215,"height":10}},{"id":"3101bcbd-1d75-4ed3-9272-28f99a02c50d","block_type":"box","text":"Arthur P. Steinmetz None Over $100,000","page_number":31,"box":{"x":129,"y":786,"width":742,"height":10}},{"id":"5f3595d2-983a-4d21-b0e0-a353d5d48610","block_type":"box","text":"Interested Directors:","page_number":31,"box":{"x":116,"y":804,"width":119,"height":8}},{"id":"700c179b-e87a-46b6-9cc0-1287df9e5d07","block_type":"box","text":"Robert Fairbairn None Over $100,000","page_number":31,"box":{"x":130,"y":819,"width":741,"height":10}},{"id":"408a0806-3357-4b98-be53-dfb8a5b55a1e","block_type":"box","text":"John M. Perlowski None Over $100,000","page_number":31,"box":{"x":129,"y":835,"width":742,"height":10}},{"id":"ca7f0b99-65ba-43ef-ac85-dcab23b466ad","block_type":"box","text":"* Includes share equivalents owned under the deferred compensation plan in the Supervised Funds by certain Independent","page_number":31,"box":{"x":133,"y":861,"width":715,"height":10}},{"id":"5e542e8f-cea9-4fb9-9d90-ad691b307e96","block_type":"box","text":"Directors who have participated in the deferred compensation plan of the Supervised Funds.","page_number":31,"box":{"x":153,"y":871,"width":533,"height":10}},{"id":"da37b393-b768-43f4-bcac-51d46e984735","block_type":"box","text":"I-16","page_number":31,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"90e165c5-42f5-4ca4-9f83-98bc3151bb86","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":31,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e289462a-994e-4740-93bc-88713c856f5d","block_type":"box","text":"As of April 2, 2026, the Directors and officers of the Fund as a group directly or indirectly beneficially owned","page_number":32,"box":{"x":116,"y":79,"width":760,"height":13}},{"id":"607c6d47-4915-42cb-9563-4879f88168c4","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of the Fund.","page_number":32,"box":{"x":116,"y":94,"width":552,"height":13}},{"id":"b7ac8b77-0e21-4b6b-ad0e-4cd160d2aba5","block_type":"box","text":"As of December 31, 2025, none of the Independent Director","page_number":32,"box":{"x":116,"y":118,"width":419,"height":12}},{"id":"2b6e7ffa-1031-4690-9a9c-26c392926fd6","block_type":"box","text":"s of the Fund or their immediate family members","page_number":32,"box":{"x":535,"y":118,"width":339,"height":12}},{"id":"1a255983-646d-4316-8ea7-2adb8b9cd417","block_type":"box","text":"owned beneficially or of record any securities of the Portfolio’s investment adviser, principal underwriter, or","page_number":32,"box":{"x":116,"y":133,"width":749,"height":13}},{"id":"5f5403ca-8855-4f6c-83c5-8abae47f4ef9","block_type":"box","text":"any person directly or indirectly controlling, controlled by, or under common control with such entities.","page_number":32,"box":{"x":116,"y":149,"width":719,"height":12}},{"id":"1b563c72-1a1b-446e-861e-41c9ed0d9909","block_type":"box","text":"Compensation of Directors","page_number":32,"box":{"x":137,"y":177,"width":196,"height":13}},{"id":"71c3957c-e8ea-4b19-8815-0992e9a4e570","block_type":"box","text":"Each Independent Director is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":32,"box":{"x":116,"y":203,"width":749,"height":13}},{"id":"1907c42f-4776-4a8d-b69c-bb0e3f6b46ad","block_type":"box","text":"member of the BlackRock-advised Funds, including the Portfolio, and each Independent Director may also","page_number":32,"box":{"x":116,"y":218,"width":739,"height":13}},{"id":"29b3a94e-840b-4cca-8ab2-b81514c012dc","block_type":"box","text":"receive a $10,000 Board meeting fee for special unscheduled meetings or meetings in excess of six Board","page_number":32,"box":{"x":116,"y":234,"width":722,"height":13}},{"id":"64173faa-e571-4d6d-83c6-5ed61fb90206","block_type":"box","text":"meetings held in a calendar year, together with out-o","page_number":32,"box":{"x":116,"y":249,"width":366,"height":13}},{"id":"e0a6a653-2114-4568-88eb-784ac78aaab6","block_type":"box","text":"f-pocket expenses in accordance with a Board policy on","page_number":32,"box":{"x":483,"y":249,"width":385,"height":13}},{"id":"038afe6c-ea04-45ee-8a95-b8e1c912f2c1","block_type":"box","text":"travel and other business expenses relating to attendance at meetings. In addition, the Chair of the Board and","page_number":32,"box":{"x":116,"y":265,"width":757,"height":13}},{"id":"8724f07d-10e3-4edc-81ee-a448c75fdef2","block_type":"box","text":"the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000, respectively. The","page_number":32,"box":{"x":116,"y":280,"width":766,"height":13}},{"id":"6e3207df-842e-4589-8552-b777e8a10f8c","block_type":"box","text":"Chairs of the Audit Committee, Performance Oversigh","page_number":32,"box":{"x":117,"y":296,"width":378,"height":13}},{"id":"e6ef1d36-b015-4c5b-b2ea-0d679ac63da6","block_type":"box","text":"t Committee, Compliance Committee, Governance and","page_number":32,"box":{"x":496,"y":296,"width":383,"height":13}},{"id":"2e504a66-7acd-4c77-aea8-795f150379b2","block_type":"box","text":"Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of $55,000,","page_number":32,"box":{"x":116,"y":311,"width":765,"height":13}},{"id":"85013ca9-00de-4477-97d2-a64d9a09233a","block_type":"box","text":"$42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit Committee,","page_number":32,"box":{"x":117,"y":327,"width":744,"height":13}},{"id":"9f048d9e-821a-441d-8fc5-85ae521d3fda","block_type":"box","text":"Compliance Committee, and Governance and Nomina","page_number":32,"box":{"x":117,"y":342,"width":379,"height":13}},{"id":"a6878b2b-fe86-4f71-a3c2-e67f0e0780e4","block_type":"box","text":"ting Committee, and Securities Lending Committee are","page_number":32,"box":{"x":497,"y":342,"width":381,"height":13}},{"id":"5a3ec9b2-4160-4161-ad31-45aba99bc9df","block_type":"box","text":"paid an additional annual retainer of $30,000, $25,000, $25,000, and $15,000, respectively, for his or her","page_number":32,"box":{"x":116,"y":358,"width":739,"height":13}},{"id":"8d518ac9-e520-4336-a4d2-4439ef4dadef","block_type":"box","text":"service on such committee. The Portfolio will pay a pro rata portion quarterly (based on relative net assets) of","page_number":32,"box":{"x":116,"y":373,"width":761,"height":13}},{"id":"f7545d4e-eb06-43e5-a341-75e7173ed67f","block_type":"box","text":"the foregoing Director fees paid by the funds in the BlackRock Fixed-Income Complex. An Independent","page_number":32,"box":{"x":116,"y":389,"width":721,"height":13}},{"id":"e90e3fb2-54ee-4fce-974f-456e5f1bff64","block_type":"box","text":"Director may receive additional compensation for his or her service as a member or Chair, as applicable, of","page_number":32,"box":{"x":116,"y":404,"width":744,"height":13}},{"id":"16ed4778-8c60-4815-8ccd-22daf29cae79","block_type":"box","text":"one or more ad hoc committees of the Board.","page_number":32,"box":{"x":116,"y":420,"width":314,"height":10}},{"id":"6f8a1030-f37d-40ac-af65-a0b6e2b17193","block_type":"box","text":"The Independent Directors have agreed that a maximum of 50% of each Independent Director’s total","page_number":32,"box":{"x":116,"y":443,"width":705,"height":13}},{"id":"d07848de-1616-4982-8eb0-fa414cc9c0a0","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the","page_number":32,"box":{"x":116,"y":459,"width":714,"height":12}},{"id":"248c4e3e-e979-47e7-a7de-9f41d191ad98","block_type":"box","text":"BlackRock Fixed-Income Complex’s deferred compen","page_number":32,"box":{"x":116,"y":474,"width":374,"height":13}},{"id":"6a7d4a27-7375-45c1-9831-7347597049c7","block_type":"box","text":"sation plan. Under the deferred compensation plan,","page_number":32,"box":{"x":491,"y":474,"width":356,"height":13}},{"id":"df2b5a3d-3df6-4664-a95a-abf3bcb38a99","block_type":"box","text":"deferred amounts earn a return for the Independent Directors as though equivalent dollar amounts had been","page_number":32,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"6f5cba5f-ef90-49d1-9033-d58e280965bf","block_type":"box","text":"invested in shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent","page_number":32,"box":{"x":116,"y":505,"width":721,"height":13}},{"id":"728fc460-90cc-4fc6-8d91-28a30dfabd95","block_type":"box","text":"Directors. This has approximately the same economic effect for the Independent Directors as if they had","page_number":32,"box":{"x":116,"y":521,"width":722,"height":12}},{"id":"95bfda73-c5ac-4e08-9406-e861321bc0c8","block_type":"box","text":"invested the deferred amounts in such funds in the BlackRock Fixed-Income Complex. The deferred","page_number":32,"box":{"x":116,"y":536,"width":693,"height":13}},{"id":"2b3b52e9-a531-44ae-b6df-bdc68a0f5de3","block_type":"box","text":"compensation plan is not funded and obligations thereunder represent general unsecured claims against the","page_number":32,"box":{"x":116,"y":552,"width":742,"height":12}},{"id":"a150f88c-8aea-45e8-bbba-ab5dbbe3502b","block_type":"box","text":"general assets of a fund and are recorded as a liability for accounting purposes.","page_number":32,"box":{"x":116,"y":567,"width":546,"height":13}},{"id":"118179a1-5c30-45a6-bf05-f0b8e857c50a","block_type":"box","text":"The following table sets forth the compensation paid to the Directors by the Portfolio for the fiscal year ended","page_number":32,"box":{"x":116,"y":590,"width":763,"height":13}},{"id":"20aff84a-35f1-4460-8301-b4a10565a3ab","block_type":"box","text":"December 31, 2025, and the aggregate compensation including deferred compensation amounts, paid to them","page_number":32,"box":{"x":116,"y":606,"width":764,"height":13}},{"id":"89e3c19e-f826-4238-a2a9-cef1830fd95e","block_type":"box","text":"by all BlackRock-advised Funds for the calendar year ended December 31, 2025.","page_number":32,"box":{"x":116,"y":621,"width":561,"height":13}},{"id":"2f122f37-706b-4fed-97e5-d83cb8d1b2a0","block_type":"box","text":"Name","page_number":32,"box":{"x":158,"y":691,"width":35,"height":8}},{"id":"21f85e50-005c-4159-9219-057673519985","block_type":"box","text":"1","page_number":32,"box":{"x":194,"y":691,"width":3,"height":5}},{"id":"9dffd88f-b5f4-4b46-8c22-9aeb5300fa4a","block_type":"box","text":"Compensation","page_number":32,"box":{"x":508,"y":670,"width":84,"height":10}},{"id":"d83442db-166d-400a-9582-a4a7e6f0239d","block_type":"box","text":"from the","page_number":32,"box":{"x":525,"y":680,"width":49,"height":8}},{"id":"49f4094d-97d9-4709-982c-03f58a411683","block_type":"box","text":"Portfolio","page_number":32,"box":{"x":524,"y":691,"width":51,"height":8}},{"id":"b842200c-0f34-4232-8fc7-dacd45b85548","block_type":"box","text":"Estimated Annual","page_number":32,"box":{"x":609,"y":670,"width":103,"height":8}},{"id":"66f6e4bf-ad13-4b86-9941-89dfea44e1b3","block_type":"box","text":"Benefits upon","page_number":32,"box":{"x":621,"y":680,"width":79,"height":10}},{"id":"1fbaeb5e-4eea-4cfc-ae50-291ea5a37a52","block_type":"box","text":"Retirement","page_number":32,"box":{"x":629,"y":691,"width":64,"height":8}},{"id":"2cb73afe-3e37-4f0e-8c15-aef00cddcb97","block_type":"box","text":"Aggregate","page_number":32,"box":{"x":777,"y":650,"width":58,"height":9}},{"id":"756fdf8f-07e0-4271-957f-ab66d597c336","block_type":"box","text":"Compensation from","page_number":32,"box":{"x":749,"y":660,"width":115,"height":10}},{"id":"db6b433c-b352-4673-b173-c55404f69c1e","block_type":"box","text":"the Fund and","page_number":32,"box":{"x":768,"y":670,"width":77,"height":8}},{"id":"9ccbd9cd-487d-4929-99ae-d6ce65575043","block_type":"box","text":"Other BlackRock","page_number":32,"box":{"x":754,"y":680,"width":105,"height":8}},{"id":"a6528f6b-bb5d-40ad-85d6-be4f74b2a24b","block_type":"box","text":"Advised Funds","page_number":32,"box":{"x":758,"y":691,"width":84,"height":8}},{"id":"6f722f75-9b73-4e00-9f1a-4d139bdfe688","block_type":"box","text":"2,3","page_number":32,"box":{"x":843,"y":691,"width":11,"height":6}},{"id":"aa8c0528-7981-4f5e-9453-2944f097aeeb","block_type":"box","text":"Independent Directors:","page_number":32,"box":{"x":116,"y":713,"width":134,"height":10}},{"id":"20f55957-8611-40b0-b8a1-69546bb891d1","block_type":"box","text":"Cynthia L. Egan","page_number":32,"box":{"x":130,"y":728,"width":94,"height":10}},{"id":"393dd97e-21be-4ef9-aa98-5ac430d36124","block_type":"box","text":"4","page_number":32,"box":{"x":224,"y":729,"width":5,"height":4}},{"id":"df3340f7-5587-4481-8a49-ff59df0547ee","block_type":"box","text":"$187 None $580,000","page_number":32,"box":{"x":535,"y":728,"width":299,"height":10}},{"id":"d58e3121-18b0-492b-8f19-4ddfb64c169b","block_type":"box","text":"Lorenzo A. Flores","page_number":32,"box":{"x":130,"y":744,"width":102,"height":8}},{"id":"6f3a0429-3966-4955-8cff-07d949a6071e","block_type":"box","text":"5","page_number":32,"box":{"x":233,"y":744,"width":4,"height":5}},{"id":"e46890eb-5146-46bb-a69b-e86936c5d7cc","block_type":"box","text":"$188 None $400,000","page_number":32,"box":{"x":535,"y":743,"width":299,"height":10}},{"id":"e5c614fc-0a3e-45e7-b84e-c0ad2c7837b3","block_type":"box","text":"Stayce D. Harris $188 None $395,000","page_number":32,"box":{"x":130,"y":759,"width":704,"height":10}},{"id":"9c32caf0-aedf-450c-b951-16ebcac462a8","block_type":"box","text":"J. Phillip Holloman $188 None $425,000","page_number":32,"box":{"x":129,"y":774,"width":705,"height":11}},{"id":"5aa32792-b71e-4558-9ba5-089905a7e300","block_type":"box","text":"R. Glenn Hubbard $188 None $560,000","page_number":32,"box":{"x":130,"y":790,"width":704,"height":10}},{"id":"cc950bb4-f3d6-4e51-b601-13e22ba064d6","block_type":"box","text":"W. Carl Kester $188 None $671,500","page_number":32,"box":{"x":129,"y":805,"width":705,"height":10}},{"id":"c8f6431c-52cd-4966-aafb-7e2cd0ea5af0","block_type":"box","text":"Catherine A. Lynch","page_number":32,"box":{"x":130,"y":821,"width":112,"height":10}},{"id":"c7c64de1-a81e-4371-8e35-8b7af1e794f8","block_type":"box","text":"6","page_number":32,"box":{"x":243,"y":822,"width":4,"height":4}},{"id":"711635a2-7fa2-43c1-932d-7f723d8c3212","block_type":"box","text":"$188 None $610,000","page_number":32,"box":{"x":535,"y":821,"width":299,"height":10}},{"id":"5496170c-f49c-4592-801a-c4a78803f8d9","block_type":"box","text":"Arthur P. Steinmetz $188 None $537,500","page_number":32,"box":{"x":129,"y":836,"width":705,"height":10}},{"id":"02730cb7-97b8-4546-8ada-af1cafa7966d","block_type":"box","text":"I-17","page_number":32,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"c2fa8fc1-da03-41e3-bb77-3fa0ce4170a2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":32,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b78f5048-0e7c-45ca-b030-7036ffc81420","block_type":"box","text":"Name","page_number":33,"box":{"x":158,"y":118,"width":35,"height":7}},{"id":"f231a238-36d1-4e36-b3a2-8b44ae51b74e","block_type":"box","text":"1","page_number":33,"box":{"x":194,"y":118,"width":3,"height":4}},{"id":"b20785f0-73d1-49f2-a334-1426da34326f","block_type":"box","text":"Compensation","page_number":33,"box":{"x":508,"y":97,"width":84,"height":9}},{"id":"bf37e7c4-ca42-41a5-a0ea-160caa5cfb10","block_type":"box","text":"from the","page_number":33,"box":{"x":525,"y":107,"width":49,"height":8}},{"id":"552abc61-0aa8-4881-9c50-2a9d72e95ac7","block_type":"box","text":"Portfolio","page_number":33,"box":{"x":524,"y":117,"width":51,"height":8}},{"id":"08f9d108-2d57-4665-96ee-221324a6b1f2","block_type":"box","text":"Estimated Annual","page_number":33,"box":{"x":609,"y":96,"width":103,"height":8}},{"id":"96992c44-d77a-4242-b8d9-abd77dbaea50","block_type":"box","text":"Benefits upon","page_number":33,"box":{"x":621,"y":107,"width":79,"height":10}},{"id":"bcec1a35-3219-436d-b033-f8ad2e49f21e","block_type":"box","text":"Retirement","page_number":33,"box":{"x":629,"y":117,"width":64,"height":8}},{"id":"6f9bd073-8266-4c4b-8d30-292e86d695c3","block_type":"box","text":"Aggregate","page_number":33,"box":{"x":777,"y":76,"width":58,"height":10}},{"id":"d82d331d-1638-47d6-90c5-99cddfb0f5e7","block_type":"box","text":"Compensation from","page_number":33,"box":{"x":749,"y":86,"width":115,"height":10}},{"id":"ddef9538-6de0-4a88-8893-cbbca4952964","block_type":"box","text":"the Fund and","page_number":33,"box":{"x":768,"y":96,"width":77,"height":8}},{"id":"85c367d7-828c-42c5-8359-02ce8091a033","block_type":"box","text":"Other BlackRock","page_number":33,"box":{"x":754,"y":107,"width":105,"height":8}},{"id":"bbe01904-a1a4-4ceb-a881-d9fc01b0f663","block_type":"box","text":"Advised Funds","page_number":33,"box":{"x":758,"y":117,"width":84,"height":8}},{"id":"46f0e9b7-82f9-48ab-a127-cd1a12f8ef21","block_type":"box","text":"2,3","page_number":33,"box":{"x":843,"y":118,"width":11,"height":5}},{"id":"e19153f1-6c0a-4744-a598-7d4982e92a1c","block_type":"box","text":"Interested Directors:","page_number":33,"box":{"x":116,"y":139,"width":119,"height":8}},{"id":"11711644-b033-4775-8c7b-cdc07f167b12","block_type":"box","text":"Robert Fairbairn None None None","page_number":33,"box":{"x":130,"y":154,"width":692,"height":8}},{"id":"002478d7-b8e0-4855-b417-ce71a72c2119","block_type":"box","text":"John M. Perlowski None None None","page_number":33,"box":{"x":129,"y":170,"width":693,"height":10}},{"id":"8af654b2-b815-47c8-a4b6-d7a605a9e8d8","block_type":"box","text":"1","page_number":33,"box":{"x":128,"y":196,"width":4,"height":5}},{"id":"694aaedb-65df-4ffe-8bb3-4264e5ddadb8","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Director receives compensation see the Biographical","page_number":33,"box":{"x":146,"y":196,"width":664,"height":10}},{"id":"cad2eb35-e31e-4987-9b16-9ffe6813bc0a","block_type":"box","text":"Information Chart beginning on page I-14.","page_number":33,"box":{"x":146,"y":206,"width":248,"height":10}},{"id":"f82e1840-069e-4f83-a45c-977f285b1f7e","block_type":"box","text":"2","page_number":33,"box":{"x":128,"y":217,"width":4,"height":5}},{"id":"ec65d206-ce98-426b-88e7-08a26a0d30e4","block_type":"box","text":"For the Independent Trustees, this amount re","page_number":33,"box":{"x":146,"y":216,"width":255,"height":11}},{"id":"8c151e54-541d-4a9b-963a-dda90ebcdc55","block_type":"box","text":"presents the aggregate compensation earned from the funds in the BlackRock Fixed","page_number":33,"box":{"x":402,"y":216,"width":476,"height":11}},{"id":"7e3d6092-8508-427a-af8c-4dce6c31cc40","block_type":"box","text":"Income Complex during the calendar year ended December 31, 2025. Of this amount, Mr. Flores, Ms. Harris, Mr. Holloman,\r\n$$$$$$","page_number":33,"box":{"x":146,"y":227,"width":716,"height":10}},{"id":"7bc4bea6-2cce-4f9e-973b-19570a1da987","block_type":"box","text":"Dr. Hubbard, Dr. Kester, Ms. Lynch and Mr. Stein\r\n$","page_number":33,"box":{"x":146,"y":237,"width":290,"height":10}},{"id":"18ffafad-8f2a-49f8-94cc-db48023f3983","block_type":"box","text":"metz deferred $200,000, $197,500, $212,500, $280,000, $546,859, $603,900","page_number":33,"box":{"x":436,"y":237,"width":446,"height":10}},{"id":"9d91af50-44fa-4832-a484-ee209e02b3d0","block_type":"box","text":"y\r\nand $268,750, respectively, pursuant to the BlackRock Fix","page_number":33,"box":{"x":147,"y":247,"width":332,"height":11}},{"id":"e7f4e4ff-d46d-4061-b50e-011f930f4225","block_type":"box","text":"ed-Income Complex’s deferred compensation plan.","page_number":33,"box":{"x":480,"y":247,"width":287,"height":11}},{"id":"000988ae-602b-4194-83c9-4bd656e97bdf","block_type":"box","text":"3","page_number":33,"box":{"x":128,"y":258,"width":4,"height":5}},{"id":"509aed9c-b0fd-41d3-a2a2-f51458028a1f","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris,\r\n$$$$","page_number":33,"box":{"x":146,"y":258,"width":681,"height":10}},{"id":"7159dfd4-8078-4f1d-a944-128d704fcd27","block_type":"box","text":"ppyy p\r\nMr. Holloman, Dr. Hubbard, Dr. Kester, Ms. Lynch and Mr. Steinmetz is $1,055,218, $1,032,387, $1,101,752, $5,907,215,\r\n$$$","page_number":33,"box":{"x":146,"y":268,"width":727,"height":10}},{"id":"79d0a0a4-3c8e-42b3-978d-eb3f6dbff7b4","block_type":"box","text":"y\r\n$2,544,830, $720,927 and $603,379, respectively, as of December 31, 2025. Ms. Egan did not participate in the deferred","page_number":33,"box":{"x":147,"y":278,"width":704,"height":11}},{"id":"16d73c26-ad85-40b4-85ad-e185e5d8d958","block_type":"box","text":"compensation plan as of December 31, 2025.","page_number":33,"box":{"x":146,"y":289,"width":262,"height":10}},{"id":"ae2f7880-5bbd-4696-88d6-62fd7eb5d436","block_type":"box","text":"4","page_number":33,"box":{"x":128,"y":300,"width":4,"height":4}},{"id":"440fa178-515f-47d5-bc68-998d47e0b2d8","block_type":"box","text":"Cynthia Egan became Chair of the Securities Lending Committee, effective March 9, 2026.","page_number":33,"box":{"x":147,"y":299,"width":525,"height":10}},{"id":"343eb70f-c5db-4c44-8f34-b996a8d953ba","block_type":"box","text":"5","page_number":33,"box":{"x":128,"y":310,"width":4,"height":5}},{"id":"f6c2596a-a577-4102-8738-adf7f32d4bc5","block_type":"box","text":"Lorenzo Flores became Chair of the Audit Committee, effective March 9, 2026.","page_number":33,"box":{"x":146,"y":309,"width":461,"height":10}},{"id":"ec048319-66ee-41d0-bdf6-2ce6ab1f3ffd","block_type":"box","text":"6","page_number":33,"box":{"x":128,"y":320,"width":4,"height":5}},{"id":"3e218fe0-d9c6-46e5-9c3f-9e4b6b7ec304","block_type":"box","text":"Ms. Lynch resigned as a Director of the Fund effective as of March 9, 2026.","page_number":33,"box":{"x":146,"y":320,"width":439,"height":10}},{"id":"3c1221a5-0313-4c7b-8b10-a473b13fc22a","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":33,"box":{"x":116,"y":346,"width":478,"height":13}},{"id":"3e250791-cf73-4c20-a72b-ea53f1cc761f","block_type":"box","text":"The Fund has entered into an investment management agreement relating to the Portfolio with BlackRock","page_number":33,"box":{"x":116,"y":373,"width":736,"height":12}},{"id":"0bb75e4d-00d7-4257-a43a-aa7182b46685","block_type":"box","text":"(the “Investment Management Agreement”), an indirect, wholly owned subsidiary of BlackRock, Inc.","page_number":33,"box":{"x":117,"y":388,"width":703,"height":13}},{"id":"8cfe1785-0754-4f05-8a7a-3486b2564c16","block_type":"box","text":"Pursuant to the Investment Management Agreement, the Manager may from time to time, in its sole","page_number":33,"box":{"x":116,"y":411,"width":695,"height":13}},{"id":"bdb0cdd1-e147-431b-87a2-c4fafe58bafd","block_type":"box","text":"discretion to the extent permitted by applicable law, appoint one or more sub-advisers, including, without","page_number":33,"box":{"x":116,"y":427,"width":735,"height":13}},{"id":"2edc3adc-d448-4fa8-9a46-8ca9a34353eb","block_type":"box","text":"limitation, affiliates of the Manager, to perform management services with respect to the Fund. In addition,","page_number":33,"box":{"x":116,"y":442,"width":744,"height":13}},{"id":"98f4209f-b332-4eb0-b0a6-2d02a636953c","block_type":"box","text":"the Manager may delegate certain of its management","page_number":33,"box":{"x":116,"y":458,"width":368,"height":13}},{"id":"7f6479f6-edd1-4318-96f0-ab7fdd13f4a3","block_type":"box","text":"functions under the Investment Management Agreement","page_number":33,"box":{"x":489,"y":458,"width":391,"height":13}},{"id":"ee5f7185-67c0-4fa2-b2db-ecc7415170d5","block_type":"box","text":"to one or more of its affiliates to the extent permitted by applicable law. The Manager may terminate any or","page_number":33,"box":{"x":116,"y":473,"width":752,"height":13}},{"id":"e9236ced-9feb-44c0-9963-e47df11b9ecf","block_type":"box","text":"all sub-advisers or such delegation arrangements in its","page_number":33,"box":{"x":116,"y":489,"width":373,"height":13}},{"id":"d24b2977-023d-4c70-920d-3bbbfa59cfda","block_type":"box","text":"sole discretion at any time to the extent permitted by","page_number":33,"box":{"x":495,"y":489,"width":365,"height":13}},{"id":"d371e016-30bf-4b85-869e-be0a10b37d9e","block_type":"box","text":"applicable law.","page_number":33,"box":{"x":116,"y":504,"width":103,"height":13}},{"id":"5249d712-a9a7-4be7-9bf5-1a790837ac52","block_type":"box","text":"The Investment Management Agreement will continue in effect for an initial period of two years and from","page_number":33,"box":{"x":116,"y":528,"width":737,"height":13}},{"id":"7545084e-acef-410d-8b92-902142b9ee5a","block_type":"box","text":"year to year thereafter if approved annually (a) by the Board of Directors of the Fund or by a majority of the","page_number":33,"box":{"x":116,"y":543,"width":752,"height":13}},{"id":"e49b347f-02e7-48aa-8ace-f772ba5facfc","block_type":"box","text":"outstanding shares of the Portfolio, and (b) by a majority of the Directors who are not parties to such contract","page_number":33,"box":{"x":116,"y":559,"width":765,"height":13}},{"id":"b74dfeed-69b9-4e68-829b-be1862f4e4a8","block_type":"box","text":"or interested persons (as defined in the Investment Company Act), of any such party. The Investment","page_number":33,"box":{"x":116,"y":574,"width":700,"height":13}},{"id":"7d4efc40-e8ee-46b1-a8b1-2549e31b4533","block_type":"box","text":"Management Agreement and the sub-advisory agreements are not assignable and may be terminated without","page_number":33,"box":{"x":116,"y":590,"width":756,"height":13}},{"id":"73e62b1c-d2ad-4054-a4ac-56e8ef819257","block_type":"box","text":"penalty on 60 days’ written notice at the option of either party or by the vote of the shareholders of the Fund.","page_number":33,"box":{"x":116,"y":605,"width":759,"height":13}},{"id":"5624ea7c-337f-4881-9ce0-0f48c0a0baaf","block_type":"box","text":"Management Fee.","page_number":33,"box":{"x":116,"y":630,"width":122,"height":12}},{"id":"a5b0b139-0d28-4c82-a9ce-5cbf7d3ac5a2","block_type":"box","text":"Under the Investment Management Agreement, the management fee is calculated based on","page_number":33,"box":{"x":243,"y":629,"width":629,"height":13}},{"id":"ae413ceb-462e-4782-9b9a-205249867f6a","block_type":"box","text":"the average daily net assets of six combined funds (collectively, the “Combined Portfolios”). The six","page_number":33,"box":{"x":116,"y":644,"width":694,"height":13}},{"id":"5f7661e0-5900-42da-abda-2752a241a548","block_type":"box","text":"Combined Portfolios consist of the Portfolio and the five series of the Predecessor Fund. The Investment","page_number":33,"box":{"x":117,"y":660,"width":719,"height":10}},{"id":"9f1de2e8-d0c6-4801-bcfd-ddf74d6dfc59","block_type":"box","text":"Management Agreement provides that as compensation for its services to the Fund, the Manager receives","page_number":33,"box":{"x":116,"y":675,"width":729,"height":13}},{"id":"e3bc9119-f651-47d4-84e7-0cc1e3e30e6c","block_type":"box","text":"monthly compensation with respect to the Portfolio.","page_number":33,"box":{"x":116,"y":691,"width":362,"height":13}},{"id":"c99b3167-c995-41fc-9d69-6c8a2c4965ea","block_type":"box","text":"The fee rates are applied to the average daily net assets of each Combined Portfolio, with the reduced rates","page_number":33,"box":{"x":116,"y":714,"width":739,"height":13}},{"id":"2bece637-0e0f-4c52-a04c-b87dc84c5b84","block_type":"box","text":"above applicable to portions of the assets of each Combined Portfolio to the extent that the aggregate average","page_number":33,"box":{"x":116,"y":730,"width":761,"height":12}},{"id":"aa0409ff-3bd9-417c-88e9-995021875eb7","block_type":"box","text":"daily net assets of the six Combined Portfolios exceed $250 million, $300 million, $400 million and","page_number":33,"box":{"x":116,"y":745,"width":693,"height":13}},{"id":"594e031f-dabc-462f-9fb7-4e6203538d76","block_type":"box","text":"$800 million (each such amount being a “breakpoint level”). The portion of the assets of a Combined","page_number":33,"box":{"x":117,"y":760,"width":706,"height":13}},{"id":"d8d7fbe0-3413-407b-a48f-2ab4ab61951f","block_type":"box","text":"Portfolio to which the rate at each breakpoint level applies will be determined on a “uniform percentage”","page_number":33,"box":{"x":116,"y":776,"width":730,"height":13}},{"id":"b1e023e2-417c-4f98-8668-3f41afe4442f","block_type":"box","text":"basis. The uniform percentage applicable to a breakpoint level is determined by dividing the amount of the","page_number":33,"box":{"x":116,"y":792,"width":739,"height":12}},{"id":"0f6044e0-5e7f-4025-8393-c835bde7ffdd","block_type":"box","text":"aggregate average daily net assets of the six Combined Portfolios that falls within that breakpoint level by the","page_number":33,"box":{"x":116,"y":807,"width":758,"height":13}},{"id":"fbbafd89-0b5d-4113-8c3f-24eaf0748ff4","block_type":"box","text":"aggregate average daily net assets of the six Combined Portfolios. The amount of the fee for a Combined","page_number":33,"box":{"x":116,"y":823,"width":726,"height":12}},{"id":"767b1370-d3fd-416f-8fe2-77a861a89eee","block_type":"box","text":"Portfolio at each breakpoint level is determined by multiplying the average daily net assets of that Combined","page_number":33,"box":{"x":116,"y":838,"width":753,"height":13}},{"id":"1bf12c6c-e10e-4488-b674-7453c82c70ea","block_type":"box","text":"Portfolio by the uniform percentage applicable to that breakpoint level and multiplying the product by the","page_number":33,"box":{"x":116,"y":854,"width":737,"height":12}},{"id":"8c840fd3-c3cb-45b6-b633-6bdd44bfcc61","block_type":"box","text":"applicable management fee rate.","page_number":33,"box":{"x":116,"y":869,"width":222,"height":13}},{"id":"1ddfcf36-0987-46c6-b3f6-817bda821668","block_type":"box","text":"I-18","page_number":33,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"de3595bf-08d2-4ad9-ab0a-39e16551c08e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":33,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"68366f54-fafe-4916-b223-ae3d68392c86","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the","page_number":34,"box":{"x":116,"y":79,"width":693,"height":13}},{"id":"9a4c855f-36e8-4f2e-b2ed-4d06b3f2aaab","block_type":"box","text":"Portfolio’s assets estimated to be attributable to inv","page_number":34,"box":{"x":116,"y":94,"width":355,"height":10}},{"id":"41b19469-0c1b-4dcc-8fa4-445f5e5fb01d","block_type":"box","text":"estments in other equity and fixed-income mutual funds","page_number":34,"box":{"x":472,"y":94,"width":387,"height":13}},{"id":"0f11b550-e831-47eb-bc38-6cb65ee07194","block_type":"box","text":"and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee,","page_number":34,"box":{"x":116,"y":110,"width":745,"height":13}},{"id":"7956d442-b65f-4202-9cf2-405202c6b9fa","block_type":"box","text":"through June 30, 2027. BlackRock has contractually agreed to waive its management fees by the amount of","page_number":34,"box":{"x":116,"y":125,"width":749,"height":13}},{"id":"19cd6eb3-381f-4ac1-aa48-17f43e4d6e90","block_type":"box","text":"investment advisory fees the Portfolio pays to BlackRock indirectly through its investment in money market","page_number":34,"box":{"x":116,"y":141,"width":747,"height":13}},{"id":"5a536cbb-d01a-419d-a5a9-c7338101e616","block_type":"box","text":"funds managed by BlackRock or its affiliates through June 30, 2027. The contractual agreements may be","page_number":34,"box":{"x":116,"y":156,"width":729,"height":13}},{"id":"9ee793ae-1ac1-47f0-82d3-25c5fdbc99a9","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the Independent Directors or by a vote of a majority of the","page_number":34,"box":{"x":116,"y":172,"width":752,"height":13}},{"id":"6e9a4925-b765-4080-b9a9-08c82a37ec48","block_type":"box","text":"outstanding voting securities of the Portfolio.","page_number":34,"box":{"x":116,"y":187,"width":312,"height":13}},{"id":"17c6a80b-afa7-4a74-a94e-55e2621f8040","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses of the Portfolio in order to","page_number":34,"box":{"x":116,"y":212,"width":739,"height":13}},{"id":"e5415de6-9f85-47a5-a993-1e1a89381b7c","block_type":"box","text":"limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding","page_number":34,"box":{"x":116,"y":228,"width":751,"height":13}},{"id":"c7957f53-1d5b-4216-91fb-68dfe1a524ad","block_type":"box","text":"Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Portfolio expenses","page_number":34,"box":{"x":116,"y":244,"width":747,"height":12}},{"id":"6a105eaf-baa0-4368-9e4d-60e25d33fc01","block_type":"box","text":"(as defined in the Portfolio’s Prospectus)) to 0.50% of average daily net assets through June 30, 2027.","page_number":34,"box":{"x":117,"y":259,"width":704,"height":13}},{"id":"e3b8dd20-6f28-449e-9087-e9c6c7f0979a","block_type":"box","text":"BlackRock has also contractually agreed to reimburse fees in order to limit certain operational and","page_number":34,"box":{"x":116,"y":275,"width":684,"height":12}},{"id":"25caf750-a9b1-49f7-85a4-45789a57d27b","block_type":"box","text":"recordkeeping fees to 0.05% of average daily net assets through June 30, 2027. Each of these contractual","page_number":34,"box":{"x":116,"y":290,"width":730,"height":13}},{"id":"3fad531b-97d6-4fda-9437-e36713f294c4","block_type":"box","text":"agreements may be terminated upon 90 days’ notice by a majority of the Independent Directors of the","page_number":34,"box":{"x":116,"y":306,"width":707,"height":12}},{"id":"24690b38-86ac-4043-a952-4cff8f4f7a86","block_type":"box","text":"Corporation or by a vote of a majority of the outstanding voting securities of the Portfolio.","page_number":34,"box":{"x":117,"y":321,"width":629,"height":13}},{"id":"b5ed8fd3-d13a-41e8-8fd7-1885ff464d5d","block_type":"box","text":"The Manager entered into a sub-advisory agreement with","page_number":34,"box":{"x":116,"y":346,"width":390,"height":13}},{"id":"ceec6f05-3162-4d30-9553-cdf63146e9e6","block_type":"box","text":"BlackRock International Limited (“BIL”) with respect","page_number":34,"box":{"x":511,"y":346,"width":365,"height":13}},{"id":"6475428e-c789-47be-b591-e666f9beef12","block_type":"box","text":"to the Portfolio pursuant to which BIL receives for the serv","page_number":34,"box":{"x":116,"y":362,"width":398,"height":13}},{"id":"8095502c-e711-41e0-b4b6-75a4eb346c62","block_type":"box","text":"ices it provides for that portion of the Portfolio for","page_number":34,"box":{"x":514,"y":362,"width":342,"height":13}},{"id":"fecd6e88-233d-4ce3-a2c6-2ee2465c0409","block_type":"box","text":"which it serves as sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee paid","page_number":34,"box":{"x":116,"y":377,"width":755,"height":13}},{"id":"2ad936f1-f280-4e01-b348-79f07efbfd80","block_type":"box","text":"to the Manager under the Investment Management Agreement with respect to the Portfolio.","page_number":34,"box":{"x":116,"y":393,"width":623,"height":13}},{"id":"0b7dba1c-60f1-4182-b394-c1370c88a397","block_type":"box","text":"The following tables show the management fees paid to the Manager (which include amounts paid by the","page_number":34,"box":{"x":116,"y":418,"width":733,"height":13}},{"id":"2363a405-fb1e-48ef-bd5a-243d084d1e74","block_type":"box","text":"Manager to BIL), and the amounts waived and/or reimbursed by the Manager, with respect to the Portfolio","page_number":34,"box":{"x":116,"y":433,"width":746,"height":13}},{"id":"7fcfd4ba-f2c3-44ee-b6e9-b4b62e0c0e74","block_type":"box","text":"for the last three fiscal years:","page_number":34,"box":{"x":116,"y":449,"width":197,"height":13}},{"id":"a2f545f1-a51e-4ca7-91dd-32ecce51e4e0","block_type":"box","text":"Fees Paid to the Manager","page_number":34,"box":{"x":327,"y":471,"width":147,"height":10}},{"id":"b393cf34-4e85-431f-9275-e2c72464ae96","block_type":"box","text":"For the Year Ended December 31,","page_number":34,"box":{"x":302,"y":481,"width":197,"height":10}},{"id":"b098c6ba-4349-499b-b5c3-b06a8892ff39","block_type":"box","text":"Fees Waived by the Manager","page_number":34,"box":{"x":547,"y":471,"width":168,"height":10}},{"id":"ffd4b850-653a-4a54-a4d7-fcd41534900d","block_type":"box","text":"For the Year Ended December 31,","page_number":34,"box":{"x":532,"y":481,"width":197,"height":10}},{"id":"a7ef8841-d338-4fe5-ae9c-ff768e3d06d7","block_type":"box","text":"2025","page_number":34,"box":{"x":304,"y":496,"width":28,"height":8}},{"id":"ee859876-f6ed-4b9a-91cd-fd2a8dc278c6","block_type":"box","text":"2024","page_number":34,"box":{"x":386,"y":496,"width":29,"height":8}},{"id":"2b656eff-551d-47cd-af62-e840d5a678a9","block_type":"box","text":"2023","page_number":34,"box":{"x":468,"y":496,"width":29,"height":8}},{"id":"03695f3a-6d1f-4856-a586-c33b36780d05","block_type":"box","text":"2025","page_number":34,"box":{"x":534,"y":496,"width":28,"height":8}},{"id":"e998c665-8b98-4929-922b-827bb1e813bf","block_type":"box","text":"2024","page_number":34,"box":{"x":616,"y":496,"width":29,"height":8}},{"id":"a63459da-66bd-4156-adf5-543c59d145a5","block_type":"box","text":"2023","page_number":34,"box":{"x":699,"y":496,"width":28,"height":8}},{"id":"3b255830-7918-49f9-9f09-97082081a750","block_type":"box","text":"$77,320 $78,541 $78,981 $77,320 $78,541 $78,800","page_number":34,"box":{"x":295,"y":515,"width":442,"height":10}},{"id":"e29b76fc-5380-4c11-a129-2b37ea9c9e5f","block_type":"box","text":"Fees Reimbursed by the Manager","page_number":34,"box":{"x":405,"y":545,"width":193,"height":10}},{"id":"0ec5e933-937c-4817-8dfc-8e53ef30e86b","block_type":"box","text":"For the Year Ended December 31,","page_number":34,"box":{"x":402,"y":555,"width":198,"height":10}},{"id":"d84e521a-aa97-4e39-80a7-3b89e2b4d05a","block_type":"box","text":"2025","page_number":34,"box":{"x":408,"y":570,"width":29,"height":7}},{"id":"8ccadcc6-0270-40fd-9118-a44a8cb9c082","block_type":"box","text":"2024","page_number":34,"box":{"x":486,"y":570,"width":29,"height":7}},{"id":"136f3a0d-d7f2-43ca-92cc-e0ea440d27d0","block_type":"box","text":"2023","page_number":34,"box":{"x":565,"y":570,"width":28,"height":7}},{"id":"d6e23d3e-652d-4987-aadb-50e01d1010f3","block_type":"box","text":"$131,184 $118,007 $113,294","page_number":34,"box":{"x":396,"y":588,"width":211,"height":10}},{"id":"688c6ca6-0154-43af-90ea-bd6c5acbb624","block_type":"box","text":"The Manager has entered into administrative services agreements with certain Insurance Companies,","page_number":34,"box":{"x":116,"y":612,"width":698,"height":13}},{"id":"778b366a-ca7c-450d-acd6-54470c42770b","block_type":"box","text":"including Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company,","page_number":34,"box":{"x":116,"y":627,"width":716,"height":13}},{"id":"c926dd34-7705-463a-aafe-0d085d47b682","block_type":"box","text":"pursuant to which the Manager compensates such companies for administrative responsibilities relating to the","page_number":34,"box":{"x":116,"y":643,"width":763,"height":13}},{"id":"2ba04e48-3b17-4aa6-9251-1fc34de6b786","block_type":"box","text":"Company, which are performed by such Insurance Companies.","page_number":34,"box":{"x":117,"y":658,"width":436,"height":13}},{"id":"484a48b2-d676-4852-91dc-4fa0ea4f8b57","block_type":"box","text":"Payment of Expenses.","page_number":34,"box":{"x":116,"y":683,"width":152,"height":13}},{"id":"585a476a-ac05-4c69-adee-459ab581b473","block_type":"box","text":"The Investment Management Agreement obligates the Manager to provide investment","page_number":34,"box":{"x":274,"y":683,"width":598,"height":13}},{"id":"9ed820cf-5ad1-4c62-b1bb-5f09c29d8c0f","block_type":"box","text":"advisory services and to pay all compensation of and","page_number":34,"box":{"x":116,"y":699,"width":366,"height":13}},{"id":"566ad9f7-5f0b-4f56-aea0-77c2f5859363","block_type":"box","text":"furnish office space for officers and employees of the","page_number":34,"box":{"x":487,"y":699,"width":364,"height":13}},{"id":"f0fb4338-6280-4eed-9e1a-6d1391be62e2","block_type":"box","text":"Fund connected with investment and economic research, trading and investment management of the Portfolio,","page_number":34,"box":{"x":116,"y":714,"width":765,"height":13}},{"id":"340725da-a7f8-46e7-970d-a20e9f0cdd57","block_type":"box","text":"as well as the fees of all Directors of the Fund who are affiliated persons of the Manager. The Portfolio pays","page_number":34,"box":{"x":116,"y":730,"width":749,"height":13}},{"id":"84f59d5c-a999-46d6-ac6b-c1289c98a4a3","block_type":"box","text":"all other expenses incurred in its operation, including a","page_number":34,"box":{"x":116,"y":745,"width":380,"height":13}},{"id":"960b3150-2d43-44de-8e7a-fe657e665a5b","block_type":"box","text":"portion of the Fund’s general administrative expenses","page_number":34,"box":{"x":501,"y":745,"width":370,"height":13}},{"id":"9f74ff77-b940-496d-90a6-c910465a3807","block_type":"box","text":"allocated on the basis of the Portfolio’s asset size. Expenses that will be borne directly by the Portfolio include","page_number":34,"box":{"x":116,"y":761,"width":760,"height":13}},{"id":"7ced0d82-1ff7-4fe7-a98a-baea44d53e03","block_type":"box","text":"redemption expenses, expenses of portfolio transactions, shareholder servicing costs, expenses of registering","page_number":34,"box":{"x":116,"y":776,"width":746,"height":13}},{"id":"1baccaa4-a0c4-4b17-ae15-af274fa805ea","block_type":"box","text":"the shares under Federal, state or foreign laws, pricing costs (including the daily calculation of net asset value),","page_number":34,"box":{"x":116,"y":792,"width":764,"height":13}},{"id":"bc71d1cb-fe2d-4de5-a2dc-4bd65c47fd6d","block_type":"box","text":"interest, certain taxes, charges of the custodian and transfer agent and other expenses attributable to the","page_number":34,"box":{"x":116,"y":807,"width":721,"height":13}},{"id":"a2b8dd00-81e1-40dc-8159-8836be8c47bb","block_type":"box","text":"Portfolio. Expenses which will be allocated on the basis of size of the Portfolio include directors’ fees, legal","page_number":34,"box":{"x":116,"y":823,"width":738,"height":13}},{"id":"05990f80-82c9-4703-afa4-aba5fe3f2d8a","block_type":"box","text":"expenses, state franchise taxes, auditing services, costs of printing proxies, stock certificates, shareholder","page_number":34,"box":{"x":116,"y":838,"width":722,"height":13}},{"id":"5ac73e2a-4053-4a7f-b712-102be15850c7","block_type":"box","text":"reports and prospectuses and statements of additional information (to the extent not paid for by BlackRock","page_number":34,"box":{"x":116,"y":854,"width":747,"height":13}},{"id":"4fa61377-c950-4c11-8fc4-f43572d2bfc1","block_type":"box","text":"Investments, LLC (“BRIL” or the “Distributor”), SEC","page_number":34,"box":{"x":116,"y":869,"width":376,"height":13}},{"id":"f2ba2e4d-c92c-4c7f-b488-711ec6f31632","block_type":"box","text":"fees, accounting costs and other expenses properly","page_number":34,"box":{"x":497,"y":869,"width":349,"height":13}},{"id":"62e80fb1-6ba5-4946-afe4-213d45b327ba","block_type":"box","text":"I-19","page_number":34,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"4da8aabc-3157-4743-9e90-06a34febfcb2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":34,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b7c29849-c329-4df9-b1f9-3ecad20a2ce2","block_type":"box","text":"payable by the Fund and allocable on the basis of size of the Portfolio. Any litigation costs may be directly","page_number":35,"box":{"x":116,"y":79,"width":736,"height":13}},{"id":"739ba83a-262d-4cdb-a1bb-8d75bfd3427f","block_type":"box","text":"applicable to the Portfolio or allocated on the basis of the size of the respective Portfolio. The Board of","page_number":35,"box":{"x":116,"y":94,"width":712,"height":13}},{"id":"00527aa8-f9c7-4e6a-a79d-1650f8c3808d","block_type":"box","text":"Directors has determined that this is an appropriate method of allocation of expenses.","page_number":35,"box":{"x":116,"y":110,"width":595,"height":13}},{"id":"88e4438c-b211-40a5-99c0-08f9ad073a96","block_type":"box","text":"Generally, only insurance company separate accounts may purchase Portfolio shares, for the benefit of such","page_number":35,"box":{"x":117,"y":133,"width":746,"height":13}},{"id":"d17d90f0-43d0-4be3-a95f-a6121a344fbd","block_type":"box","text":"insurance company’s contract holders who elect to have all or a portion of their premium contributions","page_number":35,"box":{"x":116,"y":149,"width":717,"height":13}},{"id":"e8986360-c35e-41d1-9e9f-a66ba6052204","block_type":"box","text":"invested in shares of the Portfolio. Accordingly, each","page_number":35,"box":{"x":116,"y":164,"width":365,"height":13}},{"id":"8cf05a04-7c6c-47b8-82ec-29ab372fc4d6","block_type":"box","text":"insurance company separate account that owns shares of","page_number":35,"box":{"x":486,"y":164,"width":395,"height":13}},{"id":"30daa67b-f2b7-45c9-89ca-e88afa32a25c","block_type":"box","text":"the Portfolio maintains omnibus accounts with the Fund’s transfer agent for the benefit of the insurance","page_number":35,"box":{"x":116,"y":180,"width":720,"height":13}},{"id":"9ce7aa96-cbd1-41bc-bf39-86736acbcba9","block_type":"box","text":"company’s contract owners, often resulting in considerabl","page_number":35,"box":{"x":116,"y":195,"width":401,"height":13}},{"id":"5ee8829a-0951-4dc5-b20e-c50c9a697d75","block_type":"box","text":"e savings in administrative expenses for the Fund’s","page_number":35,"box":{"x":518,"y":195,"width":349,"height":13}},{"id":"fca325e9-e4ee-49ea-97e5-017568ce2792","block_type":"box","text":"management. The Manager, the Distributor or their affiliates may make payments out of their own resources","page_number":35,"box":{"x":116,"y":211,"width":757,"height":13}},{"id":"ff868589-75e9-47bc-a658-411f302f6651","block_type":"box","text":"to insurance companies and other financial intermedia","page_number":35,"box":{"x":116,"y":226,"width":377,"height":13}},{"id":"b076af8d-5974-4a21-9d85-29fea1736024","block_type":"box","text":"ries to compensate them for performing sub-transfer","page_number":35,"box":{"x":493,"y":226,"width":363,"height":13}},{"id":"975e6555-09dc-4389-8052-d6b344a08c17","block_type":"box","text":"agency, recordkeeping and other administrative services on behalf of individual contract owners.","page_number":35,"box":{"x":116,"y":242,"width":669,"height":13}},{"id":"b53a59e4-7a4a-46a1-b319-d9ba860e0c46","block_type":"box","text":"Portfolio Manager Information","page_number":35,"box":{"x":136,"y":271,"width":227,"height":13}},{"id":"ec419a09-6745-46c9-91a3-4142d588f4d6","block_type":"box","text":"The Portfolio is managed by the portfolio manager or management team described in its Prospectus.","page_number":35,"box":{"x":116,"y":294,"width":695,"height":13}},{"id":"e7d27adf-e808-496c-bcc9-643231c50a22","block_type":"box","text":"Other Portfolios and Accounts Managed","page_number":35,"box":{"x":137,"y":323,"width":298,"height":13}},{"id":"0a609c42-5761-4ea5-b09d-2e381c088a02","block_type":"box","text":"Set forth below is information regarding other funds and accounts other than the Portfolio managed by the","page_number":35,"box":{"x":116,"y":347,"width":742,"height":13}},{"id":"52263dbb-7d99-4298-96a4-530f84d25efd","block_type":"box","text":"portfolio manager or managers as of December 31, 2025.","page_number":35,"box":{"x":116,"y":362,"width":399,"height":13}},{"id":"be0ce676-0f95-4ee9-af06-7a7ae7abb6a1","block_type":"box","text":"Number of Other Accounts Managed","page_number":35,"box":{"x":351,"y":401,"width":217,"height":10}},{"id":"2a558816-301d-40c3-bc45-e934d0a45068","block_type":"box","text":"and Assets by Account Type","page_number":35,"box":{"x":378,"y":411,"width":164,"height":11}},{"id":"b0920f54-4704-4ff2-9179-9b43a302dce3","block_type":"box","text":"Number of Other Accounts and","page_number":35,"box":{"x":657,"y":391,"width":185,"height":8}},{"id":"66c80f5a-5c35-4013-9138-3198dc910c2c","block_type":"box","text":"Assets for Which Advisory Fee is","page_number":35,"box":{"x":654,"y":401,"width":190,"height":10}},{"id":"5beaaa2b-a783-4f15-b3dd-e9271836fe9c","block_type":"box","text":"Performance-Based","page_number":35,"box":{"x":693,"y":411,"width":112,"height":8}},{"id":"bc656124-bfb7-4c8a-a38b-0ec9a947bb3d","block_type":"box","text":"Name of Portfolio Manager","page_number":35,"box":{"x":116,"y":457,"width":162,"height":10}},{"id":"9d0a8c46-28e3-47d0-ab05-62456222d727","block_type":"box","text":"Other","page_number":35,"box":{"x":346,"y":426,"width":34,"height":8}},{"id":"40d9503d-8fb3-42d8-be8e-5b1e0c0f35f9","block_type":"box","text":"Registered","page_number":35,"box":{"x":333,"y":436,"width":60,"height":10}},{"id":"13e560ef-ebc7-4133-8bc1-a2ba2f832cb1","block_type":"box","text":"Investment","page_number":35,"box":{"x":331,"y":447,"width":63,"height":7}},{"id":"8e56e858-3bb6-425d-af94-b2a00093c61b","block_type":"box","text":"Companies","page_number":35,"box":{"x":331,"y":457,"width":63,"height":10}},{"id":"4c481fd5-9a99-4112-997b-341f2a737550","block_type":"box","text":"Other Pooled","page_number":35,"box":{"x":421,"y":436,"width":77,"height":8}},{"id":"014ca8ae-5809-422e-b04d-08011216e45f","block_type":"box","text":"Investment","page_number":35,"box":{"x":428,"y":447,"width":63,"height":7}},{"id":"1ce6fcf9-1317-4448-a838-5c10f9710b6e","block_type":"box","text":"Vehicles","page_number":35,"box":{"x":436,"y":457,"width":47,"height":8}},{"id":"c118acd3-533a-45d9-a33b-c5a4374e2d13","block_type":"box","text":"Other","page_number":35,"box":{"x":540,"y":446,"width":34,"height":8}},{"id":"46491dd0-dc53-4750-9ca8-c00ccc17690b","block_type":"box","text":"Accounts","page_number":35,"box":{"x":530,"y":457,"width":53,"height":8}},{"id":"bc6c16ef-3f31-44f2-8b80-54a682d0a2ea","block_type":"box","text":"Other","page_number":35,"box":{"x":633,"y":426,"width":33,"height":8}},{"id":"7cbbac07-9b44-48ad-99dd-5c583587a821","block_type":"box","text":"Registered","page_number":35,"box":{"x":620,"y":436,"width":60,"height":10}},{"id":"a07a112c-c206-4c23-a71b-94985289e9d2","block_type":"box","text":"Investment","page_number":35,"box":{"x":618,"y":447,"width":63,"height":7}},{"id":"50527844-1edb-47e5-81eb-701b245e2d03","block_type":"box","text":"Companies","page_number":35,"box":{"x":617,"y":457,"width":64,"height":10}},{"id":"f97fbaa0-5ce1-47df-936c-df95d66abdc8","block_type":"box","text":"Other Pooled","page_number":35,"box":{"x":701,"y":436,"width":77,"height":8}},{"id":"2a2bd161-64b7-4f1a-aed0-f3b38a25374b","block_type":"box","text":"Investment","page_number":35,"box":{"x":708,"y":447,"width":63,"height":7}},{"id":"dd17d7ae-39e6-4d8d-a36b-0d5f93c6f76f","block_type":"box","text":"Vehicles","page_number":35,"box":{"x":716,"y":457,"width":47,"height":8}},{"id":"4cfc2f3c-eb2f-4b2b-a08b-b1845c323680","block_type":"box","text":"Other","page_number":35,"box":{"x":823,"y":446,"width":33,"height":8}},{"id":"77e1897b-d501-44c0-b873-9ebc1fee4276","block_type":"box","text":"Accounts","page_number":35,"box":{"x":812,"y":457,"width":54,"height":8}},{"id":"5aa0db97-8de4-4fd6-af14-8250d025bff8","block_type":"box","text":"Mitchell Garfin, CFA 30 28 135 0 0 5","page_number":35,"box":{"x":116,"y":476,"width":726,"height":10}},{"id":"b07c8bf4-a00d-40cb-9e64-644030ffcb42","block_type":"box","text":"$42.67 Billion $9.30 Billion $19.83 Billion $0 $0 $768.1 Million","page_number":35,"box":{"x":322,"y":486,"width":561,"height":9}},{"id":"efb0dd6b-9bd4-4d48-816f-2f78a9a008bd","block_type":"box","text":"David Delbos 30 28 135 0 0 5","page_number":35,"box":{"x":116,"y":502,"width":726,"height":8}},{"id":"c449df20-a1fb-4be2-be98-3f32ef74f2cf","block_type":"box","text":"$42.67 Billion $9.30 Billion $19.83 Billion $0 $0 $768.1 Million","page_number":35,"box":{"x":322,"y":512,"width":561,"height":9}},{"id":"41e41cba-b216-4e57-a29b-cecd24ec0cf1","block_type":"box","text":"Portfolio Manager Compensation Overview","page_number":35,"box":{"x":136,"y":539,"width":324,"height":13}},{"id":"e9f33e86-f20d-4e2c-992c-a135e35fb440","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of December 31, 2025.","page_number":35,"box":{"x":116,"y":565,"width":666,"height":13}},{"id":"28550e4e-01f0-4130-b727-1ca75f67fee2","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio ma","page_number":35,"box":{"x":116,"y":589,"width":387,"height":13}},{"id":"0ccf842f-5f4a-4ecd-b3fc-8d18a731d9f9","block_type":"box","text":"nagers, its competitive compensation and its career path","page_number":35,"box":{"x":504,"y":589,"width":379,"height":13}},{"id":"0f9eee58-a728-4738-9d5b-6952cfcf6b8a","block_type":"box","text":"emphasis at all levels reflect the value senior management places on key resources. Compensation may include a","page_number":35,"box":{"x":116,"y":604,"width":757,"height":13}},{"id":"c3660585-e9e7-43df-98e2-c51eb35ba475","block_type":"box","text":"variety of components and may vary from year to year based on a number of factors. The principal components","page_number":35,"box":{"x":116,"y":620,"width":759,"height":13}},{"id":"40617a49-176d-4094-b676-f4f02dc6ac50","block_type":"box","text":"of compensation include a base salary, a performance-based discretionary bonus, participation in various","page_number":35,"box":{"x":116,"y":635,"width":711,"height":13}},{"id":"b3a958c6-7931-432b-a12e-2fd892f6b401","block_type":"box","text":"benefits programs and one or more of the incentive compensation programs established by BlackRock.","page_number":35,"box":{"x":116,"y":651,"width":696,"height":13}},{"id":"09ca578e-c4c8-4651-91f6-7f1bc2904a45","block_type":"box","text":"Base Compensation.","page_number":35,"box":{"x":116,"y":675,"width":142,"height":12}},{"id":"343da9e9-91e6-4531-a3c9-61158362bdfb","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with","page_number":35,"box":{"x":264,"y":674,"width":594,"height":13}},{"id":"bc850669-6d15-4129-9486-b065234067f5","block_type":"box","text":"the firm.","page_number":35,"box":{"x":116,"y":690,"width":58,"height":10}},{"id":"3176dab0-800b-47a7-a2dc-452e7c053e92","block_type":"box","text":"Discretionary Incentive Compensation","page_number":35,"box":{"x":136,"y":719,"width":284,"height":13}},{"id":"a1c88ee9-fdf0-41de-bd4c-99e64a1ad045","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the performance of BlackRock,","page_number":35,"box":{"x":116,"y":745,"width":735,"height":13}},{"id":"1843fdb8-558d-4d51-b4d9-056265735f1f","block_type":"box","text":"Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance,","page_number":35,"box":{"x":116,"y":760,"width":715,"height":13}},{"id":"8de79f7f-19eb-4bcd-9c3f-dec2a989d895","block_type":"box","text":"including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio","page_number":35,"box":{"x":116,"y":776,"width":709,"height":13}},{"id":"25f681eb-694e-4370-991a-7477a409c811","block_type":"box","text":"manager relative to predetermined benchmarks, and the individual’s performance and contribution to the","page_number":35,"box":{"x":116,"y":792,"width":731,"height":12}},{"id":"798aeb32-9bfc-4c26-a758-71f59b84328b","block_type":"box","text":"overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the","page_number":35,"box":{"x":116,"y":807,"width":749,"height":13}},{"id":"3af79250-8240-44d2-bef6-901fee1d1816","block_type":"box","text":"benchmark or benchmarks against which the performance of the Portfolio or other accounts managed by the","page_number":35,"box":{"x":116,"y":823,"width":756,"height":12}},{"id":"d05173b5-ceb8-415d-b5e5-41947ff50b4c","block_type":"box","text":"portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a","page_number":35,"box":{"x":116,"y":838,"width":708,"height":13}},{"id":"4bcc19cb-c0e2-4171-b212-6f094cae62c1","block_type":"box","text":"subjective determination with respect to each portfolio ma","page_number":35,"box":{"x":116,"y":854,"width":404,"height":12}},{"id":"e29c6edd-267b-455b-8aa0-40d4094bbf96","block_type":"box","text":"nager’s compensation based on the performance of","page_number":35,"box":{"x":521,"y":854,"width":354,"height":12}},{"id":"a65aa3aa-5391-4ea1-9d60-975d7c5d171e","block_type":"box","text":"the Portfolio and other accounts managed by each portfolio manager relative to the various benchmarks.","page_number":35,"box":{"x":116,"y":869,"width":727,"height":13}},{"id":"0fa1a5cf-5950-4191-ac8e-8ab184272d21","block_type":"box","text":"I-20","page_number":35,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"2e80d506-bef8-4d85-87fe-3e05cad8e1d8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":35,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1ddd0cc9-7e6f-4244-b31d-38488d7ddbab","block_type":"box","text":"Performance of fixed income portfolios is measured on a pre-tax and/or after-tax basis over various time","page_number":36,"box":{"x":116,"y":79,"width":726,"height":13}},{"id":"8a3791b9-e9f2-4fc5-80b4-5dd7dee67d1d","block_type":"box","text":"periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such","page_number":36,"box":{"x":116,"y":94,"width":730,"height":13}},{"id":"3818103c-f218-42b9-99fe-49bf8c5ee207","block_type":"box","text":"benchmarks for the Portfolio and other accounts are: A combination of market-based indices (e.g., The","page_number":36,"box":{"x":116,"y":110,"width":715,"height":13}},{"id":"667e79ae-4c5d-4ce4-b72f-7ea1ad5fe189","block_type":"box","text":"Bloomberg U.S. Corporate High Yield 2% Issuer Ca","page_number":36,"box":{"x":116,"y":125,"width":364,"height":13}},{"id":"12b5f094-35fc-4405-be44-eee792cb7179","block_type":"box","text":"p Index), certain customized indices and certain fund","page_number":36,"box":{"x":481,"y":125,"width":366,"height":13}},{"id":"3e0867b0-a292-4c37-b120-dc9fa802bf42","block_type":"box","text":"industry peer groups.","page_number":36,"box":{"x":116,"y":141,"width":146,"height":13}},{"id":"f50764f7-c2a8-4f13-b665-27a9fdd6a12a","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":36,"box":{"x":116,"y":163,"width":378,"height":13}},{"id":"313d1b54-fc1f-472f-8908-926cf0123356","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":36,"box":{"x":500,"y":163,"width":374,"height":13}},{"id":"c2b64256-d3b9-4ac9-a62a-a02cb60006fd","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash","page_number":36,"box":{"x":116,"y":179,"width":735,"height":12}},{"id":"39822d60-179a-46fb-ad7b-94288f7b2cae","block_type":"box","text":"awards that notionally track the return of certain BlackRock investment products.","page_number":36,"box":{"x":116,"y":194,"width":569,"height":13}},{"id":"4dac3ca7-a943-47b0-a413-8def18451a83","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":36,"box":{"x":116,"y":216,"width":740,"height":13}},{"id":"50d7ca58-a29d-451d-b1fb-41c7dbd8d3d8","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":36,"box":{"x":116,"y":232,"width":760,"height":13}},{"id":"c8db6bec-d511-475e-9b04-99fde88bb5d1","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary","page_number":36,"box":{"x":116,"y":247,"width":721,"height":13}},{"id":"19c83bf3-5abd-4edd-9298-377f3ed7c270","block_type":"box","text":"incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio","page_number":36,"box":{"x":116,"y":263,"width":767,"height":13}},{"id":"f6aa9be4-6370-43ff-9724-883429d8b759","block_type":"box","text":"manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over","page_number":36,"box":{"x":116,"y":278,"width":754,"height":13}},{"id":"1f4f7d18-dfab-47f0-b7e1-53fabb44a855","block_type":"box","text":"future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key","page_number":36,"box":{"x":116,"y":294,"width":707,"height":13}},{"id":"d1f4324b-e8ff-4b4a-b797-2f95e79b960d","block_type":"box","text":"employees as part of a long-term incentive award to aid in retention, align interests with long-term","page_number":36,"box":{"x":116,"y":309,"width":683,"height":13}},{"id":"1e06a957-763e-482a-80c6-48f14b6ed149","block_type":"box","text":"shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the","page_number":36,"box":{"x":116,"y":325,"width":749,"height":13}},{"id":"6cf86348-425e-486e-9301-f290303bd09c","block_type":"box","text":"form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once","page_number":36,"box":{"x":116,"y":340,"width":757,"height":13}},{"id":"629b9be2-d9ac-459c-8bb8-8a54cfca3aad","block_type":"box","text":"vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Portfolio have deferred","page_number":36,"box":{"x":116,"y":356,"width":711,"height":13}},{"id":"3ac719de-73c5-4dbe-ab92-99fad8ff4dfb","block_type":"box","text":"BlackRock, Inc. stock awards.","page_number":36,"box":{"x":116,"y":371,"width":209,"height":13}},{"id":"e9940582-f90e-4e89-b85c-8891545b20fa","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":36,"box":{"x":116,"y":394,"width":762,"height":13}},{"id":"e5e1eac3-5209-468e-a1e5-e5c63e5d6cb4","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they","page_number":36,"box":{"x":116,"y":409,"width":750,"height":13}},{"id":"8a17b8c1-2087-4c1a-9aca-162cc1c593a0","block_type":"box","text":"manage, which provides direct alignment of portfolio","page_number":36,"box":{"x":116,"y":425,"width":370,"height":13}},{"id":"a78e80ad-de05-428f-be64-26e07bf113a0","block_type":"box","text":"manager discretionary incentive compensation with","page_number":36,"box":{"x":491,"y":425,"width":357,"height":13}},{"id":"c90b0d76-38d5-4a31-957b-0623c8b5a6ac","block_type":"box","text":"investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle","page_number":36,"box":{"x":116,"y":440,"width":754,"height":13}},{"id":"0f409447-cca5-4e7a-9a4b-da4e5dc8be5c","block_type":"box","text":"in the form of cash. Only portfolio managers who manage specified products and whose total compensation is","page_number":36,"box":{"x":116,"y":456,"width":766,"height":13}},{"id":"f32f8343-c488-4e3e-8e3d-96b30f02c5c5","block_type":"box","text":"above a specified threshold are eligible to participate in the deferred cash award program.","page_number":36,"box":{"x":116,"y":471,"width":620,"height":13}},{"id":"a0a24a28-b2ad-4b97-871a-05a2a9b8d49e","block_type":"box","text":"Other Compensation Benefits.","page_number":36,"box":{"x":116,"y":494,"width":211,"height":12}},{"id":"44ef898a-4f23-44f3-aa6f-6007c2f55c08","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":36,"box":{"x":332,"y":494,"width":538,"height":12}},{"id":"367d019b-ec74-4e8f-adc8-dc0cded15998","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":36,"box":{"x":116,"y":509,"width":569,"height":13}},{"id":"772547dc-1f11-4ce1-b9ff-f46163616bb6","block_type":"box","text":"Incentive Savings Plans —","page_number":36,"box":{"x":116,"y":531,"width":183,"height":13}},{"id":"1b92f119-de04-4f00-965a-3c54dec21519","block_type":"box","text":"BlackRock, Inc. has created a variety of incentive savings plans in which","page_number":36,"box":{"x":303,"y":531,"width":501,"height":13}},{"id":"4c74d25d-f2a3-41ee-94e9-e1a1019c854d","block_type":"box","text":"BlackRock employees are eligible to participate, incl","page_number":36,"box":{"x":116,"y":547,"width":361,"height":13}},{"id":"4c730a42-e365-407e-8b3c-2a2cc51ef2eb","block_type":"box","text":"uding a 401(k) plan, the BlackRock Retirement Savings","page_number":36,"box":{"x":478,"y":547,"width":385,"height":13}},{"id":"3b786cd0-1c07-4268-9875-2820ebfe0f7f","block_type":"box","text":"Plan (“RSP”), and the BlackRock Employee Stock Purchase Plan (“ESPP”). The employer contribution","page_number":36,"box":{"x":116,"y":562,"width":714,"height":13}},{"id":"f3fa122d-4f6b-42f0-be15-2bae3a4df00e","block_type":"box","text":"components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to","page_number":36,"box":{"x":116,"y":578,"width":755,"height":13}},{"id":"6bf61b17-1fcf-47f3-a0f4-e18c6d7c1cb5","block_type":"box","text":"the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible","page_number":36,"box":{"x":116,"y":593,"width":701,"height":13}},{"id":"92ebf03c-39ff-4a75-a437-40263d6a34e1","block_type":"box","text":"compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of","page_number":36,"box":{"x":116,"y":609,"width":710,"height":13}},{"id":"3fb740fe-2d35-4813-8010-1f1e4e30d645","block_type":"box","text":"investment options, including registered investment","page_number":36,"box":{"x":116,"y":624,"width":355,"height":13}},{"id":"d32798b4-eeb0-4c6a-aa8d-8819e435769c","block_type":"box","text":"companies and collective investment funds managed by","page_number":36,"box":{"x":476,"y":624,"width":384,"height":13}},{"id":"440b6701-b20f-4c0a-85fd-92ffca2efe47","block_type":"box","text":"the firm. BlackRock contributions follow the investment direction set by participants for their own","page_number":36,"box":{"x":116,"y":640,"width":685,"height":13}},{"id":"13937066-b801-4edc-9a47-b71689a4358c","block_type":"box","text":"contributions or, absent participant investment direc","page_number":36,"box":{"x":116,"y":655,"width":364,"height":13}},{"id":"77a0377f-91b8-494a-b6e6-a89995ea443c","block_type":"box","text":"tion, are invested into a target date fund that corresponds","page_number":36,"box":{"x":480,"y":655,"width":399,"height":13}},{"id":"d37095b4-479b-4070-a1ea-a5bcae38716b","block_type":"box","text":"to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in","page_number":36,"box":{"x":116,"y":671,"width":705,"height":13}},{"id":"2df6751b-a594-48cd-b639-ed60fdb566de","block_type":"box","text":"BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":36,"box":{"x":116,"y":686,"width":714,"height":13}},{"id":"1146b7ec-74e6-493d-8ecc-2555f866b72f","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value","page_number":36,"box":{"x":116,"y":702,"width":761,"height":13}},{"id":"06fda253-9d6d-405e-9d34-a2fcca0d71a2","block_type":"box","text":"of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are","page_number":36,"box":{"x":116,"y":717,"width":724,"height":13}},{"id":"e7ba1d65-e37d-47d5-b3e8-e37264a52613","block_type":"box","text":"eligible to participate in these plans.","page_number":36,"box":{"x":116,"y":733,"width":247,"height":13}},{"id":"7338a36f-584e-4b78-8266-e2912a9ac827","block_type":"box","text":"Portfolio Ownership","page_number":36,"box":{"x":136,"y":760,"width":151,"height":13}},{"id":"d79b4adb-8b8f-4441-935e-e51a7d7f806d","block_type":"box","text":"The following table sets forth the dollar range of equity securities of the Portfolio beneficially owned by each","page_number":36,"box":{"x":116,"y":784,"width":754,"height":13}},{"id":"05cb1a02-8c9d-4a62-ae88-9669af27d4ae","block_type":"box","text":"portfolio manager as of December 31, 2025.","page_number":36,"box":{"x":116,"y":800,"width":309,"height":13}},{"id":"2ad20407-7003-45db-b59b-413c0d6ac9f4","block_type":"box","text":"Portfolio Manager","page_number":36,"box":{"x":246,"y":836,"width":107,"height":10}},{"id":"46d0ed01-9ce9-46d6-a9ef-ec6a61216632","block_type":"box","text":"Dollar Range of","page_number":36,"box":{"x":628,"y":826,"width":94,"height":10}},{"id":"a57b5de7-8e1f-4c54-923a-62dd61a0b4ad","block_type":"box","text":"Equity Securities Owned","page_number":36,"box":{"x":604,"y":836,"width":142,"height":10}},{"id":"68cd2fb1-d2df-463d-bbd3-1d9aa61b41f9","block_type":"box","text":"David Delbos None","page_number":36,"box":{"x":260,"y":855,"width":430,"height":9}},{"id":"2c5dd3c8-8170-47f0-b00a-8bfe38dd2f7b","block_type":"box","text":"Mitchell Garfin, CFA None","page_number":36,"box":{"x":237,"y":871,"width":453,"height":10}},{"id":"5179a851-ac44-479f-bb94-6efe8df81082","block_type":"box","text":"I-21","page_number":36,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"f2ccf5d4-e6a8-4742-8e4d-f7a703a4d37e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":36,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"40026b03-26f7-4baa-b65f-873e12147bdf","block_type":"box","text":"Portfolio Manager Potential Material Conflicts of Interest","page_number":37,"box":{"x":136,"y":79,"width":427,"height":13}},{"id":"6c59f3bc-1f83-444e-80f6-57d3feb651a9","block_type":"box","text":"BlackRock has built a professional working environm","page_number":37,"box":{"x":116,"y":105,"width":374,"height":12}},{"id":"92f1bcc8-0f4a-454c-aef4-889872be6d5d","block_type":"box","text":"ent, firm-wide compliance culture and compliance","page_number":37,"box":{"x":490,"y":105,"width":348,"height":12}},{"id":"eed0e714-3545-4557-9014-c350dd70484c","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over","page_number":37,"box":{"x":116,"y":120,"width":723,"height":13}},{"id":"772785dd-72a5-4bb4-80b4-1b86ee17ebca","block_type":"box","text":"another. BlackRock has adopted policies and procedures that address the allocation of investment","page_number":37,"box":{"x":116,"y":136,"width":679,"height":12}},{"id":"84b0be87-70f3-4ef8-8032-a1e37612c1bd","block_type":"box","text":"opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts","page_number":37,"box":{"x":116,"y":151,"width":761,"height":13}},{"id":"30f45532-adec-480f-80ee-deec34d76f0e","block_type":"box","text":"of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless,","page_number":37,"box":{"x":116,"y":167,"width":737,"height":12}},{"id":"05c05812-d880-4e8d-92c5-b798eb742ebd","block_type":"box","text":"BlackRock furnishes investment management and advisory services to numerous clients in addition to the","page_number":37,"box":{"x":116,"y":182,"width":731,"height":13}},{"id":"6c6e14be-15e2-472b-bf89-6e71ceed2b7e","block_type":"box","text":"Portfolio, and BlackRock may, consistent with applicable law, make investment recommendations to other","page_number":37,"box":{"x":116,"y":198,"width":742,"height":12}},{"id":"4d56562a-031f-4c2c-99a6-8ae1c640cf48","block_type":"box","text":"clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to","page_number":37,"box":{"x":116,"y":213,"width":728,"height":13}},{"id":"58af7c09-3ace-4942-977e-a1acd537d7f4","block_type":"box","text":"BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be","page_number":37,"box":{"x":116,"y":229,"width":758,"height":12}},{"id":"2c875384-52c1-4c50-a79b-64bb3890fbd1","block_type":"box","text":"the same as or different from those made to the Portfolio. In addition, BlackRock, its affiliates and significant","page_number":37,"box":{"x":116,"y":244,"width":758,"height":13}},{"id":"e245516d-3aad-4d30-b9e1-1718181cb5d2","block_type":"box","text":"shareholders and any officer, director, shareholder or employee may or may not have an interest in the","page_number":37,"box":{"x":116,"y":260,"width":712,"height":12}},{"id":"d8dc0d76-5a90-446f-a5d7-d36e77616845","block_type":"box","text":"securities whose purchase and sale BlackRock recommends to the Portfolio. BlackRock, or any of its affiliates","page_number":37,"box":{"x":116,"y":275,"width":761,"height":13}},{"id":"8eac4e33-a4f0-4d3d-91ec-4be061503218","block_type":"box","text":"or significant shareholders, or any officer, director, shareholder, employee or any member of their families","page_number":37,"box":{"x":116,"y":291,"width":736,"height":12}},{"id":"4a3153a8-a2e4-4002-bcc0-6543b1a6611d","block_type":"box","text":"may take different actions than those recommended to the Portfolio by BlackRock with respect to the same","page_number":37,"box":{"x":116,"y":306,"width":744,"height":13}},{"id":"cf1b5fff-99b8-46d0-b551-7619b9890b57","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":37,"box":{"x":116,"y":322,"width":741,"height":12}},{"id":"dead030b-3890-4572-96a3-405f649307b6","block_type":"box","text":"companies of which any of BlackRock’s (or its affilia","page_number":37,"box":{"x":116,"y":337,"width":367,"height":13}},{"id":"1a71510a-d13b-469e-8f2e-51abca231ce4","block_type":"box","text":"tes’ or significant shareholders’) officers, directors or","page_number":37,"box":{"x":483,"y":337,"width":364,"height":13}},{"id":"cd77b528-9e47-4fea-9b27-6c29f9510f82","block_type":"box","text":"employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant","page_number":37,"box":{"x":116,"y":353,"width":749,"height":12}},{"id":"ad4cf435-e189-44ae-bde0-19a22ee49160","block_type":"box","text":"shareholders or the officers, directors and employees of any of them has any substantial economic interest or","page_number":37,"box":{"x":116,"y":368,"width":753,"height":13}},{"id":"b76ec1a8-3d30-46c2-9449-ef14b8c8a8c9","block_type":"box","text":"possesses material non-public information. Certain portfolio managers also may manage accounts whose","page_number":37,"box":{"x":116,"y":384,"width":728,"height":12}},{"id":"fad16f31-c62a-4ebd-b505-579ea119807b","block_type":"box","text":"investment strategies may at times be opposed to the strategy utilized for the Portfolio. It should also be noted","page_number":37,"box":{"x":116,"y":399,"width":762,"height":13}},{"id":"55e45ead-a7c8-4531-abd7-5057250ddb3b","block_type":"box","text":"that Messrs. Delbos and Garfin may be managing hedge fund and/or long only accounts, or may be part of a","page_number":37,"box":{"x":116,"y":415,"width":755,"height":12}},{"id":"5949002d-9285-4936-9f61-b2ec3bbcd482","block_type":"box","text":"team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Delbos and Garfin","page_number":37,"box":{"x":116,"y":430,"width":740,"height":13}},{"id":"bbcfaccd-4a5c-4b18-af2c-d8e5abfeb1e4","block_type":"box","text":"may therefore be entitled to receive a portion of any incentive fees earned on such accounts.","page_number":37,"box":{"x":116,"y":446,"width":634,"height":13}},{"id":"3921902d-e46f-4dc9-93e2-f92d5c71ca3d","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When","page_number":37,"box":{"x":116,"y":469,"width":699,"height":13}},{"id":"20c11aa4-f917-4df2-9c8b-b97cb81c67a0","block_type":"box","text":"BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner","page_number":37,"box":{"x":116,"y":484,"width":748,"height":13}},{"id":"f4290fff-dd06-4da9-9625-290cdf604aa4","block_type":"box","text":"consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner","page_number":37,"box":{"x":116,"y":500,"width":762,"height":13}},{"id":"e5541c1b-c9e8-45d1-9653-382175611036","block_type":"box","text":"among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted","page_number":37,"box":{"x":116,"y":515,"width":758,"height":13}},{"id":"77a03718-bb9f-420c-b2ff-fda8eaa9fd68","block_type":"box","text":"policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with","page_number":37,"box":{"x":116,"y":531,"width":741,"height":13}},{"id":"35eb69f1-c5cc-4d43-9be2-98956a66c4ba","block_type":"box","text":"sufficient flexibility to allocate investments in a manner that is consistent with the particular investment","page_number":37,"box":{"x":116,"y":546,"width":717,"height":13}},{"id":"02e704e9-a495-4e86-87a0-911785c225b2","block_type":"box","text":"discipline and client base, as appropriate.","page_number":37,"box":{"x":116,"y":562,"width":284,"height":13}},{"id":"7a7fe750-eb27-41fe-b64a-6df8d8797742","block_type":"box","text":"Transfer Agency Agreement.","page_number":37,"box":{"x":116,"y":585,"width":199,"height":13}},{"id":"7adbff1f-0a2a-4971-b18c-39503d94b0e8","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon” or the “Transfer","page_number":37,"box":{"x":321,"y":585,"width":538,"height":13}},{"id":"5d065953-f0b2-4c29-9e07-997237ab614a","block_type":"box","text":"Agent”), which has its principal place of business at 118 Flanders Road Westborough, MA 01581, serves as","page_number":37,"box":{"x":116,"y":601,"width":749,"height":13}},{"id":"75bcc6f6-5836-428a-8d82-df9050e127c0","block_type":"box","text":"the Fund’s Transfer Agent pursuant to a Transfer Agency, Dividend Disbursing Agency and Shareholder","page_number":37,"box":{"x":116,"y":616,"width":724,"height":13}},{"id":"a654974c-3b01-4323-be97-8232ad0d4e5a","block_type":"box","text":"Servicing Agency Agreement (the “Transfer Agen","page_number":37,"box":{"x":116,"y":632,"width":342,"height":13}},{"id":"84d614ec-6c3b-426d-8006-77fc8b661743","block_type":"box","text":"cy Agreement”) with the Fund. Pursuant to the Transfer","page_number":37,"box":{"x":458,"y":632,"width":390,"height":13}},{"id":"106a202a-6a18-4d1a-a8a8-98c9cbd5ac49","block_type":"box","text":"Agency Agreement, the Transfer Agent is responsible for t","page_number":37,"box":{"x":116,"y":647,"width":402,"height":13}},{"id":"dd127f23-183b-47c2-8e69-1e06471d4a95","block_type":"box","text":"he issuance, transfer and redemption of shares and","page_number":37,"box":{"x":518,"y":647,"width":351,"height":13}},{"id":"7dac687c-ef9f-488b-8206-0b4c3f53246a","block_type":"box","text":"the opening and maintenance of insurance contract owners’ accounts. BNY Mellon will receive annual","page_number":37,"box":{"x":116,"y":663,"width":712,"height":13}},{"id":"76517118-99c4-4cf0-8af6-99739c4f169a","block_type":"box","text":"compensation from the Portfolio and will be entitle","page_number":37,"box":{"x":116,"y":678,"width":355,"height":13}},{"id":"734516fc-3981-4dd7-a555-548a146322ea","block_type":"box","text":"d to reimbursement of out-of-pocket expenses.","page_number":37,"box":{"x":472,"y":678,"width":322,"height":13}},{"id":"f199d121-7f9b-419d-a195-a3c2e243dce4","block_type":"box","text":"Custodian Services.","page_number":37,"box":{"x":116,"y":702,"width":134,"height":10}},{"id":"3afe9c35-5f37-41f9-8c63-acbcfcc4cda1","block_type":"box","text":"The custodian is responsible for safeguarding and controlling the Portfolio’s cash and","page_number":37,"box":{"x":255,"y":702,"width":592,"height":12}},{"id":"6edfe43f-5307-4b6a-8eda-16fb95ab51ad","block_type":"box","text":"securities, handling the receipt and delivery of securities a","page_number":37,"box":{"x":116,"y":717,"width":397,"height":13}},{"id":"32b06316-b573-4ebe-8598-d1c50c7fc028","block_type":"box","text":"nd collecting interest and dividends on the Portfolio’s","page_number":37,"box":{"x":514,"y":717,"width":368,"height":13}},{"id":"6609b546-be4c-4e93-be9e-9787f9d460cf","block_type":"box","text":"investments. The custodian is authorized to establish separate accounts in foreign currencies and to cause","page_number":37,"box":{"x":116,"y":733,"width":728,"height":12}},{"id":"4719552a-4e6b-4db6-8825-d970d0979731","block_type":"box","text":"foreign securities owned by the Portfolio to be held in its offices outside the United States and with certain","page_number":37,"box":{"x":116,"y":748,"width":735,"height":13}},{"id":"383dc4d4-522a-4de5-bb01-2b410f6a1212","block_type":"box","text":"foreign banks and securities depositories. JPMorgan Chase Bank, N.A. (“JPM”), 383 Madison Avenue,","page_number":37,"box":{"x":116,"y":764,"width":718,"height":12}},{"id":"d849304c-9b89-4701-92ca-acac281e5ff4","block_type":"box","text":"New York, New York 10179, is the Fund’s custodian.","page_number":37,"box":{"x":116,"y":779,"width":377,"height":12}},{"id":"aa5f2ad3-eb83-44f7-b164-12c2637a60b2","block_type":"box","text":"Accounting Services.","page_number":37,"box":{"x":116,"y":803,"width":142,"height":12}},{"id":"94f3caed-2b54-4056-b264-85efc4531dc1","block_type":"box","text":"The Fund has entered into an agreement with JPM pursuant to which JPM provides","page_number":37,"box":{"x":263,"y":802,"width":583,"height":13}},{"id":"83029b37-8557-4a24-8e37-91712b13f72f","block_type":"box","text":"certain accounting services to the Fund. JPM records investment, capital share and income and expense","page_number":37,"box":{"x":116,"y":818,"width":716,"height":13}},{"id":"56b09127-2ea5-4d2f-b215-d2b6e118f710","block_type":"box","text":"activities; verifies and transmits trade tickets; maintains","page_number":37,"box":{"x":116,"y":833,"width":383,"height":13}},{"id":"742a38d5-a4b1-4d90-bfc8-c69319c969f8","block_type":"box","text":"accounting ledgers for investment securities; maintains","page_number":37,"box":{"x":504,"y":833,"width":377,"height":13}},{"id":"b49842c0-a0b7-4ced-979d-ab17ac4a4ad5","block_type":"box","text":"tax lots; reconciles cash with the Fund’s custodian; reports cash balances to the Manager; prepares certain","page_number":37,"box":{"x":116,"y":849,"width":735,"height":13}},{"id":"7e200237-a0bf-4dfe-9fa9-89ad0aa8019f","block_type":"box","text":"financial statements; calculates expenses, gains, l","page_number":37,"box":{"x":116,"y":864,"width":336,"height":13}},{"id":"b99acbb2-83d4-4222-9602-f89b7d8e17e7","block_type":"box","text":"osses and income; controls disbursements; works with","page_number":37,"box":{"x":453,"y":864,"width":375,"height":13}},{"id":"c19eae0d-8f86-4001-8b31-fcb950dcbee8","block_type":"box","text":"I-22","page_number":37,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"f77f7e59-d8c9-468e-93ba-efb59a2e36f2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":37,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"50a27d0f-8c43-458f-a0e0-33d221de5971","block_type":"box","text":"independent pricing sources; and computes and reports net asset value. In connection with its accounting","page_number":38,"box":{"x":116,"y":79,"width":727,"height":13}},{"id":"8aaa77e2-b6c7-43df-9660-d470683eed84","block_type":"box","text":"services, JPM also provides certain administration services. The Fund pays a fee for these services.","page_number":38,"box":{"x":116,"y":94,"width":676,"height":13}},{"id":"cd42ec53-0459-45dc-bdd7-3b70832e8703","block_type":"box","text":"The table below shows the amount paid by the Fund, with respect to the Portfolio to JPM for accounting","page_number":38,"box":{"x":116,"y":118,"width":730,"height":12}},{"id":"fbba12c8-e1c4-482f-ba5b-c97fb4f615d5","block_type":"box","text":"services for the periods indicated:","page_number":38,"box":{"x":116,"y":133,"width":230,"height":13}},{"id":"aec79d43-61f3-4118-8ade-052ef5d7672a","block_type":"box","text":"Fees Paid to JPM","page_number":38,"box":{"x":445,"y":161,"width":98,"height":10}},{"id":"2c0264d3-2d8f-40ac-afe5-be47c1f95a52","block_type":"box","text":"For the Year Ended December 31,","page_number":38,"box":{"x":395,"y":171,"width":197,"height":10}},{"id":"b042924b-a9a0-47ad-a1ec-4f906199816e","block_type":"box","text":"2025","page_number":38,"box":{"x":406,"y":186,"width":29,"height":7}},{"id":"fd58a0ad-f6fa-480c-81de-8bdd56c5cbca","block_type":"box","text":"2024","page_number":38,"box":{"x":479,"y":186,"width":29,"height":7}},{"id":"3a6f11e6-eb91-4609-9052-f3da380e74a4","block_type":"box","text":"2023","page_number":38,"box":{"x":553,"y":186,"width":28,"height":7}},{"id":"297c9c6e-cf3f-4f8d-99d8-edf16c4dfac7","block_type":"box","text":"$34,090 $35,699 $46,931","page_number":38,"box":{"x":397,"y":205,"width":193,"height":10}},{"id":"589e7b98-8d6f-4fbb-8174-b5cdebeb31a0","block_type":"box","text":"Credit Agreement.","page_number":38,"box":{"x":116,"y":226,"width":127,"height":13}},{"id":"0bacf5a2-dbd8-4949-9242-fe662b94bd25","block_type":"box","text":"The Fund, on behalf of the Portfolio, along with certain other funds managed by the","page_number":38,"box":{"x":249,"y":226,"width":585,"height":13}},{"id":"1f64a866-a30c-486a-b6ae-e5c6042cb5e6","block_type":"box","text":"Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with","page_number":38,"box":{"x":116,"y":241,"width":755,"height":13}},{"id":"cf1096f9-ffb2-4209-a21c-7c0ad3618dee","block_type":"box","text":"a group of lenders, which facility terminates on April 8, 2027 unless otherwise extended or renewed (the","page_number":38,"box":{"x":116,"y":257,"width":724,"height":13}},{"id":"d2b890c4-ce38-4486-9b34-24a40b36b81d","block_type":"box","text":"“Credit Agreement”). Excluding commitments designated","page_number":38,"box":{"x":117,"y":273,"width":401,"height":12}},{"id":"84bee87c-8ffa-48b8-a00c-2277ba79be07","block_type":"box","text":"for certain Participating Funds, the Participating","page_number":38,"box":{"x":523,"y":273,"width":334,"height":12}},{"id":"edc84ca5-55df-401b-86db-294adc0529a1","block_type":"box","text":"Funds, including the Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any","page_number":38,"box":{"x":116,"y":288,"width":740,"height":13}},{"id":"08df066a-5bd1-41b3-870d-83e7965a6404","block_type":"box","text":"time outstanding, subject to asset coverage and oth","page_number":38,"box":{"x":116,"y":304,"width":353,"height":12}},{"id":"77349733-dde9-4bab-be96-412aeab46bda","block_type":"box","text":"er limitations as specified in the Credit Agreement. The","page_number":38,"box":{"x":470,"y":304,"width":381,"height":12}},{"id":"78f4139f-9c67-4c80-9b03-3c66f21b390c","block_type":"box","text":"Portfolio may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful","page_number":38,"box":{"x":116,"y":319,"width":728,"height":13}},{"id":"281f5ffb-ab19-4f11-bc60-4edbe0f56990","block_type":"box","text":"purposes. However, the Portfolio may not borrow under the Credit Agreement for leverage. The Portfolio","page_number":38,"box":{"x":116,"y":335,"width":735,"height":12}},{"id":"1cdf712c-f48b-4bf7-9e6b-e7904b2bb3f4","block_type":"box","text":"may borrow up to the maximum amount allowable under the Portfolio’s current Prospectuses and SAI,","page_number":38,"box":{"x":116,"y":350,"width":716,"height":13}},{"id":"5e5a2fe0-7726-4644-b6e4-44ff7aecea0f","block_type":"box","text":"subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other","page_number":38,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"057f80a5-17aa-4abe-aae1-373a0dd213e3","block_type":"box","text":"fees and expenses for the Portfolio which may impact","page_number":38,"box":{"x":116,"y":381,"width":371,"height":13}},{"id":"92dd1a06-4a7d-4d89-98d2-f3a4a387f6dc","block_type":"box","text":"the Portfolio’s net expenses. The costs of borrowing","page_number":38,"box":{"x":492,"y":381,"width":359,"height":13}},{"id":"3f120d7d-664f-4fd0-ae73-1d10b7e9d273","block_type":"box","text":"may reduce the Portfolio’s returns. The Portfolio is charged its pro rata share of upfront fees and commitment","page_number":38,"box":{"x":116,"y":397,"width":763,"height":12}},{"id":"e4a86f8c-7b45-4997-865a-46560d8cfbf1","block_type":"box","text":"fees on the aggregate commitment amount based on its net assets. If the Portfolio borrows pursuant to the","page_number":38,"box":{"x":116,"y":412,"width":736,"height":13}},{"id":"13087cf5-b3a6-4809-8233-6a286c863101","block_type":"box","text":"Credit Agreement, the Portfolio will be charged interest at a variable rate.","page_number":38,"box":{"x":117,"y":428,"width":508,"height":12}},{"id":"8fb7d17d-b138-4f38-8a7b-706d2c80af42","block_type":"box","text":"V. Information on Distribution and Other Service Arrangements","page_number":38,"box":{"x":116,"y":456,"width":513,"height":13}},{"id":"6288af11-fe6b-4bfc-852e-a1683e49e4df","block_type":"box","text":"Distribution and Other Arrangements.","page_number":38,"box":{"x":116,"y":482,"width":268,"height":13}},{"id":"3650fc30-141e-48c3-b98b-2250a4774e74","block_type":"box","text":"BRIL acts as the Fund’s sole distributor. The Fund has entered into a","page_number":38,"box":{"x":391,"y":482,"width":476,"height":10}},{"id":"27d93728-35e4-432b-8631-75c4ef0562b1","block_type":"box","text":"distribution agreement (the “Distribution Agreem","page_number":38,"box":{"x":116,"y":497,"width":345,"height":13}},{"id":"5dc7f71c-6780-4f3d-a00f-d3873ddc650b","block_type":"box","text":"ent”) with BRIL, an affiliate of the Manager, with respect to","page_number":38,"box":{"x":462,"y":497,"width":418,"height":13}},{"id":"d4a40bdd-9433-4a40-b258-c51bdffddb38","block_type":"box","text":"the sale of the Portfolio’s shares to the Distributor fo","page_number":38,"box":{"x":116,"y":513,"width":365,"height":10}},{"id":"53b645ab-747b-414f-819e-ea1fe76a2622","block_type":"box","text":"r resale to Insurance Companies’ accounts. Such shares","page_number":38,"box":{"x":482,"y":513,"width":381,"height":13}},{"id":"fce3caac-d004-4c4e-8f7e-6e1621543065","block_type":"box","text":"will be sold at their respective net asset values and therefore will involve no sales charge.","page_number":38,"box":{"x":116,"y":528,"width":611,"height":13}},{"id":"fc5de12b-ed0d-4696-af5c-a2769ff994bb","block_type":"box","text":"The Distribution Agreement is subject to the same renew","page_number":38,"box":{"x":116,"y":552,"width":394,"height":12}},{"id":"22f1d3dc-6950-4c78-96bb-41482d320934","block_type":"box","text":"al requirements and termination provisions as the","page_number":38,"box":{"x":511,"y":552,"width":343,"height":12}},{"id":"71c28282-ac77-4ddc-8756-edc4fdacd195","block_type":"box","text":"Investment Management Agreement described above.","page_number":38,"box":{"x":116,"y":567,"width":371,"height":13}},{"id":"7b1578eb-609f-47d2-a13f-bb62c24537d9","block_type":"box","text":"The Manager, the Distributor and their affiliates may make payments relating to distribution and sales","page_number":38,"box":{"x":116,"y":590,"width":712,"height":13}},{"id":"0f543518-0f11-4ec3-99c9-137418f9b932","block_type":"box","text":"support activities out of their past profits or other sources available to them (and not as an additional charge","page_number":38,"box":{"x":116,"y":606,"width":753,"height":13}},{"id":"e1d3ce34-04bf-4750-b22c-b9a878f0b94e","block_type":"box","text":"to the Portfolio). From time to time, the Manager, the Dis","page_number":38,"box":{"x":116,"y":621,"width":401,"height":13}},{"id":"1d94000e-b08d-4b85-8459-1377c5aabff4","block_type":"box","text":"tributor or their affiliates may compensate affiliated","page_number":38,"box":{"x":518,"y":621,"width":359,"height":13}},{"id":"69767593-ff08-4300-9054-0d026badd9b4","block_type":"box","text":"and unaffiliated insurance companies for the sale and distribution of shares of the Portfolio or for services to","page_number":38,"box":{"x":116,"y":637,"width":752,"height":13}},{"id":"42a1e02c-947a-4af9-8f97-24e8bd49d43c","block_type":"box","text":"the Portfolio and its contract holders. These payments may be made to insurance companies to pay for","page_number":38,"box":{"x":116,"y":652,"width":712,"height":13}},{"id":"59c906f6-8dfd-4caa-869d-4291f22386f1","block_type":"box","text":"marketing support activities, training sales personnel regarding the Portfolio, compensating financial","page_number":38,"box":{"x":116,"y":668,"width":696,"height":13}},{"id":"2d5d409e-5c8c-4cc1-af02-35d208a9e55b","block_type":"box","text":"intermediaries and broker-dealers to pay or reimbu","page_number":38,"box":{"x":116,"y":683,"width":355,"height":13}},{"id":"42e96649-ba4e-4e4c-b616-5308cbd76680","block_type":"box","text":"rse them for their services or expenses in connection with","page_number":38,"box":{"x":471,"y":683,"width":396,"height":13}},{"id":"a537cc50-bde4-411a-8505-030a5d838dd8","block_type":"box","text":"the distribution of variable annuity and variable life in","page_number":38,"box":{"x":116,"y":699,"width":376,"height":13}},{"id":"c374abc4-6b9e-4ce7-8ca4-0ba903853581","block_type":"box","text":"surance contracts investing directly in Portfolio shares,","page_number":38,"box":{"x":493,"y":699,"width":377,"height":13}},{"id":"93b9a35f-a991-42f5-be5b-2c4cda091d4c","block_type":"box","text":"and compensating sales personnel in connection with the allocation of cash values and premium of variable","page_number":38,"box":{"x":116,"y":714,"width":744,"height":13}},{"id":"a520148f-45a6-46d9-9d47-f6f59d5888e8","block_type":"box","text":"annuity and variable life insurance contracts to investments in Portfolio shares. The payments made by the","page_number":38,"box":{"x":116,"y":730,"width":738,"height":13}},{"id":"11a4bab8-3dcc-46ea-8ba6-b52dbb72caec","block_type":"box","text":"Manager, the Distributor and their affiliates are based on a percentage of the value of shares sold to insurance","page_number":38,"box":{"x":116,"y":745,"width":762,"height":13}},{"id":"2ec50a58-073b-4e75-997a-89a7af9026be","block_type":"box","text":"companies for their customers’ investment subaccounts, and may be different for different insurance","page_number":38,"box":{"x":116,"y":761,"width":694,"height":13}},{"id":"2599fc84-1691-480c-bb3e-3b89c8dff025","block_type":"box","text":"companies. The payments described above are made from the Manager’s, the Distributor’s or their affiliates’","page_number":38,"box":{"x":116,"y":776,"width":752,"height":13}},{"id":"f1bfee3d-059d-44aa-a86f-b81ae10c651a","block_type":"box","text":"own assets pursuant to agreements with insurance compa","page_number":38,"box":{"x":116,"y":792,"width":399,"height":13}},{"id":"90c7f27c-dd59-432d-b4c1-0eed65fae63b","block_type":"box","text":"nies and do not change the price paid by insurance","page_number":38,"box":{"x":516,"y":792,"width":350,"height":13}},{"id":"45bd807b-4bb7-43eb-b590-108c1cea8b87","block_type":"box","text":"companies for the purchase of the Portfolio’s shares","page_number":38,"box":{"x":116,"y":807,"width":358,"height":13}},{"id":"3c62117f-fd77-41c8-9546-db26576b00b5","block_type":"box","text":"or the amount the Portfolio will receive as proceeds from","page_number":38,"box":{"x":480,"y":807,"width":395,"height":13}},{"id":"d79b4a00-ee1b-4c7d-bd07-3e47418baba6","block_type":"box","text":"such sales.","page_number":38,"box":{"x":116,"y":823,"width":71,"height":10}},{"id":"f3cfe2dd-be9e-4ecb-9151-427e2c8e7fd5","block_type":"box","text":"The payments described above may be made, at the discretion of BRIL, BlackRock or their affiliates, to","page_number":38,"box":{"x":116,"y":846,"width":716,"height":13}},{"id":"a2017384-36a2-4cc3-ae5b-d6bbdf092e66","block_type":"box","text":"insurance companies in connection with the sale and di","page_number":38,"box":{"x":116,"y":862,"width":382,"height":13}},{"id":"9213c9fe-0d20-455b-9613-550e276a1583","block_type":"box","text":"stribution of Portfolio shares. Pursuant to applicable","page_number":38,"box":{"x":499,"y":862,"width":363,"height":13}},{"id":"ab25d92a-33a7-46d6-a380-dbb10e20fe64","block_type":"box","text":"I-23","page_number":38,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"9319d3f7-f35e-47aa-850e-fea99d3f40c7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":38,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8318e508-bc62-44e7-b6e9-d90cd7ecf77b","block_type":"box","text":"Financial Industry Regulatory Authority (“FINRA”) reg","page_number":39,"box":{"x":116,"y":79,"width":390,"height":13}},{"id":"33807cbd-368f-4d96-b5dd-2f07da0b98cf","block_type":"box","text":"ulations, the details of certain of these payments,","page_number":39,"box":{"x":506,"y":79,"width":337,"height":13}},{"id":"a8670c62-e886-4bc6-a3f5-61a23eba9bac","block_type":"box","text":"including the insurance companies receiving such paym","page_number":39,"box":{"x":116,"y":94,"width":383,"height":13}},{"id":"4650a3ee-9b93-40c6-a5e1-036c11fde23e","block_type":"box","text":"ents in connection with the sale and distribution of","page_number":39,"box":{"x":500,"y":94,"width":353,"height":10}},{"id":"85aa5be9-35f9-434b-9b23-bb7f4b0e3d64","block_type":"box","text":"Portfolio shares, are required to be disclosed. As of the date of this SAI, as amended or supplemented from","page_number":39,"box":{"x":116,"y":110,"width":739,"height":13}},{"id":"6f244919-a178-47dd-8dbc-774b17f105dc","block_type":"box","text":"time to time, no insurance companies are receiving","page_number":39,"box":{"x":116,"y":126,"width":351,"height":12}},{"id":"e79dadd8-443f-48bc-9de7-f2710e17ac27","block_type":"box","text":"such payments. In lieu of payments pursuant to the","page_number":39,"box":{"x":472,"y":125,"width":354,"height":13}},{"id":"f42f9690-471d-45be-83b5-03e2f0f888cc","block_type":"box","text":"foregoing, the Manager, the Distributor or their affiliates may make payments to insurance companies of an","page_number":39,"box":{"x":116,"y":141,"width":750,"height":13}},{"id":"8e3fd0e3-d21f-412c-abf4-cb8ab4d92618","block_type":"box","text":"agreed-upon amount that will not exceed the amount that would have been payable pursuant to the above,","page_number":39,"box":{"x":116,"y":156,"width":743,"height":13}},{"id":"063564f5-bc31-44f1-b62c-a9ae3d3b9dcf","block_type":"box","text":"and may also make similar payments to other insurance companies.","page_number":39,"box":{"x":116,"y":172,"width":469,"height":13}},{"id":"8ce98425-bc63-4e9a-bfb7-309153115455","block_type":"box","text":"If investment advisers, distributors or affiliates of mutual funds pay bonuses and incentives in differing","page_number":39,"box":{"x":116,"y":195,"width":710,"height":13}},{"id":"45ef99fe-ee5c-46ba-82ba-ae4481d9987a","block_type":"box","text":"amounts, financial firms and their financial consultants may have financial incentives for recommending a","page_number":39,"box":{"x":116,"y":211,"width":735,"height":12}},{"id":"22dd9daa-f769-4493-8f79-073443ea5d1d","block_type":"box","text":"particular mutual fund over other mutual funds. In addition, depending on the arrangements in place at any","page_number":39,"box":{"x":116,"y":226,"width":749,"height":13}},{"id":"f7a59202-6b06-4995-9216-96bfc800f745","block_type":"box","text":"particular time, a financial firm and its financial c","page_number":39,"box":{"x":116,"y":242,"width":344,"height":12}},{"id":"3402e940-4519-4e53-973c-7c1eb71fa53a","block_type":"box","text":"onsultants may also have a financial incentive for","page_number":39,"box":{"x":460,"y":242,"width":342,"height":12}},{"id":"4b30b354-a421-4727-9f99-de75cbb719f9","block_type":"box","text":"recommending a particular share class over other share classes.","page_number":39,"box":{"x":116,"y":257,"width":436,"height":13}},{"id":"7a13831a-be47-4de3-93b2-0f0dca4d97ee","block_type":"box","text":"You should consult your financial adviser and","page_number":39,"box":{"x":557,"y":257,"width":320,"height":13}},{"id":"f340c903-e080-41b1-a757-15c74241c884","block_type":"box","text":"review carefully any disclosure by the financial firm as to compensation received by your financial adviser and","page_number":39,"box":{"x":116,"y":273,"width":764,"height":12}},{"id":"c691c02e-7932-4720-940d-777ea544a648","block_type":"box","text":"for more information about the payments described above.","page_number":39,"box":{"x":116,"y":288,"width":409,"height":13}},{"id":"de18e18a-263e-4c68-800d-11baf173c4d1","block_type":"box","text":"Furthermore, the Manager, the Distributor and their affiliates may contribute to various non-cash and cash","page_number":39,"box":{"x":116,"y":311,"width":744,"height":13}},{"id":"d410e8c0-4032-4117-b9ff-aa600bb83b18","block_type":"box","text":"incentive arrangements to promote the sale of shares, and may sponsor various contests and promotions","page_number":39,"box":{"x":116,"y":327,"width":723,"height":13}},{"id":"cd52fe0e-5d84-420a-b605-543600136dfa","block_type":"box","text":"subject to applicable FINRA regulations in which participants may receive prizes such as travel awards,","page_number":39,"box":{"x":116,"y":342,"width":717,"height":13}},{"id":"6405341b-b62f-4a9d-ae7d-b18c8a3f40ba","block_type":"box","text":"merchandise and cash. Subject to applicable FINRA regulations, the Manager, the Distributor and their","page_number":39,"box":{"x":116,"y":358,"width":719,"height":13}},{"id":"ba612cb1-8581-42d7-80ac-8bcc730012bf","block_type":"box","text":"affiliates may also (i) pay for the travel expenses, meals, lodging and entertainment of broker/dealers, financial","page_number":39,"box":{"x":116,"y":373,"width":764,"height":13}},{"id":"31f1db18-5d09-42ce-ba71-deacfa153515","block_type":"box","text":"institutions and their salespersons in connection with educational and sales promotional programs,","page_number":39,"box":{"x":116,"y":389,"width":686,"height":13}},{"id":"f88ce10a-b748-4ac6-ba51-ea5234e00f3e","block_type":"box","text":"(ii) sponsor speakers, educational seminars and charitable events and (iii) provide other sales and marketing","page_number":39,"box":{"x":117,"y":404,"width":745,"height":13}},{"id":"293f46e3-9151-4ea1-82a9-d819177cfd81","block_type":"box","text":"conferences and other resources to broker/dealers, financial institutions and their salespersons.","page_number":39,"box":{"x":116,"y":420,"width":653,"height":13}},{"id":"43fe863a-2fcf-4e2b-a579-099d54eb0cd0","block_type":"box","text":"Insurance companies may charge their clients additional fees for account-related services. Insurance companies","page_number":39,"box":{"x":116,"y":443,"width":766,"height":13}},{"id":"5cc37348-89ae-4f08-94b2-64481d9e5d8c","block_type":"box","text":"may charge their customers a service fee in connectio","page_number":39,"box":{"x":116,"y":459,"width":367,"height":12}},{"id":"a43e8c46-7d87-4259-9a44-c3eaa9c4d2c7","block_type":"box","text":"n with the purchase or redemption of Portfolio shares.","page_number":39,"box":{"x":483,"y":459,"width":376,"height":12}},{"id":"1a09abc8-ae69-40e6-b04b-77b8e76e5285","block_type":"box","text":"The amount and applicability of such a fee is determined and disclosed to its customers by each individual","page_number":39,"box":{"x":116,"y":474,"width":736,"height":13}},{"id":"27197d96-587e-4ff6-b9f8-4a9a4a17564d","block_type":"box","text":"insurance company. Service fees typically are fixed, nominal dollar amounts and are in addition to the sales","page_number":39,"box":{"x":116,"y":490,"width":743,"height":12}},{"id":"65829d24-47c3-4aff-bb8b-386cfa3b090f","block_type":"box","text":"and other charges described in the Prospectus and this SAI. Your insurance company will provide you with","page_number":39,"box":{"x":116,"y":505,"width":742,"height":13}},{"id":"9257c86b-5afe-475d-a8d6-30080f2b7024","block_type":"box","text":"specific information about any service fees you will be charged.","page_number":39,"box":{"x":116,"y":521,"width":437,"height":12}},{"id":"4588f3b9-2000-4cfb-a3db-7692f0445c85","block_type":"box","text":"The Portfolio may enter into agreements with insurance c","page_number":39,"box":{"x":116,"y":544,"width":398,"height":13}},{"id":"1f7e3d9d-efc4-46c4-a27c-4f71acd07500","block_type":"box","text":"ompanies pursuant to which the Portfolio will pay","page_number":39,"box":{"x":515,"y":544,"width":350,"height":13}},{"id":"dcb6408a-81e5-4282-8f7d-0542530c2be4","block_type":"box","text":"an insurance company for administrative, networking,","page_number":39,"box":{"x":116,"y":559,"width":377,"height":13}},{"id":"c2d2c35d-62fc-4834-bb1d-515987e49493","block_type":"box","text":"recordkeeping, sub-transfer agency and shareholder","page_number":39,"box":{"x":498,"y":559,"width":358,"height":13}},{"id":"054caf9e-8a78-4cb3-aad8-c5c0f3baadd7","block_type":"box","text":"services. These payments are generally based on either (1) a percentage of the average daily net assets of","page_number":39,"box":{"x":116,"y":575,"width":719,"height":13}},{"id":"e5b41f1d-16d3-43ac-8b71-8d6f3e0c5796","block_type":"box","text":"Portfolio shareholders serviced by an insurance company or (2) a fixed dollar amount for each account","page_number":39,"box":{"x":116,"y":590,"width":714,"height":13}},{"id":"39357997-530e-4a3b-abd5-477d6d1d3921","block_type":"box","text":"serviced by an insurance company. The aggregate amount of these payments may be substantial. From time to","page_number":39,"box":{"x":116,"y":606,"width":765,"height":13}},{"id":"e5ce5996-7dac-440c-a7d0-ee49c691a614","block_type":"box","text":"time, the Manager, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":39,"box":{"x":116,"y":621,"width":731,"height":13}},{"id":"26fc4973-2f6d-458c-a2f3-8581d15ea6f4","block_type":"box","text":"networking, recordkeeping, sub-transfer agency and shareholder services described above at its or their own","page_number":39,"box":{"x":116,"y":637,"width":749,"height":13}},{"id":"e9c5f797-bcf0-4150-9411-fd4b38b61906","block_type":"box","text":"expense and out of its or their legitimate profits.","page_number":39,"box":{"x":116,"y":652,"width":333,"height":13}},{"id":"8271e7df-7bfb-4066-984b-73c019876550","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":39,"box":{"x":116,"y":681,"width":364,"height":13}},{"id":"ea5213dc-0e67-43d1-b3df-84c6387edb15","block_type":"box","text":"The offering price for the Portfolio’s shares is equal to the net asset value computed by dividing the value of","page_number":39,"box":{"x":116,"y":707,"width":746,"height":12}},{"id":"2682e891-6745-4523-8bb5-192f3bd41646","block_type":"box","text":"the Portfolio’s net assets by the number of shares outstanding. For more information on the purchasing and","page_number":39,"box":{"x":116,"y":722,"width":746,"height":13}},{"id":"5694a7e9-5408-463b-9fc6-6011decba50f","block_type":"box","text":"valuation of shares, please see “Purchase of Shares” and “Pricing of Shares,” as applicable, in Part II of this","page_number":39,"box":{"x":116,"y":738,"width":743,"height":12}},{"id":"d49c02b6-58b4-4cf4-b5a8-fd9e1ad14fe8","block_type":"box","text":"SAI.","page_number":39,"box":{"x":116,"y":754,"width":28,"height":9}},{"id":"e55201c2-de9f-42af-9bdf-2815d1ef3994","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":39,"box":{"x":116,"y":782,"width":342,"height":12}},{"id":"89c7cadb-bd71-4ba9-8d45-a996a33abcb3","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":39,"box":{"x":116,"y":807,"width":605,"height":13}},{"id":"3e35bd9a-ab66-4934-ada6-ee0c7a2669e9","block_type":"box","text":"I-24","page_number":39,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"43a8848c-9f47-4410-9cfe-bf341224fe7e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":39,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c3bd38c4-4dd3-4e02-81d8-22e6568e6279","block_type":"box","text":"Brokerage Commissions","page_number":40,"box":{"x":136,"y":79,"width":176,"height":13}},{"id":"4f4fac1d-d898-42a6-8fc6-27b3f3dce829","block_type":"box","text":"Information about the brokerage commissions paid by the Portfolio, including commissions paid to Affiliates,","page_number":40,"box":{"x":116,"y":105,"width":761,"height":12}},{"id":"3cc19e7a-d2f9-4828-a5a5-fe05d8c85d60","block_type":"box","text":"is set forth in the following table:","page_number":40,"box":{"x":116,"y":120,"width":229,"height":13}},{"id":"a8290b12-00c9-496e-b4a0-3f7cfa34285d","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":322,"y":148,"width":122,"height":10}},{"id":"1d6a2ddd-02ee-4bf2-b393-96aab8193b7b","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":330,"y":158,"width":106,"height":8}},{"id":"74e6c6d1-49f5-43eb-91d4-81e7b0d3c9bb","block_type":"box","text":"Commissions Paid to Affiliates","page_number":40,"box":{"x":526,"y":158,"width":178,"height":8}},{"id":"4cb9def4-2098-436c-bbc0-ddc8ce40a790","block_type":"box","text":"For the Year Ended December 31,","page_number":40,"box":{"x":284,"y":172,"width":198,"height":10}},{"id":"7bb815d5-368b-4b8e-850e-a0cb9f4ed242","block_type":"box","text":"For the Year Ended December 31,","page_number":40,"box":{"x":516,"y":172,"width":197,"height":10}},{"id":"1ab31d26-0b69-49da-af80-8a79a5124df8","block_type":"box","text":"2025","page_number":40,"box":{"x":295,"y":187,"width":28,"height":8}},{"id":"36913e96-075f-4972-9729-55f66d9fa293","block_type":"box","text":"2024","page_number":40,"box":{"x":379,"y":187,"width":29,"height":8}},{"id":"7654d185-103b-4afc-b36c-4ee2630e8865","block_type":"box","text":"2023","page_number":40,"box":{"x":453,"y":187,"width":28,"height":8}},{"id":"5442a29d-9e2e-4b74-a0f0-aac35c9fe7b4","block_type":"box","text":"2025","page_number":40,"box":{"x":523,"y":187,"width":29,"height":8}},{"id":"6758fbb4-0609-4bdc-baf5-665671b9e0fe","block_type":"box","text":"2024","page_number":40,"box":{"x":600,"y":187,"width":29,"height":8}},{"id":"086a6de0-9a62-4bcf-af00-84ed50ee9773","block_type":"box","text":"2023","page_number":40,"box":{"x":677,"y":187,"width":29,"height":8}},{"id":"80fd910c-6d18-43b3-ab32-363b5a213e41","block_type":"box","text":"$323 $320 $841 $0 $0 $0","page_number":40,"box":{"x":295,"y":201,"width":404,"height":9}},{"id":"8bbf766d-4e17-4d22-85b9-01af715365b7","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers by the Portfolio for","page_number":40,"box":{"x":116,"y":222,"width":748,"height":13}},{"id":"df9339fb-5c4a-4397-a5b3-e19b552bc28c","block_type":"box","text":"providing third-party research services and the approximate dollar amount of the transactions involved for the","page_number":40,"box":{"x":116,"y":238,"width":766,"height":12}},{"id":"415c4b38-b50e-4e1b-a878-a59aa07314cb","block_type":"box","text":"Fund’s fiscal year ended December 31, 2025. The provision of third-party research services was not","page_number":40,"box":{"x":116,"y":253,"width":690,"height":13}},{"id":"b292071a-487e-4dda-b816-44e12c354feb","block_type":"box","text":"necessarily a factor in the placement of all brokerage business with such brokers.","page_number":40,"box":{"x":116,"y":269,"width":559,"height":13}},{"id":"3ef68dac-aeb5-44a7-b457-307bcfa5ea40","block_type":"box","text":"Amount of Commissions","page_number":40,"box":{"x":335,"y":297,"width":144,"height":8}},{"id":"ba2fc049-f75e-46d4-a637-53c4ad5c6720","block_type":"box","text":"Paid to Brokers For","page_number":40,"box":{"x":350,"y":307,"width":114,"height":8}},{"id":"2593e154-1f5a-4845-8fd7-6b9e7a477ee0","block_type":"box","text":"Providing Third Party","page_number":40,"box":{"x":343,"y":317,"width":128,"height":10}},{"id":"79a17fd8-4f23-4970-aefd-e010fd47d9f7","block_type":"box","text":"Research Services","page_number":40,"box":{"x":356,"y":328,"width":101,"height":8}},{"id":"fcf49220-213f-4319-b50c-4f83505fdb99","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":531,"y":317,"width":127,"height":10}},{"id":"daa6e0e4-b486-4214-b0a8-2a30951c92b4","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":530,"y":328,"width":129,"height":8}},{"id":"64ac99c1-784c-4fb1-9fea-ffe458c295d9","block_type":"box","text":"$0 $0","page_number":40,"box":{"x":400,"y":347,"width":201,"height":9}},{"id":"ba5e4f4a-1c0a-4adb-8f06-28a759ebccd9","block_type":"box","text":"Securities Lending","page_number":40,"box":{"x":137,"y":373,"width":131,"height":13}},{"id":"bc638012-a776-4689-9876-3040ad6e928a","block_type":"box","text":"To the extent that the Portfolio engages in securities lending, the Portfolio conducts its securities lending","page_number":40,"box":{"x":116,"y":399,"width":721,"height":13}},{"id":"8949b638-a990-4c10-b8dc-e6272f8be2d1","block_type":"box","text":"pursuant to an exemptive order from the Commission","page_number":40,"box":{"x":116,"y":415,"width":375,"height":12}},{"id":"1aa200ef-a7d0-4c7b-b9af-09ef5828ceae","block_type":"box","text":"permitting it to lend portfolio securities to borrowers","page_number":40,"box":{"x":496,"y":415,"width":367,"height":12}},{"id":"57d48af8-b3ba-4ab3-bff8-c6232d9fd8a3","block_type":"box","text":"affiliated with the Portfolio and to retain an affiliate of the Portfolio as securities lending agent. To the extent","page_number":40,"box":{"x":116,"y":430,"width":756,"height":13}},{"id":"11dfc62d-7503-4c39-a6ee-921fd040eee3","block_type":"box","text":"that the Portfolio engages in securities lending, BlackRock Investment Management, LLC (“BIM”) acts as","page_number":40,"box":{"x":116,"y":446,"width":734,"height":13}},{"id":"ff077b7a-6b3e-43a4-a116-19296e465658","block_type":"box","text":"securities lending agent for the Portfolio, subject to the overall supervision of the Manager, pursuant to a","page_number":40,"box":{"x":116,"y":461,"width":727,"height":13}},{"id":"6f960238-0ade-45f1-a0ea-2f7d2be16b00","block_type":"box","text":"written agreement (the “Securities Lending Agency Ag","page_number":40,"box":{"x":116,"y":477,"width":376,"height":13}},{"id":"7d32b057-7be1-4386-a933-aacd89d0549c","block_type":"box","text":"reement”). BIM administers the lending program in","page_number":40,"box":{"x":493,"y":477,"width":357,"height":13}},{"id":"f49929a1-4766-4e5f-bb07-3f1b4fbb1f59","block_type":"box","text":"accordance with guidelines approved by the Portfolio’s Board.","page_number":40,"box":{"x":116,"y":492,"width":431,"height":13}},{"id":"053ccc6c-3650-41ce-99a7-0b9b7f9483b4","block_type":"box","text":"To the extent the Portfolio engages in securities lending, the Portfolio retains a portion of the securities lending","page_number":40,"box":{"x":116,"y":515,"width":766,"height":13}},{"id":"5869b5d7-89f2-4438-a78e-d9772d22438a","block_type":"box","text":"income and remits the remaining portion to BIM as compensation for its services as securities lending agent.","page_number":40,"box":{"x":116,"y":531,"width":748,"height":13}},{"id":"7e784fbc-69dc-44c5-a96f-5d3afd428cff","block_type":"box","text":"Securities lending income is generally equal to the total of income earned from the reinvestment of cash","page_number":40,"box":{"x":116,"y":546,"width":714,"height":13}},{"id":"434551ae-f9fc-4c52-9ab6-1468a75ba1b3","block_type":"box","text":"collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and","page_number":40,"box":{"x":116,"y":562,"width":742,"height":13}},{"id":"8858d629-949c-4ad4-a7ff-83171899a139","block_type":"box","text":"from borrowers of securities. As securities lending agent, BIM bears all operational costs directly related to","page_number":40,"box":{"x":116,"y":577,"width":739,"height":13}},{"id":"2d01f060-a6ea-4bfa-ac83-68abd8982360","block_type":"box","text":"securities lending. The Portfolio is responsible for fees in connection with the investment of cash collateral","page_number":40,"box":{"x":116,"y":593,"width":733,"height":13}},{"id":"16e96e9f-d3c5-4089-841d-9cb6e65dbcb5","block_type":"box","text":"received for securities on loan in a money market fund managed by BlackRock (the “collateral investment","page_number":40,"box":{"x":116,"y":608,"width":734,"height":13}},{"id":"4b8f283e-883a-4604-a68d-c0c7906ee0c9","block_type":"box","text":"fees”); however, the securities lending agent has agreed to reduce the amount of securities lending income it","page_number":40,"box":{"x":116,"y":624,"width":744,"height":13}},{"id":"d9b98454-ad7d-44cf-88ee-fec3e0dc4dee","block_type":"box","text":"receives in order to effectively limit the collateral investment fees a Fund bears to an annual rate of 0.04%.","page_number":40,"box":{"x":116,"y":639,"width":737,"height":13}},{"id":"8de8c117-5d9a-4a70-9a82-c4927162da38","block_type":"box","text":"Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":40,"box":{"x":116,"y":655,"width":667,"height":13}},{"id":"822d4267-bb32-4a4c-9b78-201abd4e6457","block_type":"box","text":"To the extent that the Portfolio invests cash collateral in a non-government money market fund, the Fund may be","page_number":40,"box":{"x":116,"y":678,"width":759,"height":13}},{"id":"c0b2d249-04a4-4b1b-ad81-70bc4e5d27cc","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be","page_number":40,"box":{"x":116,"y":694,"width":706,"height":13}},{"id":"f3882dd6-c1b4-47bf-ac36-b0233771e665","block_type":"box","text":"imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its","page_number":40,"box":{"x":116,"y":709,"width":732,"height":13}},{"id":"eaaafe42-fa4c-40c1-aa94-3f4102e8bd3d","block_type":"box","text":"delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money","page_number":40,"box":{"x":116,"y":725,"width":758,"height":13}},{"id":"31b5d781-5e35-4aef-b5a2-d1b82e3dfe7c","block_type":"box","text":"market fund. Additionally, the Portfolio will be subject to a mandatory liquidity fee if the money market fund’s","page_number":40,"box":{"x":116,"y":740,"width":743,"height":13}},{"id":"e3b61fc3-6c64-459c-b922-43930a9ecb62","block_type":"box","text":"total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs","page_number":40,"box":{"x":116,"y":756,"width":752,"height":13}},{"id":"5f8f8d1a-550f-4d58-8445-2be022581796","block_type":"box","text":"are de minimis (i.e., less than one basis point (0.01%)). The money market fund will determine the size of the","page_number":40,"box":{"x":116,"y":771,"width":730,"height":13}},{"id":"c95ccbe0-c9bd-4510-be41-6a2ff0dd149a","block_type":"box","text":"mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it","page_number":40,"box":{"x":116,"y":787,"width":755,"height":13}},{"id":"35313d32-022d-4b5a-80b1-db35b263ab3e","block_type":"box","text":"were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that","page_number":40,"box":{"x":116,"y":802,"width":744,"height":13}},{"id":"c035296f-6cd7-4f6b-8ac4-8bfc7bac10c6","block_type":"box","text":"day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs","page_number":40,"box":{"x":116,"y":818,"width":755,"height":13}},{"id":"0526fed8-dbfd-410b-aceb-3b66fca5b1b6","block_type":"box","text":"of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply","page_number":40,"box":{"x":116,"y":833,"width":755,"height":13}},{"id":"70932e88-3ccd-458d-af4d-d350ddeff7ae","block_type":"box","text":"a default liquidity fee of 1% on the value of shares redeemed on that day. The imposition of any such","page_number":40,"box":{"x":116,"y":849,"width":678,"height":13}},{"id":"da61a0e4-8435-46dc-a2ce-13682dc4dd41","block_type":"box","text":"discretionary or mandatory liquidity fee would reduce the Portfolio’s returns on securities lending.","page_number":40,"box":{"x":116,"y":864,"width":655,"height":13}},{"id":"da0f3800-d53a-4886-8956-4d8a9ca76994","block_type":"box","text":"I-25","page_number":40,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"352b75d9-9cb9-4c8d-98b3-4b824d4f6fdf","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":40,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"43e46caa-d6a5-4f5d-9e66-e7164a96b489","block_type":"box","text":"Under the securities lending program, the Portfolio is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":116,"y":79,"width":760,"height":13}},{"id":"dc72579b-f030-4630-b2b2-9277bf4a88c3","block_type":"box","text":"determination of the Portfolio’s asset class category (fix","page_number":41,"box":{"x":116,"y":94,"width":384,"height":13}},{"id":"7ed23405-e8be-4dd4-94e3-f2e955bfa6ee","block_type":"box","text":"ed income, domestic equity, international equity, or","page_number":41,"box":{"x":501,"y":94,"width":357,"height":13}},{"id":"150c32b6-7d62-49d8-abec-8527c9ebbfdb","block_type":"box","text":"fund of funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed","page_number":41,"box":{"x":116,"y":110,"width":767,"height":13}},{"id":"1c9cbb23-629b-4f61-99a1-727836bbfcab","block_type":"box","text":"to by the Portfolio and BIM.","page_number":41,"box":{"x":116,"y":125,"width":197,"height":13}},{"id":"8a48464d-9ac5-4078-9cd6-afa080e9a10d","block_type":"box","text":"Pursuant to the current securities lending agreement (th","page_number":41,"box":{"x":116,"y":149,"width":384,"height":12}},{"id":"bc484279-8538-4a42-8267-8d13a362beb6","block_type":"box","text":"e “Securities Lending Agreement”): (i) if the Portfolio","page_number":41,"box":{"x":500,"y":149,"width":370,"height":12}},{"id":"33cefca5-9f5a-44f8-8f05-2bb0d0c94b7b","block_type":"box","text":"were to engage in securities lending, the Portfolio retains 82% of securities lending income (which excludes","page_number":41,"box":{"x":116,"y":164,"width":742,"height":13}},{"id":"79f2cea4-a791-443b-b278-c613298dcb82","block_type":"box","text":"collateral investment expenses), and (ii) this amount can never be less than 70% of the sum of securities","page_number":41,"box":{"x":116,"y":180,"width":718,"height":12}},{"id":"0837f133-6ef8-47fc-af38-2b991a045492","block_type":"box","text":"lending income plus collateral investment expenses.","page_number":41,"box":{"x":116,"y":195,"width":355,"height":13}},{"id":"d7524e09-cae2-44fc-8b8b-a50e3d9c0296","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":116,"y":218,"width":727,"height":13}},{"id":"c65dbc06-b324-4284-a079-ba29c951c027","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specific thresholds, the","page_number":41,"box":{"x":116,"y":234,"width":713,"height":13}},{"id":"ada82a1d-4483-4fd6-8439-67bd0e771c11","block_type":"box","text":"Portfolio, pursuant to the current securities lending agreement, will receive for the remainder of that calendar","page_number":41,"box":{"x":116,"y":249,"width":756,"height":13}},{"id":"5b9fdc6b-754f-416c-930e-9698183eef3b","block_type":"box","text":"year securities lending income as follows: If the Portfolio were to engage in securities lending, 85% of","page_number":41,"box":{"x":116,"y":265,"width":704,"height":13}},{"id":"fd407075-1a5b-48bc-b048-dab2bf04f0f3","block_type":"box","text":"securities lending income (which excludes collateral investment expenses); and (ii) this amount can never be","page_number":41,"box":{"x":116,"y":280,"width":745,"height":13}},{"id":"5a646e31-8528-4bc7-899a-4d5cf562fe37","block_type":"box","text":"less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":41,"box":{"x":116,"y":296,"width":622,"height":13}},{"id":"aa8ee8db-cb56-480f-afaa-c9659f41fd23","block_type":"box","text":"The Portfolio had no income and fees/compensation related to its securities lending activities during its most","page_number":41,"box":{"x":116,"y":319,"width":750,"height":13}},{"id":"450059d4-0b07-4823-b76e-e1a83dba45d2","block_type":"box","text":"recent fiscal year ended December 31, 2025.","page_number":41,"box":{"x":116,"y":335,"width":306,"height":12}},{"id":"847787ca-e8c1-4f59-86a4-34b01c5f7b71","block_type":"box","text":"Regular Broker/Dealer Information:","page_number":41,"box":{"x":136,"y":363,"width":263,"height":13}},{"id":"412b3a8b-9a28-4ce7-b77c-6bf436ff8fb6","block_type":"box","text":"As of December 31, 2025, the value of the Portfolio’s holdings of the securities of its regular brokers or","page_number":41,"box":{"x":116,"y":389,"width":715,"height":13}},{"id":"933af05b-df9c-4109-bceb-db17ae48c8f3","block_type":"box","text":"dealers (as defined in Rule 10b-1 under the Investment Company Act), if any portion of such holdings were","page_number":41,"box":{"x":116,"y":404,"width":745,"height":13}},{"id":"db084b31-ec98-47bd-9e46-8d31012a7f98","block_type":"box","text":"purchased during the fiscal year ended December 31, 2025, is as follows:","page_number":41,"box":{"x":116,"y":420,"width":505,"height":13}},{"id":"100abce2-31c7-4b24-9224-9af609f586ff","block_type":"box","text":"Regular Broker-Dealer","page_number":41,"box":{"x":136,"y":445,"width":132,"height":10}},{"id":"68c42920-7274-48c7-823d-eb30c0f886af","block_type":"box","text":"Debt (D)/Equity (E)","page_number":41,"box":{"x":440,"y":445,"width":115,"height":10}},{"id":"33cf3371-d2a9-4c64-a181-940f7942bac1","block_type":"box","text":"Aggregate Holdings (000’s)","page_number":41,"box":{"x":654,"y":445,"width":158,"height":10}},{"id":"05641ece-8675-4ebd-b5e4-b6d562dbb80f","block_type":"box","text":"Goldman Sachs & Co. LLC D $50","page_number":41,"box":{"x":137,"y":464,"width":607,"height":9}},{"id":"60889232-c044-4ca6-882c-9b52c878eb1c","block_type":"box","text":"Citigroup Global Markets Inc. E $125","page_number":41,"box":{"x":137,"y":480,"width":611,"height":10}},{"id":"da0230b6-a057-4f14-a2a9-95ac4a0952d2","block_type":"box","text":"BofA Securities, Inc. E $98","page_number":41,"box":{"x":136,"y":495,"width":608,"height":10}},{"id":"6d51d847-6a3e-452b-870a-d7c2cbe9b66f","block_type":"box","text":"Goldman Sachs & Co. LLC E $26","page_number":41,"box":{"x":137,"y":511,"width":607,"height":9}},{"id":"a5419083-79fc-4fbe-897b-1be3ef2f6922","block_type":"box","text":"Wells Fargo Securities, LLC E $14","page_number":41,"box":{"x":136,"y":526,"width":608,"height":11}},{"id":"79eb9596-36f3-4083-b6ff-97aa495643b4","block_type":"box","text":"VIII. Purchase of Shares","page_number":41,"box":{"x":116,"y":553,"width":202,"height":10}},{"id":"5d4b4afb-9e89-4f40-be96-84bfa7241b99","block_type":"box","text":"The Fund continuously offers shares of the Portfolio at prices equal to the per share net asset value of the","page_number":41,"box":{"x":116,"y":579,"width":728,"height":13}},{"id":"13bd7932-74d8-43f6-a706-f8dd57f227f6","block_type":"box","text":"Portfolio. BRIL acts as the Fund’s sole distributor.","page_number":41,"box":{"x":116,"y":594,"width":347,"height":10}},{"id":"fb3ddfaf-a7b2-47dc-85e1-a671e8c030bc","block_type":"box","text":"Net asset value is determined in the manner set forth under “Determination of Net Asset Value.”","page_number":41,"box":{"x":116,"y":618,"width":672,"height":10}},{"id":"454cb61e-1825-4fb4-98b9-cdec074147b5","block_type":"box","text":"The Fund and the Distributor reserve the right to suspend the sale of shares of the Portfolio in response to","page_number":41,"box":{"x":116,"y":641,"width":733,"height":13}},{"id":"a23f4bb4-8fe3-47c7-9ce8-9d7e6ed47a15","block_type":"box","text":"conditions in the securities markets or otherwise. Any order may be rejected by the Fund or the Distributor.","page_number":41,"box":{"x":116,"y":656,"width":746,"height":13}},{"id":"98cd5a53-49eb-40a6-837b-b50bf040a27d","block_type":"box","text":"Generally, only insurance company separate accounts may purchase Portfolio shares, for the benefit of such","page_number":41,"box":{"x":117,"y":680,"width":737,"height":12}},{"id":"af0a6b0b-1e92-4923-89e7-8b975c7d072f","block_type":"box","text":"insurance company’s contract holders who elect to have all or a portion of their premium contributions","page_number":41,"box":{"x":116,"y":695,"width":708,"height":13}},{"id":"30a847ef-9815-4107-aa5f-8784968ee6f5","block_type":"box","text":"invested in shares of the Portfolio. Accordingly, each insurance company separate account that owns shares of","page_number":41,"box":{"x":116,"y":711,"width":755,"height":12}},{"id":"9c181846-6d0f-4491-8089-9c3a5a7f8a61","block_type":"box","text":"the Portfolio maintains omnibus accounts with the Transfer Agent for the benefit of the insurance company’s","page_number":41,"box":{"x":116,"y":726,"width":748,"height":13}},{"id":"fed0ef46-6034-4fb9-9df6-e2f63a962cac","block_type":"box","text":"contract owners, often resulting in considerable savings in administrative expenses for the Fund’s management.","page_number":41,"box":{"x":116,"y":742,"width":760,"height":12}},{"id":"63ca00fd-14bc-41eb-ae17-7f53b5f8ce1b","block_type":"box","text":"The Manager, the Distributor or their affiliates may make payments out of their own resources to insurance","page_number":41,"box":{"x":116,"y":757,"width":740,"height":13}},{"id":"e921457c-71d7-4609-91d8-b7d8cbf714d1","block_type":"box","text":"companies and other financial intermediaries to compensate them for performing sub-transfer agency,","page_number":41,"box":{"x":116,"y":773,"width":698,"height":12}},{"id":"5bc3170e-1f98-49e6-9b37-8ee4ef4754d1","block_type":"box","text":"recordkeeping and other administrative services on behalf of individual contract owners. The aggregate amount","page_number":41,"box":{"x":116,"y":788,"width":765,"height":13}},{"id":"0739c66f-e40b-4842-955a-5fe09358853d","block_type":"box","text":"of these payments may be substantial. From time to time, the Manager, the Distributor or their affiliates also","page_number":41,"box":{"x":116,"y":804,"width":745,"height":12}},{"id":"f1871b4c-e9dd-430c-9f6f-332ab2a63ce8","block_type":"box","text":"may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency and","page_number":41,"box":{"x":116,"y":819,"width":693,"height":13}},{"id":"74da490a-00a0-4e38-a17a-d05bfe12bd86","block_type":"box","text":"shareholder services described above at its or their own expense and out of its or their legitimate profits.","page_number":41,"box":{"x":116,"y":835,"width":712,"height":12}},{"id":"007d9f42-9b10-413d-bf70-333181845d10","block_type":"box","text":"I-26","page_number":41,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"e37a91de-16f5-4b05-abde-24a8fccd420a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":41,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b65fb9bc-828a-4f4d-85ad-8e46873f80f2","block_type":"box","text":"IX. Special Tax Rules Applicable to Variable Contracts","page_number":42,"box":{"x":116,"y":79,"width":441,"height":13}},{"id":"73745a77-e7a1-4fb0-b09c-93488c879dbd","block_type":"box","text":"The Portfolio has elected to be treated, and intends to qualify each year, as a regulated investment company","page_number":42,"box":{"x":116,"y":105,"width":747,"height":12}},{"id":"ad4c8f84-776e-40bd-8281-5a31b26c7b97","block_type":"box","text":"under the Internal Revenue Code of 1986, as amended (the “Code”). In order to qualify to be taxable as a","page_number":42,"box":{"x":116,"y":120,"width":737,"height":13}},{"id":"a71e2d6d-5eb7-4247-9d52-7e50dd37750e","block_type":"box","text":"regulated investment company, the Portfolio must meet certain income and asset diversification tests and","page_number":42,"box":{"x":116,"y":136,"width":726,"height":12}},{"id":"57c995e5-6e0a-4c96-91d6-30ee97da3e27","block_type":"box","text":"distribution requirements. As regulated investment companies, the Portfolio will not be subject to U.S. federal","page_number":42,"box":{"x":116,"y":151,"width":759,"height":13}},{"id":"96e32362-d854-4b20-8e73-1a846204db7c","block_type":"box","text":"income tax on their net investment income and net capital gains that they distribute to their shareholders.","page_number":42,"box":{"x":116,"y":167,"width":730,"height":12}},{"id":"057d9583-10dd-4052-bf18-06d4b7c627b6","block_type":"box","text":"In addition, in order for the contract holders to be eligible for U.S. federal income tax deferral, each","page_number":42,"box":{"x":116,"y":190,"width":707,"height":13}},{"id":"0c8db40d-034d-4976-a8a8-ce8429f4bdf9","block_type":"box","text":"separate account of the Insurance Companies (referred to as “segregated asset accounts” for U.S. federal","page_number":42,"box":{"x":116,"y":205,"width":740,"height":13}},{"id":"bbe95b4e-9c97-4d06-ac13-8eafe1a2b18d","block_type":"box","text":"income tax purposes) must comply with certain asset diversification requirements and investor control","page_number":42,"box":{"x":116,"y":221,"width":726,"height":13}},{"id":"696edc76-f20e-4425-8cf0-5d92b055e8cc","block_type":"box","text":"prohibitions.","page_number":42,"box":{"x":116,"y":236,"width":90,"height":13}},{"id":"2dd1b914-1547-4478-ab6e-79b761e80d2f","block_type":"box","text":"Diversification Requirements","page_number":42,"box":{"x":116,"y":265,"width":212,"height":13}},{"id":"45d7e8ce-708b-4abe-8b7d-ddcb6ef7272f","block_type":"box","text":"Specifically, each segregated asset account is required to comply with the diversification requirements of","page_number":42,"box":{"x":116,"y":291,"width":721,"height":12}},{"id":"e81e6140-4cac-4175-b700-b7b4e687866a","block_type":"box","text":"Section 817(h) of the Code and the regulations thereunder relating to the tax-deferred status of segregated","page_number":42,"box":{"x":116,"y":306,"width":734,"height":13}},{"id":"3edd181e-1946-4092-9aa6-2ed7ee0c3d2d","block_type":"box","text":"asset accounts. If a segregated asset account fails these requirements, contract holders (rather than the","page_number":42,"box":{"x":116,"y":322,"width":704,"height":12}},{"id":"d7d1ef6f-c294-49b3-8f65-5e037861ff40","block_type":"box","text":"Insurance Companies) would be treated for U.S. federal income tax purposes as the owners of the Portfolio","page_number":42,"box":{"x":116,"y":337,"width":743,"height":13}},{"id":"f5751734-50f7-4bd9-bda3-0bb024a9a53d","block_type":"box","text":"shares and the income and gain from such Portfolio shares for the current and possibly prior taxable years","page_number":42,"box":{"x":116,"y":353,"width":736,"height":12}},{"id":"099640d0-0ee0-4df2-99d1-0e65f7a515ed","block_type":"box","text":"could be taxable currently to the contract holders. Contract holders could also be taxable in future years even","page_number":42,"box":{"x":116,"y":368,"width":760,"height":13}},{"id":"85d22cfd-ae67-49e2-b856-f7aa92d4fbac","block_type":"box","text":"if the segregated asset account subsequently complied with the diversification tests.","page_number":42,"box":{"x":116,"y":384,"width":573,"height":12}},{"id":"cb92f763-8f87-43db-947f-dec0ce428b3f","block_type":"box","text":"To satisfy these diversification requirements, as of the end of each calendar quarter or within 30 days","page_number":42,"box":{"x":116,"y":407,"width":701,"height":13}},{"id":"0e966198-2918-4e48-8726-10ccec55e73b","block_type":"box","text":"thereafter, each segregated asset account must meet one of two tests. Either (i) the segregated asset account","page_number":42,"box":{"x":116,"y":422,"width":740,"height":13}},{"id":"136a43bc-b29a-4621-a3dc-1aa647563afe","block_type":"box","text":"must have no more than 55% of its total assets represented by any one investment, no more than 70% by any","page_number":42,"box":{"x":116,"y":438,"width":764,"height":13}},{"id":"8c7a3b3c-26c1-403e-894b-c350bfa53674","block_type":"box","text":"two investments, no more than 80% by any three investments, and no more than 90% by any four","page_number":42,"box":{"x":116,"y":453,"width":688,"height":13}},{"id":"b2cafc41-b4c8-4f6c-a0e0-3b6c40155675","block_type":"box","text":"investments or (ii) the segregated asset account must both (a) meet all the tax diversification requirements","page_number":42,"box":{"x":116,"y":469,"width":730,"height":13}},{"id":"39c776c5-bdc9-4dc4-90e3-7f5f48606554","block_type":"box","text":"under Section 851(b)(3) of the Code (which are applicable to all regulated investment companies) and (b) have","page_number":42,"box":{"x":116,"y":484,"width":766,"height":13}},{"id":"a9fdd3e2-58e3-4ebe-bd03-4dd2486ef78c","block_type":"box","text":"no more than 55% of the value of its total assets be attributable to cash, cash items (including receivables),","page_number":42,"box":{"x":116,"y":500,"width":740,"height":13}},{"id":"0c7ee3b8-e64d-4fbf-82bf-879b454d43c8","block_type":"box","text":"Government securities or securities of other regulated investment companies. For purposes of the first test, all","page_number":42,"box":{"x":117,"y":515,"width":756,"height":13}},{"id":"738a405b-4092-4d4c-afcb-58e335f4cbe0","block_type":"box","text":"securities of the same issuer are considered a single investment, but in the case of Government securities, each","page_number":42,"box":{"x":116,"y":531,"width":757,"height":13}},{"id":"77de8db0-b326-4697-bb09-7109ecd129be","block_type":"box","text":"Government agency or instrumentality is considered to be a separate issuer. An alternative diversification test","page_number":42,"box":{"x":117,"y":546,"width":756,"height":13}},{"id":"7d792b8d-f9b5-43ac-b728-081641d80270","block_type":"box","text":"may be available under certain circumstances.","page_number":42,"box":{"x":116,"y":562,"width":317,"height":13}},{"id":"f32135d0-7a04-4944-b4d6-315489806c5c","block_type":"box","text":"Section 817(h) of the Code provides a look-through rule for purposes of testing the diversification of a","page_number":42,"box":{"x":116,"y":585,"width":701,"height":13}},{"id":"3aff7104-d9c5-4ea2-8384-1a166ec8ef0a","block_type":"box","text":"segregated asset account that invests in a regulated investment company such as the Portfolio. If the look","page_number":42,"box":{"x":116,"y":601,"width":722,"height":13}},{"id":"94f48490-89bb-4f8b-8c0f-7ce2e8d02cd6","block_type":"box","text":"through rule applies, a beneficial interest in a regulated investment company shall not be treated as a single","page_number":42,"box":{"x":116,"y":616,"width":731,"height":13}},{"id":"590c12cd-c82e-494f-ab8f-2ce359f93509","block_type":"box","text":"investment of a segregated asset account; instead, a pro rata portion of each asset of the regulated investment","page_number":42,"box":{"x":116,"y":632,"width":747,"height":13}},{"id":"d27ef7c9-59ed-4b0b-8fc2-37267ed75e0f","block_type":"box","text":"company shall be treated as an asset of the segregated asset account. Treasury Regulations Section 1.817-5(f)(2)","page_number":42,"box":{"x":116,"y":647,"width":765,"height":13}},{"id":"80999440-329e-46e1-966c-42c1e8d5af20","block_type":"box","text":"provides (except as otherwise permitted) that the look-through rule shall apply to a regulated investment","page_number":42,"box":{"x":116,"y":663,"width":716,"height":13}},{"id":"d622b467-ae17-46e2-906c-978a29427e05","block_type":"box","text":"company only if (i) all the beneficial interests in the regulated investment company are held by one or more","page_number":42,"box":{"x":116,"y":678,"width":732,"height":13}},{"id":"e1a9f79e-e4e4-4d42-8ff1-f40763037559","block_type":"box","text":"segregated asset accounts of one or more insurance companies and (ii) public access to such regulated","page_number":42,"box":{"x":116,"y":694,"width":694,"height":13}},{"id":"e10097f7-d7d2-4a35-bb2f-1ec948605361","block_type":"box","text":"investment company is available exclusively through the purchase of a variable contract.","page_number":42,"box":{"x":116,"y":709,"width":604,"height":13}},{"id":"631daad5-ab9e-452a-8d4a-a93e1fa81d27","block_type":"box","text":"Investor Control Prohibitions","page_number":42,"box":{"x":116,"y":738,"width":215,"height":10}},{"id":"fa2b1c02-d29a-4bb3-965c-724f4df282e7","block_type":"box","text":"For a Contract to qualify for U.S. federal income tax deferral, it must avoid the prohibition on investor","page_number":42,"box":{"x":116,"y":764,"width":714,"height":12}},{"id":"6bd8fd16-cf39-4e53-8c3b-e6fa55a6fd38","block_type":"box","text":"control so that assets in the segregated asset accounts supporting the Contract are considered to be owned for","page_number":42,"box":{"x":116,"y":779,"width":760,"height":13}},{"id":"8cbce26c-2255-4309-8823-c2d2b614c171","block_type":"box","text":"U.S. federal income tax purposes by the Insurance Company and not by the Contract holder. Accordingly, a","page_number":42,"box":{"x":116,"y":795,"width":750,"height":12}},{"id":"510f5e96-2b57-4222-929c-ad9ce7cac0e8","block_type":"box","text":"Contract holder should not have an impermissible level of control over a segregated asset account’s or the","page_number":42,"box":{"x":117,"y":810,"width":732,"height":13}},{"id":"cdf5ef6b-205d-4d0b-8378-bd4a7106233e","block_type":"box","text":"Portfolio’s investment in any particular asset. If the Contract holder were considered the owner of the","page_number":42,"box":{"x":116,"y":826,"width":704,"height":12}},{"id":"a1f844c1-e2e1-4a4b-8358-5f700aaa27b4","block_type":"box","text":"Portfolio shares for U.S. federal income tax purposes, income and gain earned from such Portfolio shares for","page_number":42,"box":{"x":116,"y":841,"width":753,"height":13}},{"id":"424df260-893e-4d0c-bb89-9fa2e0b7b4f6","block_type":"box","text":"the current and prior taxable years would be taxable currently to the contract holders.","page_number":42,"box":{"x":116,"y":857,"width":597,"height":12}},{"id":"982f30e3-5974-4933-80ca-882e2c00f635","block_type":"box","text":"I-27","page_number":42,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"b430da91-abf5-41a2-98b9-569a533996ef","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":42,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"10ebe318-b980-46b4-ab3b-5500404ea443","block_type":"box","text":"The IRS may consider several factors in determining whether a contract holder has an impermissible level of","page_number":43,"box":{"x":116,"y":79,"width":750,"height":13}},{"id":"a6bca419-648d-406e-b363-c034e7bc2930","block_type":"box","text":"investor control over a segregated asset account. One factor the IRS considers when a segregated asset account","page_number":43,"box":{"x":116,"y":94,"width":766,"height":13}},{"id":"052aee8e-0df4-4599-8f81-7ec7a4f606bd","block_type":"box","text":"invests in one or more regulated investment companies is whether shares in the regulated investment","page_number":43,"box":{"x":116,"y":110,"width":695,"height":13}},{"id":"dfc9f23f-ddf9-48f7-b4c9-e6b8dabac014","block_type":"box","text":"companies are publicly available or whether such shares are available exclusively through the purchase of a","page_number":43,"box":{"x":116,"y":125,"width":743,"height":13}},{"id":"4020d59e-abab-4a72-b15d-35de6f055227","block_type":"box","text":"variable contract. The Portfolio sells its shares directly to separate accounts established and maintained by","page_number":43,"box":{"x":116,"y":141,"width":735,"height":13}},{"id":"01a3e422-fd47-432d-aae0-e5982a6463f8","block_type":"box","text":"insurance companies for the purpose of funding variable annuity and variable life insurance contracts and to","page_number":43,"box":{"x":116,"y":156,"width":752,"height":13}},{"id":"41be8e47-25a4-43f4-a7bc-f2438abdc86a","block_type":"box","text":"certain qualified pension and retirement plans, or to other regulated investment companies meeting such","page_number":43,"box":{"x":116,"y":172,"width":723,"height":13}},{"id":"ad124edb-6ef2-4084-9e37-19e1f70e42ef","block_type":"box","text":"requirements, and not to other categories of shareholders.","page_number":43,"box":{"x":116,"y":187,"width":400,"height":13}},{"id":"ec2bcab2-3e28-49ec-9620-f34d3c99fd77","block_type":"box","text":"A second factor the IRS considers when a segregated asset account invests in one or more regulated","page_number":43,"box":{"x":116,"y":211,"width":688,"height":12}},{"id":"ee908a9c-02dc-49bf-8858-5ceceb295366","block_type":"box","text":"investment companies is whether a regulated investment company’s investment strategies are sufficiently","page_number":43,"box":{"x":116,"y":226,"width":723,"height":13}},{"id":"d427cf32-4021-41f4-8037-8af6debfd094","block_type":"box","text":"broad and general (such as stocks, bonds or money market instruments) to prevent a Contract holder from","page_number":43,"box":{"x":116,"y":242,"width":741,"height":12}},{"id":"936d5088-0188-4326-9138-42fc4f9e948c","block_type":"box","text":"being deemed to be making particular investment decisions through its investment in the segregated asset","page_number":43,"box":{"x":116,"y":257,"width":727,"height":13}},{"id":"24083f3c-70da-4243-8ba0-0ae0c30b099d","block_type":"box","text":"account. Under current IRS guidance, the investment strategies of the Portfolio are expected to be sufficiently","page_number":43,"box":{"x":116,"y":273,"width":756,"height":12}},{"id":"1cd3cd32-2d02-4bcb-9b23-73eca3e5bbb2","block_type":"box","text":"broad to satisfy this factor and prevent a Contract holder from being deemed to be making particular","page_number":43,"box":{"x":116,"y":288,"width":703,"height":13}},{"id":"363a3d42-54cc-4caa-8e24-3f9df9b961c4","block_type":"box","text":"investment decisions through its investment in the segregated asset account.","page_number":43,"box":{"x":116,"y":304,"width":522,"height":12}},{"id":"038d21ef-33cd-4e54-a962-e5ed51cf80ea","block_type":"box","text":"The Portfolio intends (1) to comply with the requirements necessary to allow a segregated asset account that","page_number":43,"box":{"x":116,"y":327,"width":751,"height":13}},{"id":"18f05193-39bd-4763-a4bb-d242682c6f31","block_type":"box","text":"invests in the Portfolio to look-through to the Portfolio’s investments for purposes of satisfying the asset","page_number":43,"box":{"x":116,"y":342,"width":720,"height":13}},{"id":"df7d9b09-6f39-4fab-8032-a8eb500e4fde","block_type":"box","text":"diversification requirements, (2) to comply with the asset","page_number":43,"box":{"x":116,"y":358,"width":394,"height":13}},{"id":"b52e4827-d6a6-4888-89c0-53d03d36fa98","block_type":"box","text":"diversification requirements necessary to prevent the","page_number":43,"box":{"x":515,"y":358,"width":363,"height":13}},{"id":"66574313-e982-4030-b4ee-0141b955046a","block_type":"box","text":"contract holders from losing their special tax treatment because of investments in the Portfolio, and (3) to","page_number":43,"box":{"x":116,"y":373,"width":731,"height":13}},{"id":"2f9f97ff-a9a7-4f4a-994c-85affad7ebf3","block_type":"box","text":"comply with the requirements necessary to prevent the cont","page_number":43,"box":{"x":116,"y":389,"width":413,"height":13}},{"id":"a98751d9-3e36-4223-8c01-9b20f978772f","block_type":"box","text":"ract holders from having an impermissible level of","page_number":43,"box":{"x":529,"y":389,"width":348,"height":13}},{"id":"f82041c8-6309-4158-9968-12c120b779a8","block_type":"box","text":"control over the Portfolio’s assets.","page_number":43,"box":{"x":116,"y":404,"width":234,"height":10}},{"id":"5b1ffaab-66d3-44cd-b365-c2b175cfc30b","block_type":"box","text":"Tax Treatment to Insurance Companies","page_number":43,"box":{"x":117,"y":433,"width":289,"height":13}},{"id":"df514a03-bd4d-47a3-aad1-6462963755f0","block_type":"box","text":"Dividends paid by the Portfolio from its ordinary income and distributions of the Portfolio’s net realized capital","page_number":43,"box":{"x":116,"y":459,"width":735,"height":12}},{"id":"05b9fe3a-4b39-41f3-b521-d30bbe571e2b","block_type":"box","text":"gains are includable in the respective Insurance Company’s gross income. Distributions of the Portfolio’s net","page_number":43,"box":{"x":116,"y":474,"width":713,"height":13}},{"id":"8d828ba2-549e-45e3-bc3a-c96e8e57839c","block_type":"box","text":"realized long-term capital gains retain their character as long-term capital gains in the hands of the Insurance","page_number":43,"box":{"x":116,"y":490,"width":716,"height":12}},{"id":"c5df2b0d-27be-42cb-856c-0e585179a39f","block_type":"box","text":"Companies if certain requirements are met. The tax treatment of such dividends and distributions depends on the","page_number":43,"box":{"x":117,"y":505,"width":747,"height":13}},{"id":"b75a51f3-5491-43f7-b8cb-c6c07c2bc4de","block_type":"box","text":"respective Insurance Company’s tax status. To the extent that income of the Portfolio represents dividends on","page_number":43,"box":{"x":116,"y":521,"width":723,"height":12}},{"id":"4a6c293b-a42a-4240-9bf6-f4e0f6a62dc5","block_type":"box","text":"common or preferred stock, rather than interest income, its distributions to the Insurance Companies will be eligible","page_number":43,"box":{"x":116,"y":536,"width":765,"height":13}},{"id":"450a9a3e-94e5-4c47-9320-704405b4b8bd","block_type":"box","text":"for the present dividends received deduction applicable in the case of a life insurance company as provided in the","page_number":43,"box":{"x":116,"y":552,"width":743,"height":12}},{"id":"1f86e89c-c930-4487-a392-980858d90a8a","block_type":"box","text":"Code. See the Prospectus for the Contracts for a description of the respective Insurance Company’s tax status and","page_number":43,"box":{"x":117,"y":567,"width":749,"height":13}},{"id":"52b73c41-7be7-451e-b2bd-93a4bd9abf41","block_type":"box","text":"the charges which may be made to cover any taxes attributable to the Separate Account. Not later than 60 days","page_number":43,"box":{"x":116,"y":583,"width":737,"height":12}},{"id":"d72b87ba-0448-4674-88a3-97d23894422d","block_type":"box","text":"after the end of each calendar year, the Portfolio will send to the Insurance Companies a written notice required by","page_number":43,"box":{"x":116,"y":598,"width":758,"height":13}},{"id":"1d683193-eab0-469e-a6f0-225498bea681","block_type":"box","text":"the Code reporting the amount and character of any distributions made during such year. Any benefits of such","page_number":43,"box":{"x":116,"y":614,"width":730,"height":12}},{"id":"11fd5653-413e-4eb9-bbf0-eecc58d4c702","block_type":"box","text":"designation will inure to the benefit of the Insurance Companies and will not be shared with contract holders.","page_number":43,"box":{"x":116,"y":629,"width":723,"height":13}},{"id":"d8052df0-1530-4eef-a67f-f9735affe53a","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the","page_number":43,"box":{"x":116,"y":652,"width":722,"height":13}},{"id":"0ea09f88-b0cc-4f8d-94c7-7d16a8c1b212","block_type":"box","text":"Portfolio. It is not a substitute for individualized tax advice. Consult your tax adviser about the potential tax","page_number":43,"box":{"x":116,"y":668,"width":752,"height":13}},{"id":"55726aca-82da-444a-81a1-c2d0f01667d5","block_type":"box","text":"consequences of an investment in the Portfolio under all applicable tax laws.","page_number":43,"box":{"x":116,"y":683,"width":529,"height":13}},{"id":"08954b4c-9625-4569-a74e-c1c5407dff0b","block_type":"box","text":"X. Additional Information","page_number":43,"box":{"x":116,"y":712,"width":192,"height":10}},{"id":"e3acef2a-d3c2-4656-b8cb-0af21aea6973","block_type":"box","text":"Organization of the Fund","page_number":43,"box":{"x":137,"y":738,"width":184,"height":12}},{"id":"79c5597d-e12c-41eb-b99c-d8e7bc5f4645","block_type":"box","text":"The Fund was incorporated under the laws of the State of Maryland on April 19, 2018. The Fund and its","page_number":43,"box":{"x":116,"y":764,"width":730,"height":12}},{"id":"2d3f6209-056d-4c4d-95b1-c735e3830bb1","block_type":"box","text":"series were organized for the purpose of acquiring","page_number":43,"box":{"x":116,"y":779,"width":346,"height":13}},{"id":"72f725c6-a20a-451a-ba1d-aeacd4fe5396","block_type":"box","text":"the assets of corresponding series of BlackRock Series","page_number":43,"box":{"x":467,"y":779,"width":371,"height":13}},{"id":"99600d02-df24-46d1-92c0-badf2946bb40","block_type":"box","text":"Fund, Inc. in reorganizations that occurred on September 17, 2018. On September 17, 2018, the Portfolio","page_number":43,"box":{"x":116,"y":795,"width":735,"height":12}},{"id":"0cd87917-eefd-44ed-96c6-7fd4fe317168","block_type":"box","text":"acquired all of the assets, subject to the liabilities, of BlackRock High Yield Portfolio, a series of BlackRock","page_number":43,"box":{"x":116,"y":810,"width":744,"height":13}},{"id":"45e3c20f-58bd-4f6c-8341-9bdd6002533c","block_type":"box","text":"Series Fund, Inc. (the “Predecessor Fund” and its series, the “Predecessor Portfolio”), through a tax-free","page_number":43,"box":{"x":116,"y":826,"width":720,"height":12}},{"id":"53d92148-9b25-4b8b-8971-e589bebd7831","block_type":"box","text":"reorganization (the “Reorganization”). The Predecessor Portfolio is the accounting survivor of the","page_number":43,"box":{"x":116,"y":841,"width":680,"height":13}},{"id":"6d1c6072-7c1a-4bae-936a-4e29045b9658","block_type":"box","text":"Reorganization, which means that the Portfolio adopted the performance and financial history of the","page_number":43,"box":{"x":116,"y":857,"width":700,"height":12}},{"id":"45ed84d4-827d-47fd-beef-d677aae94522","block_type":"box","text":"I-28","page_number":43,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"d317a494-5527-4fbd-996d-70329d406fb7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":43,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7a19b8df-a37e-4eb9-a453-1d35e02bed6c","block_type":"box","text":"Predecessor Portfolio. The Reorganization resulted in the","page_number":44,"box":{"x":116,"y":79,"width":395,"height":13}},{"id":"ae2d1941-a1ed-4a24-8289-7a3f87391bf2","block_type":"box","text":"Predecessor Portfolio effectively becoming a series of","page_number":44,"box":{"x":516,"y":79,"width":366,"height":13}},{"id":"32a9f0e1-d329-4671-8fca-74ebd512a579","block_type":"box","text":"the Fund. The Portfolio had the same investment objectives, strategies and policies, portfolio management","page_number":44,"box":{"x":116,"y":94,"width":734,"height":13}},{"id":"5913ec0c-ddb1-42bf-b5c6-39cd88007c87","block_type":"box","text":"team, service providers and contractual arrangements, including the same contractual fees and expenses, as","page_number":44,"box":{"x":116,"y":110,"width":741,"height":13}},{"id":"8d74ec5b-e0ec-48d1-8589-22399968e934","block_type":"box","text":"those of the Predecessor Portfolio as of the date of the Reorganization.","page_number":44,"box":{"x":116,"y":125,"width":488,"height":13}},{"id":"a778808f-b1e6-4a87-bc0c-08886420fcfc","block_type":"box","text":"The authorized capital stock of the Fund consists of 200,000,000 shares of Common Stock, par value","page_number":44,"box":{"x":116,"y":148,"width":705,"height":13}},{"id":"30ecd4de-9613-48da-9181-95904fd9a531","block_type":"box","text":"$0.0001 per share. The shares of Common Stock are divided into two series, BlackRock U.S. Government","page_number":44,"box":{"x":117,"y":163,"width":736,"height":14}},{"id":"97c3e8ad-3689-4255-ac2a-3f88d9a39d1a","block_type":"box","text":"Bond Portfolio and BlackRock High Yield Portfolio. Each series consists of 100,000,000 shares. All shares","page_number":44,"box":{"x":116,"y":179,"width":739,"height":13}},{"id":"c5a3713e-77b5-47db-bcaa-f6d26b8a988d","block_type":"box","text":"have equal voting rights, except that only shares of the respective series are entitled to vote on matters","page_number":44,"box":{"x":116,"y":195,"width":705,"height":13}},{"id":"d957bad4-53af-4c2d-9c7a-9625ade2f518","block_type":"box","text":"concerning only that series. BlackRock U.S. Government Bond Portfolio liquidated on April 28, 2023.","page_number":44,"box":{"x":116,"y":210,"width":708,"height":13}},{"id":"c3c7446b-caec-4a63-9637-6d4b222e9453","block_type":"box","text":"Pursuant to the Investment Company Act and the rules and regulations thereunder, certain matters approved","page_number":44,"box":{"x":116,"y":226,"width":755,"height":13}},{"id":"0fdf8d1c-010e-4c55-8ac7-15ee6654e519","block_type":"box","text":"by a vote of all shareholders of the Fund may not be binding on a series whose shareholders have not","page_number":44,"box":{"x":116,"y":241,"width":701,"height":13}},{"id":"2ea54a65-ea2a-4104-8f7f-fbb6d5b731a6","block_type":"box","text":"approved such matter. Each issued and outstanding share is entitled to one vote and to participate equally in","page_number":44,"box":{"x":116,"y":257,"width":752,"height":13}},{"id":"594a6b15-e5b8-41f6-822b-a5365d981d7a","block_type":"box","text":"dividends and distributions declared and in net assets upon liquidation or dissolution remaining after","page_number":44,"box":{"x":116,"y":272,"width":700,"height":13}},{"id":"8bcfb104-608b-4f27-925c-f5bcb1b0879c","block_type":"box","text":"satisfaction of outstanding liabilities. The shares, when issued, will be fully paid and nonassessable, have no","page_number":44,"box":{"x":116,"y":288,"width":745,"height":13}},{"id":"d09d8c5d-121b-41be-a648-504a4685e560","block_type":"box","text":"preference, preemptive, conversion, exchange or simila","page_number":44,"box":{"x":116,"y":303,"width":379,"height":13}},{"id":"9663a7ff-994d-4a1d-98c4-b16e8212ef33","block_type":"box","text":"r rights, and will be freely transferable. Holders of","page_number":44,"box":{"x":496,"y":303,"width":348,"height":13}},{"id":"ec3c0f23-f597-4e4d-bb6b-029cc93e870f","block_type":"box","text":"shares are entitled to redeem their shares as set forth under “Redemption of Shares.” Shares do not have","page_number":44,"box":{"x":116,"y":319,"width":723,"height":13}},{"id":"34785536-6067-45bc-b8f0-0db308e77ba1","block_type":"box","text":"cumulative voting rights and the holders of more than 50% of the shares of the Fund voting for the election of","page_number":44,"box":{"x":116,"y":334,"width":766,"height":13}},{"id":"c4cde400-c610-42bf-9bfd-c25671b03840","block_type":"box","text":"directors can elect all of the directors of the Fund if they choose to do so and in such event the holders of the","page_number":44,"box":{"x":116,"y":350,"width":751,"height":13}},{"id":"541fa72b-7ade-414b-ad51-482dcbcbb0f4","block_type":"box","text":"remaining shares would not be able to elect any directors. The Fund does not intend to hold meetings of","page_number":44,"box":{"x":116,"y":365,"width":723,"height":13}},{"id":"21f2c24e-f5ae-420b-ac16-1db2a48faff2","block_type":"box","text":"shareholders unless under the Investment Company Act shareholders are required to act on any of the","page_number":44,"box":{"x":116,"y":381,"width":707,"height":13}},{"id":"1d10ebba-2083-437e-95ef-a99ba7437a6f","block_type":"box","text":"following matters: (i) election of directors; (ii) approval","page_number":44,"box":{"x":116,"y":396,"width":382,"height":13}},{"id":"a224bc07-5901-4e08-8339-93cd69eda978","block_type":"box","text":"of an investment advisory agreement; (iii) approval of","page_number":44,"box":{"x":503,"y":396,"width":373,"height":13}},{"id":"0547d4c5-307e-401f-aeb0-2ceb11d74125","block_type":"box","text":"a distribution agreement; and (iv) ratification of the selection of independent accountants.","page_number":44,"box":{"x":116,"y":412,"width":621,"height":13}},{"id":"fbf4fac6-e37e-47bd-a99b-103ff2d3bbe4","block_type":"box","text":"Counsel","page_number":44,"box":{"x":137,"y":440,"width":57,"height":10}},{"id":"3b89bec3-398c-45c0-9f7e-1caee262ac70","block_type":"box","text":"Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019, serves as counsel to the","page_number":44,"box":{"x":116,"y":465,"width":744,"height":13}},{"id":"6d679948-e11b-4c1f-b81d-ff445e62faa7","block_type":"box","text":"Fund.","page_number":44,"box":{"x":116,"y":481,"width":39,"height":10}},{"id":"555da03c-4011-4598-882d-d3f3eac4a359","block_type":"box","text":"Independent Registered Public Accounting Firm","page_number":44,"box":{"x":136,"y":509,"width":347,"height":13}},{"id":"cfaed63a-e9a8-49b5-ba6c-dd8268ecbc06","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal Street, Boston, Massachusetts 02110, serves as the","page_number":44,"box":{"x":116,"y":534,"width":767,"height":13}},{"id":"f4a1265f-2e9a-4ad8-8616-9df48530f491","block_type":"box","text":"Fund’s independent registered public accounting firm.","page_number":44,"box":{"x":116,"y":550,"width":372,"height":13}},{"id":"6374eeda-6af6-4a98-ab5a-c23ba5c60a18","block_type":"box","text":"Reports","page_number":44,"box":{"x":136,"y":579,"width":56,"height":12}},{"id":"8bc24819-4130-40a9-8ecc-454357ae3260","block_type":"box","text":"The Fund issues to the Insurance Companies reports, at least semi-annually, containing unaudited financial","page_number":44,"box":{"x":116,"y":604,"width":742,"height":12}},{"id":"7f2db924-03c1-4c3d-a311-1c47ebfbe3c6","block_type":"box","text":"statements and annual reports containing financial stat","page_number":44,"box":{"x":116,"y":619,"width":380,"height":13}},{"id":"c4f2b64b-5012-49b9-b7e9-355d3f86da31","block_type":"box","text":"ements examined by auditors approved annually by the","page_number":44,"box":{"x":497,"y":619,"width":384,"height":13}},{"id":"e7af1cf2-9d8f-4ecb-89e0-2258cec8c1ec","block_type":"box","text":"Directors.","page_number":44,"box":{"x":116,"y":635,"width":68,"height":10}},{"id":"23071256-52f1-4e35-9c6f-6f69b2a6cecb","block_type":"box","text":"Inquiries","page_number":44,"box":{"x":136,"y":663,"width":63,"height":12}},{"id":"14f423f8-1d9f-4b01-88ff-aa2291218974","block_type":"box","text":"Inquiries by Insurance Companies that offer Portfolio shares may be addressed to the Fund at the address or","page_number":44,"box":{"x":116,"y":688,"width":750,"height":13}},{"id":"ebaa928c-1631-4789-848b-21bc78362dc7","block_type":"box","text":"telephone number set forth on the cover page of this SAI.","page_number":44,"box":{"x":116,"y":704,"width":395,"height":12}},{"id":"072a5e62-a474-498a-bfe1-44adc2ac4bb7","block_type":"box","text":"Principal Shareholders","page_number":44,"box":{"x":136,"y":732,"width":162,"height":12}},{"id":"31c0df3a-0514-4076-801c-b844b4e23562","block_type":"box","text":"To the knowledge of the Fund, the following entities owned of record or beneficially 5% or more of a class of","page_number":44,"box":{"x":116,"y":757,"width":763,"height":13}},{"id":"35285bd4-741c-4e8e-9252-25f708ebecca","block_type":"box","text":"the Portfolio’s shares as of April 1, 2026:","page_number":44,"box":{"x":116,"y":773,"width":284,"height":12}},{"id":"4894ec7f-7cc5-4983-9953-84c93f9b8e3a","block_type":"box","text":"Name and Address of Shareholder","page_number":44,"box":{"x":321,"y":800,"width":199,"height":8}},{"id":"bd9897cd-4464-409f-a5ed-28caf3ef6e89","block_type":"box","text":"Percent","page_number":44,"box":{"x":640,"y":801,"width":42,"height":7}},{"id":"3c5db0ed-13ca-4542-801d-a8a59bef16d2","block_type":"box","text":"Transamerica Financial Life","page_number":44,"box":{"x":259,"y":819,"width":161,"height":8}},{"id":"cd653971-2e50-40d2-931c-bd9df8e5311e","block_type":"box","text":"Insurance Company","page_number":44,"box":{"x":259,"y":830,"width":116,"height":10}},{"id":"496c4907-faf4-4cf2-8648-5922c368b85c","block_type":"box","text":"Merrill Lynch of NY Variable Life","page_number":44,"box":{"x":259,"y":840,"width":199,"height":10}},{"id":"3137c487-24cf-46b8-b7bd-c58ed6c828f6","block_type":"box","text":"Separate Account","page_number":44,"box":{"x":259,"y":851,"width":101,"height":10}},{"id":"789fad4b-1b52-4866-aa6c-25dfb81f62a6","block_type":"box","text":"4333 Edgewood Rd. NE MS 4410","page_number":44,"box":{"x":259,"y":861,"width":199,"height":10}},{"id":"bae3bf0e-24e1-4b70-a6b0-c24f069b9b39","block_type":"box","text":"Cedar Rapids, IA 52499-0001","page_number":44,"box":{"x":260,"y":871,"width":174,"height":10}},{"id":"db234199-da3b-48b6-bd7a-a4b529d8dd80","block_type":"box","text":"9.626%","page_number":44,"box":{"x":650,"y":820,"width":46,"height":8}},{"id":"543f985a-4af9-46e5-96c9-7dcf855b34c5","block_type":"box","text":"I-29","page_number":44,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"8c0017ed-3d58-4391-ad3e-b856b7f9e6b1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":44,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f9088db6-d0bb-44f9-99d8-343c2c6f2b9c","block_type":"box","text":"Name and Address of Shareholder","page_number":45,"box":{"x":321,"y":76,"width":199,"height":8}},{"id":"ae284f35-22f3-4afc-9350-dd67756e5976","block_type":"box","text":"Percent","page_number":45,"box":{"x":640,"y":76,"width":42,"height":8}},{"id":"0e44392c-9f02-4fd7-b423-b456d773f82f","block_type":"box","text":"Transamerica Life Insurance Company","page_number":45,"box":{"x":259,"y":95,"width":225,"height":10}},{"id":"d62f1564-dec4-4f92-8b71-80f9edcce731","block_type":"box","text":"Variable Account A of Monarch Life","page_number":45,"box":{"x":259,"y":105,"width":214,"height":8}},{"id":"50943a0f-4ffe-41af-a636-6dd4cc4b1b9a","block_type":"box","text":"Insurance Company","page_number":45,"box":{"x":259,"y":116,"width":116,"height":10}},{"id":"e69ae405-cf1a-4538-b693-2d94b3c3a44f","block_type":"box","text":"4333 Edgewood Rd. NE MS 4410","page_number":45,"box":{"x":259,"y":126,"width":199,"height":10}},{"id":"0b7d1612-186d-46f0-a7fe-9a8a3cb1c4e8","block_type":"box","text":"Cedar Rapids, IA 52499-0001","page_number":45,"box":{"x":260,"y":136,"width":174,"height":11}},{"id":"47b451c5-b2ca-4aa3-a93d-36657ba5ef56","block_type":"box","text":"6.473%","page_number":45,"box":{"x":651,"y":95,"width":45,"height":8}},{"id":"dbf3eb7b-a778-41be-a751-167dbc668ea2","block_type":"box","text":"Transamerica Life Insurance Company","page_number":45,"box":{"x":259,"y":152,"width":225,"height":10}},{"id":"ef7e33c5-b9fe-4df0-86a7-61eebb3d9ad9","block_type":"box","text":"Merrill Lynch Variable Life","page_number":45,"box":{"x":259,"y":162,"width":159,"height":10}},{"id":"403f1351-5253-4a33-9136-6fdfbebb2ee3","block_type":"box","text":"Separate Account","page_number":45,"box":{"x":259,"y":173,"width":101,"height":10}},{"id":"fdfda0d3-c997-4095-b199-582da727cd01","block_type":"box","text":"4333 Edgewood Rd. NE MS 4410","page_number":45,"box":{"x":259,"y":183,"width":199,"height":10}},{"id":"eb006391-2a21-4584-817a-6d1dfd1b9159","block_type":"box","text":"Cedar Rapids, IA 52499-0001","page_number":45,"box":{"x":260,"y":193,"width":174,"height":10}},{"id":"4a9a3c51-c28f-4866-8353-8cdb053971fa","block_type":"box","text":"19.4%","page_number":45,"box":{"x":655,"y":152,"width":37,"height":8}},{"id":"5780ef88-d4f8-4bb2-82e3-8d8dfb09a526","block_type":"box","text":"Transamerica Life Insurance Company","page_number":45,"box":{"x":259,"y":209,"width":225,"height":10}},{"id":"d8a14e71-b010-4863-becb-b14fefb85043","block_type":"box","text":"Merrill Lynch Variable Life","page_number":45,"box":{"x":259,"y":219,"width":159,"height":10}},{"id":"ab20caf9-1a73-4a79-afa3-0444de02c286","block_type":"box","text":"Separate Account II","page_number":45,"box":{"x":259,"y":230,"width":114,"height":10}},{"id":"d950b5ca-8ace-4ba4-bb04-22eb35741275","block_type":"box","text":"4333 Edgewood Rd. NE MS 4410","page_number":45,"box":{"x":259,"y":240,"width":199,"height":10}},{"id":"9cbcffcc-1b02-439c-bce7-e95002be2eb5","block_type":"box","text":"Cedar Rapids, IA 52499-0001","page_number":45,"box":{"x":260,"y":250,"width":174,"height":10}},{"id":"f1aef5ba-f425-424f-a31e-1a160cb33632","block_type":"box","text":"63.531%","page_number":45,"box":{"x":643,"y":209,"width":53,"height":8}},{"id":"72a8ad0f-7ca5-4332-97b7-8a3d7ab6b0f7","block_type":"box","text":"XI. Financial Statements","page_number":45,"box":{"x":116,"y":276,"width":216,"height":11}},{"id":"bb6c7342-887c-46cf-af9d-96658bc1f7f8","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Portfolio’s","page_number":45,"box":{"x":116,"y":302,"width":603,"height":13}},{"id":"8ef06575-c753-4c2a-a6fb-da7dfebdeead","block_type":"box","text":"Annual Financial","page_number":45,"box":{"x":724,"y":302,"width":117,"height":10}},{"id":"05a2f076-8888-4c23-aa93-afe6b934362b","block_type":"box","text":"Statements and Additional Information","page_number":45,"box":{"x":116,"y":318,"width":269,"height":10}},{"id":"21382dc8-6962-4fc4-8305-dac9007dc63f","block_type":"box","text":"for the fiscal year ended December 31, 2025, as filed with the SEC on","page_number":45,"box":{"x":390,"y":318,"width":477,"height":13}},{"id":"2a9b513f-337f-408a-b3d4-e8438abbd6c9","block_type":"box","text":"Form N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other","page_number":45,"box":{"x":116,"y":333,"width":743,"height":13}},{"id":"4103caeb-0f93-4786-b150-739cf086f9a4","block_type":"box","text":"parts of the 2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual","page_number":45,"box":{"x":116,"y":349,"width":701,"height":13}},{"id":"abc0fbc3-5595-42e7-b8b6-86710541fa5a","block_type":"box","text":"Financial Statements have been audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is","page_number":45,"box":{"x":116,"y":364,"width":741,"height":13}},{"id":"34a25614-74f3-49cf-9b34-36238a987414","block_type":"box","text":"incorporated herein by reference. Such 2025 Annual Financial Statements have been incorporated herein in","page_number":45,"box":{"x":116,"y":380,"width":734,"height":13}},{"id":"f3071525-3197-4614-9144-0212b289968c","block_type":"box","text":"reliance upon the report of such firm given their authority as experts in accounting and auditing. Additional","page_number":45,"box":{"x":116,"y":395,"width":739,"height":13}},{"id":"eed53ccf-8995-42b1-b9c5-99fa02e01254","block_type":"box","text":"copies of the Portfolio’s annual and semi-annual Reports to shareholders and the Portfolio’s Annual and","page_number":45,"box":{"x":116,"y":411,"width":715,"height":13}},{"id":"e494ac85-7d94-4bb2-b77d-39e0c0d47b58","block_type":"box","text":"Semi-Annual Financial Statements and Additional Information may be obtained at no charge by telephoning","page_number":45,"box":{"x":116,"y":426,"width":744,"height":13}},{"id":"40619d56-d0d2-4fb5-9328-cfcdfeba34dc","block_type":"box","text":"the Distributor at the telephone number appearing on the front page of this SAI.","page_number":45,"box":{"x":116,"y":442,"width":549,"height":13}},{"id":"22eaadf0-b2e5-415b-8a0e-b82d99c77f98","block_type":"box","text":"I-30","page_number":45,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"d69c6b67-f47e-48f0-a171-5cd50c3a99c6","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":45,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ba5b55af-e08e-4f03-ae1b-e9995cc101d6","block_type":"box","text":"PART II","page_number":46,"box":{"x":432,"y":92,"width":149,"height":22}},{"id":"9150b19f-6998-4639-9459-206b05bd19c9","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be","page_number":46,"box":{"x":116,"y":136,"width":734,"height":12}},{"id":"92af0a6c-2ab1-42a6-a2d9-dea26fbf74a6","block_type":"box","text":"referred to as a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to","page_number":46,"box":{"x":117,"y":152,"width":770,"height":12}},{"id":"6576da5d-b33f-4043-be32-a03bcaa3fd6d","block_type":"box","text":"as “Municipal Funds” if they invest certain of their assets in municipal investments described below.","page_number":46,"box":{"x":116,"y":167,"width":743,"height":12}},{"id":"aa4d1de7-a2d7-4f93-bc41-34282e0baaa2","block_type":"box","text":"Each Fund is organized either as a Maryland corporati","page_number":46,"box":{"x":117,"y":193,"width":393,"height":12}},{"id":"fdd06b32-adcc-4d8c-9099-ff54b6e81e91","block_type":"box","text":"on, a Massachusetts business trust or a Delaware","page_number":46,"box":{"x":511,"y":193,"width":369,"height":11}},{"id":"2415d119-da70-42b6-b3b4-9b8959940769","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature vari","page_number":46,"box":{"x":116,"y":208,"width":384,"height":12}},{"id":"3e9e7948-9823-4b40-8b48-2cc3c7801d5c","block_type":"box","text":"es. For ease and clarity of presentation, shares of","page_number":46,"box":{"x":501,"y":208,"width":365,"height":12}},{"id":"a8aabd7b-3cc2-421c-9cf7-23581d6b6a30","block_type":"box","text":"common stock and shares of beneficial interest are re","page_number":46,"box":{"x":116,"y":224,"width":390,"height":9}},{"id":"9bdd9fe3-f2b0-4aca-984c-0d955b5ae5f5","block_type":"box","text":"ferred to herein as “shares” or “Common Stock,”","page_number":46,"box":{"x":507,"y":224,"width":355,"height":11}},{"id":"8e9f69a7-69a4-4428-add2-154ebf9153a3","block_type":"box","text":"holders of shares of Common Stock are referred to","page_number":46,"box":{"x":117,"y":239,"width":374,"height":10}},{"id":"5c409029-f3c4-4c42-b975-fb8b13a16c54","block_type":"box","text":"as “shareholders,” the trustees or directors of each","page_number":46,"box":{"x":492,"y":239,"width":372,"height":12}},{"id":"85e24b3e-8b2c-4fe1-b3b5-b02ae3ca9007","block_type":"box","text":"Fund are referred to as “Directors,” the boards of tru","page_number":46,"box":{"x":117,"y":255,"width":376,"height":11}},{"id":"f6b303e1-c2da-40bc-a64c-6a897248e1a2","block_type":"box","text":"stees/directors of each Fund are referred to as the","page_number":46,"box":{"x":495,"y":255,"width":370,"height":10}},{"id":"0ce5d750-4792-4c14-8385-fc3ef0d9af02","block_type":"box","text":"“Board of Directors” or the “Board,” BlackRock A","page_number":46,"box":{"x":116,"y":270,"width":341,"height":12}},{"id":"c9533087-8875-4ba5-a349-161989c13afc","block_type":"box","text":"Advisors, LLC, BlackRock Fund Advisors or their","page_number":46,"box":{"x":457,"y":270,"width":360,"height":12}},{"id":"b56b31e4-21fc-48d5-ae0e-185bfccc57ab","block_type":"box","text":"respective affiliates is the investment adviser or","page_number":46,"box":{"x":117,"y":286,"width":343,"height":12}},{"id":"5810f3d9-7b1f-4777-b422-7eb3ac57cecf","block_type":"box","text":"r manager of each Fund and is referred to herein as the","page_number":46,"box":{"x":460,"y":286,"width":404,"height":12}},{"id":"8a26c16e-7ba5-4c37-921f-67cec696f46e","block_type":"box","text":"“Manager” or “BlackRock,” and the investment","page_number":46,"box":{"x":116,"y":301,"width":337,"height":12}},{"id":"ea73b11d-f63d-4a1b-a237-c0aac74f869c","block_type":"box","text":"advisory agreement or","page_number":46,"box":{"x":453,"y":301,"width":169,"height":12}},{"id":"0c735ad0-e1b7-4284-abda-50468044aea5","block_type":"box","text":"r management agreement","page_number":46,"box":{"x":621,"y":302,"width":190,"height":11}},{"id":"b9147ffa-d8e3-440d-975e-3953c4dec8a7","block_type":"box","text":"applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s Articles of","page_number":46,"box":{"x":116,"y":317,"width":700,"height":12}},{"id":"fc9315e7-e413-4f0c-8aec-aaabcbccff4a","block_type":"box","text":"Incorporation or Declaration of Tr","page_number":46,"box":{"x":117,"y":332,"width":240,"height":12}},{"id":"35523825-f602-4744-ac07-921de1de38d3","block_type":"box","text":"ust, together with all amendments thereto,","page_number":46,"box":{"x":358,"y":332,"width":304,"height":12}},{"id":"77d8f015-de81-42e8-8f62-9b0fef24556b","block_type":"box","text":"is referred to as its “charter.”","page_number":46,"box":{"x":664,"y":332,"width":215,"height":10}},{"id":"0808ab28-41b7-4a0b-a06b-588bbe430a3c","block_type":"box","text":"The Investment Company Act of 1940, as amended, is","page_number":46,"box":{"x":116,"y":348,"width":402,"height":12}},{"id":"0ef57ba6-8db2-4ff2-b567-f10da1351b58","block_type":"box","text":"referred to herein as the “Investment Company","page_number":46,"box":{"x":519,"y":348,"width":345,"height":12}},{"id":"1918a122-1f40-4894-8d0b-5b2968f978d4","block_type":"box","text":"Act.” The Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities","page_number":46,"box":{"x":116,"y":363,"width":767,"height":12}},{"id":"d3f1c185-52af-47ec-b4f4-0df56018808a","block_type":"box","text":"and Exchange Commission is referred to herein as the “Commission” or the “SEC.”","page_number":46,"box":{"x":116,"y":379,"width":609,"height":12}},{"id":"11d389a3-6103-4cb4-a7c2-4c6ead7448d9","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":46,"box":{"x":117,"y":405,"width":765,"height":12}},{"id":"4cf1d3f5-2cb8-4d3c-ac02-c778686795dd","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each,","page_number":46,"box":{"x":116,"y":420,"width":770,"height":12}},{"id":"ba28cbee-8f45-441b-aaa0-7e67b0194ae2","block_type":"box","text":"a “Master LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All","page_number":46,"box":{"x":116,"y":436,"width":734,"height":12}},{"id":"7126d6df-7a56-43e9-afab-193dbc91e04b","block_type":"box","text":"investments are generally made at the level of the Master Portfolio. This structure is sometimes called","page_number":46,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"fea0173a-d7ae-463f-a9ee-e9ad7ca48ae8","block_type":"box","text":"a “master/feeder” structure. A Feeder Fund’s investment results will correspond directly to the","page_number":46,"box":{"x":116,"y":467,"width":700,"height":12}},{"id":"39d1c580-5a8b-4f6e-a1e9-d665f24a1f5b","block_type":"box","text":"investment results of the underlying Master Portfolio in which it invests. For simplicity, this SAI uses the","page_number":46,"box":{"x":117,"y":482,"width":770,"height":12}},{"id":"88aed831-18b2-4d52-bdc2-7070c9fa7042","block_type":"box","text":"term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":46,"box":{"x":116,"y":498,"width":503,"height":9}},{"id":"db71b634-0920-45c6-8c5c-135c7e1f4ae3","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information","page_number":46,"box":{"x":117,"y":523,"width":747,"height":13}},{"id":"ad2b4df7-e1f3-4b93-9ab6-950fdb79e09d","block_type":"box","text":"about all funds in the BlackRock-advised fund complex. Certain information contained herein may not","page_number":46,"box":{"x":116,"y":539,"width":757,"height":12}},{"id":"68d82f93-2b05-46c7-ba57-6a37f8a8c0d4","block_type":"box","text":"be relevant to a particular Fund.","page_number":46,"box":{"x":117,"y":555,"width":241,"height":11}},{"id":"015fb70d-4b40-4267-a5fd-6f6c8da22d2c","block_type":"box","text":"Investment Risks and Considerations","page_number":46,"box":{"x":119,"y":595,"width":675,"height":23}},{"id":"1430b6c1-8631-403b-91ec-fa2207dfe0b6","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one","page_number":46,"box":{"x":116,"y":634,"width":772,"height":13}},{"id":"fa488f03-e61c-444d-ac70-eb355ac632e5","block_type":"box","text":"or more of the Funds may use, and the risks and considerations associated with those investments","page_number":46,"box":{"x":116,"y":650,"width":740,"height":12}},{"id":"75cbeaad-df61-4924-b204-b0f5d343ed7b","block_type":"box","text":"and investment strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the","page_number":46,"box":{"x":116,"y":665,"width":685,"height":13}},{"id":"55ac2e3a-44b5-432a-8b26-cba92a5c3db0","block_type":"box","text":"“Investment Objective and Policies,” “Investment Objectives and Policies” or “Investment Strategies","page_number":46,"box":{"x":116,"y":681,"width":737,"height":12}},{"id":"556ef0da-3f9e-4052-91d8-39dc59f7ea3e","block_type":"box","text":"and Risks of the Fund” section, as applicable, of Part I of this SAI for further information on each","page_number":46,"box":{"x":116,"y":696,"width":714,"height":12}},{"id":"666be614-fc78-4413-a54c-f33bccfa3636","block_type":"box","text":"Fund’s investment policies and risks. Information contained in this section about the risks and","page_number":46,"box":{"x":117,"y":712,"width":692,"height":12}},{"id":"07f3bdef-3bc1-4929-bbf7-4b35fdf3dbd8","block_type":"box","text":"considerations associated with a Fund’s investments and/or investment strategies applies only to those","page_number":46,"box":{"x":116,"y":728,"width":765,"height":12}},{"id":"aac1ef27-3ca6-4579-84eb-aa5f598ae5f4","block_type":"box","text":"Funds specifically identified in Part I of this SAI as making each type of investment or using each","page_number":46,"box":{"x":117,"y":743,"width":716,"height":12}},{"id":"4231a03a-73e3-44d3-86d0-9b3a0022423b","block_type":"box","text":"investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does","page_number":46,"box":{"x":117,"y":758,"width":764,"height":13}},{"id":"01ef2f43-5663-4930-9765-1788daa78512","block_type":"box","text":"not form a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered","page_number":46,"box":{"x":117,"y":774,"width":735,"height":12}},{"id":"2b5d5829-0d36-43d4-9d95-fe1e6f7d6491","block_type":"box","text":"Fund. Only information that is clearly identified as applicable to a Covered Fund is considered to form a","page_number":46,"box":{"x":117,"y":789,"width":765,"height":13}},{"id":"524cd7e9-2608-43db-a157-e0ee74324a14","block_type":"box","text":"part of that Covered Fund’s SAI.","page_number":46,"box":{"x":117,"y":805,"width":238,"height":12}},{"id":"9278931b-c50a-45ca-85a9-00423c1c5ade","block_type":"box","text":"Asset-Backed Securities.","page_number":46,"box":{"x":116,"y":831,"width":200,"height":9}},{"id":"a86150b8-ea06-4a56-83dc-8b646a95239e","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans,","page_number":46,"box":{"x":317,"y":831,"width":519,"height":12}},{"id":"18ae10c5-6202-4c92-bc22-634116c4d264","block_type":"box","text":"installment sale contracts, credit card receivables or other assets. Asset-backed securities are “pass","page_number":46,"box":{"x":117,"y":846,"width":749,"height":12}},{"id":"ab2dd58d-3fc7-4365-baed-b064d8a37820","block_type":"box","text":"through” securities, meaning that principal and interest payments — net of expenses — made by the","page_number":46,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"dc444892-db48-4aaf-bc6b-6b3ecbfb1a9f","block_type":"box","text":"borrower on the underlying assets (such as credit card receivables) are passed through to a Fund. The","page_number":46,"box":{"x":117,"y":877,"width":768,"height":12}},{"id":"121e09bb-b46a-4a38-9d38-f02cf566e785","block_type":"box","text":"II-1","page_number":46,"box":{"x":489,"y":909,"width":20,"height":9}},{"id":"251b3835-4dd9-4380-a33e-c0ab28f5173a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":46,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0c69e425-11e6-4609-8562-8a90c7d96540","block_type":"box","text":"value of asset-backed securities, like that of traditional fixed-income securities, typically increases","page_number":47,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"e695cd8a-fe21-4933-9747-9c298729fdc4","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ","page_number":47,"box":{"x":116,"y":102,"width":770,"height":12}},{"id":"732a7d46-b9b4-4b82-b1a5-a93733b6da23","block_type":"box","text":"from traditional fixed-income securities because of their potential for prepayment. The price paid by a","page_number":47,"box":{"x":116,"y":118,"width":755,"height":12}},{"id":"e1439777-97d2-4426-902b-b3aef9a6a6a3","block_type":"box","text":"Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and the","page_number":47,"box":{"x":117,"y":134,"width":767,"height":12}},{"id":"44d5deb1-dc5b-46ab-9750-1ca1d803b24c","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of","page_number":47,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"5f5e38cb-c845-49e9-92b9-8859e799bd3f","block_type":"box","text":"prepayment of the underlying assets. In a period of declining interest rates, borrowers may prepay the","page_number":47,"box":{"x":117,"y":165,"width":761,"height":12}},{"id":"3161fd7c-28bf-4150-92f8-cadeb78653cc","block_type":"box","text":"underlying assets more quickly than anticipated, thereby reducing the yield to maturity and the average","page_number":47,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"1e1a021b-d1bb-4da4-a42c-f1623336c1e6","block_type":"box","text":"life of the asset-backed securities. Moreover, when a Fund reinvests the proceeds of a prepayment in","page_number":47,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"1414db94-ebff-4965-b859-896830f7bb04","block_type":"box","text":"these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that","page_number":47,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"a0bff830-d82d-4e0a-b1a6-d33d501f2ab0","block_type":"box","text":"was prepaid. To the extent that a Fund purchases asset-backed securities at a premium, prepayments","page_number":47,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"8afd1e7d-1292-446a-b822-827407c24b08","block_type":"box","text":"may result in a loss to the extent of the premium paid. If a Fund buys such securities at a discount,","page_number":47,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"deb0f458-e980-468b-82d1-cdad67cbce3c","block_type":"box","text":"both scheduled payments and unscheduled prepayments will increase current and total returns and","page_number":47,"box":{"x":117,"y":258,"width":742,"height":12}},{"id":"9cb39f9f-3245-4a91-a7b8-58d315fffe2f","block_type":"box","text":"unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":47,"box":{"x":117,"y":273,"width":738,"height":12}},{"id":"867afc6b-dbd3-4153-a64c-df40312c3de8","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the","page_number":47,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"65ccbad9-3f6e-4ab5-b6eb-50339f178df8","block_type":"box","text":"underlying assets may occur at a slower than expected rate, creating maturity extension risk. This","page_number":47,"box":{"x":117,"y":304,"width":730,"height":12}},{"id":"cadb936b-78f8-4cf8-a56a-4d84fa9b99e7","block_type":"box","text":"particular risk may effectively change a security that was considered short- or intermediate-term at the","page_number":47,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"26f18e5b-c8c7-4e30-8b99-0e7778a46adb","block_type":"box","text":"time of purchase into a longer term security. Since the value of longer-term securities generally","page_number":47,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"13fda432-6147-4651-b96a-d2422bc2ad0d","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than does the value of shorter-term","page_number":47,"box":{"x":116,"y":351,"width":736,"height":12}},{"id":"8c47420c-099e-400a-be59-142cdddad35e","block_type":"box","text":"securities, maturity extension risk could increase the volatility of the Fund. When interest rates decline,","page_number":47,"box":{"x":116,"y":366,"width":766,"height":12}},{"id":"2ece1e83-79e3-4271-bf99-6d510cbcd26b","block_type":"box","text":"the value of an asset-backed security with prepayment features may not increase as much as that of","page_number":47,"box":{"x":116,"y":382,"width":751,"height":12}},{"id":"fdbdad86-0135-4017-a333-b6a2372ae277","block_type":"box","text":"other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate","page_number":47,"box":{"x":116,"y":397,"width":767,"height":12}},{"id":"964078ff-2f68-4d3c-b65f-0e63ad638a6d","block_type":"box","text":"or retard prepayments and thus affect maturities.","page_number":47,"box":{"x":116,"y":413,"width":368,"height":12}},{"id":"4280e6c5-3432-497d-93f8-30df1c7ab2f2","block_type":"box","text":"Asset-Based Securities.","page_number":47,"box":{"x":116,"y":444,"width":190,"height":9}},{"id":"b5bb5683-e7d5-4219-adcd-4fff235f138e","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the","page_number":47,"box":{"x":307,"y":444,"width":548,"height":12}},{"id":"05aef13a-02b6-4b4c-aea3-647ded0db80f","block_type":"box","text":"principal amount, redemption terms or conversion terms of which are related to the market price of","page_number":47,"box":{"x":117,"y":459,"width":734,"height":12}},{"id":"d48bf7e0-762f-404d-afcd-a4abb136d39b","block_type":"box","text":"some natural resource asset such as gold bullion. These securities are referred to as “asset-based","page_number":47,"box":{"x":116,"y":475,"width":737,"height":12}},{"id":"d224b4b7-362b-4795-a6ec-2534207392f0","block_type":"box","text":"securities.” A Fund will purchase only asset-based securities that are rated, or are issued by issuers","page_number":47,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"c7d13fc1-cbd7-4f46-b08f-40aa48e1571c","block_type":"box","text":"that have outstanding debt obligations rated, investment grade (for example, AAA, AA, A or BBB by","page_number":47,"box":{"x":116,"y":506,"width":744,"height":12}},{"id":"2e6d29c1-b944-4715-8c41-b6d9f0edb852","block_type":"box","text":"S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by Moody’s Investors Service, Inc.","page_number":47,"box":{"x":116,"y":521,"width":719,"height":12}},{"id":"d5580e06-786c-4e0f-bee1-76cb6aa9500a","block_type":"box","text":"(“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by issuers that the","page_number":47,"box":{"x":117,"y":537,"width":721,"height":12}},{"id":"15f8b140-20df-441b-9e99-720ac889b5f0","block_type":"box","text":"Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":47,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"3041264c-002b-4823-89a0-7733f91a8137","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and","page_number":47,"box":{"x":117,"y":568,"width":766,"height":12}},{"id":"c94815d2-185c-40ed-99f9-975d85d44901","block_type":"box","text":"may be more likely to be downgraded than securities rated in the three highest rating categories. If an","page_number":47,"box":{"x":117,"y":583,"width":759,"height":12}},{"id":"43d7d31a-db6f-432c-a63c-f16b1f34407f","block_type":"box","text":"asset-based security is backed by a bank letter of credit or other similar facility, the Manager may take","page_number":47,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"244d2555-572d-46fb-b6ac-64ff51dc6ef0","block_type":"box","text":"such backing into account in determining the creditworthiness of the issuer. While the market prices for","page_number":47,"box":{"x":116,"y":614,"width":769,"height":12}},{"id":"57f35783-5d89-491b-b355-a7220d03dfd3","block_type":"box","text":"an asset-based security and the related natural resource asset generally are expected to move in the","page_number":47,"box":{"x":116,"y":630,"width":756,"height":12}},{"id":"921e2d63-a6ae-44a4-92ee-d027732cf061","block_type":"box","text":"same direction, there may not be perfect correlation in the two price movements. Asset-based","page_number":47,"box":{"x":116,"y":645,"width":702,"height":12}},{"id":"586755c2-058e-4a62-a94f-3d752ada4df0","block_type":"box","text":"securities may not be secured by a security interest in or claim on the underlying natural resource","page_number":47,"box":{"x":116,"y":661,"width":723,"height":12}},{"id":"63a21a44-e787-4472-ab44-724b6c308988","block_type":"box","text":"asset. The asset-based securities in which a Fund may invest may bear interest or pay preferred","page_number":47,"box":{"x":116,"y":676,"width":716,"height":12}},{"id":"e602eb31-6296-449b-9ef1-de5e7d5f27b9","block_type":"box","text":"dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be","page_number":47,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"5ba079af-3fb0-4463-b279-b8ba6a00f027","block_type":"box","text":"payable at maturity in cash at the stated principal amount or, at the option of the holder, directly in a","page_number":47,"box":{"x":117,"y":707,"width":738,"height":12}},{"id":"d8351818-0b53-4c45-95ef-3357c7a6ba09","block_type":"box","text":"stated amount of the asset to which it is related. In such instance, because no Fund presently intends","page_number":47,"box":{"x":116,"y":723,"width":753,"height":12}},{"id":"9d250fb1-298b-4638-9423-1720a87f30b2","block_type":"box","text":"to invest directly in natural resource assets, a Fund would sell the asset-based security in the","page_number":47,"box":{"x":116,"y":738,"width":691,"height":12}},{"id":"e6ad0893-a2d6-4bc6-961a-12ac3d7dcbd6","block_type":"box","text":"secondary market, to the extent one exists, prior to maturity if the value of the stated amount of the","page_number":47,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"9e6e60b2-847f-4204-931d-d8b36fa9973f","block_type":"box","text":"asset exceeds the stated principal amount and thereby realize the appreciation in the underlying asset.","page_number":47,"box":{"x":116,"y":769,"width":763,"height":12}},{"id":"c8956aa8-bed0-4460-a46a-621e23b960dc","block_type":"box","text":"Precious Metal-Related Securities.","page_number":47,"box":{"x":116,"y":800,"width":256,"height":10}},{"id":"742c8f70-23d6-49dc-a2a4-10b82a444d56","block_type":"box","text":"A Fund may invest in the equity and other securities of companies","page_number":47,"box":{"x":378,"y":800,"width":491,"height":12}},{"id":"822b4dbe-0836-4e16-afe8-e36fb68a7ca9","block_type":"box","text":"that explore for, extract, process or deal in precious metals (","page_number":47,"box":{"x":116,"y":816,"width":447,"height":12}},{"id":"997a269e-57f0-4236-935e-9ff4d6c711dd","block_type":"box","text":"e.g.","page_number":47,"box":{"x":564,"y":818,"width":26,"height":10}},{"id":"f441c2cc-e353-4a28-97f4-1d910bc26350","block_type":"box","text":", gold, silver and platinum), and in","page_number":47,"box":{"x":593,"y":816,"width":249,"height":12}},{"id":"372b3258-7743-457b-9c33-87f1002065db","block_type":"box","text":"asset-based securities indexed to the value of such metals. Such securities may be purchased when","page_number":47,"box":{"x":116,"y":831,"width":752,"height":12}},{"id":"adff014f-b3d1-41b4-b9e8-a4e02c7df27b","block_type":"box","text":"they are believed to be attractively priced in relation to the value of a company’s precious metal-related","page_number":47,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"603dd375-8cf6-4293-8ef6-a89921dd0b5f","block_type":"box","text":"assets or when the values of precious metals are expected to benefit from inflationary pressure or","page_number":47,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"dfda78af-e3f1-41f8-960f-f897be8b88e5","block_type":"box","text":"other economic, political or financial uncertainty or instability. Based on historical experience, during","page_number":47,"box":{"x":116,"y":878,"width":746,"height":12}},{"id":"cced749b-e917-4c0b-a334-99b044e3e660","block_type":"box","text":"II-2","page_number":47,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"810e8ccd-180e-4ffb-bd1c-8389d38ad7aa","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":47,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e5cb04cb-d5b5-4727-8a8c-224ac2a82838","block_type":"box","text":"periods of economic or financial instability the securities of companies involved in precious metals may","page_number":48,"box":{"x":117,"y":87,"width":766,"height":12}},{"id":"de6d0cc7-33f0-45ff-95c6-3b9d5ce90ec5","block_type":"box","text":"be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during","page_number":48,"box":{"x":117,"y":102,"width":736,"height":13}},{"id":"1b262bc1-ca47-4b2f-b1a0-68f332a51efd","block_type":"box","text":"such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":48,"box":{"x":116,"y":118,"width":721,"height":12}},{"id":"9cc61d98-f314-44f6-8fbc-a9afcc39e64e","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such","page_number":48,"box":{"x":117,"y":134,"width":754,"height":12}},{"id":"579c7e54-ef42-4a2d-8c16-5aa7fa37ed0b","block_type":"box","text":"companies. The major producers of gold include the Republic of South Africa, Russia, Canada, the","page_number":48,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"f1fb9ba5-b29a-406a-9042-3dfee34ac117","block_type":"box","text":"United States, Brazil and Australia. Sales of gold by Russia are largely unpredictable and often relate","page_number":48,"box":{"x":117,"y":165,"width":754,"height":12}},{"id":"fb795138-17f4-4bbf-b155-281af8db52d6","block_type":"box","text":"to political and economic considerations rather than to market forces. Economic, financial, social and","page_number":48,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"8d66300d-ec99-40a4-9caf-4905a8c236ec","block_type":"box","text":"political factors within South Africa may significantly affect South African gold production.","page_number":48,"box":{"x":117,"y":196,"width":663,"height":12}},{"id":"753879b3-02a9-4709-80d2-accd14601996","block_type":"box","text":"Borrowing and Leverage.","page_number":48,"box":{"x":116,"y":227,"width":201,"height":12}},{"id":"20054c38-b787-4e34-bb07-7bd6d513792e","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or","page_number":48,"box":{"x":318,"y":227,"width":517,"height":12}},{"id":"dacae37c-c515-4a56-abf0-a0767854a90a","block_type":"box","text":"emergency purposes, including to meet redemptions or to settle securities transactions. Certain Funds","page_number":48,"box":{"x":116,"y":242,"width":765,"height":12}},{"id":"1a3dd57a-f6a9-4a0b-96e6-3aab2c09fb17","block_type":"box","text":"will not purchase securities at any time when borrowings exceed 5% of their total assets, except (a) to","page_number":48,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"05d7212a-bfdb-4ea9-88b9-df4916a22e08","block_type":"box","text":"honor prior commitments or (b) to exercise subscription rights when outstanding borrowings have been","page_number":48,"box":{"x":117,"y":273,"width":768,"height":12}},{"id":"2e3bc687-e6ad-45e2-b27d-ecefcd4728ae","block_type":"box","text":"obtained exclusively for settlements of other securities transactions.","page_number":48,"box":{"x":116,"y":289,"width":508,"height":12}},{"id":"ca4cfe09-d09f-40da-bf3a-736cd47cca09","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s","page_number":48,"box":{"x":117,"y":320,"width":740,"height":12}},{"id":"718dba58-5422-4d40-8940-8d62cd04dc5e","block_type":"box","text":"Prospectus. The purchase of securities while borrowings are outstanding will have the effect of","page_number":48,"box":{"x":117,"y":335,"width":700,"height":12}},{"id":"4257bf89-56fb-44f4-b602-0c7c9cb0511f","block_type":"box","text":"leveraging the Fund. Such leveraging increases the Fund’s exposure to capital risk, and borrowed funds","page_number":48,"box":{"x":117,"y":351,"width":769,"height":12}},{"id":"c7d275f3-2107-462c-92f9-1a421455641c","block_type":"box","text":"are subject to interest costs that will reduce net income. The use of leverage by a Fund creates an","page_number":48,"box":{"x":116,"y":366,"width":727,"height":12}},{"id":"ff4bb3b9-6acb-4fc4-96a8-705e8fbf3619","block_type":"box","text":"opportunity for greater total return, but, at the same time, creates special risks. For example, leveraging","page_number":48,"box":{"x":116,"y":382,"width":765,"height":12}},{"id":"388869ad-eea7-4a43-bc83-791b4345d1fd","block_type":"box","text":"may exaggerate changes in the net asset value (“NAV”) of Fund shares and in the yield on the Fund’s","page_number":48,"box":{"x":117,"y":397,"width":751,"height":12}},{"id":"7d9724b8-09ab-4269-9dcc-792041868a11","block_type":"box","text":"portfolio. Although the principal of such borrowings will be fixed, the Fund’s assets may change in value","page_number":48,"box":{"x":117,"y":413,"width":764,"height":12}},{"id":"636c3407-bc43-4d27-bc61-ff66678d8583","block_type":"box","text":"during the time the borrowings are outstanding. Borrowings will create interest expenses for the Fund","page_number":48,"box":{"x":116,"y":428,"width":749,"height":12}},{"id":"d174a5a7-6d47-4099-be25-145a1e165910","block_type":"box","text":"that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":48,"box":{"x":116,"y":444,"width":769,"height":12}},{"id":"f7f073f8-e945-4b32-ba2e-7a0e2e6dd469","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the","page_number":48,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"10357f12-27a8-4644-92e5-e91133147289","block_type":"box","text":"Fund will have to pay on the borrowings, the Fund’s return will be greater than if leverage had not been","page_number":48,"box":{"x":117,"y":475,"width":761,"height":12}},{"id":"6041b0ed-398c-47e6-a378-cf4f2b58eeb9","block_type":"box","text":"used. Conversely, if the income or capital appreciation from the securities purchased with such","page_number":48,"box":{"x":117,"y":490,"width":701,"height":12}},{"id":"81f138d6-b118-498e-8ec1-bffea929aeff","block_type":"box","text":"borrowed funds is not sufficient to cover the cost of borrowing, the return to the Fund will be less than if","page_number":48,"box":{"x":117,"y":506,"width":761,"height":12}},{"id":"d3d8a7b7-5fb2-4d87-acdd-6b07d51126a9","block_type":"box","text":"leverage had not been used and, therefore, the amount available for distribution to shareholders as","page_number":48,"box":{"x":117,"y":521,"width":732,"height":12}},{"id":"b7c2eb26-1cc7-4aca-8206-ddbc6d12e404","block_type":"box","text":"dividends will be reduced. In the latter case, the Manager in its best judgment nevertheless may","page_number":48,"box":{"x":116,"y":537,"width":709,"height":12}},{"id":"c64c532e-67d3-47c9-b9e0-6b52c0ffca39","block_type":"box","text":"determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":48,"box":{"x":116,"y":552,"width":699,"height":12}},{"id":"6627b7ed-890a-435e-81f0-7450d9ed437d","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":48,"box":{"x":116,"y":568,"width":677,"height":12}},{"id":"8d74de7e-337b-4bde-86ed-bb4d6a4e94b9","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit","page_number":48,"box":{"x":117,"y":599,"width":727,"height":12}},{"id":"b545d130-1521-426d-9bfe-710c5b8cf696","block_type":"box","text":"agreements relating to asset coverage, portfolio composition requirements and other matters. It is not","page_number":48,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"fb33e4c0-8747-4905-92ce-f939be1c7768","block_type":"box","text":"anticipated that observance of such covenants would impede the Manager from managing a Fund’s","page_number":48,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"24578af5-5d30-422c-93fd-324af14ee699","block_type":"box","text":"portfolio in accordance with the Fund’s investment objectives and policies. However, a breach of any","page_number":48,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"cabf9ac5-79e8-4c03-8cfd-495a04954e88","block_type":"box","text":"such covenants not cured within the specified cure period may result in acceleration of outstanding","page_number":48,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"556abad9-87e7-4ed0-be22-c1f102ace629","block_type":"box","text":"indebtedness and require the Fund to dispose of portfolio investments at a time when it may be","page_number":48,"box":{"x":117,"y":676,"width":706,"height":12}},{"id":"a263e7a6-1b49-4f36-8581-284a31562792","block_type":"box","text":"disadvantageous to do so.","page_number":48,"box":{"x":116,"y":692,"width":195,"height":12}},{"id":"dff75120-e5a2-49e4-945c-1307564942bd","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such","page_number":48,"box":{"x":117,"y":723,"width":699,"height":12}},{"id":"fdf5cab7-5a4a-4983-a6e8-6c1e6d367fe5","block_type":"box","text":"borrowings are no less favorable than those available from comparable sources of funds in the","page_number":48,"box":{"x":117,"y":738,"width":701,"height":12}},{"id":"4195a433-f775-4c62-a83e-1787ea81a5d0","block_type":"box","text":"marketplace.","page_number":48,"box":{"x":117,"y":754,"width":94,"height":12}},{"id":"6d22afd8-25a7-43bb-918c-683ba6bfa603","block_type":"box","text":"Cash Management.","page_number":48,"box":{"x":117,"y":785,"width":151,"height":12}},{"id":"622b3a46-a82c-4eda-a971-5c4fb6f0e2a1","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide","page_number":48,"box":{"x":275,"y":785,"width":567,"height":12}},{"id":"fbc72cc9-c904-418f-9fba-29c125177f21","block_type":"box","text":"liquidity necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if","page_number":48,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"c446f599-f4c9-4fe5-9c5e-f16740d627f9","block_type":"box","text":"considered appropriate in the opinion of the Manager, a portion of a Fund’s assets may be invested in","page_number":48,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"cb4bfae6-707b-43bc-b92a-02a542a37614","block_type":"box","text":"certain types of instruments with remaining maturities of 397 days or less for liquidity purposes. Such","page_number":48,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"d81f3789-a6af-44c2-9586-97d34809a477","block_type":"box","text":"instruments would consist of: (i) obligations of the U.S. Government, its agencies, instrumentalities,","page_number":48,"box":{"x":117,"y":847,"width":740,"height":12}},{"id":"7e145756-1187-4899-ac91-7a8b834b6e66","block_type":"box","text":"authorities or political subdivisions (“U.S. Government Securities”); (ii) other fixed-income securities","page_number":48,"box":{"x":116,"y":862,"width":742,"height":12}},{"id":"ebd35185-05b8-435c-9913-50cd4bfb336c","block_type":"box","text":"rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of comparable quality in the","page_number":48,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"2c492b85-12bc-4d3d-a0a3-2df33750e1c5","block_type":"box","text":"II-3","page_number":48,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"b614ec6b-2c90-4149-a1da-03db2f34d05e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":48,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6e552737-8e36-41e1-aad8-88db39e180bd","block_type":"box","text":"opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable certificates of","page_number":49,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"36df7dc9-bb80-4ec2-8c45-af7df87a8c9f","block_type":"box","text":"deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":49,"box":{"x":116,"y":102,"width":730,"height":13}},{"id":"b50a5554-717c-4602-afce-2be2f0d4e849","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the","page_number":49,"box":{"x":117,"y":118,"width":718,"height":12}},{"id":"c33bd210-19fd-417e-b1ec-145a570a59d2","block_type":"box","text":"issuer’s parent must have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or","page_number":49,"box":{"x":117,"y":134,"width":752,"height":12}},{"id":"b649e9ce-45d6-4d82-a15e-6c0449113535","block_type":"box","text":"outstanding commercial paper, bank obligations or other short-term obligations rated Prime-1 by","page_number":49,"box":{"x":116,"y":149,"width":719,"height":12}},{"id":"a4b17327-00c9-4121-b7a5-344621358bd4","block_type":"box","text":"Moody’s or A-1 by S&P; or, if no such ratings are available, the instrument must be of comparable","page_number":49,"box":{"x":117,"y":165,"width":731,"height":12}},{"id":"95d0b316-c4e9-411b-b278-cb22d7bb571f","block_type":"box","text":"quality in the opinion of the Manager. For more information on money market instruments, see “Money","page_number":49,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"0a221046-7c6e-4607-930f-7f94461c683b","block_type":"box","text":"Market Securities” below.","page_number":49,"box":{"x":117,"y":196,"width":192,"height":9}},{"id":"e06ccf6e-34c4-45bd-b48b-ab849cf311aa","block_type":"box","text":"Collateralized Debt Obligations.","page_number":49,"box":{"x":117,"y":227,"width":251,"height":12}},{"id":"05ebba10-c5f8-41e8-94a7-cd44d7279ce8","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations","page_number":49,"box":{"x":369,"y":227,"width":444,"height":12}},{"id":"e8cc2826-4006-4d72-ac96-64403c4b1b3a","block_type":"box","text":"(“CDOs”), which include collateralized bond obligations (“CBOs”), collateralized loan obligations","page_number":49,"box":{"x":117,"y":242,"width":713,"height":12}},{"id":"c598e14e-9cf2-4339-a044-2a39705ba5a4","block_type":"box","text":"(“CLOs”) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO","page_number":49,"box":{"x":117,"y":258,"width":756,"height":12}},{"id":"0ab66f90-1a4e-46bb-aeac-124bae23b964","block_type":"box","text":"is ordinarily issued by a trust or other special purpose entity (“SPE”) and is typically backed by a","page_number":49,"box":{"x":117,"y":273,"width":716,"height":12}},{"id":"b61e430c-502e-4f4d-bdf1-5755bb6576a0","block_type":"box","text":"diversified pool of fixed-income securities (which may include high risk, below investment grade","page_number":49,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"56c31fc4-0e17-431e-be94-2d6e57f3e37a","block_type":"box","text":"securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically","page_number":49,"box":{"x":116,"y":304,"width":722,"height":12}},{"id":"e2343bbe-97c7-4f59-88cc-a360cded31ca","block_type":"box","text":"collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior","page_number":49,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"d526fed8-4ec1-4776-8c64-1f7fb705483b","block_type":"box","text":"secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be","page_number":49,"box":{"x":116,"y":335,"width":756,"height":12}},{"id":"fbdc024d-7bbc-4762-be03-f267e27c27ee","block_type":"box","text":"rated below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO","page_number":49,"box":{"x":117,"y":351,"width":757,"height":12}},{"id":"4ffd733e-5f0b-41d3-acaa-caf7d9cfca48","block_type":"box","text":"organized outside of the United States may not be deemed to be foreign securities if the CLO is","page_number":49,"box":{"x":116,"y":366,"width":715,"height":12}},{"id":"e0286c7e-6eea-43a3-9c95-a046201dd6fc","block_type":"box","text":"collateralized by a pool of loans, a substantial portion of which are U.S. loans. Although certain CDOs","page_number":49,"box":{"x":116,"y":382,"width":758,"height":12}},{"id":"e43cabf5-b5c2-4cba-ae3a-8641fff48cd2","block_type":"box","text":"may benefit from credit enhancement in the form of a senior-subordinate structure, over","page_number":49,"box":{"x":117,"y":397,"width":655,"height":12}},{"id":"ee9f9c14-1175-412c-96d9-911e95205870","block_type":"box","text":"collateralization or bond insurance, such enhancement may not always be present, and may fail to","page_number":49,"box":{"x":116,"y":413,"width":735,"height":12}},{"id":"c75fc72e-7e9a-4501-98f7-19368264119c","block_type":"box","text":"protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use","page_number":49,"box":{"x":117,"y":428,"width":713,"height":12}},{"id":"36703bf8-84b8-4047-a3b1-562f07066a3b","block_type":"box","text":"derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly,","page_number":49,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"80aebc78-057c-4aa8-a751-76755cc3d53e","block_type":"box","text":"which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge","page_number":49,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"5ae0e974-84ac-454f-8c31-1829d1929b2c","block_type":"box","text":"management fees and administrative expenses, which are in addition to those of a Fund.","page_number":49,"box":{"x":117,"y":475,"width":664,"height":12}},{"id":"e5c607a5-c648-4887-bf8c-0b5b6f505e87","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called","page_number":49,"box":{"x":117,"y":506,"width":724,"height":12}},{"id":"cd8940fd-c6bf-4fcc-a606-6fa245be0a91","block_type":"box","text":"tranches, varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss","page_number":49,"box":{"x":116,"y":521,"width":765,"height":12}},{"id":"5a7f88f6-ccec-40b0-aed7-f125e09af636","block_type":"box","text":"from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches","page_number":49,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"3fdb7de4-e6bd-4cf0-bb30-3073d4881861","block_type":"box","text":"from default (though such protection is not complete). Since it is partially protected from defaults, a","page_number":49,"box":{"x":116,"y":552,"width":737,"height":12}},{"id":"6b987deb-3b0b-4c15-ac38-7ca441011e40","block_type":"box","text":"senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying","page_number":49,"box":{"x":116,"y":568,"width":733,"height":12}},{"id":"cab71743-44cd-4ef5-bf95-792911b61c25","block_type":"box","text":"securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or","page_number":49,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"6a6d6917-52a7-497c-8671-4567748fe8ff","block_type":"box","text":"CLO tranches can experience substantial losses due to actual defaults, downgrades of the underlying","page_number":49,"box":{"x":117,"y":599,"width":758,"height":12}},{"id":"ad12e9a7-c300-4b50-9d62-c63c58a8b67e","block_type":"box","text":"collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests,","page_number":49,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"09ddd1f7-b5c6-4b62-a73d-09fa8d0c7173","block_type":"box","text":"increased sensitivity to defaults due to collateral default and disappearance of protecting tranches,","page_number":49,"box":{"x":117,"y":630,"width":734,"height":12}},{"id":"7a729b98-53ca-4eed-a743-fd291106037a","block_type":"box","text":"market anticipation of defaults as well as investor aversion to CBO or CLO securities as a class.","page_number":49,"box":{"x":117,"y":645,"width":716,"height":12}},{"id":"6ad2cb45-ab71-4352-98b8-b6d789e9ce9e","block_type":"box","text":"Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form","page_number":49,"box":{"x":117,"y":661,"width":757,"height":12}},{"id":"d582e7e4-8f43-4b0e-8191-dc986018a400","block_type":"box","text":"of obligations of the same type rather than cash), which involves continued exposure to default risk","page_number":49,"box":{"x":116,"y":676,"width":734,"height":12}},{"id":"0806e0fb-46b5-4f6c-a792-b52a92a2a665","block_type":"box","text":"with respect to such payments.","page_number":49,"box":{"x":116,"y":692,"width":229,"height":12}},{"id":"fccd7002-1666-43ae-b167-b88be6fbad19","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the","page_number":49,"box":{"x":116,"y":723,"width":728,"height":12}},{"id":"91b87b7a-7150-4fe2-8b8b-846fdea6706e","block_type":"box","text":"class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately","page_number":49,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"524105bc-a2aa-458b-82ba-e36a9854166a","block_type":"box","text":"offered and sold, and thus are not registered under the securities laws. However, an active dealer","page_number":49,"box":{"x":116,"y":754,"width":725,"height":12}},{"id":"62327437-44d0-4720-a63a-b4a753276a3b","block_type":"box","text":"market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the","page_number":49,"box":{"x":117,"y":769,"width":736,"height":12}},{"id":"d2166322-bb84-463a-8776-ceb06a89ab2e","block_type":"box","text":"normal risks associated with fixed-income securities and asset-backed securities generally discussed","page_number":49,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"470ffe5d-552d-473c-8874-91e3b1f81dad","block_type":"box","text":"elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that","page_number":49,"box":{"x":116,"y":800,"width":737,"height":12}},{"id":"b389e5ab-25ec-4145-835f-09d3e8d04bd9","block_type":"box","text":"distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":49,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"bcf4ce51-4933-4f74-9593-6af80a532033","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally","page_number":49,"box":{"x":117,"y":831,"width":708,"height":12}},{"id":"10da3ff8-8375-4a33-a48c-2369461027ed","block_type":"box","text":"recognized statistical rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that","page_number":49,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"d6a197c2-acc1-4e16-9396-9ebf43628d2d","block_type":"box","text":"are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal","page_number":49,"box":{"x":116,"y":862,"width":736,"height":12}},{"id":"5b483246-06e4-4b6a-9c04-a688fc993a24","block_type":"box","text":"documents could lead to disputes among investors regarding the characterization of proceeds; (v) the","page_number":49,"box":{"x":116,"y":878,"width":760,"height":12}},{"id":"08907c8a-905f-4e42-9340-cb32c13eed74","block_type":"box","text":"II-4","page_number":49,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"d112be3c-94ab-4729-9ef9-a1332bb8e5f3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":49,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7b22d903-8cec-4eb3-b49f-935766edcc2d","block_type":"box","text":"investment return achieved by the Fund could be significantly different than those predicted by financial","page_number":50,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"727b9d7e-f0e1-4385-a1f0-1e271dbba2d8","block_type":"box","text":"models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale”","page_number":50,"box":{"x":117,"y":102,"width":765,"height":13}},{"id":"5549e001-3c5d-42cb-9e40-1aab4a2f689d","block_type":"box","text":"liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may","page_number":50,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"8d50428e-752a-4923-8519-c61f6fd21039","block_type":"box","text":"perform poorly.","page_number":50,"box":{"x":117,"y":134,"width":117,"height":12}},{"id":"9f14fc87-7df7-48d2-96fb-b0148a9a3edf","block_type":"box","text":"Commercial Paper.","page_number":50,"box":{"x":117,"y":165,"width":150,"height":11}},{"id":"4f5d818c-6383-46f5-bd73-b6e4e171cdba","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable","page_number":50,"box":{"x":268,"y":165,"width":607,"height":12}},{"id":"b03ae629-439b-44e9-84b5-f4e15e83b230","block_type":"box","text":"by each Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance","page_number":50,"box":{"x":117,"y":180,"width":760,"height":12}},{"id":"1ce2c08b-6ce8-4bed-a1ef-ae0a8e2f8a02","block_type":"box","text":"on the “private placement” exemption from registration afforded by Section 4(a)(2) of the Securities","page_number":50,"box":{"x":116,"y":196,"width":739,"height":12}},{"id":"dc6fb258-72ef-40ae-8416-ad76b8612d23","block_type":"box","text":"Act. Section 4(a)(2) paper is restricted as to disposition under the Federal securities laws, and is","page_number":50,"box":{"x":116,"y":211,"width":719,"height":12}},{"id":"bc0a1931-ce1a-43d4-bc99-6d27b4f8b012","block_type":"box","text":"frequently sold (and resold) to institutional investors such as the Fund through or with the assistance of","page_number":50,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"3df1c281-8733-4fc1-9d46-33f9033041d6","block_type":"box","text":"investment dealers who make a market in the Section 4(a)(2) paper, thereby providing liquidity. Certain","page_number":50,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"1e17394d-26f2-4065-8eaf-6e219b0b5541","block_type":"box","text":"transactions in Section 4(a)(2) paper may qualify for the registration exemption provided in Rule 144A","page_number":50,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"e8dc82ed-71f6-487e-86fa-52fe7c3e1320","block_type":"box","text":"under the Securities Act. Most Funds can purchase commercial paper rated (at the time of purchase)","page_number":50,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"c5fe5582-b0c3-4379-8dc0-a7aa228f6f5e","block_type":"box","text":"“A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub-adviser,","page_number":50,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"d3b823a5-25c9-4dd2-a6fb-fbfd8611432c","block_type":"box","text":"“high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":50,"box":{"x":116,"y":304,"width":675,"height":12}},{"id":"4b41a232-f1fa-4f85-9a04-d074d1f72dda","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all","page_number":50,"box":{"x":117,"y":335,"width":740,"height":12}},{"id":"3206f8a6-20be-49e2-84cd-c74bc60cc1f2","block_type":"box","text":"fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If","page_number":50,"box":{"x":116,"y":351,"width":732,"height":12}},{"id":"9d179725-5415-4792-891c-68e632465f80","block_type":"box","text":"interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature","page_number":50,"box":{"x":117,"y":366,"width":767,"height":12}},{"id":"34ff6fd1-f4c8-4517-a672-93116894c339","block_type":"box","text":"of a commercial paper investment generally makes it less susceptible to volatility than many other fixed","page_number":50,"box":{"x":116,"y":382,"width":771,"height":12}},{"id":"4c28a685-d96b-4d92-8895-4eb9fde5a345","block_type":"box","text":"income securities because interest rate risk typically increases as maturity lengths increase.","page_number":50,"box":{"x":117,"y":397,"width":686,"height":12}},{"id":"1132c069-0d32-44f9-b231-9bf2b10aecf9","block_type":"box","text":"Commercial paper tends to yield smaller returns than longer-term corporate debt because securities","page_number":50,"box":{"x":117,"y":413,"width":746,"height":12}},{"id":"a0122f9e-a856-46eb-bf62-40630e7e5ce1","block_type":"box","text":"with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":50,"box":{"x":116,"y":428,"width":686,"height":12}},{"id":"d555320b-783c-4300-a2dd-87194b4655f4","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":50,"box":{"x":117,"y":459,"width":535,"height":12}},{"id":"133514d4-798c-4971-87df-00d7987559dd","block_type":"box","text":"Certain Funds seek to gain","page_number":50,"box":{"x":653,"y":459,"width":210,"height":12}},{"id":"3af42df7-51b5-4090-9ee7-ce92949c0f2d","block_type":"box","text":"exposure to the commodities markets primarily through investments in hybrid instruments. Hybrid","page_number":50,"box":{"x":116,"y":475,"width":727,"height":12}},{"id":"2b99e0f9-85f2-4a41-aa19-d45d15548f61","block_type":"box","text":"instruments are either equity or debt derivative securities with one or more commodity-dependent","page_number":50,"box":{"x":117,"y":490,"width":727,"height":12}},{"id":"34f8ca38-d49c-4083-97e5-71469638c016","block_type":"box","text":"components that have payment features similar to a commodity futures contract, a commodity option","page_number":50,"box":{"x":116,"y":506,"width":753,"height":12}},{"id":"442a4c0e-117d-4200-8529-5154bea0e759","block_type":"box","text":"contract, or a combination of both. Therefore, these instruments are “commodity-linked.” They are","page_number":50,"box":{"x":116,"y":521,"width":731,"height":12}},{"id":"fb598a10-c63c-42ef-98d7-4c80b8be1653","block_type":"box","text":"considered “hybrid” instruments because they have both commodity-like and security-like","page_number":50,"box":{"x":116,"y":537,"width":667,"height":12}},{"id":"88ffcc8a-54f8-4960-889d-5b92330e4279","block_type":"box","text":"characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":50,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"e51152f6-23d5-4e0c-8e4e-5816f4f53fe3","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable","page_number":50,"box":{"x":116,"y":568,"width":766,"height":12}},{"id":"93491bc2-76a9-43c8-bbdf-f93c453ebd76","block_type":"box","text":"economic variable.","page_number":50,"box":{"x":116,"y":583,"width":145,"height":10}},{"id":"735dbc53-2957-4cec-b9a6-49a755f4adf4","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than","page_number":50,"box":{"x":116,"y":614,"width":686,"height":12}},{"id":"253023a4-d3e0-4e69-8fc1-6a13d5ae5165","block_type":"box","text":"investments in traditional equity and debt securities when the value of those traditional securities is","page_number":50,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"ea5827c8-a2cd-4a02-b87a-40d2f1d84320","block_type":"box","text":"declining due to adverse economic conditions. As an example, during periods of rising inflation, debt","page_number":50,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"141df678-3902-48a1-8a81-a85d8e9a684a","block_type":"box","text":"securities have historically tended to decline in value due to the general increase in prevailing interest","page_number":50,"box":{"x":116,"y":661,"width":753,"height":12}},{"id":"68693955-a0ad-469a-b06c-7f50b23e3a65","block_type":"box","text":"rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such","page_number":50,"box":{"x":117,"y":676,"width":763,"height":12}},{"id":"246b2a38-c489-4441-acac-e688468ce920","block_type":"box","text":"as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that","page_number":50,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"eb4223db-0bbd-45c4-b025-5394d28e5a96","block_type":"box","text":"these investments will perform in that manner in the future, and at certain times the price movements","page_number":50,"box":{"x":116,"y":707,"width":749,"height":12}},{"id":"460f29b7-1a4b-4c78-892d-622a1728811c","block_type":"box","text":"of commodity-linked instruments have been parallel to those of debt and equity securities.","page_number":50,"box":{"x":116,"y":723,"width":665,"height":12}},{"id":"7ad15e72-684d-4496-a811-dfdfdd6f6c72","block_type":"box","text":"Commodities have historically tended to increase and decrease in value during different parts of the","page_number":50,"box":{"x":117,"y":738,"width":739,"height":12}},{"id":"2852186e-1fa9-4c00-973d-10d54a48d9c0","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in","page_number":50,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"639a0f71-1004-43f3-a41f-5ead6f937725","block_type":"box","text":"tandem with the prices of financial assets and thus may not provide overall portfolio diversification","page_number":50,"box":{"x":116,"y":769,"width":725,"height":12}},{"id":"1d712399-7459-4129-9635-e897b118937f","block_type":"box","text":"benefits. Under favorable economic conditions, the Fund’s investments may be expected to under","page_number":50,"box":{"x":117,"y":785,"width":731,"height":12}},{"id":"27742b3a-24f5-4099-afdd-d7caf24603b0","block_type":"box","text":"perform an investment in traditional securities. Over the long term, the returns on the Fund’s","page_number":50,"box":{"x":117,"y":800,"width":682,"height":12}},{"id":"48d141d9-bfa7-4116-8086-71ea26df964d","block_type":"box","text":"investments are expected to exhibit low or negative correlation with stocks and bonds.","page_number":50,"box":{"x":117,"y":816,"width":637,"height":12}},{"id":"ea221697-dd48-4301-91d5-19c9c9eeae05","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":50,"box":{"x":117,"y":847,"width":222,"height":12}},{"id":"e63784e4-705f-44f2-a609-c5d32c870057","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion","page_number":50,"box":{"x":341,"y":847,"width":546,"height":12}},{"id":"35fe1826-22a3-4591-9179-2abc17ba9263","block_type":"box","text":"from regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid","page_number":50,"box":{"x":116,"y":862,"width":761,"height":12}},{"id":"a5e8dde3-208c-403b-a628-c5f706b0760a","block_type":"box","text":"instrument that qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid","page_number":50,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"03486b76-7d60-4207-820e-d9f92a4abc90","block_type":"box","text":"II-5","page_number":50,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"6dc0d90b-a2d4-4fe3-b989-fcef93977612","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":50,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"12d0f233-63cb-4dcc-b82d-eb45e428f774","block_type":"box","text":"instrument is considered to be predominantly a security if (a) the issuer of the hybrid instrument","page_number":51,"box":{"x":117,"y":87,"width":712,"height":12}},{"id":"37460586-38c6-4bea-9a03-ed9a9824eb9e","block_type":"box","text":"receives payment in full of the purchase price of the hybrid instrument, substantially","page_number":51,"box":{"x":117,"y":102,"width":624,"height":13}},{"id":"f6157ad0-4962-4f41-b8b7-18dcff09c2cf","block_type":"box","text":"contemporaneously with delivery of the hybrid instrument; (b) the purchaser or holder of the hybrid","page_number":51,"box":{"x":116,"y":118,"width":735,"height":12}},{"id":"939738da-5b0d-4e6b-948c-a7b0d17c01f5","block_type":"box","text":"instrument is not required to make any payment to the issuer in addition to the purchase price paid","page_number":51,"box":{"x":117,"y":134,"width":735,"height":12}},{"id":"5bb0b11f-d064-4767-a3dd-60832ccd3115","block_type":"box","text":"under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the","page_number":51,"box":{"x":117,"y":149,"width":743,"height":12}},{"id":"4e54a903-4078-472a-aacc-137b25c14bd0","block_type":"box","text":"hybrid instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the","page_number":51,"box":{"x":117,"y":165,"width":770,"height":12}},{"id":"df88767c-2c41-4e14-9f9d-e774bff9a1e6","block_type":"box","text":"instrument to mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as","page_number":51,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"168dfccb-5c48-450c-a5c2-7987174dc825","block_type":"box","text":"a contract of sale of a commodity for future delivery (or option on such a contract) subject to applicable","page_number":51,"box":{"x":116,"y":196,"width":768,"height":12}},{"id":"c4db8e03-7efa-44a6-a9d6-786ef2e56f7b","block_type":"box","text":"provisions of the Commodity Exchange Act. Hybrid instruments may be principal protected, partially","page_number":51,"box":{"x":117,"y":211,"width":743,"height":12}},{"id":"e6479337-e927-43c5-9231-adbd4c6ea311","block_type":"box","text":"protected, or offer no principal protection. A principal protected hybrid instrument means that the issuer","page_number":51,"box":{"x":117,"y":227,"width":768,"height":12}},{"id":"0eeb1c29-2264-478d-8c52-663c8d290e9a","block_type":"box","text":"will pay, at a minimum, the par value of the note at maturity. Therefore, if the commodity value to which","page_number":51,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"87c3f411-632a-4867-bee4-7dd254cc264e","block_type":"box","text":"the hybrid instrument is linked declines over the life of the note, the Fund will receive at maturity the","page_number":51,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"0eaae54d-9416-414e-9f58-4d9095f63633","block_type":"box","text":"face or stated value of the note. With a principal protected hybrid instrument, the Fund will receive at","page_number":51,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"7b3030df-ee29-42b8-ac55-1168dd43bf4e","block_type":"box","text":"maturity the greater of the par value of the note or the increase in its value based on the underlying","page_number":51,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"3f2f4dde-5f4f-4dfe-866c-643b814908b9","block_type":"box","text":"commodity or index. This protection is, in effect, an option whose value is subject to the volatility and","page_number":51,"box":{"x":116,"y":304,"width":751,"height":12}},{"id":"15bc0282-d38f-4937-baa3-4218fe8fdf78","block_type":"box","text":"price level of the underlying commodity. The Manager’s decision whether to use principal protection","page_number":51,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"2bceedff-fe28-41a7-b078-366a163feff6","block_type":"box","text":"depends in part on the cost of the protection. In addition, the protection feature depends upon the","page_number":51,"box":{"x":116,"y":335,"width":728,"height":12}},{"id":"f44ecf23-ddf3-4729-ad10-3c6a77b747c5","block_type":"box","text":"ability of the issuer to meet its obligation to buy back the security, and, therefore, depends on the","page_number":51,"box":{"x":116,"y":351,"width":724,"height":12}},{"id":"c597f276-e101-40e5-99dd-58f01f146476","block_type":"box","text":"creditworthiness of the issuer. With full principal protection, the Fund will receive at maturity of the","page_number":51,"box":{"x":116,"y":366,"width":731,"height":12}},{"id":"4e61eb26-cd9f-41ea-bf45-7fea145ae7f3","block_type":"box","text":"hybrid instrument either the stated par value of the hybrid instrument, or potentially, an amount greater","page_number":51,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"2cb50ae7-c5c7-4dc2-a678-c3ca4414a0f5","block_type":"box","text":"than the stated par value if the underlying commodity, index, futures contract or economic variable to","page_number":51,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"ba3ee28b-c7ff-4c53-933c-89bafff27d88","block_type":"box","text":"which the hybrid instrument is linked has increased in value. Partially protected hybrid instruments may","page_number":51,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"8dd2dade-60d2-46b8-9db1-f45ea2837069","block_type":"box","text":"suffer some loss of principal if the underlying commodity, index, futures contract or economic variable","page_number":51,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"5450f160-7002-4b58-bb00-84b9e6a0cbbf","block_type":"box","text":"to which the hybrid instrument is linked declines in value during the term of the hybrid instrument.","page_number":51,"box":{"x":116,"y":444,"width":726,"height":12}},{"id":"5cb737f5-89e2-44f6-832e-194f6a8e0841","block_type":"box","text":"However, partially protected hybrid instruments have a specified limit as to the amount of principal that","page_number":51,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"aa098418-6ae8-4c23-ad9c-25f66d855187","block_type":"box","text":"they may lose.","page_number":51,"box":{"x":116,"y":475,"width":113,"height":12}},{"id":"7e9fb765-2180-4de3-9172-cf651b5b4d74","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":51,"box":{"x":116,"y":506,"width":355,"height":12}},{"id":"2ac672e8-f8ff-4948-8bd3-9e7c7825fb38","block_type":"box","text":"Certain Funds may invest in hybrid instruments that","page_number":51,"box":{"x":473,"y":506,"width":393,"height":12}},{"id":"2b0edf22-1789-480b-8bba-e77fce4c051e","block_type":"box","text":"offer no principal protection. At maturity, there is a risk that the underlying commodity price, futures","page_number":51,"box":{"x":116,"y":521,"width":738,"height":12}},{"id":"06ffdbc9-2752-479a-95fa-a22694c78f47","block_type":"box","text":"contract, index or other economic variable may have declined sufficiently in value such that some or all","page_number":51,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"6d39149f-20cd-4a3e-a183-4231f063da48","block_type":"box","text":"of the face value of the hybrid instrument might not be returned. The Manager, at its discretion, may","page_number":51,"box":{"x":116,"y":552,"width":746,"height":12}},{"id":"cb3345d9-91cf-48ed-b3f9-b45422e69977","block_type":"box","text":"invest in a partially protected principal structured note or a note without principal protection. In deciding","page_number":51,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"02f70cba-19bf-4981-b79e-c785185103a5","block_type":"box","text":"to purchase a note without principal protection, the Manager may consider, among other things, the","page_number":51,"box":{"x":116,"y":583,"width":743,"height":12}},{"id":"76584c35-5f6c-4f11-9069-fd371abce139","block_type":"box","text":"expected performance of the underlying commodity futures contract, index or other economic variable","page_number":51,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"e8d241ca-d215-40f9-947e-68be20c3f504","block_type":"box","text":"over the term of the note, the cost of the note, and any other economic factors that the Manager","page_number":51,"box":{"x":116,"y":614,"width":717,"height":12}},{"id":"34bc8f72-5356-44f7-a722-13a3fff19bf7","block_type":"box","text":"believes are relevant.","page_number":51,"box":{"x":117,"y":630,"width":163,"height":9}},{"id":"ec7aae0b-fd49-47d8-a0a0-11ddf2794c14","block_type":"box","text":"Limitations on Leverage.","page_number":51,"box":{"x":116,"y":661,"width":181,"height":12}},{"id":"706f0d67-eb36-4a14-b9f9-07f8f776a6af","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve","page_number":51,"box":{"x":304,"y":661,"width":534,"height":12}},{"id":"58fb3a9c-e5e0-4796-8173-272f923d7936","block_type":"box","text":"leverage. To avoid being subject to undue leverage risk, a Fund will seek to limit the amount of","page_number":51,"box":{"x":117,"y":676,"width":703,"height":12}},{"id":"47acd032-47be-4aeb-95fc-63ecc5e6f38b","block_type":"box","text":"economic leverage it has under any one hybrid instrument that it buys and the leverage of the Fund’s","page_number":51,"box":{"x":116,"y":692,"width":750,"height":12}},{"id":"b526c823-d64d-44e6-9a91-746558958881","block_type":"box","text":"overall portfolio. A Fund will not invest in a hybrid instrument if, at the time of purchase: (i) that","page_number":51,"box":{"x":116,"y":707,"width":699,"height":12}},{"id":"291a1483-8a18-4cf1-86d6-5279d551752a","block_type":"box","text":"instrument’s “leverage ratio” exceeds 300% of the price increase in the underlying commodity, futures","page_number":51,"box":{"x":117,"y":723,"width":753,"height":12}},{"id":"293117ed-c1a7-41bf-b0b6-7d2f6e982550","block_type":"box","text":"contract, index or other economic variable or (ii) the Fund’s “portfolio leverage ratio” exceeds 150%,","page_number":51,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"5d1fc720-26a8-4836-bdf6-5723f446e212","block_type":"box","text":"measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a hybrid","page_number":51,"box":{"x":117,"y":754,"width":737,"height":12}},{"id":"c9813a04-8140-4071-9191-009848763062","block_type":"box","text":"instrument, assuming a one percent price increase in the underlying commodity, futures contract, index","page_number":51,"box":{"x":117,"y":769,"width":765,"height":12}},{"id":"30d95253-ae6c-4348-a033-0d1a03e29b98","block_type":"box","text":"or other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1%","page_number":51,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"54d54302-454e-411e-82d0-e457e2525369","block_type":"box","text":"gain in the underlying economic variable would be expected to result in a 1.5% gain in value for the","page_number":51,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"4838efa2-275b-4edf-bf27-0592f3704575","block_type":"box","text":"hybrid instrument. Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5%","page_number":51,"box":{"x":117,"y":816,"width":757,"height":12}},{"id":"aa37ba57-aa50-4658-b352-3f3931ab52e5","block_type":"box","text":"loss if the underlying economic variable lost 1% of its value. “Portfolio leverage ratio” is defined as the","page_number":51,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"b26a64d3-feed-48da-bef9-57f1f8c0e007","block_type":"box","text":"average (mean) leverage ratio of all instruments in a Fund’s portfolio, weighted by the market values of","page_number":51,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"6488fecc-878c-4160-842c-4e4e111d8e53","block_type":"box","text":"such instruments or, in the case of futures contracts, their notional values. A Fund may at times or from","page_number":51,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"8ff93c1b-3693-460d-8f1f-f7313d82bdec","block_type":"box","text":"II-6","page_number":51,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"6ea66231-33d3-4eee-a442-02f387c0d4c2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":51,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"da509f7e-4128-4a5a-a2e1-19bf8cac981f","block_type":"box","text":"time to time decide not to use leverage in its investments or use less leverage than may otherwise be","page_number":52,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"772fd30d-1d6c-440d-a551-f6446abbdc31","block_type":"box","text":"allowable.","page_number":52,"box":{"x":116,"y":103,"width":79,"height":9}},{"id":"3b54e6f1-0c3c-4c99-9b8b-edf38f9042a1","block_type":"box","text":"Counterparty Risk.","page_number":52,"box":{"x":117,"y":134,"width":136,"height":12}},{"id":"291e4adf-604f-4077-975a-7dea214aea28","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded","page_number":52,"box":{"x":255,"y":134,"width":625,"height":12}},{"id":"87aa58e3-4263-463e-be9d-ed3145fa420f","block_type":"box","text":"futures and options, which are standard contracts, hybrid instruments are customized securities, tailor","page_number":52,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"eb8af6d8-a1b8-4860-a022-89ef074dd590","block_type":"box","text":"made by a specific issuer. With a listed futures or options contract, an investor’s counterparty is the","page_number":52,"box":{"x":117,"y":165,"width":740,"height":12}},{"id":"1d75893d-7377-4597-a203-852c4a5f8969","block_type":"box","text":"exchange clearinghouse. Exchange clearinghouses are capitalized by the exchange members and","page_number":52,"box":{"x":116,"y":180,"width":738,"height":12}},{"id":"87b4cfe5-11de-47aa-8938-259e78dc2841","block_type":"box","text":"typically have high investment grade ratings (","page_number":52,"box":{"x":116,"y":196,"width":336,"height":12}},{"id":"4b14d9fd-146a-4993-97bd-57f1723eff96","block_type":"box","text":"e.g.","page_number":52,"box":{"x":453,"y":198,"width":26,"height":10}},{"id":"2b172ba9-135e-40f6-a901-e2ab961969cf","block_type":"box","text":", ratings of AAA or AA by S&P). Therefore, the risk is","page_number":52,"box":{"x":482,"y":196,"width":396,"height":12}},{"id":"14b4b5be-8f5d-4149-839d-fd9cbe662deb","block_type":"box","text":"small that an exchange clearinghouse might be unable to meet its obligations at maturity. However,","page_number":52,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"2a0c7c66-9f11-4417-a49f-d924dc4e85fe","block_type":"box","text":"with a hybrid instrument, a Fund will take on the counterparty credit risk of the issuer. That is, at","page_number":52,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"2745495f-9564-4c32-8bb8-eea418abbeb8","block_type":"box","text":"maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its obligations","page_number":52,"box":{"x":117,"y":242,"width":767,"height":12}},{"id":"00fab362-02da-4058-b0ea-d12baf6fb5c7","block_type":"box","text":"under the structured note.","page_number":52,"box":{"x":117,"y":258,"width":196,"height":9}},{"id":"9d2ad780-c7e2-4206-b2c1-87d551e97ef4","block_type":"box","text":"Convertible Securities.","page_number":52,"box":{"x":117,"y":289,"width":180,"height":9}},{"id":"268a8566-2b50-4d4a-9e1b-4609d762b629","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other","page_number":52,"box":{"x":298,"y":289,"width":554,"height":12}},{"id":"c13f0128-34f1-458c-9415-884244273e39","block_type":"box","text":"security that may be converted into or exchanged for a prescribed amount of common stock or other","page_number":52,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"8b2957c5-7fdb-4f94-863c-8a2a6d86207e","block_type":"box","text":"equity security of the same or a different issuer within a particular period of time at a specified price or","page_number":52,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"5d705af1-bff8-41c7-b482-909bd40e30ea","block_type":"box","text":"formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the","page_number":52,"box":{"x":116,"y":335,"width":734,"height":12}},{"id":"13bc55b7-b8fe-491c-a8fd-46b0402ac90e","block_type":"box","text":"dividend paid on preferred stock until the convertible security matures or is redeemed, converted or","page_number":52,"box":{"x":116,"y":351,"width":742,"height":12}},{"id":"fc5509ae-002a-422d-ad18-96699b3a526b","block_type":"box","text":"exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible","page_number":52,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"61ea4766-bb68-4fc1-88b1-4deedbdd34ed","block_type":"box","text":"income securities in that they ordinarily provide a stable stream of income with generally higher yields","page_number":52,"box":{"x":117,"y":382,"width":757,"height":12}},{"id":"3084bddf-637a-4b95-aa2d-66b6123f6412","block_type":"box","text":"than those of common stocks of the same or similar issuers, but lower yields than comparable","page_number":52,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"0d03c837-571e-4180-ae09-e8f76ecfbcfd","block_type":"box","text":"nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":52,"box":{"x":117,"y":413,"width":767,"height":12}},{"id":"9cde7610-18f4-41d2-9bf2-69529eeffdaa","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The","page_number":52,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"f10323a9-cb3b-45fc-baf9-2e55e314d143","block_type":"box","text":"credit standing of the issuer and other factors also may have an effect on the convertible security’s","page_number":52,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"d33320e6-d2c1-44c7-8c09-829639b89baf","block_type":"box","text":"investment value. Convertible securities rank senior to common stock in a corporation’s capital","page_number":52,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"fbbfc53a-c81c-4430-9722-8affd9ca6b17","block_type":"box","text":"structure but are usually subordinated to comparable nonconvertible securities. Convertible securities","page_number":52,"box":{"x":116,"y":475,"width":757,"height":12}},{"id":"d9ad7258-9994-46e5-a806-da76be790819","block_type":"box","text":"may be subject to redemption at the option of the issuer at a price established in the convertible","page_number":52,"box":{"x":117,"y":490,"width":714,"height":12}},{"id":"e7c448c4-fad1-40bd-ba9c-9e0cdbb74685","block_type":"box","text":"security’s governing instrument.","page_number":52,"box":{"x":116,"y":506,"width":241,"height":12}},{"id":"cafd3294-8a8e-48bc-b1b0-797750751f94","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an","page_number":52,"box":{"x":116,"y":537,"width":710,"height":12}},{"id":"d0fed089-f96a-4dd8-b937-f14682813240","block_type":"box","text":"investment company seeking a high total return from capital appreciation and investment income.","page_number":52,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"6d7cf5d9-8198-4e05-bff1-c14e8d7fe67b","block_type":"box","text":"These characteristics include the potential for capital appreciation as the value of the underlying","page_number":52,"box":{"x":116,"y":568,"width":716,"height":12}},{"id":"9a0f2f7c-9917-47a5-9b1d-ae0a302869aa","block_type":"box","text":"common stock increases, the relatively high yield received from dividend or interest payments as","page_number":52,"box":{"x":116,"y":583,"width":723,"height":12}},{"id":"93dcd177-0651-4da8-8b33-14886be5d8bc","block_type":"box","text":"compared to common stock dividends and decreased risks of decline in value relative to the underlying","page_number":52,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"2f76a9ca-c891-4964-9041-7095443e7a74","block_type":"box","text":"common stock due to their fixed-income nature. As a result of the conversion feature, however, the","page_number":52,"box":{"x":116,"y":614,"width":739,"height":11}},{"id":"f7581773-b7d2-4b5c-8cc5-39ff895bcf2e","block_type":"box","text":"interest rate or dividend preference on a convertible security is generally less than would be the case if","page_number":52,"box":{"x":117,"y":630,"width":766,"height":12}},{"id":"21a41cb1-d4f3-4218-b925-aff598f014a4","block_type":"box","text":"the securities were issued in nonconvertible form.","page_number":52,"box":{"x":116,"y":645,"width":373,"height":10}},{"id":"3d691ebf-a380-4246-bc42-729800723a56","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security","page_number":52,"box":{"x":117,"y":676,"width":755,"height":12}},{"id":"596afc4e-81d6-4fd0-b530-b7f9e043e0ba","block_type":"box","text":"relative to its credit quality and the potential capital appreciation that is offered by the underlying","page_number":52,"box":{"x":117,"y":692,"width":710,"height":12}},{"id":"4af08909-5143-4494-9da3-4c61ab7a164a","block_type":"box","text":"common stock, among other things.","page_number":52,"box":{"x":116,"y":707,"width":265,"height":12}},{"id":"dd74b5f0-2e27-486f-a7a4-7897309c0594","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":52,"box":{"x":117,"y":738,"width":758,"height":10}},{"id":"5b2c61fc-7948-4de4-bb64-e4835d45731f","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the","page_number":52,"box":{"x":116,"y":754,"width":734,"height":12}},{"id":"c77d9ada-7b7d-42b7-8874-0ddf61771a46","block_type":"box","text":"underlying equity securities may be quoted in the currency of the country where the issuer is domiciled.","page_number":52,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"54d6f5d8-34ba-4942-b20f-bb449232cf31","block_type":"box","text":"As a result, fluctuations in the exchange rate between the currency in which the debt security is","page_number":52,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"49966de4-47d8-49c8-9c2f-4ed2711697cd","block_type":"box","text":"denominated and the currency in which the share price is quoted will affect the value of the convertible","page_number":52,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"d573db48-ec20-40f9-b7e5-130d5b73d103","block_type":"box","text":"security. With respect to convertible securities denominated in a currency different from that of the","page_number":52,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"1f902aa2-a49a-4f1f-b655-0c1debecc1a4","block_type":"box","text":"underlying equity securities, the conversion price may be based on a fixed exchange rate established","page_number":52,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"a849891c-4fdb-4125-88f7-0ef34d147c6b","block_type":"box","text":"at the time the security is issued, which may increase the effects of currency risk. As described below,","page_number":52,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"c43030cc-3bcc-49ac-a01b-6546cd23aced","block_type":"box","text":"a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to reduce","page_number":52,"box":{"x":116,"y":862,"width":766,"height":12}},{"id":"7b2dfc8a-e426-45b6-8158-8af40cdc4c32","block_type":"box","text":"the effect of exchange rate fluctuations.","page_number":52,"box":{"x":116,"y":878,"width":298,"height":12}},{"id":"ee9d0b32-547c-437d-b861-f0dd90a5c86b","block_type":"box","text":"II-7","page_number":52,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"652cbdc1-3013-4fa8-8428-9257fb61e576","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":52,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8b4ffa27-dfee-466d-859d-d2eecf1d5130","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield","page_number":53,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"d9f50f02-f0fa-48d8-b2d2-9474db78f58c","block_type":"box","text":"on nonconvertible securities of comparable issuers and by the value of the underlying common stock.","page_number":53,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"ff3faaa8-bf0c-44f2-9087-c2c97a488755","block_type":"box","text":"The value of a convertible security viewed without regard to its conversion feature (","page_number":53,"box":{"x":116,"y":118,"width":617,"height":12}},{"id":"b7230953-172c-42ca-b5fd-d4b6ac0c1228","block_type":"box","text":"i.e.","page_number":53,"box":{"x":734,"y":118,"width":20,"height":10}},{"id":"cfc9f5dd-4764-432d-8086-40beb8dff5d0","block_type":"box","text":", strictly on the","page_number":53,"box":{"x":757,"y":118,"width":112,"height":12}},{"id":"cec853e9-8be3-454b-9d84-69cda1a6d38f","block_type":"box","text":"basis of its yield) is sometimes referred to as its “investment value.” To the extent interest rates","page_number":53,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"d8b35cb4-4c99-4f26-bff5-e75be1f4a0a6","block_type":"box","text":"change, the investment value of the convertible security typically will fluctuate. At the same time,","page_number":53,"box":{"x":116,"y":149,"width":720,"height":12}},{"id":"e4dc211c-1269-414a-8856-eae1e4cee611","block_type":"box","text":"however, the value of the convertible security will be influenced by its “conversion value,” which is the","page_number":53,"box":{"x":117,"y":165,"width":756,"height":12}},{"id":"00227cf2-d382-4b92-96e5-545533374014","block_type":"box","text":"market value of the underlying common stock that would be obtained if the convertible security were","page_number":53,"box":{"x":117,"y":180,"width":747,"height":12}},{"id":"0534cf0d-936b-4ad1-802f-7d3df4657ac5","block_type":"box","text":"converted. Conversion value fluctuates directly with the price of the underlying common stock. If the","page_number":53,"box":{"x":116,"y":196,"width":746,"height":12}},{"id":"6726ddc7-6839-4dc8-9332-922b884a6ce5","block_type":"box","text":"conversion value of a convertible security is substantially below its investment value, the price of the","page_number":53,"box":{"x":116,"y":211,"width":748,"height":12}},{"id":"3a0ba372-4b4c-46b5-afdd-073bcfe60644","block_type":"box","text":"convertible security is governed principally by its investment value. To the extent the conversion value","page_number":53,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"6839cd2a-163a-4176-9334-34bfc7646c7c","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the","page_number":53,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"2a59f5ef-6887-4063-9dc1-b4fbb086d251","block_type":"box","text":"price of the convertible security will be influenced principally by its conversion value. A convertible","page_number":53,"box":{"x":117,"y":258,"width":729,"height":12}},{"id":"e4be2285-c1c6-40a1-82b2-eb5f4371a950","block_type":"box","text":"security will sell at a premium over the conversion value to the extent investors place value on the right","page_number":53,"box":{"x":116,"y":273,"width":768,"height":12}},{"id":"9b678ec6-0cd6-496e-8b3d-b8aee8f8cf05","block_type":"box","text":"to acquire the underlying common stock while holding a fixed-income security. The yield and","page_number":53,"box":{"x":116,"y":289,"width":691,"height":12}},{"id":"6a8b3f7b-f00c-46b5-8d6d-16a9859815f5","block_type":"box","text":"conversion premium of convertible securities issued in Japan and the Euromarket are frequently","page_number":53,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"80e27ca7-4afd-47ac-b2b8-3c4a0e15cf75","block_type":"box","text":"determined at levels that cause the conversion value to affect their market value more than the","page_number":53,"box":{"x":116,"y":320,"width":708,"height":9}},{"id":"fc46aaf9-7a15-4414-b494-0e4b83327e16","block_type":"box","text":"securities’ investment value.","page_number":53,"box":{"x":116,"y":335,"width":215,"height":10}},{"id":"f532bba7-08c5-41f8-9a4f-1c1cd4d73004","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":53,"box":{"x":117,"y":362,"width":770,"height":12}},{"id":"8ecee8c1-a86c-4b85-a19d-98e7f1855167","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible","page_number":53,"box":{"x":116,"y":378,"width":713,"height":12}},{"id":"38130f95-fc35-4b69-8ab8-e878f509103d","block_type":"box","text":"security may be subject to redemption at the option of the issuer at a price established in a charter","page_number":53,"box":{"x":116,"y":393,"width":734,"height":12}},{"id":"8a02d354-05ce-44af-88fb-286fd9d0b32b","block_type":"box","text":"provision, indenture or other governing instrument pursuant to which the convertible security was","page_number":53,"box":{"x":117,"y":409,"width":723,"height":12}},{"id":"d71c410a-39a6-4d09-abeb-673b3fafd626","block_type":"box","text":"issued. If a convertible security held by a Fund is called for redemption, the Fund will be required to","page_number":53,"box":{"x":117,"y":424,"width":741,"height":12}},{"id":"95063ba3-7a81-4a8f-bb38-a86ec021dfd3","block_type":"box","text":"redeem the security, convert it into the underlying common stock or sell it to a third party. Certain","page_number":53,"box":{"x":117,"y":440,"width":723,"height":12}},{"id":"369e34fa-85df-4d92-ab2b-6b9c328ef0bc","block_type":"box","text":"convertible debt securities may provide a put option to the holder, which entitles the holder to cause","page_number":53,"box":{"x":116,"y":455,"width":745,"height":12}},{"id":"dc7f8e07-f762-457c-80e7-2fb860535bb8","block_type":"box","text":"the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":53,"box":{"x":116,"y":471,"width":745,"height":12}},{"id":"6b248979-09fe-4b09-8b1e-e7979f76212a","block_type":"box","text":"security under certain circumstances.","page_number":53,"box":{"x":116,"y":486,"width":282,"height":12}},{"id":"14c44c9b-39be-41eb-9694-eb8faf69919b","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include","page_number":53,"box":{"x":116,"y":513,"width":765,"height":12}},{"id":"c4420dfe-9c31-43b1-9e70-1989d1ad63b4","block_type":"box","text":"either Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are","page_number":53,"box":{"x":116,"y":529,"width":717,"height":9}},{"id":"a974ce5c-ef43-443c-a9da-6db58d90b87c","block_type":"box","text":"instruments that are created by the issuer and have the economic characteristics of traditional","page_number":53,"box":{"x":117,"y":544,"width":701,"height":12}},{"id":"e091d526-196c-4a30-99ab-6fbec55808c5","block_type":"box","text":"convertible securities but may not actually permit conversion into the underlying equity securities in all","page_number":53,"box":{"x":116,"y":560,"width":760,"height":12}},{"id":"d0efa067-f104-4b8c-83be-b4ef703c58fb","block_type":"box","text":"circumstances. As an example, a private company may issue a Cash-Settled Convertible that is","page_number":53,"box":{"x":116,"y":575,"width":715,"height":12}},{"id":"bb7ecb3f-2a8d-42f3-883d-759213f9330c","block_type":"box","text":"convertible into common stock only if the company successfully completes a public offering of its","page_number":53,"box":{"x":116,"y":591,"width":721,"height":12}},{"id":"f6de9d8f-4d8c-4a02-9fb5-77883a2921f6","block_type":"box","text":"common stock prior to maturity and otherwise pays a cash amount to reflect any equity appreciation.","page_number":53,"box":{"x":116,"y":606,"width":751,"height":12}},{"id":"c029d43e-7dbe-4604-aff5-bb82319f324e","block_type":"box","text":"“Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":53,"box":{"x":116,"y":622,"width":726,"height":12}},{"id":"addc1053-f2e3-4bb3-a5fe-b34ced2df17e","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":53,"box":{"x":116,"y":637,"width":651,"height":12}},{"id":"eb6d478e-05de-4556-8d4f-94a477dbaf84","block_type":"box","text":"i.e.","page_number":53,"box":{"x":767,"y":638,"width":21,"height":9}},{"id":"03ceefe5-3282-496d-8ff3-ebe4273edad1","block_type":"box","text":", fixed","page_number":53,"box":{"x":791,"y":637,"width":49,"height":12}},{"id":"dd533c80-4234-4831-83f6-0dbb7d7a9ec3","block_type":"box","text":"income (“fixed-income component”) or a right to acquire equity securities (“convertibility component”).","page_number":53,"box":{"x":117,"y":653,"width":756,"height":12}},{"id":"ecd824c1-6076-45d4-8276-2ff2a69bc071","block_type":"box","text":"The fixed-income component is achieved by investing in nonconvertible fixed-income securities, such","page_number":53,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"5b0b2d38-8e86-46dd-b67d-ec096940e202","block_type":"box","text":"as nonconvertible bonds, preferred stocks and money market instruments. The convertibility","page_number":53,"box":{"x":116,"y":684,"width":684,"height":12}},{"id":"335fc2e6-e0d3-4556-9f4e-e99c0235e6c9","block_type":"box","text":"component is achieved by investing in call options, warrants, or other securities with equity conversion","page_number":53,"box":{"x":116,"y":700,"width":758,"height":12}},{"id":"c1df66c8-c934-4d18-93b2-c892a97ef5c7","block_type":"box","text":"features (“equity features”) granting the holder the right to purchase a specified quantity of the","page_number":53,"box":{"x":116,"y":715,"width":697,"height":12}},{"id":"ed6f0b8b-76d1-4413-89e8-64c8707f07bb","block_type":"box","text":"underlying stocks within a specified period of time at a specified price or, in the case of a stock index","page_number":53,"box":{"x":117,"y":730,"width":745,"height":13}},{"id":"e0be759d-fb98-47c6-921e-de8e7f83d01d","block_type":"box","text":"option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":53,"box":{"x":116,"y":746,"width":685,"height":12}},{"id":"8a0b09d9-c06b-4892-ab71-9735f62af0e1","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a","page_number":53,"box":{"x":116,"y":773,"width":751,"height":12}},{"id":"53827ff0-48af-4723-81c5-be7a4428c844","block_type":"box","text":"traditional convertible security, which is a single security that has a unitary market value, a","page_number":53,"box":{"x":116,"y":789,"width":669,"height":12}},{"id":"7aafa9b4-0020-46bf-9250-bba78a09bb88","block_type":"box","text":"Manufactured Convertible is comprised of two or more separate securities, each with its own market","page_number":53,"box":{"x":117,"y":804,"width":742,"height":12}},{"id":"caa29b82-8031-48f2-b1f6-33c84a5b7f6c","block_type":"box","text":"value. Therefore, the total “market value” of such a Manufactured Convertible is the sum of the values","page_number":53,"box":{"x":116,"y":820,"width":755,"height":11}},{"id":"9f4ee508-b533-4186-89cf-8329ed6ce8ac","block_type":"box","text":"of its fixed-income component and its convertibility component.","page_number":53,"box":{"x":116,"y":835,"width":472,"height":12}},{"id":"f7d31acd-5e59-4627-988e-b6c98dbf7dcf","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a","page_number":53,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"4e2ac3c7-be7e-46e2-b7c4-006a9ebae974","block_type":"box","text":"traditional convertible security. Because many corporations have not issued convertible securities, the","page_number":53,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"0cca39bf-ed43-4e3c-a22e-5dfd2f63cb1d","block_type":"box","text":"II-8","page_number":53,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"3725a442-4443-4e27-ba05-ea6faa831efd","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":53,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"53097a4c-d880-4c52-a077-559b712d414a","block_type":"box","text":"Manager may combine a fixed-income instrument and an equity feature with respect to the stock of the","page_number":54,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"2c41804b-8f29-4e8c-9050-b624ba555ee0","block_type":"box","text":"issuer of the fixed-income instrument to create a synthetic convertible security otherwise unavailable in","page_number":54,"box":{"x":117,"y":102,"width":767,"height":13}},{"id":"e0ce1363-c706-4868-9e66-8b1191cde186","block_type":"box","text":"the market. The Manager may also combine a fixed-income instrument of an issuer with an equity","page_number":54,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"6bb0cb7c-1ef9-4d5b-b34d-b0e282ad694c","block_type":"box","text":"feature with respect to the stock of a different issuer when the Manager believes such a Manufactured","page_number":54,"box":{"x":116,"y":134,"width":763,"height":12}},{"id":"3251f854-c8f8-42f7-9d09-9753989e7f09","block_type":"box","text":"Convertible would better promote a Fund’s objective than alternative investments. For example, the","page_number":54,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"86fba9d0-422a-41de-ae71-c0b2970cf3e4","block_type":"box","text":"Manager may combine an equity feature with respect to an issuer’s stock with a fixed-income security","page_number":54,"box":{"x":117,"y":165,"width":759,"height":12}},{"id":"33aa97da-3fe0-43b3-be48-d15e14de24d5","block_type":"box","text":"of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":54,"box":{"x":116,"y":180,"width":702,"height":12}},{"id":"26415b65-0c44-4199-a353-dd45fd3e7151","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional","page_number":54,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"df0a20f3-9948-4fe3-8f44-c1e94a3ca202","block_type":"box","text":"convertible security issued by that issuer. A Manufactured Convertible also is a more flexible","page_number":54,"box":{"x":116,"y":211,"width":691,"height":12}},{"id":"d6476268-eedd-4abd-b28f-13a956a7ff53","block_type":"box","text":"investment in that its two components may be purchased separately and, upon purchasing the","page_number":54,"box":{"x":117,"y":227,"width":704,"height":12}},{"id":"69db0e32-757b-40a8-ae94-132dd7b8ca70","block_type":"box","text":"separate securities, “combined” to create a Manufactured Convertible. For example, the Fund may","page_number":54,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"5a3a61ba-e5b0-411d-8ad0-aab4151880e4","block_type":"box","text":"purchase a warrant for eventual inclusion in a Manufactured Convertible while postponing the","page_number":54,"box":{"x":117,"y":258,"width":697,"height":12}},{"id":"3160a590-28e1-483a-963c-063f2729aa04","block_type":"box","text":"purchase of a suitable bond to pair with the warrant pending development of more favorable market","page_number":54,"box":{"x":117,"y":273,"width":743,"height":12}},{"id":"dea7737c-1193-4ec8-bb51-690a5969553a","block_type":"box","text":"conditions.","page_number":54,"box":{"x":116,"y":289,"width":85,"height":9}},{"id":"12368847-5f7d-4865-b53d-1e09b2434171","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a","page_number":54,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"4a1664e5-af62-42fe-8332-1248cb4befc9","block_type":"box","text":"traditional convertible security with similar characteristics. For example, in the event a Fund created a","page_number":54,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"3f66e55e-433f-4dc3-9db2-f15f115aea57","block_type":"box","text":"Manufactured Convertible by combining a short-term U.S. Treasury instrument and a call option on a","page_number":54,"box":{"x":117,"y":351,"width":752,"height":12}},{"id":"1f2d0a66-0660-4b3b-949a-2f165046ddbc","block_type":"box","text":"stock, the Manufactured Convertible would be expected to outperform a traditional convertible of","page_number":54,"box":{"x":116,"y":366,"width":720,"height":12}},{"id":"e63281df-903a-4153-b108-6e802a3bc8b0","block_type":"box","text":"similar maturity that is convertible into that stock during periods when Treasury instruments outperform","page_number":54,"box":{"x":116,"y":382,"width":767,"height":12}},{"id":"92fb586b-52f8-4487-8c5d-e7a47db7cbb4","block_type":"box","text":"corporate fixed-income securities and underperform during periods when corporate fixed-income","page_number":54,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"bcc1ef1b-eda5-4683-9daa-3c52ff8615c1","block_type":"box","text":"securities outperform Treasury instruments.","page_number":54,"box":{"x":116,"y":413,"width":329,"height":12}},{"id":"5c51333d-0f50-4a56-a262-8f5b579716d0","block_type":"box","text":"Corporate Loans.","page_number":54,"box":{"x":117,"y":444,"width":134,"height":12}},{"id":"f57f56de-2e48-450a-b6db-f3851d4a3e51","block_type":"box","text":"Certain Funds may invest in corporat","page_number":54,"box":{"x":252,"y":444,"width":274,"height":12}},{"id":"53508f02-92ed-4260-b63c-f4f8c0e18667","block_type":"box","text":"e loans. Corporate loans are generally","page_number":54,"box":{"x":527,"y":444,"width":282,"height":12}},{"id":"3946fa01-779d-42dc-97a7-d64709f9a1f7","block_type":"box","text":"non-investment grade floating rate instruments. Usually","page_number":54,"box":{"x":117,"y":459,"width":401,"height":12}},{"id":"30e1433a-fc8e-4483-9c12-9bd8afdcd390","block_type":"box","text":", they are freely callable at the issuer’s option.","page_number":54,"box":{"x":520,"y":459,"width":336,"height":12}},{"id":"b5e7af59-a023-4961-ae28-5059a1b20b4e","block_type":"box","text":"Certain Funds may invest in fixed and floating rate loans (“Loans”) arranged through private negotiations","page_number":54,"box":{"x":117,"y":475,"width":762,"height":12}},{"id":"966ac729-1e81-42cd-a186-2b81db21e1cc","block_type":"box","text":"between a corporate borrower or a foreign soverei","page_number":54,"box":{"x":117,"y":490,"width":363,"height":12}},{"id":"5e4aa6ec-2498-48e0-909e-ce30ea3c325d","block_type":"box","text":"gn entity and one or more financial institutions or","page_number":54,"box":{"x":481,"y":490,"width":358,"height":12}},{"id":"162e0c90-d51e-4dd2-b4ff-ed23b1680157","block_type":"box","text":"institutional investors (“Lenders”). A Fund may invest in","page_number":54,"box":{"x":117,"y":506,"width":399,"height":12}},{"id":"59e9b579-472d-43a9-86d1-f1a73f9729be","block_type":"box","text":"such Loans in the form of participations in Loans","page_number":54,"box":{"x":517,"y":506,"width":362,"height":12}},{"id":"94f685ef-aabe-488c-ad30-25f61ba95b7d","block_type":"box","text":"(“Participations”) and assignments of all or a porti","page_number":54,"box":{"x":117,"y":521,"width":356,"height":12}},{"id":"ead2e2d5-d190-4bef-8f6c-63bba4d6297c","block_type":"box","text":"on of Loans from third parties (“Assignments”). A Fund","page_number":54,"box":{"x":474,"y":521,"width":402,"height":12}},{"id":"5d0b985c-0e5b-42c0-9b28-d3317a9bb924","block_type":"box","text":"considers these investments to be investments in debt","page_number":54,"box":{"x":116,"y":537,"width":400,"height":9}},{"id":"1d9803df-8449-4917-b3d3-a37d15864545","block_type":"box","text":"securities for purposes of its investment policies.","page_number":54,"box":{"x":516,"y":537,"width":357,"height":12}},{"id":"4dd12aab-4b7d-4608-b3e9-01e8bf51c166","block_type":"box","text":"Participations typically will result in the Fund havi","page_number":54,"box":{"x":117,"y":552,"width":353,"height":12}},{"id":"52b957f3-8807-452b-a000-9037a63a6368","block_type":"box","text":"ng a contractual relationship only with the Lender, not","page_number":54,"box":{"x":472,"y":552,"width":392,"height":12}},{"id":"3f9ca9c1-8cf4-462a-b318-5e2e125ca28d","block_type":"box","text":"with the borrower. The Fund will have the right to receive","page_number":54,"box":{"x":116,"y":568,"width":417,"height":12}},{"id":"386413f4-e856-4386-9eaa-dafef01ee6f9","block_type":"box","text":"payments of principal, interest and any fees to","page_number":54,"box":{"x":534,"y":568,"width":340,"height":12}},{"id":"4bb7a1f6-676c-47d8-99d4-d1ffe20a4efc","block_type":"box","text":"which it is entitled only from the Lender selling t","page_number":54,"box":{"x":116,"y":583,"width":344,"height":12}},{"id":"86b7acc8-fcaa-4b4f-a3d3-3f1b3c3f10ab","block_type":"box","text":"he Participation and only upon receipt by the Lender of","page_number":54,"box":{"x":461,"y":583,"width":402,"height":12}},{"id":"a73e99f0-5e85-46fc-8d6e-e998da560b0b","block_type":"box","text":"the payments from the borrower. In connection wit","page_number":54,"box":{"x":116,"y":599,"width":365,"height":12}},{"id":"4fd692af-515e-43ba-858b-6e66f2a04b87","block_type":"box","text":"h purchasing Participations, the Fund generally will","page_number":54,"box":{"x":482,"y":599,"width":374,"height":12}},{"id":"d36fc7c6-f84c-4ed8-9586-da164dde0033","block_type":"box","text":"have no right to enforce compliance by the borrower w","page_number":54,"box":{"x":117,"y":614,"width":383,"height":12}},{"id":"e4eb04a8-78d6-4360-96e1-0db0ce7f7494","block_type":"box","text":"with the terms of the loan agreement relating to the","page_number":54,"box":{"x":500,"y":614,"width":376,"height":12}},{"id":"76c9af47-f62f-4973-a680-6847243d58a3","block_type":"box","text":"Loans, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any","page_number":54,"box":{"x":117,"y":630,"width":729,"height":12}},{"id":"37f290d6-1f14-46c0-86cc-7ced01bed8e8","block_type":"box","text":"collateral supporting the Loan in which it has purc","page_number":54,"box":{"x":116,"y":645,"width":360,"height":12}},{"id":"1ba6d4ca-ae88-40d4-bdcd-b21d32b054cd","block_type":"box","text":"hased the Participation. As a result, the Fund will","page_number":54,"box":{"x":477,"y":645,"width":359,"height":12}},{"id":"2327ec57-9a36-499d-8fc6-ee1f6cb1d57c","block_type":"box","text":"assume the credit risk of both the borrower and","page_number":54,"box":{"x":116,"y":661,"width":343,"height":9}},{"id":"7db99909-3805-4a6e-a052-0a4bf4fcd020","block_type":"box","text":"the Lender that is selling the Participation.","page_number":54,"box":{"x":465,"y":661,"width":303,"height":12}},{"id":"d50c872a-5aec-4d4a-bdb8-70cc062d792e","block_type":"box","text":"In the event of the insolvency of the Lender selling the Participation, the Fund may be treated as a","page_number":54,"box":{"x":117,"y":692,"width":727,"height":12}},{"id":"67d12b71-7d19-415a-886b-5982bfd1113b","block_type":"box","text":"general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":54,"box":{"x":116,"y":707,"width":709,"height":12}},{"id":"420526a7-3d6f-4aab-95ff-b3f8dfed22a1","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and","page_number":54,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"19d8444f-6dd5-4d0f-8885-f9309ed81aaf","block_type":"box","text":"the borrower is determined by the Fund’s manager to be creditworthy. When the Fund purchases","page_number":54,"box":{"x":116,"y":738,"width":721,"height":12}},{"id":"e2e79ff2-d49b-4000-afe3-a2e3cf19932d","block_type":"box","text":"Assignments from Lenders, the Fund will acquire direct rights against the borrower on the Loan, and","page_number":54,"box":{"x":116,"y":754,"width":743,"height":12}},{"id":"4891151e-da47-479a-bf59-bf0c60a5691a","block_type":"box","text":"will not have exposure to a counterparty’s credit risk. The Funds may enter into Participations and","page_number":54,"box":{"x":116,"y":769,"width":725,"height":12}},{"id":"a8bdf06c-d03d-451b-bcbb-6cc9aa2a5983","block_type":"box","text":"Assignments on a forward commitment or “when-issued” basis, whereby a Fund would agree to","page_number":54,"box":{"x":116,"y":785,"width":709,"height":12}},{"id":"3be17fd6-596f-48a7-a6f4-022f7f9fdc0b","block_type":"box","text":"purchase a Participation or Assignment at set terms in the future. For more information on forward","page_number":54,"box":{"x":117,"y":800,"width":727,"height":12}},{"id":"dafbfb53-85f6-4f84-9120-9ca7aa04f092","block_type":"box","text":"commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery Securities","page_number":54,"box":{"x":116,"y":816,"width":746,"height":12}},{"id":"eb619413-0942-4841-96c3-c2c73fdf3e7a","block_type":"box","text":"and Forward Commitments” below. A Fund may have difficulty disposing of Assignments and","page_number":54,"box":{"x":116,"y":831,"width":697,"height":12}},{"id":"90c25df1-48f2-46cf-90ee-f0e6c296ed87","block_type":"box","text":"Participations. In certain cases, the market for such instruments may lack sufficient liquidity, and","page_number":54,"box":{"x":117,"y":847,"width":718,"height":12}},{"id":"d0e8f3ab-c749-4019-8bda-4f4b5c20ae83","block_type":"box","text":"therefore the Fund anticipates that in such cases such instruments could be sold only to a limited","page_number":54,"box":{"x":116,"y":862,"width":725,"height":12}},{"id":"af4241dc-eef7-4126-8bd1-5da2c6555891","block_type":"box","text":"number of institutional investors. The lack of a sufficiently liquid secondary market may have an","page_number":54,"box":{"x":117,"y":878,"width":713,"height":12}},{"id":"b30ebfc4-27dc-4d43-9c26-a0cf4727fd2f","block_type":"box","text":"II-9","page_number":54,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"885e050d-0583-4b4a-b557-00983adbc832","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":54,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0179fa46-e6b1-4584-9e52-fc71e2075705","block_type":"box","text":"adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":55,"box":{"x":116,"y":87,"width":727,"height":12}},{"id":"fad46b62-0095-40c4-958d-ac9ca2396011","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the","page_number":55,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"96de5f11-da7c-4c0d-91b7-90422b1de40d","block_type":"box","text":"creditworthiness of the borrower. Leading financial institutions often act as agent for a broader group of","page_number":55,"box":{"x":116,"y":118,"width":770,"height":12}},{"id":"a6bea531-1806-403e-aac4-e107a4ba858f","block_type":"box","text":"Lenders, generally referred to as a syndicate. The syndicate’s agent arranges the loans, holds","page_number":55,"box":{"x":117,"y":134,"width":703,"height":12}},{"id":"52ae0fe5-561a-41e9-93a8-ee4f74e9faf8","block_type":"box","text":"collateral and accepts payments of principal and interest. Failure by the syndicate agent to fulfill its","page_number":55,"box":{"x":116,"y":149,"width":736,"height":12}},{"id":"52ef5fd4-7a09-42ce-9efc-1b020980e02d","block_type":"box","text":"obligations may delay or adversely affect receipt of payment by the Fund.","page_number":55,"box":{"x":116,"y":165,"width":550,"height":12}},{"id":"af420f3f-6d7e-4b1b-8477-f980fc8a5bdc","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income.","page_number":55,"box":{"x":116,"y":193,"width":706,"height":12}},{"id":"cdf102fa-e402-4957-be11-e9b1a9746938","block_type":"box","text":"Although borrowers frequently provide collateral to secure repayment of these obligations they do not","page_number":55,"box":{"x":116,"y":209,"width":757,"height":12}},{"id":"4951ad10-3761-43ce-87f7-9494a3e45279","block_type":"box","text":"always do so. If they do provide collateral, the value of the collateral may not completely cover the","page_number":55,"box":{"x":116,"y":224,"width":732,"height":12}},{"id":"be5327a6-06ff-434b-ba86-08a3ae799bfd","block_type":"box","text":"borrower’s obligations at the time of a default. If a borrower files for protection from its creditors under","page_number":55,"box":{"x":117,"y":240,"width":757,"height":12}},{"id":"81c5c88d-fd6f-47d9-b4bc-dd2ac067f36f","block_type":"box","text":"the U.S. bankruptcy laws, these laws may limit a Fund’s rights to its collateral. In addition, the value of","page_number":55,"box":{"x":116,"y":255,"width":761,"height":12}},{"id":"0e15b4bf-efe1-42f5-8d89-83c9c1e12041","block_type":"box","text":"collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a Loan may","page_number":55,"box":{"x":116,"y":271,"width":762,"height":12}},{"id":"c0f97bfa-546d-41db-99d5-08b8b65e5779","block_type":"box","text":"not recover its principal, may experience a long delay in recovering its investment and may not receive","page_number":55,"box":{"x":117,"y":286,"width":765,"height":12}},{"id":"6f1d6d40-9293-48b9-b6ad-654c260866fa","block_type":"box","text":"interest during the delay.","page_number":55,"box":{"x":117,"y":302,"width":188,"height":12}},{"id":"2799f936-1775-4ef1-b4a3-a2c638e5ba50","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale","page_number":55,"box":{"x":116,"y":331,"width":763,"height":12}},{"id":"dd7013f1-9bc9-49dc-afaf-d57eed92bfdf","block_type":"box","text":"of corporate loans may not be readily available to make additional investments or to meet a Fund’s","page_number":55,"box":{"x":116,"y":346,"width":738,"height":12}},{"id":"1550eee4-b441-4aed-889f-b88ed84aefca","block_type":"box","text":"redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity","page_number":55,"box":{"x":117,"y":362,"width":765,"height":12}},{"id":"6c0efef7-00a0-4b6d-8f6e-85c3737b083f","block_type":"box","text":"needs, a Fund may hold additional cash, sell investments or temporarily borrow from banks and other","page_number":55,"box":{"x":117,"y":377,"width":758,"height":12}},{"id":"0f4fc8ee-711b-4550-94eb-c0dede0ed513","block_type":"box","text":"lenders.","page_number":55,"box":{"x":117,"y":393,"width":63,"height":9}},{"id":"bdea9f7b-8e5a-4092-9a64-47dbb25b6ba9","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities","page_number":55,"box":{"x":117,"y":421,"width":746,"height":12}},{"id":"7ea081a8-37d3-4c92-9ed3-9423e77395a9","block_type":"box","text":"laws. Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and","page_number":55,"box":{"x":117,"y":437,"width":758,"height":12}},{"id":"20b04508-9586-4681-baa7-fc8023ddea71","block_type":"box","text":"purchasers of interests in Loans, such as the Funds, may not have the protection of the anti-fraud","page_number":55,"box":{"x":117,"y":452,"width":729,"height":12}},{"id":"3eb18650-2092-4a93-996c-36beabe90050","block_type":"box","text":"provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead,","page_number":55,"box":{"x":117,"y":468,"width":755,"height":12}},{"id":"8c590032-2af6-484d-8e42-88b932331114","block_type":"box","text":"in such cases, parties generally would rely on the contractual provisions in the Loan agreement itself","page_number":55,"box":{"x":117,"y":483,"width":750,"height":12}},{"id":"cbc5f52a-ba44-4bcf-b009-05a15c88af59","block_type":"box","text":"and common-law fraud protections under applicable state law.","page_number":55,"box":{"x":116,"y":499,"width":467,"height":12}},{"id":"01fd1bf2-7d74-4aaa-96ea-519de515eccc","block_type":"box","text":"Direct Lending","page_number":55,"box":{"x":116,"y":528,"width":108,"height":12}},{"id":"b87a00da-2d57-4930-8946-4b646eeba31c","block_type":"box","text":". The Fund may act as the originator for direct loans and engage in direct lending. Direct","page_number":55,"box":{"x":226,"y":528,"width":658,"height":12}},{"id":"a1452841-03cf-48b5-b574-b9f60916c3e8","block_type":"box","text":"loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The","page_number":55,"box":{"x":117,"y":543,"width":771,"height":12}},{"id":"f44b928c-7744-4f2c-a6bc-0d719eb3057c","block_type":"box","text":"Fund may provide financing to commercial borrowers directly or through companies acquired (or","page_number":55,"box":{"x":117,"y":559,"width":719,"height":12}},{"id":"6a3ed899-ff04-4405-a45f-b8343bc43943","block_type":"box","text":"created) and owned by or otherwise affiliated with the Fund. The terms of the direct loans are","page_number":55,"box":{"x":116,"y":574,"width":697,"height":12}},{"id":"215dca6c-d6ac-4d46-8cf7-2fa862b2066c","block_type":"box","text":"negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or","page_number":55,"box":{"x":117,"y":590,"width":712,"height":12}},{"id":"0207907d-cdce-4956-bc76-5ad2cc3927f9","block_type":"box","text":"unsecured.","page_number":55,"box":{"x":117,"y":605,"width":87,"height":10}},{"id":"f121cd98-8585-4e02-857b-78f98c8a4648","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of","page_number":55,"box":{"x":117,"y":634,"width":755,"height":12}},{"id":"f87d01a5-797f-4f0d-9195-d3f56c677d61","block_type":"box","text":"the borrower and/or any collateral for payment of interest and repayment of principal. The risks","page_number":55,"box":{"x":116,"y":649,"width":708,"height":12}},{"id":"58f21462-34e1-4c39-af72-e0f9067e4b46","block_type":"box","text":"associated with direct loans are substantially similar to those associated with investing in corporate","page_number":55,"box":{"x":116,"y":665,"width":733,"height":12}},{"id":"dc283dc0-4e49-4db0-ba5f-040e2c2470df","block_type":"box","text":"loans. In making a direct loan, the Fund is exposed to the risk that the borrower may default or become","page_number":55,"box":{"x":117,"y":680,"width":764,"height":12}},{"id":"bf031fcb-56eb-4548-95f6-3321fb39dd1f","block_type":"box","text":"insolvent and, consequently, that the Fund will lose money on the loan. Furthermore, direct loans may","page_number":55,"box":{"x":117,"y":696,"width":755,"height":12}},{"id":"71743381-cb13-40a2-9a59-6b336a9969e1","block_type":"box","text":"subject the Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid.","page_number":55,"box":{"x":116,"y":712,"width":720,"height":11}},{"id":"75f392e8-d059-4803-840c-4b22a80626b3","block_type":"box","text":"Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary","page_number":55,"box":{"x":117,"y":727,"width":737,"height":12}},{"id":"df808924-0fee-42e8-84f4-fe59659bf181","block_type":"box","text":"market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct","page_number":55,"box":{"x":117,"y":742,"width":734,"height":12}},{"id":"a6e17c0b-40b4-4cd7-9ccc-79e6489b18b6","block_type":"box","text":"loan and/or to value the direct loan.","page_number":55,"box":{"x":117,"y":758,"width":260,"height":10}},{"id":"185d7547-d0b5-415a-8103-f267a318cc13","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the","page_number":55,"box":{"x":116,"y":787,"width":731,"height":12}},{"id":"f24c9520-8537-4b63-8d53-9331c9798384","block_type":"box","text":"Fund to originate loans on advantageous terms. In originating loans, the Fund will compete with a","page_number":55,"box":{"x":117,"y":802,"width":722,"height":12}},{"id":"cf4d5bcd-7845-4cd7-8a63-0aec0d3a778f","block_type":"box","text":"broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of,","page_number":55,"box":{"x":117,"y":818,"width":727,"height":12}},{"id":"b0041b5a-0aea-4830-8b73-03fd409905b9","block_type":"box","text":"qualifying loans could result in lower yields on such loans, which could reduce Fund performance.","page_number":55,"box":{"x":116,"y":833,"width":730,"height":12}},{"id":"fb24d64e-3a03-4a03-b113-c598aa771272","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing","page_number":55,"box":{"x":116,"y":862,"width":719,"height":12}},{"id":"ee1e0b34-57fa-4966-abf8-bf80e59ffefa","block_type":"box","text":"significant financial or business difficulties, including companies involved in bankruptcy or other","page_number":55,"box":{"x":116,"y":877,"width":710,"height":12}},{"id":"957294a0-ebeb-4962-a18c-30bdc72f6681","block_type":"box","text":"II-10","page_number":55,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"95dc3947-7508-437d-b11f-fd2fbd44ed15","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":55,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"93019f79-c637-4779-b1b6-e5c2767b9634","block_type":"box","text":"reorganization and liquidation proceedings. Although the terms of such financing may result in","page_number":56,"box":{"x":117,"y":87,"width":701,"height":12}},{"id":"b5c4e6e4-88e3-49b0-88ac-debfa2170424","block_type":"box","text":"significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical","page_number":56,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"7d3e198a-6455-43e9-b74b-01b16ac4828b","block_type":"box","text":"sophistication, both financial and legal, necessary for successful financing to companies experiencing","page_number":56,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"910adce0-6ea4-443b-a382-d643cacc06cb","block_type":"box","text":"significant business and financial difficulties is unusually high.","page_number":56,"box":{"x":116,"y":134,"width":461,"height":12}},{"id":"de7ef061-108f-4963-9731-b9844cc48e44","block_type":"box","text":"Credit Linked Securities.","page_number":56,"box":{"x":117,"y":162,"width":195,"height":10}},{"id":"e744e89a-001d-4d20-b23b-05efce40ea97","block_type":"box","text":"Among the income producing securities in which a Fund may invest are","page_number":56,"box":{"x":313,"y":162,"width":541,"height":12}},{"id":"6e1cb616-4bdc-4991-9dec-c87316cf2669","block_type":"box","text":"credit linked securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests","page_number":56,"box":{"x":116,"y":178,"width":768,"height":12}},{"id":"32bf7185-660a-47ba-9604-19ce3410520d","block_type":"box","text":"in a derivative instrument or basket of derivative instruments, such as credit default swaps, interest rate","page_number":56,"box":{"x":117,"y":193,"width":771,"height":12}},{"id":"3f7bee35-46a6-411b-b7a2-ca93c476ffbc","block_type":"box","text":"swaps and other securities, in order to provide exposure to certain fixed-income markets. For instance,","page_number":56,"box":{"x":116,"y":209,"width":768,"height":12}},{"id":"39a04188-321d-4f4e-8437-a8d06f0322bd","block_type":"box","text":"a Fund may invest in credit linked securities as a cash management tool in order to gain exposure to a","page_number":56,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"c752dc69-71eb-432d-b5d2-faeb3d95e742","block_type":"box","text":"certain market and/or to remain fully invested when more traditional income producing securities are","page_number":56,"box":{"x":116,"y":240,"width":748,"height":12}},{"id":"3af09c35-c1d3-4872-9916-ce604e16c98c","block_type":"box","text":"not available.","page_number":56,"box":{"x":117,"y":255,"width":103,"height":10}},{"id":"13ce4ceb-2e65-454b-9e20-ed8411972af4","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive","page_number":56,"box":{"x":117,"y":284,"width":770,"height":12}},{"id":"83e519a8-8a9f-4ef7-ae5c-0a393f34c60f","block_type":"box","text":"periodic income payments (in the form of distributions) and payment of principal at the end of the term","page_number":56,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"7f31b430-f424-47d2-8aed-f5b663cbcf9b","block_type":"box","text":"of the security.","page_number":56,"box":{"x":116,"y":315,"width":114,"height":12}},{"id":"d77d534c-ca40-435b-bffe-ae62f6065aef","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s","page_number":56,"box":{"x":117,"y":344,"width":748,"height":12}},{"id":"62960314-4c48-4536-b7cb-20f2bbe2f4ca","block_type":"box","text":"potential obligations to, the counterparties to the derivative instruments and other securities in which","page_number":56,"box":{"x":117,"y":359,"width":747,"height":12}},{"id":"f415cb2f-b24f-47c1-96e5-f8176a0053f9","block_type":"box","text":"the issuer invests. For instance, the issuer may sell one or more credit default swaps, under which the","page_number":56,"box":{"x":116,"y":375,"width":762,"height":12}},{"id":"5908cf3a-df3a-4bd0-86e9-c85c405c7f14","block_type":"box","text":"issuer would receive a stream of payments over the term of the swap agreements provided that no","page_number":56,"box":{"x":117,"y":390,"width":736,"height":12}},{"id":"2bcb8d68-a6e8-49a0-9223-f421d170b6e5","block_type":"box","text":"event of default has occurred with respect to the referenced debt obligation upon which the swap is","page_number":56,"box":{"x":116,"y":406,"width":741,"height":12}},{"id":"06fb5fba-0bb5-4380-8bc4-3cc09b5a3145","block_type":"box","text":"based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay","page_number":56,"box":{"x":117,"y":421,"width":756,"height":12}},{"id":"4c5456d2-1bab-462d-9f9f-5d79dbbc71ba","block_type":"box","text":"the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn,","page_number":56,"box":{"x":116,"y":437,"width":749,"height":12}},{"id":"d738bce4-cc9f-43f6-b39f-1aadad536b6b","block_type":"box","text":"would reduce the amount of income and principal that","page_number":56,"box":{"x":116,"y":452,"width":404,"height":12}},{"id":"40784ef3-ae82-4450-9079-8f43ba17f5a2","block_type":"box","text":"a Fund would receive. A Fund’s investments in","page_number":56,"box":{"x":521,"y":452,"width":351,"height":10}},{"id":"16ab3459-be5b-44b2-b1e5-7c58cd06bdfa","block_type":"box","text":"these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":56,"box":{"x":116,"y":468,"width":750,"height":12}},{"id":"1bd0019f-01c3-4662-ad76-4d0faca0a0da","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk","page_number":56,"box":{"x":116,"y":483,"width":766,"height":12}},{"id":"dd37ff63-25c6-4fe9-972f-1b829df530da","block_type":"box","text":"and management risk. It is also expected that the securities will be exempt from registration under the","page_number":56,"box":{"x":116,"y":499,"width":761,"height":12}},{"id":"7dfbf462-f06f-42e3-a283-a44075ad8330","block_type":"box","text":"Securities Act. Accordingly, there may be no established trading market for the securities and they may","page_number":56,"box":{"x":116,"y":514,"width":771,"height":12}},{"id":"92e369ec-65c5-4210-88a7-193f08e3f704","block_type":"box","text":"constitute illiquid investments.","page_number":56,"box":{"x":116,"y":530,"width":227,"height":12}},{"id":"84827eaa-3270-4454-9b5f-8668508a6f4e","block_type":"box","text":"Debt Securities.","page_number":56,"box":{"x":116,"y":559,"width":126,"height":9}},{"id":"ff18f393-35fa-4bd8-a715-6615429b0836","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will","page_number":56,"box":{"x":243,"y":559,"width":633,"height":11}},{"id":"abeb188d-3ddf-4bb5-b3ee-732f789f93c5","block_type":"box","text":"not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s","page_number":56,"box":{"x":117,"y":574,"width":751,"height":12}},{"id":"4fb1f9c6-2304-4e6d-a8dc-5e2397aec009","block_type":"box","text":"financial condition and on the terms of the debt securities. Changes in an issuer’s credit rating or the","page_number":56,"box":{"x":116,"y":590,"width":749,"height":12}},{"id":"a5b93b6f-f6b5-40bf-ba0d-a8ec3c9d5ace","block_type":"box","text":"market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in","page_number":56,"box":{"x":117,"y":605,"width":763,"height":12}},{"id":"9b4fe94d-f379-4359-98b9-c6dc862062eb","block_type":"box","text":"that issuer. Credit risk is reduced to the extent a Fund limits its debt investments to U.S. Government","page_number":56,"box":{"x":116,"y":621,"width":754,"height":9}},{"id":"c516026c-c6a1-4228-b26e-f59b40f4a422","block_type":"box","text":"Securities.","page_number":56,"box":{"x":116,"y":636,"width":83,"height":10}},{"id":"74b82f72-3db8-40c2-8499-bbf0ebc55c72","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the","page_number":56,"box":{"x":116,"y":665,"width":709,"height":12}},{"id":"41faefbe-1b58-4aa6-bab0-2089530e7860","block_type":"box","text":"security may fall when interest rates rise. If interest rates move sharply in a manner not anticipated by","page_number":56,"box":{"x":116,"y":680,"width":755,"height":12}},{"id":"02ab22f0-f262-466d-9658-374bc40c0c59","block_type":"box","text":"Fund management, a Fund’s investments in debt securities could be adversely affected and the Fund","page_number":56,"box":{"x":117,"y":696,"width":752,"height":12}},{"id":"e4e4c543-d393-41c8-b556-4779c29fb413","block_type":"box","text":"could lose money. In general, the market price of debt securities with longer maturities will go up or","page_number":56,"box":{"x":116,"y":711,"width":735,"height":12}},{"id":"8306fa71-3b65-4cf8-8ed0-14a6d6a1da99","block_type":"box","text":"down more in response to changes in interest rates than will the market price of shorter-term debt","page_number":56,"box":{"x":116,"y":727,"width":725,"height":12}},{"id":"6aef9621-337b-411e-884d-9ffce8df0617","block_type":"box","text":"securities.","page_number":56,"box":{"x":116,"y":743,"width":74,"height":9}},{"id":"48d7f21f-9d2f-4e4f-854b-0f959a77d32c","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended","page_number":56,"box":{"x":117,"y":771,"width":738,"height":12}},{"id":"04eae2ac-e9fe-4a0e-a3e1-1519aed147c9","block_type":"box","text":"because of slower than expected principal payments. This may lock in a below-market interest rate and","page_number":56,"box":{"x":117,"y":787,"width":765,"height":12}},{"id":"ee6b626d-1299-49d8-a3cb-97fab8a8b1ff","block_type":"box","text":"extend the duration of these fixed-income securities, especially mortgage-related securities, making","page_number":56,"box":{"x":116,"y":802,"width":739,"height":12}},{"id":"64f001a8-130c-42be-9d81-3e82cc08f0d6","block_type":"box","text":"them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these","page_number":56,"box":{"x":116,"y":818,"width":750,"height":12}},{"id":"1db0d17f-f242-4749-abf7-5c6be18031ea","block_type":"box","text":"securities may exhibit additional volatility and lose value. This is known as extension risk.","page_number":56,"box":{"x":116,"y":833,"width":665,"height":12}},{"id":"1795474f-1719-406f-8503-f16bad562b5b","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in","page_number":56,"box":{"x":116,"y":862,"width":745,"height":12}},{"id":"99eca279-4f1c-43e4-8ebe-3cedd97ba219","block_type":"box","text":"prevailing interest rates. Fixed-income securities with longer maturities, which tend to produce higher","page_number":56,"box":{"x":117,"y":878,"width":753,"height":11}},{"id":"cd960ba1-a563-4bb0-853f-0a02a26fba5e","block_type":"box","text":"II-11","page_number":56,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"036c357b-82e6-4924-8875-25b0b4928674","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":56,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ed49cc82-4fa4-4c1d-a6cd-4364080c74e5","block_type":"box","text":"yields, are subject to potentially greater capital appreciation and depreciation than securities with","page_number":57,"box":{"x":116,"y":87,"width":723,"height":12}},{"id":"ec48f488-fb3c-464e-a1f1-6166b15e3243","block_type":"box","text":"shorter maturities. The Funds are not restricted to any maximum or minimum time to maturity in","page_number":57,"box":{"x":116,"y":103,"width":714,"height":12}},{"id":"e07c05dc-f158-4834-9e57-cb8e09068f10","block_type":"box","text":"purchasing individual portfolio securities, and the average maturity of a Fund’s assets will vary.","page_number":57,"box":{"x":117,"y":118,"width":707,"height":12}},{"id":"e85ce65a-3d95-4f4e-9cb1-6dba68901f60","block_type":"box","text":"Floating and Variable Rate Securities.","page_number":57,"box":{"x":116,"y":149,"width":280,"height":12}},{"id":"5d4d6b0d-fe94-4cd9-baf1-5db3577e617c","block_type":"box","text":"Certain Funds may invest in debt instruments that pay a variable","page_number":57,"box":{"x":398,"y":149,"width":490,"height":12}},{"id":"e13fd40b-9113-4d9a-b62f-f4def9964814","block_type":"box","text":"coupon rate. Securities with floating or variable interest rates can be less sensitive to interest rate","page_number":57,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"a450cd59-c043-4f53-8b42-8fdbb1d54c1c","block_type":"box","text":"changes than securities with fixed interest rates, but may decline in value if their interest rates do not","page_number":57,"box":{"x":116,"y":180,"width":752,"height":12}},{"id":"c85fab3c-ca78-4cb8-9023-859e2760249f","block_type":"box","text":"rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not","page_number":57,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"fe1c5740-413a-43a8-8b85-2300162ed55e","block_type":"box","text":"generally increase in value if interest rates decline. The","page_number":57,"box":{"x":116,"y":211,"width":415,"height":12}},{"id":"407962cf-87cc-4b61-b88a-430665ef3768","block_type":"box","text":"impact of interest rate changes on floating rate","page_number":57,"box":{"x":532,"y":211,"width":350,"height":12}},{"id":"a0d60332-b37f-41e8-a2c6-55845275edcd","block_type":"box","text":"investments is typically mitigated by the periodic interest rate reset of the investments. Benchmark","page_number":57,"box":{"x":117,"y":227,"width":733,"height":12}},{"id":"12b887b4-473b-474b-9c07-1746a4940814","block_type":"box","text":"interest rates used for floating and variable rate securities may not accurately track market interest","page_number":57,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"4e6aaa67-d81f-486c-a0c6-a729f5d03497","block_type":"box","text":"rates.","page_number":57,"box":{"x":117,"y":258,"width":45,"height":9}},{"id":"afa2826e-596c-4ef2-b673-3d1c41c645a3","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":57,"box":{"x":117,"y":289,"width":179,"height":9}},{"id":"4a8e1029-0477-4296-a58d-f79f66981a26","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income","page_number":57,"box":{"x":297,"y":289,"width":577,"height":12}},{"id":"14d41737-b304-489a-8454-b1c027339cdf","block_type":"box","text":"securities or other instruments whose principal value is periodically adjusted according to the rate of","page_number":57,"box":{"x":116,"y":304,"width":746,"height":12}},{"id":"0c0f3cae-9999-4075-aa96-84a59f9f685c","block_type":"box","text":"inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that","page_number":57,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"c3d0f516-25ac-4633-a139-acf51005c8fc","block_type":"box","text":"accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price","page_number":57,"box":{"x":116,"y":335,"width":747,"height":12}},{"id":"845ea1b4-a86e-4dee-8385-c381ed3f3283","block_type":"box","text":"Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":57,"box":{"x":117,"y":351,"width":417,"height":12}},{"id":"b104a88d-8b43-4aa4-95d0-3e47886a9e31","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years,","page_number":57,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"c521c511-7e5b-4108-af2c-bcad55f59d1f","block_type":"box","text":"although it is possible that securities with other maturities will be issued in the future. The U.S.","page_number":57,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"727d5f04-c26c-41c5-b880-ede5ab63b9ed","block_type":"box","text":"Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation","page_number":57,"box":{"x":116,"y":413,"width":738,"height":12}},{"id":"e0e570e4-58bb-4cf0-837c-582580c05966","block_type":"box","text":"adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par","page_number":57,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"66ea13c5-7464-44c2-8d7b-6ef94a205284","block_type":"box","text":"value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over","page_number":57,"box":{"x":116,"y":443,"width":753,"height":13}},{"id":"fc088cd9-7ca6-4e02-b8f1-4c6880ee59e5","block_type":"box","text":"the first six months was 1%, the mid-year par value of the bond would be $1,010 and the first semi","page_number":57,"box":{"x":116,"y":458,"width":736,"height":13}},{"id":"a1129724-b1b0-4d86-8504-9eda26339a26","block_type":"box","text":"annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the","page_number":57,"box":{"x":116,"y":474,"width":766,"height":13}},{"id":"4a792487-1ada-471a-915f-b5e14ddb751f","block_type":"box","text":"year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be","page_number":57,"box":{"x":116,"y":490,"width":764,"height":12}},{"id":"d101b189-415a-43af-9e5e-5abf12c42d4b","block_type":"box","text":"$1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":57,"box":{"x":116,"y":505,"width":689,"height":13}},{"id":"b6e758ad-7cbb-49e7-8f7f-7c5e6412189b","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds","page_number":57,"box":{"x":117,"y":537,"width":747,"height":12}},{"id":"3f5a3b80-c002-4c86-bdea-30108f119505","block_type":"box","text":"will be adjusted downward, and, consequently, the interest payable on these securities (calculated with","page_number":57,"box":{"x":116,"y":552,"width":769,"height":12}},{"id":"007bec7d-5c74-4aa4-a4ab-209adcaa7728","block_type":"box","text":"respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon","page_number":57,"box":{"x":117,"y":568,"width":754,"height":12}},{"id":"0d27d3ca-8da1-486a-94c7-3d86479dd1ce","block_type":"box","text":"maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds,","page_number":57,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"e1bee85c-eb2d-4ed4-bd7d-c48ad578831d","block_type":"box","text":"even during a period of deflation. However, the current market value of the bonds is not guaranteed,","page_number":57,"box":{"x":116,"y":599,"width":748,"height":12}},{"id":"af8e3197-29c3-457e-9766-c88023ded64a","block_type":"box","text":"and will fluctuate. Certain Funds may also invest in other inflation related bonds which may or may not","page_number":57,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"fc3de2ba-a2a1-4173-b543-fbe2148b1d2e","block_type":"box","text":"provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of","page_number":57,"box":{"x":117,"y":630,"width":752,"height":12}},{"id":"03343ecf-a7eb-40cf-9e3e-382462b5e1a8","block_type":"box","text":"the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases","page_number":57,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"36cdca9c-ac96-476f-893e-27e2a0849526","block_type":"box","text":"inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation","page_number":57,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"82c7f488-9811-41da-ba4c-70fbaba91d13","block_type":"box","text":"index may not be correlated to the rate of inflation in the United States.","page_number":57,"box":{"x":117,"y":676,"width":523,"height":12}},{"id":"00e6e8d5-9f8d-4a89-9014-5c8ef6cbb84e","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest","page_number":57,"box":{"x":116,"y":707,"width":727,"height":12}},{"id":"d4df747c-38d2-43d3-b05f-8dcaf8d899b7","block_type":"box","text":"rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the","page_number":57,"box":{"x":117,"y":723,"width":736,"height":12}},{"id":"d23f1176-867b-4340-9765-3b63403ec1e3","block_type":"box","text":"rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real","page_number":57,"box":{"x":117,"y":738,"width":717,"height":11}},{"id":"9587d86f-7025-4dcb-8ada-d9301211f811","block_type":"box","text":"interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if","page_number":57,"box":{"x":117,"y":754,"width":739,"height":12}},{"id":"712e6755-d967-4a20-af72-32909ed59a8c","block_type":"box","text":"nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a","page_number":57,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"00b7795c-f256-400e-869b-1dbbfcd6c3d2","block_type":"box","text":"decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of","page_number":57,"box":{"x":116,"y":785,"width":745,"height":11}},{"id":"a0d9b2f1-2edb-497d-a888-ddea20335438","block_type":"box","text":"inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":57,"box":{"x":117,"y":800,"width":570,"height":12}},{"id":"f50ba47f-415f-483c-974c-ffe6c7f9ceeb","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term","page_number":57,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"6a66ca84-7604-492c-a460-0aadf09ffc6e","block_type":"box","text":"increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than","page_number":57,"box":{"x":117,"y":847,"width":731,"height":12}},{"id":"7bcfa28d-540f-46d5-8606-7ebede498b2b","block_type":"box","text":"inflation (for example, due to changes in currency exchange rates), investors in these securities may","page_number":57,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"bbe86d31-4b8c-4ad0-902b-6f735e60155f","block_type":"box","text":"not be protected to the extent that the increase is not reflected in the bond’s inflation measure.","page_number":57,"box":{"x":117,"y":878,"width":704,"height":12}},{"id":"7a7e56ba-02ac-4dde-b1e0-964c0c918ed0","block_type":"box","text":"II-12","page_number":57,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"ea0108fc-2c16-4d67-a1cc-9b868882cc5e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":57,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"40734d37-802c-44d7-a5f5-fa2a5ecea901","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is","page_number":58,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"7038e5b6-376b-42f3-aa3e-5fe1e2f5043b","block_type":"box","text":"the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S.","page_number":58,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"508a1340-5de1-4a1c-8fe4-dbd732a1b821","block_type":"box","text":"Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of","page_number":58,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"addfcdd2-0e70-4b52-9cd5-7522c17d23f5","block_type":"box","text":"components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a","page_number":58,"box":{"x":116,"y":134,"width":739,"height":12}},{"id":"2b80be42-54c4-44d4-aaa4-7ccabb88cd28","block_type":"box","text":"foreign government are generally adjusted to reflect a comparable inflation index, calculated by that","page_number":58,"box":{"x":116,"y":149,"width":743,"height":12}},{"id":"30dba62c-7a35-4f44-9fd1-5518e3379fd7","block_type":"box","text":"government. There can be no assurance that the CPI-U or any foreign inflation index will accurately","page_number":58,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"a2988855-cf8d-466f-b661-1f2df1cb85ed","block_type":"box","text":"measure the real rate of inflation in the prices of goods and services. Moreover, there can be no","page_number":58,"box":{"x":117,"y":180,"width":716,"height":12}},{"id":"e251ad04-8da7-4fcb-8ef1-0b928de1ee7c","block_type":"box","text":"assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":58,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"1de7d012-ae52-4733-ae2d-5f5a94f97a80","block_type":"box","text":"United States.","page_number":58,"box":{"x":117,"y":211,"width":109,"height":10}},{"id":"cd7246ba-af2a-4178-b6d7-976868f3c867","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary","page_number":58,"box":{"x":116,"y":241,"width":750,"height":12}},{"id":"97a4f9fa-758b-4a26-a577-304356cbeb43","block_type":"box","text":"income, even though investors do not receive their principal until maturity.","page_number":58,"box":{"x":117,"y":257,"width":552,"height":12}},{"id":"bbca8161-32b6-4ae8-a0ae-0a52d5862544","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":58,"box":{"x":117,"y":286,"width":265,"height":12}},{"id":"ea9156c0-261b-4993-9b7a-95ebdaec0cd9","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which","page_number":58,"box":{"x":383,"y":286,"width":492,"height":12}},{"id":"1b387d14-5562-4383-9d8d-6b7dad59e70b","block_type":"box","text":"are securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent","page_number":58,"box":{"x":116,"y":302,"width":750,"height":12}},{"id":"9371727f-e61a-45b6-8176-983441f11552","block_type":"box","text":"quality by a Fund’s Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or","page_number":58,"box":{"x":116,"y":317,"width":734,"height":12}},{"id":"726522e9-f8c6-4b21-8ac8-be4e09043d2f","block_type":"box","text":"AAA by S&P. It should be noted that debt obligations rated in the lowest of the top four ratings (","page_number":58,"box":{"x":116,"y":333,"width":708,"height":12}},{"id":"b82a30cc-f0da-46a9-8b00-8a5f90bd7e5d","block_type":"box","text":"i.e.","page_number":58,"box":{"x":825,"y":333,"width":20,"height":9}},{"id":"ea333d09-5c48-400e-aa72-dc0079748738","block_type":"box","text":",","page_number":58,"box":{"x":848,"y":341,"width":8,"height":3}},{"id":"1c4dec06-456d-4aa4-87b3-7f489d4402c8","block_type":"box","text":"“Baa” by Moody’s or “BBB” by S&P) are considered to have some speculative characteristics and are","page_number":58,"box":{"x":116,"y":348,"width":756,"height":12}},{"id":"3f936074-5f78-4237-b3b2-88d064490455","block_type":"box","text":"more sensitive to economic change than higher rated securities. If an investment grade security of a","page_number":58,"box":{"x":117,"y":364,"width":747,"height":12}},{"id":"aa13a8d4-e06d-4be0-a0c6-e58a9de37f02","block_type":"box","text":"Fund is subsequently downgraded below investment grade, the Fund’s Manager will consider such an","page_number":58,"box":{"x":117,"y":380,"width":761,"height":11}},{"id":"99f42f42-81c0-401d-a29a-e78c778fba4f","block_type":"box","text":"event in determining whether the Fund should continue to hold the security. Subject to its investment","page_number":58,"box":{"x":116,"y":395,"width":752,"height":12}},{"id":"36cc0e57-bd5c-4964-83b7-34d779f78c0a","block_type":"box","text":"strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":58,"box":{"x":116,"y":410,"width":679,"height":12}},{"id":"31701004-9b31-4199-a1a8-3aa55ec270d9","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":58,"box":{"x":116,"y":440,"width":566,"height":12}},{"id":"7db16f55-f220-42f3-b6a9-13428b467b01","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":58,"box":{"x":116,"y":477,"width":296,"height":13}},{"id":"eae18a79-9eaf-4101-b678-32cc93a5de5b","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to","page_number":58,"box":{"x":117,"y":507,"width":711,"height":12}},{"id":"bd8c3fcc-b3fa-4bc4-88a4-eb042d2d4d4c","block_type":"box","text":"investors as “junk bonds” are debt securities that are rated below investment grade by the major rating","page_number":58,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"e68c0969-e6f2-4128-89eb-cd9a786d2ead","block_type":"box","text":"agencies or are securities that Fund management believes are of comparable quality. While generally","page_number":58,"box":{"x":116,"y":538,"width":759,"height":12}},{"id":"43ffde42-447e-4d9b-a908-ff5f97114664","block_type":"box","text":"providing greater income and opportunity for gain, non-investment grade debt securities may be","page_number":58,"box":{"x":117,"y":554,"width":715,"height":12}},{"id":"ee233e54-1ed5-46c2-acbc-54218f84a293","block_type":"box","text":"subject to greater risks than securities which have higher credit ratings, including a high risk of default,","page_number":58,"box":{"x":116,"y":569,"width":764,"height":12}},{"id":"502d10ec-dca4-460f-a5f7-3ec425d9e4d3","block_type":"box","text":"and their yields will fluctuate over time. High yield securities will generally be in the lower rating","page_number":58,"box":{"x":116,"y":585,"width":709,"height":12}},{"id":"21c995d8-600e-4170-9665-f1891cbb1066","block_type":"box","text":"categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P) or","page_number":58,"box":{"x":116,"y":600,"width":755,"height":12}},{"id":"03cc2fd5-cd4e-456e-a784-12fc0cb53429","block_type":"box","text":"will be non-rated. The credit rating of a high yield security does not necessarily address its market","page_number":58,"box":{"x":116,"y":616,"width":730,"height":12}},{"id":"69724fcb-97b8-4d85-9758-05669e466090","block_type":"box","text":"value risk, and ratings may from time to time change, positively or negatively, to reflect developments","page_number":58,"box":{"x":116,"y":631,"width":757,"height":12}},{"id":"384afe43-021a-463a-8e00-dfe44bfe7bb2","block_type":"box","text":"regarding the issuer’s financial condition. High yield securities are considered to be speculative with","page_number":58,"box":{"x":117,"y":647,"width":743,"height":12}},{"id":"71a7d3d5-b527-43ab-84bb-31812db748fb","block_type":"box","text":"respect to the capacity of the issuer to timely repay principal and pay interest or dividends in","page_number":58,"box":{"x":117,"y":662,"width":682,"height":12}},{"id":"f5e00cdd-c4c7-4cee-9ff5-30d017ea4285","block_type":"box","text":"accordance with the terms of the obligation and may have more credit risk than higher rated securities.","page_number":58,"box":{"x":116,"y":678,"width":761,"height":12}},{"id":"a49280a6-7ab9-4c5d-8795-57263c635304","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":58,"box":{"x":116,"y":708,"width":464,"height":12}},{"id":"aa4220f8-ec86-4f34-9998-b13b27a4358b","block_type":"box","text":"• Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to","page_number":58,"box":{"x":117,"y":731,"width":731,"height":12}},{"id":"906ef5f0-c8b5-4425-b973-86cdd7002d3b","block_type":"box","text":"adverse changes in the issuer’s industry and to general economic conditions. Issuers of junk","page_number":58,"box":{"x":150,"y":746,"width":686,"height":12}},{"id":"fe62d9e4-e8f5-4250-a023-19de434e80e8","block_type":"box","text":"bonds may be unable to meet their interest or principal payment obligations because of an","page_number":58,"box":{"x":150,"y":761,"width":669,"height":13}},{"id":"c3abf0f0-f6e6-423a-9930-9706978b3ee4","block_type":"box","text":"economic downturn, specific issuer developments or the unavailability of additional financing.","page_number":58,"box":{"x":150,"y":777,"width":689,"height":12}},{"id":"e478cbec-7399-4a3f-9be6-0e11fa89703d","block_type":"box","text":"• The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets","page_number":58,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"d034c766-e4e7-48d9-9925-f6f47be81655","block_type":"box","text":"than issuers of investment grade bonds. If the issuer experiences financial stress, it may be","page_number":58,"box":{"x":150,"y":815,"width":678,"height":12}},{"id":"569aeb12-4e9e-4b2f-84e5-31a49bff588b","block_type":"box","text":"unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be","page_number":58,"box":{"x":150,"y":831,"width":697,"height":12}},{"id":"c9834be2-a27c-4aaf-b5d4-48532b942b6a","block_type":"box","text":"lessened by specific issuer developments, or the unavailability of additional financing. Issuers of","page_number":58,"box":{"x":150,"y":846,"width":717,"height":12}},{"id":"9615f5d1-ea20-49d8-a873-d17969dfdbc6","block_type":"box","text":"high yield securities are often in the growth stage of their development and/or involved in a","page_number":58,"box":{"x":150,"y":862,"width":677,"height":12}},{"id":"dd0f84b2-e472-459f-877f-4d80d2d6a6ca","block_type":"box","text":"reorganization or takeover.","page_number":58,"box":{"x":150,"y":877,"width":204,"height":12}},{"id":"3a1078ba-ca42-4d6b-9285-b335424fe4e8","block_type":"box","text":"II-13","page_number":58,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"865c9bf8-0270-4afb-a7a2-f0e00d789f22","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":58,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7b933066-089a-4c4c-a474-b74e11eb1fd1","block_type":"box","text":"• Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its","page_number":59,"box":{"x":117,"y":87,"width":754,"height":12}},{"id":"6175e042-25e5-4070-9c76-e7d85bd39924","block_type":"box","text":"obligations, the senior obligations are generally paid off before the junior obligations, which will","page_number":59,"box":{"x":150,"y":102,"width":706,"height":13}},{"id":"79f5e762-d087-4abb-874f-e888b635bbee","block_type":"box","text":"potentially limit a Fund’s ability to fully recover principal or to receive interest payments when","page_number":59,"box":{"x":150,"y":118,"width":693,"height":12}},{"id":"55e0de76-15c8-4e7f-b74a-977103f9aeee","block_type":"box","text":"senior securities are in default. Thus, investors in high yield securities have a lower degree of","page_number":59,"box":{"x":150,"y":134,"width":696,"height":12}},{"id":"5873d3f7-fcff-477e-aa6d-33b4c11cc8e7","block_type":"box","text":"protection with respect to principal and interest payments than do investors in higher rated","page_number":59,"box":{"x":150,"y":149,"width":674,"height":12}},{"id":"1bb2bf11-569d-4fc5-931e-db119af16d45","block_type":"box","text":"securities.","page_number":59,"box":{"x":150,"y":165,"width":80,"height":9}},{"id":"b4e6d9ed-2af3-4370-9ea5-7dc9adade3ec","block_type":"box","text":"• Junk bonds frequently have redemption features that permit an issuer to repurchase the security","page_number":59,"box":{"x":117,"y":188,"width":753,"height":12}},{"id":"cdacb3bf-d413-4799-a9e5-12ab94ed0dc6","block_type":"box","text":"from a Fund before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the","page_number":59,"box":{"x":149,"y":203,"width":738,"height":12}},{"id":"00b9be8b-fb40-4b04-9e43-56371d37f639","block_type":"box","text":"proceeds in bonds with lower yields and may lose income.","page_number":59,"box":{"x":150,"y":219,"width":437,"height":12}},{"id":"5edeb3b5-8137-449b-a4db-f9ff9ab23023","block_type":"box","text":"• Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments","page_number":59,"box":{"x":117,"y":242,"width":753,"height":12}},{"id":"8a2dafc3-d7fb-4fd9-baf3-c2aa68e44330","block_type":"box","text":"may have a greater impact on the prices of junk bonds than on those of other higher rated fixed","page_number":59,"box":{"x":150,"y":258,"width":713,"height":12}},{"id":"1cee4783-cdb8-4eb3-8211-fbd1db85e0d4","block_type":"box","text":"income securities.","page_number":59,"box":{"x":150,"y":273,"width":139,"height":10}},{"id":"633d5b86-028b-40fc-9fe4-c8c08e6b825a","block_type":"box","text":"• Junk bonds may be less liquid than higher rated fixed-income securities even under normal","page_number":59,"box":{"x":117,"y":296,"width":714,"height":12}},{"id":"20fbbbe2-c2ba-4055-8c75-b316688d70a8","block_type":"box","text":"economic conditions. Under certain economic and/or market conditions, a Fund may have difficulty","page_number":59,"box":{"x":150,"y":312,"width":738,"height":12}},{"id":"74c56317-041b-4ca2-bc87-1e21799ade50","block_type":"box","text":"disposing of certain high yield securities due to the limited number of investors in that sector of the","page_number":59,"box":{"x":150,"y":327,"width":734,"height":12}},{"id":"a0ed819c-b420-4c67-8529-1ba6e604a526","block_type":"box","text":"market. There are fewer dealers in the junk bond market, and there may be significant differences","page_number":59,"box":{"x":150,"y":343,"width":730,"height":12}},{"id":"51635397-0403-41a7-a047-6fee37854f20","block_type":"box","text":"in the prices quoted for junk bonds by the dealers, and such quotations may not be the actual","page_number":59,"box":{"x":150,"y":358,"width":698,"height":12}},{"id":"79657f3d-a7b7-45e8-8b80-9d3003d62b11","block_type":"box","text":"prices available for a purchase or sale. Because junk bonds are less liquid than higher rated","page_number":59,"box":{"x":150,"y":374,"width":688,"height":12}},{"id":"b5c12fbf-62a4-485c-b297-bf492a7425d5","block_type":"box","text":"bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities than in","page_number":59,"box":{"x":150,"y":389,"width":720,"height":12}},{"id":"7bfd3a08-9ea9-43dd-b657-37d7e0a16e9e","block_type":"box","text":"the case of securities trading in a more liquid market.","page_number":59,"box":{"x":150,"y":405,"width":398,"height":12}},{"id":"2d67a458-e8fa-4ffc-bd81-ff0883962d13","block_type":"box","text":"• The secondary markets for high yield securities are not as liquid as the secondary markets for","page_number":59,"box":{"x":117,"y":428,"width":734,"height":12}},{"id":"dbadd116-612d-475f-b479-d91c8aaffd50","block_type":"box","text":"higher rated securities. The secondary markets for high yield securities are concentrated in","page_number":59,"box":{"x":150,"y":444,"width":680,"height":12}},{"id":"4f1f140a-8476-48dd-9ebd-88194f6173f7","block_type":"box","text":"relatively few market makers and participants in the markets are mostly institutional investors,","page_number":59,"box":{"x":150,"y":459,"width":699,"height":12}},{"id":"28fffce8-c6b7-41d6-b93e-4aabd09b9b4c","block_type":"box","text":"including insurance companies, banks, other financial institutions and mutual funds. In addition,","page_number":59,"box":{"x":150,"y":475,"width":712,"height":12}},{"id":"da2d95bb-a548-4774-9c56-51a6665249d3","block_type":"box","text":"the trading volume for high yield securities is generally lower than that for higher rated securities","page_number":59,"box":{"x":150,"y":490,"width":718,"height":12}},{"id":"667b3ef3-1050-4f32-9307-925f9172a204","block_type":"box","text":"and the secondary markets could contract under adverse market or economic conditions","page_number":59,"box":{"x":150,"y":506,"width":662,"height":12}},{"id":"4d7f9ce9-fb68-46d5-bc6f-60a83b0156cf","block_type":"box","text":"independent of any specific adverse changes in the condition of a particular issuer. Under certain","page_number":59,"box":{"x":150,"y":521,"width":725,"height":12}},{"id":"4513b098-6f75-4a88-9793-29907fa0d7d1","block_type":"box","text":"economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":59,"box":{"x":150,"y":537,"width":695,"height":12}},{"id":"388c796b-01e6-43d9-a768-cb94d5bcaecb","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. An illiquid secondary","page_number":59,"box":{"x":150,"y":552,"width":728,"height":12}},{"id":"eca9ab67-3b51-4471-9bc1-a7686785d4e3","block_type":"box","text":"market may adversely affect the market price of the high yield security, which may result in","page_number":59,"box":{"x":150,"y":568,"width":678,"height":12}},{"id":"2e3a722c-c95a-489a-9544-96f4cd363a7f","block_type":"box","text":"increased difficulty selling the particular issue and obtaining accurate market quotations on the","page_number":59,"box":{"x":150,"y":583,"width":706,"height":12}},{"id":"37e90e87-5199-40e1-b91f-ab911801dcc7","block_type":"box","text":"issue when valuing a Fund’s assets. Market quotations on high yield securities are available only","page_number":59,"box":{"x":150,"y":599,"width":722,"height":12}},{"id":"9c549923-09dd-49e3-8e1e-973204e0fdfe","block_type":"box","text":"from a limited number of dealers, and such quotations may not be the actual prices available for a","page_number":59,"box":{"x":149,"y":614,"width":731,"height":12}},{"id":"dea771c1-a918-41f0-af32-48af3c232d03","block_type":"box","text":"purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in","page_number":59,"box":{"x":150,"y":630,"width":734,"height":12}},{"id":"8b57e1cf-c44a-4182-8745-97c8e2fdb76a","block_type":"box","text":"the absence of readily available market quotations for such securities, the relative lack of reliable","page_number":59,"box":{"x":150,"y":645,"width":723,"height":12}},{"id":"4031440d-b905-4d5d-9281-caaee24a8ff3","block_type":"box","text":"objective data makes it more difficult to value a Fund’s securities, and judgment plays a more","page_number":59,"box":{"x":150,"y":661,"width":691,"height":12}},{"id":"1e4656ac-dc00-4aa4-9a30-5ac62711558a","block_type":"box","text":"important role in determining such valuations.","page_number":59,"box":{"x":150,"y":676,"width":337,"height":12}},{"id":"ce961ffb-5ade-42ce-93d8-ecab9045966c","block_type":"box","text":"• A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate","page_number":59,"box":{"x":117,"y":699,"width":757,"height":13}},{"id":"6968c86b-d695-43a8-bcae-22acfee0248b","block_type":"box","text":"new terms with a defaulting issuer.","page_number":59,"box":{"x":150,"y":715,"width":256,"height":12}},{"id":"5fbda551-22f1-4d2d-bd86-9fb2dfe0ea7e","block_type":"box","text":"• The junk bond markets may react strongly to adverse news about an issuer or the economy, or to","page_number":59,"box":{"x":117,"y":738,"width":756,"height":12}},{"id":"e7006c70-2b15-4d0d-8ab9-97fe76929c2b","block_type":"box","text":"the perception or expectation of adverse news, whether or not it is based on fundamental analysis.","page_number":59,"box":{"x":150,"y":754,"width":731,"height":12}},{"id":"c1593258-b0ad-4b54-9a2e-c060f61c7bbc","block_type":"box","text":"Additionally, prices for high yield securities may be affected by legislative and regulatory","page_number":59,"box":{"x":149,"y":769,"width":654,"height":12}},{"id":"18b52f2c-32f8-4c0f-bafe-ccee4d2aef3c","block_type":"box","text":"developments. These developments could adversely affect a Fund’s NAV and investment","page_number":59,"box":{"x":150,"y":785,"width":664,"height":12}},{"id":"cb804bd2-3289-4a3d-b01a-57298937f4bb","block_type":"box","text":"practices, the secondary market for high yield securities, the financial condition of issuers of these","page_number":59,"box":{"x":150,"y":800,"width":726,"height":12}},{"id":"09418f04-d649-4038-8954-2c8c7be9b79d","block_type":"box","text":"securities and the value and liquidity of outstanding high yield securities, especially in a thinly","page_number":59,"box":{"x":150,"y":816,"width":690,"height":12}},{"id":"b6527c5b-fbd4-46ea-b44e-ccb5d5d7f238","block_type":"box","text":"traded market. For example, federal legislation requiring the divestiture by federally insured","page_number":59,"box":{"x":150,"y":831,"width":681,"height":12}},{"id":"86800a74-75d6-4fbe-aee6-6504ff1dbc46","block_type":"box","text":"savings and loan associations of their investments in high yield bonds and limiting the deductibility","page_number":59,"box":{"x":150,"y":847,"width":733,"height":12}},{"id":"40ffea84-0702-4f8c-8e50-3c24413ad110","block_type":"box","text":"of interest by certain corporate issuers of high yield bonds adversely affected the market in the","page_number":59,"box":{"x":150,"y":862,"width":706,"height":12}},{"id":"00c22cb1-1768-45c9-a73e-04f9ab92b552","block_type":"box","text":"past.","page_number":59,"box":{"x":150,"y":878,"width":41,"height":12}},{"id":"b4f77d19-59fd-45e6-a95d-3df3fb9838c6","block_type":"box","text":"II-14","page_number":59,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8f39acb1-80e9-4085-921e-0b444fdeb285","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":59,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6975c476-1c85-4211-9e6f-adb8d199aa34","block_type":"box","text":"• The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of","page_number":60,"box":{"x":117,"y":87,"width":770,"height":12}},{"id":"e45410ef-6c31-49f3-9e7f-c49960493d46","block_type":"box","text":"a non-investment grade security’s principal and interest payments, but does not address market","page_number":60,"box":{"x":150,"y":103,"width":716,"height":12}},{"id":"bfc56189-5014-45eb-be8e-ca4a4a6b577a","block_type":"box","text":"value risk. Because such ratings of the ratings agencies may not always reflect current conditions","page_number":60,"box":{"x":150,"y":118,"width":728,"height":12}},{"id":"98772523-c802-4598-aeff-d24cfaec64ec","block_type":"box","text":"and events, in addition to using recognized rating agencies and other sources, the Manager or","page_number":60,"box":{"x":150,"y":134,"width":705,"height":12}},{"id":"cb1923cd-fe87-4249-aa7d-c231811261b8","block_type":"box","text":"sub-adviser performs its own analysis of the issuers whose non-investment grade securities a","page_number":60,"box":{"x":150,"y":149,"width":700,"height":12}},{"id":"9b7fd1d9-3e17-499e-9945-b0e0e7b95ec9","block_type":"box","text":"Fund holds. Because of this, the Fund’s performance may depend more on the Manager’s or","page_number":60,"box":{"x":151,"y":165,"width":693,"height":12}},{"id":"f28f0261-d60d-402c-a3c9-4468d3fcfe1d","block_type":"box","text":"sub-adviser’s own credit analysis than in the case of mutual funds investing in higher-rated","page_number":60,"box":{"x":150,"y":180,"width":678,"height":12}},{"id":"aa3edf95-7009-4c67-97d4-f1dfccfd35f6","block_type":"box","text":"securities.","page_number":60,"box":{"x":150,"y":196,"width":80,"height":9}},{"id":"f0e4249f-f785-4c89-a6b3-20eab125645c","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as","page_number":60,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"a3b3cefa-e146-4039-b1eb-541e594a9405","block_type":"box","text":"those relating to the creditworthiness of issuers, the ratings and performance of the securities, the","page_number":60,"box":{"x":116,"y":242,"width":731,"height":12}},{"id":"a6edfb3c-1d66-4ff0-b36e-dfc846f492c2","block_type":"box","text":"protections afforded the securities and the diversity of the Fund. The Manager or sub-adviser","page_number":60,"box":{"x":117,"y":258,"width":694,"height":12}},{"id":"870f03b3-c089-467a-b385-27d34440dd06","block_type":"box","text":"continuously monitors the issuers of non-investment grade securities held by the Fund for their ability","page_number":60,"box":{"x":116,"y":273,"width":755,"height":12}},{"id":"0510ef78-c644-47f8-ae13-8b904e08639a","block_type":"box","text":"to make required principal and interest payments, as well as in an effort to control the liquidity of the","page_number":60,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"f7a1a25f-26fc-430c-801b-2f667487ef32","block_type":"box","text":"Fund so that it can meet redemption requests. If a security’s rating is reduced below the minimum","page_number":60,"box":{"x":117,"y":304,"width":729,"height":12}},{"id":"255317de-f657-4675-a711-21994f02f4e3","block_type":"box","text":"credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will consider whether the","page_number":60,"box":{"x":116,"y":320,"width":745,"height":12}},{"id":"6f00f990-2d7c-4fce-aa2a-3798d909afed","block_type":"box","text":"Fund should continue to hold the security.","page_number":60,"box":{"x":117,"y":335,"width":315,"height":12}},{"id":"1f7a9c40-9ee8-405c-bb1b-b77fa576b03f","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net","page_number":60,"box":{"x":117,"y":366,"width":718,"height":12}},{"id":"ea081fb6-ff48-4785-bbfa-ce158ab37885","block_type":"box","text":"redemptions, the Fund could be forced to sell its holdings without regard to the investment merits,","page_number":60,"box":{"x":117,"y":382,"width":729,"height":12}},{"id":"4210b158-f667-4303-bac5-c5b63f969f91","block_type":"box","text":"thereby decreasing the assets upon which the Fund’s rate of return is based.","page_number":60,"box":{"x":116,"y":397,"width":575,"height":12}},{"id":"e536f256-f2a7-48f2-8b9f-e93bf0df700e","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons,","page_number":60,"box":{"x":116,"y":428,"width":733,"height":12}},{"id":"66b09ebf-29e4-40d3-96d0-e1aebc12819f","block_type":"box","text":"such as higher investment research costs and higher commission costs.","page_number":60,"box":{"x":116,"y":444,"width":540,"height":12}},{"id":"86115dfe-6543-4a07-aeb2-16cac91cb43d","block_type":"box","text":"Mezzanine Investments.","page_number":60,"box":{"x":116,"y":475,"width":179,"height":9}},{"id":"39474e25-82de-4176-a0bb-1e37ac951f87","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a","page_number":60,"box":{"x":297,"y":475,"width":579,"height":12}},{"id":"5d059f67-0ae7-489d-b37d-5155c79a21a5","block_type":"box","text":"specific credit quality, may invest in certain high yield securities known as mezzanine investments,","page_number":60,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"bfe74718-7234-461e-8983-231023e90d2b","block_type":"box","text":"which are subordinated debt securities which are generally issued in private placements in connection","page_number":60,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"54b9797b-0c5b-4249-9155-a09a55b0634f","block_type":"box","text":"with an equity security (","page_number":60,"box":{"x":116,"y":521,"width":175,"height":12}},{"id":"1f315e43-2866-47c6-941a-8b5c4d43c6f4","block_type":"box","text":"e.g.","page_number":60,"box":{"x":292,"y":524,"width":26,"height":9}},{"id":"755c2ae5-51c1-425b-bec6-21429c692391","block_type":"box","text":", with attached warrants). Such mezzanine investments may be issued with","page_number":60,"box":{"x":321,"y":521,"width":563,"height":12}},{"id":"e634cbda-dc5c-4187-bd81-be27978330a3","block_type":"box","text":"or without registration rights. Similar to other high yield securities, maturities of mezzanine investments","page_number":60,"box":{"x":116,"y":537,"width":767,"height":12}},{"id":"dae49802-1cd0-4128-9c3c-2c7b14f09e5e","block_type":"box","text":"are typically seven to ten years, but the expected average life is significantly shorter at three to five","page_number":60,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"37817c93-c3ea-4d2f-a8be-b7f2cb69cace","block_type":"box","text":"years. Mezzanine investments are usually unsecured and subordinate to other obligations of the","page_number":60,"box":{"x":116,"y":568,"width":719,"height":12}},{"id":"5242ebe0-87bb-4e06-a623-06ad35651830","block_type":"box","text":"issuer.","page_number":60,"box":{"x":117,"y":583,"width":53,"height":10}},{"id":"c0a2060d-4b99-409e-8aa9-e475ed25a2ed","block_type":"box","text":"Pay-in-kind Bonds.","page_number":60,"box":{"x":116,"y":614,"width":139,"height":12}},{"id":"c619a6fe-a135-44e1-8542-86ec4f4cc692","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which","page_number":60,"box":{"x":257,"y":614,"width":631,"height":12}},{"id":"cf508d52-46c5-4598-b02f-354de5d45e79","block_type":"box","text":"pay interest through the issuance of additional debt or equity securities. Similar to zero coupon","page_number":60,"box":{"x":117,"y":630,"width":706,"height":12}},{"id":"7868e2f4-eefd-490f-b9c1-74b95b6faf99","block_type":"box","text":"obligations, pay-in-kind bonds also carry additional risk as holders of these types of securities realize","page_number":60,"box":{"x":116,"y":645,"width":753,"height":12}},{"id":"8c58ccce-8ab8-4180-8937-f02d52fdcaba","block_type":"box","text":"no cash until the cash payment date unless a portion of such securities is sold and, if the issuer","page_number":60,"box":{"x":117,"y":661,"width":707,"height":12}},{"id":"a155c8f8-5902-41bb-95a5-4a7a6d179586","block_type":"box","text":"defaults, a Fund may obtain no return at all on its investment. The market price of pay-in-kind bonds is","page_number":60,"box":{"x":116,"y":676,"width":759,"height":12}},{"id":"385ecb10-0511-496f-93a3-34ef27fde9af","block_type":"box","text":"affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that","page_number":60,"box":{"x":116,"y":692,"width":758,"height":12}},{"id":"ef6b9abf-fc67-4636-9e03-e201d9d7c0cd","block_type":"box","text":"of securities which pay interest in cash. Additionally, current U.S. federal tax law requires the holder of","page_number":60,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"ee741390-c0d4-47d7-bbbb-f5c93e813098","block_type":"box","text":"pay-in-kind bonds to accrue income with respect to these securities prior to the receipt of cash","page_number":60,"box":{"x":117,"y":723,"width":698,"height":12}},{"id":"7c330d9b-caf0-4bcd-bd6a-dc93af617470","block_type":"box","text":"payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":60,"box":{"x":117,"y":738,"width":747,"height":12}},{"id":"906d083d-b392-4e2a-9015-2e89c2425ffa","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect","page_number":60,"box":{"x":116,"y":754,"width":765,"height":12}},{"id":"a8d14f59-9bf6-407c-8c38-bd641adc1d22","block_type":"box","text":"to these securities and may have to dispose of portfolio securities under disadvantageous","page_number":60,"box":{"x":116,"y":769,"width":665,"height":12}},{"id":"776cb108-dcf5-4b44-a56a-c8f50786d9f0","block_type":"box","text":"circumstances in order to generate cash to satisfy these distribution requirements.","page_number":60,"box":{"x":116,"y":785,"width":608,"height":12}},{"id":"d042f47d-62b0-48b8-a932-8db075dc2cea","block_type":"box","text":"Supranational Entities.","page_number":60,"box":{"x":117,"y":816,"width":165,"height":12}},{"id":"799e8787-3e2b-4e57-8073-77ca412076a2","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of","page_number":60,"box":{"x":289,"y":816,"width":555,"height":12}},{"id":"1336735e-cb58-4e8b-946c-466bca95d536","block_type":"box","text":"such entities include the International Bank for Reconstruction and Development (the World Bank), the","page_number":60,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"4ae91fac-5f01-4f75-ad80-26bec897a805","block_type":"box","text":"European Steel and Coal Community, the Asian Development Bank and the Inter-American","page_number":60,"box":{"x":117,"y":847,"width":683,"height":12}},{"id":"725e1489-b5c8-4e25-bd5a-c29c6197041b","block_type":"box","text":"Development Bank. The government members, or “stockholders,” usually make initial capital","page_number":60,"box":{"x":117,"y":862,"width":691,"height":12}},{"id":"1bbf83ba-4033-4140-a44d-01a1098ae1f7","block_type":"box","text":"contributions to the supranational entity and in many cases are committed to make additional capital","page_number":60,"box":{"x":116,"y":878,"width":748,"height":12}},{"id":"66545979-fee0-4f0a-89d9-7718e08b8603","block_type":"box","text":"II-15","page_number":60,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8cce8730-6346-4038-93fd-a4f2c70e15f0","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":60,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"26030ee2-af94-409c-9704-cb3855ed8150","block_type":"box","text":"contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that","page_number":61,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"bbc6e27c-049b-4d8a-aa8b-bb6b45315c9c","block_type":"box","text":"one or more stockholders of a supranational entity will continue to make any necessary additional","page_number":61,"box":{"x":116,"y":102,"width":729,"height":13}},{"id":"c9510ff1-24d1-4a6f-bda8-30b42188da56","block_type":"box","text":"capital contributions. If such contributions are not made, the entity may be unable to pay interest or","page_number":61,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"5704267f-1d01-4c52-8897-f5420e212109","block_type":"box","text":"repay principal on its debt securities, and a Fund may lose money on such investments.","page_number":61,"box":{"x":117,"y":134,"width":655,"height":12}},{"id":"475bf953-036c-4aa0-aaa6-b7c3a9b1e423","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":61,"box":{"x":116,"y":165,"width":367,"height":12}},{"id":"a05fff3c-f2f6-4049-bf0a-c478381e4ad1","block_type":"box","text":"Certain Funds may invest in the securities of foreign","page_number":61,"box":{"x":484,"y":165,"width":397,"height":12}},{"id":"fe547c01-e647-48b7-b405-b3a6dfd30673","block_type":"box","text":"issuers in the form of Depositary Receipts or other securities convertible into securities of foreign","page_number":61,"box":{"x":117,"y":180,"width":722,"height":12}},{"id":"8a1089cd-15df-486f-a678-fe7cf5297196","block_type":"box","text":"issuers. Depositary Receipts may not necessarily be denominated in the same currency as the","page_number":61,"box":{"x":117,"y":196,"width":707,"height":12}},{"id":"8b34033c-8fbc-4832-a295-4bcb72663551","block_type":"box","text":"underlying securities into which they may be converted. The Fund may invest in both sponsored and","page_number":61,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"9523defe-cc69-4a32-85b1-5f412bda92f8","block_type":"box","text":"unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global","page_number":61,"box":{"x":117,"y":227,"width":769,"height":12}},{"id":"926af1cc-59db-4083-b3f1-bac764c0b42a","block_type":"box","text":"Depositary Receipts (“GDRs”) and other similar global instruments. ADRs typically are issued by an","page_number":61,"box":{"x":117,"y":242,"width":743,"height":12}},{"id":"5ebe21f5-479b-4ec0-9519-39a604b458aa","block_type":"box","text":"American bank or trust company and evidence ownership of underlying securities issued by a foreign","page_number":61,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"a1559cd9-4cad-4f2f-849e-de8f3c421ca3","block_type":"box","text":"corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts","page_number":61,"box":{"x":116,"y":273,"width":757,"height":12}},{"id":"fa7479fa-835b-4901-914a-171758a047a1","block_type":"box","text":"issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either","page_number":61,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"27f19b1b-e0e0-4aef-a909-a302786e7f05","block_type":"box","text":"foreign or domestic underlying securities. GDRs are depositary receipts structured like global debt","page_number":61,"box":{"x":116,"y":304,"width":732,"height":12}},{"id":"3de4bc8a-abb9-4225-a3fa-f806bb7d34ee","block_type":"box","text":"issues to facilitate trading on an international basis. In addition to investment risks associated with the","page_number":61,"box":{"x":117,"y":320,"width":758,"height":12}},{"id":"258ce6f9-efd1-4ad9-b0d5-7e988129680f","block_type":"box","text":"underlying issuer, Depositary Receipts expose a Fund to additional risks associated with the","page_number":61,"box":{"x":117,"y":335,"width":689,"height":12}},{"id":"87099372-1ea8-4ad0-9d89-9781955adc50","block_type":"box","text":"non-uniform terms that apply to Depositary Receipt programs, credit exposure to the depository bank","page_number":61,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"a22271fc-8677-4580-bbe1-12fa62dc4a75","block_type":"box","text":"and to the sponsors and other parties with whom the depository bank establishes the programs,","page_number":61,"box":{"x":116,"y":366,"width":716,"height":12}},{"id":"1d4f4214-b528-4266-8929-d1acf42a9b6e","block_type":"box","text":"currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR, EDR and","page_number":61,"box":{"x":116,"y":382,"width":748,"height":12}},{"id":"8c6bf7dc-7ef1-4b98-b85e-5d685d6e3637","block_type":"box","text":"GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":61,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"45d594bf-f8cf-4f74-9ce7-3bfe5178c9a8","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored","page_number":61,"box":{"x":116,"y":413,"width":701,"height":12}},{"id":"11976fad-32d7-4095-b687-a50731357182","block_type":"box","text":"programs and do not provide holders with many of the shareholder benefits that come from investing in","page_number":61,"box":{"x":117,"y":428,"width":769,"height":12}},{"id":"b31804a7-0d3b-456e-97de-a18257f3653a","block_type":"box","text":"a sponsored Depositary Receipt. Available information concerning the issuer may not be as current as","page_number":61,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"1a99728d-faab-4a4c-ac3d-f4d1f383080c","block_type":"box","text":"for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may","page_number":61,"box":{"x":116,"y":459,"width":750,"height":12}},{"id":"27e4ee19-900a-479b-8d7d-bf56550b53ec","block_type":"box","text":"be more volatile than if such instruments were sponsored by the issuer. Depositary Receipts are","page_number":61,"box":{"x":117,"y":475,"width":718,"height":12}},{"id":"ab762330-950f-4c05-9dc7-18121d0247e5","block_type":"box","text":"generally subject to the same risks as the foreign securities that they evidence or into which they may","page_number":61,"box":{"x":116,"y":490,"width":759,"height":12}},{"id":"4be8a007-fe6f-4705-88c2-de165a1a0620","block_type":"box","text":"be converted. Investments in ADRs, EDRs and GDRs present additional investment considerations as","page_number":61,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"de7e7609-05bb-42fc-98bf-fbeeafdbb7a8","block_type":"box","text":"described under “Foreign Investment Risks.”","page_number":61,"box":{"x":116,"y":521,"width":336,"height":12}},{"id":"c67e8bfe-f3fa-458c-834e-0ac60b021308","block_type":"box","text":"Derivatives.","page_number":61,"box":{"x":116,"y":560,"width":99,"height":9}},{"id":"161eb864-d5ff-42f2-bde8-c3349c97ab09","block_type":"box","text":"General.","page_number":61,"box":{"x":117,"y":583,"width":68,"height":10}},{"id":"2f8ac3e5-fc84-446d-9082-58d59da2732f","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments","page_number":61,"box":{"x":186,"y":583,"width":675,"height":12}},{"id":"4d2342ab-ed30-4b33-b4e2-2a6d34ec9dea","block_type":"box","text":"that derive their value from one or more securities, commodities (such as gold or oil), currencies,","page_number":61,"box":{"x":116,"y":599,"width":722,"height":12}},{"id":"c7feff0d-9ae1-4ac5-95e6-ddbbebb750fa","block_type":"box","text":"interest rates, credit events or indices (a measure of value or rates, such as the S&P 500 Index or the","page_number":61,"box":{"x":117,"y":614,"width":758,"height":12}},{"id":"6727c156-8f67-4aea-a28e-d87a04a6d341","block_type":"box","text":"prime lending rate) or other reference asset. Derivatives may allow a Fund to increase or decrease the","page_number":61,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"64c9f079-4328-4c35-81a0-245ff6bbbd44","block_type":"box","text":"level of risk to which the Fund is exposed more quickly and efficiently than with other transactions.","page_number":61,"box":{"x":117,"y":645,"width":732,"height":12}},{"id":"a56cb913-cfa3-4bfc-98bb-7f6e75ebcad6","block_type":"box","text":"Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":61,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"68ed0334-0d54-4a9c-9cb9-c0bb5fc61c6c","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is","page_number":61,"box":{"x":116,"y":676,"width":724,"height":12}},{"id":"736b9e56-ab81-44cc-82d2-15687b415ea9","block_type":"box","text":"prohibited by its investment restrictions from purchasing directly. As described below, derivatives can","page_number":61,"box":{"x":117,"y":692,"width":748,"height":12}},{"id":"4b3837b7-f64c-400c-b3e8-f5835394214f","block_type":"box","text":"be used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":61,"box":{"x":117,"y":707,"width":747,"height":12}},{"id":"cb2c894c-9489-43cf-8cc8-627f26a8c4fb","block_type":"box","text":"i.e.","page_number":61,"box":{"x":116,"y":723,"width":20,"height":9}},{"id":"02631ebc-0291-4183-95de-74c7bfd5d0a5","block_type":"box","text":", the payment obligations of derivatives contracts are netted against one another with the Fund","page_number":61,"box":{"x":140,"y":723,"width":701,"height":12}},{"id":"19a79e6c-354f-4c8c-9f2d-742677a7e272","block_type":"box","text":"receiving or paying, as the case may be, only the net amount of the two payment streams.","page_number":61,"box":{"x":117,"y":738,"width":667,"height":12}},{"id":"3d3148fb-b021-43c2-90fe-919ca88e815a","block_type":"box","text":"Hedging.","page_number":61,"box":{"x":116,"y":769,"width":65,"height":12}},{"id":"77380e1c-4711-4860-8247-a2b7cfb451df","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset","page_number":61,"box":{"x":189,"y":769,"width":680,"height":12}},{"id":"98ff9ebe-fee1-4850-b061-9c2d5b4aec8f","block_type":"box","text":"the risks associated with other Fund holdings. Losses on other investments may be substantially","page_number":61,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"34be9e3f-9193-488b-b7fa-5a01ca76743e","block_type":"box","text":"reduced by gains on a derivative that reacts in an opposite manner to market movements. Although","page_number":61,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"30cf6efe-2861-42f6-8fec-c9fe39baf6a8","block_type":"box","text":"hedging may reduce losses, it may also reduce or eliminate gains. In addition, hedging may cause","page_number":61,"box":{"x":117,"y":816,"width":728,"height":12}},{"id":"d56bc69e-b9fc-4f25-bcae-027a167e0f5f","block_type":"box","text":"losses if the market moves in an unanticipated manner, or if the cost of the derivative outweighs the","page_number":61,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"c1c500a2-545d-4c9b-b75d-d2664605a039","block_type":"box","text":"benefit of the hedge. The effectiveness of hedging may be reduced by correlation risk,","page_number":61,"box":{"x":117,"y":847,"width":643,"height":12}},{"id":"aeadb8c1-a086-4b0d-85fc-475969000afa","block_type":"box","text":"i.e.","page_number":61,"box":{"x":761,"y":847,"width":20,"height":9}},{"id":"ecd016b6-9a7a-4f51-ab82-69ff3a22a0f3","block_type":"box","text":",","page_number":61,"box":{"x":784,"y":855,"width":2,"height":3}},{"id":"58705a84-5c56-486e-ad67-47890bedf030","block_type":"box","text":"the risk that","page_number":61,"box":{"x":793,"y":847,"width":91,"height":9}},{"id":"49929b1f-b1e6-4492-adf5-5b6a37a2616a","block_type":"box","text":"changes in the value of the derivative will not match those of the holdings being hedged as expected","page_number":61,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"c5b431f4-b4aa-452f-afc7-f5b83ec9ee87","block_type":"box","text":"by a Fund, which may result in additional losses to the Fund. The inability to close or offset derivatives","page_number":61,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"941e2dc4-0e99-416a-8285-430782085d75","block_type":"box","text":"II-16","page_number":61,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"5e605045-9c58-4a20-98ca-82341af8b197","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":61,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1473fdee-74df-46a8-b01e-55684cd4dfda","block_type":"box","text":"could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging","page_number":62,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"777372c2-243b-4bc4-9189-ebd5ba732017","block_type":"box","text":"will be effective. No Fund is required to use derivatives to hedge.","page_number":62,"box":{"x":116,"y":102,"width":486,"height":13}},{"id":"59f9d5c1-05f8-4305-aadd-55c7de5de683","block_type":"box","text":"Speculation.","page_number":62,"box":{"x":117,"y":131,"width":90,"height":12}},{"id":"7b4f8590-4542-4f70-a02f-38000051b06a","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance","page_number":62,"box":{"x":208,"y":131,"width":638,"height":12}},{"id":"09ffd109-0f16-4ee9-bbed-2793f4fb0a0f","block_type":"box","text":"returns. The use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather","page_number":62,"box":{"x":117,"y":146,"width":753,"height":12}},{"id":"b82bd36e-ad1b-44a2-981b-1ab63a0e4742","block_type":"box","text":"than offset the risk of other positions. To the extent a Fund invests in a derivative for speculative","page_number":62,"box":{"x":116,"y":162,"width":719,"height":12}},{"id":"aef76908-5b02-41cc-bfc7-c723b55c9f92","block_type":"box","text":"purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be","page_number":62,"box":{"x":117,"y":177,"width":769,"height":12}},{"id":"2a3b1b01-f118-4615-aad4-b4f1d9d47f64","block_type":"box","text":"greater than the derivative’s cost, and the potential for loss in certain cases may be unlimited.","page_number":62,"box":{"x":116,"y":193,"width":699,"height":12}},{"id":"f6f77752-d5e4-4d39-9359-1dae655238ad","block_type":"box","text":"Regulation of Derivatives.","page_number":62,"box":{"x":116,"y":227,"width":196,"height":12}},{"id":"d4beac6a-a551-4188-b3ba-296dffd27bcf","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":62,"box":{"x":116,"y":249,"width":352,"height":12}},{"id":"00249122-a0a3-4215-891d-c4c541932b28","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits","page_number":62,"box":{"x":469,"y":249,"width":416,"height":12}},{"id":"e3a2f9de-08a7-4044-a1f4-3945fee4d895","block_type":"box","text":"a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions","page_number":62,"box":{"x":116,"y":265,"width":708,"height":12}},{"id":"d0488acb-7288-47c4-a27d-cd3a2f4f1ea0","block_type":"box","text":"notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":62,"box":{"x":117,"y":280,"width":692,"height":12}},{"id":"4b5012db-ee0e-48fd-ba46-61ad281cf3d3","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits","page_number":62,"box":{"x":117,"y":296,"width":747,"height":12}},{"id":"9e197462-4d99-477f-adfe-7d462786a1f1","block_type":"box","text":"open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing","page_number":62,"box":{"x":116,"y":311,"width":769,"height":12}},{"id":"290bafce-cb89-4904-8dc5-58861ff55f05","block_type":"box","text":"from a bank (subject to a requirement to maintain 300% “asset coverage”).","page_number":62,"box":{"x":116,"y":327,"width":560,"height":12}},{"id":"c63547e4-5cbf-468b-a1a1-4bdbe28a023d","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap","page_number":62,"box":{"x":117,"y":355,"width":761,"height":12}},{"id":"fac8ba75-9086-4bd3-936a-6030ec1b7483","block_type":"box","text":"(including a contract for differences), futures contract, forward contract, option (excluding purchased","page_number":62,"box":{"x":117,"y":370,"width":747,"height":13}},{"id":"cae27a4a-44de-460d-8fbd-a8d9b0165f4d","block_type":"box","text":"options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be","page_number":62,"box":{"x":116,"y":386,"width":764,"height":12}},{"id":"d4891009-b8cd-430e-bcb4-ad9b86b9df70","block_type":"box","text":"required to make any payment or delivery of cash or other assets during the life of the instrument or at","page_number":62,"box":{"x":117,"y":401,"width":763,"height":13}},{"id":"e744adab-afc0-482a-92e5-875ec4a12ca8","block_type":"box","text":"maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale","page_number":62,"box":{"x":117,"y":417,"width":767,"height":12}},{"id":"84d61544-f96d-4b6d-b553-823ab277b05e","block_type":"box","text":"borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and","page_number":62,"box":{"x":117,"y":432,"width":750,"height":13}},{"id":"dad0faf0-496c-4b62-97ae-912e6c9ff9cd","block_type":"box","text":"non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat all of these","page_number":62,"box":{"x":117,"y":448,"width":691,"height":12}},{"id":"af520d81-abe9-4833-9d2d-dcb61813d82c","block_type":"box","text":"transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":62,"box":{"x":116,"y":463,"width":738,"height":13}},{"id":"d999a57a-a639-49fb-8db6-92ef35c953be","block_type":"box","text":"securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and","page_number":62,"box":{"x":116,"y":479,"width":763,"height":12}},{"id":"d8c38e59-786d-4aeb-8a12-b632e22c858a","block_type":"box","text":"dollar rolls) and non-standard settlement cycle securities, unless such transactions meet the Delayed","page_number":62,"box":{"x":116,"y":494,"width":755,"height":13}},{"id":"0407bdec-d498-4886-9e04-82e57a503fc5","block_type":"box","text":"Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed Delivery","page_number":62,"box":{"x":116,"y":510,"width":763,"height":12}},{"id":"61dd9ad4-f6a5-46da-a332-3019e62bf398","block_type":"box","text":"Securities and Forward Commitments”).","page_number":62,"box":{"x":116,"y":525,"width":302,"height":13}},{"id":"e066db36-67d6-461e-8d7c-2b1cb0403fb1","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must","page_number":62,"box":{"x":117,"y":554,"width":759,"height":12}},{"id":"a7e33403-6731-4d55-975f-9b87460d5155","block_type":"box","text":"comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things,","page_number":62,"box":{"x":116,"y":569,"width":744,"height":12}},{"id":"c5adfa5a-2f31-492f-91ef-7c51f6708dce","block_type":"box","text":"requires a Fund to adopt and implement a comprehensive written derivatives risk management","page_number":62,"box":{"x":117,"y":585,"width":708,"height":12}},{"id":"d953ef5c-fb42-4f00-8536-c48ee1bf327b","block_type":"box","text":"program (“DRMP”) and comply with a relative or absolute limit on Fund leverage risk calculated based","page_number":62,"box":{"x":117,"y":600,"width":761,"height":12}},{"id":"480ce8c5-d351-451f-a79f-96c527d89560","block_type":"box","text":"on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed","page_number":62,"box":{"x":116,"y":616,"width":760,"height":12}},{"id":"819f2f85-d24a-4b90-8d10-79b0b9f9bd3c","block_type":"box","text":"by the Fund’s Board, including a majority of the independent Directors, and periodically reviews the","page_number":62,"box":{"x":117,"y":631,"width":739,"height":12}},{"id":"bb139599-4be3-47c6-a04f-c2f8a221cb39","block_type":"box","text":"DRMP and reports to the Fund’s Board.","page_number":62,"box":{"x":117,"y":647,"width":299,"height":12}},{"id":"3c8f4bb3-e239-4dcb-94c5-005b43b20b72","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":62,"box":{"x":117,"y":675,"width":758,"height":12}},{"id":"831de3bf-72dc-461d-88ad-aec394b28a9f","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4)","page_number":62,"box":{"x":116,"y":690,"width":754,"height":13}},{"id":"2cd1e848-5d68-40ad-8f84-5377fdf6150c","block_type":"box","text":"and the Fund adopts and implements written policies and procedures reasonably designed to manage","page_number":62,"box":{"x":116,"y":706,"width":758,"height":12}},{"id":"25a2d0eb-5c1e-4c9b-9c5b-3e7ddebf8040","block_type":"box","text":"its derivatives risks (the “Limited Derivatives User Exception”).","page_number":62,"box":{"x":117,"y":721,"width":459,"height":13}},{"id":"120a682f-eeeb-4606-9f3e-59484712663a","block_type":"box","text":"Dodd-Frank Regulations","page_number":62,"box":{"x":116,"y":756,"width":182,"height":12}},{"id":"801b9786-e58b-45b1-b736-2ad29bc3deea","block_type":"box","text":". The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd","page_number":62,"box":{"x":299,"y":756,"width":564,"height":12}},{"id":"eb7affb8-c6ba-410c-a4dc-1a2ae931ef52","block_type":"box","text":"Frank”), enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter","page_number":62,"box":{"x":117,"y":772,"width":754,"height":12}},{"id":"29f76e09-11dd-41cc-be3a-123c049ec2cc","block_type":"box","text":"(“OTC”) derivatives markets for the first time. While the Commodity Futures Trading Commission","page_number":62,"box":{"x":117,"y":787,"width":716,"height":12}},{"id":"d870022d-a1c8-4487-a5a7-3791557f51ae","block_type":"box","text":"(“CFTC”) and other U.S. regulators have adopted many of the required Dodd-Frank regulations, certain","page_number":62,"box":{"x":117,"y":803,"width":764,"height":12}},{"id":"9b72999d-0d1a-4905-b848-cba29dbaef65","block_type":"box","text":"regulations have only recently become effective and other regulations remain to be adopted. The full","page_number":62,"box":{"x":117,"y":818,"width":743,"height":12}},{"id":"98dc4544-9da4-48dd-b0c0-b79c09d3d629","block_type":"box","text":"impact of Dodd-Frank on the Funds remains uncertain.","page_number":62,"box":{"x":117,"y":834,"width":411,"height":12}},{"id":"ebf54cf3-876f-4208-9615-5feb51fec3f3","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the","page_number":62,"box":{"x":117,"y":862,"width":770,"height":12}},{"id":"cd161c8a-ff68-4bf8-8c6e-a9e5ebfc7da8","block_type":"box","text":"SEC as “security-based swap dealers”. Registered swap dealers and security-based swap dealers are","page_number":62,"box":{"x":116,"y":877,"width":765,"height":12}},{"id":"6f263b5e-214c-4416-8d79-db6bc36b878e","block_type":"box","text":"II-17","page_number":62,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b034db41-5434-45ba-ab6d-b99ee158381a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":62,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f2e94e6c-4819-4417-a748-09f767f8e7e6","block_type":"box","text":"subject to various regulatory requirements, including, but not limited to, margin, recordkeeping,","page_number":63,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"c3904636-0d08-4162-acb4-4de5199a3927","block_type":"box","text":"reporting, transparency, position limits, limitations on conflicts of interest, business conduct standards,","page_number":63,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"7c262fe2-7bf7-4613-a457-737e0ac8f491","block_type":"box","text":"minimum capital requirements and other regulatory requirements, which indirectly impact the Funds","page_number":63,"box":{"x":117,"y":118,"width":743,"height":12}},{"id":"91c70e5b-e755-4390-9b38-b51a31e658b8","block_type":"box","text":"that enter into transactions with them.","page_number":63,"box":{"x":116,"y":134,"width":284,"height":9}},{"id":"df399972-7c3a-4fbe-a476-bb6c900cfa02","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed","page_number":63,"box":{"x":116,"y":165,"width":761,"height":11}},{"id":"e7b6e8a8-8799-4bdb-9c8d-f69206223551","block_type":"box","text":"in regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also","page_number":63,"box":{"x":117,"y":180,"width":719,"height":12}},{"id":"c1298caa-1de8-4275-a4d2-2c04cf2e6afe","block_type":"box","text":"expected to impose similar requirements on certain security-based derivatives in the future. OTC","page_number":63,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"9d28fd14-a0a9-466a-a333-b02a1d665e1e","block_type":"box","text":"derivatives trades submitted for clearing are subject to minimum initial and variation margin","page_number":63,"box":{"x":116,"y":211,"width":681,"height":12}},{"id":"9a8c3b84-0fba-4b52-a54e-71fca7bb5b12","block_type":"box","text":"requirements set by the relevant clearinghouse, as well as margin requirements mandated by the","page_number":63,"box":{"x":117,"y":227,"width":726,"height":12}},{"id":"2ea3e431-88c1-459e-8c86-61c2f0d99661","block_type":"box","text":"CFTC, SEC and/or federal prudential regulators. In addition, futures commission merchants (“FCMs”),","page_number":63,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"d4bae96f-be42-4479-91ec-fb413d63300e","block_type":"box","text":"who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":63,"box":{"x":116,"y":258,"width":697,"height":12}},{"id":"41fb2c11-8a2b-4659-9312-13fed5417814","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond","page_number":63,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"b9e75182-6163-4f2d-b80c-48a5865c38e7","block_type":"box","text":"any regulatory and clearinghouse minimums subject to any restrictions on such discretion in the","page_number":63,"box":{"x":116,"y":289,"width":715,"height":12}},{"id":"e2573ef1-8458-48f6-aebc-a64465e41a0f","block_type":"box","text":"documentation between the FCM and the customer. These regulatory requirements may make it more","page_number":63,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"a32acf98-3b18-495d-abf2-642297036b67","block_type":"box","text":"difficult and costly for the Funds to enter into highly tailored or customized transactions, potentially","page_number":63,"box":{"x":116,"y":320,"width":733,"height":12}},{"id":"8248b0a0-175c-4976-92da-0acafd5911ba","block_type":"box","text":"rendering certain investment strategies impossible or not economically feasible. If a Fund decides to","page_number":63,"box":{"x":117,"y":335,"width":747,"height":12}},{"id":"ea69c16a-c58f-482e-8b1e-6196e7445645","block_type":"box","text":"execute and clear cleared OTC derivatives and/or futures contracts through execution facilities,","page_number":63,"box":{"x":116,"y":351,"width":712,"height":12}},{"id":"c5cfcd10-837a-4d1a-95f0-2818b046fad0","block_type":"box","text":"exchanges or clearinghouses, either indirectly through an executing broker, clearing member FCM or","page_number":63,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"c6e77757-73f2-4967-8754-ce596db00182","block_type":"box","text":"as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":63,"box":{"x":116,"y":382,"width":709,"height":12}},{"id":"1ada30ac-c707-4260-a4f7-7f8cf6ab9bc5","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":63,"box":{"x":116,"y":397,"width":397,"height":12}},{"id":"c9f022b0-7e30-4320-b603-9f9031909264","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not","page_number":63,"box":{"x":116,"y":428,"width":753,"height":12}},{"id":"53e9f744-7ca6-43f5-863a-3e7db94e408d","block_type":"box","text":"face a clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/","page_number":63,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"c30d8b4f-696a-44ff-8f33-5fbf78a9330c","block_type":"box","text":"or SEC and that acts as a clearing member. A Fund may face the indirect risk of the failure of another","page_number":63,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"8190eb03-52b0-47e5-87fe-10a256cce23e","block_type":"box","text":"clearing member customer to meet its obligations to its clearing member. Such scenario could arise","page_number":63,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"d8c9792f-af0e-42d8-97ba-59efcde6a230","block_type":"box","text":"due to a default by the clearing member on its obligations to the clearinghouse simultaneously with a","page_number":63,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"9ff15edd-1955-49c2-95f5-627b6b4e6538","block_type":"box","text":"customer’s failure to meet its obligations to the clearing member.","page_number":63,"box":{"x":116,"y":506,"width":485,"height":12}},{"id":"7a6ccf61-d7d5-4b6a-8027-8ddb517ce702","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they","page_number":63,"box":{"x":117,"y":537,"width":742,"height":12}},{"id":"c669803e-25b3-421d-8a1b-df9fbaadd1b1","block_type":"box","text":"clear their customers’ cleared OTC derivatives and futures contracts, instead of using such initial","page_number":63,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"ec0b2449-0377-49da-80b1-c7c13ee8b281","block_type":"box","text":"margin in their businesses, as was widely permitted for OTC derivatives before Dodd-Frank. While an","page_number":63,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"aad1ef2b-3d63-49a1-a7b5-56c180e21e45","block_type":"box","text":"FCM may require its customer to post initial margin in excess of clearinghouse requirements, and","page_number":63,"box":{"x":117,"y":583,"width":727,"height":12}},{"id":"34cf1c60-af7f-4378-9a54-eefbeddc4336","block_type":"box","text":"certain clearinghouses may share a portion of their earnings on initial margin with their clearing","page_number":63,"box":{"x":116,"y":599,"width":710,"height":12}},{"id":"5047a39b-9c96-460f-8570-71f1e4a74a4a","block_type":"box","text":"members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":63,"box":{"x":117,"y":614,"width":722,"height":12}},{"id":"ad29c1ef-d455-4961-8b0c-3f1b3a9ea787","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial","page_number":63,"box":{"x":116,"y":630,"width":722,"height":12}},{"id":"9aadb836-f007-44a3-834d-c0f12633bae1","block_type":"box","text":"margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives","page_number":63,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"be2a4a64-0c6d-4ad9-a6b9-fd5f067660f9","block_type":"box","text":"may cause FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives","page_number":63,"box":{"x":117,"y":661,"width":747,"height":12}},{"id":"27c63a40-3d0e-409c-abf9-2985d4ed7a9e","block_type":"box","text":"than swap dealers will provide for non-cleared OTC derivatives. Furthermore, customers, including the","page_number":63,"box":{"x":116,"y":676,"width":760,"height":12}},{"id":"886110d2-85f8-458d-a0cf-8bca49c8c72e","block_type":"box","text":"Funds, are subject to additional fees payable to FCMs with respect to cleared OTC derivatives, which","page_number":63,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"bf05abee-27c1-4b1a-b57e-3b5da08d3351","block_type":"box","text":"may raise the cost to Funds of clearing as compared to trading non-cleared OTC derivatives bilaterally.","page_number":63,"box":{"x":117,"y":707,"width":763,"height":12}},{"id":"eb684799-6c14-4749-a7a3-70cb30e51b04","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are","page_number":63,"box":{"x":116,"y":738,"width":710,"height":12}},{"id":"327f650d-f66b-46d3-b0bf-6cd156fe591b","block_type":"box","text":"required to exchange variation margin with a Fund and may be required by applicable regulations to","page_number":63,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"fd6c6c73-48b3-4935-8a3c-0ddda6e7debe","block_type":"box","text":"collect (and in some cases exchange) initial margin with a Fund. Both initial and variation margin may","page_number":63,"box":{"x":116,"y":769,"width":752,"height":12}},{"id":"8e63008f-2df6-40ae-937b-4057f62c1357","block_type":"box","text":"be comprised of cash and/or securities, subject to applicable regulatory haircuts and other restrictions.","page_number":63,"box":{"x":117,"y":785,"width":757,"height":12}},{"id":"bf2e4a69-bf38-443e-ab4e-a10112aeca34","block_type":"box","text":"Shares of investment companies (other than certain money market funds) may not be posted as","page_number":63,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"05f3ccb8-154f-4794-be2c-fec5733a92d3","block_type":"box","text":"collateral under applicable regulations.","page_number":63,"box":{"x":116,"y":816,"width":285,"height":12}},{"id":"ae71ca1f-4b43-4708-aaf9-39bbfa283939","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to","page_number":63,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"871d3883-3139-4ac2-ae7f-d9c29617459e","block_type":"box","text":"evaluate and monitor) speculative position limits (“position limits”) on the maximum speculative position","page_number":63,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"d88fed59-e33e-4b01-94b0-bfe254e3d31d","block_type":"box","text":"which any person, or group of persons acting in concert, may hold or control in particular contracts. In","page_number":63,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"35fbf8b7-6ed4-4b92-9336-e7a956769b9c","block_type":"box","text":"II-18","page_number":63,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"704bf3d7-7cb8-4b2b-bf2d-9d057531ab96","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":63,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0941d793-2401-4299-9070-40738b870034","block_type":"box","text":"addition, U.S. federal position limits apply to swaps that are economically equivalent to futures","page_number":64,"box":{"x":116,"y":87,"width":703,"height":12}},{"id":"9bcca0d4-125c-4398-9b3d-c63dbdadadd5","block_type":"box","text":"contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by","page_number":64,"box":{"x":116,"y":103,"width":758,"height":12}},{"id":"c09ffc26-6693-4984-a390-569f87a72885","block_type":"box","text":"the same person or entity, even if in different accounts, must be aggregated for purposes of complying","page_number":64,"box":{"x":116,"y":118,"width":766,"height":12}},{"id":"57b22c0b-658c-4710-affb-836e9b2225c5","block_type":"box","text":"with the speculative limits. Thus, even if a Fund does not intend to exceed applicable position limits, it","page_number":64,"box":{"x":116,"y":134,"width":758,"height":11}},{"id":"51998584-1bc7-4cd2-a8c9-7b36f62aceed","block_type":"box","text":"is possible that different clients managed by the Manager and its affiliates may be aggregated for this","page_number":64,"box":{"x":117,"y":149,"width":755,"height":12}},{"id":"2f9d0c30-315e-46b2-93b7-3874daeb2b8e","block_type":"box","text":"purpose. Therefore, the trading decisions of the Manager may have to be modified and positions held","page_number":64,"box":{"x":117,"y":165,"width":757,"height":12}},{"id":"fb8d018b-1ae1-48e6-a0a6-9f191239a2b3","block_type":"box","text":"by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions","page_number":64,"box":{"x":117,"y":180,"width":757,"height":12}},{"id":"2f154b27-4e46-4f5a-ba8f-86930b0ed033","block_type":"box","text":"or the elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A","page_number":64,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"f9c1c515-3179-4aba-8db1-8c4ae2db7cf0","block_type":"box","text":"violation of position limits could also lead to regulatory action materially adverse to a Fund’s investment","page_number":64,"box":{"x":116,"y":211,"width":770,"height":12}},{"id":"296e5fdd-a7a8-44e4-a189-35cc3b436ad7","block_type":"box","text":"strategy. A Fund may also be affected by other regimes, including those of the European Union and","page_number":64,"box":{"x":116,"y":227,"width":746,"height":12}},{"id":"d1f3aba4-72b1-47d3-99d1-a00be6feeea9","block_type":"box","text":"United Kingdom, and trading venues that impose position limits on commodity derivative contracts.","page_number":64,"box":{"x":117,"y":242,"width":737,"height":12}},{"id":"42b19b1c-4750-49e9-a510-0617fa4e30ce","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":64,"box":{"x":115,"y":273,"width":269,"height":12}},{"id":"9da62684-565b-4a73-8865-170d556a3517","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed,","page_number":64,"box":{"x":386,"y":273,"width":489,"height":12}},{"id":"4f855507-5c36-454b-a3fc-c3a01866ea3f","block_type":"box","text":"or may propose in the future, legislation similar to Dodd-Frank or other legislation that could increase","page_number":64,"box":{"x":116,"y":289,"width":753,"height":12}},{"id":"3f2c36b7-c4c8-4d1b-a014-097e6ded7298","block_type":"box","text":"the costs of participating in, or otherwise adversely impact the liquidity of, participating in the","page_number":64,"box":{"x":116,"y":304,"width":689,"height":12}},{"id":"434bc333-5f99-420c-afd5-0970d4aacb99","block_type":"box","text":"commodities markets. For example, the European Market Infrastructure Regulation (Regulation (EU)","page_number":64,"box":{"x":116,"y":320,"width":752,"height":12}},{"id":"5478315f-b414-4e12-a13c-f1ad8ff28051","block_type":"box","text":"No 648/2012) (“EMIR”) introduced certain requirements in respect of OTC derivatives including:(i) the","page_number":64,"box":{"x":117,"y":335,"width":757,"height":12}},{"id":"40d8cfb0-777e-4b5e-bb20-7d96bd1423dc","block_type":"box","text":"mandatory clearing of OTC derivative contracts declared subject to the clearing obligation; (ii) risk","page_number":64,"box":{"x":117,"y":351,"width":728,"height":12}},{"id":"1290afa1-2b85-4123-bf7b-ebfd5a97c818","block_type":"box","text":"mitigation techniques in respect of uncleared OTC derivative contracts, including the mandatory","page_number":64,"box":{"x":117,"y":366,"width":714,"height":12}},{"id":"15d55b0c-bf0b-414b-a9ca-09886716f3ca","block_type":"box","text":"margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping requirements in","page_number":64,"box":{"x":117,"y":382,"width":765,"height":12}},{"id":"08937da9-550e-41d2-a0b0-557f6f98b29b","block_type":"box","text":"respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":64,"box":{"x":117,"y":397,"width":703,"height":12}},{"id":"ed281543-35ea-4e1d-8995-2ae7d50cdb88","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments","page_number":64,"box":{"x":117,"y":413,"width":688,"height":12}},{"id":"2f45d57c-e90b-42f7-bd7d-939f2da65dde","block_type":"box","text":"Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), which have applied since January 3,","page_number":64,"box":{"x":117,"y":428,"width":753,"height":12}},{"id":"bddc6b81-b614-465b-9205-badf8a05403c","block_type":"box","text":"2018, govern the provision of investment services and activities in relation to, as well as the organized","page_number":64,"box":{"x":116,"y":444,"width":762,"height":12}},{"id":"ec7cf27c-1f2d-4767-96bb-ca68d6e07ca4","block_type":"box","text":"trading of, financial instruments such as shares, bonds, units in collective investment schemes and","page_number":64,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"b65c24cd-73b2-4680-8236-fd1db60228e0","block_type":"box","text":"derivatives. In particular, MiFID II requires European Union Member States to apply position limits to","page_number":64,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"a0c00542-b6d4-4e11-abf6-20a39f59188d","block_type":"box","text":"the size of a net position a person can hold at any time in commodity derivatives traded on European","page_number":64,"box":{"x":116,"y":490,"width":754,"height":12}},{"id":"8ffa9d99-8128-473e-b700-eca666f7f86f","block_type":"box","text":"Union trading venues and in “economically equivalent” OTC contracts. If the requirements of EMIR and","page_number":64,"box":{"x":117,"y":506,"width":769,"height":12}},{"id":"e3abf96c-58c6-4ec0-8383-9f7c9b8c54c7","block_type":"box","text":"MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":64,"box":{"x":117,"y":521,"width":557,"height":12}},{"id":"2e909dad-b9aa-4756-a5e5-0e868a4ba09c","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain","page_number":64,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"18a39e7f-7214-45b7-87b5-60d514195b6c","block_type":"box","text":"prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to","page_number":64,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"96cedd58-2958-4cf6-897b-6c7dabf22a16","block_type":"box","text":"include in their derivatives contracts and certain other financial contracts, terms that delay or restrict","page_number":64,"box":{"x":117,"y":583,"width":745,"height":12}},{"id":"b5f1b95a-93be-419a-84d5-9fa27b836a07","block_type":"box","text":"the rights of counterparties (such as the Funds) to terminate such contracts, foreclose upon collateral,","page_number":64,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"41360ff5-9276-407b-b689-2bc46acde1f1","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the prudentially","page_number":64,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"1d3be679-1225-440c-b7e6-c4f9ac0f3dc1","block_type":"box","text":"regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings.","page_number":64,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"6d765ae7-444e-4589-bce4-347684b549c3","block_type":"box","text":"Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to a Fund’s","page_number":64,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"3fed1224-ec97-4c41-bab0-a2c4684e2dcd","block_type":"box","text":"counterparties located in those jurisdictions. In particular, in the United Kingdom and the European","page_number":64,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"7082336c-d7d9-470a-9fd5-328a694b0f33","block_type":"box","text":"Union, governmental authorities could reduce, eliminate or convert to equity the liabilities to a Fund of","page_number":64,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"4256bc3b-434a-4972-b460-f13bdb8e563b","block_type":"box","text":"a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":64,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"0752320d-22fe-4def-bd28-0106f5e62830","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely","page_number":64,"box":{"x":116,"y":707,"width":726,"height":12}},{"id":"c40fe032-468c-4b88-9724-587246f80e88","block_type":"box","text":"affect a Fund’s ability to terminate existing derivatives contracts, exercise default rights or satisfy","page_number":64,"box":{"x":116,"y":723,"width":716,"height":12}},{"id":"5c9d7ae3-9c57-442e-99ff-e0b97fc452e6","block_type":"box","text":"obligations owed to it with collateral received under such contracts.","page_number":64,"box":{"x":116,"y":738,"width":496,"height":12}},{"id":"de4c4abd-0363-40d0-ac75-9b6fe8d19092","block_type":"box","text":"Risk Factors in Derivatives.","page_number":64,"box":{"x":116,"y":777,"width":202,"height":9}},{"id":"b5233976-ff93-412f-b05f-3ab43835ec63","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":64,"box":{"x":116,"y":808,"width":620,"height":12}},{"id":"94dd8fdc-488b-4f40-815c-030025ce0d5f","block_type":"box","text":"Correlation Risk —","page_number":64,"box":{"x":117,"y":831,"width":123,"height":10}},{"id":"da9e8358-677f-49c1-b528-b8935bd65882","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the","page_number":64,"box":{"x":240,"y":831,"width":631,"height":12}},{"id":"c63b286e-7bb7-461a-b8ae-77724995cbe4","block_type":"box","text":"value of the portfolio holdings that are being hedged or of the particular market or security to which the","page_number":64,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"9a9a1d6a-ec57-4202-9b91-8a3b028160b3","block_type":"box","text":"Fund seeks exposure. There are a number of factors which may prevent a derivative instrument from","page_number":64,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"9e88bcd1-352e-469e-afc4-375df7e65446","block_type":"box","text":"achieving the desired correlation (or inverse correlation) with an underlying asset, rate or index, such","page_number":64,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"b418c68a-73f7-4810-b807-eb3e41d01bec","block_type":"box","text":"II-19","page_number":64,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c867bbea-9803-430f-bec6-036140a58aec","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":64,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"93998af3-b871-44fa-8277-7b6cc7b118a2","block_type":"box","text":"as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity","page_number":65,"box":{"x":116,"y":87,"width":772,"height":12}},{"id":"381ddf7c-9407-43a2-bf5c-890f5e889f65","block_type":"box","text":"in the markets for such derivative instrument.","page_number":65,"box":{"x":117,"y":102,"width":338,"height":10}},{"id":"129baa0c-2bdc-416d-a9ff-31011a2fcb12","block_type":"box","text":"Counterparty Risk —","page_number":65,"box":{"x":117,"y":134,"width":138,"height":12}},{"id":"99c105ce-3f20-4aaf-97d2-42bfde0f7a54","block_type":"box","text":"—","page_number":65,"box":{"x":255,"y":139,"width":22,"height":4}},{"id":"dbbda1ef-276c-460e-bead-f1b55ea28e0d","block_type":"box","text":"the risk that a derivatives transaction counterparty will be unable or unwilling to","page_number":65,"box":{"x":277,"y":134,"width":590,"height":12}},{"id":"ea3f284d-50b0-4239-a115-731b7542cc35","block_type":"box","text":"make payments or otherwise honor its obligations to a Fund and the related risks of having","page_number":65,"box":{"x":117,"y":149,"width":678,"height":12}},{"id":"97b51340-354b-4cf6-bfd0-b1e042461924","block_type":"box","text":"concentrated exposure to such a counterparty. In particular, derivatives traded in OTC markets often","page_number":65,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"8d6fca3b-2d1a-482e-a2c1-634b2efc89db","block_type":"box","text":"are not guaranteed by an exchange or clearing corporation and often do not require payment of","page_number":65,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"8468fccc-8748-4053-989f-36f435afe000","block_type":"box","text":"margin, and to the extent that the Fund has unrealized gains in such instruments or has deposited","page_number":65,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"31700a1a-3f79-4de4-af61-a25730ec7d03","block_type":"box","text":"collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or","page_number":65,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"95c10a31-a77e-4900-bcff-2b6a4480fbfc","block_type":"box","text":"otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":65,"box":{"x":116,"y":227,"width":750,"height":12}},{"id":"52dca38c-9743-4536-896b-ffb0dde30411","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or","page_number":65,"box":{"x":116,"y":242,"width":768,"height":12}},{"id":"6b8e9ab5-b4d7-4a1b-885e-1a73fc3eadf3","block_type":"box","text":"that have provided the Fund with a third-party guaranty or other credit support. When a Fund enters","page_number":65,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"88665e36-6312-459b-b84b-52b926f6b9d2","block_type":"box","text":"into a derivatives transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is","page_number":65,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"585ba85d-3200-4658-bd13-44484338f2cc","block_type":"box","text":"subject to the credit risk of the clearing house and the clearing member through which it holds its","page_number":65,"box":{"x":116,"y":289,"width":722,"height":12}},{"id":"1a4ef5e7-126e-4a42-8b24-1e8fd5e1ed77","block_type":"box","text":"cleared position. Credit risk of market participants with respect to derivatives that are centrally cleared","page_number":65,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"c11b58b5-2d36-43c9-8a8f-edb9c2a82041","block_type":"box","text":"is concentrated in a few clearing houses and increasingly fewer clearing members. It is not clear how","page_number":65,"box":{"x":117,"y":320,"width":754,"height":12}},{"id":"cf094d2a-2332-4f03-a324-ecc68af7a562","block_type":"box","text":"an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a","page_number":65,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"86ae542a-93c3-4462-aed4-f35d47a1781e","block_type":"box","text":"clearing house would have on the financial system. Also, a Fund will not be fully protected in the event","page_number":65,"box":{"x":116,"y":351,"width":764,"height":12}},{"id":"a73f6e6d-c254-4c66-a0f0-476cab42df78","block_type":"box","text":"of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":65,"box":{"x":116,"y":366,"width":768,"height":12}},{"id":"7efd4716-f708-4945-8ae1-19f897e4cf17","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for","page_number":65,"box":{"x":117,"y":382,"width":747,"height":12}},{"id":"359a03dd-4ce2-44d0-ba36-371693ffd912","block_type":"box","text":"cleared derivatives. Although a clearing member is required to segregate assets from customers with","page_number":65,"box":{"x":116,"y":397,"width":755,"height":12}},{"id":"f145f78d-e389-4f8d-a08c-697412f16bf0","block_type":"box","text":"respect to cleared derivatives positions from the clearing member’s proprietary assets, if a clearing","page_number":65,"box":{"x":117,"y":413,"width":736,"height":12}},{"id":"54216f55-51ad-4672-b342-5b34e0bfae76","block_type":"box","text":"member does not comply with the applicable regulations, or in the event of fraud or misappropriation of","page_number":65,"box":{"x":117,"y":428,"width":768,"height":12}},{"id":"817d9b4c-9fbe-45d1-b022-b17eee58f9d2","block_type":"box","text":"customer assets by a clearing member, a Fund could have only an unsecured creditor claim in an","page_number":65,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"74bd9da5-cf6c-45bc-98ac-f4f97d9b379a","block_type":"box","text":"insolvency of the clearing member with respect to the assets held by the clearing member.","page_number":65,"box":{"x":117,"y":459,"width":675,"height":12}},{"id":"3f8a9b7a-e93e-4348-958f-e41989f37c07","block_type":"box","text":"Credit Risk —","page_number":65,"box":{"x":117,"y":490,"width":86,"height":10}},{"id":"c866d39f-5f42-4b59-b081-2a1e3db60b7e","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be","page_number":65,"box":{"x":203,"y":490,"width":668,"height":12}},{"id":"b911bf74-b5b7-4034-a01f-8ea240f6d495","block_type":"box","text":"able to honor its financial obligations.","page_number":65,"box":{"x":116,"y":506,"width":280,"height":12}},{"id":"0301c9d6-cb84-42aa-b72c-1805e2f0e122","block_type":"box","text":"Currency Risk —","page_number":65,"box":{"x":117,"y":537,"width":109,"height":12}},{"id":"45f7ba59-95c7-40fd-88f1-77676a713c6b","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely","page_number":65,"box":{"x":226,"y":537,"width":625,"height":12}},{"id":"2546f644-c286-4cff-8784-3a55963174ce","block_type":"box","text":"affect the value (in U.S. dollar terms) of a derivative.","page_number":65,"box":{"x":116,"y":552,"width":392,"height":12}},{"id":"7952cd15-97a7-4715-8b85-5362401c9ed8","block_type":"box","text":"Illiquidity Risk —","page_number":65,"box":{"x":117,"y":583,"width":105,"height":12}},{"id":"4c88e42f-e58b-4251-b109-d4fbc0135ee3","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at","page_number":65,"box":{"x":222,"y":583,"width":644,"height":12}},{"id":"2167ff05-5ef2-4f61-9442-fc829a373c54","block_type":"box","text":"the time or at the price desired by a Fund in connection with payments of margin, collateral, or","page_number":65,"box":{"x":116,"y":599,"width":703,"height":12}},{"id":"f1726573-0365-48eb-a765-5e2c08204a48","block_type":"box","text":"settlement payments. There can be no assurance that a Fund will be able to unwind or offset a","page_number":65,"box":{"x":116,"y":614,"width":708,"height":12}},{"id":"42351c24-224c-4373-b18f-3b443b139621","block_type":"box","text":"derivative at its desired price, in a secondary market or otherwise. It may, therefore, not be possible for","page_number":65,"box":{"x":116,"y":630,"width":768,"height":12}},{"id":"894064d6-c055-48ce-a7d2-855a1baea5fb","block_type":"box","text":"the Fund to unwind its position in a derivative without incurring substantial losses (if at all). Certain","page_number":65,"box":{"x":116,"y":645,"width":733,"height":12}},{"id":"8228d822-6710-48ec-b079-5927dbdd883d","block_type":"box","text":"OTC derivatives, including swaps and OTC options, involve substantial illiquidity risk. Illiquidity may","page_number":65,"box":{"x":116,"y":661,"width":736,"height":12}},{"id":"40eb80e6-ca72-4c2e-a909-dd10168f97fb","block_type":"box","text":"also make it more difficult for a Fund to ascertain a market value for such derivatives. A Fund will,","page_number":65,"box":{"x":116,"y":676,"width":723,"height":11}},{"id":"22dbcfa3-e240-481e-8e85-4b4f47208004","block_type":"box","text":"therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":65,"box":{"x":116,"y":692,"width":719,"height":12}},{"id":"0ec4daaf-411a-4f23-8d2f-efff75f9fced","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":65,"box":{"x":117,"y":707,"width":757,"height":12}},{"id":"10345c1b-751e-4c34-ae0b-cfcfe754ef36","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or","page_number":65,"box":{"x":116,"y":723,"width":751,"height":12}},{"id":"18e61231-6386-48ce-8641-5c495b008274","block_type":"box","text":"offers, unless a quotation from only one dealer is available, in which case that dealer’s quotation may","page_number":65,"box":{"x":116,"y":738,"width":751,"height":12}},{"id":"dceedb04-48cb-47e3-aa86-5a1742435369","block_type":"box","text":"be used. The illiquidity of the derivatives markets may be due to various factors, including congestion,","page_number":65,"box":{"x":117,"y":754,"width":752,"height":12}},{"id":"77e0bba9-422d-48de-bba9-346aad1f833b","block_type":"box","text":"disorderly markets, limitations on deliverable supplies, the participation of speculators, government","page_number":65,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"1d80f219-f12a-49bd-a6dc-d9b415f6d2f7","block_type":"box","text":"regulation and intervention, and technical and operational or system failures. In addition, the liquidity of","page_number":65,"box":{"x":117,"y":785,"width":763,"height":12}},{"id":"a6458afb-89ef-48de-83dc-fbdccd509246","block_type":"box","text":"a market in an exchange-traded derivative contract may be adversely affected by “daily price","page_number":65,"box":{"x":116,"y":800,"width":688,"height":12}},{"id":"a473d052-20cf-4412-9959-72d7a335cfd4","block_type":"box","text":"fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":65,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"7a482d98-8dbe-478c-a1db-283c7483c481","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract,","page_number":65,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"d5d18d24-fb6c-4263-87df-0529903dbc29","block_type":"box","text":"no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":65,"box":{"x":117,"y":847,"width":717,"height":12}},{"id":"fe046cd2-d055-489e-9b40-56886f98d6b8","block_type":"box","text":"positions. Prices have in the past moved to the daily limit on a number of consecutive trading days with","page_number":65,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"6e818855-fe8e-479b-a8f9-b7ff5564c716","block_type":"box","text":"little to no trading. If it is not possible to close an open derivative position entered into by the Fund, the","page_number":65,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"91a16edf-d7cf-42db-b6d9-385977466887","block_type":"box","text":"II-20","page_number":65,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a5e41ab0-10b7-40ec-8a10-c7976cf8f156","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":65,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8b488459-49fa-42ee-8cfd-47a4b3ab7984","block_type":"box","text":"Fund would continue to be required to make daily cash payments of variation margin in the event of","page_number":66,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"4d5ab428-cfba-418a-a3b1-7dfe76496446","block_type":"box","text":"adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell","page_number":66,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"084cd53e-4f88-447d-86b2-1d84375b4ce9","block_type":"box","text":"portfolio securities to meet daily variation margin requirements at a time when it may be","page_number":66,"box":{"x":117,"y":118,"width":654,"height":12}},{"id":"cd6d1f65-4430-420d-a6f4-900c86726d97","block_type":"box","text":"disadvantageous to do so.","page_number":66,"box":{"x":116,"y":134,"width":201,"height":12}},{"id":"d9b0b273-9575-43dc-8479-0330c7d3a3c5","block_type":"box","text":"Index Risk —","page_number":66,"box":{"x":117,"y":163,"width":82,"height":10}},{"id":"6c4009ea-dec9-466c-8c3c-469313e268c1","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks","page_number":66,"box":{"x":199,"y":163,"width":651,"height":12}},{"id":"9f76c395-6896-4514-8435-c081bae3dd89","block_type":"box","text":"associated with changes in that index. If the index changes, the Fund could receive lower interest","page_number":66,"box":{"x":116,"y":179,"width":728,"height":12}},{"id":"e9413471-2be8-4578-9ab0-822a1303efbb","block_type":"box","text":"payments or experience a reduction in the value of the derivative to below the price that the Fund paid","page_number":66,"box":{"x":117,"y":194,"width":762,"height":12}},{"id":"06a2d78d-42e6-4241-b0a9-48066a1277df","block_type":"box","text":"for such derivative.","page_number":66,"box":{"x":116,"y":210,"width":146,"height":9}},{"id":"a092f389-c86d-4a57-beb6-d59b12414d00","block_type":"box","text":"Legal Risk","page_number":66,"box":{"x":116,"y":240,"width":79,"height":12}},{"id":"d52df902-3bc4-458f-8e9d-d4b9d78dbce2","block_type":"box","text":"k — the risk of insufficient documentation, insufficient capacity or authority of counterparty, or","page_number":66,"box":{"x":194,"y":240,"width":689,"height":12}},{"id":"4a5a37c8-cae5-424f-99a7-aabc51231246","block_type":"box","text":"legality or enforceability of a contract.","page_number":66,"box":{"x":117,"y":255,"width":281,"height":12}},{"id":"29e934a0-fcb4-4093-a700-ee1f8e955583","block_type":"box","text":"Leverage Risk —","page_number":66,"box":{"x":116,"y":285,"width":112,"height":12}},{"id":"b5b8a5eb-fc20-4d72-a092-6e046bb476b0","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and","page_number":66,"box":{"x":228,"y":285,"width":619,"height":12}},{"id":"7e1e6ba1-b9d0-4969-9ea5-d1e1431c1e06","block_type":"box","text":"losses. Relatively small market movements may result in large changes in the value of a derivatives","page_number":66,"box":{"x":117,"y":300,"width":744,"height":12}},{"id":"785677d2-707d-47a3-943d-5ceec2681e44","block_type":"box","text":"position and can result in losses that greatly exceed the amount originally invested.","page_number":66,"box":{"x":117,"y":316,"width":621,"height":12}},{"id":"e85952c9-0053-42c9-b564-24984d36eaeb","block_type":"box","text":"Market Risk —","page_number":66,"box":{"x":116,"y":346,"width":93,"height":9}},{"id":"4d4323fd-1853-48bf-9c1a-249ca6dbb4ff","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to","page_number":66,"box":{"x":209,"y":346,"width":653,"height":12}},{"id":"696c474c-087b-4ff0-bf5c-2364997a8ead","block_type":"box","text":"the value of the underlying asset will adversely affect the value of a derivative. In the event of an","page_number":66,"box":{"x":116,"y":361,"width":719,"height":12}},{"id":"fbe9dd14-1153-4a50-b690-8b41edf6da8d","block_type":"box","text":"adverse movement, a Fund may be required to pay substantial additional margin to maintain its","page_number":66,"box":{"x":116,"y":377,"width":713,"height":12}},{"id":"ed825bd7-ae7b-4c57-807b-89f978ee6ca8","block_type":"box","text":"position or the Fund’s returns may be adversely affected.","page_number":66,"box":{"x":117,"y":392,"width":427,"height":12}},{"id":"db4ae18e-01e9-45a2-99f3-c8d1063f9d26","block_type":"box","text":"Operational Risk","page_number":66,"box":{"x":117,"y":422,"width":124,"height":12}},{"id":"d2761416-823f-458a-bf1b-eb8e162db8f4","block_type":"box","text":"k — the risk related to potential operational issues, including documentation issues,","page_number":66,"box":{"x":240,"y":422,"width":616,"height":12}},{"id":"f11ea375-9484-40f0-9915-3d0286e7712c","block_type":"box","text":"settlement issues, systems failures, inadequate controls and human error.","page_number":66,"box":{"x":116,"y":437,"width":555,"height":13}},{"id":"4e9c5042-e5fe-4d17-b86e-82fa2511d541","block_type":"box","text":"Valuation Risk —","page_number":66,"box":{"x":118,"y":467,"width":110,"height":10}},{"id":"54cf1eb7-6968-4a5d-8538-b6ba67d7e533","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the","page_number":66,"box":{"x":228,"y":467,"width":614,"height":12}},{"id":"3112be2c-a7ec-46d5-a0d7-b58f7873ae84","block_type":"box","text":"market. This is possible especially in times of market distress, since many market participants may be","page_number":66,"box":{"x":117,"y":483,"width":760,"height":12}},{"id":"3eefe469-e0aa-4ae1-b217-8ed32e5bf641","block_type":"box","text":"reluctant to purchase complex instruments or quote prices for them.","page_number":66,"box":{"x":117,"y":498,"width":507,"height":12}},{"id":"5e3679ae-503e-4cf4-b572-7f50fba7c3ff","block_type":"box","text":"Volatility Risk —","page_number":66,"box":{"x":118,"y":528,"width":102,"height":12}},{"id":"be053efb-2866-4b85-9543-99425dc3bf93","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time","page_number":66,"box":{"x":220,"y":528,"width":619,"height":12}},{"id":"c1bb62b8-2feb-49a7-9817-b424bceaed13","block_type":"box","text":"period.","page_number":66,"box":{"x":117,"y":544,"width":55,"height":11}},{"id":"0fd1d695-6329-4380-af2d-5a8c0e949a7d","block_type":"box","text":"Types of Derivatives Transactions.","page_number":66,"box":{"x":118,"y":580,"width":261,"height":13}},{"id":"4f1bbcf4-7202-4e3f-a998-6dd2d58a4132","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and","page_number":66,"box":{"x":116,"y":610,"width":715,"height":12}},{"id":"8b2c8019-7183-4fcf-b7d9-1eee2f6b06b9","block_type":"box","text":"restrictions, including the following:","page_number":66,"box":{"x":117,"y":626,"width":263,"height":12}},{"id":"fdd0d0c5-2f3e-41d0-8dc3-4da9da3a193d","block_type":"box","text":"Futures.","page_number":66,"box":{"x":116,"y":663,"width":60,"height":9}},{"id":"c62a3f89-43e2-4bad-a117-8240fc08c09d","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are","page_number":66,"box":{"x":116,"y":692,"width":713,"height":13}},{"id":"bde4359b-2ddf-47f8-a218-0bb5ca5de194","block_type":"box","text":"standardized, exchange-traded contracts that require a purchaser to take delivery, and a seller to make","page_number":66,"box":{"x":116,"y":708,"width":767,"height":12}},{"id":"4b296289-9379-4d11-9cec-a95541d72bb8","block_type":"box","text":"delivery, of a specified amount of an asset at a specified future date and price. Upon purchasing or","page_number":66,"box":{"x":116,"y":723,"width":734,"height":13}},{"id":"d7a6d670-1193-4b81-83f0-be8027f9e26a","block_type":"box","text":"selling a futures contract, a Fund is required to deposit initial margin equal to a percentage of the","page_number":66,"box":{"x":116,"y":739,"width":718,"height":12}},{"id":"e2f285be-a87c-4aa3-bcc6-e5bbafdeb73d","block_type":"box","text":"contract value. Futures contracts are marked to market daily for the duration of the contract, and the","page_number":66,"box":{"x":116,"y":754,"width":743,"height":13}},{"id":"c5be6b60-c7ed-4698-bb89-86e9b21fff60","block_type":"box","text":"Fund will either post additional margin or be entitled to a payment, as applicable, based on the","page_number":66,"box":{"x":117,"y":770,"width":699,"height":12}},{"id":"be4051f4-2f2f-4067-88b4-933f0e028d75","block_type":"box","text":"mark-to-market movement of the contract.","page_number":66,"box":{"x":117,"y":786,"width":311,"height":9}},{"id":"a76e4501-f02e-45f7-9f4a-c917716b3737","block_type":"box","text":"A Fund may sell a futures contract prior to the completion","page_number":66,"box":{"x":116,"y":815,"width":425,"height":12}},{"id":"5d268daf-700b-49b8-b281-d59c5a867c67","block_type":"box","text":"of its term to limit its risk of loss from a","page_number":66,"box":{"x":548,"y":815,"width":284,"height":10}},{"id":"a7afa91e-02aa-4fe0-83c4-88fef9c58f06","block_type":"box","text":"decline in the market value of portfolio holdings correlated with the futures contract. However, in the","page_number":66,"box":{"x":116,"y":831,"width":745,"height":12}},{"id":"98c521ec-a1e8-42a1-b55c-90b9c914e422","block_type":"box","text":"event the market value of the portfolio holdings correlated with the futures contract increases rather","page_number":66,"box":{"x":116,"y":846,"width":742,"height":12}},{"id":"d1bee48a-31a1-41e6-b014-8762cbbf156a","block_type":"box","text":"than decreases, a Fund will realize a loss on the futures position and a lower return on the portfolio","page_number":66,"box":{"x":116,"y":862,"width":739,"height":12}},{"id":"352a94ea-5817-4fdf-bb95-a08a431dd1e9","block_type":"box","text":"holdings than would have been realized without the purchase of the futures contract.","page_number":66,"box":{"x":117,"y":877,"width":631,"height":12}},{"id":"81d25d5b-4a5d-47d6-9bf8-77de48c50b85","block_type":"box","text":"II-21","page_number":66,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"8a15b930-c94e-4166-99f0-449e6df21743","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":66,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2db2e3f1-7a39-433d-ba6e-1f1d89bf0936","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing","page_number":67,"box":{"x":116,"y":87,"width":697,"height":12}},{"id":"7e458197-9206-4c4c-9d52-6e25e9b462c7","block_type":"box","text":"securities or commodities directly. In the event that such securities or commodities decline in value or a","page_number":67,"box":{"x":116,"y":103,"width":772,"height":12}},{"id":"c07a8597-25b8-416b-832d-665b37b3e57e","block_type":"box","text":"Fund determines not to complete an anticipatory hedge transaction relating to a futures contract,","page_number":67,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"aad7d85f-9c36-4d6c-a975-4073af1a5148","block_type":"box","text":"however, the Fund may realize a loss relating to the futures position.","page_number":67,"box":{"x":117,"y":134,"width":512,"height":12}},{"id":"c7bf86c9-535a-4482-9171-6dd0ea37efb4","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may","page_number":67,"box":{"x":117,"y":165,"width":763,"height":12}},{"id":"6c57a709-0fdc-4e5d-aa5c-9810726b665c","block_type":"box","text":"be required to liquidate positions or may not be able to fully implement trading instructions. Any such","page_number":67,"box":{"x":117,"y":180,"width":750,"height":12}},{"id":"9d5eabf6-ab89-4b69-9eb8-3badea8a17b4","block_type":"box","text":"liquidation or limited implementation could result in substantial costs to a Fund. See “—Regulation of","page_number":67,"box":{"x":117,"y":196,"width":750,"height":12}},{"id":"5b9e8287-8ca2-4a77-b621-a6341a47f90c","block_type":"box","text":"Derivatives—Dodd-Frank Regulations” above.","page_number":67,"box":{"x":117,"y":211,"width":346,"height":12}},{"id":"b4f0ae0e-4554-4a8d-8df5-da7d312cb967","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including","page_number":67,"box":{"x":116,"y":242,"width":706,"height":12}},{"id":"129777c2-4d13-4892-b894-41172287003a","block_type":"box","text":"financial futures and stock indices. Generally, these strategies would be used under the same market","page_number":67,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"5397d02f-1f3f-43fd-b12a-97939a004940","block_type":"box","text":"and market sector conditions (","page_number":67,"box":{"x":116,"y":273,"width":225,"height":12}},{"id":"af4d5e71-5bfa-427b-b933-9c8a5ffb7d6a","block_type":"box","text":"i.e.","page_number":67,"box":{"x":342,"y":273,"width":20,"height":10}},{"id":"48eea5eb-3b5d-4a88-9978-fbd1afe86f34","block_type":"box","text":", conditions relating to specific types of investments) in which the","page_number":67,"box":{"x":365,"y":273,"width":485,"height":12}},{"id":"91bef88a-e3c8-40de-bd67-5a781ea32644","block_type":"box","text":"Fund entered into futures transactions. A Fund may purchase put options or write call options on","page_number":67,"box":{"x":117,"y":289,"width":720,"height":12}},{"id":"e2c073c4-5024-4cb0-bee8-82b6c8f50726","block_type":"box","text":"futures contracts and stock indices in lieu of selling the underlying futures contract in anticipation of a","page_number":67,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"5ac2d2b7-7adb-4719-a54c-a76958a465c5","block_type":"box","text":"decrease in the market value of its securities. Similarly, a Fund can purchase call options, or write put","page_number":67,"box":{"x":116,"y":320,"width":759,"height":12}},{"id":"214f2456-2c19-4152-b90f-db91476c59f8","block_type":"box","text":"options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":67,"box":{"x":116,"y":335,"width":705,"height":12}},{"id":"977a63d0-0020-42d6-8445-1002ec665fd9","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of","page_number":67,"box":{"x":116,"y":351,"width":707,"height":12}},{"id":"13a82f60-e257-480d-bc8d-d735ddfba848","block_type":"box","text":"securities which the Fund intends to purchase.","page_number":67,"box":{"x":116,"y":366,"width":350,"height":12}},{"id":"99b96f4a-1f11-43ed-bfa3-1b2934a0d611","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to","page_number":67,"box":{"x":116,"y":397,"width":748,"height":12}},{"id":"2ce421ee-666c-4fc0-91c1-5bfe5b440a73","block_type":"box","text":"futures contracts. These instruments may take a variety of forms, such as debt securities with interest","page_number":67,"box":{"x":116,"y":413,"width":759,"height":12}},{"id":"83cbfba1-a3a3-43da-adf3-1c1df00c21f5","block_type":"box","text":"or principal payments determined by reference to the value of a security, an index of securities or a","page_number":67,"box":{"x":116,"y":428,"width":740,"height":12}},{"id":"e75f35d8-6836-4a8b-8b4e-9012b8d63196","block_type":"box","text":"commodity at a future point in time. The risks of such investments could reflect the risks of investing in","page_number":67,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"15320768-9ab6-48fb-857a-e315e435f856","block_type":"box","text":"futures and securities, including volatility and illiquidity.","page_number":67,"box":{"x":116,"y":459,"width":410,"height":12}},{"id":"dc8942cb-97bc-4665-a01f-a388981cf1f6","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage","page_number":67,"box":{"x":117,"y":490,"width":751,"height":12}},{"id":"5625330e-4546-40ac-ac4d-031722aa6ecc","block_type":"box","text":"risk, illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the","page_number":67,"box":{"x":117,"y":506,"width":726,"height":12}},{"id":"3b75b0ca-fcef-4c5d-ac74-10856d0582f9","block_type":"box","text":"clearinghouse. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":116,"y":521,"width":436,"height":12}},{"id":"ffa01df3-d67e-4fba-bb48-b2f44f4210be","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a","page_number":67,"box":{"x":117,"y":552,"width":771,"height":12}},{"id":"52961e0a-9187-4cad-af9f-1a2636ec05c9","block_type":"box","text":"limit is set by a regulator, such as a government entity, on the total amount of specific greenhouse","page_number":67,"box":{"x":117,"y":568,"width":732,"height":12}},{"id":"8a26ba4b-e0ea-4aeb-9c0a-95f734a57511","block_type":"box","text":"gases, such as CO2, that can be emitted by regulated entities, such as manufacturers or energy","page_number":67,"box":{"x":116,"y":583,"width":720,"height":12}},{"id":"1f5a0040-5be6-463f-b0f0-4fcbf997bd9b","block_type":"box","text":"producers. The regulator then may issue or sell individual “emission allowances” to regulated entities,","page_number":67,"box":{"x":117,"y":599,"width":756,"height":12}},{"id":"6d32dbbd-2857-43a9-bb2b-d5034a814412","block_type":"box","text":"which can then be traded on the open market. Commodity futures contracts linked to the value of","page_number":67,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"c8f3b8f4-e371-43c2-a856-6e422b7b4ae2","block_type":"box","text":"emission allowances are known as “carbon futures.”","page_number":67,"box":{"x":116,"y":630,"width":392,"height":9}},{"id":"5cc3e708-86e7-42f9-877d-4ddca4446eba","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the","page_number":67,"box":{"x":116,"y":661,"width":756,"height":12}},{"id":"4c1f8cdd-03d4-425a-aac4-d1eb205bb28d","block_type":"box","text":"demand for carbon futures contracts. Changes in law, market conditions and expectations, position","page_number":67,"box":{"x":116,"y":676,"width":734,"height":12}},{"id":"b54c7b8d-1cc1-4391-9250-3503a9f87c86","block_type":"box","text":"limits, collateral requirements, and other factors each can impact the supply of and demand for carbon","page_number":67,"box":{"x":117,"y":692,"width":758,"height":12}},{"id":"f5197ceb-1595-4282-b648-d0659c679646","block_type":"box","text":"futures contracts. The market for carbon futures contracts is still developing and may be subject to","page_number":67,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"39b08a47-937e-4dd0-9f55-4189fad38bdb","block_type":"box","text":"periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the","page_number":67,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"3d041439-0e4f-41e3-9859-8b665d424342","block_type":"box","text":"desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to","page_number":67,"box":{"x":116,"y":738,"width":742,"height":12}},{"id":"dd49b106-d6bc-4fd4-809d-825da91609c3","block_type":"box","text":"transact at a reasonable price and sufficient size.","page_number":67,"box":{"x":116,"y":754,"width":363,"height":12}},{"id":"ae491eed-256c-4236-8f95-0262866b59cd","block_type":"box","text":"Swap Agreements.","page_number":67,"box":{"x":117,"y":792,"width":139,"height":12}},{"id":"6bb532ef-afde-424f-9f37-6ac6e86733a4","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap","page_number":67,"box":{"x":116,"y":823,"width":699,"height":13}},{"id":"445c44fa-7703-4342-b713-bd7123ad3c4d","block_type":"box","text":"agreements are OTC contracts entered into primarily by financial institutions and institutional investors","page_number":67,"box":{"x":116,"y":839,"width":764,"height":12}},{"id":"2e3aba3a-2ec9-4968-9cb4-67e8a0e22a9a","block_type":"box","text":"which may or may not be cleared by a central clearinghouse. In a standard “swap” transaction, two","page_number":67,"box":{"x":116,"y":854,"width":738,"height":13}},{"id":"05e825e7-eda7-40ae-b387-e9919a0bc1f8","block_type":"box","text":"parties agree to exchange the returns earned or realized from one or more underlying assets or rates","page_number":67,"box":{"x":117,"y":870,"width":755,"height":12}},{"id":"66db3bdb-3397-4b7f-86e9-cf6c9c17a1cd","block_type":"box","text":"II-22","page_number":67,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"19d98aa2-9896-486f-9523-def790569254","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":67,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ab7cdb39-3e88-4893-ab05-d12f9b284228","block_type":"box","text":"of return, which may be adjusted for an interest factor. The gross returns to be exchanged or","page_number":68,"box":{"x":116,"y":87,"width":693,"height":12}},{"id":"5dfd97ef-ea39-4512-b918-af1800bf578a","block_type":"box","text":"“swapped” between the parties are generally calculated with respect to a “notional amount,”","page_number":68,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"b89fd9c2-aa85-4bc2-b864-a15c0abe50d7","block_type":"box","text":"e.g.","page_number":68,"box":{"x":801,"y":105,"width":26,"height":10}},{"id":"e688b410-2019-4e30-bf90-316e13d51c38","block_type":"box","text":", the","page_number":68,"box":{"x":830,"y":103,"width":36,"height":11}},{"id":"b168a6fd-ffb3-48eb-bc36-effd9c3a3264","block_type":"box","text":"return or increase in value of a particular dollar amount invested at a particular interest rate, in a","page_number":68,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"e9643255-3a6d-438d-a31e-398b7e6a9fc7","block_type":"box","text":"particular foreign currency, or in a “basket” of securities representing a particular index. The notional","page_number":68,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"2c78b5bd-0aa7-4977-99f3-5e4f2823af4b","block_type":"box","text":"amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":68,"box":{"x":116,"y":149,"width":726,"height":12}},{"id":"322f83b5-60c6-433c-bf1d-f27e45cb1bba","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will","page_number":68,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"7411077f-faa4-4c88-92cc-dca587b82a63","block_type":"box","text":"generally be equal only to the net amount to be paid or received under the agreement based on the","page_number":68,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"86a26fd7-5d8a-48fd-95d5-6bd68cd948b3","block_type":"box","text":"relative values of the positions held by each party to the agreement. Swaps that are not cleared involve","page_number":68,"box":{"x":117,"y":196,"width":770,"height":12}},{"id":"f2e7e69f-4b2e-44b7-8103-83bd7c6f4059","block_type":"box","text":"substantial counterparty risk. A Fund will typically attempt to mitigate this counterparty risk by entering","page_number":68,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"ba730f35-9bc7-438e-b04b-8565e86904cb","block_type":"box","text":"into swap agreements only with creditworthy entities that have substantial capital or that have provided","page_number":68,"box":{"x":117,"y":227,"width":767,"height":12}},{"id":"8c6997ec-aa57-46fc-9a91-29497d262c91","block_type":"box","text":"the Fund with a third-party guaranty or other credit support. A Fund’s ability to use swap agreements","page_number":68,"box":{"x":116,"y":242,"width":751,"height":12}},{"id":"97600172-ab91-4e13-9a42-e7faa3c1ace0","block_type":"box","text":"may be restricted by the tax rules applicable to registered investment companies.","page_number":68,"box":{"x":117,"y":258,"width":607,"height":12}},{"id":"c36702cd-c880-41c9-afb9-8b3aece2cc6f","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":68,"box":{"x":117,"y":289,"width":348,"height":12}},{"id":"0d78c291-886f-4dcf-8232-12ee23d7d451","block_type":"box","text":"Certain Funds may enter into credit default swaps and","page_number":68,"box":{"x":466,"y":289,"width":407,"height":12}},{"id":"65344f48-6065-4c0b-bc95-b251490f6ad4","block_type":"box","text":"similar instruments. Credit default swaps are standardized agreements in which the protection “buyer”","page_number":68,"box":{"x":116,"y":304,"width":760,"height":12}},{"id":"364f2218-f3c7-4e90-a6bd-b71ffd01282a","block_type":"box","text":"pays the protection “seller” an up-front payment, or a periodic stream of payments, over the term of the","page_number":68,"box":{"x":117,"y":320,"width":768,"height":12}},{"id":"33d05100-a3ec-460e-b54c-a33c0bc9df33","block_type":"box","text":"contract, provided generally that no credit event on a reference obligation has occurred. If a credit","page_number":68,"box":{"x":116,"y":335,"width":730,"height":12}},{"id":"2c9fc2fa-fb1a-48d0-9825-cca9a2d13656","block_type":"box","text":"event occurs, the seller generally must pay the buyer the difference between the notional amount of","page_number":68,"box":{"x":116,"y":351,"width":745,"height":12}},{"id":"eba05320-3475-4916-9131-1cc4edd3a907","block_type":"box","text":"the contract and the value of a portfolio of securities issued by the reference entity. A Fund may be","page_number":68,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"8e1b1b14-b9fc-4283-9e34-f977197472cb","block_type":"box","text":"either the buyer or seller in the transaction. The Funds may enter into credit default swaps that","page_number":68,"box":{"x":116,"y":382,"width":706,"height":12}},{"id":"8db57af7-6339-473e-a392-83a014fe294e","block_type":"box","text":"reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that make","page_number":68,"box":{"x":117,"y":397,"width":761,"height":12}},{"id":"ecbc4452-8388-439c-8d5f-5193d68aedf8","block_type":"box","text":"up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name","page_number":68,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"9619328b-2bc8-467e-990e-cd2c39d5ea3d","block_type":"box","text":"CDS and index CDS.","page_number":68,"box":{"x":117,"y":428,"width":161,"height":10}},{"id":"849940aa-eabf-40b6-b3cb-87e80a8802c1","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not","page_number":68,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"11a6cdc8-4c6b-44af-850a-682f1e2249ab","block_type":"box","text":"currently held by a Fund. In circumstances in which a Fund does not own the securities or loans that","page_number":68,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"1a14589c-559f-4901-92cf-31ff346ea376","block_type":"box","text":"are deliverable under a credit default swap, the Fund is exposed to the risk that deliverable securities","page_number":68,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"01a2156b-d2bc-4167-b09d-41415b0e1fb2","block_type":"box","text":"will not be available in the market, or will be available only at unfavorable prices, as would be the case","page_number":68,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"f54e399c-0a64-41f8-9e42-0f507897e86f","block_type":"box","text":"in a so-called “short squeeze.” In certain instances of issuer defaults or restructurings, it has been","page_number":68,"box":{"x":117,"y":521,"width":729,"height":12}},{"id":"02ed3244-711b-4f68-9977-cf30694dd30b","block_type":"box","text":"unclear under the standard industry documentation for credit default swaps whether or not a “credit","page_number":68,"box":{"x":117,"y":537,"width":739,"height":12}},{"id":"b952b80b-b4c7-47bb-81b4-41cb5b00ad13","block_type":"box","text":"event” triggering the seller’s payment obligation had occurred. Certain initiatives adopted by derivatives","page_number":68,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"21598f6c-802b-42de-b68d-ecfb99d0fa28","block_type":"box","text":"market participants, including the International Swaps and Derivatives Association (“ISDA”), are","page_number":68,"box":{"x":117,"y":568,"width":713,"height":12}},{"id":"8147fdc8-3ef5-4502-9125-0594fc865752","block_type":"box","text":"designed to implement uniform settlement terms into standard credit default swap documentation, as","page_number":68,"box":{"x":116,"y":583,"width":753,"height":12}},{"id":"ebbfd46b-b131-4182-ba16-a4446ed00c78","block_type":"box","text":"well as refine the practices for the transparent conduct of the credit default swap market generally.","page_number":68,"box":{"x":116,"y":599,"width":735,"height":12}},{"id":"2b265e4f-8739-44a0-9fd2-971cb0eee08f","block_type":"box","text":"Among these initiatives are the ISDA Credit Derivatives Determination Committee and the","page_number":68,"box":{"x":116,"y":614,"width":672,"height":12}},{"id":"c383a616-132f-4dfb-9fce-20a154375445","block_type":"box","text":"implementation of market-wide cash settlement protocols applicable to all market-standard credit","page_number":68,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"e487e0f9-7ae0-40fa-b70b-b81d0628b08d","block_type":"box","text":"default swaps. These initiatives are intended to reduce both the uncertainty as to the occurrence of","page_number":68,"box":{"x":116,"y":645,"width":739,"height":12}},{"id":"9d6bf9d2-336b-459d-b8b3-a131bc9e872a","block_type":"box","text":"credit events and the risk of a “short squeeze” by providing that the ISDA Credit Derivatives","page_number":68,"box":{"x":116,"y":661,"width":679,"height":12}},{"id":"fcc20b4f-cf9b-481d-91fa-431de392ca3b","block_type":"box","text":"Determinations Committee will make determinations as to whether a credit event has occurred,","page_number":68,"box":{"x":117,"y":676,"width":704,"height":11}},{"id":"e3028190-47ff-4e4b-bedb-77a2afb47c2c","block_type":"box","text":"establish an auction to determine a settlement price and identify the deliverable securities for purposes","page_number":68,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"399e3bbb-d9e0-48f0-84a6-4cf48f9b1339","block_type":"box","text":"of the auction, although the ISDA Credit Derivatives Determinations Committee may in certain limited","page_number":68,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"bbca7a50-bb4c-4759-9507-22a15d8525a8","block_type":"box","text":"circumstances refrain from doing so. In the event the ISDA Credit Derivatives Determinations","page_number":68,"box":{"x":116,"y":723,"width":691,"height":12}},{"id":"98cac07e-4058-4c43-b4ef-40220ddab8ab","block_type":"box","text":"Committee cannot reach a timely resolution with respect to a “credit event” or otherwise does not","page_number":68,"box":{"x":117,"y":738,"width":718,"height":12}},{"id":"c438c3cf-9ff6-4312-9da3-dbf3b6eaf43b","block_type":"box","text":"establish a cash settlement auction, a Fund may not be able to realize the full value of the credit","page_number":68,"box":{"x":116,"y":754,"width":713,"height":12}},{"id":"2770256e-ea2f-41c4-9839-dacbe8e29151","block_type":"box","text":"default swap upon a default by the reference entity. Furthermore, a Fund may enter into certain credit","page_number":68,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"4e0ed079-3983-48b6-8eac-0e73cdbde4d6","block_type":"box","text":"default swaps or similar instruments that may not be covered by these initiatives.","page_number":68,"box":{"x":116,"y":785,"width":598,"height":12}},{"id":"7eb5c9cd-6c23-4c52-8832-a61432d1344c","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","page_number":68,"box":{"x":117,"y":816,"width":723,"height":12}},{"id":"70e10de2-2c0d-447c-ae3b-102b45dfe13b","block_type":"box","text":"recover nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value","page_number":68,"box":{"x":117,"y":831,"width":757,"height":12}},{"id":"e56144fb-0970-4cc7-8213-a744009408f8","block_type":"box","text":"of any deliverable obligation received by the Fund or the amount of cash settlement received by the","page_number":68,"box":{"x":116,"y":847,"width":744,"height":12}},{"id":"74469a70-f366-42ad-95d5-00bad8067978","block_type":"box","text":"Fund pursuant to the relevant cash settlement auction, together with the up-front or periodic payments","page_number":68,"box":{"x":117,"y":862,"width":763,"height":12}},{"id":"ebe7e256-820e-48c7-9733-8603517dde68","block_type":"box","text":"previously received, may be less than the amount it pays to the buyer, resulting in a loss of value to the","page_number":68,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"cc74fe20-6798-4d05-bdc2-50017e33f03e","block_type":"box","text":"II-23","page_number":68,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b60fc809-ac98-4fb9-88a9-781a497a6cb2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":68,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"aa6d8e0c-86d5-4aec-bce5-87b7cf3eb0cd","block_type":"box","text":"Fund. A Fund that sells credit default swaps incurs leveraged exposure to the credit of one or more","page_number":69,"box":{"x":117,"y":87,"width":739,"height":12}},{"id":"4d67b4f1-7de7-49d5-a057-f558608e28b5","block_type":"box","text":"reference entities and is subject to many of the same risks it would incur if it were holding debt","page_number":69,"box":{"x":117,"y":102,"width":703,"height":13}},{"id":"c70b9226-6941-499e-8d2e-e2359c9330ab","block_type":"box","text":"securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":69,"box":{"x":116,"y":118,"width":742,"height":12}},{"id":"4b25c604-4383-4efc-ad11-e2df2b4d02c7","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt","page_number":69,"box":{"x":116,"y":134,"width":764,"height":12}},{"id":"d698b056-d282-4a5f-a30c-3e66eeeafbba","block_type":"box","text":"obligations. In the event the ISDA Credit Derivatives Determinations Committee does not establish a","page_number":69,"box":{"x":116,"y":149,"width":750,"height":12}},{"id":"f9b539b9-42f7-4793-8080-0bf54f047f17","block_type":"box","text":"cash settlement auction and identify the relevant deliverable securities or loans, the credit default swap","page_number":69,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"547e39f7-f9bc-41d5-b972-d8e957a436cc","block_type":"box","text":"buyer will have broad discretion to select which of the reference entity’s debt obligations to deliver to","page_number":69,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"91627aad-00c2-4e7e-84c4-532b2a19f980","block_type":"box","text":"the Fund following a credit event and will likely choose the obligations with the lowest market value in","page_number":69,"box":{"x":116,"y":196,"width":755,"height":12}},{"id":"572fb169-16a8-4e22-b984-c0ef8090b11e","block_type":"box","text":"order to maximize the payment obligations of the Fund. In addition, credit default swaps generally trade","page_number":69,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"7cc8d8cb-a4c9-40d2-859a-47955d294331","block_type":"box","text":"on the basis of theoretical pricing and valuation models, which may not accurately value such swap","page_number":69,"box":{"x":116,"y":227,"width":742,"height":12}},{"id":"fedb728e-20ca-4c75-a296-74ef46f1e234","block_type":"box","text":"positions when established or when subsequently traded or unwound under actual market conditions.","page_number":69,"box":{"x":117,"y":242,"width":756,"height":12}},{"id":"82290610-6e33-4cfc-a145-2231897a8cdd","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for","page_number":69,"box":{"x":117,"y":274,"width":719,"height":13}},{"id":"9040ecb9-3c67-42f1-a233-bc42a3de36e5","block_type":"box","text":"clearing to regulated clearinghouses. See “—Derivatives—Regulation of Derivatives—Dodd-Frank","page_number":69,"box":{"x":116,"y":290,"width":734,"height":12}},{"id":"5284542c-8178-4ab5-b219-cca0ca1457a2","block_type":"box","text":"Regulations” above. Other single-name CDS and index CDS are permitted, although not required, to","page_number":69,"box":{"x":117,"y":305,"width":750,"height":13}},{"id":"32d65768-176c-4c6f-a3b3-b9e1276b624a","block_type":"box","text":"be cleared through regulated clearinghouses. The Funds clear all credit default swaps that are subject","page_number":69,"box":{"x":117,"y":321,"width":762,"height":12}},{"id":"9b43cf38-19a5-4318-9de1-e7166cc1e925","block_type":"box","text":"to mandatory clearing and may voluntarily clear some, but not all, of the other credit default swaps not","page_number":69,"box":{"x":116,"y":336,"width":762,"height":13}},{"id":"479324a8-6ef6-4b1d-b73e-0b9365429551","block_type":"box","text":"subject to mandatory clearing. The Funds face counterparty risk with respect to the clearinghouse","page_number":69,"box":{"x":116,"y":352,"width":731,"height":12}},{"id":"ff603a53-73b7-4e6d-bade-6bf4ce923f87","block_type":"box","text":"when entering into cleared single-name CDS and cleared index CDS. The Funds face significant","page_number":69,"box":{"x":116,"y":367,"width":722,"height":13}},{"id":"27f80002-e566-457f-b34a-b82ff84245fc","block_type":"box","text":"counterparty risk with respect to their counterparties to non-cleared credit default swaps and similar","page_number":69,"box":{"x":116,"y":383,"width":743,"height":12}},{"id":"54a63e39-0527-4e2c-bd28-4bf9132e70b0","block_type":"box","text":"instruments. A Fund typically will enter into non-cleared credit default swaps and similar instruments","page_number":69,"box":{"x":117,"y":398,"width":746,"height":13}},{"id":"0d55a306-1514-4796-9ee4-35f58e2a2913","block_type":"box","text":"with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":69,"box":{"x":116,"y":414,"width":771,"height":12}},{"id":"92781fb2-545f-4f39-9e84-99845119d346","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":69,"box":{"x":116,"y":430,"width":373,"height":12}},{"id":"a9e7c53e-bdf1-46db-8b77-83b00419ca60","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either","page_number":69,"box":{"x":117,"y":462,"width":755,"height":12}},{"id":"3c04e97c-5a69-4d34-a58d-1639bf529d45","block_type":"box","text":"as protection buyer or protection seller. While these contracts are similar in their operation to the","page_number":69,"box":{"x":116,"y":477,"width":720,"height":12}},{"id":"ad954bb4-1c5e-491a-8c24-6e9aec9bf437","block_type":"box","text":"market-standard credit default swaps described above, they are less standardized and instead have","page_number":69,"box":{"x":117,"y":493,"width":746,"height":12}},{"id":"4c227410-9a13-4214-a5d1-8c673797e618","block_type":"box","text":"bespoke or tailored features. For example, as compared to market-standard credit defaults, the range","page_number":69,"box":{"x":117,"y":508,"width":758,"height":12}},{"id":"391cf85c-9f61-412b-9a7b-1e430e70f31d","block_type":"box","text":"of “credit events” triggering settlement of such bespoke contracts may be narrower or broader, any","page_number":69,"box":{"x":116,"y":524,"width":737,"height":12}},{"id":"76031357-19f9-41d2-924f-da8efa869997","block_type":"box","text":"such triggered contracts are settled by physical delivery of the underlying security or loan to or by the","page_number":69,"box":{"x":116,"y":539,"width":755,"height":12}},{"id":"298de268-ad66-47c0-874e-80cdd5e67609","block_type":"box","text":"Fund rather than by way of cash settlement, and there may be a wider range of securities as the","page_number":69,"box":{"x":117,"y":555,"width":719,"height":12}},{"id":"ad559f6a-d7e5-44c7-baf6-f6c92f431e55","block_type":"box","text":"reference obligations and/or deliverable obligations.","page_number":69,"box":{"x":117,"y":570,"width":388,"height":12}},{"id":"8062e392-82e8-483f-b915-3c4134216a75","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund","page_number":69,"box":{"x":117,"y":603,"width":752,"height":12}},{"id":"d5a38585-f8cc-44b5-ba45-87527c9e7251","block_type":"box","text":"had invested in the reference obligation directly and are subject to significant credit risk, correlation","page_number":69,"box":{"x":117,"y":618,"width":738,"height":12}},{"id":"1a648667-1b95-424c-918e-857ff27d43bd","block_type":"box","text":"risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":117,"y":634,"width":684,"height":12}},{"id":"bd654b19-4e24-4d2a-a1ca-b0d222a8c670","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":69,"box":{"x":117,"y":658,"width":292,"height":12}},{"id":"3a82bac0-5fcf-4479-b0f4-334c7e930574","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of","page_number":69,"box":{"x":410,"y":658,"width":450,"height":12}},{"id":"195e03de-b919-4cbc-991d-a79101f5afd1","block_type":"box","text":"interest rate swaps and interest rate caps and floors. As described in further detail below, a Fund may","page_number":69,"box":{"x":117,"y":673,"width":755,"height":12}},{"id":"fafd45e5-38e5-4a87-89c4-295176f94249","block_type":"box","text":"enter into these transactions primarily to preserve a return or spread on a particular investment or","page_number":69,"box":{"x":116,"y":689,"width":724,"height":12}},{"id":"c315ade5-228a-49f6-a249-7c7f87fc91a8","block_type":"box","text":"portion of its holdings, as a duration management technique, to protect against an increase in the price","page_number":69,"box":{"x":117,"y":704,"width":762,"height":12}},{"id":"5fe5157d-5429-4fa1-9073-74f266dc6e5d","block_type":"box","text":"of securities a Fund anticipates purchasing at a later date, or for speculation to increase returns.","page_number":69,"box":{"x":116,"y":720,"width":712,"height":12}},{"id":"0cfdf901-e856-4dc3-9d8f-e7c0df76c6de","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted","page_number":69,"box":{"x":117,"y":752,"width":750,"height":12}},{"id":"4f079e2f-4a3f-44c1-9ab4-dc91d5708207","block_type":"box","text":"for clearing to regulated clearinghouses. See “—Regulation of Derivatives—Dodd-Frank Regulations”","page_number":69,"box":{"x":116,"y":767,"width":752,"height":13}},{"id":"6b594041-f708-4728-be96-b1b0e5d10e89","block_type":"box","text":"above. Other interest rate swaps are permitted, although not required, to be cleared. Most of the","page_number":69,"box":{"x":116,"y":783,"width":715,"height":12}},{"id":"e60801fd-c545-4c8e-b65c-20e4674b5d6b","block_type":"box","text":"interest rate swaps entered into by the Funds are cleared. The Funds face counterparty risk with","page_number":69,"box":{"x":117,"y":798,"width":714,"height":13}},{"id":"843b0762-bb78-4b83-b0e1-dba1cebf7c36","block_type":"box","text":"respect to the clearinghouse when entering into cleared interest rate swaps.","page_number":69,"box":{"x":117,"y":814,"width":561,"height":12}},{"id":"8913706d-6c8b-461a-a3d6-aa40689f8dff","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest","page_number":69,"box":{"x":116,"y":846,"width":764,"height":12}},{"id":"fb62c934-fe44-4b27-9bc1-e4e7a946adc0","block_type":"box","text":"rate swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared","page_number":69,"box":{"x":117,"y":862,"width":719,"height":12}},{"id":"c8b01bfd-92bb-44e2-a8e5-b99b2a6be9c4","block_type":"box","text":"interest rate derivatives transactions are swap dealers and other creditworthy entities that have","page_number":69,"box":{"x":117,"y":878,"width":709,"height":11}},{"id":"58e32761-c39c-4e54-9a86-f2884f469268","block_type":"box","text":"II-24","page_number":69,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"97a52e98-4084-4d80-bac4-f06854c0d2bd","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":69,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"087610cd-61a8-4cce-8737-5640dc480247","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support.","page_number":70,"box":{"x":116,"y":87,"width":746,"height":12}},{"id":"d7c486ef-f0b9-48a4-be45-64300c475d15","block_type":"box","text":"If the Fund’s counterparty defaults on such a transaction, a Fund will have contractual remedies with","page_number":70,"box":{"x":117,"y":102,"width":749,"height":13}},{"id":"43b6dd8a-eb7f-45b7-b5ff-2655aa33209a","block_type":"box","text":"respect to the transaction, but there can be no guarantee that the Fund will be successful in enforcing","page_number":70,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"c26f8e7b-8b62-4a54-a84f-53e3fec45995","block_type":"box","text":"such remedies. The market for interest rate swaps is relatively liquid in comparison with other similar","page_number":70,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"075e4e67-25ec-47bb-b716-470bb9942621","block_type":"box","text":"instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":70,"box":{"x":117,"y":149,"width":732,"height":12}},{"id":"f59061fe-6cfb-4a20-84f7-98085665b51c","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":70,"box":{"x":117,"y":165,"width":503,"height":11}},{"id":"1f8caf06-2712-459e-b498-4367c1a01208","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a","page_number":70,"box":{"x":117,"y":196,"width":762,"height":12}},{"id":"3ba40cfe-a0e7-42b1-9a32-49c9cfb635ed","block_type":"box","text":"fixed or variable interest rate, index or asset in return for periodic payments from its counterparty based","page_number":70,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"2731e8b7-66ff-4d3b-8136-d2b6720f43f0","block_type":"box","text":"on a different fixed or variable interest rate, index or asset.","page_number":70,"box":{"x":116,"y":227,"width":439,"height":11}},{"id":"aa2503ff-6cd2-488f-bd26-fd60581a9a7f","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls","page_number":70,"box":{"x":116,"y":258,"width":746,"height":11}},{"id":"e6c908ac-ef04-43d3-9d03-2fd4fe31c0a4","block_type":"box","text":"below a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":70,"box":{"x":117,"y":273,"width":736,"height":12}},{"id":"87322a99-394a-42a2-93e5-3517bb95bec7","block_type":"box","text":"from the party selling such interest rate floor.","page_number":70,"box":{"x":116,"y":289,"width":337,"height":12}},{"id":"2b514654-68d3-42a9-b253-a90c68acb67f","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises","page_number":70,"box":{"x":116,"y":320,"width":746,"height":12}},{"id":"4ff0570e-3e36-47a5-9d8f-c3b21dbc591f","block_type":"box","text":"above a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":70,"box":{"x":116,"y":335,"width":739,"height":12}},{"id":"af9fc822-5f2e-4829-85c2-63bc83898c0e","block_type":"box","text":"from the party selling such interest rate cap.","page_number":70,"box":{"x":116,"y":351,"width":331,"height":12}},{"id":"26d7ded0-cbb9-4026-9d3f-dfe4160f42c6","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":70,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"f501d1de-3b9b-40b2-ad53-bcfd466e4471","block_type":"box","text":"commitments to pay or receive interest,","page_number":70,"box":{"x":116,"y":397,"width":298,"height":12}},{"id":"8bdc9742-401f-4be3-ac8f-6f5bdb0f7757","block_type":"box","text":"e.g.","page_number":70,"box":{"x":415,"y":400,"width":26,"height":9}},{"id":"72fe7e72-0340-421d-af06-d3f991b42a1f","block_type":"box","text":", an exchange of fixed rate payments for floating rate","page_number":70,"box":{"x":444,"y":397,"width":396,"height":12}},{"id":"1c301553-d66b-4a40-92f5-3b77011c15dd","block_type":"box","text":"payments. For example, if a Fund holds a mortgage-backed security with an interest rate that is reset","page_number":70,"box":{"x":117,"y":413,"width":755,"height":12}},{"id":"711783fd-b16d-4e26-9074-866a14390306","block_type":"box","text":"only once each year, it may swap the right to receive interest at this fixed rate for the right to receive","page_number":70,"box":{"x":116,"y":428,"width":748,"height":12}},{"id":"7c81559d-c4a5-4b56-878d-64db80172676","block_type":"box","text":"interest at a rate that is reset every week. This would enable a Fund to offset a decline in the value of","page_number":70,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"d49b8c00-fdb7-4f0e-97b0-e41599301d25","block_type":"box","text":"the mortgage-backed security due to rising interest rates but would also limit its ability to benefit from","page_number":70,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"f3667fcd-6377-46ec-86cb-793c1f831d59","block_type":"box","text":"falling interest rates. Conversely, if a Fund holds a mortgage-backed security with an interest rate that","page_number":70,"box":{"x":116,"y":475,"width":761,"height":12}},{"id":"dbc3bf90-bc0f-4faf-95f9-e96f27e017c8","block_type":"box","text":"is reset every week and it would like to lock in what","page_number":70,"box":{"x":117,"y":490,"width":383,"height":12}},{"id":"4269ed64-6058-4f14-901f-9513fa394fbc","block_type":"box","text":"it believes to be a high interest rate for one year, it","page_number":70,"box":{"x":501,"y":490,"width":377,"height":12}},{"id":"7a201a4a-ab7e-47ed-8307-5aa6b65b0ecf","block_type":"box","text":"may swap the right to receive interest at this variable weekly rate for the right to receive interest at a","page_number":70,"box":{"x":117,"y":506,"width":746,"height":12}},{"id":"d96d56d0-c2e2-4726-a412-a9007c70f772","block_type":"box","text":"rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to","page_number":70,"box":{"x":117,"y":521,"width":733,"height":12}},{"id":"498377f2-a31e-4d37-a8b9-fe7f590ed79d","block_type":"box","text":"falling interest rates and may permit the Fund to enhance its income through the positive differential","page_number":70,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"448400de-55ee-4e07-b2c2-7db5c626703c","block_type":"box","text":"between one week and one year interest rates, but would preclude it from taking full advantage of","page_number":70,"box":{"x":117,"y":552,"width":729,"height":12}},{"id":"06b43831-b601-4822-8ace-29df302fc769","block_type":"box","text":"rising interest rates.","page_number":70,"box":{"x":117,"y":568,"width":150,"height":12}},{"id":"1e635ff3-8553-46f3-91c5-18379e8613eb","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary","page_number":70,"box":{"x":117,"y":599,"width":746,"height":12}},{"id":"56dcc29e-32c6-4713-8b94-5e4e1b803a90","block_type":"box","text":"income or, in certain circumstances, as long term capital gains to shareholders.","page_number":70,"box":{"x":117,"y":614,"width":593,"height":12}},{"id":"43fd86d3-b9ff-4609-a45d-f05a5d927e71","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk,","page_number":70,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"2d6b7627-a2b7-4879-93ee-5aef9c6e32fd","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":117,"y":661,"width":538,"height":12}},{"id":"2584a45e-7604-4f58-80a1-449d7034e7ee","block_type":"box","text":"Total Return Swaps.","page_number":70,"box":{"x":118,"y":692,"width":148,"height":12}},{"id":"6312fb7a-941f-4628-bb1a-62d674425ba8","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic","page_number":70,"box":{"x":273,"y":692,"width":565,"height":12}},{"id":"54733dae-0399-4e35-b339-66c7ac1da733","block_type":"box","text":"payments to the other party based on the return of the assets underlying the contract in exchange for","page_number":70,"box":{"x":117,"y":707,"width":750,"height":12}},{"id":"78293cb3-4934-457d-a5da-c693014382a7","block_type":"box","text":"periodic payments based on a fixed or variable interest rate or the total return from different underlying","page_number":70,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"c5e15cf6-e226-4d05-a728-a8d7a37ec2b1","block_type":"box","text":"assets. The return of the assets underlying the contract includes both the income generated by the","page_number":70,"box":{"x":116,"y":738,"width":732,"height":12}},{"id":"d087d9ed-10d1-4a17-af39-3962461a72b8","block_type":"box","text":"asset and the change in market value of the asset. The asset underlying the contract may include a","page_number":70,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"5f999db8-21da-429e-a088-f9eeb5be7640","block_type":"box","text":"specified security, basket of securities or securities indices. Total return swaps on a specified security,","page_number":70,"box":{"x":116,"y":769,"width":757,"height":12}},{"id":"e9e55009-ead5-4774-961d-bb131c9fa3e6","block_type":"box","text":"basket of securities or securities indices may sometimes be referred to as “contracts for difference.”","page_number":70,"box":{"x":117,"y":785,"width":738,"height":12}},{"id":"6b9005fc-f849-444b-8fc7-b246aa8ce5b8","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking","page_number":70,"box":{"x":116,"y":816,"width":738,"height":12}},{"id":"6d6a8a6f-3e56-435b-aa70-af07d7db662b","block_type":"box","text":"physical custody of such security or investing directly in such market. Upon entering into a total return","page_number":70,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"0fc35c8a-7c79-44dc-91a6-335d77bc5d45","block_type":"box","text":"swap, a Fund is required to deposit initial margin but the parties do not exchange the notional amount.","page_number":70,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"4c7e198e-6003-42ed-9ed6-110b033a6679","block_type":"box","text":"As a result, total return swaps may effectively add leverage to the Fund’s portfolio because the Fund","page_number":70,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"38fab544-a65e-4df1-809a-0fd9a6b408a9","block_type":"box","text":"would be subject to investment exposure on the notional amount of the swap.","page_number":70,"box":{"x":116,"y":878,"width":580,"height":12}},{"id":"6b327b53-9062-44a1-b8ba-1591a98a37f8","block_type":"box","text":"II-25","page_number":70,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e9dc4f5d-e140-469f-aef1-1be7f272724c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":70,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"380288b9-021c-4df0-af52-57efdd81fb84","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk","page_number":71,"box":{"x":116,"y":87,"width":743,"height":12}},{"id":"6239e09d-6f64-449e-8768-ae657c3f447a","block_type":"box","text":"and counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":71,"box":{"x":116,"y":102,"width":488,"height":13}},{"id":"93d4865e-1844-4935-989f-441fd0e2f861","block_type":"box","text":"Options","page_number":71,"box":{"x":117,"y":143,"width":57,"height":12}},{"id":"3f043896-b312-4f32-9e3a-46ba74b5b6f7","block_type":"box","text":".","page_number":71,"box":{"x":175,"y":151,"width":8,"height":1}},{"id":"e12cc55e-1ca8-45ed-9223-2e3ebb8164d8","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":71,"box":{"x":117,"y":175,"width":337,"height":12}},{"id":"95a7ab9d-e9b2-41ed-b0c0-717409592d20","block_type":"box","text":"A Fund may engage in transactions in options on","page_number":71,"box":{"x":454,"y":175,"width":370,"height":12}},{"id":"61608f79-8549-461b-9a90-319fc000cf58","block_type":"box","text":"individual securities, baskets of securities or securities indices, or particular measurements of value or","page_number":71,"box":{"x":117,"y":191,"width":761,"height":12}},{"id":"e6c04c85-0806-4d19-9dac-ee1319b9b66f","block_type":"box","text":"rates, such as an index of the price of treasury securities or an index representative of short-term","page_number":71,"box":{"x":117,"y":206,"width":724,"height":12}},{"id":"1d7da0c5-e066-4a9a-a0fa-5dd081d9193a","block_type":"box","text":"interest rates. Such investments may be made on exchanges and in the OTC markets. In general,","page_number":71,"box":{"x":117,"y":222,"width":732,"height":12}},{"id":"5b1331ff-fd79-4b8c-bf95-fd5ff199228d","block_type":"box","text":"exchange-traded options have standardized exercise prices and expiration dates and require the","page_number":71,"box":{"x":116,"y":237,"width":723,"height":12}},{"id":"b4ccc6f9-3db3-4fe4-92af-a6124a9c4af0","block_type":"box","text":"parties to post margin against their obligations, and the performance of the parties’ obligations in","page_number":71,"box":{"x":117,"y":253,"width":720,"height":12}},{"id":"c8881650-e0ad-4365-9b9c-2aa7046a828d","block_type":"box","text":"connection with such options is guaranteed by the exchange or a related clearing corporation. OTC","page_number":71,"box":{"x":116,"y":268,"width":742,"height":12}},{"id":"d09fd609-b0a3-45b8-8c95-1565a08d9d10","block_type":"box","text":"options have more flexible terms negotiated between the buyer and the seller, but are subject to","page_number":71,"box":{"x":116,"y":284,"width":717,"height":12}},{"id":"047a72db-a0d2-469f-8152-3c6e444f6e56","block_type":"box","text":"greater credit risk. OTC options also involve greater illiquidity risk.","page_number":71,"box":{"x":116,"y":299,"width":493,"height":12}},{"id":"0018dc9d-0081-4391-a0e3-93b8a47fdf17","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in","page_number":71,"box":{"x":116,"y":331,"width":709,"height":12}},{"id":"7bd582a9-61a3-405a-b231-16c7f0ca2140","block_type":"box","text":"different payment structures and/or expirations (commonly referred to as exotic options). For example,","page_number":71,"box":{"x":116,"y":347,"width":765,"height":12}},{"id":"2dd40a7a-faa9-47b9-96fe-2c1a4b9f1f04","block_type":"box","text":"barrier options are exotic options that can only be exercised (or automatically expire) if the price of the","page_number":71,"box":{"x":117,"y":362,"width":761,"height":12}},{"id":"d8812187-19fd-458e-88b9-c715e8eafb23","block_type":"box","text":"underlying asset reaches one or more predetermined levels on or before expiration. Binary options are","page_number":71,"box":{"x":117,"y":378,"width":765,"height":12}},{"id":"ab0d0c32-e2d3-4290-aa42-e9be66e2eaaf","block_type":"box","text":"another example of exotic options which have a fixed all-or-nothing payout if one or more","page_number":71,"box":{"x":116,"y":393,"width":666,"height":12}},{"id":"cb4129f8-060c-4f8d-bc2f-53230b50cb42","block_type":"box","text":"predetermined conditions are met. Exotic options are typically traded in OTC markets.","page_number":71,"box":{"x":117,"y":409,"width":641,"height":12}},{"id":"2dded301-cf2b-42da-bdbe-64e79f0b1ff8","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example,","page_number":71,"box":{"x":116,"y":441,"width":770,"height":12}},{"id":"0058a001-c3ab-4e5c-b868-82a52c0f0c03","block_type":"box","text":"there are significant differences between the securities and options markets that could result in an","page_number":71,"box":{"x":116,"y":457,"width":731,"height":12}},{"id":"9d6ae824-a9be-4ff8-8534-148655c62b6b","block_type":"box","text":"imperfect correlation between these markets, causing a given transaction not to achieve its objectives.","page_number":71,"box":{"x":117,"y":472,"width":763,"height":12}},{"id":"0e1cf9b1-e3d7-4ed9-b04f-c23223d80e63","block_type":"box","text":"In addition, a liquid market for particular options, whether traded OTC or on a national securities","page_number":71,"box":{"x":117,"y":488,"width":716,"height":12}},{"id":"d1dcd897-81eb-4248-95cc-3c5ec84c25f2","block_type":"box","text":"exchange (“Exchange”) may be absent for reasons which include the following: there may be","page_number":71,"box":{"x":116,"y":503,"width":695,"height":12}},{"id":"62a7c040-46b2-418a-96e5-bc12029df3b1","block_type":"box","text":"insufficient trading interest in certain options; restrictions may be imposed by an Exchange on opening","page_number":71,"box":{"x":117,"y":519,"width":763,"height":12}},{"id":"7aca99b7-bc5a-4563-b9a2-735b81b95970","block_type":"box","text":"transactions or closing transactions or both; trading halts, suspensions or other restrictions may be","page_number":71,"box":{"x":116,"y":534,"width":737,"height":12}},{"id":"412d7dbf-46c0-4677-a0ed-b3bef01c0cf9","block_type":"box","text":"imposed with respect to particular classes or series of options or underlying securities; unusual or","page_number":71,"box":{"x":117,"y":550,"width":727,"height":12}},{"id":"b1a125fc-a239-410e-ac91-69c5a4b76810","block_type":"box","text":"unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an","page_number":71,"box":{"x":117,"y":565,"width":708,"height":12}},{"id":"f8b8aacc-758a-481f-aa0e-dde1ecf05bcd","block_type":"box","text":"Exchange or the Options Clearing Corporation may not at all times be adequate to handle current","page_number":71,"box":{"x":117,"y":581,"width":728,"height":12}},{"id":"175a4079-791b-48e5-b278-788105b04629","block_type":"box","text":"trading volume; or one or more Exchanges could, for economic or other reasons, decide or be","page_number":71,"box":{"x":116,"y":596,"width":703,"height":12}},{"id":"ddca74e6-d7bc-4c22-9898-71cac84d90b8","block_type":"box","text":"compelled at some future date to discontinue the trading of options (or a particular class or series of","page_number":71,"box":{"x":116,"y":612,"width":746,"height":12}},{"id":"fa225c7b-0c56-4085-a6f9-ce87183640ce","block_type":"box","text":"options), in which event the market on that Exchange (or in that class or series of options) would cease","page_number":71,"box":{"x":116,"y":627,"width":770,"height":12}},{"id":"5e22d30c-06d0-44b3-89af-b3f6ba55fa69","block_type":"box","text":"to exist, although outstanding options that had been issued by the Options Clearing Corporation as a","page_number":71,"box":{"x":116,"y":643,"width":753,"height":12}},{"id":"28b91bbd-e3e4-4238-a13f-61ef86e197e1","block_type":"box","text":"result of trades on that Exchange would continue to be exercisable in accordance with their terms.","page_number":71,"box":{"x":117,"y":658,"width":732,"height":12}},{"id":"f24d198c-a2ab-42a5-9cb4-da47418ccfd5","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or","page_number":71,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"944bf75d-8250-420d-9332-d1f4fe93f09d","block_type":"box","text":"put options on the same asset that may be bought or written by a single investor, whether acting alone","page_number":71,"box":{"x":117,"y":706,"width":759,"height":12}},{"id":"019021b7-9d72-481b-b9ef-683c26757a24","block_type":"box","text":"or in concert with others (regardless of whether such options are written on the same or different","page_number":71,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"c829dd4b-2c8b-4411-bfa4-83b4f3bada8c","block_type":"box","text":"exchanges or are held or written on one or more accounts or through one or more brokers). Under","page_number":71,"box":{"x":116,"y":737,"width":730,"height":12}},{"id":"b796bc53-0685-45e1-b61a-1adbcb43aa05","block_type":"box","text":"these limitations, option positions of all investment companies advised by the Manager are combined","page_number":71,"box":{"x":116,"y":752,"width":749,"height":12}},{"id":"68e32ed1-c5a0-4252-a085-fad654791add","block_type":"box","text":"for purposes of these limits. Pursuant to these limitations, an exchange may order the liquidation of","page_number":71,"box":{"x":116,"y":768,"width":736,"height":12}},{"id":"7be7ab85-d80f-4906-85e1-d79c540f4dbd","block_type":"box","text":"positions and may impose other sanctions or restrictions. These position limits may restrict the number","page_number":71,"box":{"x":117,"y":783,"width":762,"height":12}},{"id":"c04e214c-1ab1-4d5c-be9c-fdf2fed57991","block_type":"box","text":"of listed options that a Fund may buy or sell.","page_number":71,"box":{"x":116,"y":799,"width":328,"height":12}},{"id":"1502dc01-9c7e-4e4c-9653-fc2f47297151","block_type":"box","text":"Call Options.","page_number":71,"box":{"x":117,"y":831,"width":100,"height":12}},{"id":"6203e70d-a169-4389-b869-2e31b2b65250","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in","page_number":71,"box":{"x":217,"y":831,"width":629,"height":12}},{"id":"9a983e33-b1af-4e94-997f-b41de972535f","block_type":"box","text":"which it may invest. A purchased call option gives a Fund the right to buy, and obligates the seller to","page_number":71,"box":{"x":116,"y":847,"width":748,"height":12}},{"id":"f0a19626-5bb4-44f5-9a81-2883ffa159e8","block_type":"box","text":"sell, the underlying security at the exercise price at any time during the option period. A Fund also may","page_number":71,"box":{"x":116,"y":862,"width":767,"height":12}},{"id":"8ca2ef8f-381f-46d1-bcb7-8c88fe10e169","block_type":"box","text":"purchase and sell call options on indices. Index options are similar to options on securities except that,","page_number":71,"box":{"x":117,"y":878,"width":765,"height":11}},{"id":"8a6ceea4-e00d-42c2-9e32-54b08ae6293d","block_type":"box","text":"II-26","page_number":71,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"96e4cdca-603a-42b2-9b96-a04030a4217d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":71,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5c4caeb5-48f1-4014-bfd0-1fc76fdfc2c3","block_type":"box","text":"rather than taking or making delivery of securities underlying the option at a specified price upon","page_number":72,"box":{"x":117,"y":87,"width":718,"height":12}},{"id":"7748bca2-35bb-43a1-aaff-67a05262db9b","block_type":"box","text":"exercise, an index option gives the holder the right to receive cash upon exercise of the option if the","page_number":72,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"76af450a-74ec-497b-bdfb-5b8af77b2e4b","block_type":"box","text":"level of the index upon which the option is based is greater than the exercise price of the option.","page_number":72,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"0c068894-2715-478a-8845-e8f393235d3d","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","page_number":72,"box":{"x":116,"y":146,"width":750,"height":12}},{"id":"d4db07e2-e7d4-41d3-9dec-ded233fbc67c","block_type":"box","text":"where the exercise price of the call held is (i) equal to or less than the exercise price of the call written,","page_number":72,"box":{"x":116,"y":161,"width":765,"height":13}},{"id":"09f15e49-1a59-45eb-bb66-eaa38fb74721","block_type":"box","text":"or (ii) greater than the exercise price of the call written provided the difference is maintained by the","page_number":72,"box":{"x":116,"y":177,"width":736,"height":12}},{"id":"3569d8ed-c7a0-4386-a619-cd9a5d96c609","block_type":"box","text":"Fund in assets which are not considered illiquid investments under the Funds’ Liquidity Program (as","page_number":72,"box":{"x":117,"y":192,"width":745,"height":13}},{"id":"0f9df4e0-d031-4330-8bef-aa055a1905b4","block_type":"box","text":"defined below) (“liquid assets”) designated on the Manager’s or the sub-adviser’s books and records to","page_number":72,"box":{"x":116,"y":208,"width":769,"height":12}},{"id":"6151fe7c-19ae-4c49-9d3e-bc5234de3fe4","block_type":"box","text":"the extent required by Commission guidelines.","page_number":72,"box":{"x":116,"y":223,"width":350,"height":13}},{"id":"61eab18a-270a-4f13-ab82-2d7aa5ba760e","block_type":"box","text":"A Fund may write (","page_number":72,"box":{"x":116,"y":251,"width":140,"height":12}},{"id":"7da0e37e-e982-419b-9136-5fc5849257aa","block_type":"box","text":"i.e.","page_number":72,"box":{"x":257,"y":251,"width":21,"height":10}},{"id":"e729398d-1ae2-42ae-8224-9ad6609f22dd","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest","page_number":72,"box":{"x":281,"y":251,"width":599,"height":12}},{"id":"c6bf70f0-9f3b-4c63-9376-680d129bca94","block_type":"box","text":"and to enter into closing purchase transactions with respect to certain of such options. A covered call","page_number":72,"box":{"x":116,"y":267,"width":754,"height":12}},{"id":"5acc616c-f5d4-437e-b7b3-13535b847aa6","block_type":"box","text":"option is an option in which a Fund, in return for a premium, gives another party a right to buy specified","page_number":72,"box":{"x":116,"y":282,"width":769,"height":12}},{"id":"2ce4de12-e01b-4abc-bb9b-4073561b0ef4","block_type":"box","text":"securities owned by the Fund at a specified future date and price set at the time of the contract. The","page_number":72,"box":{"x":116,"y":298,"width":747,"height":12}},{"id":"fdf06498-6adb-4233-82d4-eab62c42cac7","block_type":"box","text":"principal reason for writing call options is the attempt to realize, through the receipt of premiums, a","page_number":72,"box":{"x":117,"y":313,"width":733,"height":12}},{"id":"599e05d6-7037-4fd5-b1e9-1eee5c674fe7","block_type":"box","text":"greater return than would be realized on the securities alone. By writing covered call options, a Fund","page_number":72,"box":{"x":116,"y":329,"width":750,"height":12}},{"id":"7cad7ad2-0314-453b-8010-91fc70b63e75","block_type":"box","text":"gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying","page_number":72,"box":{"x":116,"y":344,"width":763,"height":12}},{"id":"5f1c163c-ff4e-4604-8a53-5244d1a0a016","block_type":"box","text":"security above the option exercise price. In addition, a Fund’s ability to sell the underlying security will","page_number":72,"box":{"x":116,"y":360,"width":758,"height":12}},{"id":"ce6510ff-7bea-45d2-8edd-d4f3a12420e0","block_type":"box","text":"be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":72,"box":{"x":117,"y":375,"width":738,"height":12}},{"id":"336568fa-cfc6-43db-9797-3d240e08a99a","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an","page_number":72,"box":{"x":116,"y":391,"width":748,"height":12}},{"id":"301041c1-7def-466a-b92f-49e24584e861","block_type":"box","text":"offsetting purchase of an identical option prior to the expiration of the option it has written. Covered call","page_number":72,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"1b47178e-3540-4bb4-824e-69d7f4232513","block_type":"box","text":"options also serve as a partial hedge to the extent of the premium received against the price of the","page_number":72,"box":{"x":116,"y":422,"width":736,"height":12}},{"id":"70fe5be1-904f-4e47-b6c3-ceb18a812f27","block_type":"box","text":"underlying security declining.","page_number":72,"box":{"x":117,"y":438,"width":219,"height":11}},{"id":"758dff3b-cf73-4477-8b0a-d3f1216cf83e","block_type":"box","text":"A Fund may write (","page_number":72,"box":{"x":116,"y":465,"width":140,"height":12}},{"id":"d15b92c2-1413-4c6c-90b5-209428c5ca2c","block_type":"box","text":"i.e.","page_number":72,"box":{"x":257,"y":465,"width":21,"height":10}},{"id":"0819a2aa-61fc-424a-949e-ba9e92e18cc1","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest","page_number":72,"box":{"x":281,"y":465,"width":590,"height":12}},{"id":"cce0b3b6-de0c-4bd2-8c43-0604c4de5f37","block_type":"box","text":"but that are not currently held by the Fund. The principal reason for writing uncovered call options is to","page_number":72,"box":{"x":117,"y":481,"width":763,"height":12}},{"id":"c1287094-d67b-46c6-a08e-e0c0c83c3763","block_type":"box","text":"realize income without committing capital to the ownership of the underlying securities or instruments.","page_number":72,"box":{"x":117,"y":496,"width":758,"height":12}},{"id":"4e2fef90-a66d-475e-96ee-1ea332bf3ac9","block_type":"box","text":"When writing uncovered call options, a Fund must deposit and maintain sufficient margin with the","page_number":72,"box":{"x":116,"y":512,"width":727,"height":12}},{"id":"f004221b-6cf7-4e08-b8d0-6f0318302428","block_type":"box","text":"broker-dealer through which it made the uncovered call option as collateral to ensure that the securities","page_number":72,"box":{"x":117,"y":527,"width":771,"height":12}},{"id":"55c62b00-099b-4580-aa21-8237e339c316","block_type":"box","text":"can be purchased for delivery if and when the option is exercised. During periods of declining","page_number":72,"box":{"x":116,"y":543,"width":697,"height":12}},{"id":"18378635-7c20-43ad-8452-17f9c99c19ed","block_type":"box","text":"securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to","page_number":72,"box":{"x":116,"y":558,"width":724,"height":12}},{"id":"d594f240-7286-4f2e-ac09-41ff76b94119","block_type":"box","text":"increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls","page_number":72,"box":{"x":117,"y":574,"width":724,"height":12}},{"id":"a6dfad4d-e64d-4a1a-a1c4-081ef5bb83f3","block_type":"box","text":"because there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls","page_number":72,"box":{"x":117,"y":589,"width":771,"height":12}},{"id":"43d09a71-db6d-4ccd-b692-d4f6257933e8","block_type":"box","text":"have speculative characteristics and the potential for loss is unlimited. When an uncovered call is","page_number":72,"box":{"x":117,"y":605,"width":725,"height":12}},{"id":"cfd7061b-68ad-4620-aff8-683d45e3eb8f","block_type":"box","text":"exercised, a Fund must purchase the underlying security to meet its call obligation. There is also a risk,","page_number":72,"box":{"x":116,"y":620,"width":771,"height":12}},{"id":"c2db3ae0-4193-49ed-9219-1f04ca8cc0ba","block_type":"box","text":"especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be","page_number":72,"box":{"x":116,"y":636,"width":760,"height":12}},{"id":"5405f63e-1c82-4431-8899-2fa4f12b2bda","block_type":"box","text":"available for purchase. If the purchase price exceeds the exercise price, a Fund will lose the difference.","page_number":72,"box":{"x":116,"y":651,"width":772,"height":12}},{"id":"8ea5e2f1-b3dd-4e8f-a987-cf20b2241d72","block_type":"box","text":"Put Options.","page_number":72,"box":{"x":116,"y":679,"width":91,"height":12}},{"id":"20250405-dce1-4ba0-9220-39338e0f01e0","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its","page_number":72,"box":{"x":213,"y":679,"width":642,"height":12}},{"id":"7891a92c-58f2-43ab-a5b5-bacd996cb1bd","block_type":"box","text":"securities or to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying","page_number":72,"box":{"x":116,"y":695,"width":764,"height":12}},{"id":"ba6771b9-cf75-44f2-93bf-a426895914ff","block_type":"box","text":"securities or instruments at the exercise price, thus limiting the Fund’s risk of loss through a decline in","page_number":72,"box":{"x":116,"y":710,"width":754,"height":12}},{"id":"6bd39601-6499-4a09-a210-bfb742d3e469","block_type":"box","text":"the market value of the securities or instruments until the put option expires. The amount of any","page_number":72,"box":{"x":116,"y":726,"width":709,"height":12}},{"id":"36b4ec13-98e0-4714-bd1e-713953e2bbb2","block_type":"box","text":"appreciation in the value of the underlying securities or instruments will be partially offset by the","page_number":72,"box":{"x":116,"y":741,"width":708,"height":12}},{"id":"989a9db3-6a2d-403c-8d77-60101582c3b2","block_type":"box","text":"amount of the premium paid for the put option and any related transaction costs. Prior to its expiration,","page_number":72,"box":{"x":116,"y":757,"width":758,"height":12}},{"id":"326845f5-2d4f-4e0e-a2c8-fac43b3022ba","block_type":"box","text":"a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on","page_number":72,"box":{"x":116,"y":772,"width":737,"height":12}},{"id":"18c020c9-cdb6-452d-8c05-78afc7f21e13","block_type":"box","text":"whether the amount received is more or less than the premium paid for the put option plus the related","page_number":72,"box":{"x":116,"y":788,"width":753,"height":12}},{"id":"2c806cf8-35b0-42a1-87ad-edbd1635d2cf","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an","page_number":72,"box":{"x":116,"y":803,"width":719,"height":12}},{"id":"f541f45a-061f-433e-ad71-fa88c0043182","block_type":"box","text":"option by means of an offsetting sale of an identical option prior to the expiration of the option it has","page_number":72,"box":{"x":116,"y":819,"width":737,"height":12}},{"id":"3f56e925-e49a-4392-97d4-b54842323240","block_type":"box","text":"purchased. A Fund also may purchase uncovered put options.","page_number":72,"box":{"x":117,"y":834,"width":467,"height":12}},{"id":"58b1460d-bc6e-49e1-963d-50f0f2ae97af","block_type":"box","text":"A Fund also may write (","page_number":72,"box":{"x":116,"y":862,"width":176,"height":12}},{"id":"d7d3752e-f51f-4955-ae07-979a5b4f40c3","block_type":"box","text":"i.e.","page_number":72,"box":{"x":293,"y":862,"width":20,"height":10}},{"id":"59c4cad5-8c6e-4f62-b2d9-d95c79545089","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held","page_number":72,"box":{"x":316,"y":862,"width":563,"height":12}},{"id":"bc4d4537-c164-4416-8aa6-4e733ddc29f6","block_type":"box","text":"by the Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":72,"box":{"x":117,"y":878,"width":763,"height":12}},{"id":"ceff71ff-0549-4016-a899-880acf3c7efd","block_type":"box","text":"II-27","page_number":72,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4ce0e4bf-405e-4b0a-9a8a-e30cd5688e2a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":72,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2ff35d5a-091d-496a-981c-d19828d9f96c","block_type":"box","text":"A Fund also may write (","page_number":73,"box":{"x":116,"y":87,"width":176,"height":12}},{"id":"5d3211d1-e47c-4007-88a4-521256802612","block_type":"box","text":"i.e.","page_number":73,"box":{"x":293,"y":87,"width":20,"height":10}},{"id":"49a6566b-0853-4b4a-827d-5e493e3978d5","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may","page_number":73,"box":{"x":316,"y":87,"width":540,"height":12}},{"id":"83393231-5d7a-49fe-b5fa-3dbcaea94b88","block_type":"box","text":"invest but with respect to which the Fund does not currently have a corresponding short position or has","page_number":73,"box":{"x":117,"y":103,"width":769,"height":12}},{"id":"91773846-d950-43a4-b807-e3248d814d88","block_type":"box","text":"not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer","page_number":73,"box":{"x":117,"y":118,"width":737,"height":12}},{"id":"a2505212-abbd-444e-af0f-790f20e9bae9","block_type":"box","text":"through which it made the uncovered put option. The principal reason for writing uncovered put options","page_number":73,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"0a94d9aa-f0df-49e2-a7c0-b09b567f9783","block_type":"box","text":"is to receive premium income and to acquire such securities or instruments at a net cost below the","page_number":73,"box":{"x":117,"y":149,"width":734,"height":12}},{"id":"19aea9cf-1ca6-499f-80fb-b15acb81e256","block_type":"box","text":"current market value. A Fund has the obligation to buy the securities or instruments at an agreed upon","page_number":73,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"b323e7de-49c5-4fa1-9a93-2251c444e867","block_type":"box","text":"price if the price of the securities or instruments decreases below the exercise price. If the price of the","page_number":73,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"2b0d0ea9-34ca-4619-a4f6-f2836f76e239","block_type":"box","text":"securities or instruments increases during the option period, the option will expire worthless and a","page_number":73,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"f5eabfda-c374-45c5-8c20-6e67d291ac9c","block_type":"box","text":"Fund will retain the premium and will not have to purchase the securities or instruments at the exercise","page_number":73,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"964cbd24-41bd-4135-9777-64a22fd5590c","block_type":"box","text":"price.","page_number":73,"box":{"x":117,"y":227,"width":45,"height":11}},{"id":"a8b64ee9-9ce0-4b54-87ee-7f67b5262f9b","block_type":"box","text":"Options on Government National Mortgage Association (“GNMA”) Certificates.","page_number":73,"box":{"x":117,"y":258,"width":586,"height":12}},{"id":"70a2b491-3008-4e4d-8b01-1856c9057a5c","block_type":"box","text":"The following","page_number":73,"box":{"x":704,"y":258,"width":103,"height":12}},{"id":"8dae57d2-6dbe-453d-9f19-ade16f852660","block_type":"box","text":"information relates to the unique characteristics of options on GNMA Certificates. Since the remaining","page_number":73,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"54e0d9cc-ccdb-40e4-b343-9d12c8d097b3","block_type":"box","text":"principal balance of GNMA Certificates declines each month as a result of mortgage payments, a","page_number":73,"box":{"x":117,"y":289,"width":725,"height":12}},{"id":"c07dc01f-cbaa-452f-be84-d28a9f49309a","block_type":"box","text":"Fund, as a writer of a GNMA call holding GNMA Certificates as “cover” to satisfy its delivery obligation","page_number":73,"box":{"x":117,"y":304,"width":761,"height":12}},{"id":"671d5eac-1813-448e-9ed9-9fffd8866275","block_type":"box","text":"in the event of exercise, may find that the GNMA Certificates it holds no longer have a sufficient","page_number":73,"box":{"x":117,"y":320,"width":714,"height":12}},{"id":"f0b6e700-1e2d-4b97-a928-78c437557eb7","block_type":"box","text":"remaining principal balance for this purpose. Should this occur, a Fund will purchase additional GNMA","page_number":73,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"546986e1-5e23-4219-b8d1-68cf0aa12b28","block_type":"box","text":"Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash market in order","page_number":73,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"6dabbfae-ace0-4161-b534-e608eba3aac5","block_type":"box","text":"to maintain its “cover.”","page_number":73,"box":{"x":116,"y":366,"width":170,"height":10}},{"id":"53b91cc3-c6c5-46de-8a9b-9f2e19390ecb","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month","page_number":73,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"0d31c11a-6bba-4ea1-8b72-65416dfe8b19","block_type":"box","text":"may cease to represent cover for the option in the event of a decline in the GNMA coupon rate at","page_number":73,"box":{"x":117,"y":413,"width":724,"height":12}},{"id":"57afd822-0be5-4d30-ae3d-3a1a6c27be4b","block_type":"box","text":"which new pools are originated under the FHA/VA loan ceiling in effect at any given time. If this should","page_number":73,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"71f9b738-2582-4ae0-a9b7-723656bf2067","block_type":"box","text":"occur, a Fund will no longer be covered, and the Fund will either enter into a closing purchase","page_number":73,"box":{"x":116,"y":444,"width":701,"height":12}},{"id":"73f30caa-656e-4077-b76d-3d0ae59afda4","block_type":"box","text":"transaction or replace such Certificate with a certificate that represents cover. When a Fund closes its","page_number":73,"box":{"x":116,"y":459,"width":760,"height":12}},{"id":"e090ff3d-c71e-4f24-af2c-e989ed293ccd","block_type":"box","text":"position or replaces such Certificate, it may realize an unanticipated loss and incur transaction costs.","page_number":73,"box":{"x":117,"y":475,"width":751,"height":12}},{"id":"919187c6-e99e-482b-a576-b1a144d14f12","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":73,"box":{"x":117,"y":506,"width":243,"height":12}},{"id":"a4a5843d-6099-4fb1-8711-b39359ca9943","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to","page_number":73,"box":{"x":362,"y":506,"width":517,"height":12}},{"id":"08d3f85f-84e5-4736-80ae-75888ad6ac2a","block_type":"box","text":"enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap","page_number":73,"box":{"x":116,"y":521,"width":750,"height":12}},{"id":"81702975-bedb-4db8-925a-808c3b3859c2","block_type":"box","text":"agreement, at a designated future time on specified terms. A Fund may write (","page_number":73,"box":{"x":116,"y":537,"width":580,"height":12}},{"id":"a93c8cd8-bd3d-45a3-9085-c10944511415","block_type":"box","text":"i.e.","page_number":73,"box":{"x":698,"y":537,"width":20,"height":9}},{"id":"bcbdc1ab-98b5-421d-9ce6-fe1712c67c05","block_type":"box","text":", sell) and purchase","page_number":73,"box":{"x":721,"y":537,"width":150,"height":12}},{"id":"52ad4409-4eb3-4c72-8d52-63fe419abbeb","block_type":"box","text":"put and call swaptions. Depending on the terms of the particular option agreement, a Fund will","page_number":73,"box":{"x":117,"y":552,"width":704,"height":12}},{"id":"9620bf96-87ea-4eb6-b9e2-d8e074be1b50","block_type":"box","text":"generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a","page_number":73,"box":{"x":116,"y":568,"width":758,"height":12}},{"id":"f2b8b073-9bf4-45bb-90aa-28f6cc7aefa0","block_type":"box","text":"swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has","page_number":73,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"789e9864-cccc-4eda-964d-b35b26885f00","block_type":"box","text":"paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption,","page_number":73,"box":{"x":117,"y":599,"width":743,"height":12}},{"id":"a595d4fe-9ab9-498b-b649-062e49c096af","block_type":"box","text":"upon exercise of the option the Fund will become obligated according to the terms of the underlying","page_number":73,"box":{"x":117,"y":614,"width":743,"height":12}},{"id":"f1a5338d-ca24-47e7-930e-2a295773dcd6","block_type":"box","text":"agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":73,"box":{"x":116,"y":630,"width":754,"height":12}},{"id":"f0ece54f-5c87-4521-8e54-636962a86f8b","block_type":"box","text":"required, to be cleared.","page_number":73,"box":{"x":117,"y":645,"width":177,"height":12}},{"id":"ef8b971d-5715-4ea3-ac41-c02346448451","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment","page_number":73,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"4c42a217-0e27-4481-a851-f583d9bdc040","block_type":"box","text":"or portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates","page_number":73,"box":{"x":116,"y":692,"width":767,"height":12}},{"id":"41d1a72f-aa5a-4db6-bd57-b04d971bca03","block_type":"box","text":"purchasing at a later date. A Fund generally will use these transactions for hedging purposes, not for","page_number":73,"box":{"x":117,"y":707,"width":746,"height":12}},{"id":"f9d145bb-6234-4d26-84f6-815437e1a529","block_type":"box","text":"speculation.","page_number":73,"box":{"x":116,"y":723,"width":88,"height":12}},{"id":"34402db7-f9a8-4422-8f5f-bd8b0471cc65","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “— Risk","page_number":73,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"0c1ca9be-b68c-4c1b-9d7f-d46b0f1063ed","block_type":"box","text":"Factors in Derivatives” above.","page_number":73,"box":{"x":117,"y":769,"width":220,"height":10}},{"id":"ad46b3f5-d6be-44fa-b942-1a89bb92d3d9","block_type":"box","text":"FLEX Options.","page_number":73,"box":{"x":116,"y":800,"width":107,"height":12}},{"id":"ad46d3d7-5aba-40e8-9518-b7f4dc8c4149","block_type":"box","text":"FLEX Options are customized option contracts available through national securities","page_number":73,"box":{"x":231,"y":800,"width":617,"height":12}},{"id":"3cedf48f-097b-41df-855e-809740b81311","block_type":"box","text":"exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX","page_number":73,"box":{"x":116,"y":816,"width":729,"height":12}},{"id":"db3b4758-d546-403a-83a6-b572ee18a773","block_type":"box","text":"Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the","page_number":73,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"f45f5ffc-f06e-4066-935c-48ac882bce75","block_type":"box","text":"ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American","page_number":73,"box":{"x":116,"y":847,"width":750,"height":12}},{"id":"f8636c27-f576-4790-9629-c97f10b1c29f","block_type":"box","text":"style, exercisable any time prior to the expiration date, or European-style, exercisable only on the","page_number":73,"box":{"x":116,"y":862,"width":726,"height":12}},{"id":"46d36690-18f7-4260-8f39-5c199573087e","block_type":"box","text":"option expiration date) and expiration dates, while achieving price discovery in competitive, transparent","page_number":73,"box":{"x":116,"y":878,"width":769,"height":12}},{"id":"45e8ea42-6652-490f-b25a-54f6755735a5","block_type":"box","text":"II-28","page_number":73,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e5a4b88a-f1de-455d-8169-04eb25576b44","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":73,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"67ddae8f-5652-41cf-bbce-6adcdcb83805","block_type":"box","text":"auctions markets and avoiding the counterparty exposure of OTC options positions. Each option","page_number":74,"box":{"x":116,"y":87,"width":719,"height":12}},{"id":"7ae75ff3-1414-49f2-9a9c-c7c94187fe9e","block_type":"box","text":"contract entitles the holder thereof to purchase (for the","page_number":74,"box":{"x":116,"y":102,"width":410,"height":13}},{"id":"3b693b50-0d07-42dd-9cce-a61ff8e2e32a","block_type":"box","text":"call options) or sell (for the put options) shares","page_number":74,"box":{"x":527,"y":102,"width":349,"height":13}},{"id":"facb5394-373c-4529-b365-4e9e04aebeea","block_type":"box","text":"of the reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options,","page_number":74,"box":{"x":116,"y":118,"width":772,"height":12}},{"id":"fdbe7814-ef00-4eaa-9e1d-3a247fb00208","block_type":"box","text":"including both purchased and written put and call options (as further described below). The FLEX","page_number":74,"box":{"x":117,"y":134,"width":726,"height":12}},{"id":"5cb8cf13-3f51-4d74-b7e4-7f926860b3bf","block_type":"box","text":"Options are all European style options, which means that they are exercisable at a predetermined","page_number":74,"box":{"x":116,"y":149,"width":730,"height":12}},{"id":"7877e692-80ca-484b-8df3-0e525c3dce8e","block_type":"box","text":"specified price (the “strike price”) only on the FLEX Option’s expiration date.","page_number":74,"box":{"x":116,"y":165,"width":569,"height":12}},{"id":"b5845201-3430-42b9-bf3c-394bcce544e1","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the","page_number":74,"box":{"x":116,"y":198,"width":752,"height":12}},{"id":"d6fa2230-e5e2-4299-9f3a-8d26fae84558","block_type":"box","text":"“buyer for every seller and the seller for every buyer”, reducing counterparty risk for clearing members","page_number":74,"box":{"x":116,"y":213,"width":762,"height":12}},{"id":"110bf796-a18e-4780-bd21-bce42256f536","block_type":"box","text":"and options traders. Although guaranteed for settlement by the OCC, FLEX Options are still subject to","page_number":74,"box":{"x":116,"y":229,"width":762,"height":12}},{"id":"a170a87b-9f3e-4feb-9ff0-ca8499e5d2d8","block_type":"box","text":"counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement","page_number":74,"box":{"x":116,"y":244,"width":760,"height":12}},{"id":"e05240c7-ec00-4863-8045-60f3d1bc47b5","block_type":"box","text":"of the FLEX Options due to bankruptcy or other adverse reasons. A Fund bears the risk that the OCC","page_number":74,"box":{"x":116,"y":260,"width":759,"height":12}},{"id":"4462c471-c130-4d9c-b96c-d99f0fc6653a","block_type":"box","text":"will be unable or unwilling to perform its obligations under the FLEX Options contracts.","page_number":74,"box":{"x":116,"y":275,"width":646,"height":12}},{"id":"c81bf09e-3908-46f4-94d6-fb349672bade","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the","page_number":74,"box":{"x":116,"y":308,"width":744,"height":13}},{"id":"aed104a3-af97-41b1-8644-d571c42ed926","block_type":"box","text":"FLEX Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and","page_number":74,"box":{"x":117,"y":324,"width":760,"height":12}},{"id":"e42be2f1-f3e0-4a54-9f96-a2eaf9fb965b","block_type":"box","text":"rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings,","page_number":74,"box":{"x":117,"y":339,"width":702,"height":13}},{"id":"354e4fa7-983b-4c64-83e5-3f0b0294f6f0","block_type":"box","text":"distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying","page_number":74,"box":{"x":116,"y":355,"width":715,"height":12}},{"id":"c0d9c723-3387-4dd9-a439-6ddb820ac628","block_type":"box","text":"security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security.","page_number":74,"box":{"x":116,"y":370,"width":748,"height":13}},{"id":"8a6d4d7d-a27d-4c8d-9044-b24880d05bd5","block_type":"box","text":"According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by","page_number":74,"box":{"x":116,"y":386,"width":759,"height":12}},{"id":"0cebc413-5097-4c8e-9924-0190f4cb2464","block_type":"box","text":"the OCC’s Securities Committee, in light of the circumstances known to it at the time such","page_number":74,"box":{"x":116,"y":401,"width":673,"height":13}},{"id":"7ad222e5-bfd6-4029-804d-247b203e5977","block_type":"box","text":"determination is made, based on its judgment as to what is appropriate for the protection of investors","page_number":74,"box":{"x":116,"y":417,"width":754,"height":12}},{"id":"ef706ac0-b2f6-4c09-9158-defc9c1077c3","block_type":"box","text":"and the public interest, taking into account such factors as fairness to holders and writers (or","page_number":74,"box":{"x":116,"y":432,"width":691,"height":13}},{"id":"bf022f59-2145-45c6-8055-c2797e852e9e","block_type":"box","text":"purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the","page_number":74,"box":{"x":117,"y":448,"width":734,"height":12}},{"id":"1d70a4eb-f65e-419d-963c-a7b590ecefb3","block_type":"box","text":"affected options, consistency of interpretation and practice, efficiency of exercise settlement","page_number":74,"box":{"x":116,"y":463,"width":687,"height":13}},{"id":"5b61cae8-c6c0-421a-8d00-f091b23ed0f3","block_type":"box","text":"procedures, and the coordination with other clearing agencies of the clearance and settlement of","page_number":74,"box":{"x":117,"y":479,"width":721,"height":12}},{"id":"f964da41-0337-463d-9395-b8625c3fd0d8","block_type":"box","text":"transactions in the underlying interest.","page_number":74,"box":{"x":116,"y":495,"width":288,"height":12}},{"id":"66287129-085a-4131-bc73-37ec75accffb","block_type":"box","text":"Certain Considerations Regarding Options","page_number":74,"box":{"x":151,"y":519,"width":314,"height":12}},{"id":"fc14c51b-3fb0-42ee-b9a2-f539e5c674c0","block_type":"box","text":". The FLEX Options in which each Fund may invest will","page_number":74,"box":{"x":467,"y":519,"width":414,"height":12}},{"id":"491a2364-5d6f-4360-8693-fdca032541df","block_type":"box","text":"be options on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a","page_number":74,"box":{"x":150,"y":534,"width":723,"height":12}},{"id":"a4c28263-a08f-4d3d-a421-d7e5522af2d7","block_type":"box","text":"“Reference Asset”). As such, the value of a Fund’s FLEX Options will fluctuate with changes in the","page_number":74,"box":{"x":150,"y":550,"width":735,"height":12}},{"id":"2eba2a45-9a8f-4286-917e-3b334e6aa742","block_type":"box","text":"value of the securities held by the ETF, and thus the ETF’s share price. In addition to the value of","page_number":74,"box":{"x":150,"y":565,"width":726,"height":12}},{"id":"cb81218b-e6b6-41d1-b6c1-99a52673b07c","block_type":"box","text":"the ETF, the value of an option, in general, will reflect, among other things, the time remaining until","page_number":74,"box":{"x":150,"y":581,"width":738,"height":12}},{"id":"fb5f3092-8286-4a0d-bf69-67ecdde6e50a","block_type":"box","text":"expiration (the end of the Outcome Period), the relationship of the exercise price to the market","page_number":74,"box":{"x":150,"y":596,"width":704,"height":12}},{"id":"d6d9fd38-b08e-4061-8a62-85aae6ff55e0","block_type":"box","text":"price of the Reference Asset, and general market conditions. Options that expire unexercised","page_number":74,"box":{"x":150,"y":612,"width":698,"height":12}},{"id":"b445e8ba-e4ee-4e32-a403-e6e140dae923","block_type":"box","text":"have no value.","page_number":74,"box":{"x":150,"y":628,"width":113,"height":9}},{"id":"b58421c6-c0c7-4133-a7cb-656c0efba26a","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase","page_number":74,"box":{"x":150,"y":652,"width":734,"height":12}},{"id":"3f3214cd-77b0-4c61-8d7c-d379540b4868","block_type":"box","text":"(for a call option) or sell (for a put option) the Reference Asset at a predetermined specified price","page_number":74,"box":{"x":150,"y":667,"width":718,"height":12}},{"id":"3920e3da-508e-4095-835e-3bb8f00328bc","block_type":"box","text":"(the “strike price”). When a Fund writes a call on the Reference Asset, it receives a premium and","page_number":74,"box":{"x":150,"y":683,"width":716,"height":12}},{"id":"80981440-7733-44fa-a0ee-9f1caf2d127b","block_type":"box","text":"agrees that the purchaser of the call, upon exercise of the call, will receive from the Fund the","page_number":74,"box":{"x":150,"y":698,"width":688,"height":12}},{"id":"d62b2229-7140-406f-bca5-792f38cdc1db","block_type":"box","text":"delivery of a specified number of shares of the ETF in exchange for the strike price. When a Fund","page_number":74,"box":{"x":150,"y":714,"width":724,"height":12}},{"id":"e9a3db7e-ea6d-4c08-bf42-448a72e856a5","block_type":"box","text":"buys a call on the Reference Asset, it pays a premium and has the same rights to such call as","page_number":74,"box":{"x":150,"y":729,"width":697,"height":12}},{"id":"9eef2d8c-12fe-4fcd-a6e2-35e07a1288cf","block_type":"box","text":"indicated above. When a Fund buys a put on the Reference Asset, it pays a premium and has the","page_number":74,"box":{"x":150,"y":745,"width":725,"height":12}},{"id":"a6fd3dd5-b78e-458f-beb3-d1b996bd4790","block_type":"box","text":"right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":74,"box":{"x":150,"y":760,"width":704,"height":12}},{"id":"6ebd48f9-1eae-410a-af1f-733c5cf6e2e8","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the","page_number":74,"box":{"x":150,"y":776,"width":700,"height":12}},{"id":"782551f2-9109-483a-bb1e-532cbe56a07d","block_type":"box","text":"Reference Asset, it receives a premium and the purchaser of the put has the right to require the","page_number":74,"box":{"x":151,"y":791,"width":708,"height":12}},{"id":"b24611f4-72ec-42aa-adf7-94af7760bead","block_type":"box","text":"Fund to deliver the specified number of shares of the ETF in exchange for the strike price.","page_number":74,"box":{"x":151,"y":807,"width":665,"height":12}},{"id":"d36866f8-8986-489c-9062-c19065477679","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may","page_number":74,"box":{"x":149,"y":831,"width":705,"height":12}},{"id":"d27caa25-dfd0-4e75-ac8a-044bfd690e6c","block_type":"box","text":"also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to","page_number":74,"box":{"x":150,"y":847,"width":711,"height":12}},{"id":"945fcdd0-63ea-4f21-8d4e-5c492298705a","block_type":"box","text":"receive an amount (or owe an amount) of cash upon the exercise of the option. Gain or loss","page_number":74,"box":{"x":150,"y":862,"width":686,"height":12}},{"id":"5aa4036e-33c8-4614-9882-a55adfbe4a1c","block_type":"box","text":"depends on changes in the value of the ETF’s share price relative to the strike price for a given","page_number":74,"box":{"x":150,"y":878,"width":710,"height":12}},{"id":"85ebdd08-7973-412b-8e69-3959b1ad3ca7","block_type":"box","text":"II-29","page_number":74,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"29ba4aa4-ad77-4b57-a054-ff58d9bcc87a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":74,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e15c6ee5-4b13-468a-87ae-8ff1a91d39ae","block_type":"box","text":"option contract. The amount of cash is equal to the difference between the closing price of the","page_number":75,"box":{"x":150,"y":87,"width":702,"height":12}},{"id":"52bd078d-cadb-4f7a-a13f-5e6f5db983fd","block_type":"box","text":"ETF’s share price and the exercise price of the option contract times a specified multiple","page_number":75,"box":{"x":151,"y":102,"width":659,"height":12}},{"id":"6f9b2206-3863-4c19-bf3d-f63ed0fc1b13","block_type":"box","text":"(“multiplier”), which determines the total value for each point of such difference.","page_number":75,"box":{"x":150,"y":118,"width":593,"height":12}},{"id":"ca4a1dbc-8369-4a0a-a9e1-4b7a51cf9894","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":75,"box":{"x":150,"y":141,"width":306,"height":12}},{"id":"5b61fa87-d3f3-4edb-9657-8169b43569a4","block_type":"box","text":". If a Fund has purchased an option and exercises it","page_number":75,"box":{"x":458,"y":141,"width":382,"height":12}},{"id":"c4394520-21cd-48d3-b87f-5226f9ebccc1","block_type":"box","text":"before the closing value for that day is available, it runs the risk that the level of the Reference Asset","page_number":75,"box":{"x":150,"y":157,"width":735,"height":12}},{"id":"d42c2a68-4d18-4f3c-8ae5-112cfc127e68","block_type":"box","text":"may subsequently change. If such a change causes the exercised option to fall out of the money,","page_number":75,"box":{"x":150,"y":172,"width":714,"height":12}},{"id":"ecbf1199-24a6-42a0-a520-60d807b37ab9","block_type":"box","text":"the applicable Fund will be required to pay the difference between the closing Reference Asset","page_number":75,"box":{"x":150,"y":188,"width":698,"height":12}},{"id":"5d538750-5c9b-493d-b19b-0129d71cfefb","block_type":"box","text":"value and the exercise price of the option (times the applicable multiplier) to the assigned writer.","page_number":75,"box":{"x":150,"y":203,"width":706,"height":12}},{"id":"38fdfeb4-f99f-4ffe-9340-8ed97eb4a4e1","block_type":"box","text":"Foreign Exchange Transactions.","page_number":75,"box":{"x":116,"y":242,"width":247,"height":12}},{"id":"7b4edcaa-984b-4f89-9f41-17bdf8e568dc","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions","page_number":75,"box":{"x":116,"y":273,"width":731,"height":12}},{"id":"9dd3a527-55fb-4fb9-9f09-aaae9a4a9c57","block_type":"box","text":"(“FX forwards”) and currency swaps, purchase and sell currency options, currency futures and related","page_number":75,"box":{"x":117,"y":289,"width":760,"height":12}},{"id":"c435ce62-2751-4d5c-a792-5e643507c9b4","block_type":"box","text":"options thereon (collectively, “Currency Instruments”) for purposes of hedging against the decline in the","page_number":75,"box":{"x":116,"y":304,"width":772,"height":12}},{"id":"5f4a15d0-e1fa-4b99-998e-8c318797cf8f","block_type":"box","text":"value of currencies in which its portfolio holdings are denominated against the U.S. dollar or, with","page_number":75,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"4617a9a6-559b-4de4-8c95-b24a9381b8df","block_type":"box","text":"respect to certain Funds, to seek to enhance returns.","page_number":75,"box":{"x":117,"y":335,"width":397,"height":12}},{"id":"227f3b71-6a7b-4e35-8858-dd8732383d33","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities","page_number":75,"box":{"x":116,"y":366,"width":734,"height":12}},{"id":"911d1427-20ca-4ac2-a5e3-9e2a9c7de590","block_type":"box","text":"owned by a Fund, sold by a Fund but not","page_number":75,"box":{"x":116,"y":382,"width":309,"height":12}},{"id":"0c4372ba-b70b-4bad-a1d7-bd125bac2914","block_type":"box","text":"yet delivered, or committed or anticipated to be purchased by","page_number":75,"box":{"x":426,"y":382,"width":460,"height":12}},{"id":"ad2cd54d-b569-4156-b940-60296e858154","block_type":"box","text":"a Fund. As an illustration, a Fund may use such techniques to hedge the stated value in U.S. dollars of","page_number":75,"box":{"x":116,"y":397,"width":768,"height":12}},{"id":"7ba7995d-7ead-41d1-aade-646a51ddc1b2","block_type":"box","text":"an investment in a yen-denominated security. For example, the Fund may purchase a foreign currency","page_number":75,"box":{"x":116,"y":413,"width":767,"height":12}},{"id":"f80cc926-dd97-4ed7-be7a-486332950f02","block_type":"box","text":"put option enabling it to sell a specified amount of yen","page_number":75,"box":{"x":117,"y":428,"width":404,"height":12}},{"id":"00f93316-ad21-4862-aa26-e41d9dce39d9","block_type":"box","text":"for dollars at a specified price by a future date.","page_number":75,"box":{"x":521,"y":428,"width":350,"height":12}},{"id":"513abe31-35f4-4ab9-9456-7ec2b8e16489","block_type":"box","text":"To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be","page_number":75,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"e1f7b84b-8488-4bae-bbfd-a9469d79e176","block_type":"box","text":"offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring","page_number":75,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"8e18e607-e579-4f60-9d17-10983cc627b6","block_type":"box","text":"such a put option, the Fund may also sell a call option which, if exercised, requires it to sell a specified","page_number":75,"box":{"x":116,"y":475,"width":764,"height":12}},{"id":"7c7b1d72-8c3c-46a4-8dbf-7f6b423db923","block_type":"box","text":"amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":75,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"b2aca2d8-b175-45cb-9331-59d4fbc2dfc2","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from","page_number":75,"box":{"x":116,"y":506,"width":767,"height":12}},{"id":"8d238b88-64ec-4993-9f52-2156d777aef6","block_type":"box","text":"increases in the relative value of the yen to the dollar. “Straddles” of the type that may be used by a","page_number":75,"box":{"x":117,"y":521,"width":742,"height":12}},{"id":"f07f8fd1-bb86-4b0c-ba3c-bbe4f5bba334","block_type":"box","text":"Fund are considered hedging transactions. Certain Funds have a fundamental investment restriction","page_number":75,"box":{"x":117,"y":537,"width":749,"height":12}},{"id":"46bf6259-2ffd-4f4f-bca1-dd3e0763639f","block_type":"box","text":"that restricts currency option strategies.","page_number":75,"box":{"x":116,"y":552,"width":298,"height":12}},{"id":"4bb0e0af-4033-4194-984b-84f4e79ce622","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation","page_number":75,"box":{"x":117,"y":583,"width":737,"height":12}},{"id":"e7824a6e-d8a1-48a2-9d81-928f52e0052b","block_type":"box","text":"risk. A Fund’s use of Currency Instruments to effect hedging strategies is intended to reduce the","page_number":75,"box":{"x":117,"y":599,"width":718,"height":12}},{"id":"1932a77a-9395-4db1-86be-02ef4bbb57bc","block_type":"box","text":"volatility of the NAV of the Fund’s shares; however, the use of such hedging strategies will not prevent","page_number":75,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"bb2709fe-72a8-408e-8df8-1210f51c3d98","block_type":"box","text":"the NAV of the Fund’s shares from fluctuating. Moreover, although Currency Instruments will be used","page_number":75,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"5f493177-33ac-466d-a1dd-e52cd552f014","block_type":"box","text":"with the intention of hedging against adverse currency movements, transactions in Currency","page_number":75,"box":{"x":116,"y":645,"width":689,"height":12}},{"id":"d0eb96ab-a21e-4c8b-b3d7-6faa355d6c8c","block_type":"box","text":"Instruments involve the risk that anticipated currency movements will not be accurately predicted and","page_number":75,"box":{"x":117,"y":661,"width":749,"height":12}},{"id":"04667f28-0bde-4f7f-a274-8dc3d05bc4af","block_type":"box","text":"that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges against","page_number":75,"box":{"x":116,"y":676,"width":701,"height":12}},{"id":"a6913351-fd92-4e3c-a477-22cbc2fd09d1","block_type":"box","text":"anticipated currency movements that do not occur, the Fund may realize losses and decrease its total","page_number":75,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"ad631c5e-bdc3-4868-9e2a-bbbada2f6649","block_type":"box","text":"return. Furthermore, a Fund will only engage in hedging activities from time to time and may not be","page_number":75,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"9d6759d1-51e4-4b4f-ba6f-f8723a8239e8","block_type":"box","text":"engaging in hedging activities when movements in currency exchange rates actually occur.","page_number":75,"box":{"x":116,"y":723,"width":674,"height":12}},{"id":"eb3f2501-31c7-4fd5-b9b0-5c9380ad0032","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign","page_number":75,"box":{"x":117,"y":754,"width":746,"height":12}},{"id":"d3bbbb7d-f570-4aac-a1b7-1ae724883720","block_type":"box","text":"or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified","page_number":75,"box":{"x":116,"y":769,"width":766,"height":12}},{"id":"8acaa86f-4f34-4e22-8b8d-765e179b8805","block_type":"box","text":"amount of a particular currency. There are no limitations on daily price moves in such forward","page_number":75,"box":{"x":116,"y":785,"width":693,"height":12}},{"id":"d96af23b-e44e-48dd-9135-e51f11391402","block_type":"box","text":"contracts, and banks and dealers are not required to continue to make markets in such contracts.","page_number":75,"box":{"x":116,"y":800,"width":722,"height":12}},{"id":"f6f9932e-e260-4cf5-bb0d-c05ee8d5a29f","block_type":"box","text":"There have been periods during which certain banks or dealers have refused to quote prices for such","page_number":75,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"93da2f61-0e18-41a5-900c-cfbc09917b9f","block_type":"box","text":"forward contracts or have quoted prices with an unusually wide spread between the price at which the","page_number":75,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"ec8440db-187a-477c-a577-96231a667786","block_type":"box","text":"bank or dealer is prepared to buy and that at which it is prepared to sell. Governmental imposition of","page_number":75,"box":{"x":117,"y":847,"width":747,"height":12}},{"id":"4f034c5f-ff71-4327-9e50-f2fdba05c26a","block_type":"box","text":"currency controls might limit any such forward contract trading. With respect to its trading of forward","page_number":75,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"afa3eec1-31a5-493f-975a-588ad01105a8","block_type":"box","text":"contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a","page_number":75,"box":{"x":116,"y":878,"width":689,"height":12}},{"id":"2277a543-f54b-43d5-b41b-9b7e83e2a6bc","block_type":"box","text":"II-30","page_number":75,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2d235ef6-685a-4b29-9fab-d45a66312db1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":75,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ce383fe0-fcac-4489-8409-87b705b0cd2b","block_type":"box","text":"counterparty would deprive the Fund of any profit potential or force the Fund to cover its commitments","page_number":76,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"ee861fcb-e5c4-4cc9-bf2a-9ba86e20d263","block_type":"box","text":"for resale, if any, at the then market price and could result in a loss to the Fund.","page_number":76,"box":{"x":116,"y":102,"width":595,"height":13}},{"id":"acb3a298-8f3c-418d-ae2c-13682ef25c19","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if","page_number":76,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"ed878afd-bff3-463d-a51b-4206a51ae087","block_type":"box","text":"correctly anticipated, in the event that (i) the currency exchange rate movement is so generally","page_number":76,"box":{"x":116,"y":149,"width":707,"height":12}},{"id":"b800c1af-1777-477a-9797-1832899d9215","block_type":"box","text":"anticipated that the Fund is not able to enter into a hedging transaction at an effective price, or (ii) the","page_number":76,"box":{"x":116,"y":165,"width":757,"height":12}},{"id":"2a20bb52-8b27-4a85-943a-b03bc14b400d","block_type":"box","text":"currency exchange rate movement relates to a market with respect to which Currency Instruments are","page_number":76,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"f63a558e-cc3c-4b73-9850-d8263272ef79","block_type":"box","text":"not available and it is not possible to engage in effective foreign currency hedging. The cost to a Fund","page_number":76,"box":{"x":117,"y":196,"width":759,"height":12}},{"id":"2efa7cdf-cc56-499a-a10e-952f997f4e95","block_type":"box","text":"of engaging in foreign currency transactions varies with such factors as the currencies involved, the","page_number":76,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"8fa97351-a692-42b7-87bc-11b6ce6a81b2","block_type":"box","text":"length of the contract period and the market conditions then prevailing. Since transactions in foreign","page_number":76,"box":{"x":117,"y":227,"width":744,"height":12}},{"id":"ed889f0e-072e-4853-bb5d-50fe1b8e172d","block_type":"box","text":"currency exchange usually are conducted on a principal basis, no fees or commissions are involved.","page_number":76,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"8c6fd5a3-825f-48cd-8fe5-f882bec14bf2","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns","page_number":76,"box":{"x":116,"y":273,"width":765,"height":12}},{"id":"b6864d6e-4001-44a7-bfc6-5e48fa3d351f","block_type":"box","text":"(including receivables for unsettled securities sales), or has committed to purchase or anticipates","page_number":76,"box":{"x":117,"y":289,"width":724,"height":12}},{"id":"44ef5f64-2a86-4c4b-9e86-030d7df676da","block_type":"box","text":"purchasing, which are denominated in such currency.","page_number":76,"box":{"x":117,"y":304,"width":401,"height":12}},{"id":"f6815700-0178-4447-b516-871f6c58f627","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":76,"box":{"x":117,"y":335,"width":271,"height":12}},{"id":"47989318-536a-433a-96b5-9be796b2a365","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified","page_number":76,"box":{"x":390,"y":335,"width":470,"height":12}},{"id":"c7882929-30f0-4f44-a0b4-857fef550a29","block_type":"box","text":"amount of a specified currency or multinational currency unit at a specified price and specified future","page_number":76,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"5bcb1235-ad7b-4ef0-9618-a3d94a9fea62","block_type":"box","text":"date. Spot foreign exchange transactions are similar but are settled in the current, or “spot”, market. A","page_number":76,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"3b5f90e8-79f7-416d-ad80-c3f6bff28700","block_type":"box","text":"Fund will enter into foreign exchange transactions for purposes of hedging either a specific transaction","page_number":76,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"79ffc368-60fa-416e-8468-90754426a45c","block_type":"box","text":"or a portfolio position, or, with respect to certain Funds, to seek to enhance returns. FX forwards","page_number":76,"box":{"x":116,"y":397,"width":719,"height":12}},{"id":"f086f9d8-cf67-493d-a5cc-cd2489f6ec97","block_type":"box","text":"involve substantial currency risk, credit risk and liquidity risk. A Fund may enter into a foreign exchange","page_number":76,"box":{"x":117,"y":413,"width":770,"height":12}},{"id":"7cbd9f16-48f4-48cb-a8b6-a049e4e8e26a","block_type":"box","text":"transaction for purposes of hedging a specific transaction by, for example, purchasing a currency","page_number":76,"box":{"x":116,"y":428,"width":725,"height":12}},{"id":"8136d807-99d3-47f3-ba59-844034361162","block_type":"box","text":"needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":76,"box":{"x":117,"y":444,"width":699,"height":12}},{"id":"3375957d-90ef-425a-98ad-3e98078a7fda","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction","page_number":76,"box":{"x":116,"y":459,"width":754,"height":12}},{"id":"8bc273a1-9e6a-469a-a285-55838670ede3","block_type":"box","text":"for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of","page_number":76,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"609cfbf5-a1a7-41b1-afb7-dc2634a3a2bf","block_type":"box","text":"the Fund is denominated or by purchasing a currency in which the Fund anticipates acquiring a","page_number":76,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"1ec131df-1dc8-4909-aaad-30b64c124f4d","block_type":"box","text":"portfolio position in the near future. A Fund may also hedge a currency by entering into a transaction in","page_number":76,"box":{"x":117,"y":506,"width":767,"height":12}},{"id":"444ae240-ea4a-47ed-8c27-8515c7226dd7","block_type":"box","text":"a Currency Instrument denominated in a currency other than the currency being hedged (a “cross","page_number":76,"box":{"x":116,"y":521,"width":729,"height":12}},{"id":"1f065e29-aafd-4694-8b94-5700d2719658","block_type":"box","text":"hedge”). A Fund will only enter into a cross-hedge if the Manager believes that (i) there is a","page_number":76,"box":{"x":117,"y":537,"width":680,"height":12}},{"id":"bcb83518-5447-4ec6-af5e-0459cf4bd1ba","block_type":"box","text":"demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":76,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"9667ce11-a02e-4b34-a782-83ec0d639fa6","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross","page_number":76,"box":{"x":116,"y":568,"width":722,"height":12}},{"id":"7047ec7a-1549-4c13-b781-6aa076f1c4d6","block_type":"box","text":"hedge is denominated will be significantly more cost-effective or provide substantially greater liquidity","page_number":76,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"bf6b921a-f5f0-4de9-b4f1-1cb127a51022","block_type":"box","text":"than executing a similar hedging transaction by means of the currency being hedged.","page_number":76,"box":{"x":116,"y":599,"width":638,"height":12}},{"id":"fd3edd4c-35a7-4fc6-8e63-50ced7e2c28a","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on","page_number":76,"box":{"x":116,"y":630,"width":765,"height":12}},{"id":"bb70f38a-eeab-46e3-ac5a-e1ad1514fab1","block_type":"box","text":"the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when","page_number":76,"box":{"x":116,"y":645,"width":747,"height":12}},{"id":"c1298b9e-0945-4908-a3c5-94e9499633b7","block_type":"box","text":"the currency to which the Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar.","page_number":76,"box":{"x":116,"y":661,"width":727,"height":12}},{"id":"7558b87e-9b80-457a-9679-7e1b7771232d","block_type":"box","text":"Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are","page_number":76,"box":{"x":117,"y":676,"width":741,"height":12}},{"id":"dae28c77-32b2-4af5-85e4-48615d4c0708","block_type":"box","text":"generally considered to be linked to a currency or currencies in which some or all of the Fund’s","page_number":76,"box":{"x":116,"y":692,"width":704,"height":12}},{"id":"9c36d6d6-a73c-4c3f-83c7-162328aef732","block_type":"box","text":"securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves","page_number":76,"box":{"x":116,"y":707,"width":736,"height":12}},{"id":"2bfaa443-80a1-4e14-b7f5-843fe810cde2","block_type":"box","text":"some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":76,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"2b99ef40-3566-42be-ad9f-8c205fffa18a","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a","page_number":76,"box":{"x":116,"y":738,"width":717,"height":12}},{"id":"96b68f32-4393-48f1-9018-79ca93e0e01d","block_type":"box","text":"degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage","page_number":76,"box":{"x":116,"y":754,"width":742,"height":12}},{"id":"909b44c1-3d62-4147-a98a-0cd79af76eb3","block_type":"box","text":"between various currencies may not be present, including during the particular time that a Fund is","page_number":76,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"0a3454d8-134e-4676-9641-e89b1344a05f","block_type":"box","text":"engaging in proxy hedging.","page_number":76,"box":{"x":116,"y":785,"width":200,"height":12}},{"id":"bee93bc3-a060-4579-8185-74fb29a0a80b","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more","page_number":76,"box":{"x":116,"y":816,"width":703,"height":12}},{"id":"ea2a435c-ed18-4c94-8128-9fc1e0f47fcd","block_type":"box","text":"currencies that are expected to decline in value relative to other currencies to which the Fund has or in","page_number":76,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"472ab9cc-342f-4460-a17b-ad24a6b1b3bf","block_type":"box","text":"which the Fund expects to have portfolio exposure. For example, a Fund may hold both Canadian","page_number":76,"box":{"x":116,"y":847,"width":731,"height":12}},{"id":"5fce3db8-c3d0-4537-94f1-50eeec6ea091","block_type":"box","text":"government bonds and Japanese government bonds, and the Manager or sub-adviser may believe","page_number":76,"box":{"x":116,"y":862,"width":741,"height":12}},{"id":"1dfc3072-a0eb-444b-af59-95681e5b94eb","block_type":"box","text":"that Canadian dollars will deteriorate against Japanese yen. The Fund would sell Canadian dollars to","page_number":76,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"8e4dd8b7-1feb-4262-890f-fd5eb4258a62","block_type":"box","text":"II-31","page_number":76,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"f828735c-1105-4798-9798-2af45bc4abd1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":76,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"60780091-6f43-4b3f-a74d-7eb805ebd11d","block_type":"box","text":"reduce its exposure to that currency and buy Japanese yen. This strategy would be a hedge against a","page_number":77,"box":{"x":117,"y":87,"width":761,"height":12}},{"id":"a393f2bd-bb35-4742-9359-250d930a83e5","block_type":"box","text":"decline in the value of Canadian dollars, although it would expose the Fund to declines in the value of","page_number":77,"box":{"x":116,"y":102,"width":758,"height":13}},{"id":"c8392090-0c55-4a20-82a5-5db04b936d52","block_type":"box","text":"the Japanese yen relative to the U.S. dollar.","page_number":77,"box":{"x":116,"y":118,"width":331,"height":12}},{"id":"7b8659be-4250-4e73-96c6-c73802c8de16","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as","page_number":77,"box":{"x":116,"y":152,"width":690,"height":12}},{"id":"9278b566-e227-4838-9c0f-0eb3c43fb400","block_type":"box","text":"non-deliverable forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be","page_number":77,"box":{"x":117,"y":168,"width":748,"height":12}},{"id":"d8ae4b66-1972-4272-9314-09f1a6f46167","block_type":"box","text":"thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the","page_number":77,"box":{"x":116,"y":183,"width":736,"height":12}},{"id":"79921480-e629-4904-8fbe-c2efe9c54450","block_type":"box","text":"time at the settlement date is calculated by taking the difference between the agreed upon exchange","page_number":77,"box":{"x":116,"y":199,"width":752,"height":12}},{"id":"0cd9d41a-96fc-4014-9a34-c278a26c6aae","block_type":"box","text":"rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs","page_number":77,"box":{"x":117,"y":214,"width":765,"height":12}},{"id":"ae688436-9f5a-4a93-bfcc-e19f506f2d16","block_type":"box","text":"have a fixing date and a settlement date. The fixing date is the date at which the difference between","page_number":77,"box":{"x":117,"y":230,"width":746,"height":12}},{"id":"18a8e76d-e61a-4154-bc41-57d64f864a28","block_type":"box","text":"the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement","page_number":77,"box":{"x":116,"y":245,"width":761,"height":12}},{"id":"37047282-1f28-4281-89cd-0bb9e90245c0","block_type":"box","text":"date is the date by which the payment of the difference is due to the party receiving payment. NDFs","page_number":77,"box":{"x":116,"y":261,"width":745,"height":12}},{"id":"16303a30-2998-4a71-8303-1c6a418d61cd","block_type":"box","text":"are commonly quoted for time periods of one month up to two years, and are normally quoted and","page_number":77,"box":{"x":116,"y":276,"width":733,"height":12}},{"id":"394be801-f3cf-4c82-8b59-554c2a3a9e03","block_type":"box","text":"settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign","page_number":77,"box":{"x":116,"y":292,"width":723,"height":12}},{"id":"9d5f3ca8-6396-4fdf-86f7-5557fa580343","block_type":"box","text":"currencies that are not internationally traded.","page_number":77,"box":{"x":116,"y":307,"width":337,"height":12}},{"id":"e3c8fd6a-f753-4f92-ae05-4e4e1e427945","block_type":"box","text":"Currency Futures.","page_number":77,"box":{"x":117,"y":341,"width":132,"height":12}},{"id":"a1441cae-cfff-48d3-96af-737240b60035","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":77,"box":{"x":250,"y":341,"width":626,"height":12}},{"id":"38ebb801-0885-44e7-a19e-ec2e42a0a690","block_type":"box","text":"currency through use of currency futures or options on currency futures. Currency futures are similar to","page_number":77,"box":{"x":116,"y":357,"width":769,"height":12}},{"id":"6b4b9932-2b4d-4633-9d0e-f5194bdc8d53","block_type":"box","text":"forward foreign exchange transactions except that futures are standardized, exchange-traded contracts","page_number":77,"box":{"x":116,"y":372,"width":772,"height":12}},{"id":"46d759c4-6176-4c83-86eb-d9f3974c7d21","block_type":"box","text":"while forward foreign exchange transactions are traded in the OTC market. Currency futures involve","page_number":77,"box":{"x":116,"y":388,"width":747,"height":12}},{"id":"081a17f8-e5f3-46e1-99fc-63bc39d59df6","block_type":"box","text":"substantial currency risk as well as the risks discussed above in “—Futures.”","page_number":77,"box":{"x":116,"y":403,"width":573,"height":12}},{"id":"246cc19d-3a7e-422e-a87d-24107b3c5114","block_type":"box","text":"Currency Options.","page_number":77,"box":{"x":117,"y":437,"width":133,"height":12}},{"id":"d178c925-a4ac-408d-b07b-ba2fe366e967","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":77,"box":{"x":251,"y":437,"width":626,"height":12}},{"id":"bdcc0f88-6dd0-4536-8015-304f21406988","block_type":"box","text":"currency through the use of currency options. Certain Funds have fundamental investment restrictions","page_number":77,"box":{"x":116,"y":453,"width":763,"height":12}},{"id":"ca900ace-1d3a-4c62-8312-9e9f3c019f6f","block_type":"box","text":"that permit the purchase of currency options, but prohibit the writing of currency options. Currency","page_number":77,"box":{"x":116,"y":468,"width":732,"height":12}},{"id":"995a435c-f087-47f6-9ae6-402424882b39","block_type":"box","text":"options are similar to options on securities. For example, in consideration for an option premium the","page_number":77,"box":{"x":116,"y":484,"width":745,"height":12}},{"id":"d1310ba7-d62c-4a45-9e09-09e73def0ca5","block_type":"box","text":"writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a","page_number":77,"box":{"x":116,"y":499,"width":765,"height":13}},{"id":"e64de671-47d5-408c-a37c-2b60710a1e62","block_type":"box","text":"put option) a specified amount of a specified currency on or before the expiration date for a specified","page_number":77,"box":{"x":117,"y":515,"width":750,"height":12}},{"id":"7302a318-f180-4e07-8f21-bd32161e203e","block_type":"box","text":"amount of another currency. A Fund may engage in transactions in options on currencies either on","page_number":77,"box":{"x":116,"y":530,"width":737,"height":13}},{"id":"15a447bd-406c-44cf-acc5-bd4a50e21188","block_type":"box","text":"exchanges or OTC markets. Such transactions in options may include exotic options on currencies,","page_number":77,"box":{"x":116,"y":546,"width":743,"height":12}},{"id":"2d0cba25-8ab9-4e77-a1e0-f17deb6448a4","block_type":"box","text":"which are typically traded in OTC markets and have additional features that result in different payment","page_number":77,"box":{"x":116,"y":561,"width":763,"height":13}},{"id":"0c2b1636-d4c5-4261-9181-9741ca45035c","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered","page_number":77,"box":{"x":116,"y":577,"width":771,"height":12}},{"id":"32562dc1-32c1-425b-9794-951cefc88b7e","block_type":"box","text":"call options on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options","page_number":77,"box":{"x":116,"y":592,"width":752,"height":13}},{"id":"256c45d4-61eb-42bc-ad5a-6050eeb9542b","block_type":"box","text":"involve substantial currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":77,"box":{"x":117,"y":608,"width":651,"height":12}},{"id":"ed55d512-0d88-467b-bbc6-4a2382a4d659","block_type":"box","text":"Currency Swaps.","page_number":77,"box":{"x":117,"y":642,"width":131,"height":12}},{"id":"accf70bc-94c4-49b0-a32d-93c67e926957","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency","page_number":77,"box":{"x":248,"y":642,"width":557,"height":12}},{"id":"68d97aac-205d-43fe-940d-a82f2b998f04","block_type":"box","text":"fluctuations or to hedge portfolio positions. Currency swaps are transactions in which one currency is","page_number":77,"box":{"x":116,"y":658,"width":754,"height":12}},{"id":"aee77f73-1452-41d8-9468-cff2ef69b80a","block_type":"box","text":"simultaneously bought for a second currency on a spot basis and sold for the second currency on a","page_number":77,"box":{"x":116,"y":673,"width":737,"height":12}},{"id":"cc770ce8-4d39-44b7-9950-274d836479ea","block_type":"box","text":"forward basis. Currency swaps involve the exchange of the rights of a Fund and another party to make","page_number":77,"box":{"x":116,"y":689,"width":762,"height":12}},{"id":"2544ab50-8958-4e30-80c9-4f28e719836f","block_type":"box","text":"or receive payments in specified currencies, and typically require the delivery of the entire principal","page_number":77,"box":{"x":116,"y":704,"width":732,"height":12}},{"id":"04c7208b-e63f-473c-a26a-8a3ed7836b7a","block_type":"box","text":"value of one designated currency in exchange for the other designated currency. As a result, the entire","page_number":77,"box":{"x":116,"y":720,"width":763,"height":12}},{"id":"dac21d93-e617-4a02-9866-c1394ca58a41","block_type":"box","text":"principal value of a currency swap is subject to the risk that the other party to the swap will default on","page_number":77,"box":{"x":117,"y":735,"width":747,"height":12}},{"id":"7a7ca62f-792c-4d2c-bae9-e769f3de03cb","block_type":"box","text":"its contractual delivery obligations.","page_number":77,"box":{"x":117,"y":751,"width":254,"height":12}},{"id":"f26c81a0-d6ac-4ec2-8702-f9bb0152ccc7","block_type":"box","text":"Distressed Securities.","page_number":77,"box":{"x":116,"y":785,"width":174,"height":9}},{"id":"b1c0b1eb-dad0-400c-bdf8-41784441a9ce","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary","page_number":77,"box":{"x":296,"y":785,"width":565,"height":12}},{"id":"9e490e1d-3cbd-4d5f-a8b4-f428ed70aa44","block_type":"box","text":"market, that are the subject of bankruptcy proceedings or otherwise in default or in risk of being in","page_number":77,"box":{"x":117,"y":800,"width":724,"height":12}},{"id":"5035aa4a-cd0c-495c-b1e7-cb19d6493e97","block_type":"box","text":"default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are","page_number":77,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"f26edeaf-62c8-40f4-a693-2c095206d472","block_type":"box","text":"rated in the lower rating categories by one or more nationally recognized statistical rating organizations","page_number":77,"box":{"x":117,"y":831,"width":768,"height":12}},{"id":"d0ee975b-727d-48ec-a51a-2e5351756d99","block_type":"box","text":"(for example, Ca or lower by Moody’s and CC or lower by S&P or Fitch) or, if unrated, are in the","page_number":77,"box":{"x":117,"y":847,"width":715,"height":12}},{"id":"b9df1b0b-4908-4f83-acbc-b96c3fbec17d","block_type":"box","text":"judgment of the Manager of equivalent quality (“Distressed Securities”). Investment in Distressed","page_number":77,"box":{"x":115,"y":862,"width":725,"height":12}},{"id":"1e1688c6-56a8-4f3d-a0a0-00cf98eb8429","block_type":"box","text":"Securities is speculative and involves significant risks.","page_number":77,"box":{"x":116,"y":878,"width":405,"height":12}},{"id":"ea1e16fd-2a35-4212-b969-a5a9a7b3c1bd","block_type":"box","text":"II-32","page_number":77,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"8f68de71-45f5-4234-8e27-dfa177effcd0","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":77,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"20cfb705-6430-40d7-afc8-069c912721a1","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely","page_number":78,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"b0591a24-ab31-4559-9c0d-d67dd5abb34e","block_type":"box","text":"that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan","page_number":78,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"0e97a728-df3b-4459-acc3-2c469139e26f","block_type":"box","text":"of reorganization pursuant to which the Fund will receive new securities in return for the Distressed","page_number":78,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"0b211702-7031-44b2-824c-9964f9ce01c7","block_type":"box","text":"Securities. However, there can be no assurance that such an exchange offer will be made or that such","page_number":78,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"dec36e5b-abb1-4899-a27d-0dbfcd9525ea","block_type":"box","text":"a plan of reorganization will be adopted. In addition, a significant period of time may pass between the","page_number":78,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"ba7d4709-ae8c-4252-bf0f-5360a6dad72e","block_type":"box","text":"time at which a Fund makes its investment in Distressed Securities and the time that any such","page_number":78,"box":{"x":116,"y":165,"width":704,"height":12}},{"id":"197f7255-f51c-41f1-af5c-6fe78cd25518","block_type":"box","text":"exchange offer or plan of reorganization is completed. During this period, it is unlikely that a Fund will","page_number":78,"box":{"x":116,"y":180,"width":756,"height":12}},{"id":"1030f269-8283-4426-8110-8e425d799d4e","block_type":"box","text":"receive any interest payments on the Distressed Securities, the Fund will be subject to significant","page_number":78,"box":{"x":117,"y":196,"width":725,"height":12}},{"id":"56cb494c-cd19-4411-bd89-0fd8d4e58e79","block_type":"box","text":"uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":78,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"c8eb49b9-07e0-4c0b-8f2b-71063298c7e0","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment.","page_number":78,"box":{"x":117,"y":227,"width":741,"height":12}},{"id":"16dd01c1-c468-4542-b8c2-654e52ccd817","block_type":"box","text":"Therefore, to the extent the Fund seeks capital appreciation through investment in distressed","page_number":78,"box":{"x":116,"y":242,"width":696,"height":12}},{"id":"3c483f6a-b601-4c98-a66a-8e4b4c5bb9f3","block_type":"box","text":"securities, the Fund’s ability to achieve current income for its shareholders may be diminished. The","page_number":78,"box":{"x":116,"y":258,"width":740,"height":12}},{"id":"eabe1c8b-501d-4060-a277-8dc82a69eeb3","block_type":"box","text":"Fund also will be subject to significant uncertainty as to when and in what manner and for what value","page_number":78,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"9e600687-c586-4c57-b38c-ddeb784d4566","block_type":"box","text":"the obligations evidenced by the distressed securities will eventually be satisfied (","page_number":78,"box":{"x":116,"y":289,"width":605,"height":12}},{"id":"cfb4a367-416d-42f8-831d-1303d4460504","block_type":"box","text":"e.g.","page_number":78,"box":{"x":723,"y":291,"width":25,"height":10}},{"id":"dd3a66e6-74c6-429c-8dda-44d0dc3c4034","block_type":"box","text":", through a","page_number":78,"box":{"x":751,"y":289,"width":84,"height":12}},{"id":"8c8a31e0-5f0a-4614-8698-57c9fa294f6b","block_type":"box","text":"liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed","page_number":78,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"5d70a4a6-5265-476a-9289-0d651d88573e","block_type":"box","text":"securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":78,"box":{"x":116,"y":320,"width":757,"height":12}},{"id":"6122ead2-3d45-41c6-9e15-d5c3cf88e0da","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there","page_number":78,"box":{"x":117,"y":335,"width":754,"height":12}},{"id":"770ea1f4-a87b-43d8-923b-a6c8c172ba15","block_type":"box","text":"can be no assurance that the securities or other assets received by a Fund in connection with such","page_number":78,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"4a4537b4-c9bf-4f8c-a61a-80b32271c5ce","block_type":"box","text":"exchange offer or plan of reorganization will not have a lower value or income potential than may have","page_number":78,"box":{"x":116,"y":366,"width":765,"height":12}},{"id":"80d9f43e-1d9b-4f87-abc0-6e92dd108f9a","block_type":"box","text":"been anticipated when the investment was made or no value. Moreover, any securities received by a","page_number":78,"box":{"x":117,"y":382,"width":753,"height":12}},{"id":"96cb4c5f-3102-4152-b1fe-68f2f0efcf9a","block_type":"box","text":"Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale.","page_number":78,"box":{"x":117,"y":397,"width":745,"height":12}},{"id":"b23992ea-c9f5-4eed-8c74-ca3e63e7d230","block_type":"box","text":"Similarly, if a Fund participates in negotiations with respect to any exchange offer or plan of","page_number":78,"box":{"x":116,"y":413,"width":683,"height":12}},{"id":"5e505cd4-7d48-4fdc-8aab-caed63dbdbfc","block_type":"box","text":"reorganization with respect to an issuer of Distressed Securities, the Fund may be restricted from","page_number":78,"box":{"x":117,"y":428,"width":726,"height":12}},{"id":"35fd2202-c5e5-4841-b9ae-cf9fe9ec2681","block_type":"box","text":"disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":78,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"b9c5f664-310c-43fd-a6c6-1192514c7b5f","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by","page_number":78,"box":{"x":117,"y":459,"width":752,"height":12}},{"id":"b2affacb-1e30-4a47-a9e2-4f081edea842","block_type":"box","text":"an investor. The Fund, however, will not make investments for the purpose of exercising day-to-day","page_number":78,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"1a93c9de-0661-4fa3-93c8-ff1e394232aa","block_type":"box","text":"management of any issuer’s affairs.","page_number":78,"box":{"x":117,"y":490,"width":269,"height":12}},{"id":"b10c4e27-4cee-46d9-9628-bc7380681382","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":78,"box":{"x":116,"y":521,"width":472,"height":12}},{"id":"f188f5ec-7abc-4f05-8e10-7d8a032093d3","block_type":"box","text":". Although a Fund does not seek to","page_number":78,"box":{"x":590,"y":521,"width":264,"height":12}},{"id":"cf726681-94e5-4098-86c3-057ce345b535","block_type":"box","text":"implement a specific sustainability objective, strategy or process unless disclosed in its Prospectus,","page_number":78,"box":{"x":117,"y":537,"width":741,"height":12}},{"id":"86190a1b-a394-4b4d-8b33-0575e07d5693","block_type":"box","text":"Fund management will consider ESG factors as part of the investment process for the Fund. Fund","page_number":78,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"af2d67c8-e271-4284-8c77-e6810746ba0a","block_type":"box","text":"management views ESG integration as the practice of incorporating financially material ESG data or","page_number":78,"box":{"x":117,"y":568,"width":747,"height":12}},{"id":"96a286b3-b7e7-4acc-9fc1-e84d25a83b54","block_type":"box","text":"information into investment processes with the objective of enhancing risk-adjusted returns. These","page_number":78,"box":{"x":117,"y":583,"width":734,"height":12}},{"id":"35980acc-dcd2-4d95-b6ed-751e22d0c128","block_type":"box","text":"ESG considerations will vary depending on a Fund’s particular investment strategies and may include","page_number":78,"box":{"x":117,"y":599,"width":757,"height":12}},{"id":"a9d12ee5-c475-4316-a198-790592b3669f","block_type":"box","text":"consideration of third-party research as well as consideration of proprietary BlackRock research across","page_number":78,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"ee24f6d4-7e25-43dc-be25-c4a207e7b7cc","block_type":"box","text":"the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":78,"box":{"x":116,"y":630,"width":725,"height":12}},{"id":"0f82adbd-6f53-4dcb-b561-69bd78ad1f8a","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be","page_number":78,"box":{"x":117,"y":645,"width":738,"height":12}},{"id":"6d86db1f-e978-4a6e-b683-936e511c66e5","block_type":"box","text":"relevant with respect to all issuers that are eligible for investment.","page_number":78,"box":{"x":117,"y":661,"width":484,"height":12}},{"id":"3c72f521-7904-41a3-8cc1-3c91b8b0596c","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While","page_number":78,"box":{"x":117,"y":692,"width":764,"height":12}},{"id":"8833133f-62be-41ac-bf4e-0273cdc6262d","block_type":"box","text":"Fund management views ESG considerations as having the potential to contribute to a Fund’s long","page_number":78,"box":{"x":117,"y":707,"width":740,"height":12}},{"id":"8b3e6cbc-96b6-40bc-97e6-88c4b9228129","block_type":"box","text":"term performance, there is no guarantee that such results will be achieved.","page_number":78,"box":{"x":116,"y":723,"width":555,"height":12}},{"id":"2ed457ee-91a1-40b4-aa2b-d8b2a8fbafc5","block_type":"box","text":"Equity Securities.","page_number":78,"box":{"x":116,"y":754,"width":140,"height":12}},{"id":"5c7f6bab-72b8-4f7f-9135-63a25d4c40a5","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for","page_number":78,"box":{"x":263,"y":754,"width":618,"height":12}},{"id":"dc3d8efa-a976-4252-8a48-957e31003f0c","block_type":"box","text":"certain Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants","page_number":78,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"e6c35028-2219-460a-bd01-beba1e107043","block_type":"box","text":"and rights; equity interests in trusts; general and limited partnerships and limited liability companies;","page_number":78,"box":{"x":116,"y":785,"width":739,"height":12}},{"id":"a009de10-ce7a-4c34-a647-d37738913c0f","block_type":"box","text":"and depositary receipts. Stock markets are volatile. The price of equity securities will fluctuate and can","page_number":78,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"3c9529d5-f5d2-4998-8933-11c9ee19b387","block_type":"box","text":"decline and reduce the value of a portfolio investing in equities. The price of equity securities fluctuates","page_number":78,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"cbbd5897-9328-44f1-9090-d434a30dda44","block_type":"box","text":"based on changes in a company’s financial condition and overall market and economic conditions. The","page_number":78,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"9d0479a2-33d3-417c-91e7-ee64aa3ff5d0","block_type":"box","text":"value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":78,"box":{"x":116,"y":847,"width":695,"height":12}},{"id":"c62f8b21-3803-4b09-82fa-83f5369581b3","block_type":"box","text":"companies the Fund invests in decline or if overall market and economic conditions deteriorate. They","page_number":78,"box":{"x":116,"y":862,"width":755,"height":12}},{"id":"f80a3508-d3f3-41fc-bf70-735fe4ddb555","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":78,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"a51604b8-ff54-4f56-9f37-5c051e5f0f1e","block_type":"box","text":"II-33","page_number":78,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8e267282-ad0f-4276-a3c6-2105e5153fd9","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":78,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a4c652a3-f450-4826-a732-c8957222ce48","block_type":"box","text":"increase in production costs and competitive conditions within an industry. In addition, they may","page_number":79,"box":{"x":117,"y":87,"width":714,"height":12}},{"id":"88e7dd7a-d5cf-48c7-bf71-6ac5cea2b35a","block_type":"box","text":"decline due to general market conditions that are not specifically related to a company or industry,","page_number":79,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"a5199eeb-0017-4666-a450-20ce668b07cf","block_type":"box","text":"such as real or perceived adverse economic conditions, changes in the general outlook for corporate","page_number":79,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"f27d67ff-2bb2-426d-8e7c-670664b9b3bc","block_type":"box","text":"earnings, changes in interest or currency rates or generally adverse investor sentiment.","page_number":79,"box":{"x":116,"y":134,"width":654,"height":12}},{"id":"1d17811a-e452-432f-a5d7-1ad42c25826f","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public","page_number":79,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"c66d5863-dc82-4f29-b228-c752e7e191ea","block_type":"box","text":"offerings (“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for","page_number":79,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"dc2f7866-0c93-4a33-bfc5-ada541be0bba","block_type":"box","text":"certain Funds. There is no assurance that any Fund will have continued access to profitable IPOs and","page_number":79,"box":{"x":116,"y":196,"width":761,"height":12}},{"id":"c9ec129b-7177-4d06-9191-542c5d8b2260","block_type":"box","text":"therefore investors should not rely on these past gains as an indication of future performance. The","page_number":79,"box":{"x":116,"y":211,"width":734,"height":12}},{"id":"b219155c-ffdb-4d68-8eae-c89a5f4b8106","block_type":"box","text":"investment performance of a Fund during periods when it is unable to invest significantly or at all in","page_number":79,"box":{"x":117,"y":227,"width":738,"height":12}},{"id":"37b0c639-3ba4-42ee-a61e-4a0a59932b74","block_type":"box","text":"IPOs may be lower than during periods when it is able to do so. In addition, as a Fund increases in","page_number":79,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"100f53dd-7733-4c96-8bf4-703eae002f12","block_type":"box","text":"size, the impact of IPOs on its performance will generally decrease. Securities issued in IPOs are","page_number":79,"box":{"x":116,"y":258,"width":727,"height":12}},{"id":"508df286-4f54-4456-9e92-55043feaaf11","block_type":"box","text":"subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":79,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"f55558a1-b371-4612-8293-d860f665915d","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be","page_number":79,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"7391937a-0eab-4b86-92f0-0a13f06c15f4","block_type":"box","text":"available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile","page_number":79,"box":{"x":116,"y":304,"width":770,"height":12}},{"id":"f518a1ab-4681-48ea-9a66-ff8b5ae5d371","block_type":"box","text":"or may decline shortly after the initial public offering.","page_number":79,"box":{"x":116,"y":320,"width":392,"height":12}},{"id":"4b0edbd9-0366-478c-9022-427b7be5ef06","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These","page_number":79,"box":{"x":116,"y":351,"width":685,"height":12}},{"id":"4476c532-9e35-4094-ae79-0e9ab25504fc","block_type":"box","text":"organizations will normally have more limited product lines, markets and financial resources and will be","page_number":79,"box":{"x":116,"y":366,"width":769,"height":12}},{"id":"43060229-750d-4c1a-ad8c-78d419f1620d","block_type":"box","text":"dependent upon a more limited management group than larger capitalized companies. In addition, it is","page_number":79,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"b37c4777-b210-4eac-a997-9afcbbbb0ee3","block_type":"box","text":"more difficult to get information on smaller companies, which tend to be less well known, have shorter","page_number":79,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"a3f88eac-77d3-4b83-99f9-d99fb745161c","block_type":"box","text":"operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":79,"box":{"x":116,"y":413,"width":758,"height":12}},{"id":"28a5a7db-d030-404f-8411-9ecebcd7b82d","block_type":"box","text":"few securities analysts. The securities of smaller capitalized companies are often traded in the OTC","page_number":79,"box":{"x":116,"y":428,"width":744,"height":12}},{"id":"a6358342-eff4-4761-8b88-afd2379ce6da","block_type":"box","text":"markets and may have fewer market makers and wider price spreads. This may result in greater price","page_number":79,"box":{"x":117,"y":444,"width":760,"height":12}},{"id":"21d7bf00-1e14-4df6-a40a-33b4b637078f","block_type":"box","text":"movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":79,"box":{"x":117,"y":459,"width":743,"height":12}},{"id":"b1707999-3784-4d55-bbf2-f4a80c7944d3","block_type":"box","text":"more established companies.","page_number":79,"box":{"x":117,"y":475,"width":222,"height":12}},{"id":"7731ea4d-949b-42e5-88d5-6d7cb9f4275f","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks","page_number":79,"box":{"x":117,"y":506,"width":693,"height":12}},{"id":"d30f89ba-554b-4221-b9ed-2c5de2d1e20e","block_type":"box","text":"associated with investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds","page_number":79,"box":{"x":116,"y":521,"width":754,"height":12}},{"id":"e64c5681-a17f-42be-a00a-b442255b8be3","block_type":"box","text":"may also invest in shares of private companies, which are subject to the risks of “Illiquid Investments”","page_number":79,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"11fd7acc-2ee2-4f0c-b1d1-7ee0a5ac4a89","block_type":"box","text":"and “Restricted Securities” described below.","page_number":79,"box":{"x":116,"y":552,"width":334,"height":10}},{"id":"088687e1-2d07-4628-aca6-b9b681bb6a19","block_type":"box","text":"Real Estate-Related Securities.","page_number":79,"box":{"x":116,"y":583,"width":232,"height":10}},{"id":"382f1c73-46fe-402a-95be-e1c3b5056c9a","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may","page_number":79,"box":{"x":349,"y":583,"width":535,"height":12}},{"id":"4bb38f4f-332a-4cab-b6bc-f97ec2a9b17c","block_type":"box","text":"invest in equity securities of issuers that are principally engaged in the real estate industry. Such","page_number":79,"box":{"x":117,"y":599,"width":719,"height":12}},{"id":"747922db-e7b0-4ec5-8c9f-af65448f85c0","block_type":"box","text":"investments are subject to certain risks associated with the ownership of real estate and with the real","page_number":79,"box":{"x":117,"y":614,"width":753,"height":12}},{"id":"441d1e74-bab7-4981-977b-585949659d6e","block_type":"box","text":"estate industry in general. These risks include, among others: possible declines in the value of real","page_number":79,"box":{"x":116,"y":630,"width":738,"height":12}},{"id":"44edd1d5-7dc9-4229-978a-2a82c8b27e72","block_type":"box","text":"estate; risks related to general and local economic conditions; possible lack of availability of mortgage","page_number":79,"box":{"x":116,"y":645,"width":760,"height":12}},{"id":"4240a372-bd2e-4d3a-8cbb-b5914630e134","block_type":"box","text":"funds or other limitations on access to capital; overbuilding; risks associated with leverage; market","page_number":79,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"e4ffd95e-0259-4738-8508-85ace7d5a999","block_type":"box","text":"illiquidity; extended vacancies of properties; increase in competition, property taxes, capital","page_number":79,"box":{"x":117,"y":676,"width":673,"height":12}},{"id":"12ad056d-5ab8-447d-9624-eea15f4379cd","block_type":"box","text":"expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":79,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"e345352a-d70e-49a8-8824-7fe887505bfe","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental","page_number":79,"box":{"x":117,"y":707,"width":740,"height":12}},{"id":"9a4f52a5-89ba-4598-85ec-4709d56b9347","block_type":"box","text":"problems; tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured","page_number":79,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"57c5e333-b907-42b3-9591-fa04502c64fe","block_type":"box","text":"damages from floods, earthquakes or other natural disasters; limitations on and variations in rents,","page_number":79,"box":{"x":116,"y":738,"width":730,"height":12}},{"id":"58c1b97f-b938-4545-b532-0e979575ca7e","block_type":"box","text":"including decreases in market rates for rents; investment in developments that are not completed or","page_number":79,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"24107cd2-4e61-4333-950b-95829798a79e","block_type":"box","text":"that are subject to delays in completion; and changes in interest rates. To the extent that assets","page_number":79,"box":{"x":116,"y":769,"width":710,"height":12}},{"id":"bb057c7b-b089-4d87-b764-2e9cbb13815d","block_type":"box","text":"underlying a Fund’s investments are concentrated geographically, by property type or in certain other","page_number":79,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"6d47ad08-9d5b-4cc1-95c9-0e48abbb5e70","block_type":"box","text":"respects, the Fund may be subject to certain of the foregoing risks to a greater extent. Investments by","page_number":79,"box":{"x":117,"y":800,"width":755,"height":12}},{"id":"4b0615c1-0e22-4ff6-ad41-88a10f521ea1","block_type":"box","text":"a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":79,"box":{"x":116,"y":816,"width":750,"height":12}},{"id":"ca63be8d-b82a-4892-96b4-da27c26dfb8a","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":79,"box":{"x":116,"y":831,"width":399,"height":12}},{"id":"394f6bc7-8c1b-498b-a869-814725b7f156","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as","page_number":79,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"bfe2d688-515b-4040-96a6-032684f03b23","block_type":"box","text":"a result of a default on securities the Fund owns, the receipt of such income may adversely affect the","page_number":79,"box":{"x":116,"y":878,"width":755,"height":12}},{"id":"3b0aa4ed-d20e-4c56-9a48-1c93f3475ac1","block_type":"box","text":"II-34","page_number":79,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f0539f8d-01fa-49cb-86d6-ee1d13181f2c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":79,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7eb905a0-bc1a-423e-89ac-274e3707dfec","block_type":"box","text":"Fund’s ability to retain its tax status as a regulated investment company because of certain income","page_number":80,"box":{"x":117,"y":87,"width":737,"height":12}},{"id":"b72dc718-bc61-4a2d-a2dc-7778a56fec3f","block_type":"box","text":"source requirements applicable to regulated investment companies under the Internal Revenue Code","page_number":80,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"93138176-00ef-428e-9dc4-c2a097004edd","block_type":"box","text":"of 1986, as amended (the “Code”).","page_number":80,"box":{"x":116,"y":118,"width":263,"height":12}},{"id":"2e824803-3b7d-497f-947b-8698d6707ea9","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":80,"box":{"x":117,"y":151,"width":401,"height":12}},{"id":"e99263cc-8ff0-4b62-b5e6-4fa34e2b1c8c","block_type":"box","text":"Investment in smaller or emerging growth","page_number":80,"box":{"x":520,"y":151,"width":318,"height":12}},{"id":"0b555d5f-b820-4179-b3fc-4db43d996fdd","block_type":"box","text":"companies involves greater risk than is customarily associated with investments in more established","page_number":80,"box":{"x":116,"y":167,"width":749,"height":12}},{"id":"dbfb88e5-c1cd-41a9-b78d-e3dfa92b6f26","block_type":"box","text":"companies. The securities of smaller or emerging growth companies may be subject to more abrupt or","page_number":80,"box":{"x":116,"y":182,"width":765,"height":12}},{"id":"90ac0fb4-97f6-4edf-8cb0-1b191f6f08fa","block_type":"box","text":"erratic market movements than larger, more established companies or the market average in general.","page_number":80,"box":{"x":116,"y":198,"width":761,"height":12}},{"id":"37a8a3a6-c3f9-46f3-b380-4072f87707ac","block_type":"box","text":"These companies may have limited product lines, markets or financial resources, or they may be","page_number":80,"box":{"x":116,"y":213,"width":723,"height":12}},{"id":"43e7f264-921c-4c4e-aed6-f030520aa413","block_type":"box","text":"dependent on a limited management group.","page_number":80,"box":{"x":116,"y":229,"width":330,"height":12}},{"id":"cad22d92-f504-4565-9686-2afe10119abd","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":80,"box":{"x":117,"y":262,"width":727,"height":12}},{"id":"bdeac9be-0a6e-40a6-b957-2d7d6941a27f","block_type":"box","text":"considered speculative. Full development of these companies and trends frequently takes time.","page_number":80,"box":{"x":116,"y":277,"width":713,"height":12}},{"id":"5aaa832f-d252-4c2a-b150-ff4a43e0b06c","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional","page_number":80,"box":{"x":116,"y":310,"width":762,"height":12}},{"id":"66bdbc55-f29c-4caf-9aa2-33ec0cc3e7e5","block_type":"box","text":"securities exchange and may not be traded every day or in the volume typical of trading on a national","page_number":80,"box":{"x":116,"y":325,"width":757,"height":12}},{"id":"8b0c5c42-566f-4772-b87b-b968737e0bed","block_type":"box","text":"securities exchange. As a result, the disposition by a Fund of portfolio securities to meet redemptions","page_number":80,"box":{"x":116,"y":341,"width":756,"height":12}},{"id":"d64dcffd-de03-41b4-8044-3745cc8da225","block_type":"box","text":"or otherwise may require the Fund to make many small sales over a lengthy period of time, or to sell","page_number":80,"box":{"x":116,"y":356,"width":749,"height":12}},{"id":"95c9c804-fdef-4733-afbe-2851cb7221fd","block_type":"box","text":"these securities at a discount from market prices or during periods when, in Fund management’s","page_number":80,"box":{"x":116,"y":372,"width":722,"height":12}},{"id":"fb020022-b593-4298-af9f-fd057f6a2219","block_type":"box","text":"judgment, such disposition is not desirable.","page_number":80,"box":{"x":115,"y":388,"width":326,"height":11}},{"id":"6fdedfe4-eb6d-48a8-a294-07d18c617612","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee","page_number":80,"box":{"x":116,"y":420,"width":714,"height":12}},{"id":"88ab3a61-912b-4c65-8207-839a02b1ccb0","block_type":"box","text":"successful investment results. Careful initial selection is particularly important in this area as many new","page_number":80,"box":{"x":116,"y":436,"width":770,"height":12}},{"id":"e0338127-2028-4795-b250-abf822ec58dd","block_type":"box","text":"enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in","page_number":80,"box":{"x":116,"y":451,"width":767,"height":12}},{"id":"6075593b-8872-486d-987b-6aac31a67ef6","block_type":"box","text":"small cap and emerging growth companies requires specialized research and analysis.","page_number":80,"box":{"x":116,"y":467,"width":651,"height":12}},{"id":"2d3dc4cd-fbf3-4cfe-88ea-99d6e8943050","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into","page_number":80,"box":{"x":117,"y":500,"width":753,"height":12}},{"id":"22cb7810-88f5-46e8-ae4e-adc492687d39","block_type":"box","text":"significant business enterprises. A Fund may invest in securities of small issuers in the relatively early","page_number":80,"box":{"x":116,"y":515,"width":759,"height":12}},{"id":"27a80c99-727a-4619-a9ec-35b1e935364d","block_type":"box","text":"stages of business development that have a new technology, a unique or proprietary product or","page_number":80,"box":{"x":116,"y":531,"width":714,"height":12}},{"id":"8d8d1258-0e56-4518-85ee-acfb2f1920db","block_type":"box","text":"service, or a favorable market position.","page_number":80,"box":{"x":116,"y":546,"width":294,"height":12}},{"id":"4f8347e8-bf23-4eef-955e-bc9b1fa9e635","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":80,"box":{"x":117,"y":579,"width":757,"height":12}},{"id":"dc9967cc-3906-449f-816e-dfc48a6a046a","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying","page_number":80,"box":{"x":116,"y":595,"width":763,"height":12}},{"id":"826d4aa0-40f2-4a63-82f7-13cb15e5b8fa","block_type":"box","text":"stages of their business development. The market valuation of small cap issuers tends to fluctuate","page_number":80,"box":{"x":116,"y":610,"width":734,"height":12}},{"id":"b649951b-bc09-4c50-a8f7-4770a89d9576","block_type":"box","text":"during economic or market cycles.","page_number":80,"box":{"x":116,"y":626,"width":260,"height":12}},{"id":"8ae77fdb-3bf1-4363-8d9b-1f64107e7ba5","block_type":"box","text":"Tracking Stocks.","page_number":80,"box":{"x":118,"y":659,"width":120,"height":12}},{"id":"f564b476-2a66-4335-91a6-39d056507dfe","block_type":"box","text":"A tracking stock is a separate class of common stock whose value is linked to a","page_number":80,"box":{"x":240,"y":659,"width":601,"height":12}},{"id":"e7abe07e-8f87-41b1-94b6-f0fea93336a1","block_type":"box","text":"specific business unit or operating division within a larger company and is designed to “track” the","page_number":80,"box":{"x":116,"y":674,"width":718,"height":12}},{"id":"c95fcbff-bd88-4d55-beec-9e767049e69c","block_type":"box","text":"performance of such business unit or division. The tracking stock may pay dividends to shareholders","page_number":80,"box":{"x":117,"y":690,"width":746,"height":12}},{"id":"a2c77069-37a8-47a6-9d4f-5a4a36b6e46a","block_type":"box","text":"independent of the parent company. The parent company, rather than the business unit or division,","page_number":80,"box":{"x":117,"y":705,"width":733,"height":12}},{"id":"bca00ab8-70a0-427b-9aa9-a252bb4b7aab","block_type":"box","text":"generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same","page_number":80,"box":{"x":116,"y":721,"width":763,"height":12}},{"id":"1c372bb9-7ff5-4628-83cc-f25fb6968fb6","block_type":"box","text":"rights as holders of the company’s common stock.","page_number":80,"box":{"x":117,"y":736,"width":371,"height":12}},{"id":"2302cf20-275b-4825-bfad-500f07d3d962","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":80,"box":{"x":116,"y":769,"width":271,"height":12}},{"id":"f7eba6f3-c35d-4f1f-9943-efc0d8230168","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes","page_number":80,"box":{"x":394,"y":769,"width":453,"height":12}},{"id":"57172f72-bdba-4149-bbd1-f0f323b69540","block_type":"box","text":"representing debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and","page_number":80,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"4f64ebb5-82f6-4486-a53a-6c4adfd48010","block_type":"box","text":"ETFs. An ETN’s returns are based on the performance of one or more underlying assets, reference","page_number":80,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"544b4efa-b904-4f02-90db-924afd05932c","block_type":"box","text":"rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and","page_number":80,"box":{"x":117,"y":816,"width":724,"height":12}},{"id":"6933abd7-c0f6-4e3d-8b2b-d014e024d52c","block_type":"box","text":"traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN’s maturity,","page_number":80,"box":{"x":116,"y":831,"width":767,"height":12}},{"id":"0e6f0e38-3611-4873-acac-0fae40b4b838","block_type":"box","text":"at which time the issuer will pay a return linked to the performance of the specific asset, index or rate","page_number":80,"box":{"x":116,"y":847,"width":753,"height":12}},{"id":"d5bccd3a-0cbb-4705-8999-5ec82b8b0a6e","block_type":"box","text":"(“reference instrument”) to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do","page_number":80,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"3fc5c702-16e0-4a0f-8a94-d9a6057af2d9","block_type":"box","text":"not make periodic interest payments, and principal is not protected.","page_number":80,"box":{"x":117,"y":878,"width":503,"height":12}},{"id":"a308626e-978a-430f-92dd-de8567ec44b3","block_type":"box","text":"II-35","page_number":80,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d5a596d4-1c86-4689-a659-f2ddb1ba7e49","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":80,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"81209538-55a9-437c-9fce-01ca50c565dc","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and","page_number":81,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"739e9a2b-934d-493c-a0e9-370767438376","block_type":"box","text":"demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable","page_number":81,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"1d1e3742-3489-476c-a64e-e849a0c6be86","block_type":"box","text":"interest rates, the performance of the reference instrument, changes in the issuer’s credit rating and","page_number":81,"box":{"x":117,"y":118,"width":745,"height":12}},{"id":"da741a31-1095-40bc-8eb1-4489f6d7e79f","block_type":"box","text":"economic, legal, political or geographic events that affect the reference instrument. ETNs are subject to","page_number":81,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"cd1a8459-2ba4-4a01-b4d6-bc3de784c681","block_type":"box","text":"credit risk and the value of the ETN may drop due to a downgrade in an issuer’s credit rating, despite","page_number":81,"box":{"x":116,"y":149,"width":755,"height":12}},{"id":"5a6a18b7-1617-46a4-80c8-f308f9c29acc","block_type":"box","text":"the underlying reference instrument remaining unchanged. When a Fund invests in ETNs, it will bear","page_number":81,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"bed721c5-0f44-42a0-8881-dc5bb856a155","block_type":"box","text":"its proportionate share of any fees and expenses borne by the ETN.","page_number":81,"box":{"x":117,"y":180,"width":509,"height":12}},{"id":"bee4fea7-66af-49f0-8765-364a9ed12351","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference","page_number":81,"box":{"x":116,"y":212,"width":720,"height":12}},{"id":"9327fdf6-6950-452a-9347-f4cc19a46e28","block_type":"box","text":"instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument.","page_number":81,"box":{"x":117,"y":227,"width":740,"height":13}},{"id":"51a7ae3f-45a5-479f-a491-edd6a315923a","block_type":"box","text":"Some ETNs that use leverage may, at times, be illiquid and","page_number":81,"box":{"x":116,"y":243,"width":446,"height":12}},{"id":"b4e11b82-27b4-432c-b9a4-f237ac1e3841","block_type":"box","text":"may be difficult to purchase or sell at a fair","page_number":81,"box":{"x":563,"y":243,"width":319,"height":12}},{"id":"237c9a16-4271-4141-b99f-757fee49895f","block_type":"box","text":"price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form.","page_number":81,"box":{"x":117,"y":259,"width":751,"height":12}},{"id":"e4ad7b71-2e3d-497e-83eb-340c7de38550","block_type":"box","text":"While leverage allows for greater potential return, the potential for loss is also greater. Finally,","page_number":81,"box":{"x":116,"y":274,"width":700,"height":12}},{"id":"c3e7868a-4665-46d9-9a13-92dc5598797c","block_type":"box","text":"additional losses may be incurred if the investment loses value because, in addition to the money lost","page_number":81,"box":{"x":116,"y":290,"width":757,"height":12}},{"id":"2604d18a-f828-4a8c-939a-5fc0b1d49971","block_type":"box","text":"on the investment, the loan still needs to be repaid.","page_number":81,"box":{"x":116,"y":305,"width":384,"height":12}},{"id":"0888481d-57da-4c3c-b689-411d5119e01d","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its","page_number":81,"box":{"x":117,"y":337,"width":685,"height":12}},{"id":"c639b92d-5744-4239-8772-4f6c38385b1f","block_type":"box","text":"obligations, the value of the ETN may change due to a change in the issuer’s credit rating, despite no","page_number":81,"box":{"x":116,"y":352,"width":757,"height":13}},{"id":"11cefd67-acdd-41f1-bca1-4aeaa5b7f851","block_type":"box","text":"change in the underlying reference instrument. The market value of ETN shares may differ from the","page_number":81,"box":{"x":116,"y":368,"width":744,"height":12}},{"id":"0491e4d5-ae48-4a8a-bdb3-53f5f0a9b984","block_type":"box","text":"value of the reference instrument. This difference in price may be due to the fact that the supply and","page_number":81,"box":{"x":116,"y":384,"width":748,"height":12}},{"id":"a41bd277-edc8-448c-bf24-9c875b988cbf","block_type":"box","text":"demand in the market for ETN shares at any point in time is not always identical to the supply and","page_number":81,"box":{"x":116,"y":399,"width":732,"height":12}},{"id":"dfe04b92-d4d2-409c-a32f-c1d3b0671bd6","block_type":"box","text":"demand in the market for the assets underlying the reference instrument that the ETN seeks to track.","page_number":81,"box":{"x":116,"y":415,"width":755,"height":12}},{"id":"1dc285f0-0e84-4c34-afc5-2e1d39a3c0e9","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally","page_number":81,"box":{"x":116,"y":447,"width":761,"height":12}},{"id":"bd921bd6-21c2-4feb-a057-12ddbf3d4fda","block_type":"box","text":"meant to be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the","page_number":81,"box":{"x":117,"y":462,"width":728,"height":12}},{"id":"2b1813ba-8d2a-4ed9-9dc2-c9192dc198f2","block_type":"box","text":"availability of a secondary market. An investor in an ETN could lose some or all of the amount","page_number":81,"box":{"x":116,"y":477,"width":701,"height":13}},{"id":"290a5d51-621f-47a5-9d23-96dc71f1375b","block_type":"box","text":"invested.","page_number":81,"box":{"x":117,"y":493,"width":71,"height":10}},{"id":"a0eb8971-1f39-48e6-afa5-5e56530b1d0e","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a","page_number":81,"box":{"x":117,"y":525,"width":739,"height":12}},{"id":"86dd70e8-78ef-4212-b276-1c4a7b16d6b1","block_type":"box","text":"court may not uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and","page_number":81,"box":{"x":116,"y":540,"width":742,"height":13}},{"id":"7f02b2fd-2558-45a0-b0c8-d9de5ef131b8","block_type":"box","text":"character of income and gains derived by a Fund from investments in ETNs may be affected by future","page_number":81,"box":{"x":116,"y":556,"width":762,"height":12}},{"id":"4f9afdf5-deb3-4b57-bbd2-4ec2e1ddf4fb","block_type":"box","text":"legislation.","page_number":81,"box":{"x":117,"y":572,"width":83,"height":12}},{"id":"5ac71f09-48c5-4905-8561-8f8022f29033","block_type":"box","text":"Foreign Investments.","page_number":81,"box":{"x":116,"y":604,"width":174,"height":12}},{"id":"64b38e4d-9a19-488f-ba6f-66cb5d38f5c4","block_type":"box","text":"Foreign Investment Risks.","page_number":81,"box":{"x":116,"y":627,"width":193,"height":12}},{"id":"0a7de201-d53e-4b58-8160-259e3a54b311","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from","page_number":81,"box":{"x":310,"y":627,"width":540,"height":12}},{"id":"9f73fa5b-552a-411d-a6d2-816cdb4ca25e","block_type":"box","text":"issuers located in emerging market countries. These securities may be denominated in U.S. dollars or","page_number":81,"box":{"x":117,"y":643,"width":760,"height":12}},{"id":"795f05c4-a557-4607-a53f-5bce4ec427c8","block_type":"box","text":"in a foreign currency. Investing in foreign securities involves risks not typically associated with investing","page_number":81,"box":{"x":117,"y":658,"width":770,"height":12}},{"id":"faee0e79-4c59-4784-b159-03fd606d2626","block_type":"box","text":"in securities of companies organized and operated in the United States that can increase the chances","page_number":81,"box":{"x":117,"y":674,"width":754,"height":12}},{"id":"cdef7b98-0271-43a0-82c3-dd74c591a76d","block_type":"box","text":"that a Fund will lose money.","page_number":81,"box":{"x":116,"y":689,"width":207,"height":12}},{"id":"1295b1fd-07df-468f-91d6-f5ccd03ea86a","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be","page_number":81,"box":{"x":116,"y":721,"width":757,"height":12}},{"id":"81ebe4f8-e343-4658-9a26-5380a21250da","block_type":"box","text":"foreign securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are","page_number":81,"box":{"x":116,"y":737,"width":761,"height":12}},{"id":"50fd297b-5894-4aa7-ae6a-006ae3de9635","block_type":"box","text":"conducted from the U.S., (ii) the company’s equity securities trade principally on a U.S. stock","page_number":81,"box":{"x":116,"y":752,"width":689,"height":12}},{"id":"a1056745-c63c-42ce-bc1e-6354215e17e1","block_type":"box","text":"exchange, (iii) the company does a substantial amount of business in the U.S. or (iv) the issuer of","page_number":81,"box":{"x":116,"y":768,"width":725,"height":12}},{"id":"f3b425dc-1106-4f59-82a5-334f3d110c30","block_type":"box","text":"securities is included in the Fund’s primary U.S. benchmark index.","page_number":81,"box":{"x":116,"y":783,"width":490,"height":12}},{"id":"381d502e-4bc6-4784-984a-d56441b47563","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations","page_number":81,"box":{"x":117,"y":815,"width":721,"height":12}},{"id":"b9a17d89-5113-422b-aeee-a9886180daf3","block_type":"box","text":"issued or guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities","page_number":81,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"fafbaad8-800c-425b-b204-5fe87576da10","block_type":"box","text":"or political subdivisions, including a foreign state, province or municipality; (b) debt obligations of","page_number":81,"box":{"x":116,"y":846,"width":720,"height":12}},{"id":"175823ec-64ba-4053-9996-baaffe9df4f4","block_type":"box","text":"supranational organizations; (c) debt obligations of foreign banks and bank holding companies;","page_number":81,"box":{"x":116,"y":862,"width":710,"height":12}},{"id":"3ebe0006-d725-4725-b668-0c43589caeeb","block_type":"box","text":"(d) debt obligations of domestic banks and corporations issued in foreign currencies; (e) debt","page_number":81,"box":{"x":117,"y":877,"width":694,"height":12}},{"id":"badb3564-6561-4813-8c99-2c7afe406df3","block_type":"box","text":"II-36","page_number":81,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9e7e38fb-9129-4036-8458-1402d8acbe7d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":81,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"991533ce-57d2-4959-8950-b2ab3429b3f2","block_type":"box","text":"obligations denominated in the Euro; and (f) foreign corporate debt securities and commercial paper.","page_number":82,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"7c682762-e232-40db-b64b-320761a4823f","block_type":"box","text":"Such securities may include loan participations and assignments, convertible securities and","page_number":82,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"005537e8-e6ab-4562-8423-19acee912464","block_type":"box","text":"zero-coupon securities.","page_number":82,"box":{"x":116,"y":118,"width":178,"height":12}},{"id":"bb55f38f-c76b-4a23-9d45-7db0cc729d5c","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign","page_number":82,"box":{"x":117,"y":149,"width":729,"height":12}},{"id":"3de8b132-e8fa-4060-b221-caf7ce8db30c","block_type":"box","text":"withholding taxes.","page_number":82,"box":{"x":116,"y":165,"width":138,"height":12}},{"id":"3beeaa48-73bc-40e0-905b-e48b0d7c5f76","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign","page_number":82,"box":{"x":116,"y":196,"width":715,"height":12}},{"id":"7a13065c-13e6-46dd-8da2-4b780ef3e72c","block_type":"box","text":"exchanges or in foreign markets that are closed when the securities exchange on which the Fund’s","page_number":82,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"447d364e-f297-468c-93a8-dc491f05948c","block_type":"box","text":"shares trade is open, there are likely to be deviations between the current price of such an underlying","page_number":82,"box":{"x":116,"y":227,"width":758,"height":12}},{"id":"bdaeeeda-9040-4d91-95f8-30a853f06350","block_type":"box","text":"security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed","page_number":82,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"705d9661-29f8-4346-bbd2-a2a6a4ec9af9","block_type":"box","text":"foreign market). The impact of a closed foreign market on a Fund is likely to be greater where a large","page_number":82,"box":{"x":116,"y":258,"width":755,"height":12}},{"id":"76d13c6f-0838-4193-9927-a44407b310c1","block_type":"box","text":"portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or","page_number":82,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"f1efb559-8b71-4673-8fa4-57a5ff54c636","block_type":"box","text":"when the foreign market is closed for unscheduled reasons. These deviations may result in premiums","page_number":82,"box":{"x":116,"y":289,"width":759,"height":12}},{"id":"3937313a-a9e4-4ea3-88dd-06a8b4b541ef","block_type":"box","text":"or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":82,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"3bf5f618-5cbe-47c3-9f0e-36fdc081a53a","block_type":"box","text":"Foreign Market Risk.","page_number":82,"box":{"x":116,"y":335,"width":152,"height":12}},{"id":"a638c5f8-047a-444d-9348-ebeed0f226b7","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more","page_number":82,"box":{"x":269,"y":335,"width":521,"height":12}},{"id":"28561a57-1258-43e0-b09f-46a0203a5413","block_type":"box","text":"diversification than a Fund that invests only in the United States because securities traded on foreign","page_number":82,"box":{"x":116,"y":351,"width":746,"height":12}},{"id":"16f12b5a-bdd6-4fb4-b44f-f812ef302081","block_type":"box","text":"markets have often (though not always) performed differently from securities traded in the United","page_number":82,"box":{"x":117,"y":366,"width":715,"height":12}},{"id":"eca6a3d4-355d-48f2-96f0-a7bf4cdbe5cb","block_type":"box","text":"States. However, such investments often involve risks not present in U.S. investments that can increase","page_number":82,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"543c7c2a-6fe9-45b5-9486-79016c5f8ab1","block_type":"box","text":"the chances that a Fund will lose money. In particular, a Fund is subject to the risk that, because there","page_number":82,"box":{"x":116,"y":397,"width":756,"height":12}},{"id":"bea13f12-308b-4392-99c8-ca9518d55605","block_type":"box","text":"are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it","page_number":82,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"eb6bcc97-c289-4d9c-be46-90c20e02bf9a","block_type":"box","text":"may be difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign","page_number":82,"box":{"x":117,"y":428,"width":763,"height":12}},{"id":"a07b51e4-2c60-4564-a3d8-30af439144fb","block_type":"box","text":"securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":82,"box":{"x":116,"y":444,"width":719,"height":12}},{"id":"16edd302-f390-4069-ba20-6271ab2ee35e","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of","page_number":82,"box":{"x":116,"y":459,"width":727,"height":12}},{"id":"3a7b591d-889a-4b66-aad9-43209d5d8d9e","block_type":"box","text":"punitive taxes or tariffs. In addition, economic conditions, such as volatile currency exchange rates and","page_number":82,"box":{"x":117,"y":475,"width":759,"height":12}},{"id":"acc2b778-6050-46f6-bf34-1e544ff94c1a","block_type":"box","text":"interest rates, political events, military action and other conditions may, without prior warning, lead to the","page_number":82,"box":{"x":117,"y":490,"width":770,"height":12}},{"id":"ef9913ae-1e9f-4b8f-a08c-54f0d24dfb04","block_type":"box","text":"governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting","page_number":82,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"65e5e96b-4153-4c49-889a-ef668c1c6a2b","block_type":"box","text":"or imposing substantial restrictions through capital controls and/or sanctions on foreign investing in the","page_number":82,"box":{"x":116,"y":521,"width":758,"height":12}},{"id":"b46030a1-79b6-42b4-bf54-92f7feacfd89","block_type":"box","text":"capital markets or certain industries in those countries. Capital controls and/or sanctions may include","page_number":82,"box":{"x":116,"y":537,"width":746,"height":12}},{"id":"de9171d8-d33f-4cc8-b59f-3ce09f278f4e","block_type":"box","text":"the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or","page_number":82,"box":{"x":116,"y":552,"width":730,"height":12}},{"id":"0398f986-4184-4aba-9757-dce31065b8bd","block_type":"box","text":"other assets and may also include retaliatory actions of one government against another government,","page_number":82,"box":{"x":116,"y":568,"width":752,"height":12}},{"id":"8acb1249-5a26-4497-94b8-b670c32cecb0","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":82,"box":{"x":116,"y":583,"width":758,"height":12}},{"id":"2333c6a6-0c47-4da2-a84f-244ae300aab2","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":82,"box":{"x":116,"y":599,"width":738,"height":12}},{"id":"2583c2c1-edb2-444c-8993-906157dc2e3a","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact","page_number":82,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"8d91715e-d734-42ba-a723-6bab416eb8d8","block_type":"box","text":"the value and/or liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the","page_number":82,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"aca1bb15-a71d-4e83-b358-14c1b1545640","block_type":"box","text":"Fund to decline in value. Other potential foreign market risks include exchange controls, difficulties in","page_number":82,"box":{"x":117,"y":645,"width":745,"height":12}},{"id":"806145a7-9403-4516-8475-455d64876ad5","block_type":"box","text":"pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal","page_number":82,"box":{"x":117,"y":661,"width":722,"height":12}},{"id":"121e8a67-15ed-4430-91e4-6705e715f788","block_type":"box","text":"judgments in foreign courts, and political and social conditions, such as diplomatic relations,","page_number":82,"box":{"x":115,"y":676,"width":674,"height":12}},{"id":"3d8d374d-4290-4bfb-a531-d88465b7698b","block_type":"box","text":"confiscatory taxation, expropriation, limitation on the removal of funds or assets, or imposition of (or","page_number":82,"box":{"x":116,"y":692,"width":730,"height":12}},{"id":"40c86b0a-3ca5-4f5e-ab61-3e23ddaae42b","block_type":"box","text":"change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":82,"box":{"x":116,"y":707,"width":705,"height":12}},{"id":"2bbfa873-1e63-4b3b-96cb-006014bab185","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign","page_number":82,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"8f4241e5-b3c8-42af-8d94-08886dd54eb1","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the","page_number":82,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"87aba22b-4f1e-4055-9752-ace9060d8853","block_type":"box","text":"United States or abroad could result in appreciation or depreciation of portfolio securities and could","page_number":82,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"0bc9a573-416a-43b7-8072-1f92af50c074","block_type":"box","text":"favorably or adversely affect a Fund’s operations.","page_number":82,"box":{"x":116,"y":769,"width":362,"height":12}},{"id":"d018e9dc-a454-45f5-bef4-54b0fc781b41","block_type":"box","text":"Foreign Economy Risk.","page_number":82,"box":{"x":116,"y":800,"width":172,"height":12}},{"id":"80a70a30-1684-47bb-a4af-97806b54ac28","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with","page_number":82,"box":{"x":295,"y":800,"width":579,"height":12}},{"id":"e5e75fb4-13fb-4446-a635-540cfdf1933c","block_type":"box","text":"that of the United States with respect to such issues as growth of gross national product, reinvestment","page_number":82,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"8c00dc71-be76-4756-811d-9506f4c9ec24","block_type":"box","text":"of capital, resources, and balance of payments position. Certain such economies may rely heavily on","page_number":82,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"bb9d5f9a-2535-4436-a696-342dbfa9e12f","block_type":"box","text":"particular industries or foreign capital and are more vulnerable to diplomatic developments, the","page_number":82,"box":{"x":117,"y":847,"width":707,"height":12}},{"id":"abedc506-a391-48e3-b472-ebc3af731dfa","block_type":"box","text":"imposition of economic sanctions against a particular country or countries, changes in international","page_number":82,"box":{"x":117,"y":862,"width":737,"height":12}},{"id":"f969fbf1-b701-4712-9475-987e64010614","block_type":"box","text":"trading patterns, trade barriers, and other protectionist or retaliatory measures.","page_number":82,"box":{"x":116,"y":878,"width":589,"height":12}},{"id":"0f4fada1-8a59-46dc-afa8-bc6f8e65f072","block_type":"box","text":"II-37","page_number":82,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ce408c87-c3a0-494a-8d78-7dc2f010579c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":82,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6f0271a5-2f9c-4523-b575-89cad67d4cdc","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":83,"box":{"x":117,"y":87,"width":257,"height":12}},{"id":"a8f2eca1-9974-4147-b1d4-fd82d56c66a9","block_type":"box","text":"Because foreign securities generally are denominated and pay","page_number":83,"box":{"x":376,"y":87,"width":475,"height":12}},{"id":"a0ec41a9-10e1-40e9-b1bc-05097a1b5534","block_type":"box","text":"dividends or interest in foreign currencies, the value of a Fund that invests in foreign securities as","page_number":83,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"c7695263-6c83-47e4-afaa-6e9d92fe5b2c","block_type":"box","text":"measured in U.S. dollars will be affected favorably or unfavorably by changes in exchange rates.","page_number":83,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"fa739626-1743-44d0-81d0-35e6a30f2cbb","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in","page_number":83,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"675aca5b-dcfb-44b7-b74b-994500ea9f27","block_type":"box","text":"that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S.","page_number":83,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"6ececbd7-f2bf-495e-8232-9c2bec091070","block_type":"box","text":"dollar decreases in value against a foreign currency, a security denominated in that currency gains","page_number":83,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"cee64294-1889-4805-a9ab-42205d1e3751","block_type":"box","text":"value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,”","page_number":83,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"d8d4c1a5-8383-4964-96f5-83a46bddccd5","block_type":"box","text":"means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will","page_number":83,"box":{"x":117,"y":196,"width":738,"height":12}},{"id":"5464304b-6d82-47be-bd9c-e8fa4b0cc314","block_type":"box","text":"increase those returns. Currency exchange rates can also be affected unpredictably by intervention by","page_number":83,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"5d53d5be-9414-46f4-a917-838d84b5a775","block_type":"box","text":"U.S. or foreign governments or central banks, or the failure to intervene, or buy currency controls or","page_number":83,"box":{"x":117,"y":227,"width":743,"height":12}},{"id":"3fb735c3-bb75-4ebe-9209-decbd4d49723","block_type":"box","text":"political developments in the United States or abroad.","page_number":83,"box":{"x":117,"y":242,"width":402,"height":12}},{"id":"c1570e9a-0ad4-4203-9594-87d4e6309609","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":83,"box":{"x":117,"y":269,"width":487,"height":12}},{"id":"e0c5dd4e-6aaf-4d01-ad9f-ea80d9b456bd","block_type":"box","text":"Many foreign governments","page_number":83,"box":{"x":606,"y":269,"width":208,"height":12}},{"id":"02dbd02d-261d-4f62-bc95-9a9cd0f27d1f","block_type":"box","text":"supervise and regulate stock exchanges, brokers and the sale of securities less than does the United","page_number":83,"box":{"x":116,"y":285,"width":756,"height":12}},{"id":"690b7417-911e-443b-af1b-fe82eb9400d3","block_type":"box","text":"States. Some countries may not have laws to protect investors comparable to the U.S. securities laws.","page_number":83,"box":{"x":116,"y":300,"width":765,"height":12}},{"id":"3986074e-f147-47dc-a6b6-ee9689729012","block_type":"box","text":"For example, some foreign countries may have no laws or rules against insider trading. Insider trading","page_number":83,"box":{"x":117,"y":316,"width":762,"height":12}},{"id":"9ae3d889-d890-403b-bd57-4a5c68c5e65d","block_type":"box","text":"occurs when a person buys or sells a company’s securities based on nonpublic information about that","page_number":83,"box":{"x":116,"y":331,"width":760,"height":12}},{"id":"78403a50-5b87-4099-baf0-0f94975463a4","block_type":"box","text":"company. Accounting standards in other countries are not necessarily the same as in the United","page_number":83,"box":{"x":116,"y":347,"width":719,"height":12}},{"id":"e3426887-077e-42f9-9aa6-50159ab527f0","block_type":"box","text":"States. If the accounting standards in another country do not require as much detail as U.S. accounting","page_number":83,"box":{"x":116,"y":362,"width":771,"height":12}},{"id":"3425b1bf-af87-4619-8c20-3151c17f41ec","block_type":"box","text":"standards, it may be harder for Fund management to completely and accurately determine a","page_number":83,"box":{"x":116,"y":378,"width":691,"height":12}},{"id":"2aa6b054-4843-4783-87c4-15e89af20826","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past","page_number":83,"box":{"x":116,"y":393,"width":722,"height":12}},{"id":"8d72ef0d-5f6a-4da5-8d9c-abface2beffe","block_type":"box","text":"imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors such","page_number":83,"box":{"x":117,"y":409,"width":752,"height":12}},{"id":"a98f2e5a-475c-4bb4-82e5-78e36f77a913","block_type":"box","text":"as the Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to","page_number":83,"box":{"x":116,"y":424,"width":727,"height":12}},{"id":"ff745af6-7643-423a-ae23-2f9787d45242","block_type":"box","text":"invest all or substantially all of its assets in U.S. securities. Also, brokerage commissions and other","page_number":83,"box":{"x":117,"y":440,"width":737,"height":12}},{"id":"dbab8020-5cdb-4e5e-9715-79737b4a1d10","block_type":"box","text":"costs of buying or selling securities often are higher in foreign countries than they are in the United","page_number":83,"box":{"x":116,"y":455,"width":736,"height":12}},{"id":"3e5dac4f-7130-4506-b195-5cb4d48bf64a","block_type":"box","text":"States. This reduces the amount the Fund can earn on its investments.","page_number":83,"box":{"x":116,"y":471,"width":532,"height":9}},{"id":"d43eb92e-e4d4-45d7-a9a6-9f9395be0bff","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States.","page_number":83,"box":{"x":117,"y":498,"width":477,"height":12}},{"id":"2099647c-85bb-45a2-95f2-fdd0122d7d75","block_type":"box","text":"A Fund generally holds its foreign","page_number":83,"box":{"x":596,"y":498,"width":259,"height":12}},{"id":"a033a79e-08be-4c22-b15c-095fcf695e19","block_type":"box","text":"securities and cash in foreign banks and securities depositories. Some foreign banks and securities","page_number":83,"box":{"x":116,"y":513,"width":743,"height":12}},{"id":"7fe668d3-8a5a-4846-96f9-4de57e5642a1","block_type":"box","text":"depositories may be recently organized or new to the foreign custody business. In addition, there may","page_number":83,"box":{"x":116,"y":529,"width":760,"height":12}},{"id":"30f5629c-d0fc-4612-ba06-3d20d4ed45d9","block_type":"box","text":"be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put","page_number":83,"box":{"x":117,"y":544,"width":754,"height":12}},{"id":"4c9f8779-06a9-495b-95ef-a78dcc1f3599","block_type":"box","text":"limits on a Fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or","page_number":83,"box":{"x":117,"y":560,"width":747,"height":12}},{"id":"ba230397-2bcd-45aa-8fe3-d86d7492d8d9","block_type":"box","text":"any of their agents goes bankrupt. In addition, it is often more expensive for a Fund to buy, sell and","page_number":83,"box":{"x":116,"y":575,"width":741,"height":12}},{"id":"535eb62d-32dd-4161-ba99-3e9e06589b92","block_type":"box","text":"hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":83,"box":{"x":117,"y":591,"width":768,"height":12}},{"id":"43a8d382-cc2d-4cb4-9ee8-18e5d27fa944","block_type":"box","text":"in foreign markets reduces the amount a Fund can earn on its investments and typically results in a","page_number":83,"box":{"x":117,"y":606,"width":741,"height":12}},{"id":"8703ca69-2ad0-4fde-994c-9431f0f7470d","block_type":"box","text":"higher operating expense ratio for the Fund as compared to investment companies that invest only in","page_number":83,"box":{"x":117,"y":622,"width":754,"height":12}},{"id":"e1d19300-ec8c-4354-ad7f-de2cc6ae710c","block_type":"box","text":"the United States.","page_number":83,"box":{"x":116,"y":637,"width":138,"height":10}},{"id":"bcf764a7-2fb9-48a8-bd20-881f7a9f5249","block_type":"box","text":"Publicly Available Information.","page_number":83,"box":{"x":116,"y":665,"width":222,"height":12}},{"id":"6be7f6ba-ae27-4d64-b1fe-871607c0f88c","block_type":"box","text":"In general, less information is publicly available with respect to foreign","page_number":83,"box":{"x":346,"y":665,"width":518,"height":12}},{"id":"97675fcc-e1c9-4672-8afb-a26d03d6a933","block_type":"box","text":"issuers than is available with respect to U.S. companies. Most foreign companies are also not subject","page_number":83,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"16df6503-aaa6-458f-a56e-4e52218c6875","block_type":"box","text":"to the uniform accounting and financial reporting requirements applicable to issuers in the United","page_number":83,"box":{"x":116,"y":696,"width":717,"height":12}},{"id":"69310eb4-6a1c-42c7-a500-15a1d41208e8","block_type":"box","text":"States. While the volume of transactions effected on foreign stock exchanges has increased in recent","page_number":83,"box":{"x":116,"y":711,"width":753,"height":12}},{"id":"c997ecf4-003b-4066-9899-c7dd0fcac42a","block_type":"box","text":"years, it remains appreciably below that of the New York Stock Exchange. Accordingly, a Fund’s","page_number":83,"box":{"x":116,"y":727,"width":716,"height":12}},{"id":"91b867ec-14e2-4440-a47b-8bc4d66e282d","block_type":"box","text":"foreign investments may be less liquid than, and their prices may be more volatile than, comparable","page_number":83,"box":{"x":116,"y":742,"width":740,"height":12}},{"id":"752c1040-b2ab-45bc-ab60-88542c2d8049","block_type":"box","text":"investments in securities in U.S. companies. In addition, there is generally less government supervision","page_number":83,"box":{"x":117,"y":758,"width":765,"height":12}},{"id":"29346f36-47cb-41b3-b635-cf0c3b122c9c","block_type":"box","text":"and regulation of securities exchanges, brokers and issuers in foreign countries than in the United","page_number":83,"box":{"x":116,"y":773,"width":726,"height":12}},{"id":"53f66f43-5c28-4685-99c1-23b57bcf6c7d","block_type":"box","text":"States.","page_number":83,"box":{"x":116,"y":789,"width":51,"height":9}},{"id":"1606b610-a9a1-40e1-b2e8-a3baa6d8a44c","block_type":"box","text":"Settlement Risk.","page_number":83,"box":{"x":117,"y":816,"width":120,"height":9}},{"id":"c4405ffa-85bc-4cb8-a1ec-5be0b14cf62b","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly","page_number":83,"box":{"x":244,"y":816,"width":606,"height":12}},{"id":"2215f731-3d02-4cf2-a854-b4103b05ed33","block_type":"box","text":"from those in the United States. Supervisory authorities may also be unable to apply standards which","page_number":83,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"53c663e9-1a6c-4d33-a95c-cca6330e8ac8","block_type":"box","text":"are comparable with those in the United States. Foreign settlement procedures and trade regulations","page_number":83,"box":{"x":116,"y":847,"width":754,"height":12}},{"id":"6fac0729-04ff-43b9-845a-ecdb2e90497a","block_type":"box","text":"also may involve certain risks (such as delays in payment for or delivery of securities) not typically","page_number":83,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"e62c9d16-f885-4056-940f-782c835fb107","block_type":"box","text":"generated by the settlement of U.S. investments.","page_number":83,"box":{"x":116,"y":878,"width":369,"height":12}},{"id":"a55b438d-a98d-4afe-a0cc-fbd61d0bad96","block_type":"box","text":"II-38","page_number":83,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"41d20202-149a-4c1b-9f6f-2e1cc1efae8d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":83,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f03309d1-d244-4f8e-9f9b-1fdb2872a0fe","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable,","page_number":84,"box":{"x":117,"y":87,"width":710,"height":12}},{"id":"cee3423e-b5b4-4f4e-87f8-fcf39096dec0","block_type":"box","text":"increasing the risk of delayed settlements or losses of security certificates in markets that still rely on","page_number":84,"box":{"x":117,"y":102,"width":750,"height":13}},{"id":"beb195c0-6af4-4664-b8cc-844321aabbc1","block_type":"box","text":"physical settlement. Settlements in certain foreign countries at times have not kept pace with the","page_number":84,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"f82915b0-c753-4735-b7b0-5f0dc1a6238c","block_type":"box","text":"number of securities transactions; these problems may make it difficult for a Fund to carry out","page_number":84,"box":{"x":117,"y":134,"width":698,"height":12}},{"id":"ee8156b0-00fd-4688-a646-300d22a4b50e","block_type":"box","text":"transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, it may miss","page_number":84,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"8545bf6a-34a9-4217-a03c-2b31f8db5746","block_type":"box","text":"attractive investment opportunities and certain of its assets may be uninvested with no return earned","page_number":84,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"4d728f9d-83fb-4f9d-904e-426addcb3900","block_type":"box","text":"thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose","page_number":84,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"06198bd3-9e91-42ac-95d8-aac5271a4973","block_type":"box","text":"money if the value of the security then declines or, if it has contracted to sell the security to another","page_number":84,"box":{"x":117,"y":196,"width":739,"height":12}},{"id":"26ea567d-79c7-477a-9a8f-44fc56722a14","block_type":"box","text":"party, the Fund could be liable to that party for any losses incurred.","page_number":84,"box":{"x":117,"y":211,"width":501,"height":12}},{"id":"1a76924b-3d90-4693-8c3a-60b06067c59a","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing","page_number":84,"box":{"x":117,"y":242,"width":720,"height":12}},{"id":"ff99eb0b-c4a9-4ff3-8548-4c7d1f94a2ba","block_type":"box","text":"claims may arise in respect of securities held by or to be transferred to a Fund. Compensation","page_number":84,"box":{"x":116,"y":258,"width":703,"height":12}},{"id":"d930e161-ddb2-4244-90ca-9aa6161d4a0e","block_type":"box","text":"schemes may not exist or may otherwise be limited or inadequate to meet the Fund’s claims in case of","page_number":84,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"e22c0e01-3c70-4dc9-a696-fcdeb39c1b1e","block_type":"box","text":"such event.","page_number":84,"box":{"x":116,"y":289,"width":90,"height":9}},{"id":"9a686024-367e-4460-9e69-d61ae79a02ee","block_type":"box","text":"Sovereign Debt.","page_number":84,"box":{"x":117,"y":320,"width":118,"height":12}},{"id":"8c0fe019-b453-49a9-ab30-8c8c42434fba","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental","page_number":84,"box":{"x":236,"y":320,"width":616,"height":12}},{"id":"b2be259b-37f7-4478-a244-0e755276ec18","block_type":"box","text":"entity that controls the repayment of sovereign debt may not be able or willing to repay the principal","page_number":84,"box":{"x":116,"y":335,"width":743,"height":12}},{"id":"2eeb2039-be90-4537-8e6c-228933b0923b","block_type":"box","text":"and/or interest when due in accordance with the terms of such debt. A governmental entity’s","page_number":84,"box":{"x":116,"y":351,"width":689,"height":12}},{"id":"3b24fc3f-933b-466c-ad93-a40cb1f542a9","block_type":"box","text":"willingness or ability to repay principal and interest due in a timely manner may be affected by, among","page_number":84,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"0e3c471a-2fc2-4b78-a01e-49598fb2fb35","block_type":"box","text":"other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient","page_number":84,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"c31900b9-012b-4800-a360-d476a6a4c96d","block_type":"box","text":"foreign exchange on the date a payment is due, the relative size of the debt service burden to the","page_number":84,"box":{"x":116,"y":397,"width":728,"height":12}},{"id":"0bdbfe04-d3be-4562-8ab5-c8d49db936d4","block_type":"box","text":"economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the","page_number":84,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"5a313afb-8516-449f-8009-74ce8be83376","block_type":"box","text":"political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":84,"box":{"x":117,"y":428,"width":764,"height":12}},{"id":"e3e85102-2b5e-44c2-bb38-c5f5072e0b4d","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others","page_number":84,"box":{"x":116,"y":444,"width":738,"height":12}},{"id":"a2b27e4d-3567-4de2-8477-37b5ad5b44cb","block_type":"box","text":"abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these","page_number":84,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"fd150e1e-a16f-4725-b382-8d8a36d8beae","block_type":"box","text":"governments, agencies and others to make such disbursements may be conditioned on the","page_number":84,"box":{"x":116,"y":475,"width":684,"height":12}},{"id":"4ef2ef99-d042-4785-8578-a5bd80b3fe03","block_type":"box","text":"implementation of economic reforms and/or economic performance and the timely service of such","page_number":84,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"d3731c82-decc-421a-acbd-68adf8874e43","block_type":"box","text":"debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance","page_number":84,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"59ccafbe-01f4-448b-8937-a488011ab966","block_type":"box","text":"or repay principal or interest when due may result in the cancellation of such third parties’","page_number":84,"box":{"x":116,"y":521,"width":668,"height":12}},{"id":"e2d646cf-3421-4d99-a6fa-26b1724e641e","block_type":"box","text":"commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or","page_number":84,"box":{"x":116,"y":537,"width":769,"height":12}},{"id":"f3d1c6a2-467f-4445-a380-cdb6e6e10b42","block_type":"box","text":"willingness to timely service its debts. Consequently, governmental entities may default on their","page_number":84,"box":{"x":116,"y":552,"width":713,"height":12}},{"id":"7ea83db3-1167-4aed-a381-6fff688e9582","block_type":"box","text":"sovereign debt.","page_number":84,"box":{"x":116,"y":568,"width":119,"height":12}},{"id":"3882e4c9-658b-41fb-8192-8f1ad261e8c3","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to","page_number":84,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"3e24fd23-528e-41b8-b0eb-bbb861bbe7bc","block_type":"box","text":"extend further loans to governmental entities. In the event of a default by a governmental entity, there","page_number":84,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"3f21d9b8-38d3-41a7-9edf-3a09966ec18e","block_type":"box","text":"may be few or no effective legal remedies for collecting on such debt.","page_number":84,"box":{"x":117,"y":630,"width":519,"height":12}},{"id":"e7cfac8a-d7c9-4b40-a8fb-4cb89f93b91f","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":84,"box":{"x":118,"y":661,"width":230,"height":12}},{"id":"24313b61-1e65-4ecc-b25c-11b1011a1e33","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on","page_number":84,"box":{"x":349,"y":661,"width":469,"height":12}},{"id":"6665312d-8d97-4464-bdc2-8442ccf8c136","block_type":"box","text":"dividend and interest income (if any) received from issuers in certain countries and capital gains on the","page_number":84,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"fb23d731-9fb1-40f0-bd09-a44c9055b09d","block_type":"box","text":"disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a","page_number":84,"box":{"x":116,"y":692,"width":745,"height":12}},{"id":"24bde452-52c4-4ad4-a1e3-ccc385109b80","block_type":"box","text":"Fund will receive a withholding tax refund is within the control of the tax authorities in such countries.","page_number":84,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"7f5c7df9-4e3b-4818-b675-598f999b177b","block_type":"box","text":"Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes","page_number":84,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"2c562505-4401-4534-832b-ae71bc58c955","block_type":"box","text":"accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the","page_number":84,"box":{"x":116,"y":738,"width":696,"height":12}},{"id":"99c97bad-cc4a-4e2f-a588-052b0478611e","block_type":"box","text":"likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach","page_number":84,"box":{"x":117,"y":754,"width":765,"height":12}},{"id":"c4b406fc-f740-490d-a489-ddab34100c40","block_type":"box","text":"in the foreign country, accruals in a Fund’s net asset value for such refunds may be written down","page_number":84,"box":{"x":117,"y":769,"width":716,"height":12}},{"id":"ac5ee4e8-b2c5-4058-bac7-1ab02c8053a1","block_type":"box","text":"partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the","page_number":84,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"9f8d01fe-9253-4ed8-a73e-d2242bb97191","block_type":"box","text":"time an accrual is written down will bear the impact of the resulting reduction in net asset value","page_number":84,"box":{"x":116,"y":800,"width":703,"height":12}},{"id":"f8a6fa34-2cee-4e6b-9bff-a3590e94ce52","block_type":"box","text":"regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives","page_number":84,"box":{"x":117,"y":816,"width":765,"height":12}},{"id":"22c7b397-c88f-450a-939e-be2fb4ab661d","block_type":"box","text":"a tax refund that has not been previously accrued, shareholders in the Fund at the time of the","page_number":84,"box":{"x":116,"y":831,"width":699,"height":12}},{"id":"07ddc0e5-e3b8-4c19-98a6-2ed64ce86ad4","block_type":"box","text":"successful recovery will benefit from the resulting increase in the Fund’s net asset value. Shareholders","page_number":84,"box":{"x":116,"y":847,"width":767,"height":12}},{"id":"908e1310-336c-4f2b-afbc-c15905aa382a","block_type":"box","text":"who sold their shares prior to such time will not benefit from such increase in the Fund’s net asset","page_number":84,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"c64e327a-fd4f-4061-aced-8a5c7a3a103d","block_type":"box","text":"value.","page_number":84,"box":{"x":116,"y":878,"width":49,"height":9}},{"id":"bb6175b8-33f0-4a52-b883-0c1893d91ff0","block_type":"box","text":"II-39","page_number":84,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"cc39cc1f-e189-43a6-8c1c-caec59b8161d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":84,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"bb50d61e-3bbd-41a9-bb98-6c33ee85e784","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":85,"box":{"x":117,"y":87,"width":287,"height":12}},{"id":"3616c2d9-1345-45b0-9396-7d1373ca5b49","block_type":"box","text":"The United States is a significant, and in some cases the most","page_number":85,"box":{"x":404,"y":87,"width":469,"height":12}},{"id":"cf04efa4-8473-4056-82da-6d709958f356","block_type":"box","text":"significant, trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a","page_number":85,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"58f442d7-597f-4dd0-8e72-021acdfc1b2b","block_type":"box","text":"result, economic conditions of such countries may be particularly affected by changes in the U.S.","page_number":85,"box":{"x":117,"y":118,"width":723,"height":12}},{"id":"d9026cde-97b4-4db8-ad0f-e1a685184977","block_type":"box","text":"economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs, changes","page_number":85,"box":{"x":116,"y":134,"width":770,"height":12}},{"id":"231865af-e193-4ef9-be0c-9c6005a2822b","block_type":"box","text":"in the U.S. dollar exchange rate or an economic slowdown in the United States may have a material","page_number":85,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"c5ddbf50-59ff-4309-a05b-afe2476639c3","block_type":"box","text":"adverse effect on a country’s economic conditions and, as a result, securities to which the Fund has","page_number":85,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"7015e44e-1dfd-40c7-baef-a21f92616f84","block_type":"box","text":"exposure. Circumstances could arise that could prevent the timely payment of interest or principal on","page_number":85,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"f4de0b4a-4b0f-4f83-8dff-43a84ef1f0f2","block_type":"box","text":"U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result","page_number":85,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"817fb616-f2d5-4237-aaa0-7d64aec29537","block_type":"box","text":"in substantial negative consequences for the U.S. economy and the global financial system.","page_number":85,"box":{"x":117,"y":211,"width":685,"height":12}},{"id":"c6ee45af-5c16-4e88-a5db-8edb5e24884f","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including","page_number":85,"box":{"x":116,"y":238,"width":745,"height":12}},{"id":"278be197-a0d7-489e-b5d8-21a17d9c76fe","block_type":"box","text":"traditional allies, such as certain European countries, and historical adversaries, such as North Korea,","page_number":85,"box":{"x":116,"y":254,"width":761,"height":12}},{"id":"97fa5eaa-3c7c-4565-a4a0-012080e25f1e","block_type":"box","text":"Iran, China and Russia. If these relations were to worsen, it could adversely affect U.S. issuers as well","page_number":85,"box":{"x":117,"y":269,"width":763,"height":12}},{"id":"35014e10-f65f-4617-b796-fb52c455baf3","block_type":"box","text":"as non-U.S. issuers that rely on the United States for trade. The United States has also experienced","page_number":85,"box":{"x":116,"y":285,"width":748,"height":12}},{"id":"5c0e3f04-5877-4b97-9aca-c79b1d6e1918","block_type":"box","text":"increased internal unrest and discord. If these trends were to continue, it may have an adverse impact","page_number":85,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"12927945-06ef-4899-a131-496574de578f","block_type":"box","text":"on the U.S. economy and many of the issuers in which a Fund may invest.","page_number":85,"box":{"x":116,"y":316,"width":557,"height":12}},{"id":"1ad9d4e9-99d9-41e4-975b-c300e3dd8835","block_type":"box","text":"Funding Agreements.","page_number":85,"box":{"x":116,"y":343,"width":171,"height":12}},{"id":"608b16da-3b7a-4fe8-b0cc-14a73d9049a7","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar","page_number":85,"box":{"x":289,"y":343,"width":561,"height":12}},{"id":"b25f9b99-58e0-4f26-8657-7bc7aa2e9143","block_type":"box","text":"funding agreements. In connection with these investments, a Fund makes cash contributions to a","page_number":85,"box":{"x":116,"y":358,"width":727,"height":12}},{"id":"bee70c37-9eb1-4230-861f-8ffe166995bf","block_type":"box","text":"deposit fund of an insurance company’s general account. The insurance company then credits to the","page_number":85,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"fe46af72-123a-499c-a8ca-db7064725d5d","block_type":"box","text":"Fund on a monthly basis guaranteed interest, which is based on an index. The funding agreements","page_number":85,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"e190670d-02ed-4653-b044-cd6db11f1cdc","block_type":"box","text":"provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":85,"box":{"x":117,"y":405,"width":753,"height":12}},{"id":"ac96a119-e9a5-4369-be8c-f097ff693524","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the","page_number":85,"box":{"x":117,"y":420,"width":749,"height":12}},{"id":"990a97c1-5b4f-4430-b66a-36fc901032d4","block_type":"box","text":"contract is paid from the general assets of the insurance company. Generally, funding agreements are","page_number":85,"box":{"x":116,"y":436,"width":764,"height":12}},{"id":"3864a5d8-dc90-4355-a33e-a222d80f8011","block_type":"box","text":"not assignable or transferable without the permission of the issuing insurance companies, and an","page_number":85,"box":{"x":117,"y":451,"width":726,"height":12}},{"id":"70bfff30-2cb1-499d-b41f-f272ac5a8099","block_type":"box","text":"active secondary market in some funding agreements does not currently exist.","page_number":85,"box":{"x":116,"y":467,"width":586,"height":12}},{"id":"ea0fe054-6207-405c-acaf-3a5c9dd9c9b8","block_type":"box","text":"Guarantees","page_number":85,"box":{"x":117,"y":494,"width":91,"height":10}},{"id":"f9718d05-eca4-4f3f-993e-3cedceb3a88d","block_type":"box","text":".","page_number":85,"box":{"x":209,"y":502,"width":3,"height":1}},{"id":"44487c42-7938-4bcc-b303-e1c018b59f44","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate","page_number":85,"box":{"x":213,"y":494,"width":660,"height":12}},{"id":"2b34232c-82a5-412b-b305-bafc4ea5d704","block_type":"box","text":"from the issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will","page_number":85,"box":{"x":116,"y":509,"width":771,"height":13}},{"id":"c7efdd52-418f-4a99-883d-eacceed4136d","block_type":"box","text":"fulfill an issuer’s payment obligations under a security if the issuer is unable to do so.","page_number":85,"box":{"x":116,"y":525,"width":634,"height":12}},{"id":"b192b491-49e2-4485-b34a-9e9b709ca6ce","block_type":"box","text":"Illiquid Investments.","page_number":85,"box":{"x":116,"y":552,"width":166,"height":12}},{"id":"f7a6228a-27dc-4e49-8d63-125d667f41c5","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the","page_number":85,"box":{"x":284,"y":552,"width":557,"height":12}},{"id":"ec561da0-b643-44bc-9ba8-fd1456faff39","block_type":"box","text":"acquisition, a Fund would have invested more than 15% of its net assets in illiquid investments. An","page_number":85,"box":{"x":116,"y":568,"width":737,"height":12}},{"id":"ff383765-dd23-434f-98a1-8070ffb3b51c","block_type":"box","text":"illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in","page_number":85,"box":{"x":117,"y":583,"width":753,"height":12}},{"id":"480b004a-6489-4c46-8ff0-19ddb20529d0","block_type":"box","text":"current market conditions in seven calendar days or less without the sale or disposition significantly","page_number":85,"box":{"x":116,"y":599,"width":742,"height":12}},{"id":"1952fc85-ec57-41af-b6ad-9dfa2421b8de","block_type":"box","text":"changing the market value of the investment. Liquid investments may become illiquid after purchase by","page_number":85,"box":{"x":116,"y":614,"width":771,"height":12}},{"id":"bf91f236-f2bf-4483-8edb-b78e676a7a10","block_type":"box","text":"a Fund, particularly during periods of market turmoil. There can be no assurance that a security or","page_number":85,"box":{"x":116,"y":630,"width":733,"height":12}},{"id":"d59506da-e2f3-4ef4-8d8d-66c7949aec4e","block_type":"box","text":"instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held","page_number":85,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"ad8c8d28-bd87-4a63-b90b-9f798d645506","block_type":"box","text":"by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":85,"box":{"x":117,"y":661,"width":725,"height":12}},{"id":"3873b6a8-47af-417d-9914-3119a8bb0854","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce","page_number":85,"box":{"x":117,"y":676,"width":742,"height":12}},{"id":"eead00bd-144d-49ea-bd6c-ecba9a8e190d","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous","page_number":85,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"7f4b699d-0599-41c3-8252-1b596b7127da","block_type":"box","text":"time or price. In addition, if a Fund is limited in its ability to dispose of illiquid investments during","page_number":85,"box":{"x":116,"y":707,"width":708,"height":12}},{"id":"d91b3932-7a7c-43b6-948e-c6b664d227b4","block_type":"box","text":"periods when shareholders are redeeming or selling their shares or the Fund’s net assets otherwise","page_number":85,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"d5c6595f-0329-4859-90a4-598460c68483","block_type":"box","text":"shrink, the Fund will need to dispose of liquid securities to meet redemption requests and illiquid","page_number":85,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"5d8185f4-c715-4c81-915a-7bd84a044ae5","block_type":"box","text":"securities will become a larger portion of the Fund’s holdings. If illiquid investments exceed 15% of a","page_number":85,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"af4388f1-2db5-4652-969c-436609110f8c","block_type":"box","text":"Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as defined below)","page_number":85,"box":{"x":117,"y":769,"width":749,"height":12}},{"id":"b573482b-b4b2-416a-86e8-e5f6be7f90af","block_type":"box","text":"will require that certain remedial actions be taken.","page_number":85,"box":{"x":116,"y":785,"width":368,"height":12}},{"id":"03a2d0c9-3929-4222-b319-64f9cb09c6e6","block_type":"box","text":"Illiquid investments may trade at a discount from","page_number":85,"box":{"x":491,"y":785,"width":358,"height":12}},{"id":"3fe0f631-9898-496c-818d-30011abf1da8","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the","page_number":85,"box":{"x":116,"y":800,"width":742,"height":12}},{"id":"7a056238-03a6-4d9f-8a54-5820d33ef86d","block_type":"box","text":"ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its","page_number":85,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"98fe0f70-189f-4c94-8dfd-2802d9afcf42","block_type":"box","text":"ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly","page_number":85,"box":{"x":116,"y":831,"width":765,"height":12}},{"id":"69b385f8-da35-4a6a-8652-7ce9440c4b22","block_type":"box","text":"acute where a Fund’s operations require cash, such as when the Fund redeems shares or pays","page_number":85,"box":{"x":116,"y":847,"width":715,"height":12}},{"id":"b5536a2b-4b8c-472f-bfe5-a6bcbcbf6f36","block_type":"box","text":"dividends, and could result in the Fund borrowing to meet short-term cash requirements or incurring","page_number":85,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"d4aadcae-b2b9-46bc-aa2d-c47d1caaf661","block_type":"box","text":"capital losses on the sale of illiquid investments.","page_number":85,"box":{"x":116,"y":878,"width":362,"height":12}},{"id":"8188cd14-4d5b-4eb1-a428-c233e9ecdafc","block_type":"box","text":"II-40","page_number":85,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"fa651edd-9cb6-4176-82a7-f64f789628c8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":85,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"357e0d97-2b9f-4b87-95bf-c6d59bd75e73","block_type":"box","text":"Index Funds","page_number":86,"box":{"x":116,"y":87,"width":99,"height":10}},{"id":"4f4549ce-b5e7-4d52-a816-80029ce0f303","block_type":"box","text":".","page_number":86,"box":{"x":216,"y":95,"width":2,"height":1}},{"id":"bc545133-d55b-4d75-8b21-23fd0aba669d","block_type":"box","text":"Cash Flows; Expenses.","page_number":86,"box":{"x":117,"y":111,"width":173,"height":12}},{"id":"e889b382-0a7f-469e-837b-5d82bc9b2ca8","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some","page_number":86,"box":{"x":291,"y":111,"width":573,"height":12}},{"id":"6450836d-9cbe-4aa0-bfb7-0383c76313cc","block_type":"box","text":"extent on the Manager’s ability to manage cash flow (primarily from purchases and redemptions and","page_number":86,"box":{"x":116,"y":127,"width":749,"height":12}},{"id":"dc1f0634-449e-4ba0-a50c-85706bddee88","block_type":"box","text":"distributions from the Fund’s investments). The Manager will make investment changes to a Fund’s","page_number":86,"box":{"x":116,"y":142,"width":742,"height":12}},{"id":"0cdbd2b2-6251-4a59-8bf4-ddcf11ef158e","block_type":"box","text":"portfolio to accommodate cash flow while continuing to seek to replicate the total return of the Fund’s","page_number":86,"box":{"x":117,"y":158,"width":753,"height":12}},{"id":"8d0b61cc-dedd-448d-a166-58fb82242b07","block_type":"box","text":"target index. Investors should also be aware that the investment performance of each index is a","page_number":86,"box":{"x":116,"y":173,"width":716,"height":12}},{"id":"d650e6fe-d73f-46e1-84a4-c20970009ff5","block_type":"box","text":"hypothetical number which does not take into account brokerage commissions and other transaction","page_number":86,"box":{"x":117,"y":189,"width":749,"height":12}},{"id":"899019d9-2b64-4127-8231-a6e3c3bf251c","block_type":"box","text":"costs, custody and other costs of investing, and any incremental operating costs (","page_number":86,"box":{"x":116,"y":204,"width":606,"height":12}},{"id":"c4209e7a-51da-4ab0-b88e-92471bea6925","block_type":"box","text":"e.g.","page_number":86,"box":{"x":723,"y":207,"width":26,"height":9}},{"id":"f39e622b-28e4-47cb-81cd-cb70e2c1da74","block_type":"box","text":", transfer agency","page_number":86,"box":{"x":752,"y":204,"width":129,"height":12}},{"id":"f3b9f78a-b839-4017-b7d3-4ae9dd6abaa1","block_type":"box","text":"and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to replicate the","page_number":86,"box":{"x":116,"y":220,"width":757,"height":12}},{"id":"3f631306-9f44-4a1c-89be-708bf43d14ac","block_type":"box","text":"total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":86,"box":{"x":116,"y":235,"width":706,"height":12}},{"id":"bffc4e19-8697-49e6-824f-f48967d3b751","block_type":"box","text":"particular security as an investment.","page_number":86,"box":{"x":117,"y":251,"width":272,"height":12}},{"id":"34a05e9e-7646-48a4-9388-cb5b5f098210","block_type":"box","text":"Tracking Error Risk","page_number":86,"box":{"x":118,"y":284,"width":142,"height":12}},{"id":"720db918-ed21-4bb0-8470-00ab028e4ed2","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s","page_number":86,"box":{"x":260,"y":284,"width":586,"height":12}},{"id":"95efe0db-2ad0-4516-a523-f0a137f01b90","block_type":"box","text":"performance from that of the Underlying Index. Tracking error may occur because of differences","page_number":86,"box":{"x":117,"y":300,"width":711,"height":12}},{"id":"9aa2d294-20f4-439b-8c19-1d6f469d377f","block_type":"box","text":"between the securities and other instruments held in the Fund’s portfolio and those included in the","page_number":86,"box":{"x":117,"y":315,"width":725,"height":12}},{"id":"e16d0259-d391-4ac3-979b-2f06ab9d83ec","block_type":"box","text":"Underlying Index, pricing differences (including, as applicable, differences between a security’s price at","page_number":86,"box":{"x":117,"y":331,"width":762,"height":12}},{"id":"8ba5fdfc-8a35-49d9-9336-db4fd2be6c87","block_type":"box","text":"the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s net","page_number":86,"box":{"x":116,"y":346,"width":757,"height":12}},{"id":"9c477b28-9e77-4363-96fa-5d998d50722e","block_type":"box","text":"asset value), differences in transaction costs incurred by the Fund, the Fund’s holding of uninvested","page_number":86,"box":{"x":116,"y":362,"width":739,"height":12}},{"id":"17a5cbab-a954-48da-8458-9165496d052d","block_type":"box","text":"cash, differences in timing of the accrual of or the valuation of dividends or other distributions, interest,","page_number":86,"box":{"x":116,"y":377,"width":756,"height":12}},{"id":"36fe2dca-5ef7-4257-a36e-7b5033139062","block_type":"box","text":"the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize","page_number":86,"box":{"x":116,"y":393,"width":757,"height":12}},{"id":"3f107db8-3bda-4035-bb58-f5f3117609fb","block_type":"box","text":"the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the","page_number":86,"box":{"x":116,"y":408,"width":733,"height":12}},{"id":"3d1a4946-2a6e-4283-a905-d34ca07906df","block_type":"box","text":"Fund of complying with various new or existing regulatory requirements. These risks may be heightened","page_number":86,"box":{"x":117,"y":424,"width":770,"height":12}},{"id":"d8086b4b-926f-459c-b73b-bcf4654f6511","block_type":"box","text":"during times of increased market volatility or other unusual market conditions. In addition, tracking error","page_number":86,"box":{"x":116,"y":439,"width":765,"height":12}},{"id":"5a099fee-6ca1-46b5-8959-a79416e1f58a","block_type":"box","text":"may result because the Fund incurs fees and expenses, while the Underlying Index does not.","page_number":86,"box":{"x":117,"y":455,"width":690,"height":12}},{"id":"3c3cf2b8-bbf7-44c7-bfc4-458b10c670ca","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may","page_number":86,"box":{"x":116,"y":488,"width":758,"height":12}},{"id":"af6f91b3-5c35-4a24-a266-82a94f42d83f","block_type":"box","text":"conduct an analysis on such issuer’s securities to identify and screen for outlier high risk behavior","page_number":86,"box":{"x":116,"y":503,"width":729,"height":12}},{"id":"bf9f7b77-ab92-49d1-b663-9a9ca883dfd0","block_type":"box","text":"(such as rapid or unusual price growth that does not appear to be supported by publicly available","page_number":86,"box":{"x":117,"y":519,"width":724,"height":12}},{"id":"40d1e519-568f-471e-b689-6ada94a34a7b","block_type":"box","text":"information on the business and assets of the issuer, unusual or significant short interest or lending","page_number":86,"box":{"x":117,"y":534,"width":740,"height":12}},{"id":"57c270d2-a27e-4fa3-a12f-f4580612b31a","block_type":"box","text":"activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":86,"box":{"x":116,"y":550,"width":728,"height":12}},{"id":"8c3bbbed-9a1d-43a2-bfc5-536b3e45605b","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, the","page_number":86,"box":{"x":117,"y":565,"width":735,"height":12}},{"id":"c773c3c4-96f5-4dbb-8f6d-104e660b188a","block_type":"box","text":"Manager may, where appropriate, alert the index provider as to the alleged issue. The index provider","page_number":86,"box":{"x":117,"y":581,"width":753,"height":12}},{"id":"3fc67f7b-a27f-4f15-93a9-d7cb69786906","block_type":"box","text":"has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":86,"box":{"x":117,"y":596,"width":755,"height":10}},{"id":"65118318-c19a-4cfa-aa51-6c76bab9fcf7","block_type":"box","text":"the rebalancing of its index. If the securities continue to be included in the index, the Manager may","page_number":86,"box":{"x":116,"y":612,"width":736,"height":12}},{"id":"4f5f80fb-5d46-4de4-a74e-83bcb08f4bab","block_type":"box","text":"underweight or exclude such securities from a Fund’s portfolio and, if it does so, such Fund will be","page_number":86,"box":{"x":117,"y":627,"width":732,"height":12}},{"id":"666a84fd-3859-4c5d-bf62-1e6ba6933865","block_type":"box","text":"subject to increased tracking error due to the divergence in the securities included in its portfolio from","page_number":86,"box":{"x":116,"y":643,"width":756,"height":12}},{"id":"5206d37c-c044-472c-bee9-7c878e46f0bc","block_type":"box","text":"its underlying index. The application of the abovementioned analysis and screening to a Fund and its","page_number":86,"box":{"x":117,"y":658,"width":753,"height":12}},{"id":"49c610e0-f2f5-4fc1-9398-81a295b42eea","block_type":"box","text":"Underlying Index is in the sole discretion of the Manager and its affiliates (without any guarantees).","page_number":86,"box":{"x":117,"y":674,"width":732,"height":12}},{"id":"bbe5d74f-df63-45bd-9224-63c89536f8f2","block_type":"box","text":"The analysis and screening may not exclude any or all high risk securities from an Underlying Index or","page_number":86,"box":{"x":116,"y":689,"width":760,"height":12}},{"id":"f9cd9ef7-8bda-44ce-a40f-36711f31bf0c","block_type":"box","text":"a Fund’s portfolio, and the inclusion of such securities will result in an adverse impact to the Fund’s net","page_number":86,"box":{"x":116,"y":705,"width":763,"height":12}},{"id":"0eb6f278-47e6-407e-b479-a41b3ac57c9a","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":86,"box":{"x":116,"y":720,"width":442,"height":10}},{"id":"7e4ecce3-32dd-409d-899e-81556678a0c2","block_type":"box","text":"S&P 500","page_number":86,"box":{"x":117,"y":754,"width":65,"height":9}},{"id":"e06032d1-729f-4427-9836-87971591f5eb","block_type":"box","text":"®","page_number":86,"box":{"x":183,"y":753,"width":9,"height":7}},{"id":"67a3ec61-4116-445d-823e-ec517b46a6de","block_type":"box","text":"Index (“S&P 500”)","page_number":86,"box":{"x":197,"y":754,"width":133,"height":12}},{"id":"95430080-6f49-4f2c-97d9-36d1146e5648","block_type":"box","text":". “Standard & Poor’s","page_number":86,"box":{"x":332,"y":754,"width":150,"height":9}},{"id":"d85ab5a3-282f-4794-91e1-ae27926f4d7a","block_type":"box","text":"®","page_number":86,"box":{"x":482,"y":753,"width":10,"height":7}},{"id":"936728c4-fcdb-49f6-a84e-866636cfd7fc","block_type":"box","text":",” “S&P","page_number":86,"box":{"x":493,"y":754,"width":52,"height":11}},{"id":"e85a3a7b-f316-488e-99ff-8a299ab6137a","block_type":"box","text":"®","page_number":86,"box":{"x":546,"y":753,"width":9,"height":7}},{"id":"2adec61b-776a-4afb-820e-a1c9c3523b8d","block_type":"box","text":",” “S&P 500","page_number":86,"box":{"x":557,"y":754,"width":85,"height":11}},{"id":"0c098f03-35ff-4064-b063-ae8b8a1bd9a9","block_type":"box","text":"®","page_number":86,"box":{"x":642,"y":753,"width":10,"height":7}},{"id":"d699a649-0e2c-4e0b-8948-e2bcec8f882d","block_type":"box","text":",” “Standard & Poor’s 500,”","page_number":86,"box":{"x":653,"y":754,"width":198,"height":11}},{"id":"e48204a4-491e-488f-bfbd-1c0bc392e8b8","block_type":"box","text":"and “500” are trademarks of S&P Global Inc. and have been licensed for use by certain mutual funds","page_number":86,"box":{"x":116,"y":769,"width":749,"height":12}},{"id":"7b5867dc-e4be-4cb2-bcb5-a2edf5acaa4a","block_type":"box","text":"sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored,","page_number":86,"box":{"x":116,"y":785,"width":723,"height":12}},{"id":"17a06008-b871-4eb3-8137-d934883f37f1","block_type":"box","text":"endorsed, sold or promoted by S&P, a division of S&P Global Inc. S&P makes no representation","page_number":86,"box":{"x":116,"y":800,"width":715,"height":12}},{"id":"d5f5a3be-23c3-447c-ba39-55dee408ddb6","block_type":"box","text":"regarding the advisability of investing in any Fund. S&P makes no representation or warranty, express","page_number":86,"box":{"x":117,"y":816,"width":757,"height":12}},{"id":"7d9f0c95-027b-402f-acee-263de1a3a6cf","block_type":"box","text":"or implied, to the owners of shares of a Fund or any member of the public regarding the advisability of","page_number":86,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"5471ca42-18d8-4966-9ac7-9b05f3ceb4f4","block_type":"box","text":"investing in securities generally or in a Fund particularly or the ability of the S&P 500 to track general","page_number":86,"box":{"x":117,"y":847,"width":751,"height":12}},{"id":"9d67aac0-8096-4a28-bb83-83f84dda578b","block_type":"box","text":"stock market performance. S&P’s only relationship to certain Funds is the licensing of certain","page_number":86,"box":{"x":116,"y":862,"width":695,"height":12}},{"id":"d870ccad-240f-40de-8f78-b9548ec28f16","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and","page_number":86,"box":{"x":116,"y":878,"width":701,"height":12}},{"id":"b3a828f2-c9a7-4dff-a800-792372cbd0f1","block_type":"box","text":"II-41","page_number":86,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"a99b58f1-897e-43cf-ace8-9c6801405f25","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":86,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e41c5b86-dcf0-4573-a87f-900114255a94","block_type":"box","text":"calculated by S&P without regard to the Funds. S&P has no obligation to take the needs of a Fund or","page_number":87,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"676774c0-cacf-42a4-a1f4-3ad87d9230e9","block_type":"box","text":"the owners of shares of a Fund into consideration in determining, composing or calculating the S&P","page_number":87,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"300685c8-22e3-49d3-844b-4b20798ac497","block_type":"box","text":"500. S&P is not responsible for and has not participated in the determination of the prices and amount","page_number":87,"box":{"x":116,"y":118,"width":762,"height":12}},{"id":"083abbac-3722-4471-ac31-a1ca9afd3290","block_type":"box","text":"of any Fund or the timing of the issuance or sale of shares of a Fund or in the determination or","page_number":87,"box":{"x":116,"y":134,"width":706,"height":12}},{"id":"d9a58d57-f3ad-4e24-ae29-20ef3eb25c44","block_type":"box","text":"calculation of the equation by which a Fund is to be converted into cash. S&P has no obligation or","page_number":87,"box":{"x":116,"y":149,"width":731,"height":12}},{"id":"0257112c-319b-473d-b606-4ce538ac9dad","block_type":"box","text":"liability in connection with the administration, marketing or trading of any Fund.","page_number":87,"box":{"x":117,"y":165,"width":587,"height":12}},{"id":"dbf6c5dd-2b6a-4ce3-a118-daebc2291763","block_type":"box","text":"S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data","page_number":87,"box":{"x":116,"y":196,"width":730,"height":12}},{"id":"714a9141-14bd-407e-b769-4f3b18e83a69","block_type":"box","text":"included therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P","page_number":87,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"10da60bf-d778-446f-97fb-6f18478a93f7","block_type":"box","text":"makes no warranty, express or implied, as to results to be obtained by a Fund, owners of shares of a","page_number":87,"box":{"x":117,"y":227,"width":753,"height":12}},{"id":"160f79e6-8f7c-45b0-ac9c-8a709f66afd8","block_type":"box","text":"Fund, or any other person or entity from the use of the S&P 500 Index or any data included therein.","page_number":87,"box":{"x":117,"y":242,"width":741,"height":12}},{"id":"edb25360-0968-440c-89e9-d1e074452930","block_type":"box","text":"S&P makes no express or implied warranties and expressly disclaims all warranties of merchantability","page_number":87,"box":{"x":116,"y":258,"width":762,"height":12}},{"id":"8a9b7813-9bb6-430a-8128-9f26bad33b2c","block_type":"box","text":"or fitness for a particular purpose or use with respect to the S&P 500 Index or any data included","page_number":87,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"2fd2617f-670f-4753-8ed7-4aba5cadc01b","block_type":"box","text":"therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any special,","page_number":87,"box":{"x":116,"y":289,"width":748,"height":12}},{"id":"03a6ec5b-87b5-4c2c-9d35-4156948cf47f","block_type":"box","text":"punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of","page_number":87,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"68cf8c8f-627f-43c7-9f37-f338979b61bc","block_type":"box","text":"such damages.","page_number":87,"box":{"x":116,"y":320,"width":118,"height":12}},{"id":"319cdd8b-dd00-4e8a-9888-d7c29358103f","block_type":"box","text":"Russell®","page_number":87,"box":{"x":116,"y":351,"width":56,"height":9}},{"id":"ef800c89-5710-4b81-a0dc-8ca0848538f2","block_type":"box","text":"l®","page_number":87,"box":{"x":171,"y":350,"width":10,"height":7}},{"id":"272ddfe5-10c6-4f68-925c-ddbb07c28ce2","block_type":"box","text":"® Indexes.","page_number":87,"box":{"x":180,"y":351,"width":67,"height":9}},{"id":"cddf5a4a-3af3-4f50-8f05-c0738fa45f4b","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with","page_number":87,"box":{"x":248,"y":351,"width":592,"height":12}},{"id":"cfa0eff2-ef8e-409f-a353-a5a50c2b0f3c","block_type":"box","text":"Russell Investments. Russell Investments is not responsible for and has not reviewed any Fund nor","page_number":87,"box":{"x":117,"y":366,"width":742,"height":12}},{"id":"5daba941-ccb0-419a-a467-fa71e36e1144","block_type":"box","text":"any associated literature or publications and Russell Investments makes no representation or warranty,","page_number":87,"box":{"x":116,"y":382,"width":772,"height":12}},{"id":"a8bb668c-fe1d-4760-9a16-61fd785545cb","block_type":"box","text":"express or implied, as to their accuracy, or completeness, or otherwise.","page_number":87,"box":{"x":116,"y":397,"width":535,"height":12}},{"id":"966ff638-cca0-45cb-b00e-d38a079f21d6","block_type":"box","text":"Russell Investments reserves the right, at any time and without notice, to alter, amend, terminate or in","page_number":87,"box":{"x":117,"y":428,"width":760,"height":12}},{"id":"fce863f2-18fc-48f3-b53c-d5d35fa0645a","block_type":"box","text":"any way change a Russell Index. Russell Investments has no obligation to take the needs of any","page_number":87,"box":{"x":116,"y":444,"width":722,"height":12}},{"id":"9db825da-7753-49ce-955b-d0906f4f6767","block_type":"box","text":"particular Fund or its participants or any other product or person into consideration in determining,","page_number":87,"box":{"x":117,"y":459,"width":730,"height":12}},{"id":"c6e703c8-fcc8-4d6a-a312-5b448d73a362","block_type":"box","text":"composing or calculating the Russell Index.","page_number":87,"box":{"x":116,"y":475,"width":328,"height":12}},{"id":"bdef2cc1-75f0-4f35-8c59-209d1bbfed9c","block_type":"box","text":"Russell Investments’ publication of the Russell Indexes in no way suggests or implies an opinion by","page_number":87,"box":{"x":117,"y":506,"width":742,"height":12}},{"id":"b6b7f22c-37df-421b-b33a-346f94b91a02","block_type":"box","text":"Russell Investments as to the attractiveness or appropriateness of investment in any or all securities","page_number":87,"box":{"x":117,"y":521,"width":748,"height":12}},{"id":"d803c02d-f4ae-4d85-acb3-ae75000c3d83","block_type":"box","text":"upon which the Russell Indexes is based. Russell Investments makes no representation, warranty, or","page_number":87,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"be935a6f-5acd-4e24-9d0c-1e3c2ec39bdd","block_type":"box","text":"guarantee as to the accuracy, completeness, reliability, or otherwise of the Russell Indexes or any data","page_number":87,"box":{"x":116,"y":552,"width":770,"height":12}},{"id":"ce13e435-5537-4383-aefa-c5c6c3d90d99","block_type":"box","text":"included in the Russell Indexes. Russell Investments makes no representation or warranty regarding","page_number":87,"box":{"x":117,"y":568,"width":750,"height":12}},{"id":"d32e5512-8f05-4c54-860d-5f33bddb7375","block_type":"box","text":"the use, or the results of use, of the Russell Indexes or any data included therein, or any security (or","page_number":87,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"dee5c003-0faf-40e4-8fa9-5460b99916e1","block_type":"box","text":"combination thereof) comprising the Russell Indexes. Russell Investments makes no other express or","page_number":87,"box":{"x":116,"y":599,"width":759,"height":12}},{"id":"a4fa73dc-0694-4d94-b43c-977b8b7f3a5e","block_type":"box","text":"implied warranty, and expressly disclaims any warranty, of any kind, including, without means of","page_number":87,"box":{"x":117,"y":614,"width":717,"height":12}},{"id":"90736cfe-9f54-4a86-a899-3acce11a8c84","block_type":"box","text":"limitation, any warranty of merchantability or fitness for a particular purpose with respect to the Russell","page_number":87,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"38ae75f7-cb4a-457b-9413-f161b03cb037","block_type":"box","text":"Indexes or any data or any security (or combination thereof) included therein.","page_number":87,"box":{"x":117,"y":645,"width":577,"height":12}},{"id":"8aa25650-1451-4c8a-a477-25821213abba","block_type":"box","text":"MSCI Indexes.","page_number":87,"box":{"x":116,"y":676,"width":108,"height":10}},{"id":"98a22487-279b-43fb-b329-3184e204b901","block_type":"box","text":"The MSCI Europe, Australasia and Far East (Capitalization Weighted) Index (“EAFE","page_number":87,"box":{"x":231,"y":676,"width":626,"height":12}},{"id":"f65dbb1f-5a74-4753-b215-618d705958d5","block_type":"box","text":"Index”) and the MSCI All-Country World ex-US Index (“ACWI ex-US Index” and together with the EAFE","page_number":87,"box":{"x":117,"y":692,"width":765,"height":12}},{"id":"03ccb5b2-1816-4821-a5a4-b6d9aaedf913","block_type":"box","text":"Index, the “MSCI Indexes” and individually an “MSCI Index”) are the exclusive property of MSCI, Inc.","page_number":87,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"a99fc413-b19b-4585-b6d8-dff51204eeee","block_type":"box","text":"(“MSCI”). The EAFE Index and ACWI ex-US Index are service marks of MSCI and have been licensed","page_number":87,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"fc91956d-87c1-4fa7-889b-d1543be1630b","block_type":"box","text":"for use by the Manager and its affiliates.","page_number":87,"box":{"x":116,"y":738,"width":297,"height":12}},{"id":"11133282-c2b3-4528-a5ab-a778216efe71","block_type":"box","text":"No Fund is sponsored, endorsed, sold or promoted by MSCI. MSCI makes no representation or","page_number":87,"box":{"x":117,"y":769,"width":709,"height":12}},{"id":"0c4b4203-f5a7-48f5-bc4f-9b6207bdfe10","block_type":"box","text":"warranty, express or implied, to the owners of shares of a Fund or any member of the public regarding","page_number":87,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"2c6ad3ab-b3ea-48ee-8d8b-519e3bd76e16","block_type":"box","text":"the advisability of investing in securities generally or in a Fund particularly or the ability of an MSCI","page_number":87,"box":{"x":116,"y":800,"width":730,"height":12}},{"id":"c5f496ce-98f2-481c-b1dc-e3368679e24c","block_type":"box","text":"Index to track general stock market performance. MSCI is the licensor of certain trademarks, service","page_number":87,"box":{"x":117,"y":816,"width":744,"height":12}},{"id":"8bccc813-ab12-470f-987c-8e0de7040d38","block_type":"box","text":"marks and trade names of MSCI and of the MSCI Indexes. MSCI has no obligation to take the needs","page_number":87,"box":{"x":117,"y":831,"width":753,"height":12}},{"id":"64fd4ed6-b4a9-4df2-a3be-b217400f9054","block_type":"box","text":"of any Fund or the owners of shares of a Fund into consideration in determining, composing or","page_number":87,"box":{"x":116,"y":847,"width":707,"height":12}},{"id":"75c094c2-4565-4fa5-86e4-14ab65ef52a9","block_type":"box","text":"calculating an MSCI Index. MSCI is not responsible for and has not participated in the determination of","page_number":87,"box":{"x":116,"y":862,"width":767,"height":12}},{"id":"cc21a39c-68a1-458d-9cba-f5fc692ef203","block_type":"box","text":"the timing of, prices at, or quantities of shares of any Fund to be issued or in the determination or","page_number":87,"box":{"x":116,"y":878,"width":725,"height":12}},{"id":"493d6224-a715-4225-a83e-74c3cbc36f3b","block_type":"box","text":"II-42","page_number":87,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"2f96c0f0-3faa-4504-b9f9-4691a1354a0f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":87,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4cc27971-96cf-414b-8427-d3bd38760758","block_type":"box","text":"calculation of the equation by which the shares of a Fund are redeemable for cash. MSCI has no","page_number":88,"box":{"x":116,"y":87,"width":723,"height":12}},{"id":"560c1459-8b5d-44c7-8ff8-3ecb9a9922c0","block_type":"box","text":"obligation or liability to owners of shares of a Fund in connection with the administration, marketing or","page_number":88,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"13cef288-0790-427f-82ff-8e6496f35f27","block_type":"box","text":"trading of the Fund.","page_number":88,"box":{"x":116,"y":118,"width":150,"height":12}},{"id":"5bb6db4d-dc28-4c0e-814d-3e87f2b3c7fe","block_type":"box","text":"Although MSCI shall obtain information for inclusion in or for use in the calculation of an MSCI Index","page_number":88,"box":{"x":116,"y":149,"width":748,"height":12}},{"id":"639cbce9-80a9-431d-94b9-843c4748e0c4","block_type":"box","text":"from sources which MSCI considers reliable, MSCI does not guarantee the accuracy and/or the","page_number":88,"box":{"x":116,"y":165,"width":714,"height":12}},{"id":"c96b8367-c683-4738-b336-4fcc98cf0fa9","block_type":"box","text":"completeness of the MSCI Index or any data included therein. MSCI makes no warranty, express or","page_number":88,"box":{"x":116,"y":180,"width":747,"height":12}},{"id":"5c6e3706-6216-4226-8153-650720d8ed1e","block_type":"box","text":"implied, as to results to be obtained by licensee, licensee’s customers and counterparties, owners of","page_number":88,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"66b96c68-bce9-4fe5-9170-fc56d6133f5b","block_type":"box","text":"shares of a Fund, or any other person or entity from the use of an MSCI Index or any data included","page_number":88,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"2fa64dff-bc96-4faa-9a8d-b4a043196e8e","block_type":"box","text":"therein in connection with the rights licensed hereunder or for any other use. MSCI makes no express","page_number":88,"box":{"x":116,"y":227,"width":760,"height":12}},{"id":"56647632-d1b5-4932-8130-0fa5b46a52fc","block_type":"box","text":"or implied warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a","page_number":88,"box":{"x":116,"y":242,"width":755,"height":12}},{"id":"164ee6e2-e0d6-4517-9b77-1f772a9694f1","block_type":"box","text":"particular purpose with respect to an MSCI Index or any data included therein. Without limiting any of","page_number":88,"box":{"x":117,"y":258,"width":754,"height":12}},{"id":"51196b8d-e10d-486c-9239-ff113fdd9bd3","block_type":"box","text":"the foregoing, in no event shall MSCI have any liability for any direct, indirect, special, punitive,","page_number":88,"box":{"x":116,"y":273,"width":708,"height":12}},{"id":"b2758c71-3edb-44f1-bae5-aff912f8c4a1","block_type":"box","text":"consequential or any other damages (including lost profits) even if notified of the possibility of such","page_number":88,"box":{"x":116,"y":289,"width":737,"height":12}},{"id":"5584cd6b-3783-41b9-aea5-61b8a0d4330f","block_type":"box","text":"damages.","page_number":88,"box":{"x":116,"y":304,"width":78,"height":12}},{"id":"d7a3d7b8-a98f-488a-a5ee-c3e4794ac489","block_type":"box","text":"Financial Times Stock Exchange (“FTSE”) Indexes.","page_number":88,"box":{"x":116,"y":335,"width":380,"height":12}},{"id":"91d1b799-e728-4cab-bd3e-124020abbc0b","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by,","page_number":88,"box":{"x":498,"y":335,"width":376,"height":12}},{"id":"ffcf0ca1-1b5c-4fb5-bede-6ab3b1db40ec","block_type":"box","text":"nor in any way affiliated with FTSE. FTSE is not responsible for and has not reviewed any Fund nor","page_number":88,"box":{"x":117,"y":351,"width":742,"height":12}},{"id":"86a38016-3d1d-4bb3-8393-0c48b7badb6c","block_type":"box","text":"any associated literature or publications and FTSE makes no representation or warranty, express or","page_number":88,"box":{"x":116,"y":366,"width":747,"height":12}},{"id":"a130ef16-0ed9-45f7-9630-392173c874c2","block_type":"box","text":"implied, as to their accuracy, or completeness, or otherwise.","page_number":88,"box":{"x":117,"y":382,"width":451,"height":12}},{"id":"f4791ef2-3dc0-4260-a062-5c44496e3c08","block_type":"box","text":"FTSE reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":88,"box":{"x":117,"y":413,"width":719,"height":12}},{"id":"3969436b-e041-453d-82d6-f9ce6db8b1ff","block_type":"box","text":"change a FTSE Index. FTSE has no obligation to take the needs of any particular Fund or its","page_number":88,"box":{"x":116,"y":428,"width":694,"height":12}},{"id":"1a239340-c2ef-4bf1-843f-4864e67b3687","block_type":"box","text":"participants or any other product or person into consideration in determining, composing or calculating","page_number":88,"box":{"x":117,"y":444,"width":762,"height":12}},{"id":"d73ba7f8-9e44-4466-84f6-7ef9725fa918","block_type":"box","text":"the FTSE Index.","page_number":88,"box":{"x":116,"y":459,"width":126,"height":10}},{"id":"c9cf0e15-1be9-40fd-a20d-98fbd18c5152","block_type":"box","text":"Bloomberg Indexes.","page_number":88,"box":{"x":116,"y":490,"width":148,"height":12}},{"id":"cfc43bcb-652e-490c-b90a-4c93490f1144","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with","page_number":88,"box":{"x":265,"y":490,"width":592,"height":12}},{"id":"2ff86dc1-d9ef-4720-809d-90150f8f4914","block_type":"box","text":"Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg is not responsible for","page_number":88,"box":{"x":117,"y":506,"width":754,"height":12}},{"id":"f97378c1-a7ee-4378-b9e4-b61138303ed2","block_type":"box","text":"nor has it reviewed any Fund nor any associated literature or publications, and Bloomberg makes no","page_number":88,"box":{"x":117,"y":521,"width":750,"height":12}},{"id":"cba3e33b-44ff-4313-bfc9-a9ffa9af6cc8","block_type":"box","text":"representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.","page_number":88,"box":{"x":117,"y":537,"width":740,"height":12}},{"id":"fa0eaf67-ce3a-4c55-a077-23762e67e685","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":88,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"8be863f4-09dc-49fe-b959-c15fa5aaeca0","block_type":"box","text":"change a Bloomberg Index. Bloomberg has no obligation to take the needs of any particular Fund or its","page_number":88,"box":{"x":116,"y":583,"width":771,"height":12}},{"id":"6cdbed80-84cb-4f45-877f-a7e8058f9ae7","block_type":"box","text":"participants or any other product or person into consideration in determining, composing or calculating","page_number":88,"box":{"x":117,"y":599,"width":762,"height":12}},{"id":"60f54178-d39d-41e9-b26e-bb2dac710afe","block_type":"box","text":"a Bloomberg Index.","page_number":88,"box":{"x":116,"y":614,"width":150,"height":12}},{"id":"2f1e9887-0174-454f-9939-f83ed07fa42a","block_type":"box","text":"ICE BofA Indexes.","page_number":88,"box":{"x":117,"y":645,"width":135,"height":10}},{"id":"ef20e32b-6479-4f0b-ae31-8d41cc15fd24","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with","page_number":88,"box":{"x":253,"y":645,"width":592,"height":12}},{"id":"edc33670-9bf7-49a6-9c57-ac305b623380","block_type":"box","text":"Intercontinental Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates","page_number":88,"box":{"x":117,"y":661,"width":751,"height":12}},{"id":"5bf6e4d5-0f16-454f-81bc-9f89093cd974","block_type":"box","text":"(collectively, “BofA”). BofA is not the issuer or producer of the ICE BofA Indices, and its name is a","page_number":88,"box":{"x":117,"y":676,"width":722,"height":12}},{"id":"5a0f384d-b778-41cc-8018-566a5bc2948b","block_type":"box","text":"trademark and service mark of its owner used under license. Neither ICE nor BofA is responsible for or","page_number":88,"box":{"x":116,"y":692,"width":764,"height":12}},{"id":"b6c3ca7a-ab07-4ba3-8d0e-fb2413745624","block_type":"box","text":"has reviewed any Fund nor any associated literature or publications and ICE and BofA make no","page_number":88,"box":{"x":117,"y":707,"width":710,"height":12}},{"id":"9d0324fd-3bfc-482f-9524-d7e73912f817","block_type":"box","text":"representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.","page_number":88,"box":{"x":117,"y":723,"width":734,"height":12}},{"id":"40e6e541-c986-4e76-ac32-7a3eb77f1449","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change","page_number":88,"box":{"x":117,"y":754,"width":758,"height":12}},{"id":"9fd2fff1-01c6-48ed-97e9-20da6a023887","block_type":"box","text":"an ICE BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or","page_number":88,"box":{"x":116,"y":769,"width":761,"height":12}},{"id":"35ace82a-01ec-4ffd-81e2-43394d55f9bd","block_type":"box","text":"any other product or person into consideration in determining, composing or calculating an ICE BofA","page_number":88,"box":{"x":116,"y":785,"width":745,"height":12}},{"id":"4cf9bbd4-6794-44d3-9d78-1c2bc9e4eb91","block_type":"box","text":"Index.","page_number":88,"box":{"x":117,"y":800,"width":43,"height":10}},{"id":"3486a623-715d-4bf2-9c64-1c4350cce9fa","block_type":"box","text":"Indexed and Inverse Securities.","page_number":88,"box":{"x":116,"y":831,"width":250,"height":10}},{"id":"7c585b00-fdaa-450b-9a80-b7faf165572a","block_type":"box","text":"A Fund may invest in securities that provide a potential return based","page_number":88,"box":{"x":367,"y":831,"width":517,"height":12}},{"id":"83c3b009-9380-4417-a498-81564a1f8d2d","block_type":"box","text":"on a particular index of value or interest rates. For example, a Fund may invest in securities that pay","page_number":88,"box":{"x":116,"y":847,"width":749,"height":12}},{"id":"74737d0b-6af9-4f2b-8661-cd99b16c35a8","block_type":"box","text":"interest based on an index of interest rates. The principal amount payable upon maturity of certain","page_number":88,"box":{"x":117,"y":862,"width":732,"height":12}},{"id":"0a0ed951-ba66-4502-bb89-5c0a4cbeba45","block_type":"box","text":"securities also may be based on the value of the index. To the extent a Fund invests in these types of","page_number":88,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"f08e1371-376e-470f-a1da-05a5bf1bbae2","block_type":"box","text":"II-43","page_number":88,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a9d4ddd4-ac84-4042-825b-fc193b0f9b73","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":88,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fa69741f-4e74-47fd-9d2d-7192da80ad1f","block_type":"box","text":"securities, the Fund’s return on such securities will be subject to risk with respect to the value of the","page_number":89,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"c97a2a4c-3ae5-42c7-9434-d1ecb06617e5","block_type":"box","text":"particular index: that is, if the value of the index falls, the value of the indexed securities owned by the","page_number":89,"box":{"x":117,"y":102,"width":758,"height":13}},{"id":"50f76b9e-9af4-4a81-bed4-12b5750ce438","block_type":"box","text":"Fund will fall. Interest and principal payable on certain securities may also be based on relative","page_number":89,"box":{"x":117,"y":118,"width":708,"height":12}},{"id":"0eee5e67-54f9-429b-bf7a-602c41280ab2","block_type":"box","text":"changes among particular indices. A Fund may also invest in so-called “inverse floating obligations” or","page_number":89,"box":{"x":116,"y":134,"width":763,"height":12}},{"id":"b0719d1d-de7b-452f-b905-5cd15539246b","block_type":"box","text":"“residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be","page_number":89,"box":{"x":116,"y":149,"width":748,"height":12}},{"id":"2251fac1-78b6-4ace-bb66-58e5deabea88","block_type":"box","text":"reset periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt","page_number":89,"box":{"x":117,"y":165,"width":758,"height":12}},{"id":"398395af-0d29-44da-bca0-41fa4196d252","block_type":"box","text":"interest rate index). A Fund may purchase synthetically-created inverse floating rate bonds evidenced","page_number":89,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"0024f3df-5e63-4928-92e7-0274585e5ba9","block_type":"box","text":"by custodial or trust receipts. Generally, income on inverse floating rate bonds will decrease when","page_number":89,"box":{"x":117,"y":196,"width":730,"height":12}},{"id":"d9774f5e-b26f-44d1-be92-661919781a6a","block_type":"box","text":"interest rates increase, and will increase when interest rates decrease. Such securities have the effect","page_number":89,"box":{"x":117,"y":211,"width":762,"height":11}},{"id":"d7f2b120-aa2d-4386-9121-f0262545607c","block_type":"box","text":"of providing a degree of investment leverage, since they may increase or decrease in value in","page_number":89,"box":{"x":116,"y":227,"width":701,"height":12}},{"id":"039a148f-9a51-4e53-9d9f-4ad61f81f65c","block_type":"box","text":"response to changes, as an illustration, in market interest rates at a rate that is a multiple of the rate at","page_number":89,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"dc7be3f2-5cef-4458-ab16-dc991c781d06","block_type":"box","text":"which fixed-rate securities increase or decrease in response to such changes. As a result, the market","page_number":89,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"3fdae8fe-1115-4e81-9d2f-0a541337bf60","block_type":"box","text":"values of such securities will generally be more volatile than the market values of fixed-rate securities.","page_number":89,"box":{"x":116,"y":273,"width":761,"height":12}},{"id":"b71ee0ad-2d6f-482c-93d3-3cafca10bfdf","block_type":"box","text":"To seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that","page_number":89,"box":{"x":116,"y":289,"width":758,"height":12}},{"id":"97389f0d-7b5e-43cb-ac66-24486ec69a69","block_type":"box","text":"have shorter-term maturities or that contain limitations on the extent to which the interest rate may","page_number":89,"box":{"x":117,"y":304,"width":732,"height":12}},{"id":"34d0409b-1f84-4320-aab8-5ac7f4bd2061","block_type":"box","text":"vary. Certain investments in such obligations may be illiquid. The Manager believes that indexed and","page_number":89,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"99841388-8884-47d9-a8e4-dacc0acd53a6","block_type":"box","text":"inverse floating obligations represent flexible portfolio management instruments for a Fund that allow","page_number":89,"box":{"x":117,"y":335,"width":751,"height":12}},{"id":"2fe6c3f2-b049-4c6e-899d-70be6e728d7f","block_type":"box","text":"the Fund to seek potential investment rewards, hedge other portfolio positions or vary the degree of","page_number":89,"box":{"x":116,"y":351,"width":744,"height":12}},{"id":"a3186023-b82c-4e89-b444-1c71d9cc573f","block_type":"box","text":"investment leverage relatively efficiently under different market conditions. A Fund may invest in","page_number":89,"box":{"x":117,"y":366,"width":716,"height":12}},{"id":"23a7df21-1474-4d85-9f40-094959bed6d6","block_type":"box","text":"indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":89,"box":{"x":117,"y":382,"width":734,"height":12}},{"id":"1387725e-6302-4303-b8dc-74c7e01ce7c2","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a","page_number":89,"box":{"x":117,"y":397,"width":755,"height":12}},{"id":"4db41e95-870a-41ea-9e6d-20179046bb23","block_type":"box","text":"security includes a contingent liability, in the event of an adverse movement in the underlying index or","page_number":89,"box":{"x":116,"y":413,"width":759,"height":12}},{"id":"77313c22-64ce-4b35-b8ed-da39c82cd434","block_type":"box","text":"interest rate, a Fund may be required to pay substantial additional margin to maintain the position.","page_number":89,"box":{"x":117,"y":428,"width":731,"height":12}},{"id":"ea38c374-e161-4366-8bcb-9fabc99299be","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt","page_number":89,"box":{"x":116,"y":459,"width":682,"height":12}},{"id":"13b398a1-17be-4826-baab-c4890405c784","block_type":"box","text":"instruments (“inverse floaters”). Inverse floaters are securities the potential of which is inversely related","page_number":89,"box":{"x":117,"y":475,"width":768,"height":12}},{"id":"e6b78748-bb4c-415c-ad04-528b9b61d2f5","block_type":"box","text":"to changes in interest rates. In general, the return on inverse floaters will decrease when short-term","page_number":89,"box":{"x":116,"y":490,"width":743,"height":12}},{"id":"1c258188-5e0e-4622-9520-000546f6e0f3","block_type":"box","text":"interest rates increase and increase when short-term rates decrease. Municipal tender option bonds,","page_number":89,"box":{"x":117,"y":506,"width":751,"height":12}},{"id":"b4aa4e95-f346-4475-9740-ff3d706e1481","block_type":"box","text":"both taxable and tax-exempt, which may include inverse floating rate debt instruments, (including","page_number":89,"box":{"x":117,"y":521,"width":725,"height":12}},{"id":"7d796a3f-0122-42fa-bfa1-e34acacc4394","block_type":"box","text":"residual interests thereon) are excluded from this 10% limitation.","page_number":89,"box":{"x":117,"y":537,"width":483,"height":12}},{"id":"df2bdfd9-b6bf-4f12-97b9-b82d34781bea","block_type":"box","text":"Inflation Risk.","page_number":89,"box":{"x":116,"y":568,"width":109,"height":9}},{"id":"e6cff2da-e963-40bc-878a-9bac3b83fc82","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the","page_number":89,"box":{"x":226,"y":568,"width":627,"height":12}},{"id":"c360cafe-0bef-4f19-b45f-7f7637a66971","block_type":"box","text":"present value of assets or income from investments will be less in the future as inflation decreases the","page_number":89,"box":{"x":117,"y":583,"width":763,"height":12}},{"id":"5aa01d80-c768-4c29-9554-56cda6d9048c","block_type":"box","text":"value of money. As inflation increases, the present value of a Fund’s assets can decline as can the","page_number":89,"box":{"x":116,"y":599,"width":739,"height":12}},{"id":"7b82cb5e-def6-4c9a-9396-21e71bbec414","block_type":"box","text":"value of a Fund’s distributions. Inflation rates may change frequently and significantly due to a number","page_number":89,"box":{"x":116,"y":614,"width":764,"height":12}},{"id":"5405ae46-4fc4-42cf-84d5-374167558409","block_type":"box","text":"of potential factors, including, among others, unexpected economic shifts or changes in fiscal or","page_number":89,"box":{"x":116,"y":630,"width":716,"height":12}},{"id":"42a60abb-b304-47c4-82c1-e12b3f788d67","block_type":"box","text":"monetary policies.","page_number":89,"box":{"x":117,"y":645,"width":139,"height":12}},{"id":"770cf57c-8cd5-4691-93c3-dd9a0ebb15e8","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":89,"box":{"x":116,"y":676,"width":275,"height":12}},{"id":"779b7f5d-3d91-4c66-982d-69c618560961","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued","page_number":89,"box":{"x":397,"y":676,"width":451,"height":12}},{"id":"e5744ad1-6599-4381-a06d-35abaa16c69b","block_type":"box","text":"stocks trade in the secondary market are affected by the performance of the stock market overall. If","page_number":89,"box":{"x":116,"y":692,"width":739,"height":12}},{"id":"630348a7-505e-4a37-98d6-cfcc076bb23b","block_type":"box","text":"IPOs are brought to the market, availability may be limited and a Fund may not be able to buy any","page_number":89,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"f414bc90-9ffc-4df3-95ac-5b0a702bd120","block_type":"box","text":"shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at","page_number":89,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"94d9be6c-e116-4dbf-886d-2b7c617b8438","block_type":"box","text":"the offering price as it would like. In addition, the prices of securities involved in IPOs are often subject","page_number":89,"box":{"x":116,"y":738,"width":758,"height":12}},{"id":"a7750b52-43d9-405d-9da1-718332e3ab62","block_type":"box","text":"to greater and more unpredictable price changes than more established stocks. IPOs have the","page_number":89,"box":{"x":116,"y":754,"width":701,"height":12}},{"id":"166dba6f-df26-4574-8160-f9c3f8b2a910","block_type":"box","text":"potential to produce substantial gains. A Fund may hold shares from an IPO for only a short period of","page_number":89,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"6a3be950-7010-47ef-95cd-906873c717af","block_type":"box","text":"time given possible price volatility. This may result in increased portfolio turnover and expenses, such","page_number":89,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"154ca1d4-cd22-4dcb-82bf-ef6e48e90617","block_type":"box","text":"as commissions and transaction costs, and potentially result in taxable gains that the Fund will","page_number":89,"box":{"x":116,"y":800,"width":699,"height":12}},{"id":"922a726b-9cb3-4983-84c2-1a82f26ff464","block_type":"box","text":"subsequently distribute to shareholders. There is no assurance that any Fund will have access to","page_number":89,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"9c41600a-d224-435a-ad43-8fecfd435f10","block_type":"box","text":"profitable IPOs and therefore investors should not rely on any past gains from IPOs as an indication of","page_number":89,"box":{"x":117,"y":831,"width":763,"height":12}},{"id":"30deebca-9088-41d1-aac1-e23d607440bb","block_type":"box","text":"future performance. The investment performance of a Fund during periods when it is unable to invest","page_number":89,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"272a0a10-130e-460c-9ffd-dfc2d958fc12","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when it is able to do so. In addition, as a","page_number":89,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"8105a141-3eed-4d51-99e2-a3172a280b07","block_type":"box","text":"Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":89,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"d0ca7955-2c77-43ca-a74b-e0664a87065e","block_type":"box","text":"II-44","page_number":89,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7d7506cd-166a-49a8-b9e9-a42c8f96fab1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":89,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b1ccf983-99f4-4685-95bd-9e2d6426c25c","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market","page_number":90,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"b778e97c-1380-4267-b90c-4553fcd1d5f9","block_type":"box","text":"capitalizations. Securities issued in IPOs have no trading history, and information about the companies","page_number":90,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"e19a5965-054f-4cd1-ad6d-46506362400c","block_type":"box","text":"may be available for very limited periods.","page_number":90,"box":{"x":117,"y":118,"width":308,"height":12}},{"id":"17b17b0c-fb54-40e2-bd68-2e4b4f357f3a","block_type":"box","text":"Investment in Emerging Markets.","page_number":90,"box":{"x":116,"y":157,"width":268,"height":12}},{"id":"fca938b9-79ff-4900-a6f8-38e1c60c2653","block_type":"box","text":"General","page_number":90,"box":{"x":117,"y":180,"width":59,"height":10}},{"id":"cf3c8841-a254-46b5-bd6a-6964095ef3e6","block_type":"box","text":".","page_number":90,"box":{"x":177,"y":188,"width":8,"height":1}},{"id":"fa38bd6c-6af6-49b7-8333-05f554a885d4","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging","page_number":90,"box":{"x":117,"y":211,"width":727,"height":12}},{"id":"63ee8603-47fa-4c74-9c74-d976656febf0","block_type":"box","text":"capital markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital","page_number":90,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"68548c02-752c-4ed8-8bac-898c4046fa78","block_type":"box","text":"market is any country that is (i) generally recognized to be an emerging market country by the","page_number":90,"box":{"x":117,"y":242,"width":700,"height":12}},{"id":"b99acb64-41ba-4ca5-99b2-fac43031cbc7","block_type":"box","text":"international financial community, such as the International Finance Corporation, or","page_number":90,"box":{"x":117,"y":258,"width":617,"height":12}},{"id":"ff3d566a-d25d-4218-935a-aae78ec481df","block_type":"box","text":"determined by the","page_number":90,"box":{"x":739,"y":258,"width":139,"height":12}},{"id":"4b43fa62-9e37-40f5-8970-11a8d49055e0","block_type":"box","text":"World Bank to have a low, middle or middle upper income economy; (ii) classified by the United","page_number":90,"box":{"x":116,"y":273,"width":714,"height":12}},{"id":"0230b0a2-c9a4-47e2-914b-184e7293f352","block_type":"box","text":"Nations or its authorities to be developing; and/or (iii) included in a broad-based index that is generally","page_number":90,"box":{"x":117,"y":289,"width":762,"height":12}},{"id":"0bc39f0f-a679-48dc-b2f0-351e9e8ed4fa","block_type":"box","text":"representative of emerging markets. Countries with emerging markets can be found in regions such as","page_number":90,"box":{"x":117,"y":304,"width":766,"height":12}},{"id":"24359696-5f5a-4cb6-910d-d2c3cb3c001d","block_type":"box","text":"Asia, Latin America, Eastern Europe and Africa.","page_number":90,"box":{"x":116,"y":320,"width":361,"height":12}},{"id":"adb9d124-f9e0-4b2e-a16e-d6783d8ea871","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve","page_number":90,"box":{"x":117,"y":351,"width":743,"height":12}},{"id":"15caee75-ee6c-483d-a1d7-245f6109ece2","block_type":"box","text":"certain additional risks that do not generally apply to investments in securities of issuers in more","page_number":90,"box":{"x":116,"y":366,"width":717,"height":12}},{"id":"b1221a2e-fe68-456b-a655-c0344763276f","block_type":"box","text":"developed capital markets, such as (i) low or non-existent trading volume, resulting in market illiquidity","page_number":90,"box":{"x":116,"y":382,"width":763,"height":12}},{"id":"1fd1d7fc-bc68-4ff8-82af-d5e444287c86","block_type":"box","text":"and increased volatility in prices for such securities, as compared to securities of comparable issuers in","page_number":90,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"e71c60db-c962-4dc3-84d1-a396366691b9","block_type":"box","text":"more developed capital markets; (ii) uncertain national policies and social, political and economic","page_number":90,"box":{"x":117,"y":413,"width":723,"height":12}},{"id":"cdd95a28-b7df-4eb2-acec-4379bafa5a1d","block_type":"box","text":"instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of","page_number":90,"box":{"x":117,"y":428,"width":718,"height":12}},{"id":"75673569-b889-43a2-8a4e-c66c74fdb7e9","block_type":"box","text":"inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing","page_number":90,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"8eaa399b-f5ef-4ddd-8ef4-a1e1fab3fafd","block_type":"box","text":"legal systems and the existence or possible imposition of exchange controls, custodial restrictions or","page_number":90,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"b439cbda-7d74-4157-9368-053f0128fa04","block_type":"box","text":"other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":90,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"10027881-8937-4ce7-95fc-d272a6f3d187","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers","page_number":90,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"06639f9c-9a73-4659-ae68-9f791727c2b9","block_type":"box","text":"or industries deemed sensitive to national interests; and (v) the lack or relatively early development of","page_number":90,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"72e62a5d-9879-4651-a043-f65ea822e268","block_type":"box","text":"legal structures governing private and foreign investments and private property. In addition to","page_number":90,"box":{"x":117,"y":521,"width":695,"height":12}},{"id":"2963e542-20d9-4452-bb9b-0cbd4d47da28","block_type":"box","text":"withholding taxes on investment income, some countries with emerging markets may impose","page_number":90,"box":{"x":116,"y":537,"width":695,"height":12}},{"id":"9a07183b-dfd5-4efa-bf01-e4b2c2648f0e","block_type":"box","text":"differential capital gains taxes on foreign investors.","page_number":90,"box":{"x":116,"y":552,"width":381,"height":12}},{"id":"f35348cc-6885-45fb-abcc-0969eb914bf9","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":90,"box":{"x":117,"y":583,"width":699,"height":12}},{"id":"f06e2006-1b8a-4bc4-aaaa-b938b35a4c29","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":90,"box":{"x":116,"y":599,"width":726,"height":12}},{"id":"543cb3cc-08a5-47db-9db8-96b7ef000405","block_type":"box","text":"stability characteristic of more developed countries. In such a dynamic environment, there can be no","page_number":90,"box":{"x":116,"y":614,"width":750,"height":12}},{"id":"11200ed5-5ee9-457a-8471-383e2cd3fb60","block_type":"box","text":"assurance that any or all of these capital markets will continue to present viable investment","page_number":90,"box":{"x":116,"y":630,"width":681,"height":12}},{"id":"bb2a07a7-60bd-4f32-beff-bc2b9c02b14e","block_type":"box","text":"opportunities for a Fund. In the past, governments of such nations have expropriated substantial","page_number":90,"box":{"x":116,"y":645,"width":719,"height":12}},{"id":"7eaf427d-8c57-435c-9e37-ee4a02849215","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled.","page_number":90,"box":{"x":116,"y":661,"width":730,"height":12}},{"id":"09bbe021-2f50-4839-91a4-307984e4c216","block_type":"box","text":"There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":90,"box":{"x":116,"y":676,"width":747,"height":12}},{"id":"b8bba6ac-fdfb-4fba-87c2-5636e36b0a8c","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks","page_number":90,"box":{"x":117,"y":692,"width":694,"height":9}},{"id":"63d916d3-13b9-4f1c-8852-8b4c6936fb09","block_type":"box","text":"described above, including the risks of nationalization or expropriation of assets, may be heightened. In","page_number":90,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"64268811-7f55-4033-a73c-1ce78792f73d","block_type":"box","text":"addition, unanticipated political or social developments may affect the value of investments in these","page_number":90,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"1607919f-27b8-4a95-a309-c55fa635151f","block_type":"box","text":"countries and the availability to a Fund of additional investments. The small size and inexperience of","page_number":90,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"f9e61ba5-63f7-4a88-a000-81a12d3864e9","block_type":"box","text":"the securities markets in certain of these countries and the limited volume of trading in securities in","page_number":90,"box":{"x":116,"y":754,"width":732,"height":12}},{"id":"a5bfe45c-5ac6-418a-8048-31fbf939f61b","block_type":"box","text":"these countries may make investments in the countries illiquid and more volatile than investments in","page_number":90,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"676efb25-92a8-4222-b9b9-897f36a52fc3","block_type":"box","text":"more established markets.","page_number":90,"box":{"x":117,"y":785,"width":195,"height":9}},{"id":"a81997a8-4751-4012-946f-85a075e0b38f","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be","page_number":90,"box":{"x":116,"y":816,"width":765,"height":12}},{"id":"4108e7a5-0b5a-4d3b-afc1-43b76954765e","block_type":"box","text":"available about issuers in more developed capital markets, and such issuers may not be subject to","page_number":90,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"bc720d0e-0009-4f9e-afa7-e20067f91487","block_type":"box","text":"accounting, auditing and financial reporting standards and requirements comparable to those to which","page_number":90,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"a601d0eb-206f-4ffa-9091-83b06a967633","block_type":"box","text":"U.S. companies are subject. In certain countries with emerging capital markets, reporting standards","page_number":90,"box":{"x":117,"y":862,"width":743,"height":12}},{"id":"f6163d53-f9f1-4c25-8ee6-56d538379ebc","block_type":"box","text":"vary widely. As a result, traditional investment measurements used in the United States, such as price/","page_number":90,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"3031ab8f-88a4-4ba0-b688-63d0ac74d9c0","block_type":"box","text":"II-45","page_number":90,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"185b0e87-fd5f-43ce-b719-6e0bf214686e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":90,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"965ec930-e9cc-4b3b-b89b-8998a2a0b1df","block_type":"box","text":"earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid","page_number":91,"box":{"x":116,"y":87,"width":737,"height":12}},{"id":"3f3e5909-ed9d-433f-9099-0c3fd5765e47","block_type":"box","text":"than, and more volatile than, those of mature markets, and company shares may be held by a limited","page_number":91,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"d6a9b71b-cf1f-4189-9c1c-2d1be1337bd9","block_type":"box","text":"number of persons. This may adversely affect the timing and pricing of the Fund’s acquisition or","page_number":91,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"20f71169-cfe2-49c3-920b-7538230f1704","block_type":"box","text":"disposal of securities.","page_number":91,"box":{"x":116,"y":134,"width":165,"height":11}},{"id":"6fcee729-d781-4c53-85f5-95f02f3e6b5e","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks","page_number":91,"box":{"x":117,"y":165,"width":746,"height":12}},{"id":"c47275da-1634-4598-a905-cf599c595a8a","block_type":"box","text":"than those in developed markets, in part because a Fund will need to use brokers and counterparties","page_number":91,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"a9b2863a-be25-45d7-a0f9-eb3b94b0c05c","block_type":"box","text":"that are less well capitalized, and custody and registration of assets in some countries may be","page_number":91,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"cf57b95d-7a12-42cf-8fa0-3e3a821d3517","block_type":"box","text":"unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal","page_number":91,"box":{"x":117,"y":211,"width":754,"height":12}},{"id":"0cb6d0b9-e781-4628-a693-cd943c8b63d1","block_type":"box","text":"to recognize ownership exists in some emerging markets, and, along with other factors, could result in","page_number":91,"box":{"x":116,"y":227,"width":762,"height":12}},{"id":"710b11d6-a311-45d0-a06e-1cc7cc9bcdb7","block_type":"box","text":"ownership registration being completely lost. A Fund would absorb any loss resulting from such","page_number":91,"box":{"x":116,"y":242,"width":712,"height":12}},{"id":"268d7751-ef8a-4557-9107-d7b4acde85b1","block_type":"box","text":"registration problems and may have no successful claim for compensation.","page_number":91,"box":{"x":117,"y":258,"width":560,"height":12}},{"id":"598fe134-550d-4bb9-8b3a-129586b28db3","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging","page_number":91,"box":{"x":117,"y":289,"width":755,"height":12}},{"id":"f9487d08-60de-456b-a560-3a76db57d9cf","block_type":"box","text":"market countries may be on either a currency hedged or unhedged basis, and the Funds may hold","page_number":91,"box":{"x":117,"y":304,"width":735,"height":12}},{"id":"cc25ff03-3d27-4344-b496-8381010741c3","block_type":"box","text":"from time to time various foreign currencies pending investment or conversion into U.S. dollars. Some","page_number":91,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"a2680962-232f-4237-87e8-fe14394fb821","block_type":"box","text":"of these instruments may have the characteristics of futures contracts. In addition, certain Funds may","page_number":91,"box":{"x":116,"y":335,"width":757,"height":12}},{"id":"d3f90ab8-5c2d-4c6b-b8da-b4f68f6b6e78","block_type":"box","text":"engage in foreign currency exchange transactions to seek to protect against changes in the level of","page_number":91,"box":{"x":116,"y":351,"width":742,"height":12}},{"id":"ac4ee35d-2b15-48e3-9b08-d731f576d3b7","block_type":"box","text":"future exchange rates which would adversely affect the Fund’s performance. These investments and","page_number":91,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"64b5f29f-6153-4a1e-94b2-72915b6f5901","block_type":"box","text":"transactions involving foreign securities, currencies, options (including options that relate to foreign","page_number":91,"box":{"x":116,"y":382,"width":738,"height":12}},{"id":"74d44207-90b1-481c-96a9-c185f62fb810","block_type":"box","text":"currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":91,"box":{"x":116,"y":397,"width":619,"height":12}},{"id":"e6581ca1-d012-4d63-aef1-362a8f287d8f","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":91,"box":{"x":116,"y":428,"width":328,"height":12}},{"id":"994ef3fe-0eff-4f63-9284-9ae7753d53d6","block_type":"box","text":"In addition to the risks of foreign investing and the risks of","page_number":91,"box":{"x":445,"y":428,"width":432,"height":12}},{"id":"c3a52381-46ad-4ccc-a273-2c9bc517ede4","block_type":"box","text":"investing in developing markets, the developing market Asia-Pacific countries in which a Fund may","page_number":91,"box":{"x":117,"y":444,"width":738,"height":12}},{"id":"383a5f4d-fecf-4168-96f9-f654f46e4644","block_type":"box","text":"invest are subject to certain additional or specific risks. Certain Funds may make substantial","page_number":91,"box":{"x":117,"y":459,"width":687,"height":12}},{"id":"924b3f44-9337-4998-bb1a-918c88e42c74","block_type":"box","text":"investments in Asia-Pacific countries. In many of these markets, there is a high concentration of market","page_number":91,"box":{"x":117,"y":475,"width":771,"height":12}},{"id":"3f54174f-e8d2-457b-a3ca-2cad5c63d9a5","block_type":"box","text":"capitalization and trading volume in a small number of issuers representing a limited number of","page_number":91,"box":{"x":116,"y":490,"width":710,"height":12}},{"id":"a02ede76-c37a-4973-91aa-cda6b7a5fe1c","block_type":"box","text":"industries, as well as a high concentration of investors and financial intermediaries. Many of these","page_number":91,"box":{"x":117,"y":506,"width":730,"height":12}},{"id":"54282a53-8fc5-461a-8eb7-e4ef60d0954a","block_type":"box","text":"markets also may be affected by developments with respect to more established markets in the region","page_number":91,"box":{"x":117,"y":521,"width":763,"height":12}},{"id":"23d835d5-ecfe-47a5-8dbb-129245809720","block_type":"box","text":"such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are","page_number":91,"box":{"x":116,"y":537,"width":739,"height":12}},{"id":"ad747c72-b5b2-4f62-9ba8-f502ce354091","block_type":"box","text":"fewer in number and less well capitalized than brokers in the United States. These factors, combined","page_number":91,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"2899a707-7dd7-4f82-b511-897087d42813","block_type":"box","text":"with the U.S. regulatory requirements for open-end investment companies and the restrictions on","page_number":91,"box":{"x":116,"y":568,"width":725,"height":12}},{"id":"5152506c-e35e-4083-ace3-81ad60503f45","block_type":"box","text":"foreign investment discussed below, result in potentially fewer investment opportunities for a Fund and","page_number":91,"box":{"x":116,"y":583,"width":766,"height":12}},{"id":"be02e35d-9ea1-42b8-a1cb-f332fc3f9482","block_type":"box","text":"may have an adverse impact on the investment performance of the Fund.","page_number":91,"box":{"x":117,"y":599,"width":550,"height":12}},{"id":"d6d15e44-f54b-4701-a9c8-21cb70421f7a","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic,","page_number":91,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"340bc30b-b882-4363-bf4c-71f91c36b838","block_type":"box","text":"political and social instability than is the case in the United States and Western European countries.","page_number":91,"box":{"x":117,"y":645,"width":743,"height":12}},{"id":"cffe17a6-2c95-4b28-a38c-4fc05f30ef57","block_type":"box","text":"Such instability may result from, among other things: (i) authoritarian governments or military","page_number":91,"box":{"x":116,"y":661,"width":688,"height":12}},{"id":"c8007ef4-5cb6-4b50-9858-3bf730acbdd8","block_type":"box","text":"involvement in political and economic decision-making, including changes in government through","page_number":91,"box":{"x":117,"y":676,"width":718,"height":12}},{"id":"30e92319-cba5-421b-babb-c891a1f8e32f","block_type":"box","text":"extra-constitutional means; (ii) popular unrest associated with demands for improved political,","page_number":91,"box":{"x":116,"y":692,"width":692,"height":12}},{"id":"bbdec0c4-1649-40cd-b48b-ba3d3df13e30","block_type":"box","text":"economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring","page_number":91,"box":{"x":116,"y":707,"width":704,"height":12}},{"id":"99e6cd5f-61f4-4062-99e0-d33078478780","block_type":"box","text":"countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of such","page_number":91,"box":{"x":116,"y":723,"width":763,"height":12}},{"id":"bb224d13-c0f0-451d-b169-9d12d0b0aae4","block_type":"box","text":"countries, such as Indonesia, have a substantial role in regulating and supervising the economy.","page_number":91,"box":{"x":116,"y":738,"width":714,"height":12}},{"id":"e711e07f-eedc-41fd-b5f9-c685e7018e59","block_type":"box","text":"Another risk common to most such countries is that the economy is heavily export oriented and,","page_number":91,"box":{"x":116,"y":754,"width":710,"height":12}},{"id":"86e9cd57-ea88-42d0-9caf-40119bf0f148","block_type":"box","text":"accordingly, is dependent upon international trade. The existence of overburdened infrastructure and","page_number":91,"box":{"x":116,"y":769,"width":748,"height":12}},{"id":"9a5146cd-86b3-4585-966f-b07378598568","block_type":"box","text":"obsolete financial systems also presents risks in certain countries, as do environmental problems.","page_number":91,"box":{"x":116,"y":785,"width":724,"height":12}},{"id":"e12e16d4-caf8-43d7-8b81-04457bfcc202","block_type":"box","text":"Certain economies also depend to a significant degree upon exports of primary commodities and,","page_number":91,"box":{"x":117,"y":800,"width":721,"height":12}},{"id":"3ac73d51-1c2b-432e-9dec-d9c124baa660","block_type":"box","text":"therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of","page_number":91,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"485602f0-d797-470d-98c3-2f23a128d1ae","block_type":"box","text":"factors.","page_number":91,"box":{"x":116,"y":831,"width":60,"height":10}},{"id":"3df3c2c4-b232-41bf-8593-8a69fb521012","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse","page_number":91,"box":{"x":116,"y":862,"width":722,"height":12}},{"id":"1c5c6664-ae86-4c02-b22e-57314fd8aa76","block_type":"box","text":"impact on the Fund. For example, while the potential liability of a shareholder in a U.S. corporation with","page_number":91,"box":{"x":117,"y":878,"width":769,"height":12}},{"id":"d45df629-0dad-4c29-8e8c-39af2ecc5b2e","block_type":"box","text":"II-46","page_number":91,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b8cae6a0-f208-4001-9dc8-4534780fc49a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":91,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f87a837c-f481-4428-9abe-74c3aeaeb0da","block_type":"box","text":"respect to acts of the corporation is generally limited to the amount of the shareholder’s investment, the","page_number":92,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"9aa3efb2-c094-4a99-8d5e-2ff346c9b855","block_type":"box","text":"notion of limited liability is less clear in certain emerging market Asia-Pacific countries. Similarly, the","page_number":92,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"726c1e09-3831-4112-a7a3-c88447f63f00","block_type":"box","text":"rights of investors in developing market Asia-Pacific companies may be more limited than those of","page_number":92,"box":{"x":117,"y":118,"width":732,"height":12}},{"id":"5f582364-6d73-47e3-8933-e167efc5ffc8","block_type":"box","text":"shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment","page_number":92,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"47441393-6e5f-403d-b50f-d435ed9cbc3d","block_type":"box","text":"in a developing market Asia-Pacific country.","page_number":92,"box":{"x":117,"y":149,"width":330,"height":12}},{"id":"d03bfcd2-5d49-44b2-908b-9db8be6df4f6","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to","page_number":92,"box":{"x":117,"y":180,"width":714,"height":12}},{"id":"04b84c0b-a107-4d1f-ae8e-d55e762d7919","block_type":"box","text":"exercise substantial influence over many aspects of the private sector. In certain cases, the","page_number":92,"box":{"x":116,"y":196,"width":683,"height":12}},{"id":"4740993f-436a-4525-bb90-884fa0a97575","block_type":"box","text":"government owns or controls many companies, including the largest in the country. Accordingly,","page_number":92,"box":{"x":116,"y":211,"width":718,"height":12}},{"id":"117304db-395c-4967-ac74-2cbbf8172b64","block_type":"box","text":"government actions in the future could have a significant effect on economic conditions in developing","page_number":92,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"44f2a1d0-16f7-48bb-bbf6-0edc71cbfde0","block_type":"box","text":"market Asia-Pacific countries, which could affect private sector companies and a Fund itself, as well as","page_number":92,"box":{"x":117,"y":242,"width":768,"height":12}},{"id":"5e276b8c-b586-40b4-a47a-a93c139ee98b","block_type":"box","text":"the value of securities in the Fund’s portfolio. In addition, economic statistics of developing market","page_number":92,"box":{"x":116,"y":258,"width":731,"height":12}},{"id":"b76e8c01-d2df-4bfa-ae2c-e689ed9a969d","block_type":"box","text":"Asia-Pacific countries may be less reliable than economic statistics of more developed nations.","page_number":92,"box":{"x":116,"y":273,"width":710,"height":12}},{"id":"f58445fe-d21d-4a30-b8e6-ae854941bb27","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific","page_number":92,"box":{"x":117,"y":304,"width":741,"height":12}},{"id":"783c4b6d-234e-4d4c-94d6-959dcf84cf3a","block_type":"box","text":"issuers and the possibility that such issuers may not be subject to the same accounting, auditing and","page_number":92,"box":{"x":117,"y":320,"width":752,"height":12}},{"id":"04cecd02-c457-4dbd-b96c-31b44a47eb0b","block_type":"box","text":"financial reporting standards as U.S. companies, inflation accounting rules in some developing market","page_number":92,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"c9f05717-a580-482d-b8a8-3d0c6bf01809","block_type":"box","text":"Asia-Pacific countries require companies that keep accounting records in the local currency, for both","page_number":92,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"28fa393c-3c54-4b30-8339-1cd3528e27e2","block_type":"box","text":"tax and accounting purposes, to restate certain assets and liabilities on the company’s balance sheet","page_number":92,"box":{"x":116,"y":366,"width":755,"height":12}},{"id":"ae73b8d1-a236-472a-9250-e284bf36ea45","block_type":"box","text":"in order to express items in terms of currency of constant purchasing power. Inflation accounting may","page_number":92,"box":{"x":117,"y":382,"width":756,"height":12}},{"id":"40b1c7d9-747c-408c-a259-e3c01d0ab63c","block_type":"box","text":"indirectly generate losses or profits for certain developing market Asia-Pacific companies.","page_number":92,"box":{"x":117,"y":397,"width":669,"height":12}},{"id":"29488661-9b27-433a-8080-9311e6cf2328","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia","page_number":92,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"914f1ee7-193b-4a0b-ae58-c6bf81bf7748","block_type":"box","text":"Pacific countries, which may result in the Fund incurring additional costs and delays in providing","page_number":92,"box":{"x":117,"y":444,"width":716,"height":12}},{"id":"acb4a793-ba5b-4dd8-ad2b-9b1069718543","block_type":"box","text":"transportation and custody services for such securities outside such countries.","page_number":92,"box":{"x":116,"y":459,"width":586,"height":12}},{"id":"e7db1a8c-2d62-498d-8405-57aedbd509c7","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially","page_number":92,"box":{"x":117,"y":490,"width":738,"height":12}},{"id":"c04f0f14-cdff-44ed-858f-422435734569","block_type":"box","text":"large debtors to commercial banks and foreign governments.","page_number":92,"box":{"x":117,"y":506,"width":456,"height":12}},{"id":"223c5192-9689-41ec-bfd4-ae94543f576a","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and","page_number":92,"box":{"x":117,"y":537,"width":705,"height":12}},{"id":"f1e0661a-3dab-4ad9-b54f-378343f4a869","block_type":"box","text":"negative impact on a Fund’s investment portfolio and, in the longer term, could impair the ability of","page_number":92,"box":{"x":117,"y":552,"width":732,"height":12}},{"id":"03b24902-10c3-4ccc-9ccd-1d3e2d59e380","block_type":"box","text":"issuers in which the Fund invests to conduct their businesses in the manner normally conducted.","page_number":92,"box":{"x":117,"y":568,"width":722,"height":12}},{"id":"992383a1-5c93-43c4-94c4-88360f09f061","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may","page_number":92,"box":{"x":117,"y":599,"width":766,"height":12}},{"id":"2fff1317-f5ff-41be-b9bc-7348801155eb","block_type":"box","text":"not be practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may","page_number":92,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"237720cc-2a45-4f01-b83a-4b64e732b131","block_type":"box","text":"invest in countries in which foreign investors, including management of the Fund, have had no or","page_number":92,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"f3af1b29-91fd-4874-8b30-d8f210aaf788","block_type":"box","text":"limited prior experience.","page_number":92,"box":{"x":117,"y":645,"width":182,"height":12}},{"id":"3c0fb3bb-fa72-4aa6-a9ef-866ddea38b38","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":92,"box":{"x":116,"y":676,"width":458,"height":12}},{"id":"58eaadc0-96af-49ce-90bb-2af6226d1e8f","block_type":"box","text":"Some developing Asia-Pacific countries","page_number":92,"box":{"x":581,"y":676,"width":294,"height":12}},{"id":"363ff048-3b9f-4cc9-96ba-f15b400033a5","block_type":"box","text":"prohibit or impose substantial restrictions on investments in their capital markets, particularly their","page_number":92,"box":{"x":117,"y":692,"width":723,"height":12}},{"id":"47003ab2-f39c-4401-bd55-dcada62bdb58","block_type":"box","text":"equity markets, by foreign entities such as a Fund. As illustrations, certain countries may require","page_number":92,"box":{"x":116,"y":707,"width":714,"height":12}},{"id":"01cd568d-47db-49ef-a7c9-7d9998b0c0d7","block_type":"box","text":"governmental approval prior to investments by foreign persons or limit the amount of investment by","page_number":92,"box":{"x":116,"y":723,"width":736,"height":12}},{"id":"1b22779a-18d0-4e81-87ff-140146163a6b","block_type":"box","text":"foreign persons in a particular company or limit the investment by foreign persons to only a specific","page_number":92,"box":{"x":116,"y":738,"width":735,"height":12}},{"id":"5925ce8b-97d9-478a-9ea1-e30e807f4d9e","block_type":"box","text":"class of securities of a company which may have less advantageous terms (including price and","page_number":92,"box":{"x":116,"y":754,"width":705,"height":12}},{"id":"85b13760-1203-4879-820c-3864cdf7d984","block_type":"box","text":"shareholder rights) than securities of the company available for purchase by nationals. There can be","page_number":92,"box":{"x":116,"y":769,"width":745,"height":12}},{"id":"e5733dd3-4060-4603-a6b2-c180c84ed9ce","block_type":"box","text":"no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In","page_number":92,"box":{"x":117,"y":785,"width":762,"height":12}},{"id":"9eca56f8-4e5c-4da5-bf33-c829b761ff20","block_type":"box","text":"addition, changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of","page_number":92,"box":{"x":116,"y":800,"width":765,"height":12}},{"id":"bc38c50e-205b-4b7d-820d-ace2006b329f","block_type":"box","text":"such securities may have an adverse effect on the value of such shares. Certain countries may restrict","page_number":92,"box":{"x":116,"y":816,"width":761,"height":12}},{"id":"ab08fbf2-ef28-4ee0-bcaf-0f7afcbf876d","block_type":"box","text":"investment opportunities in issuers or industries deemed important to national interests.","page_number":92,"box":{"x":117,"y":831,"width":654,"height":12}},{"id":"a8358c11-4a3e-4f54-93d0-0a3214fb358e","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific","page_number":92,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"6c4f61cc-d965-4584-9cd2-e0db90709c40","block_type":"box","text":"countries, as well as limitations on such investments, also may have an adverse impact on the","page_number":92,"box":{"x":116,"y":878,"width":705,"height":12}},{"id":"390d69aa-de48-48d0-8cf6-c3623a91b0e2","block_type":"box","text":"II-47","page_number":92,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d672294c-1fe0-48b3-8eed-fea5f380c039","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":92,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"39cdd092-e56c-4895-ace4-7add14e34f48","block_type":"box","text":"operations of a Fund. For example, a Fund may be required in certain of such countries to invest","page_number":93,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"9dce6c54-1053-4a92-8995-3342b22f5dee","block_type":"box","text":"initially through a local broker or other entity and then have the shares purchased re-registered in the","page_number":93,"box":{"x":117,"y":103,"width":753,"height":12}},{"id":"e0765daf-f2b0-4229-829d-82684d395d3c","block_type":"box","text":"name of the Fund. Re-registration may in some instances not be able to occur on a timely basis,","page_number":93,"box":{"x":117,"y":118,"width":718,"height":12}},{"id":"7127de1e-e09e-44fe-82cf-c30f7e2f20a1","block_type":"box","text":"resulting in a delay during which a Fund may be denied certain of its rights as an investor, including","page_number":93,"box":{"x":117,"y":134,"width":742,"height":12}},{"id":"75d9f909-d6a6-445e-8b11-d8a1e555ad4b","block_type":"box","text":"rights as to dividends or to be made aware of certain corporate actions. There also may be instances","page_number":93,"box":{"x":117,"y":149,"width":753,"height":12}},{"id":"5a17a45e-a89a-4569-ae5f-b5f2e8564e17","block_type":"box","text":"where a Fund places a purchase order but is subsequently informed, at the time of re-registration, that","page_number":93,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"b41347f5-b7fe-4e7e-8536-a84eccad2d7d","block_type":"box","text":"the permissible allocation of the investment to foreign investors has been filled, depriving the Fund of","page_number":93,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"6fd765a2-0be1-4a49-9d0d-8ce2174d6b3d","block_type":"box","text":"the ability to make its desired investment at that time.","page_number":93,"box":{"x":116,"y":196,"width":400,"height":12}},{"id":"84787462-b8cd-4680-b303-0d8352bdaf6d","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate","page_number":93,"box":{"x":116,"y":227,"width":714,"height":12}},{"id":"1dc7f431-c0c0-41d8-a7aa-6fa757ebe4bb","block_type":"box","text":"investment income, capital or the proceeds of sales of securities by foreign investors. A Fund could be","page_number":93,"box":{"x":117,"y":242,"width":763,"height":12}},{"id":"4a919118-537f-4b46-8d97-357563ce472e","block_type":"box","text":"adversely affected by delays in, or a refusal to grant, any required governmental approval for","page_number":93,"box":{"x":116,"y":258,"width":693,"height":12}},{"id":"2103a52a-d718-4a26-b1af-abad14ba0c46","block_type":"box","text":"repatriation of capital, as well as by the application to the Fund of any restrictions on investments. It is","page_number":93,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"baba4a64-b126-47d3-adb3-fa4df8a5d5c3","block_type":"box","text":"possible that certain countries may impose currency controls or other restrictions relating to their","page_number":93,"box":{"x":117,"y":289,"width":719,"height":12}},{"id":"348f0e94-d9af-46bd-91bc-33f3b6306cc4","block_type":"box","text":"currencies or to securities of issuers in those countries. To the extent that such restrictions have the","page_number":93,"box":{"x":116,"y":304,"width":746,"height":10}},{"id":"53c87522-2b28-4d3d-bd36-cf7016414c96","block_type":"box","text":"effect of making certain investments illiquid, securities may not be available for sale to meet","page_number":93,"box":{"x":116,"y":320,"width":685,"height":12}},{"id":"7b4c9704-bedd-45da-8e4e-1bc59b05f48b","block_type":"box","text":"redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":93,"box":{"x":117,"y":335,"width":770,"height":12}},{"id":"0426e20b-bb60-4d28-8d18-587651d0da5b","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the","page_number":93,"box":{"x":116,"y":351,"width":763,"height":12}},{"id":"78cf9806-6e5e-4ce6-8b8f-b582d88a14e2","block_type":"box","text":"Fund’s assets that may be used to meet redemptions may be further decreased. Even where there is","page_number":93,"box":{"x":117,"y":366,"width":754,"height":12}},{"id":"5745a9ff-cdef-446c-b644-dd0b6608ccf4","block_type":"box","text":"no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects","page_number":93,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"c1ab234e-3ed8-459e-a2db-3d48449b5e2f","block_type":"box","text":"of the operations of a Fund (for example, if funds may be withdrawn only in certain currencies and/or","page_number":93,"box":{"x":116,"y":397,"width":751,"height":12}},{"id":"0ab393cf-43ee-4343-b0a6-b38a4a667102","block_type":"box","text":"only at an exchange rate established by the government).","page_number":93,"box":{"x":116,"y":413,"width":433,"height":12}},{"id":"4f247a2f-50a5-4f01-bb60-eb6db1bdfe92","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have","page_number":93,"box":{"x":117,"y":444,"width":763,"height":12}},{"id":"bbfa9b05-a2aa-451b-b4b3-7f722e67e828","block_type":"box","text":"actively traded securities available for investment. The Investment Company Act restricts a Fund’s","page_number":93,"box":{"x":116,"y":459,"width":734,"height":12}},{"id":"c56c3f3c-aed0-443e-bcd8-4385f0c0e480","block_type":"box","text":"investments in any equity securities of an issuer that, in its most recent fiscal year, derived more than","page_number":93,"box":{"x":117,"y":475,"width":755,"height":12}},{"id":"1463130e-129b-4846-8503-746b8c331532","block_type":"box","text":"15% of its revenues from “securities related activities,” as defined by the rules thereunder. These","page_number":93,"box":{"x":118,"y":490,"width":722,"height":12}},{"id":"092acb06-7e9c-4b54-990b-6a2fc01bb0e9","block_type":"box","text":"provisions may restrict a Fund’s investments in certain foreign banks and other financial institutions.","page_number":93,"box":{"x":117,"y":506,"width":744,"height":12}},{"id":"3927d44c-b07c-4b80-bd44-0308ebabfa44","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":93,"box":{"x":117,"y":537,"width":699,"height":12}},{"id":"0358c135-75bd-4c83-9d83-01bdef407673","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":93,"box":{"x":116,"y":552,"width":726,"height":12}},{"id":"0108d484-e82b-4b2e-b90e-74935a47eee9","block_type":"box","text":"stability characteristic of more developed countries. Some of these countries may have in the past","page_number":93,"box":{"x":116,"y":568,"width":732,"height":12}},{"id":"87951b1c-3a4b-4eff-b4ef-9732ecb03b22","block_type":"box","text":"failed to recognize private property rights and have at times nationalized or expropriated the assets of","page_number":93,"box":{"x":116,"y":583,"width":759,"height":12}},{"id":"68a112b1-3491-483c-a193-d50becf69d65","block_type":"box","text":"private companies. As a result the risks described above, including the risks of nationalization or","page_number":93,"box":{"x":117,"y":599,"width":718,"height":12}},{"id":"89069ee5-cbe4-4b1a-b267-1a8e8d80c10e","block_type":"box","text":"expropriation of assets, may be heightened. In addition, unanticipated political or social developments","page_number":93,"box":{"x":116,"y":614,"width":760,"height":12}},{"id":"6a22356f-f7db-4e08-95cc-c838090a6032","block_type":"box","text":"may affect the value of investments in these countries and the availability to a Fund of additional","page_number":93,"box":{"x":117,"y":630,"width":718,"height":12}},{"id":"79f6fc99-59aa-4248-96db-dc4db7569bfa","block_type":"box","text":"investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":93,"box":{"x":117,"y":645,"width":770,"height":12}},{"id":"97bc193b-e040-487a-9fb5-da42733ec99b","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make","page_number":93,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"d9dbec8e-25e4-4ede-8655-8046180e231d","block_type":"box","text":"investments in the countries illiquid and more volatile than investments in Japan or most Western","page_number":93,"box":{"x":117,"y":676,"width":719,"height":12}},{"id":"3522041c-b74c-477d-abd3-e77677b8f0e3","block_type":"box","text":"European countries. There may be little financial or accounting information available with respect to","page_number":93,"box":{"x":117,"y":692,"width":736,"height":12}},{"id":"34c1c7f4-6a7f-48a9-84e1-75ff3fe87078","block_type":"box","text":"issuers located in certain emerging market countries, and it may be difficult to assess the value or","page_number":93,"box":{"x":117,"y":707,"width":724,"height":12}},{"id":"17909a62-5824-4ecd-9003-26612b6a13cb","block_type":"box","text":"prospects of an investment in such issuers.","page_number":93,"box":{"x":117,"y":723,"width":319,"height":12}},{"id":"79d7affb-fb40-4d40-81ec-4af7f5a17de4","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be","page_number":93,"box":{"x":116,"y":754,"width":723,"height":12}},{"id":"89401c49-3d18-4707-8f36-2df7fdcbc6d8","block_type":"box","text":"higher than those of Funds investing primarily in domestic securities. The costs attributable to investing","page_number":93,"box":{"x":117,"y":769,"width":763,"height":12}},{"id":"c7c42d2a-fdc3-4ba0-a816-f63d026c850c","block_type":"box","text":"abroad are usually higher for several reasons, such as the higher cost of custody of foreign securities,","page_number":93,"box":{"x":116,"y":785,"width":755,"height":12}},{"id":"700e8360-9f1b-4e9a-8ed9-5a0fac68b08e","block_type":"box","text":"higher commissions paid on comparable transactions on foreign markets and additional costs arising","page_number":93,"box":{"x":117,"y":800,"width":746,"height":12}},{"id":"4f7d1b20-3e3d-4bb3-8564-eba6c42b9fdd","block_type":"box","text":"from delays in settlements of transactions involving foreign securities.","page_number":93,"box":{"x":116,"y":816,"width":515,"height":12}},{"id":"ff3466cb-7f5d-4236-a093-9d4dc0181136","block_type":"box","text":"Risks of Investments in Russia.","page_number":93,"box":{"x":116,"y":847,"width":232,"height":9}},{"id":"4377cc07-6f89-4496-ab95-8d73997a8840","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by","page_number":93,"box":{"x":350,"y":847,"width":482,"height":12}},{"id":"72b242a2-aaf0-4585-9c75-525e4dbb650f","block_type":"box","text":"companies located in Russia. The Russian securities market suffers from a variety of problems","page_number":93,"box":{"x":116,"y":862,"width":709,"height":12}},{"id":"6d8ffdb1-57d8-4df8-b7cc-36243255ba1e","block_type":"box","text":"described above in “Investment in Emerging Markets” not encountered in more developed markets.","page_number":93,"box":{"x":116,"y":878,"width":742,"height":12}},{"id":"27282f92-3e9d-445b-b01c-698fb1435190","block_type":"box","text":"II-48","page_number":93,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"286ae260-ce92-4e23-856a-44b00163809a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":93,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"01e074e9-a9ad-4eef-b5df-37b2ccf3646a","block_type":"box","text":"The Russian securities market is relatively new, and a substantial portion of securities transactions in","page_number":94,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"4bfca24e-afd8-46fa-92c2-67d802fd9f86","block_type":"box","text":"Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities","page_number":94,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"43f7505c-c076-43d7-99ec-51112bbce0fa","block_type":"box","text":"market and the limited volume of trading in securities in the market may make obtaining accurate","page_number":94,"box":{"x":117,"y":118,"width":723,"height":12}},{"id":"cae4df49-d0ab-4daf-b631-66658cc8be6b","block_type":"box","text":"prices on portfolio securities from independent sources more difficult than in more developed markets.","page_number":94,"box":{"x":117,"y":134,"width":761,"height":11}},{"id":"ff3e4723-cdcd-43b3-ba08-0d2b15aa1e17","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and","page_number":94,"box":{"x":117,"y":165,"width":639,"height":12}},{"id":"2aee8b18-5412-41f1-8966-ca9a2b741480","block_type":"box","text":"telecommunication systems, settlement, clearing and registration of securities transactions are subject","page_number":94,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"bf15164d-5e1c-425a-90a6-885ebcdce48b","block_type":"box","text":"to additional risks. Prior to 2013, there was no central registration system for equity share registration","page_number":94,"box":{"x":116,"y":196,"width":756,"height":12}},{"id":"5e720eed-a6ad-4c6d-81b4-27dac9898cc4","block_type":"box","text":"in Russia and registration was carried out either by the issuers themselves or by registrars located","page_number":94,"box":{"x":117,"y":211,"width":733,"height":12}},{"id":"69b2de49-5138-435b-b744-719782aae748","block_type":"box","text":"throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":94,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"6e4de216-8ac2-4c77-822c-7986781067f8","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository","page_number":94,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"4726058c-ee2d-4159-aacb-e70a9b7adf0e","block_type":"box","text":"(“NSD”) as a recognized central securities depository, and title to Russian equities held through the","page_number":94,"box":{"x":117,"y":258,"width":740,"height":12}},{"id":"9e6f3746-bee5-4daa-ba94-c621db81a29a","block_type":"box","text":"NSD is now based on the records of the NSD and not on the records of the local registrars. Although","page_number":94,"box":{"x":117,"y":273,"width":751,"height":12}},{"id":"c985da5a-d383-4adc-94f8-6c19f3794a35","block_type":"box","text":"the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities","page_number":94,"box":{"x":116,"y":289,"width":770,"height":12}},{"id":"bf45a280-e66e-426e-95a6-de14b25d5789","block_type":"box","text":"market, loss still can occur. Additionally, issuers and registrars remain prominent in the validation and","page_number":94,"box":{"x":117,"y":304,"width":757,"height":12}},{"id":"15d04624-ce7d-4eca-94c6-d5b140f64e61","block_type":"box","text":"approval of documentation requirements for corporate action processing in Russia, and, because the","page_number":94,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"b9afcb8c-b7d7-44d8-b6bb-57469c0ee31e","block_type":"box","text":"documentation requirements and approval criteria vary between registrars and issuers, there remain","page_number":94,"box":{"x":116,"y":335,"width":749,"height":12}},{"id":"1f8ceb8e-7fda-478f-a112-21839db4b444","block_type":"box","text":"inconsistent market standards in the Russian market with respect to the completion and submission of","page_number":94,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"a7f4402f-3f70-4ce9-a26c-7e7fe1c1e402","block_type":"box","text":"corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions","page_number":94,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"3675548c-06e0-4272-87b6-3fa02e322f53","block_type":"box","text":"relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise","page_number":94,"box":{"x":117,"y":382,"width":713,"height":12}},{"id":"96703892-c337-4317-bdd7-4c4887bf9663","block_type":"box","text":"remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":94,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"e284cc54-2afe-41ec-a19f-1affe303386d","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held","page_number":94,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"f1db33c9-f46d-437a-9200-16798444bd85","block_type":"box","text":"on behalf of their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments","page_number":94,"box":{"x":116,"y":428,"width":770,"height":12}},{"id":"35aa253e-666a-4450-a350-4c8b001c0549","block_type":"box","text":"in Russia.","page_number":94,"box":{"x":117,"y":444,"width":77,"height":9}},{"id":"c3673a03-103c-4cef-9fd0-e27721147a50","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military","page_number":94,"box":{"x":117,"y":475,"width":708,"height":12}},{"id":"7b7aff8e-5b89-47ec-9879-f7e33854bd59","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia","page_number":94,"box":{"x":117,"y":490,"width":735,"height":12}},{"id":"b063e883-fc37-4992-a7a5-4036900de92a","block_type":"box","text":"launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the","page_number":94,"box":{"x":117,"y":506,"width":720,"height":12}},{"id":"5af99f6d-47ba-4343-8e49-c153e6deb62f","block_type":"box","text":"military action, resulting sanctions and resulting future market disruptions, including declines in its","page_number":94,"box":{"x":117,"y":521,"width":727,"height":12}},{"id":"bc7ef767-5e33-4869-9c03-dad390112cd9","block_type":"box","text":"stock markets and the value of the ruble against the U.S. dollar, are impossible to predict. Any such","page_number":94,"box":{"x":116,"y":537,"width":744,"height":12}},{"id":"d14ec160-5b8f-41e0-821f-57ab01ed07ed","block_type":"box","text":"disruptions caused by Russian military action or other actions (including cyberattacks and espionage)","page_number":94,"box":{"x":116,"y":552,"width":757,"height":12}},{"id":"8129a45d-f79b-4a40-a850-c0848c686f2c","block_type":"box","text":"or resulting actual and threatened responses to such activity, including purchasing and financing","page_number":94,"box":{"x":116,"y":568,"width":720,"height":12}},{"id":"5b8fbf90-9d46-470e-8955-e4af2ad6393e","block_type":"box","text":"restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or","page_number":94,"box":{"x":117,"y":583,"width":685,"height":12}},{"id":"ff2190ec-a137-4c0f-b269-8fccad42bdb3","block_type":"box","text":"cyberattacks on the Russian government, Russian companies or Russian individuals, including","page_number":94,"box":{"x":116,"y":599,"width":710,"height":12}},{"id":"927ce820-ce75-4934-b13a-ebc0bd613c0c","block_type":"box","text":"politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund invests.","page_number":94,"box":{"x":117,"y":614,"width":763,"height":12}},{"id":"5779e635-069a-400c-b49b-d3bbf3dc23a2","block_type":"box","text":"Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":94,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"2ea78cda-a2de-4428-817d-9bc153b07743","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and","page_number":94,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"24e2c6b3-4831-400b-ae87-2f119d817602","block_type":"box","text":"Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":94,"box":{"x":117,"y":661,"width":720,"height":12}},{"id":"9baca2c2-69e8-4193-9b90-0966b4890fab","block_type":"box","text":"military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":94,"box":{"x":117,"y":676,"width":741,"height":12}},{"id":"91f5d045-1dab-4740-8b40-71f874acafc0","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":94,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"098b2775-e32d-46b2-8bce-b4b80fd7bd0f","block_type":"box","text":"sectors globally.","page_number":94,"box":{"x":116,"y":707,"width":119,"height":12}},{"id":"69f4a5c4-3a6b-4258-9fe7-6e6b0ea3bffc","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”)","page_number":94,"box":{"x":117,"y":738,"width":735,"height":12}},{"id":"f6d92a16-3514-4a00-ad3a-137e04a58218","block_type":"box","text":"have imposed economic sanctions, which can consist of prohibiting certain securities trades, certain","page_number":94,"box":{"x":117,"y":754,"width":739,"height":12}},{"id":"79b622ed-1fa4-42cb-a21e-6d80f471d728","block_type":"box","text":"private transactions in the energy sector, asset freezes and prohibition of all business, against certain","page_number":94,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"fef4b512-6480-4860-ab9e-2996be5c17dd","block_type":"box","text":"Russian individuals, including politicians, and Russian corporate and banking entities. The Sanctioning","page_number":94,"box":{"x":117,"y":785,"width":760,"height":12}},{"id":"2daaaf94-8045-4f18-b310-0bf50d7f43ca","block_type":"box","text":"Bodies, or others, could also institute broader sanctions on Russia, including banning Russia from","page_number":94,"box":{"x":117,"y":800,"width":725,"height":12}},{"id":"8c28e48b-0b7c-4751-8fc9-928c60dd5624","block_type":"box","text":"global payments systems that facilitate cross-border payments. These sanctions, or even the threat of","page_number":94,"box":{"x":116,"y":816,"width":758,"height":12}},{"id":"7c32edc8-5957-4e60-93ee-988ef0f9d32c","block_type":"box","text":"further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening","page_number":94,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"1c637254-150a-4d68-b593-430170b33ff7","block_type":"box","text":"of the ruble or other adverse consequences to the Russian economy. These sanctions have resulted","page_number":94,"box":{"x":116,"y":847,"width":752,"height":12}},{"id":"f41b5881-098c-4d77-8566-e8aec9d66d13","block_type":"box","text":"and may continue to result in the immediate freeze of Russian securities and/or funds invested in","page_number":94,"box":{"x":116,"y":862,"width":725,"height":12}},{"id":"f9fa46b3-b2d1-4197-8b51-418a2e9b28ca","block_type":"box","text":"prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":94,"box":{"x":117,"y":878,"width":757,"height":12}},{"id":"d3d10d3a-a7fc-4387-bc45-8447546697d4","block_type":"box","text":"II-49","page_number":94,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d5f10194-9f02-4d9a-a2a0-b5e84fdb391a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":94,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"670f2201-c9ee-4364-b1cc-eef2484eb188","block_type":"box","text":"assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":95,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"af617882-4b2d-435c-ba77-b4a3643eeb19","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":95,"box":{"x":116,"y":102,"width":435,"height":13}},{"id":"ac849b22-9438-4c05-ba7e-8dfb333da011","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":95,"box":{"x":116,"y":134,"width":253,"height":12}},{"id":"fbdc6f4b-c613-436f-82ca-66e9db5b7d77","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi","page_number":95,"box":{"x":371,"y":134,"width":497,"height":12}},{"id":"e2e0c4f9-4afd-4f17-9aa2-a419521007b7","block_type":"box","text":"Arabian issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian","page_number":95,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"8721b5e0-5226-48c9-972b-200074f0b0a3","block_type":"box","text":"government at any time, and unforeseen risks could materialize due to foreign ownership in such","page_number":95,"box":{"x":116,"y":165,"width":724,"height":12}},{"id":"467c0815-c9aa-4e70-bd77-88e34c71c4c4","block_type":"box","text":"securities. In addition, the Capital Market Authority (“CMA”) places investment limitations on the","page_number":95,"box":{"x":116,"y":180,"width":715,"height":12}},{"id":"c918861c-19f2-4593-9548-2486e74bcf93","block_type":"box","text":"ownership of Saudi Arabian issuers by foreign investors, including a limitation on a Fund’s ownership","page_number":95,"box":{"x":116,"y":196,"width":753,"height":12}},{"id":"8ba35af5-b88f-4ee8-9581-b360c46c3dec","block_type":"box","text":"of any single issuer listed on the Saudi Arabian Stock Exchange, which may prevent a Fund from","page_number":95,"box":{"x":116,"y":211,"width":726,"height":12}},{"id":"599cd4ef-6aab-4bb9-a11b-53136a038bb5","block_type":"box","text":"investing in accordance with its strategy and contribute to tracking error against the Underlying Index.","page_number":95,"box":{"x":117,"y":227,"width":757,"height":12}},{"id":"57baeab9-1d4e-4691-b3fe-34f3937962b6","block_type":"box","text":"These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":95,"box":{"x":116,"y":242,"width":710,"height":12}},{"id":"689d4c4a-be52-43d4-8afb-85a52f07ba5b","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain","page_number":95,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"c6866d9d-e881-49d8-bcf1-06a7a44357e1","block_type":"box","text":"or maintain any such licenses or approvals and may not be able to buy and sell securities at full value.","page_number":95,"box":{"x":116,"y":273,"width":763,"height":12}},{"id":"b3a3dc87-83b1-438e-8736-743ee94ea8f2","block_type":"box","text":"Major disruptions or regulatory changes could occur in the Saudi Arabian market, any of which could","page_number":95,"box":{"x":117,"y":289,"width":750,"height":12}},{"id":"e5a7df0e-b325-4f14-b407-087920691b95","block_type":"box","text":"negatively impact a Fund. These risks may be exacerbated, compared to more developed markets,","page_number":95,"box":{"x":117,"y":304,"width":741,"height":12}},{"id":"d2d16328-bb90-4e93-a79a-1f228dbc6cf1","block_type":"box","text":"given the limited history of foreign investment in the Saudi Arabian market. Investments in","page_number":95,"box":{"x":116,"y":320,"width":672,"height":12}},{"id":"abe763e5-564a-42fd-aa32-acd58faec23b","block_type":"box","text":"Saudi Arabia may also be subject to loss due to expropriation or nationalization of assets and property","page_number":95,"box":{"x":116,"y":335,"width":764,"height":12}},{"id":"b646c630-6b48-44bb-bab1-483e78c2098b","block_type":"box","text":"or the imposition of restrictions on additional foreign investments and repatriation of capital. Such","page_number":95,"box":{"x":116,"y":351,"width":725,"height":12}},{"id":"e9f9a42b-dead-4404-bda9-226c9a8901e6","block_type":"box","text":"heightened risks may include, among others, restrictions on and government intervention in","page_number":95,"box":{"x":117,"y":366,"width":683,"height":12}},{"id":"7a1a3051-b4fb-44dd-b4a5-3389b7f026e2","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military","page_number":95,"box":{"x":117,"y":382,"width":724,"height":12}},{"id":"98e206be-1f47-4dee-b9d7-1de82acc83ba","block_type":"box","text":"involvement in governmental decision making, armed conflict, crime and instability as a result of","page_number":95,"box":{"x":117,"y":397,"width":715,"height":12}},{"id":"c2e67d07-8f59-4809-b290-cc9861c74e30","block_type":"box","text":"religious, ethnic and/or socioeconomic unrest. Saudi Arabia has privatized, or has begun the process","page_number":95,"box":{"x":117,"y":413,"width":754,"height":12}},{"id":"0c8901a9-766e-47a1-aee3-c206479f0df3","block_type":"box","text":"of privatizing, certain entities and industries. Newly privatized companies may face strong competition","page_number":95,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"28ba77a9-ed2f-49ab-9c11-f7bb4162eec2","block_type":"box","text":"from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":95,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"40e6668c-b34d-46e0-b397-fe99c35e2280","block_type":"box","text":"newly privatized entities have suffered losses due to the inability of the newly privatized entities to","page_number":95,"box":{"x":117,"y":459,"width":728,"height":12}},{"id":"13ac1a94-6b14-40b4-8acf-1c2d69a4fbf7","block_type":"box","text":"adjust quickly to a competitive environment or changing regulatory and legal standards or, in some","page_number":95,"box":{"x":116,"y":475,"width":737,"height":12}},{"id":"1f67fd3f-1d78-427a-9250-5e13a1717388","block_type":"box","text":"cases, due to re-nationalization of such privatized entities. There is no assurance that similar losses","page_number":95,"box":{"x":116,"y":490,"width":745,"height":12}},{"id":"a5046060-7ccf-4561-bf01-3eba87a161ff","block_type":"box","text":"will not recur. Further, under income tax laws imposed by the Department of Zakat and Income Tax,","page_number":95,"box":{"x":116,"y":506,"width":747,"height":12}},{"id":"77041938-b5c8-4cba-93aa-8044f5a20a85","block_type":"box","text":"dividends paid by a Saudi Arabian company to foreign stockholders are generally subject to a 5%","page_number":95,"box":{"x":116,"y":521,"width":727,"height":12}},{"id":"f9b9ca2c-02fe-49e6-ae73-c1fd97865ba6","block_type":"box","text":"withholding tax (different tax rates may apply pursuant to an applicable treaty). Saudi Arabia is highly","page_number":95,"box":{"x":116,"y":537,"width":754,"height":12}},{"id":"a6c4cd8f-77f4-4ed9-8638-5bcd1d9ada0f","block_type":"box","text":"reliant on income from the sale of petroleum and trade with other countries involved in the sale of","page_number":95,"box":{"x":117,"y":552,"width":725,"height":12}},{"id":"d059af44-1518-4147-90aa-98a0d89b1248","block_type":"box","text":"petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the","page_number":95,"box":{"x":117,"y":568,"width":726,"height":12}},{"id":"8493de8d-5e13-4acd-a706-79e41d28bdb2","block_type":"box","text":"market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":95,"box":{"x":117,"y":583,"width":741,"height":12}},{"id":"095381a0-eaf0-4824-a776-5c0332d7378d","block_type":"box","text":"impacted.","page_number":95,"box":{"x":117,"y":599,"width":76,"height":12}},{"id":"ce13e73a-8219-4d19-b239-e90efb783235","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial","page_number":95,"box":{"x":117,"y":630,"width":701,"height":12}},{"id":"a91e961e-109d-4eae-a0f2-606823dd20da","block_type":"box","text":"influence over many aspects of the private sector. Although liberalization in the wider economy is","page_number":95,"box":{"x":117,"y":645,"width":724,"height":12}},{"id":"3347a090-2c15-4224-acb3-278acd74029b","block_type":"box","text":"underway, in many areas it has lagged significantly: restrictions on foreign ownership persist, and the","page_number":95,"box":{"x":117,"y":661,"width":749,"height":12}},{"id":"956e8bcf-2709-487f-9c73-18af677d463f","block_type":"box","text":"government has an ownership stake in many key industries. The situation is exacerbated by the fact","page_number":95,"box":{"x":116,"y":676,"width":743,"height":12}},{"id":"154234da-3129-4211-81d0-8809e8b2e66f","block_type":"box","text":"that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":95,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"491b3da3-3747-41a3-8cb3-b83b2d0f664a","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East due to","page_number":95,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"df88a977-3efb-4351-9dd1-6673233e1707","block_type":"box","text":"geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security, including","page_number":95,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"bb14b61a-3093-44fe-a36a-cd530dede09c","block_type":"box","text":"terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":95,"box":{"x":116,"y":738,"width":752,"height":12}},{"id":"fa71ba16-5ea7-4cbe-9c9f-2aba489dc11d","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions","page_number":95,"box":{"x":117,"y":754,"width":761,"height":12}},{"id":"c84be737-a675-460f-b4f0-cb9a2bb5f51e","block_type":"box","text":"in Saudi Arabia, which could affect private sector companies and a Fund, as well as the value of","page_number":95,"box":{"x":117,"y":769,"width":713,"height":12}},{"id":"62ac6b28-c6bc-479c-8c55-2c7c1650e14c","block_type":"box","text":"securities in a Fund’s portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian","page_number":95,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"2e47d5ef-c1e1-4cd8-a2e8-a33d5da74ad5","block_type":"box","text":"corporate entities, or even the threat of sanctions, may result in the decline of the value and liquidity of","page_number":95,"box":{"x":116,"y":800,"width":760,"height":12}},{"id":"cace9346-ca1a-413f-a0d8-1bb9c6034acd","block_type":"box","text":"Saudi Arabian securities, a weakening of the Saudi riyal or other adverse consequences to the Saudi","page_number":95,"box":{"x":116,"y":816,"width":749,"height":12}},{"id":"04b280f8-34c2-46a9-bcad-d93efc051c7e","block_type":"box","text":"Arabian economy. In addition, Saudi Arabia’s economy relies heavily on cheap, foreign labor, and","page_number":95,"box":{"x":116,"y":831,"width":729,"height":12}},{"id":"110c486a-ca96-4fc0-b036-841c8c102310","block_type":"box","text":"changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":95,"box":{"x":116,"y":847,"width":690,"height":12}},{"id":"6a893182-c8a2-4718-ac63-70d8a3403bee","block_type":"box","text":"II-50","page_number":95,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"140253cc-1da0-4711-8a50-467e7e5937ab","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":95,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4e9c6418-7d4c-476a-9a2c-094637eca30d","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a","page_number":96,"box":{"x":116,"y":87,"width":730,"height":12}},{"id":"45f19722-ed8b-4b27-9e5c-3b3cecd3fc1a","block_type":"box","text":"result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility,","page_number":96,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"91154428-0d29-4f91-919a-aade15e26db7","block_type":"box","text":"lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations,","page_number":96,"box":{"x":117,"y":118,"width":705,"height":12}},{"id":"e0d1ba49-93d4-49e2-8c43-416c2c33a3ae","block_type":"box","text":"uncertainty regarding the existence of trading markets, governmental control and heavy regulation of","page_number":96,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"d8593948-4b2b-4de7-9fb9-c7277432358a","block_type":"box","text":"labor and industry. Shares of certain Saudi Arabian companies tend to trade less frequently than those","page_number":96,"box":{"x":117,"y":149,"width":766,"height":12}},{"id":"222954d7-14c1-4138-9d14-762d69c8fa26","block_type":"box","text":"of companies on exchanges in more developed markets. Such infrequent trading may adversely affect","page_number":96,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"a42d60f4-20a9-46ef-89aa-21336c4e8a92","block_type":"box","text":"the pricing of these securities and a Fund’s ability to sell these securities in the future. Current","page_number":96,"box":{"x":116,"y":180,"width":701,"height":12}},{"id":"a41c15ad-e155-4d02-b5ff-e3a651d56a96","block_type":"box","text":"regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":96,"box":{"x":117,"y":196,"width":733,"height":12}},{"id":"c70e9419-69f3-401e-8e57-ffb02247068b","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a","page_number":96,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"61b07e9a-ccce-4872-a609-dd092d647df0","block_type":"box","text":"Fund than is typically the case for investment managers.","page_number":96,"box":{"x":117,"y":227,"width":424,"height":12}},{"id":"5afb7b84-170d-484a-a669-5f499c890798","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically","page_number":96,"box":{"x":116,"y":258,"width":687,"height":12}},{"id":"4d3c2aaa-fda3-472b-84bb-d6d2af60de09","block_type":"box","text":"experienced political instability, and there remains the possibility that the stability will not hold in the","page_number":96,"box":{"x":116,"y":273,"width":741,"height":12}},{"id":"256dc560-0d79-471b-96d6-ea432fc6955b","block_type":"box","text":"future or that instability in the larger Middle East region could adversely impact the economy of Saudi","page_number":96,"box":{"x":116,"y":289,"width":755,"height":12}},{"id":"1c4f22cf-59bd-4965-bd55-dd8de5dab3f8","block_type":"box","text":"Arabia. Instability may be caused by military developments, government interventions in the","page_number":96,"box":{"x":116,"y":304,"width":686,"height":12}},{"id":"961a63d1-cec7-4ecc-8776-3854a8fc7c88","block_type":"box","text":"marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences,","page_number":96,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"ea4468d6-9d43-46d7-879e-be08d7b5210d","block_type":"box","text":"or other factors. Additionally, anti-Western views held by certain groups in the Middle East may","page_number":96,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"5f6f66b6-3654-4868-bb52-bbaed93285b8","block_type":"box","text":"influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":96,"box":{"x":117,"y":351,"width":740,"height":12}},{"id":"91768747-3a9b-404f-91e6-50ba5308c285","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S.","page_number":96,"box":{"x":116,"y":366,"width":768,"height":12}},{"id":"8548dc4f-4a3b-442d-885f-2761c9ea9d41","block_type":"box","text":"is a significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi","page_number":96,"box":{"x":117,"y":382,"width":760,"height":12}},{"id":"a1a1f978-a83f-46d2-92d0-741d806c9cff","block_type":"box","text":"Arabia. As a result, economic conditions of Saudi Arabia may be particularly affected by changes in the","page_number":96,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"739cc4aa-bdda-4737-aa35-22ef6e299730","block_type":"box","text":"U.S. economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs,","page_number":96,"box":{"x":117,"y":413,"width":738,"height":12}},{"id":"5b4a1057-81c9-455c-809c-b52842ccadcb","block_type":"box","text":"changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. may have a material","page_number":96,"box":{"x":116,"y":428,"width":746,"height":12}},{"id":"71c7e525-75b6-4060-8dbb-c3c8dc35a60b","block_type":"box","text":"adverse effect on the economic conditions of Saudi Arabia and, as a result, securities to which the","page_number":96,"box":{"x":116,"y":444,"width":733,"height":11}},{"id":"c4bd372d-7b80-452e-a4f4-daccc1e86781","block_type":"box","text":"Fund has exposure. Political instability in North Africa and the larger Middle East region has caused","page_number":96,"box":{"x":117,"y":459,"width":743,"height":12}},{"id":"dada9c31-f4a3-4bfa-9ce5-21dccfffb8fa","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may","page_number":96,"box":{"x":116,"y":475,"width":732,"height":12}},{"id":"575bcc8e-5626-4644-974a-6c41697db978","block_type":"box","text":"negatively affect the value of securities in a Fund’s portfolio.","page_number":96,"box":{"x":117,"y":490,"width":449,"height":12}},{"id":"08e4c180-7f4a-402e-8e3e-73f006e47448","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to","page_number":96,"box":{"x":117,"y":521,"width":731,"height":12}},{"id":"968bf904-c57a-4154-a5ea-829b09868bf2","block_type":"box","text":"sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries","page_number":96,"box":{"x":116,"y":537,"width":772,"height":12}},{"id":"3804248e-8c57-42c6-8937-6acddc96cb04","block_type":"box","text":"identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain","page_number":96,"box":{"x":117,"y":552,"width":744,"height":12}},{"id":"29819dec-bc91-448a-8861-77be0ded25b6","block_type":"box","text":"damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such","page_number":96,"box":{"x":116,"y":568,"width":734,"height":12}},{"id":"c258440d-c61c-408c-812b-f152a00f5dad","block_type":"box","text":"countries. A Fund, as an investor in such issuers will be indirectly subject to those risks.","page_number":96,"box":{"x":116,"y":583,"width":655,"height":12}},{"id":"18d91d48-613d-43bb-b600-ff4b722d6570","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":96,"box":{"x":116,"y":614,"width":237,"height":12}},{"id":"9a02497e-b1e8-448f-b3cf-cbe9347aef18","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory,","page_number":96,"box":{"x":354,"y":614,"width":493,"height":12}},{"id":"4246a9e6-fdef-427e-883e-c77d88768d84","block_type":"box","text":"political, currency, security, expropriation and/or nationalization of assets and economic risk specific to","page_number":96,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"b097cd2c-11aa-4c79-8ad1-fde58bca213c","block_type":"box","text":"Venezuela. Venezuela is extremely well endowed with natural resources, including oil and natural gas,","page_number":96,"box":{"x":116,"y":645,"width":765,"height":12}},{"id":"c9782730-682f-458f-9211-16bac879597e","block_type":"box","text":"and its economy is heavily dependent on export of natural resources to key trading partners. Any act of","page_number":96,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"71ab8987-9479-4d30-ac86-f07ecfbcde23","block_type":"box","text":"terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or","page_number":96,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"777f6a29-ac1a-4ddd-94c7-98045eccbbf8","block_type":"box","text":"export of natural resources will likely negatively affect the Venezuelan economy. The government","page_number":96,"box":{"x":116,"y":692,"width":723,"height":12}},{"id":"dd7e0a52-3ce8-4777-9921-05322c77bc2f","block_type":"box","text":"continues to control key sectors of the economy, including upstream oil and gas production, and has","page_number":96,"box":{"x":116,"y":707,"width":744,"height":12}},{"id":"589d5419-377e-4e0f-99ff-38e34ab677f8","block_type":"box","text":"sought to increase its role in key sectors, such as telecommunications and steel. Meanwhile,","page_number":96,"box":{"x":116,"y":723,"width":686,"height":12}},{"id":"4e149050-7992-44c8-bb61-7baab022dcb8","block_type":"box","text":"ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":96,"box":{"x":116,"y":738,"width":747,"height":12}},{"id":"97573e86-3d31-48cc-ace6-36304b11ff94","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues","page_number":96,"box":{"x":116,"y":754,"width":741,"height":12}},{"id":"71409e39-721f-40fb-bd6e-92e12127748b","block_type":"box","text":"between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":96,"box":{"x":117,"y":769,"width":725,"height":12}},{"id":"a83a013f-58dd-4be1-81d7-eb842853819d","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and","page_number":96,"box":{"x":116,"y":785,"width":687,"height":11}},{"id":"cefce4c1-aa3f-4f07-8368-06d4f6d483ab","block_type":"box","text":"Venezuelan corporate entities, and on the Venezuelan government. The U.S. could also institute","page_number":96,"box":{"x":116,"y":800,"width":717,"height":12}},{"id":"bd4d62b0-b9f6-49a2-9221-dd1242491ad4","block_type":"box","text":"broader sanctions on Venezuela. The U.S. has also taken military action against Venezuela in an effort","page_number":96,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"60c6e1ac-5adf-4316-bbf2-4510b3278484","block_type":"box","text":"to effect regime change. Military action, sanctions, or even the threat of further military action and","page_number":96,"box":{"x":116,"y":831,"width":727,"height":12}},{"id":"f0da7b43-df27-443d-b659-6a4ad0489401","block_type":"box","text":"sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of","page_number":96,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"27578d1a-d2af-4185-a88a-6fccda6679b4","block_type":"box","text":"the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":96,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"97fbfa3b-8a37-421b-b195-a2095bf6eee8","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions","page_number":96,"box":{"x":116,"y":878,"width":732,"height":12}},{"id":"4710bdd5-d753-4adc-9f0a-d35961c3d31c","block_type":"box","text":"II-51","page_number":96,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"a5aab991-d9ab-4a5d-82b7-bf57d956c4d1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":96,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c9319802-fe99-4c95-8e29-0ade7576cd82","block_type":"box","text":"against Venezuela may in the future be imposed by the U.S. or other countries. These factors, among","page_number":97,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"91806472-58b2-4148-8aa4-358dcc08de8a","block_type":"box","text":"others, can have a negative impact on a Fund’s investments.","page_number":97,"box":{"x":116,"y":103,"width":457,"height":12}},{"id":"9f02efc4-94cc-4b19-8254-e461bfbd178c","block_type":"box","text":"Brady Bonds.","page_number":97,"box":{"x":116,"y":135,"width":97,"height":12}},{"id":"27da9c6e-a97b-4284-9c55-e0397a3b5569","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may","page_number":97,"box":{"x":215,"y":135,"width":661,"height":12}},{"id":"f4f7ea0b-0534-484e-b11c-9a9e5b19fa5c","block_type":"box","text":"include emerging market governmental debt obligati","page_number":97,"box":{"x":117,"y":151,"width":376,"height":11}},{"id":"419c7f2e-87ac-4305-ad3a-60d9e4861af0","block_type":"box","text":"ons commonly referred to as Brady Bonds. Brady","page_number":97,"box":{"x":494,"y":150,"width":364,"height":12}},{"id":"aaa5a58e-903b-4d29-93c8-897d8599eae6","block_type":"box","text":"Bonds are securities created through the exchange of existing commercial bank loans to sovereign","page_number":97,"box":{"x":117,"y":166,"width":722,"height":12}},{"id":"ce03d11c-ebcf-4028-b025-b98f9830fe45","block_type":"box","text":"entities for new obligations in connection with debt","page_number":97,"box":{"x":116,"y":181,"width":365,"height":12}},{"id":"5ec479a5-fba6-4627-a4c0-f0d11822170a","block_type":"box","text":"t restructurings under a debt restructuring plan","page_number":97,"box":{"x":481,"y":182,"width":338,"height":11}},{"id":"a286cf78-2dc1-4d8e-9864-237746785fb8","block_type":"box","text":"introduced by former U.S. Secretary of the Treasury,","page_number":97,"box":{"x":117,"y":197,"width":380,"height":12}},{"id":"7d7eb0eb-8f3a-4727-b0d4-b4ac6825315d","block_type":"box","text":"Nicholas F. Brady (the “Brady Plan”). Brady Plan","page_number":97,"box":{"x":498,"y":197,"width":364,"height":12}},{"id":"be6f5d1a-0f46-4e95-aad4-37f73fe91808","block_type":"box","text":"debt restructurings have been implemented in a number of","page_number":97,"box":{"x":116,"y":212,"width":427,"height":12}},{"id":"b7f1d304-0600-4d7f-9582-f0b5723e7e84","block_type":"box","text":"f countries, including: Argentina, Bolivia, Brazil,","page_number":97,"box":{"x":542,"y":213,"width":342,"height":11}},{"id":"16f3fc3a-eab6-48c0-8338-81f29df2ef0e","block_type":"box","text":"Bulgaria, Costa Rica, the Dominican Republic, Ecuado","page_number":97,"box":{"x":117,"y":228,"width":396,"height":12}},{"id":"d9918b1c-7233-4662-a4d5-0ccfda7c1095","block_type":"box","text":"r, Jordan, Mexico, Niger, Nigeria, Panama, Peru,","page_number":97,"box":{"x":515,"y":228,"width":359,"height":12}},{"id":"cadc2ff9-7de0-41da-930d-0369fc173c04","block_type":"box","text":"the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early 2000s, certain","page_number":97,"box":{"x":116,"y":244,"width":707,"height":11}},{"id":"4e986984-9ec0-4bd4-b97e-84fcbf132b8c","block_type":"box","text":"countries began retiring their Brady Bonds, includi","page_number":97,"box":{"x":116,"y":259,"width":361,"height":12}},{"id":"300744c4-dae9-4db8-a64c-2c6e20400786","block_type":"box","text":"ng Brazil, Colombia, Mexico, the Philippines, and","page_number":97,"box":{"x":480,"y":259,"width":360,"height":12}},{"id":"1c03263b-5282-4ca9-bbe5-8ae376c04ae8","block_type":"box","text":"Venezuela.","page_number":97,"box":{"x":116,"y":275,"width":87,"height":9}},{"id":"2b239542-0153-4a95-916d-ebe403a77612","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the","page_number":97,"box":{"x":117,"y":307,"width":758,"height":12}},{"id":"2b80c49e-855a-4131-816b-827c2d6b8d07","block_type":"box","text":"U.S. dollar) and are actively traded in the OTC secondary market. Brady Bonds are not considered to","page_number":97,"box":{"x":117,"y":322,"width":762,"height":12}},{"id":"716895e2-be3c-4a3c-9bed-67ad55c65f5d","block_type":"box","text":"be U.S. Government Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be","page_number":97,"box":{"x":117,"y":338,"width":754,"height":12}},{"id":"9da2e3a6-e4c7-4514-828a-55dbb796228f","block_type":"box","text":"fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal","page_number":97,"box":{"x":116,"y":353,"width":751,"height":12}},{"id":"0363bb0a-2c02-4f8f-b246-f7c9d9cdd22f","block_type":"box","text":"by U.S. Treasury zero-coupon bonds having the same maturity as the Brady Bonds. Interest","page_number":97,"box":{"x":117,"y":369,"width":694,"height":12}},{"id":"1d25b55f-aad3-4696-869e-ee9e218fd603","block_type":"box","text":"payments on these Brady Bonds generally are collateralized on a one-year or longer rolling-forward","page_number":97,"box":{"x":117,"y":384,"width":749,"height":12}},{"id":"493c5126-080a-4c45-9c3d-4cdfbd053c40","block_type":"box","text":"basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one","page_number":97,"box":{"x":117,"y":400,"width":753,"height":12}},{"id":"99b1fb8e-cde2-409c-9f0f-0161d1f5a298","block_type":"box","text":"year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":97,"box":{"x":116,"y":415,"width":754,"height":12}},{"id":"ff6fab0f-dbdf-4063-97e2-68055f000a05","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals","page_number":97,"box":{"x":117,"y":431,"width":767,"height":12}},{"id":"11363ccd-7e54-44b2-92c1-721213d31a85","block_type":"box","text":"thereafter. Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances,","page_number":97,"box":{"x":116,"y":446,"width":747,"height":12}},{"id":"c3ef1370-05dd-4cf2-91bd-52da05b35f90","block_type":"box","text":"which in effect constitute supplemental interest payments but generally are not collateralized. Brady","page_number":97,"box":{"x":116,"y":462,"width":751,"height":12}},{"id":"080a05bf-9a02-4346-a129-fdde69a88a33","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment","page_number":97,"box":{"x":117,"y":477,"width":767,"height":12}},{"id":"24584797-e924-4a55-98da-0eedd45ce6f1","block_type":"box","text":"of principal at final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest","page_number":97,"box":{"x":116,"y":493,"width":749,"height":12}},{"id":"4c784b86-85f6-4819-88ef-dacf2fe02954","block_type":"box","text":"payments; and (iv) any uncollateralized repayment of principal at maturity (the uncollateralized","page_number":97,"box":{"x":117,"y":508,"width":710,"height":12}},{"id":"3c225af3-04cc-40c8-9803-f3ba4c730361","block_type":"box","text":"amounts constitute the “residual risk”).","page_number":97,"box":{"x":116,"y":524,"width":292,"height":12}},{"id":"68546798-2124-420b-a137-d927347052ed","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign","page_number":97,"box":{"x":117,"y":556,"width":695,"height":12}},{"id":"b31ae972-4889-47e4-9563-9ddb37c4a6b8","block_type":"box","text":"securities, including the history of defaults with respect to commercial bank loans by public and private","page_number":97,"box":{"x":116,"y":572,"width":765,"height":12}},{"id":"0a4ad45e-0d69-47c0-a90e-30aaa9026af3","block_type":"box","text":"entities of countries issuing Brady Bonds. In light of the residual risk of Brady Bonds and, among other","page_number":97,"box":{"x":116,"y":587,"width":764,"height":12}},{"id":"359f7d10-f1d7-4ae8-838a-1e25c8f27ae1","block_type":"box","text":"factors, the history of defaults, investments in Brady Bonds are considered speculative. There can be","page_number":97,"box":{"x":116,"y":603,"width":756,"height":12}},{"id":"67116b3d-c42f-4d62-81eb-02cc46d354ee","block_type":"box","text":"no assurance that Brady Bonds in which the Funds may invest will not be subject to restructuring","page_number":97,"box":{"x":117,"y":618,"width":723,"height":12}},{"id":"3f343e5f-3dfb-44cb-b9ae-f0cdd4f25973","block_type":"box","text":"arrangements or to requests for new credit, which may cause the Funds to suffer a loss of interest or","page_number":97,"box":{"x":116,"y":634,"width":752,"height":12}},{"id":"53add680-ae81-4097-81ad-3736fbdbcec1","block_type":"box","text":"principal on any of its holdings.","page_number":97,"box":{"x":117,"y":649,"width":234,"height":12}},{"id":"0fac77c8-a9a6-46cf-8a52-a05d9246c21a","block_type":"box","text":"China Investments Risk.","page_number":97,"box":{"x":117,"y":682,"width":178,"height":9}},{"id":"caa1e374-dd7e-4c4f-acf8-987732eb21b6","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the","page_number":97,"box":{"x":117,"y":705,"width":729,"height":13}},{"id":"87168976-1054-4d7c-b295-153bc42dee94","block_type":"box","text":"“PRC”), including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and","page_number":97,"box":{"x":116,"y":721,"width":758,"height":12}},{"id":"223acc92-05a2-4851-b4b1-b76dbb77c501","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such","page_number":97,"box":{"x":116,"y":736,"width":719,"height":13}},{"id":"3f80ddab-2c02-45cd-8943-076ed319a3d8","block_type":"box","text":"heightened risks include, among others, an authoritarian government, popular unrest associated with","page_number":97,"box":{"x":117,"y":752,"width":747,"height":12}},{"id":"4f724979-7a7e-4661-8d56-c385ef23d3c4","block_type":"box","text":"demands for improved political, economic and social conditions, the impact of regional conflict on the","page_number":97,"box":{"x":116,"y":767,"width":748,"height":13}},{"id":"db6df906-fa53-490f-96d7-9dfb5028bd2f","block_type":"box","text":"economy and hostile relations with other countries.","page_number":97,"box":{"x":116,"y":783,"width":376,"height":12}},{"id":"7faba42c-940e-4503-9462-e8c4515c5d87","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could","page_number":97,"box":{"x":117,"y":815,"width":723,"height":12}},{"id":"b80422d4-a9b0-48f1-8046-361e45ad743e","block_type":"box","text":"disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements","page_number":97,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"f518ff8c-8828-4904-ac7f-5d46c7b8382e","block_type":"box","text":"and religious and nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been","page_number":97,"box":{"x":116,"y":846,"width":758,"height":12}},{"id":"e2fcecea-3bbb-4d18-b44d-d0e40578846e","block_type":"box","text":"tensions between the Chinese government and many people in Hong Kong who perceive China as","page_number":97,"box":{"x":116,"y":862,"width":738,"height":12}},{"id":"9a2dc1c8-a4ef-4136-b329-979cd3cf49a2","block_type":"box","text":"tightening control over Hong Kong’s semi-autonomous liberal political, economic, legal, and social","page_number":97,"box":{"x":116,"y":878,"width":731,"height":11}},{"id":"c8e16c6e-3dec-42af-a974-ab2815d8e0b6","block_type":"box","text":"II-52","page_number":97,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"3f8f1f9f-c1aa-406a-80a8-7be510da4b52","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":97,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b5d39766-c4ef-4ca6-9c4d-1ed985caca0b","block_type":"box","text":"framework. Protests and unrest have increased tensions even further. Due to the interconnected","page_number":98,"box":{"x":116,"y":87,"width":721,"height":10}},{"id":"39354c2e-77d4-4d9a-a5c7-0299117379cc","block_type":"box","text":"nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty","page_number":98,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"1c4514b4-9269-4da8-8a8f-21e348bf2f0a","block_type":"box","text":"in the Hong Kong and Chinese markets. China has a complex territorial dispute regarding the","page_number":98,"box":{"x":117,"y":118,"width":697,"height":12}},{"id":"fa1a2144-27d7-4786-9db6-52241392ab78","block_type":"box","text":"sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":98,"box":{"x":116,"y":134,"width":767,"height":12}},{"id":"604f2b17-61a3-4c6d-86f1-125cdd7d8cc8","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse","page_number":98,"box":{"x":116,"y":149,"width":772,"height":12}},{"id":"7ea5fff6-4519-4fec-8196-e3a49f69dd9c","block_type":"box","text":"impact on the value of the Fund’s investments in China or Taiwan, may cause a suspension in a","page_number":98,"box":{"x":117,"y":165,"width":717,"height":12}},{"id":"c2d532b8-3036-4309-abd3-82b933e5506d","block_type":"box","text":"Fund’s ability to trade in certain securities or other assets or may otherwise make such investments","page_number":98,"box":{"x":117,"y":180,"width":742,"height":12}},{"id":"e1327a25-8e27-4245-8b13-ad7162e047b6","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a","page_number":98,"box":{"x":117,"y":196,"width":759,"height":12}},{"id":"7eebd7b3-a69a-45f4-b85b-08d879ce22b9","block_type":"box","text":"significant adverse impact on the value of the Fund’s investments in both countries and the region. In","page_number":98,"box":{"x":116,"y":211,"width":755,"height":12}},{"id":"edd70846-07b8-45d4-acd6-7fa781531e4d","block_type":"box","text":"addition, China has strained international relations with Japan, India, the Philippines and other","page_number":98,"box":{"x":116,"y":227,"width":703,"height":11}},{"id":"8cc6c987-82a6-4e89-9043-3d80a7ef359a","block_type":"box","text":"neighbors due to territorial disputes, historical animosities and other defense concerns. Frictions","page_number":98,"box":{"x":117,"y":242,"width":717,"height":12}},{"id":"a1bac40c-f922-44c8-9ee6-4b5c93218cd4","block_type":"box","text":"between China and the Philippines in the South China Sea pose a risk of escalation potentially leading","page_number":98,"box":{"x":117,"y":258,"width":765,"height":12}},{"id":"efaf3e34-537c-43b8-8946-3838f282b246","block_type":"box","text":"to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks","page_number":98,"box":{"x":116,"y":273,"width":752,"height":12}},{"id":"854ba293-aebf-4d0d-9d04-fdb5332902d8","block_type":"box","text":"against foreign companies and foreign governments. Actual and threatened responses to such activity","page_number":98,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"c6fa9794-d16c-44d4-9277-8be9c38ba467","block_type":"box","text":"and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks","page_number":98,"box":{"x":116,"y":304,"width":760,"height":12}},{"id":"ca32e459-10fc-468a-a40e-2af152edab24","block_type":"box","text":"on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers","page_number":98,"box":{"x":116,"y":320,"width":769,"height":12}},{"id":"5be0a952-337f-4ac9-883a-d9b2be447591","block_type":"box","text":"of securities in which a Fund invests. China could be affected by military events on the Korean","page_number":98,"box":{"x":116,"y":335,"width":705,"height":12}},{"id":"b496b141-941b-40e0-bbc2-5d68cbab354a","block_type":"box","text":"peninsula or internal instability within North Korea. These situations may cause uncertainty in the","page_number":98,"box":{"x":117,"y":351,"width":723,"height":12}},{"id":"b4fed98c-acd3-4a6c-9e19-cc6622e92c80","block_type":"box","text":"Chinese market and may adversely affect the performance of the Chinese economy.","page_number":98,"box":{"x":117,"y":366,"width":631,"height":12}},{"id":"5a44771e-00cc-4d4a-9f38-00a619f5c693","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy,","page_number":98,"box":{"x":116,"y":393,"width":712,"height":12}},{"id":"47077b32-e6ba-48a0-abad-9899dfa895e0","block_type":"box","text":"promote foreign investment in the economy, reduce government control of the economy and develop","page_number":98,"box":{"x":117,"y":409,"width":752,"height":12}},{"id":"6180be8d-5c8d-421a-b7b2-c5f5c7d3598c","block_type":"box","text":"market mechanisms. However, the Chinese government still exercises substantial influence over many","page_number":98,"box":{"x":117,"y":424,"width":768,"height":12}},{"id":"934d7c56-67de-4def-94cd-5ad9b3833add","block_type":"box","text":"aspects of the private sector and may own or control many companies. Chinese companies, such as","page_number":98,"box":{"x":116,"y":440,"width":751,"height":12}},{"id":"677981dc-4a43-4b22-bf03-2d3d65679e49","block_type":"box","text":"those in the financial services or technology sectors, and potentially other sectors in the future, are","page_number":98,"box":{"x":116,"y":455,"width":736,"height":12}},{"id":"b77c7a3b-c179-467f-8822-a6bc830f9741","block_type":"box","text":"subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese","page_number":98,"box":{"x":116,"y":471,"width":769,"height":12}},{"id":"9b3a4022-7442-4a99-a0be-07373bb487b4","block_type":"box","text":"government continues to maintain a major role in economic policymaking and investing in China","page_number":98,"box":{"x":116,"y":486,"width":717,"height":12}},{"id":"f2e835a7-5dcd-4d7b-98cf-11d41a4db3e8","block_type":"box","text":"involves risk of loss due to expropriation, nationalization, confiscation of assets and property or the","page_number":98,"box":{"x":117,"y":502,"width":736,"height":12}},{"id":"f8582765-62c1-48e0-a269-d2260d311014","block_type":"box","text":"imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":98,"box":{"x":117,"y":517,"width":647,"height":12}},{"id":"86854a2e-eec3-4ed2-ac82-9808808378a2","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of","page_number":98,"box":{"x":116,"y":544,"width":764,"height":12}},{"id":"7111dca7-d8d9-4ef9-ac4e-6a12337d537f","block_type":"box","text":"trading restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks.","page_number":98,"box":{"x":116,"y":560,"width":761,"height":12}},{"id":"d41954ce-3729-49cc-8372-86b1758c3381","block_type":"box","text":"This may affect market price and liquidity of these stocks, and may have an unpredictable impact on","page_number":98,"box":{"x":116,"y":575,"width":748,"height":12}},{"id":"5221995c-b3b3-4dd9-93b6-c29f9906ad0e","block_type":"box","text":"the investment activities of the Funds. Furthermore, such market interventions may have a negative","page_number":98,"box":{"x":116,"y":591,"width":745,"height":12}},{"id":"4060f6c3-6097-4dcc-8fe5-d706eda807c7","block_type":"box","text":"impact on market sentiment which may in turn affect the performance of the securities markets and as","page_number":98,"box":{"x":117,"y":606,"width":762,"height":12}},{"id":"2912e2d1-692d-4e86-9831-a0c7534578e2","block_type":"box","text":"a result the performance of the Funds.","page_number":98,"box":{"x":116,"y":622,"width":290,"height":12}},{"id":"d5d21a32-f93b-4b4b-a004-88f72362098c","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of","page_number":98,"box":{"x":117,"y":649,"width":749,"height":12}},{"id":"1da9a0fa-fa51-4c3a-b002-9470807c99dd","block_type":"box","text":"investors, brokers and other participants than in the United States. Accordingly, issuers of securities in","page_number":98,"box":{"x":117,"y":665,"width":757,"height":12}},{"id":"18022695-1785-41ce-bf36-d01be0fc1a37","block_type":"box","text":"China, including Chinese companies that are listed on U.S. exchanges, are not subject to the same","page_number":98,"box":{"x":117,"y":680,"width":735,"height":12}},{"id":"dab25bb3-bf99-4813-bb0a-03ddb73894d7","block_type":"box","text":"degree of regulation as are U.S. issuers with respect to such matters as insider trading rules, tender","page_number":98,"box":{"x":116,"y":696,"width":742,"height":12}},{"id":"f47451d1-c300-43f0-bbb7-01b045c8514e","block_type":"box","text":"offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":98,"box":{"x":116,"y":711,"width":735,"height":12}},{"id":"3690e2a9-1d08-4fcd-a7ec-e59de259a928","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are","page_number":98,"box":{"x":117,"y":727,"width":761,"height":12}},{"id":"5af43c90-2f84-47ff-a6f8-82edc9f6ba3f","block_type":"box","text":"in the process of change and further development. This may lead to trading volatility, difficulty in the","page_number":98,"box":{"x":117,"y":742,"width":738,"height":12}},{"id":"143fb6db-98fc-49c5-8d0e-ba3c1888cfed","block_type":"box","text":"settlement and recording of transactions and difficulty in interpreting and applying the relevant","page_number":98,"box":{"x":116,"y":758,"width":697,"height":12}},{"id":"5702acda-cfbb-41bb-ba4a-fd958fd028bc","block_type":"box","text":"regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":98,"box":{"x":117,"y":773,"width":750,"height":12}},{"id":"24b89bf6-0fcf-412a-9bfe-8e29d2f93a66","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In","page_number":98,"box":{"x":116,"y":789,"width":743,"height":12}},{"id":"61672c58-39bd-4738-ac78-b48f0f89aba2","block_type":"box","text":"particular, there is a risk that a Fund may not be recognized as the owner of securities that are held on","page_number":98,"box":{"x":117,"y":804,"width":759,"height":12}},{"id":"e8beab94-d38c-4ca0-ad2a-06996c45959e","block_type":"box","text":"behalf of the Fund by a sub-custodian.","page_number":98,"box":{"x":117,"y":820,"width":284,"height":12}},{"id":"29a12451-37e5-4af4-9e53-179479b614d2","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or","page_number":98,"box":{"x":116,"y":847,"width":707,"height":12}},{"id":"3da30a2a-3410-4261-a7ea-744bdf44141d","block_type":"box","text":"litigation against Chinese companies, and shareholders may have limited legal remedies. The Funds","page_number":98,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"9ec2720c-7c14-4e91-a9a9-ecf50b254b7e","block_type":"box","text":"do not select investments based on investor protection considerations.","page_number":98,"box":{"x":116,"y":878,"width":528,"height":12}},{"id":"356e4a39-4259-4757-88fa-880b583e1112","block_type":"box","text":"II-53","page_number":98,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f0b9116f-4cde-4386-86b7-d07469621706","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":98,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"47104f51-c732-4aff-9e31-03414795dc89","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company","page_number":99,"box":{"x":116,"y":87,"width":689,"height":12}},{"id":"304cc398-c01b-49b3-a814-3cbcc1651eba","block_type":"box","text":"Accounting Oversight Board (“PCAOB”) from inspecting the audit work and practices of accounting","page_number":99,"box":{"x":116,"y":102,"width":738,"height":13}},{"id":"5cc5a7d9-38a3-4165-9748-b944a2822a3a","block_type":"box","text":"firms in mainland China and Hong Kong for compliance with U.S. law and professional standards. On","page_number":99,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"65976829-c7b1-4a8c-b7ce-432556fe982d","block_type":"box","text":"August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory","page_number":99,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"2c3cd917-0f2f-42ce-9fd2-36598f22a048","block_type":"box","text":"Commission and the Ministry of Finance of the PRC, which marked the first step toward opening","page_number":99,"box":{"x":117,"y":149,"width":719,"height":12}},{"id":"63e096ae-9b44-4bd1-8127-07d5c817af96","block_type":"box","text":"access for the PCAOB to inspect and investigate registered public accounting firms headquartered in","page_number":99,"box":{"x":116,"y":165,"width":755,"height":12}},{"id":"3fb5d472-1417-4284-945d-fbdf1912e04d","block_type":"box","text":"mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":99,"box":{"x":117,"y":180,"width":672,"height":12}},{"id":"b7bfb855-74ca-4303-a94f-ab8daac8977d","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested.","page_number":99,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"a9f46349-da1f-49b8-91f3-9f5043ca2b10","block_type":"box","text":"Audits performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be","page_number":99,"box":{"x":116,"y":211,"width":747,"height":12}},{"id":"a45f942d-731c-42cc-8f2b-e9e34ac96a29","block_type":"box","text":"less reliable than those performed by firms subject to PCAOB inspection. Accordingly, information","page_number":99,"box":{"x":117,"y":227,"width":730,"height":12}},{"id":"83dd8ff9-9064-45b5-9a21-0d435d5537c0","block_type":"box","text":"about the Chinese securities in which the Funds invest may be less reliable or complete. Under","page_number":99,"box":{"x":116,"y":242,"width":712,"height":12}},{"id":"5e805c68-6094-4e94-a949-9159e6930ac1","block_type":"box","text":"amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB","page_number":99,"box":{"x":116,"y":258,"width":752,"height":12}},{"id":"2a24e33d-1992-442e-9acc-48f44da0f33d","block_type":"box","text":"be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer, Chinese companies with","page_number":99,"box":{"x":117,"y":273,"width":743,"height":12}},{"id":"560f028d-aa91-4347-8545-b389147b3cc1","block_type":"box","text":"securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting","page_number":99,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"1b10069c-88e3-4497-bfba-9d9db026d10d","block_type":"box","text":"firm.","page_number":99,"box":{"x":116,"y":304,"width":37,"height":9}},{"id":"1d146730-0634-482e-9757-11a4ad73a0f8","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange","page_number":99,"box":{"x":116,"y":335,"width":763,"height":12}},{"id":"25828470-0f9d-4e59-a566-f7c68e35f7c8","block_type":"box","text":"control policies and repatriation restrictions imposed by the Chinese government. The imposition of","page_number":99,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"dac752e8-1500-4e82-b9b4-7c8e8db41493","block_type":"box","text":"currency controls may negatively impact performance and liquidity of the Funds as capital may become","page_number":99,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"92a6a697-d469-462f-a0ea-510d33eb15aa","block_type":"box","text":"trapped in the PRC. The Funds could be adversely affected by delays in, or a refusal to grant, any","page_number":99,"box":{"x":116,"y":382,"width":732,"height":12}},{"id":"43d04ce6-e10d-4c58-b146-ead6cc168a7b","block_type":"box","text":"required governmental approval for repatriation of capital, as well as by the application to the Funds of","page_number":99,"box":{"x":117,"y":397,"width":762,"height":12}},{"id":"0392728c-0337-44cb-b789-a7877b0a716f","block_type":"box","text":"any restrictions on investments. Investing in entities either in, or which have a substantial portion of","page_number":99,"box":{"x":116,"y":413,"width":740,"height":12}},{"id":"fd60d5fd-c426-4d36-bb33-116ff0b4f33a","block_type":"box","text":"their operations in, the PRC may require the Funds to adopt special procedures, seek local","page_number":99,"box":{"x":116,"y":428,"width":680,"height":12}},{"id":"daa4de28-7faf-46e5-a33a-7085ba70e3e4","block_type":"box","text":"government approvals or take other actions, each of which may involve additional costs and delays to","page_number":99,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"3f074d86-6d99-4ecf-99ba-eb52827ef17e","block_type":"box","text":"the Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and","page_number":99,"box":{"x":116,"y":459,"width":743,"height":12}},{"id":"d0c8d17b-a8bf-499f-818c-7b932730dc83","block_type":"box","text":"RMB, as well as in connection with conversions between the two separate types of RMB, the onshore","page_number":99,"box":{"x":117,"y":475,"width":758,"height":12}},{"id":"60b2793a-e775-4a49-8d2d-ef0ab7ed4df0","block_type":"box","text":"RMB (“CNY”) and the offshore RMB (“CNH”).","page_number":99,"box":{"x":117,"y":490,"width":340,"height":12}},{"id":"e1f596db-bb94-49a9-a5d4-a54ef5df3410","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their","page_number":99,"box":{"x":117,"y":521,"width":727,"height":12}},{"id":"b9ccb885-5330-4d88-9600-bde261099530","block_type":"box","text":"structure as a result of foreign ownership restrictions. In a VIE structure, a Chinese operating company","page_number":99,"box":{"x":116,"y":537,"width":767,"height":12}},{"id":"93662ef5-e311-4526-8827-7d5529c824df","block_type":"box","text":"establishes a shell company in another jurisdiction to issue stock to public shareholders. When a VIE","page_number":99,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"d7ccb3c8-e0c9-466e-86bb-10104cd3de47","block_type":"box","text":"structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity","page_number":99,"box":{"x":116,"y":568,"width":715,"height":12}},{"id":"b5d9fdef-6884-46ea-9a9e-9733234525ea","block_type":"box","text":"securities of the Chinese company, the U.S.-listed shell company directly or indirectly enters into","page_number":99,"box":{"x":116,"y":583,"width":721,"height":12}},{"id":"201a4d8f-b513-4411-bf18-db435aed9915","block_type":"box","text":"contracts with the Chinese operating company under Chinese law. These contracts provide the U.S.-","page_number":99,"box":{"x":116,"y":599,"width":749,"height":12}},{"id":"ffa91ac9-79ed-4225-a98b-ae53419f69b3","block_type":"box","text":"listed shell company with only economic exposure to the Chinese company and do not represent","page_number":99,"box":{"x":117,"y":614,"width":722,"height":12}},{"id":"43366c94-fdf0-43e6-9008-102f9ca86a63","block_type":"box","text":"equity ownership in the operating company.","page_number":99,"box":{"x":116,"y":630,"width":329,"height":12}},{"id":"97c09dba-0b3a-4968-8da0-86036f13b147","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have","page_number":99,"box":{"x":116,"y":661,"width":765,"height":12}},{"id":"e1f456c5-abed-43a9-b246-1cb3f3c48d0e","block_type":"box","text":"not been formally recognized under Chinese law. The Chinese government has provided guidance to","page_number":99,"box":{"x":117,"y":676,"width":749,"height":12}},{"id":"522678a8-8754-4cbb-908b-43ca7c13947b","block_type":"box","text":"and placed restrictions on Chinese-based companies raising capital offshore, including through VIEs.","page_number":99,"box":{"x":116,"y":692,"width":749,"height":12}},{"id":"f7345368-6e9a-4ae3-abca-9c14c56a75fd","block_type":"box","text":"In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use","page_number":99,"box":{"x":117,"y":707,"width":762,"height":12}},{"id":"19e97120-0ef0-4f68-be33-527b5739e205","block_type":"box","text":"of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules,","page_number":99,"box":{"x":116,"y":723,"width":699,"height":12}},{"id":"82e7e6c2-7ed1-497d-afa3-f1876a9d865e","block_type":"box","text":"however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures.","page_number":99,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"0ff862f9-99ac-4c7b-bb4b-db4939227944","block_type":"box","text":"Intervention, rulemaking or guidance by the Chinese government with respect to VIE structures or the","page_number":99,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"f66fc15a-5ee7-4f52-9e42-ecc8a020797c","block_type":"box","text":"non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":99,"box":{"x":117,"y":769,"width":736,"height":12}},{"id":"d3b32cdf-db09-45a8-8f9f-77f758ae01ce","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with","page_number":99,"box":{"x":117,"y":785,"width":751,"height":12}},{"id":"cdc45c93-d6ec-4b3c-9a2e-3db2fc1a9183","block_type":"box","text":"the Chinese company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement","page_number":99,"box":{"x":116,"y":800,"width":757,"height":12}},{"id":"a27019fa-180d-4b08-99e6-f7a56fcf4e6d","block_type":"box","text":"would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed shell","page_number":99,"box":{"x":116,"y":816,"width":748,"height":12}},{"id":"6f1d737d-5f1c-47de-b6a3-69b2bb9b21f7","block_type":"box","text":"company are uncertain and could be ineffective. In addition to the risk of government intervention,","page_number":99,"box":{"x":116,"y":831,"width":731,"height":12}},{"id":"4b6cc49f-5d50-4280-81ed-633c39a5aaf8","block_type":"box","text":"investments through a VIE structure are subject to the risk that the China-based company (or its","page_number":99,"box":{"x":117,"y":847,"width":717,"height":12}},{"id":"bec7ac11-3b8b-4553-b30f-912d2eaebf67","block_type":"box","text":"officers, directors, or Chinese equity owners) may breach those contractual arrangements, or Chinese","page_number":99,"box":{"x":116,"y":862,"width":763,"height":12}},{"id":"7ca9724e-f95d-484a-b74e-4054a6554013","block_type":"box","text":"law changes in a way that adversely affects the enforceability of these arrangements, or those","page_number":99,"box":{"x":117,"y":878,"width":703,"height":12}},{"id":"4ff2d85a-dac4-432f-a91a-5ce90b174d64","block_type":"box","text":"II-54","page_number":99,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"efab79d2-ffa5-48e6-a0f1-f6b5653be6fb","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":99,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e3755068-210c-4e51-85fd-07cf538e2a65","block_type":"box","text":"contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":100,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"71889aec-b3a4-4786-b65a-945e9923013e","block_type":"box","text":"significant losses on its investments through a VIE structure with little or no recourse available. Any","page_number":100,"box":{"x":116,"y":102,"width":741,"height":13}},{"id":"30bf2102-bb1b-49d9-9d70-363fc4b70b82","block_type":"box","text":"change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or","page_number":100,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"637151a0-0617-4331-9033-e236714215e7","block_type":"box","text":"the legal or regulatory environment in China, generally or with respect to specific industries, could","page_number":100,"box":{"x":116,"y":134,"width":729,"height":12}},{"id":"fb9e726e-e7a6-4ce7-87fa-35682ad10710","block_type":"box","text":"result in significant, and possibly permanent and/or total, losses to a Fund.","page_number":100,"box":{"x":117,"y":149,"width":556,"height":12}},{"id":"12abb33a-ee4f-4ccf-b35a-cfccc7501fff","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that","page_number":100,"box":{"x":116,"y":178,"width":758,"height":12}},{"id":"fa424749-5ddc-40f9-9324-49bda2ca132a","block_type":"box","text":"such growth rates will recur. Other economic challenges for China include indebtedness, weak","page_number":100,"box":{"x":116,"y":194,"width":706,"height":12}},{"id":"52217f4d-b896-48c7-aa06-3c176555c8ee","block_type":"box","text":"consumer demand, trade tensions, and an aging population. China continues to face pressure from its","page_number":100,"box":{"x":116,"y":209,"width":763,"height":12}},{"id":"45184b35-0184-4cd8-91e1-dde8515f7a21","block_type":"box","text":"trading partners over its exporting of its excess industrial capacity and overall approach to economic","page_number":100,"box":{"x":116,"y":225,"width":748,"height":12}},{"id":"cd33e755-50ef-448b-9dbb-9ad65fc1739d","block_type":"box","text":"management. China’s economy is heavily dependent on export growth. Reduction in spending on","page_number":100,"box":{"x":117,"y":240,"width":727,"height":12}},{"id":"d1b5ddec-3ae4-423e-8208-5d6578ddf713","block_type":"box","text":"Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or","page_number":100,"box":{"x":117,"y":256,"width":765,"height":12}},{"id":"27494c00-3493-420c-960b-c88d9813bf25","block_type":"box","text":"other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":100,"box":{"x":116,"y":271,"width":755,"height":12}},{"id":"26ddb394-66dc-4a98-baf2-7829c732a1ea","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":100,"box":{"x":116,"y":287,"width":688,"height":12}},{"id":"0a3fce9e-c3ac-4eae-a7f3-5ada2cc69b59","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and","page_number":100,"box":{"x":116,"y":302,"width":762,"height":12}},{"id":"6679f9d9-88ef-465e-9e80-216de2f71a74","block_type":"box","text":"the companies in which a Fund invests. Certain Chinese companies (which may change from time to","page_number":100,"box":{"x":116,"y":318,"width":753,"height":12}},{"id":"d2f6d7de-649b-4c38-95df-6179cc6d8d1a","block_type":"box","text":"time) are directly or indirectly subject to economic or trade restrictions imposed by the U.S. or other","page_number":100,"box":{"x":116,"y":333,"width":741,"height":12}},{"id":"182515de-d4a7-4503-abf4-35720ec058a3","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For","page_number":100,"box":{"x":116,"y":349,"width":709,"height":12}},{"id":"a259a601-7e66-4963-8324-6302f524222a","block_type":"box","text":"example, certain foreign technology companies are subject to U.S. export controls as those companies","page_number":100,"box":{"x":116,"y":364,"width":769,"height":12}},{"id":"5c891ae5-67cb-4b81-98c6-4a4b0d9962ae","block_type":"box","text":"are believed to pose a risk to U.S. interests. The U.S. also bans imports of goods produced in certain","page_number":100,"box":{"x":116,"y":380,"width":755,"height":12}},{"id":"6dd5f65f-eb91-46e0-b927-f405a62c7d85","block_type":"box","text":"regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":100,"box":{"x":117,"y":395,"width":688,"height":12}},{"id":"076f3840-4008-4cd0-b67b-b227d1bd4a74","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":100,"box":{"x":117,"y":411,"width":767,"height":12}},{"id":"4e257d39-a064-4e4f-8812-f2b56bcf24f8","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly","page_number":100,"box":{"x":116,"y":426,"width":719,"height":12}},{"id":"3f57bbae-4deb-4162-b265-309ee06875e4","block_type":"box","text":"trading, delay settlement or cause market disruptions. Certain companies may be subject to economic","page_number":100,"box":{"x":116,"y":442,"width":762,"height":12}},{"id":"61e2af92-6c27-455c-98f7-44943c4a0e74","block_type":"box","text":"or trade restrictions (but not investment restrictions) imposed by the U.S. or other governments due to","page_number":100,"box":{"x":116,"y":457,"width":761,"height":12}},{"id":"cdee5437-eb11-44c1-89e7-a9575f7d7587","block_type":"box","text":"national security, human rights or other concerns of such government. So long as these restrictions do","page_number":100,"box":{"x":117,"y":473,"width":764,"height":12}},{"id":"59153562-0beb-4f18-8992-5a79fd668764","block_type":"box","text":"not include restrictions on investments, the Fund may invest in such companies.","page_number":100,"box":{"x":117,"y":489,"width":599,"height":11}},{"id":"33d2c2fa-fcf9-46c7-8818-d7e22f67cf05","block_type":"box","text":"The tax laws and regulations in the PRC are subject t","page_number":100,"box":{"x":116,"y":518,"width":374,"height":12}},{"id":"c067961f-ecfe-44f3-b9d5-c5265cc3066c","block_type":"box","text":"to change, including the issuance of authoritative","page_number":100,"box":{"x":490,"y":518,"width":352,"height":12}},{"id":"8c4f1645-680f-4d05-8269-5638ccd77dab","block_type":"box","text":"guidance or enforcement, possibly with retroactive e","page_number":100,"box":{"x":116,"y":533,"width":370,"height":12}},{"id":"7123e478-7a61-4b72-b21f-9078e6d69247","block_type":"box","text":"ffect. The interpretation, applicability and enforcement","page_number":100,"box":{"x":487,"y":533,"width":386,"height":12}},{"id":"eb77e328-1c63-473d-bb7b-b97d85882056","block_type":"box","text":"of such laws by PRC tax authorities are not as c","page_number":100,"box":{"x":116,"y":549,"width":341,"height":12}},{"id":"04d71b84-22ab-4926-b769-5d3145057a35","block_type":"box","text":"onsistent and transparent as those of more developed","page_number":100,"box":{"x":458,"y":549,"width":389,"height":12}},{"id":"039de730-d36b-417e-805e-e979c4d3d628","block_type":"box","text":"nations, and may vary over time and from region to","page_number":100,"box":{"x":117,"y":564,"width":362,"height":12}},{"id":"a15d6c67-d5c3-4469-a0a9-deaf866eb8d8","block_type":"box","text":"region. The application and enforcement of PRC tax","page_number":100,"box":{"x":479,"y":564,"width":380,"height":12}},{"id":"40b7b647-3e5c-4e57-b967-a8524e29f6e7","block_type":"box","text":"rules could have a significant adverse effect on a Fund and","page_number":100,"box":{"x":117,"y":580,"width":423,"height":12}},{"id":"8612cb17-2903-4513-808d-4456c1d73910","block_type":"box","text":"its investors, particularly in relation to capital","page_number":100,"box":{"x":541,"y":580,"width":316,"height":12}},{"id":"bffddb7b-922f-4649-a092-276aebc6f44e","block_type":"box","text":"gains withholding tax imposed upon non-residents. In","page_number":100,"box":{"x":116,"y":595,"width":383,"height":12}},{"id":"e6d6b109-f98f-4add-91f0-e342573f0ae3","block_type":"box","text":"addition, the accounting, auditing and financial","page_number":100,"box":{"x":500,"y":595,"width":333,"height":12}},{"id":"223b789f-e752-49dc-91ef-469c44b85fee","block_type":"box","text":"reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in","page_number":100,"box":{"x":117,"y":611,"width":767,"height":12}},{"id":"53793011-2427-409d-8a9a-0cd396f93b45","block_type":"box","text":"significant differences between financial stat","page_number":100,"box":{"x":116,"y":626,"width":313,"height":12}},{"id":"b3f8fcad-8775-465c-92c5-995d8e1cf69f","block_type":"box","text":"ements prepared in accordance with PRC accounting","page_number":100,"box":{"x":429,"y":626,"width":385,"height":12}},{"id":"800110c6-c95c-4684-9d1c-65495466dd2c","block_type":"box","text":"standards and practice and those prepared in acco","page_number":100,"box":{"x":116,"y":642,"width":362,"height":12}},{"id":"c1d76650-36b2-4ff0-9968-7ee00ca08884","block_type":"box","text":"rdance with international accounting standards.","page_number":100,"box":{"x":479,"y":642,"width":340,"height":12}},{"id":"f333b238-c822-4fd8-bb43-74f6a6f6a557","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the","page_number":100,"box":{"x":117,"y":671,"width":762,"height":12}},{"id":"07a266c9-2af7-4d8a-931b-8a47332cab6a","block_type":"box","text":"country may be subject to other public health threats, infectious illnesses, diseases or similar issues in","page_number":100,"box":{"x":116,"y":686,"width":757,"height":13}},{"id":"972a02d4-3eb1-4bfb-8387-4ba6285a0f5b","block_type":"box","text":"the future. Any spread of an infectious illness, public health threat or similar issue could reduce","page_number":100,"box":{"x":116,"y":702,"width":704,"height":12}},{"id":"5b29b051-4663-4c4a-947b-4ad0f19f5df1","block_type":"box","text":"consumer demand or economic output, result in market closures, travel restrictions or quarantines, and","page_number":100,"box":{"x":116,"y":718,"width":764,"height":11}},{"id":"6c40f50b-e778-4bce-b2c0-fe2464df7f3a","block_type":"box","text":"generally have a significant impact on the Chinese economy, which in turn could adversely affect a","page_number":100,"box":{"x":116,"y":733,"width":732,"height":12}},{"id":"5943108d-2fc7-4e58-8509-dcf4cae57871","block_type":"box","text":"Fund’s investments.","page_number":100,"box":{"x":117,"y":749,"width":147,"height":9}},{"id":"9431a184-08be-4263-9ce1-8783a58d1981","block_type":"box","text":"Risk of Investing through Stock Connect","page_number":100,"box":{"x":116,"y":778,"width":300,"height":12}},{"id":"723749a2-adc5-4e10-bb75-629af70ec242","block_type":"box","text":".","page_number":100,"box":{"x":417,"y":786,"width":1,"height":1}},{"id":"d1314e37-8972-4257-bbc2-062c4bfa189e","block_type":"box","text":"General.","page_number":100,"box":{"x":117,"y":800,"width":62,"height":10}},{"id":"2122a988-d651-49c9-9ea3-653dc66f712e","block_type":"box","text":"China A-shares are equity securities of companies domiciled in China that trade on Chinese","page_number":100,"box":{"x":186,"y":800,"width":681,"height":12}},{"id":"d9287de7-5588-4703-ae72-ae52f9de040f","block_type":"box","text":"stock exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange","page_number":100,"box":{"x":116,"y":816,"width":718,"height":12}},{"id":"08244bad-5fce-4237-9ea9-e17900ed636c","block_type":"box","text":"(“SZSE”) and the Beijing Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the","page_number":100,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"68fd8774-5e46-4fb9-ade9-ee6de4894ffd","block_type":"box","text":"SSE and SZSE is not permitted, other than pursuant to available exceptions, such as through a","page_number":100,"box":{"x":116,"y":847,"width":713,"height":12}},{"id":"c2b47327-9dd5-4cd8-a9fc-032a08e01c02","block_type":"box","text":"qualified foreign investor approved pursuant to the relevant mainland China laws and regulations as","page_number":100,"box":{"x":116,"y":862,"width":745,"height":12}},{"id":"228b3d26-c3c9-4577-8d07-5f67851df487","block_type":"box","text":"may be promulgated and/or amended from time to time (“QFI”).","page_number":100,"box":{"x":117,"y":878,"width":474,"height":12}},{"id":"49b3432b-02f1-4eb6-85b1-a04a4713cc9a","block_type":"box","text":"II-55","page_number":100,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4c12bced-1da8-4271-83ed-709612f416b9","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":100,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e4ab9498-95b3-49ee-8ffc-948bc618b979","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE","page_number":101,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"93a55cfb-d673-44d5-a4b7-77935b70ddf4","block_type":"box","text":"(“Stock Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect","page_number":101,"box":{"x":117,"y":102,"width":711,"height":13}},{"id":"757d1c31-412c-4a1e-9015-a4fedc6cdb36","block_type":"box","text":"program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a “Stock Connect”","page_number":101,"box":{"x":117,"y":118,"width":764,"height":12}},{"id":"990bea4d-979a-4437-a1ad-afce70117d56","block_type":"box","text":"and collectively, “Stock Connects”). Each Stock Connect is a securities trading and clearing links","page_number":101,"box":{"x":116,"y":134,"width":722,"height":12}},{"id":"04f5643a-538e-4e33-866c-a6a892274608","block_type":"box","text":"program established by The Stock Exchange of Hong Kong Limited (“SEHK”), the Hong Kong","page_number":101,"box":{"x":117,"y":149,"width":699,"height":12}},{"id":"8ec1cdb6-c684-4f80-8546-eecddba574bc","block_type":"box","text":"Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable, and China","page_number":101,"box":{"x":116,"y":165,"width":700,"height":12}},{"id":"476f40ff-5121-4178-a616-35769ab7dedc","block_type":"box","text":"Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":101,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"2e50ae65-9cb2-4952-9154-99cfdbc73907","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on","page_number":101,"box":{"x":117,"y":196,"width":761,"height":12}},{"id":"0995f8d5-c089-4237-8071-af473b2f0c24","block_type":"box","text":"each market through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock","page_number":101,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"4196cab4-0400-430e-94da-27913ba6a57e","block_type":"box","text":"Connect Securities listed on the SSE or SZSE, as applicable, would be effectuated through its Hong","page_number":101,"box":{"x":117,"y":227,"width":747,"height":12}},{"id":"c8da6862-1693-4fba-9a88-2c481347ce51","block_type":"box","text":"Kong broker and a securities trading service company established by SEHK.","page_number":101,"box":{"x":117,"y":242,"width":572,"height":12}},{"id":"28887101-d0ba-4119-922d-1467a2aff318","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock","page_number":101,"box":{"x":116,"y":273,"width":703,"height":12}},{"id":"02f53f33-cabb-4656-aba3-1c061e806e00","block_type":"box","text":"Connect, trading through a Stock Connect’s Northbound Trading Link is subject to daily investment","page_number":101,"box":{"x":117,"y":289,"width":738,"height":12}},{"id":"cd2eb1bc-c15c-4afc-9f60-92a45f2dfa16","block_type":"box","text":"quota limitations which require that buy orders for Stock Connect Securities be rejected once the daily","page_number":101,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"aaca4fc8-48db-4601-ace4-37b7c1284440","block_type":"box","text":"quota is exceeded (although a Fund will be permitted to sell their Stock Connect Securities regardless","page_number":101,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"a35fbd90-941e-4fa0-b70e-c5b754c23683","block_type":"box","text":"of the quota). These limitations may restrict a Fund from investing in Stock Connect Securities on a","page_number":101,"box":{"x":116,"y":335,"width":741,"height":12}},{"id":"c3d712ad-712c-484b-a1b0-b6c4940c009d","block_type":"box","text":"timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy.","page_number":101,"box":{"x":116,"y":351,"width":698,"height":12}},{"id":"eab08252-f8b2-4efd-86fa-9ea56148dc9c","block_type":"box","text":"Investment quotas are also subject to change. Investment in Stock Connect Securities through a Stock","page_number":101,"box":{"x":117,"y":366,"width":767,"height":12}},{"id":"777327cc-34f6-4520-a072-7a66d908a659","block_type":"box","text":"Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund.","page_number":101,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"1167fd8b-fa62-44bc-a3a4-2af30cd5aca7","block_type":"box","text":"Stock Connect Securities purchased through Stock Connects generally may not be sold or otherwise","page_number":101,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"1b5f5094-e24b-4899-aeea-746fa8d22d7a","block_type":"box","text":"transferred other than through Stock Connects in accordance with applicable rules. For example, the","page_number":101,"box":{"x":116,"y":413,"width":752,"height":12}},{"id":"c37a41fc-a4b0-461a-874b-6522dd949c3a","block_type":"box","text":"PRC regulations require that in order for an investor to sell any Stock Connect Securities on a certain","page_number":101,"box":{"x":117,"y":428,"width":755,"height":12}},{"id":"f7548eb7-7f29-4c56-be97-578a2fa20080","block_type":"box","text":"trading day, there must be sufficient Stock Connect Securities in the investor’s account before the","page_number":101,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"23ff6abc-6d76-4885-8bf7-10ffcffdf8da","block_type":"box","text":"market opens on that day. If there are insufficient Stock Connect Securities in the investor’s account,","page_number":101,"box":{"x":117,"y":459,"width":751,"height":12}},{"id":"eb0215e9-da5d-4d2a-8b61-3e0b3c06447c","block_type":"box","text":"the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries out pre-trade checking","page_number":101,"box":{"x":116,"y":475,"width":765,"height":12}},{"id":"39d39acd-2b59-46eb-a39b-795896971efc","block_type":"box","text":"on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market (“SZSE","page_number":101,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"7fc3c86a-bcce-464a-b788-f9a754d5dfc6","block_type":"box","text":"Securities”) of its participants (i.e., stock brokers) to ensure that this requirement is satisfied. While","page_number":101,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"72b293e4-bbf1-49b3-a6a8-63befe7ecf4f","block_type":"box","text":"shares must be designated as eligible to be traded under a Stock Connect, those shares may also lose","page_number":101,"box":{"x":116,"y":521,"width":770,"height":12}},{"id":"c1f8327f-ba76-4bc5-99b9-ee251c5283f2","block_type":"box","text":"such designation, and if this occurs, such shares may be sold but cannot be purchased through a","page_number":101,"box":{"x":116,"y":537,"width":728,"height":12}},{"id":"14e863ae-d7db-472a-a78b-e7893e0fdf82","block_type":"box","text":"Stock Connect. In addition, Stock Connects will only operate on days when both the Chinese and Hong","page_number":101,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"cda6eed2-f1e6-497c-8aca-9b8278bf2305","block_type":"box","text":"Kong markets are open for trading, and banking services are available in both markets on the","page_number":101,"box":{"x":117,"y":568,"width":698,"height":12}},{"id":"f9566105-4b5f-44c8-ba2e-e8d9ab821715","block_type":"box","text":"corresponding settlement days. Therefore, an investment in Stock Connect Securities through a Stock","page_number":101,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"e8276971-34a3-453b-8133-d298ff0d1790","block_type":"box","text":"Connect may subject a Fund to a risk of price fluctuations on days when the Chinese market is open,","page_number":101,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"bf00c35e-6a60-4aef-820b-49ee9d3d935b","block_type":"box","text":"but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on the Stock","page_number":101,"box":{"x":117,"y":614,"width":745,"height":12}},{"id":"c5aeb1ea-a3bc-4451-9abc-fed8a3b28edf","block_type":"box","text":"Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will","page_number":101,"box":{"x":117,"y":630,"width":746,"height":12}},{"id":"b10a5cac-6cba-4bfb-97ca-0fea44908355","block_type":"box","text":"only be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock","page_number":101,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"eb71726f-c7c0-4315-b288-3dc6af9b1b67","block_type":"box","text":"Connect Securities must be settled in RMB, investors must have timely access to a reliable supply of","page_number":101,"box":{"x":117,"y":661,"width":748,"height":12}},{"id":"aafbb0c1-4c66-4dd3-b578-79965e29fe3a","block_type":"box","text":"offshore RMB, which cannot be guaranteed. There is also no assurance that RMB will not be subject to","page_number":101,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"aa29fb25-37e2-4793-a099-abf0384af343","block_type":"box","text":"devaluation. Any devaluation of RMB could adversely affect a Fund’s investments. If a Fund holds a","page_number":101,"box":{"x":116,"y":692,"width":741,"height":12}},{"id":"0607a0a0-6c05-4888-9f2e-ff6c894977a0","block_type":"box","text":"class of shares denominated in a local currency other than RMB, the Fund will be exposed to currency","page_number":101,"box":{"x":116,"y":707,"width":760,"height":12}},{"id":"73c3525d-297d-4406-aafc-0a76f970944f","block_type":"box","text":"exchange risk if the Fund converts the local currency into RMB for investments in Stock Connect","page_number":101,"box":{"x":116,"y":723,"width":717,"height":12}},{"id":"d981a8f6-b785-4e53-8abe-5df5299bf809","block_type":"box","text":"Securities. A Fund may also incur conversion costs.","page_number":101,"box":{"x":116,"y":738,"width":384,"height":12}},{"id":"e01ff51b-66aa-418f-9079-87f002327c86","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held","page_number":101,"box":{"x":116,"y":769,"width":716,"height":12}},{"id":"a63cb88c-543b-4701-982a-f13929fa61e2","block_type":"box","text":"through HKSCC as nominee on behalf of investors. The precise nature and rights of a Fund as the","page_number":101,"box":{"x":116,"y":785,"width":731,"height":12}},{"id":"765a35b9-1055-4101-975e-ec55e8f231ec","block_type":"box","text":"beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well","page_number":101,"box":{"x":117,"y":800,"width":725,"height":12}},{"id":"07d00e9a-de78-487a-b230-ed6f3e6dbf55","block_type":"box","text":"defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal","page_number":101,"box":{"x":116,"y":816,"width":722,"height":12}},{"id":"933adc23-342f-4733-8541-a7a85f34d3a9","block_type":"box","text":"ownership and beneficial ownership under the PRC laws and there have been few cases involving a","page_number":101,"box":{"x":116,"y":831,"width":748,"height":12}},{"id":"342ca968-5163-4b3b-addf-ad094566b75f","block_type":"box","text":"nominee account structure in the PRC courts. The exact nature and methods of enforcement of the","page_number":101,"box":{"x":117,"y":847,"width":740,"height":9}},{"id":"a704f924-965f-4449-a3d1-b8456300fb96","block_type":"box","text":"rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that HKSCC","page_number":101,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"646e77af-4804-4639-ac51-547b1aff502c","block_type":"box","text":"becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or","page_number":101,"box":{"x":117,"y":878,"width":743,"height":12}},{"id":"caf4b01b-7d9c-4058-a3d7-b20e7e210f3c","block_type":"box","text":"II-56","page_number":101,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"61c922fc-626f-444b-8b65-cc2503baf9ba","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":101,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"219a6d32-90a3-4c1c-b5f8-10bedf67db60","block_type":"box","text":"SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the","page_number":102,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"b6b1a749-3cb1-4266-a497-fbdf4e94ee5f","block_type":"box","text":"general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that","page_number":102,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"aa86c04e-2432-4c42-8e44-fd0a9c5c515f","block_type":"box","text":"HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its","page_number":102,"box":{"x":117,"y":118,"width":714,"height":12}},{"id":"7a834139-f0d7-423e-a00e-d182488ad6dd","block_type":"box","text":"omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed","page_number":102,"box":{"x":116,"y":134,"width":729,"height":12}},{"id":"401586f2-7d93-429f-a89e-598dc1e74959","block_type":"box","text":"companies will still treat HKSCC as one of the shareholders when it handles corporate actions in","page_number":102,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"5c46c4e7-021f-41d0-95d4-0ab6c93165ef","block_type":"box","text":"respect of such SSE Securities or SZSE Securities. HKSCC monitors the corporate actions affecting","page_number":102,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"e910e8dc-babd-4192-a753-470bd275328a","block_type":"box","text":"SSE Securities and SZSE Securities and keeps participants of Central Clearing and Settlement","page_number":102,"box":{"x":116,"y":180,"width":712,"height":12}},{"id":"36173cc8-6277-489b-8ab5-3b4b1baec354","block_type":"box","text":"System (“CCASS”) informed of all such corporate actions that require CCASS participants to take","page_number":102,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"e694fef5-8026-4005-ba2c-312ccf04daa6","block_type":"box","text":"steps in order to participate in them. Investors may only exercise their voting rights by providing their","page_number":102,"box":{"x":116,"y":211,"width":750,"height":12}},{"id":"5e1fe538-fa4c-43b2-be8e-cb242a160abc","block_type":"box","text":"voting instructions to HKSCC through participants of CCASS. All voting instructions from CCASS","page_number":102,"box":{"x":116,"y":227,"width":724,"height":12}},{"id":"9dbd4520-1f77-4434-8c03-fa13e9fe93a5","block_type":"box","text":"participants will be consolidated by HKSCC, who will then submit a combined single voting instruction","page_number":102,"box":{"x":117,"y":242,"width":757,"height":12}},{"id":"5879d2a6-0ee3-41c5-8f0d-36a91c6cdb99","block_type":"box","text":"to the relevant SSE- or SZSE-listed company. As a result, a Fund may suffer difficulties or delays in","page_number":102,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"91b54f4d-71b4-4b51-8379-d931a6b84443","block_type":"box","text":"enforcing its rights in SSE Securities or SZSE Securities.","page_number":102,"box":{"x":116,"y":273,"width":427,"height":12}},{"id":"6fe766c0-45f6-463c-ab8e-36142836ae51","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any","page_number":102,"box":{"x":117,"y":304,"width":728,"height":12}},{"id":"097a0365-3649-435a-9335-65cc41373804","block_type":"box","text":"nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized","page_number":102,"box":{"x":117,"y":320,"width":747,"height":12}},{"id":"12bd8d72-1954-4945-8321-43941b372e34","block_type":"box","text":"financial institution in relation to exchange-traded products in Hong Kong. For defaults occurring on or","page_number":102,"box":{"x":116,"y":335,"width":760,"height":12}},{"id":"f6b3f319-25bb-4662-a39f-7537e312a4f0","block_type":"box","text":"after January 1, 2020, Hong Kong’s Investor Compensation Fund covers investors’ losses in relation to","page_number":102,"box":{"x":116,"y":351,"width":769,"height":12}},{"id":"18301c74-bcf7-4a7a-8494-40d731751ec1","block_type":"box","text":"securities (i) that are traded on the SSE or the SZSE and (ii) in respect of which an order for sale or","page_number":102,"box":{"x":116,"y":366,"width":743,"height":12}},{"id":"1cf45b9c-c7c7-4561-8241-8a8ef87d6d6c","block_type":"box","text":"purchase is permitted to be routed through the Northbound Trading Link of a Stock Connect. On the","page_number":102,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"076ebc35-87a0-4d61-9d4d-2a5ed1686d39","block_type":"box","text":"other hand, since a Fund carries out Northbound trading through securities brokers in Hong Kong but","page_number":102,"box":{"x":116,"y":397,"width":756,"height":12}},{"id":"7dedb0d5-372f-46d7-ac0f-46892a34fde5","block_type":"box","text":"not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.","page_number":102,"box":{"x":117,"y":413,"width":722,"height":12}},{"id":"9a8af13d-a00d-4408-8976-a9187e9dcf87","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information","page_number":102,"box":{"x":117,"y":444,"width":737,"height":12}},{"id":"31db7ebd-eb71-4505-8aec-8ada3175c33e","block_type":"box","text":"technology capability, risk management and other requirements as may be specified by the relevant","page_number":102,"box":{"x":116,"y":459,"width":746,"height":12}},{"id":"425c7446-f917-420c-a1ad-2d62aa268787","block_type":"box","text":"exchange and/or clearing house. Further, the “connectivity” in Stock Connects requires routing of","page_number":102,"box":{"x":116,"y":475,"width":725,"height":12}},{"id":"529d5446-4e77-4d3f-a4ae-b7373a5ec06a","block_type":"box","text":"orders across the border of Hong Kong and the PRC. This requires the development of new","page_number":102,"box":{"x":116,"y":490,"width":687,"height":12}},{"id":"a87f5e79-a2ef-4305-84df-7360e2c7554f","block_type":"box","text":"information technology systems on the part of SEHK and exchange participants. There is no assurance","page_number":102,"box":{"x":117,"y":506,"width":771,"height":12}},{"id":"a4dc87f3-52f2-4744-82ea-cc698e5bb3d1","block_type":"box","text":"that the systems of SEHK and market participants will function properly or will continue to be adapted","page_number":102,"box":{"x":116,"y":521,"width":757,"height":12}},{"id":"7ca528ac-6b42-41d7-bd34-8b917e3f9f0d","block_type":"box","text":"to changes and developments in both markets. In the event that the relevant systems fail to function","page_number":102,"box":{"x":116,"y":537,"width":747,"height":12}},{"id":"9ae51dd3-dc8f-42d7-a36d-61bc518f4f84","block_type":"box","text":"properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":102,"box":{"x":117,"y":552,"width":667,"height":12}},{"id":"435fef1b-ab71-494b-8605-ffbd416d3059","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the","page_number":102,"box":{"x":116,"y":583,"width":656,"height":12}},{"id":"9ac080b5-ccf6-4be6-ad1d-60b8d5eb4957","block_type":"box","text":"Shenzhen-Hong Kong Stock Connect program launched in December 2016. Each program does not","page_number":102,"box":{"x":116,"y":599,"width":751,"height":12}},{"id":"5e40ce0f-813a-41ce-a0d5-ed3b4028b246","block_type":"box","text":"have an extensive operating history. New or revised regulations may be issued from time to time by the","page_number":102,"box":{"x":117,"y":614,"width":771,"height":12}},{"id":"acb514bc-fa48-4868-90e5-c1280d9d6581","block_type":"box","text":"regulators and stock exchanges in China and Hong Kong in connection with operations, legal","page_number":102,"box":{"x":117,"y":630,"width":695,"height":12}},{"id":"4c458301-fb0b-431b-84bd-b116d54e5fbe","block_type":"box","text":"enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":102,"box":{"x":116,"y":645,"width":748,"height":11}},{"id":"cb9cc87e-cbec-4f6d-a677-98dcdb8514af","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such","page_number":102,"box":{"x":116,"y":661,"width":726,"height":12}},{"id":"471e29d2-0772-490e-b023-d2151a943735","block_type":"box","text":"changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":102,"box":{"x":116,"y":676,"width":709,"height":12}},{"id":"b8ba87db-3981-4501-8fde-2bb023497192","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the","page_number":102,"box":{"x":116,"y":692,"width":722,"height":12}},{"id":"1160e701-0145-4cc6-babe-396830dd43ad","block_type":"box","text":"relevant systems fail to function properly, trading in both markets through Stock Connects could be","page_number":102,"box":{"x":117,"y":707,"width":732,"height":12}},{"id":"b406e176-4488-4e1b-9f21-92d948b3965e","block_type":"box","text":"disrupted and a Fund’s ability to achieve its investment objective may be adversely affected. In","page_number":102,"box":{"x":116,"y":723,"width":702,"height":12}},{"id":"bd3105f6-2b6f-4b7d-87ef-6c633aa87440","block_type":"box","text":"addition, a Fund’s investments in Stock Connect Securities through Stock Connects are generally","page_number":102,"box":{"x":116,"y":738,"width":724,"height":12}},{"id":"17c46558-4af9-40b4-9b60-ee60fbb27899","block_type":"box","text":"subject to Chinese securities regulations and listing rules, among other restrictions. Further, different","page_number":102,"box":{"x":116,"y":754,"width":746,"height":12}},{"id":"d07570c3-cc35-449b-a024-b2e38fbe39f5","block_type":"box","text":"fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through","page_number":102,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"1bd418c3-c5ce-49c5-9235-2d7128c8d06c","block_type":"box","text":"Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":102,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"7b0b73f5-12a0-4005-967c-ea51a30e2225","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":102,"box":{"x":116,"y":800,"width":618,"height":12}},{"id":"7ced9c01-a190-40d2-8d8f-3fc1e7d13be5","block_type":"box","text":"Suspension Risk","page_number":102,"box":{"x":117,"y":831,"width":125,"height":12}},{"id":"28cc0e46-bca7-46e1-91b2-0a90922cb5a8","block_type":"box","text":". SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at","page_number":102,"box":{"x":242,"y":831,"width":634,"height":12}},{"id":"f7f00ed2-2eb1-4424-ad05-cae81e1fa9bf","block_type":"box","text":"times when the relevant SSE Securities and SZSE Securities may be sold or purchased on the","page_number":102,"box":{"x":116,"y":847,"width":709,"height":12}},{"id":"fb7a6ce3-f572-437d-9ae3-fb013cbfedad","block_type":"box","text":"relevant Chinese stock exchange. The SSE Securities and SZSE Securities markets have a higher","page_number":102,"box":{"x":117,"y":862,"width":738,"height":12}},{"id":"9eac3baa-07bd-42b5-bfac-a6dd3086b0b8","block_type":"box","text":"propensity for trading suspensions than many other global equity markets. Each of the SEHK, SSE and","page_number":102,"box":{"x":117,"y":878,"width":771,"height":12}},{"id":"fd0f0209-1993-4d0c-ab4a-fe98ff3da56f","block_type":"box","text":"II-57","page_number":102,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a995ad31-a188-45b5-8b72-0a1a2571635b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":102,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"498a33fe-38ca-46eb-8ce8-949b1583d917","block_type":"box","text":"SZSE reserves the right to suspend trading of SSE Securities and SZSE Securities purchased on the","page_number":103,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"d423e689-413a-4470-be85-e92e35f15107","block_type":"box","text":"Stock Connects if necessary for ensuring an orderly and fair market and ensuring that risks are","page_number":103,"box":{"x":116,"y":102,"width":710,"height":13}},{"id":"60e0278c-7108-429e-a5b6-ef0c45f2dd67","block_type":"box","text":"managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":103,"box":{"x":117,"y":118,"width":724,"height":12}},{"id":"6d82c56f-bc88-4c93-a729-e946f8c67e98","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit","page_number":103,"box":{"x":117,"y":134,"width":727,"height":12}},{"id":"423a2847-947f-472b-bce7-23a7e580c653","block_type":"box","text":"breakers” and other measures to halt or suspend Northbound trading. Where a suspension in the","page_number":103,"box":{"x":117,"y":149,"width":725,"height":12}},{"id":"0ac1458e-4eb7-43c1-ab19-ae90120255da","block_type":"box","text":"Northbound trading through Stock Connect is effected, the Fund’s ability to access the PRC market will","page_number":103,"box":{"x":117,"y":165,"width":769,"height":12}},{"id":"87cc9eff-4e29-4d06-a424-6145edcf2d03","block_type":"box","text":"be adversely affected. Trading suspensions in certain stocks could lead to greater market execution","page_number":103,"box":{"x":117,"y":180,"width":745,"height":12}},{"id":"baf9226a-b1be-46c5-9369-0c1e0721c4f2","block_type":"box","text":"risk and costs for a Fund. The SSE and SZSE currently","page_number":103,"box":{"x":117,"y":196,"width":415,"height":12}},{"id":"1e97f1fb-0c39-4f98-8dfd-f56acbc0a0af","block_type":"box","text":"apply a daily price limit, generally set at 10%,","page_number":103,"box":{"x":533,"y":196,"width":340,"height":12}},{"id":"bcdfcdb0-555d-48d3-b9f0-fb110a0a972e","block_type":"box","text":"of the amount of fluctuation permitted in the prices of the relevant SSE Securities and SZSE Securities","page_number":103,"box":{"x":116,"y":211,"width":766,"height":12}},{"id":"a65b8aca-d1c2-4fef-8df7-eef0bec8f5ae","block_type":"box","text":"during a single trading day. The daily price limit refers to price movements only and does not restrict","page_number":103,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"cc8e324a-5650-4abc-b8ef-a24dbe85e695","block_type":"box","text":"trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":103,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"425ce11b-785d-4707-86f4-d8478a6f4a59","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":103,"box":{"x":116,"y":258,"width":598,"height":12}},{"id":"bda26537-7293-4ac3-8416-418d4d7a3d81","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect","page_number":103,"box":{"x":116,"y":289,"width":567,"height":12}},{"id":"7799abc9-9087-4025-a0ab-0e227c154eee","block_type":"box","text":". A Fund may invest","page_number":103,"box":{"x":683,"y":289,"width":152,"height":12}},{"id":"20ea0042-0cce-46d9-9865-e21945031375","block_type":"box","text":"directly in the domestic bond market in the PRC (the “China Interbank Bond Market”) through the","page_number":103,"box":{"x":116,"y":304,"width":724,"height":12}},{"id":"d0027b35-58aa-492c-89ad-3d83f1e8ed2f","block_type":"box","text":"northbound trading of Bond Connect (“Bond Connect”). Bond Connect is an initiative launched in July","page_number":103,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"6e66f457-2ef1-4c05-8efc-dbd1ff7eda94","block_type":"box","text":"2017 for mutual bond market access between the PRC and Hong Kong, established by the China","page_number":103,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"d85fe6ca-7674-411d-a173-3b1e5d08d7d6","block_type":"box","text":"Foreign Exchange Trade System & National Interbank Funding Centre (“CFETS”), China Central","page_number":103,"box":{"x":117,"y":351,"width":722,"height":12}},{"id":"0f87043c-f14b-46ae-8c2e-a67822ef6a4e","block_type":"box","text":"Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”), Hong Kong Exchanges","page_number":103,"box":{"x":117,"y":366,"width":752,"height":12}},{"id":"97008dd2-0d90-47bc-bf8f-0e08b9b8e790","block_type":"box","text":"and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":103,"box":{"x":116,"y":382,"width":699,"height":12}},{"id":"74bcc5ab-6a39-42f7-b6ac-552bc8551381","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the","page_number":103,"box":{"x":117,"y":397,"width":738,"height":12}},{"id":"bed0ba12-b571-42a9-b156-c64c62d98449","block_type":"box","text":"China Interbank Bond Market through Bond Connect. Eligible foreign investors may submit trade","page_number":103,"box":{"x":117,"y":413,"width":721,"height":12}},{"id":"0df5e5d0-d1cf-4683-b448-d77075842a37","block_type":"box","text":"requests for bonds circulated in the China Interbank Bond Market through offshore electronic bond","page_number":103,"box":{"x":117,"y":428,"width":735,"height":12}},{"id":"050d037d-18ce-4db0-a9fc-ebd6d30ac933","block_type":"box","text":"trading platforms (such as Tradeweb), which will in turn transmit their requests for quotation to CFETS.","page_number":103,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"dde45b90-6a5a-4a69-8c2d-b5458a790bad","block_type":"box","text":"CFETS will send the requests for quotation to a number of approved onshore dealers (including market","page_number":103,"box":{"x":117,"y":459,"width":770,"height":12}},{"id":"c82a4f57-6dd5-487a-836f-f47cb87e1408","block_type":"box","text":"makers and others engaged in the market making business) in the PRC. The approved onshore","page_number":103,"box":{"x":117,"y":475,"width":715,"height":12}},{"id":"2eb4fc6b-b17d-43c2-829b-84e0a3a0ecce","block_type":"box","text":"dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their responses to","page_number":103,"box":{"x":116,"y":490,"width":765,"height":12}},{"id":"d2daffa9-bcc0-4763-b977-cb25a521df7f","block_type":"box","text":"those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":103,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"14f01972-e5e2-4547-abf0-4e8cc3997471","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":103,"box":{"x":116,"y":521,"width":603,"height":12}},{"id":"74108519-6fc8-4945-b2b5-bdc9130ca98c","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect","page_number":103,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"84f9df91-fc4c-41e2-a74c-875c62ffe5a2","block_type":"box","text":"will be effected through the settlement and custody link between CMU, as an offshore custody agent,","page_number":103,"box":{"x":116,"y":568,"width":755,"height":12}},{"id":"71e3303b-664f-4f51-998b-fa8678653432","block_type":"box","text":"and CDCC and SCH, as onshore custodians and clearing institutions in the PRC. Under the settlement","page_number":103,"box":{"x":116,"y":583,"width":768,"height":12}},{"id":"42d43729-ea42-450d-917b-de99fca0cc47","block_type":"box","text":"link, CDCC or SCH will effect gross settlement of confirmed trades onshore and CMU will process","page_number":103,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"00afaf2b-3c43-4533-bc62-75b9fdaeaeda","block_type":"box","text":"bond settlement instructions from CMU members on behalf of eligible foreign investors in accordance","page_number":103,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"2b86b477-ad0e-4a35-93b3-37213d93ff3c","block_type":"box","text":"with its relevant rules. Since the introduction in August 2018 of delivery versus payment (DVP)","page_number":103,"box":{"x":116,"y":630,"width":705,"height":12}},{"id":"1d27bf01-40e4-4f54-a3fc-be1724d30851","block_type":"box","text":"settlement in respect of Bond Connect, the movement of cash and securities is carried out","page_number":103,"box":{"x":116,"y":645,"width":675,"height":12}},{"id":"6246fede-2652-4dab-ada6-6d67e4e469ff","block_type":"box","text":"simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":103,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"0fa2c4c9-b350-44b9-8dbb-a6fbf023f6c4","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee","page_number":103,"box":{"x":116,"y":676,"width":754,"height":12}},{"id":"4251352b-a195-486b-b68b-9b2eb49fd0c3","block_type":"box","text":"accounts with the onshore custody agent recognized by the People’s Bank of China (i.e., CDCC and","page_number":103,"box":{"x":116,"y":692,"width":744,"height":12}},{"id":"7ec3d983-ae5e-4931-beb3-c7c33f8326cc","block_type":"box","text":"SCH). All bonds traded by eligible foreign investors through Bond Connect will be registered in the","page_number":103,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"d57ff8a2-0bee-4196-af16-48176c470347","block_type":"box","text":"name of CMU, which will hold such bonds as a nominee owner. Therefore, a Fund will be exposed to","page_number":103,"box":{"x":117,"y":723,"width":748,"height":12}},{"id":"5c40c048-c7b5-4573-b873-57c4d238e894","block_type":"box","text":"custody risks with respect to CMU. In the remote event of a CDCC or SCH default, CMU’s liabilities in","page_number":103,"box":{"x":116,"y":738,"width":754,"height":12}},{"id":"b2d4000f-5cb2-4033-9422-a70a6545212f","block_type":"box","text":"Bond Connect bonds under its market contracts with clearing participants will be limited to assisting","page_number":103,"box":{"x":117,"y":754,"width":736,"height":12}},{"id":"70f084d5-d0f0-4b06-a6d0-42769c002b26","block_type":"box","text":"clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer delay in the","page_number":103,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"8a322185-93f0-4649-b684-d4028ec70f79","block_type":"box","text":"recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":103,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"cd3a2678-8445-4b22-bc90-ce26d18065ef","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by","page_number":103,"box":{"x":116,"y":800,"width":733,"height":12}},{"id":"7d0dbc44-e37a-45cb-89cb-2bbe9fcb41df","block_type":"box","text":"third parties, including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or","page_number":103,"box":{"x":116,"y":816,"width":723,"height":12}},{"id":"6de87f3e-81d5-4fa9-8351-44d8a3b7215f","block_type":"box","text":"errors on the part of such third parties.","page_number":103,"box":{"x":116,"y":831,"width":290,"height":12}},{"id":"d7f20d50-2aff-4156-b92c-139fcabf1db2","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China","page_number":103,"box":{"x":116,"y":862,"width":720,"height":12}},{"id":"a2eff359-8c78-4f92-9d6a-3de46f35dfd7","block_type":"box","text":"Interbank Bond Market through CMU as nominee is not well-defined under PRC law. There is a lack of","page_number":103,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"818894ee-edfa-44d3-9aa4-5fb34f09cbca","block_type":"box","text":"II-58","page_number":103,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"3d5e2ae4-235e-4afe-8bc7-5017c8e7e8b3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":103,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"019458e0-191d-4366-b363-a155bff4514d","block_type":"box","text":"a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law","page_number":104,"box":{"x":116,"y":87,"width":765,"height":12}},{"id":"f723d42e-81ec-41dc-973d-9401b2e17f3f","block_type":"box","text":"and there have been few cases involving a nominee account structure in the PRC courts. The exact","page_number":104,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"84fdf448-791c-4802-b5d2-2c86e4e61e84","block_type":"box","text":"nature and methods of enforcement of the rights and interests of a Fund under PRC law are also","page_number":104,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"3fb1fbee-b245-4652-8a1d-e1099c147347","block_type":"box","text":"uncertain.","page_number":104,"box":{"x":117,"y":134,"width":77,"height":9}},{"id":"14057c7d-4036-490f-8de0-aca1d2998ad8","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China","page_number":104,"box":{"x":117,"y":164,"width":750,"height":12}},{"id":"ca500c50-eac7-44a8-bf99-e0f45d8493cc","block_type":"box","text":"Interbank Bond Market may result in prices of certain bonds traded on such market fluctuating","page_number":104,"box":{"x":117,"y":179,"width":702,"height":12}},{"id":"9ba5a4b4-2e86-494f-9dfb-b042509f5984","block_type":"box","text":"significantly. A Fund investing in such market is therefore subject to liquidity and volatility risks. The","page_number":104,"box":{"x":116,"y":194,"width":742,"height":12}},{"id":"84d28909-577a-4b3f-98c2-83ae9477c955","block_type":"box","text":"bid-ask spreads of the prices of such securities may be large, and a Fund may therefore incur","page_number":104,"box":{"x":117,"y":209,"width":700,"height":12}},{"id":"14c03ab9-ddd3-4837-b841-061486d3832f","block_type":"box","text":"significant costs and may suffer losses when selling such investments. The bonds traded in the China","page_number":104,"box":{"x":116,"y":224,"width":759,"height":12}},{"id":"3c20ed4d-b8e4-48fe-91bf-308da315b229","block_type":"box","text":"Interbank Bond Market may be difficult or impossible to sell, which may impact a Fund’s ability to","page_number":104,"box":{"x":117,"y":239,"width":722,"height":12}},{"id":"3b2fb20b-12c1-42ac-999d-8b881507eefd","block_type":"box","text":"acquire or dispose of such securities at their expected prices.","page_number":104,"box":{"x":116,"y":254,"width":460,"height":12}},{"id":"e4e91382-cd1d-4bdf-8c19-8f4eb892a348","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks.","page_number":104,"box":{"x":117,"y":284,"width":766,"height":12}},{"id":"5fcbfeec-d674-4fc2-a0e2-e2ec72266c13","block_type":"box","text":"The relevant rules and regulations are subject to change, which may have potential retrospective","page_number":104,"box":{"x":116,"y":299,"width":724,"height":12}},{"id":"9216ddb4-676d-44d3-82d4-bb7e8c91558c","block_type":"box","text":"effect, and there can be no assurance that Bond Connect will not be discontinued or abolished.","page_number":104,"box":{"x":116,"y":314,"width":711,"height":11}},{"id":"82d75544-17e4-416c-979f-18315c9e4666","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and","page_number":104,"box":{"x":117,"y":329,"width":764,"height":12}},{"id":"b5a9ce56-8823-4882-bfad-4d58600acd7f","block_type":"box","text":"issues may arise based on these differences. In the event that the relevant authorities suspend","page_number":104,"box":{"x":117,"y":344,"width":709,"height":12}},{"id":"7553838b-1121-4641-bd48-0e4719ece016","block_type":"box","text":"account opening or trading on the China Interbank Bond Market, a Fund’s ability to invest in the China","page_number":104,"box":{"x":116,"y":359,"width":762,"height":12}},{"id":"9859e76b-ae4c-4670-8a6c-200c997a7ecf","block_type":"box","text":"Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability to","page_number":104,"box":{"x":117,"y":374,"width":716,"height":12}},{"id":"61d55861-20bb-44e4-a173-29607ba01fa7","block_type":"box","text":"achieve its investment objective will be negatively affected and, after exhausting other trading","page_number":104,"box":{"x":116,"y":389,"width":699,"height":12}},{"id":"13076893-7b0e-4a13-a75b-7f46a1868e22","block_type":"box","text":"alternatives, the Fund may suffer substantial losses as a result. Further, if Bond Connect is not","page_number":104,"box":{"x":116,"y":404,"width":707,"height":12}},{"id":"e9a44649-88cc-44d0-96d0-962a477e9efb","block_type":"box","text":"operating, a Fund may not be able to acquire or dispose of bonds through Bond Connect in a timely","page_number":104,"box":{"x":116,"y":419,"width":745,"height":12}},{"id":"79da2975-593f-44e8-9c2e-07b4dc9cca3e","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":104,"box":{"x":117,"y":434,"width":467,"height":12}},{"id":"5003f6f1-8467-4065-a7d1-732a0fef12ab","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and","page_number":104,"box":{"x":116,"y":464,"width":687,"height":12}},{"id":"6de1d0c3-4d48-41cd-bed9-33dc21ca8872","block_type":"box","text":"operational systems. There is no assurance that such systems will function properly or will continue to","page_number":104,"box":{"x":116,"y":479,"width":761,"height":12}},{"id":"ac369861-e8d1-4a68-ab8e-208f9efd7ba7","block_type":"box","text":"be adapted to changes and developments in the market. In the event that the relevant systems fail to","page_number":104,"box":{"x":117,"y":494,"width":753,"height":12}},{"id":"f1fd17ed-0f17-492b-89f8-82da0b67eb50","block_type":"box","text":"function properly, trading through Bond Connect may be disrupted. A Fund’s ability to trade through","page_number":104,"box":{"x":116,"y":509,"width":744,"height":12}},{"id":"bc08805e-782a-4fd4-9394-92c40f72953a","block_type":"box","text":"Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. In","page_number":104,"box":{"x":117,"y":524,"width":749,"height":12}},{"id":"a1552728-50bf-4e9f-b7b8-2c0c5c818347","block_type":"box","text":"addition, where a Fund invests in the China Interbank Bond Market through Bond Connect, it may be","page_number":104,"box":{"x":116,"y":539,"width":753,"height":12}},{"id":"e6e490d8-7b00-4d6f-ba10-77bf6b073e13","block_type":"box","text":"subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":104,"box":{"x":116,"y":554,"width":607,"height":12}},{"id":"f2aa4d39-6c64-495a-b424-be3e9cdce4fb","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not","page_number":104,"box":{"x":117,"y":584,"width":746,"height":12}},{"id":"99b91395-5a59-45d3-8943-31dc19b61bb4","block_type":"box","text":"freely convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed","page_number":104,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"e3f1b7ad-6da6-4041-8306-d8bd7960d92f","block_type":"box","text":"that investors will have timely access to a reliable supply of RMB.","page_number":104,"box":{"x":116,"y":614,"width":490,"height":12}},{"id":"d2b03dc9-1476-4bd6-8f0c-919c2121ff9b","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk.","page_number":104,"box":{"x":118,"y":645,"width":309,"height":12}},{"id":"76950566-c642-4b41-8275-af062d80e507","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends","page_number":104,"box":{"x":116,"y":667,"width":760,"height":12}},{"id":"8a121e1b-8276-4a5d-998c-4560dadf3b0b","block_type":"box","text":"and interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is","page_number":104,"box":{"x":116,"y":682,"width":755,"height":12}},{"id":"98c39167-3d66-4201-a086-b45570680421","block_type":"box","text":"reduced under an applicable tax treaty. From a technical perspective, withholding income tax is also","page_number":104,"box":{"x":117,"y":697,"width":733,"height":12}},{"id":"a4556888-7b91-4a57-8f96-633c89e5e767","block_type":"box","text":"applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.","page_number":104,"box":{"x":116,"y":712,"width":697,"height":12}},{"id":"91e9cdd1-cead-4bed-a46c-e72dc8bedbca","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":104,"box":{"x":116,"y":742,"width":729,"height":12}},{"id":"a69ff49a-ddfa-4898-9534-4b7304800081","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“Mo","page_number":104,"box":{"x":116,"y":772,"width":375,"height":12}},{"id":"2accb859-c503-4d20-b4fa-0bba5a9fb305","block_type":"box","text":"F”), China Securities Regulatory Commission and the","page_number":104,"box":{"x":493,"y":772,"width":379,"height":12}},{"id":"54ffcb65-6fd8-4665-9b81-2abdd9b5fb08","block_type":"box","text":"State Taxation Administration (“STA”), acting with St","page_number":104,"box":{"x":116,"y":787,"width":372,"height":12}},{"id":"9fb7aa55-7c23-4f7b-aa39-a30dc45dcded","block_type":"box","text":"ate Council’s approval, jointly released Circular 79,","page_number":104,"box":{"x":489,"y":787,"width":359,"height":12}},{"id":"7e9d98ba-5e3f-4a98-be82-8f940213222c","block_type":"box","text":"which temporarily exempts Qualified Foreign Instit","page_number":104,"box":{"x":116,"y":802,"width":356,"height":12}},{"id":"1577d3cf-e0e8-4c74-9dc0-38541a08a4eb","block_type":"box","text":"utional Investors (“QFIIs”) and Renminbi Qualified","page_number":104,"box":{"x":473,"y":802,"width":352,"height":12}},{"id":"ed54c376-bdfd-4e86-bf87-6a479584411c","block_type":"box","text":"Foreign Institutional Investors (“RQFIIs”) from tax on","page_number":104,"box":{"x":117,"y":817,"width":369,"height":12}},{"id":"857d615e-73bc-4842-90fa-8cde3d222600","block_type":"box","text":"capital gains derived from the trading of shares and","page_number":104,"box":{"x":492,"y":817,"width":365,"height":12}},{"id":"49cc1396-39b0-4ba4-a74d-17dd26140e3a","block_type":"box","text":"other equity interest investments on or after No","page_number":104,"box":{"x":116,"y":832,"width":334,"height":12}},{"id":"e3186344-8d85-4a62-b618-4d4767155338","block_type":"box","text":"vember 17, 2014. Subsequently, Circulars 81 and 127 were","page_number":104,"box":{"x":450,"y":832,"width":429,"height":12}},{"id":"4aa7eb0b-81ba-47a6-b648-fdbfbf8aeef5","block_type":"box","text":"issued to temporarily exempt tax on capital gains der","page_number":104,"box":{"x":117,"y":847,"width":375,"height":12}},{"id":"a01a9e7c-885e-40c7-a380-0c2be4165d69","block_type":"box","text":"ived from trading of equity securities of companies","page_number":104,"box":{"x":493,"y":847,"width":361,"height":12}},{"id":"8d252807-0430-4219-8529-af730697ed32","block_type":"box","text":"domiciled in the PRC that trade on Chinese stock exchanges (“A-Shares”) through the Shanghai-Hong","page_number":104,"box":{"x":116,"y":862,"width":734,"height":12}},{"id":"f1f2ca7a-dab2-4650-af04-bec4560e13ca","block_type":"box","text":"Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a","page_number":104,"box":{"x":117,"y":877,"width":764,"height":12}},{"id":"8152e98e-1d10-4b63-88c1-e90df30816e2","block_type":"box","text":"II-59","page_number":104,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4bc08c1f-2938-4475-a137-60a8a21f13a1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":104,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"cf1f2af8-c83d-4f41-b053-05a58054bcaa","block_type":"box","text":"“Stock Connect” and collectively, “Stock Connects”). The dur","page_number":105,"box":{"x":116,"y":86,"width":431,"height":13}},{"id":"eef95281-a68b-470a-baa7-00c6dd3cd25c","block_type":"box","text":"ation of the temporary exemptions is not stated","page_number":105,"box":{"x":548,"y":86,"width":338,"height":13}},{"id":"66c0017f-f963-423f-975a-71e62a17dd0c","block_type":"box","text":"in the circulars and is subject to termination by","page_number":105,"box":{"x":117,"y":102,"width":328,"height":12}},{"id":"d6e2a4f5-b825-42f0-adb2-fda6622951aa","block_type":"box","text":"the PRC tax authorities w","page_number":105,"box":{"x":445,"y":101,"width":175,"height":10}},{"id":"040a175c-b05b-4a15-b9cb-fca09b0b8067","block_type":"box","text":"with or without notice.","page_number":105,"box":{"x":620,"y":102,"width":159,"height":9}},{"id":"7f0a9ed6-246f-45cb-bacb-8ce511829c9f","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":105,"box":{"x":116,"y":133,"width":766,"height":12}},{"id":"d473b9a0-cd0a-4f48-8de2-315c050bf7ea","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds","page_number":105,"box":{"x":117,"y":148,"width":742,"height":12}},{"id":"17fe30b5-4d3c-4bd5-b28c-c1631c95f3fc","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":105,"box":{"x":116,"y":163,"width":727,"height":11}},{"id":"4f15bac0-6411-44a5-9553-b04f917ea8ca","block_type":"box","text":"2021, the MoF and STA issued Public Notice 34 to extend the temporary exemption from November 7,","page_number":105,"box":{"x":116,"y":178,"width":743,"height":12}},{"id":"b41dea67-d109-45c2-90ec-4b4497b49a12","block_type":"box","text":"2021 to December 31, 2025. On January 15, 2026, it was announced via Public Notice No. 5 of 2026 that","page_number":105,"box":{"x":116,"y":193,"width":762,"height":12}},{"id":"c0d311ef-007a-41f5-9d64-daf23eafdb3d","block_type":"box","text":"the exemption was extended through December 31, 2027.","page_number":105,"box":{"x":116,"y":208,"width":424,"height":12}},{"id":"a8080926-ef64-4132-aa2e-ceca5cffdf3d","block_type":"box","text":"Value Added Tax (“VAT”) Risk","page_number":105,"box":{"x":118,"y":239,"width":225,"height":13}},{"id":"f864600e-4f5e-4987-9f1e-fe90b9cdd533","block_type":"box","text":"k — From May 1, 2016, VAT applies to certain income derived by the","page_number":105,"box":{"x":342,"y":240,"width":511,"height":12}},{"id":"23cea145-d412-490f-839e-30f8bbf744de","block_type":"box","text":"Fund, including PRC sourced interest income on non-government bonds and trading gains.","page_number":105,"box":{"x":117,"y":255,"width":681,"height":12}},{"id":"afa08b63-215c-4ded-a1fd-bfb7bc514df8","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":105,"box":{"x":116,"y":286,"width":735,"height":12}},{"id":"160f3b32-8ca3-4c97-888b-697a613b39dd","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares","page_number":105,"box":{"x":116,"y":317,"width":741,"height":13}},{"id":"c5ba6524-761f-48a1-bd84-9e0e17dfc801","block_type":"box","text":"traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":105,"box":{"x":116,"y":332,"width":699,"height":10}},{"id":"023b238f-cda5-4387-a9a8-258c9550fec1","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign","page_number":105,"box":{"x":116,"y":364,"width":694,"height":12}},{"id":"a918e8b0-3da0-4dde-8ceb-21789fbd0b4d","block_type":"box","text":"institutional investors are temporarily exempt from VAT with respect to interest income on bonds","page_number":105,"box":{"x":117,"y":379,"width":718,"height":12}},{"id":"7876f55e-a24b-4c20-aaa7-2218d5a94916","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":105,"box":{"x":116,"y":394,"width":750,"height":11}},{"id":"b2cc9c19-e76c-48f8-9e78-3b1cde6aff24","block_type":"box","text":"2021, the MoF and STA jointly issued Public Notice 34 to extend the temporary exemption from","page_number":105,"box":{"x":116,"y":409,"width":714,"height":12}},{"id":"7ecce2b1-de59-4594-9f48-b127a62700ae","block_type":"box","text":"November 7, 2021 to December 31, 2025. However, on July 31, 2025, the MoF and STA jointly issued","page_number":105,"box":{"x":117,"y":424,"width":764,"height":12}},{"id":"b7f4fd4d-1769-47cc-84b1-123143a19f3b","block_type":"box","text":"Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income derived from","page_number":105,"box":{"x":117,"y":439,"width":735,"height":12}},{"id":"f0e6a1a4-6033-4368-bb1f-8f7ac26deacd","block_type":"box","text":"treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is","page_number":105,"box":{"x":116,"y":454,"width":742,"height":12}},{"id":"92cdcbb6-09c6-49f4-8551-62aa453618a6","block_type":"box","text":"understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for","page_number":105,"box":{"x":117,"y":469,"width":739,"height":12}},{"id":"267b47ad-18df-4821-986f-4ebb7696add4","block_type":"box","text":"foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":105,"box":{"x":116,"y":484,"width":668,"height":12}},{"id":"f6b55592-83d2-47de-96ec-e44cdb1eb28d","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement","page_number":105,"box":{"x":116,"y":515,"width":754,"height":12}},{"id":"5967e6f7-27e5-4231-a149-5da57cebaa25","block_type":"box","text":"by the PRC tax authorities may result in a loss which could be material to the Fund. There is a risk the","page_number":105,"box":{"x":117,"y":530,"width":761,"height":12}},{"id":"aabf4ada-5628-4d4c-b6df-367b84e8a1c5","block_type":"box","text":"PRC tax authorities may withdraw the temporary tax exemptions in the future and seek to collect taxes","page_number":105,"box":{"x":117,"y":545,"width":765,"height":12}},{"id":"e862ce6d-f480-4849-b8c1-07087b211615","block_type":"box","text":"realized on the sale of A-Shares or PRC sourced interest income on non-government bonds received","page_number":105,"box":{"x":117,"y":560,"width":756,"height":12}},{"id":"bf5787b0-0e32-4c64-a81f-0d7c114fc60c","block_type":"box","text":"by the Fund without giving any prior notice. If the temporary tax exemptions are withdrawn, any taxes","page_number":105,"box":{"x":117,"y":575,"width":755,"height":12}},{"id":"ac444a13-bc7c-402a-8d80-5d6424fdd75f","block_type":"box","text":"may be directly borne by or indirectly passed on to the Fund and may result in a substantial impact to","page_number":105,"box":{"x":117,"y":590,"width":755,"height":12}},{"id":"32c5bc4d-6971-4de1-9c5a-b4bfb86ca1f8","block_type":"box","text":"its net asset value. As with any net asset value adjustment, investors may be advantaged or","page_number":105,"box":{"x":117,"y":605,"width":687,"height":12}},{"id":"2e043b2c-97d3-476a-b5ad-3fac6954f2e8","block_type":"box","text":"disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":105,"box":{"x":116,"y":620,"width":763,"height":12}},{"id":"1004e599-8b59-4c52-bf2b-bf45c909ac56","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":105,"box":{"x":116,"y":635,"width":494,"height":12}},{"id":"bd3a38bd-ef35-4919-8047-84b37b841bb5","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from","page_number":105,"box":{"x":117,"y":666,"width":752,"height":12}},{"id":"cdf35459-5e26-4ffe-a95d-a2520b78a5ed","block_type":"box","text":"time to time, make a provision for potential tax liabilities if in its opinion such provision is warranted or","page_number":105,"box":{"x":116,"y":681,"width":751,"height":12}},{"id":"3744af6c-7430-4406-bd20-0b23ec3b662a","block_type":"box","text":"as further clarified by the PRC in notifications.","page_number":105,"box":{"x":116,"y":696,"width":339,"height":12}},{"id":"9a3aa8bf-2499-46c8-b636-b59978b66cae","block_type":"box","text":"Investment in Other Investment Companies.","page_number":105,"box":{"x":116,"y":727,"width":350,"height":12}},{"id":"ee247a11-f32b-45ac-8db2-8fda6538f97c","block_type":"box","text":"Each Fund may, subject to applicable law, invest in","page_number":105,"box":{"x":474,"y":727,"width":378,"height":12}},{"id":"b9608c80-84f4-46d2-b888-3e08618b3a8e","block_type":"box","text":"other investment companies (including investment companies managed by BlackRock and its","page_number":105,"box":{"x":116,"y":742,"width":694,"height":12}},{"id":"4bcb12f6-c8d2-417e-9f0f-c8e2d9153a02","block_type":"box","text":"affiliates), including money market funds and ETFs, which are typically open-end funds or unit","page_number":105,"box":{"x":116,"y":757,"width":697,"height":12}},{"id":"48b8bbb9-bcb8-4234-91d0-be4ed4188675","block_type":"box","text":"investment trusts listed on a stock exchange. Under Section 12(d)(1)(A) of the Investment Company","page_number":105,"box":{"x":117,"y":772,"width":743,"height":12}},{"id":"067f1a55-2d70-40fa-a657-157b48bc13c9","block_type":"box","text":"Act, however, a Fund may invest up to 10% of its total assets in securities of other investment","page_number":105,"box":{"x":116,"y":787,"width":696,"height":12}},{"id":"1152b46d-a0cd-46df-832f-faae410d8801","block_type":"box","text":"companies (measured at the time of such investment). In addition, under Section 12(d)(1)(A) of the","page_number":105,"box":{"x":116,"y":802,"width":734,"height":12}},{"id":"689c7c37-4553-44f8-8b54-267cf8607f6a","block_type":"box","text":"Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":105,"box":{"x":117,"y":817,"width":698,"height":12}},{"id":"701974f6-100c-46f1-b450-91122a4a1508","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such","page_number":105,"box":{"x":116,"y":832,"width":745,"height":12}},{"id":"246c8918-97a4-44a6-b922-2ef93639a9b2","block_type":"box","text":"investment company and a Fund may not invest in another investment company if such investment","page_number":105,"box":{"x":117,"y":847,"width":739,"height":12}},{"id":"59c797b1-770d-403f-bfb2-1338cd36eaec","block_type":"box","text":"would cause more than 5% of the value of the Fund’s total assets to be invested in securities of such","page_number":105,"box":{"x":116,"y":862,"width":753,"height":10}},{"id":"5a24c2c1-9fb8-4913-ba98-4790f5577618","block_type":"box","text":"investment company. (These limits do not restrict a Feeder Fund from investing all of its assets in","page_number":105,"box":{"x":117,"y":877,"width":727,"height":12}},{"id":"96dcc923-c948-4cbb-bc35-dea24729b522","block_type":"box","text":"II-60","page_number":105,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8de19c10-608e-46c2-b2c7-5f85bc6267d4","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":105,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"680b9b3d-6561-4e90-9ddc-52d2405573ff","block_type":"box","text":"shares of its Master Portfolio.) In addition to the restrictions on investing in other investment companies","page_number":106,"box":{"x":116,"y":86,"width":771,"height":13}},{"id":"a5eea512-52ed-4d4c-b06e-5442f179b1cc","block_type":"box","text":"discussed above, under Section 12(d)(1)(C) of the Investment Company Act a Fund may not invest in","page_number":106,"box":{"x":116,"y":101,"width":759,"height":13}},{"id":"1bc1c5b1-a2eb-4c0e-9b92-1bc364aaec8a","block_type":"box","text":"a registered closed-end investment company if such investment would cause the Fund and other","page_number":106,"box":{"x":116,"y":116,"width":724,"height":13}},{"id":"262a05b1-bd47-43a7-a7fe-736c51884c28","block_type":"box","text":"BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock","page_number":106,"box":{"x":117,"y":131,"width":760,"height":13}},{"id":"3aa78d71-2977-4f7f-b896-97595e1ef836","block_type":"box","text":"of such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company","page_number":106,"box":{"x":116,"y":146,"width":761,"height":13}},{"id":"d286e7e2-03ba-47f4-9845-e8811a9a03c7","block_type":"box","text":"Act, these percentage limitations do not apply to investments in affiliated investment companies,","page_number":106,"box":{"x":116,"y":161,"width":719,"height":13}},{"id":"cb6f2849-08f0-48aa-a442-d2e7a7dbe8d2","block_type":"box","text":"including ETFs, subject to certain conditions. In addition, a Fund may be able to rely on certain rules","page_number":106,"box":{"x":117,"y":177,"width":747,"height":12}},{"id":"efa773a4-093b-4369-9a4a-d9e74f301ac4","block_type":"box","text":"under the Investment Company Act to invest in shares of money market funds or other investment","page_number":106,"box":{"x":117,"y":191,"width":733,"height":12}},{"id":"45bc6e54-094d-4993-876e-693cc15fd4de","block_type":"box","text":"companies beyond the statutory limits noted above, but subject to certain conditions.","page_number":106,"box":{"x":116,"y":207,"width":633,"height":11}},{"id":"dfb5bf31-cac4-4f07-aaa9-7b95a6a5a04b","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and","page_number":106,"box":{"x":116,"y":238,"width":723,"height":11}},{"id":"253b8979-3abd-4659-95a8-3a52bdaf418c","block_type":"box","text":"selection risk.","page_number":106,"box":{"x":116,"y":253,"width":106,"height":9}},{"id":"789c728f-cc9d-49ea-8e0b-38c1f33f7011","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an","page_number":106,"box":{"x":116,"y":284,"width":740,"height":12}},{"id":"7300f80c-d914-49c7-b78c-3b744709ab0d","block_type":"box","text":"exchange may at times be acquired at market prices representing premiums to their NAVs. In addition,","page_number":106,"box":{"x":116,"y":300,"width":767,"height":12}},{"id":"2be6e0f5-a180-4bd3-bd07-88278db6817a","block_type":"box","text":"investment companies held by a Fund that trade on an exchange could trade at a discount from NAV,","page_number":106,"box":{"x":117,"y":315,"width":758,"height":12}},{"id":"75ddba27-4f61-4514-91d4-71e8693c0859","block_type":"box","text":"and such discount could increase while the Fund holds the shares. If the market price of shares of an","page_number":106,"box":{"x":116,"y":330,"width":756,"height":12}},{"id":"8fc3bdc2-2a5f-4c26-8564-35d8f7a7a3a0","block_type":"box","text":"exchange-traded investment company decreases below the price that the Fund paid for the shares and","page_number":106,"box":{"x":116,"y":346,"width":771,"height":12}},{"id":"a48cadab-53df-488f-b9fa-3faec147b6c7","block_type":"box","text":"the Fund were to sell its shares of such investment company at a time when the market price is lower","page_number":106,"box":{"x":116,"y":361,"width":757,"height":13}},{"id":"0c8e664a-3546-46a3-82cd-e1250e7c24a3","block_type":"box","text":"than the price at which it purchased the shares, the Fund would experience a loss.","page_number":106,"box":{"x":116,"y":377,"width":617,"height":12}},{"id":"a970c936-f145-4df8-bf37-4d34d3828fc6","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment","page_number":106,"box":{"x":117,"y":408,"width":698,"height":12}},{"id":"53b79838-ff78-459c-a56f-c3505162ff65","block_type":"box","text":"companies, shareholders would bear both their proportionate share of expenses in the Fund and,","page_number":106,"box":{"x":116,"y":423,"width":727,"height":12}},{"id":"74bfbde2-3bd1-405b-94f3-b220e1563a1a","block_type":"box","text":"indirectly, the expenses of such investment companies. Such expenses, both at the Fund level and","page_number":106,"box":{"x":117,"y":439,"width":739,"height":12}},{"id":"f25000b7-2098-409a-b2bf-41958fb50087","block_type":"box","text":"acquired investment company level, would include management and advisory fees, unless such fees","page_number":106,"box":{"x":116,"y":454,"width":753,"height":13}},{"id":"3c6c40eb-0ded-4519-88e3-4f49ca846ad5","block_type":"box","text":"have been waived by BlackRock. Please see the relevant Fund’s Prospectus to determine whether any","page_number":106,"box":{"x":117,"y":470,"width":769,"height":12}},{"id":"68f96afa-0acb-4c6b-8798-02b750bbafed","block_type":"box","text":"such management and advisory fees have been waived by BlackRock. Investments by a Fund in","page_number":106,"box":{"x":116,"y":485,"width":724,"height":13}},{"id":"aeb6f9b1-97c4-4176-9f89-42d3be61cfb6","block_type":"box","text":"wholly owned investment entities created under the laws of certain countries will not be deemed an","page_number":106,"box":{"x":116,"y":501,"width":740,"height":12}},{"id":"14604156-90b9-470c-9e76-3f8b968265af","block_type":"box","text":"investment in other investment companies. Pursuant to guidance issued by the staff of the","page_number":106,"box":{"x":117,"y":516,"width":674,"height":13}},{"id":"1a8a98a2-ddc1-48fd-b20e-873aa007bfba","block_type":"box","text":"Commission, fees and expenses of money market funds used for the investment of cash collateral","page_number":106,"box":{"x":117,"y":532,"width":733,"height":12}},{"id":"9894eda8-1c0a-4013-925d-3e94e121f504","block_type":"box","text":"received in connection with loans of Fund securities are not treated as “acquired fund fees and","page_number":106,"box":{"x":117,"y":547,"width":706,"height":12}},{"id":"91b0c9a3-8bd9-4898-bef8-a89c396d9924","block_type":"box","text":"expenses,” which are fees and expenses charged by other investment companies and pooled","page_number":106,"box":{"x":116,"y":563,"width":701,"height":12}},{"id":"b92fa8bd-4207-4606-aaa8-2d7838ce9f05","block_type":"box","text":"investment vehicles in which a Fund invests a portion of its assets.","page_number":106,"box":{"x":117,"y":578,"width":498,"height":12}},{"id":"8d6eb725-8f2e-4893-b7d4-b4ce8d94967e","block_type":"box","text":"To the extent shares of a Fund are held by another f","page_number":106,"box":{"x":116,"y":609,"width":380,"height":13}},{"id":"d809c02d-864d-41bc-beb1-c5c62b708a85","block_type":"box","text":"und, the ability of the Fund it","page_number":106,"box":{"x":497,"y":609,"width":205,"height":13}},{"id":"e07d9339-27a0-4ef1-8b4e-991660179d8f","block_type":"box","text":"self to purchase other","page_number":106,"box":{"x":702,"y":609,"width":163,"height":12}},{"id":"ab9a84f6-a54c-428c-868d-1cf17c0bf850","block_type":"box","text":"funds may be limited. In addition, a fund-of-funds (","page_number":106,"box":{"x":116,"y":625,"width":365,"height":12}},{"id":"f872ab9f-3ff2-47a3-b4f8-c02cfb6f53bf","block_type":"box","text":"e.g.","page_number":106,"box":{"x":482,"y":628,"width":25,"height":9}},{"id":"ca3508d6-8d4e-4c71-9fa1-040272673c1d","block_type":"box","text":", an investment company that seeks to meet its","page_number":106,"box":{"x":510,"y":625,"width":347,"height":12}},{"id":"a914481b-6354-4232-9310-5e386af3c068","block_type":"box","text":"investment objective by investing significantly in","page_number":106,"box":{"x":117,"y":640,"width":350,"height":13}},{"id":"234c2ae2-0f07-4631-b953-616b47950907","block_type":"box","text":"other investment companies)","page_number":106,"box":{"x":468,"y":640,"width":215,"height":13}},{"id":"ff26fdc5-a60c-44f1-9932-8e624368af1b","block_type":"box","text":"may be limited in its ability","page_number":106,"box":{"x":684,"y":641,"width":195,"height":12}},{"id":"326be034-72fc-43b5-b943-90d54e081109","block_type":"box","text":"to purchase underlying funds if such underlying f","page_number":106,"box":{"x":116,"y":656,"width":353,"height":12}},{"id":"7bc46d9c-c57b-40da-a2f3-21dbf7e10a2b","block_type":"box","text":"unds themselves own shares of underlying funds.","page_number":106,"box":{"x":470,"y":656,"width":364,"height":12}},{"id":"439d9f2f-87ef-4237-ad85-7117535d2c97","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate","page_number":106,"box":{"x":116,"y":687,"width":710,"height":12}},{"id":"d93d33e3-f587-438a-92cc-a455ff136807","block_type":"box","text":"indirect foreign investment in developing countries, and certain of such countries, such as Thailand,","page_number":106,"box":{"x":117,"y":702,"width":736,"height":13}},{"id":"27036a68-1e0c-4b73-933e-eeda9adc6289","block_type":"box","text":"South Korea, Chile and Brazil, have specifically authorized such funds. There also are investment","page_number":106,"box":{"x":116,"y":718,"width":725,"height":12}},{"id":"317ee43b-3547-4f31-be88-dfb37374e0e1","block_type":"box","text":"opportunities in certain of such countries in pooled vehicles that resemble open-end investment","page_number":106,"box":{"x":116,"y":734,"width":708,"height":11}},{"id":"a06f6b3d-e6b0-4b84-8aee-0906d5998d0d","block_type":"box","text":"companies. The restrictions on investments in securities of investment companies set forth above may","page_number":106,"box":{"x":116,"y":749,"width":760,"height":12}},{"id":"f34435e4-b3f4-4b75-a3de-d38b4a14534a","block_type":"box","text":"limit opportunities for a Fund to invest indirectly in certain developing countries.","page_number":106,"box":{"x":117,"y":765,"width":585,"height":12}},{"id":"de4373f7-c87a-4467-9eaf-d971e340fd6c","block_type":"box","text":"Issuer Insolvency Risk.","page_number":106,"box":{"x":116,"y":796,"width":185,"height":12}},{"id":"b5df7a8e-57d5-4d29-874f-8f14b81b36b6","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled","page_number":106,"box":{"x":307,"y":796,"width":532,"height":12}},{"id":"77ff702b-c4a8-4cff-8311-51589cf6696e","block_type":"box","text":"issuers involves a high degree of credit and market risk, which may be heightened during an economic","page_number":106,"box":{"x":117,"y":811,"width":761,"height":12}},{"id":"7e801cc7-1fae-4136-85c6-79c9e7c4a298","block_type":"box","text":"downturn or recession. Should an issuer of securities held by a Fund become involved in a bankruptcy","page_number":106,"box":{"x":116,"y":827,"width":765,"height":12}},{"id":"49382f4b-79f8-43f3-91d2-ca015a52f8e7","block_type":"box","text":"proceeding, reorganization or financial restructuring, a wide variety of considerations make an","page_number":106,"box":{"x":117,"y":842,"width":700,"height":12}},{"id":"fb7ce85a-dfdc-47bc-ae64-9f1ade3eebc6","block_type":"box","text":"evaluation of the outcome of the Fund’s exposure to the issuer uncertain.","page_number":106,"box":{"x":116,"y":858,"width":548,"height":12}},{"id":"8a29e2b8-df17-4db1-b8b7-944cfe0498c5","block_type":"box","text":"II-61","page_number":106,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"43b0e632-3fc5-4363-b409-308b8f367ef3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":106,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1c73e922-c586-4bf9-a2e5-59bd5701e96a","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that","page_number":107,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"af518249-ef34-4503-a681-f05f305498a6","block_type":"box","text":"a Fund will receive any interest payments on the securities of the issuer. A Fund will be subject to","page_number":107,"box":{"x":116,"y":102,"width":728,"height":13}},{"id":"675c861f-57c0-4e9a-845e-861bf6a50a46","block_type":"box","text":"significant uncertainty as to whether the reorganization or restructuring will be completed, and the Fund","page_number":107,"box":{"x":116,"y":118,"width":772,"height":12}},{"id":"0390643c-003b-40d8-8e0e-eca9ea1e94bf","block_type":"box","text":"may bear certain extraordinary expenses to protect and recover its investment. A Fund will also be","page_number":107,"box":{"x":117,"y":134,"width":735,"height":12}},{"id":"41b9e4d9-b412-4ee7-93f2-d95cec986677","block_type":"box","text":"subject to significant uncertainty as to when and in what manner and for what value the obligations","page_number":107,"box":{"x":116,"y":149,"width":737,"height":12}},{"id":"30040bb9-7587-45e3-a37f-3a42d1df390d","block_type":"box","text":"evidenced by the securities of the issuer held by the Fund will eventually be satisfied.","page_number":107,"box":{"x":116,"y":165,"width":637,"height":12}},{"id":"ccced1ab-5b8a-4d39-b9f3-3a6777326549","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer","page_number":107,"box":{"x":117,"y":196,"width":741,"height":12}},{"id":"debf4994-2333-4400-a4be-ed9f49ed89f7","block_type":"box","text":"held by the Fund, there can be no assurance that the securities or other assets received by a Fund in","page_number":107,"box":{"x":117,"y":211,"width":748,"height":12}},{"id":"aa4f787d-6898-4da5-ab4e-0faebeffd3fc","block_type":"box","text":"connection with such plan of reorganization or restructuring will not have a lower value or income","page_number":107,"box":{"x":116,"y":227,"width":717,"height":12}},{"id":"4a8b844f-ebfe-43be-8130-a04f535663a0","block_type":"box","text":"potential than may have been anticipated or no value. A Fund may be unable to enforce its claims or","page_number":107,"box":{"x":117,"y":242,"width":742,"height":12}},{"id":"2b645153-fcac-4263-ac58-e6d7b1cd9a08","block_type":"box","text":"rights in any collateral or may have its claims or security interest in any collateral challenged, disallowed","page_number":107,"box":{"x":117,"y":258,"width":767,"height":12}},{"id":"bbc1ba50-11ad-4ea8-9a69-ae63c4baf799","block_type":"box","text":"or subordinated to the claims or security interests of other creditors. In addition, amendments to the U.S.","page_number":107,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"4c76ad33-f80f-4546-9c16-f9cc0d3ddf3c","block_type":"box","text":"Bankruptcy Code or other relevant laws could alter the expected outcome or introduce greater","page_number":107,"box":{"x":117,"y":289,"width":695,"height":12}},{"id":"006555f3-4c96-4102-bc3f-74d60847ebb5","block_type":"box","text":"uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":107,"box":{"x":117,"y":304,"width":716,"height":12}},{"id":"d5de6f59-587d-416f-a4a7-10dd13ee5e08","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be","page_number":107,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"b5f5952d-2f5a-4ab7-a374-ebe148eaa392","block_type":"box","text":"re-characterized or a Fund may receive different securities or other assets, including equity securities.","page_number":107,"box":{"x":117,"y":335,"width":752,"height":12}},{"id":"3ad5aa20-7e3f-47cd-8796-d71126a33065","block_type":"box","text":"These types of equity securities include, but are not limited to: common stock; preferred stock (including","page_number":107,"box":{"x":116,"y":351,"width":768,"height":12}},{"id":"385fad0b-e17a-4caf-82ed-b591a4ec6fa4","block_type":"box","text":"convertible preferred stock); bonds, notes and debentures convertible into common or preferred stock;","page_number":107,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"79681c7d-2de3-4e20-9298-65742f9c09f3","block_type":"box","text":"stock purchase warrants and rights; equity interests in trusts; and depositary receipts. Equity securities","page_number":107,"box":{"x":116,"y":382,"width":759,"height":12}},{"id":"109cd765-c841-4251-b9a9-dadf15df440e","block_type":"box","text":"are subject to changes in value, and their value may be more volatile than those of other asset classes.","page_number":107,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"dbb9b805-de4f-45cf-aefa-42853c2732a7","block_type":"box","text":"Holders of equity securities are subject to more risk than holders of debt securities because the status of","page_number":107,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"206a1a3b-902c-44d0-8755-a67d62c50dfb","block_type":"box","text":"equity holders is subordinate to debtholders in an issuer’s capital structure. The value of equity","page_number":107,"box":{"x":116,"y":428,"width":701,"height":12}},{"id":"a7569293-963f-4679-91f1-5f666352c7cb","block_type":"box","text":"securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":107,"box":{"x":116,"y":444,"width":721,"height":12}},{"id":"9f914c5f-b0e9-4a76-8b5e-1496c93b6aff","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":107,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"ae3be9e3-240e-4187-ad9d-5ea63e69c55f","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding,","page_number":107,"box":{"x":116,"y":490,"width":681,"height":12}},{"id":"94d1d3c5-ae27-4e1b-9bec-686ae5ca1983","block_type":"box","text":"reorganization or financial restructuring, the Fund may also be subject to additional risks associated with","page_number":107,"box":{"x":117,"y":506,"width":770,"height":12}},{"id":"2507f8e6-46eb-40bb-92fe-48a06e6cd51a","block_type":"box","text":"the assets received. One example of assets that a Fund could receive is an interest in one or more","page_number":107,"box":{"x":116,"y":521,"width":730,"height":12}},{"id":"c3a0acd6-c2c2-4460-9ab4-263f67645fce","block_type":"box","text":"loans made to the issuer as part of a workout agreed to by a consortium of lienholders and creditors of","page_number":107,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"46907263-e827-4701-ba10-8e5eba81cd86","block_type":"box","text":"the issuer. A Fund may receive such interests in loans to the extent permitted by the Investment","page_number":107,"box":{"x":116,"y":552,"width":710,"height":12}},{"id":"29f00c30-1d9b-45cf-bbf1-98bc34717979","block_type":"box","text":"Company Act.","page_number":107,"box":{"x":117,"y":568,"width":108,"height":12}},{"id":"d31ee4bd-8598-455d-8ead-8451b666f867","block_type":"box","text":"Securities or other assets received in a reorganization","page_number":107,"box":{"x":116,"y":599,"width":387,"height":12}},{"id":"5224b1bb-46dc-4f4a-ac4c-7e49b2906d3e","block_type":"box","text":"or restructuring typically entail a higher degree of risk","page_number":107,"box":{"x":503,"y":599,"width":380,"height":12}},{"id":"5641c56c-baac-4a1a-950c-1e5930f51b14","block_type":"box","text":"than investments in securities of issuers that","page_number":107,"box":{"x":116,"y":614,"width":319,"height":10}},{"id":"37aa5c34-fd37-4849-9228-ce8c423bebdd","block_type":"box","text":"have not undergone a reorganization or restructuring and may","page_number":107,"box":{"x":436,"y":614,"width":446,"height":12}},{"id":"5982d8c4-cf1a-4f3b-988b-fb88b8ca660b","block_type":"box","text":"be subject to heavy selling or downward pricing pre","page_number":107,"box":{"x":117,"y":630,"width":363,"height":12}},{"id":"78b48dbc-3af8-4476-8085-9cac850c7f9a","block_type":"box","text":"ssure after completion of the reorganization or","page_number":107,"box":{"x":481,"y":630,"width":332,"height":12}},{"id":"519b9706-c390-45a1-9ee8-42f69a3a7b58","block_type":"box","text":"restructuring. The post-reorganization/restructuring assets","page_number":107,"box":{"x":117,"y":645,"width":411,"height":12}},{"id":"7c7d3d56-22c4-4616-854e-cade9d5e0bdd","block_type":"box","text":"and securities may also be illiquid and difficult to","page_number":107,"box":{"x":528,"y":645,"width":351,"height":12}},{"id":"fd8a0978-04f5-4bbb-9911-728d590e0410","block_type":"box","text":"sell or value. If a Fund participates in negotiations with","page_number":107,"box":{"x":116,"y":661,"width":384,"height":12}},{"id":"c29b945f-e9fa-4030-afe7-f40ba4ec25ce","block_type":"box","text":"respect to a plan of reorganization or restructuring","page_number":107,"box":{"x":506,"y":661,"width":353,"height":12}},{"id":"0809dd80-a24f-4653-a769-c3d95687414a","block_type":"box","text":"with respect to securities of the issuer held by a","page_number":107,"box":{"x":116,"y":676,"width":336,"height":12}},{"id":"055061c5-1fd5-4108-86a5-05f796277464","block_type":"box","text":"Fund, the Fund also may be restricted from disposing such","page_number":107,"box":{"x":458,"y":676,"width":417,"height":12}},{"id":"55896a04-aa0f-4d19-9845-5c8dfeb7e99e","block_type":"box","text":"securities for a period of time. If a Fund becomes involved in such proceedings, the Fund may have more","page_number":107,"box":{"x":116,"y":692,"width":747,"height":12}},{"id":"3455faaf-c3a7-4d21-b0bc-de53cbf68938","block_type":"box","text":"active participation in the affairs of the iss","page_number":107,"box":{"x":116,"y":707,"width":292,"height":12}},{"id":"970b84dc-da6d-4df0-b8ad-c34224c93534","block_type":"box","text":"uer than that assumed generally by an investor.","page_number":107,"box":{"x":409,"y":707,"width":337,"height":12}},{"id":"2da54fc8-3fc2-4104-ba73-20d5b12e914f","block_type":"box","text":"Lease Obligations.","page_number":107,"box":{"x":116,"y":738,"width":148,"height":12}},{"id":"5c3f797a-0801-4bdf-943e-5b675011b3af","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase","page_number":107,"box":{"x":270,"y":738,"width":571,"height":12}},{"id":"d9861f93-6593-4f53-b5e0-47a47c4251bf","block_type":"box","text":"contract, or a conditional sales contract (“lease obligations”). The Manager will monitor the credit","page_number":107,"box":{"x":116,"y":754,"width":716,"height":12}},{"id":"659076c4-3295-4ade-b7f5-18b4df51a0eb","block_type":"box","text":"standing of each borrower and each entity providing credit support and/or a put option relating to lease","page_number":107,"box":{"x":116,"y":769,"width":761,"height":12}},{"id":"9de7fdbf-b213-408d-864d-53a4df486585","block_type":"box","text":"obligations.","page_number":107,"box":{"x":116,"y":785,"width":83,"height":12}},{"id":"592218f2-d88e-47aa-89da-e202ed7215c5","block_type":"box","text":"Life Settlement Investments.","page_number":107,"box":{"x":116,"y":816,"width":227,"height":9}},{"id":"2b357668-b55f-41ff-ac4d-69a91e54d798","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties,","page_number":107,"box":{"x":349,"y":816,"width":514,"height":12}},{"id":"3e61d615-e14c-4792-97e8-615fe7d6be3a","block_type":"box","text":"such as the Fund, of existing life insurance contracts for more than their cash surrender value but less","page_number":107,"box":{"x":116,"y":831,"width":763,"height":12}},{"id":"a77c102f-25ec-44f3-a6aa-6e0376c19461","block_type":"box","text":"than the net benefits to be paid under the policies. When a Fund acquires such a contract, it pays the","page_number":107,"box":{"x":116,"y":847,"width":756,"height":12}},{"id":"6042d984-8e36-40e2-9fa2-c56adf7d8747","block_type":"box","text":"policy premiums in return for the expected receipt of the net benefit as the beneficiary under the policy.","page_number":107,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"a058aae0-7238-4b9e-9133-f18ee59e6b65","block_type":"box","text":"Investments in these contracts involve certain risks, including liquidity risk, credit risk of the insurance","page_number":107,"box":{"x":117,"y":878,"width":756,"height":12}},{"id":"ce665fc3-e889-4471-aef2-7f77d27df05d","block_type":"box","text":"II-62","page_number":107,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"f3c20496-8e2a-454b-a377-6510dc95372f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":107,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"98f49ffa-93a7-403b-b305-477898a09b04","block_type":"box","text":"company, and inaccurate estimations of life expectancy of the insured individuals (viators). These","page_number":108,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"8691ec91-06fe-4435-879d-33f6049555e9","block_type":"box","text":"policies may be considered illiquid because they are bought and sold in a secondary market through","page_number":108,"box":{"x":117,"y":103,"width":748,"height":12}},{"id":"5562d252-c165-4b53-a5d7-572c0fea78a0","block_type":"box","text":"life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a policy, the Fund","page_number":108,"box":{"x":117,"y":118,"width":760,"height":12}},{"id":"24f1c727-e8f9-4f9c-9a0a-8f0782ee654d","block_type":"box","text":"may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":108,"box":{"x":117,"y":134,"width":708,"height":12}},{"id":"16b49737-e03c-4f4e-9cc1-dcd5fd016c8a","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund","page_number":108,"box":{"x":117,"y":149,"width":758,"height":12}},{"id":"4aa8c581-b3a1-4ba5-8c6c-afdef711aa0e","block_type":"box","text":"may encounter losses on its investments if there is an inaccurate estimation of the life expectancies of","page_number":108,"box":{"x":117,"y":165,"width":761,"height":12}},{"id":"e75466c6-e79c-49c1-a398-f0c8e264a43e","block_type":"box","text":"viators. A Fund intends to reduce this life expectancy risk by investing only in contracts where the life","page_number":108,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"f3e7899c-0e80-4113-9005-ba0650551b29","block_type":"box","text":"expectancy was reviewed by an experienced actuary, as well as by diversifying its investments across","page_number":108,"box":{"x":116,"y":196,"width":763,"height":12}},{"id":"f27a3582-efb6-4449-88e0-8d42c267036f","block_type":"box","text":"viators of varying ages and medical profiles. In addition, it is unclear whether the income from life","page_number":108,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"7c4fe3c2-5772-4fb0-b5b0-aad8867b677e","block_type":"box","text":"settlements is qualifying income for purposes of the IRS 90% gross income test a Fund must satisfy","page_number":108,"box":{"x":116,"y":227,"width":746,"height":12}},{"id":"6be70498-7f3f-4055-bd44-430d2897f93b","block_type":"box","text":"each year to qualify as a regulated investment company. A Fund intends to monitor its investments to","page_number":108,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"06e79db4-c7b5-44e7-b8ba-7f30e286a080","block_type":"box","text":"ensure that the Fund remains qualified as a regulated investment company.","page_number":108,"box":{"x":116,"y":258,"width":567,"height":12}},{"id":"af43c883-bb89-4209-ad7f-d5230b5876bf","block_type":"box","text":"Liquidity Risk Management.","page_number":108,"box":{"x":116,"y":289,"width":221,"height":12}},{"id":"17e938e3-1881-4483-a670-cb635ce9b301","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”)","page_number":108,"box":{"x":338,"y":289,"width":517,"height":12}},{"id":"a7bfdd7a-0527-407e-ae91-d0c1c8a6d536","block_type":"box","text":"requires open-end funds, such as the Funds, to adopt a liquidity risk management program and","page_number":108,"box":{"x":117,"y":304,"width":712,"height":12}},{"id":"75c02512-388c-4e98-8288-72e43043b160","block_type":"box","text":"enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":108,"box":{"x":116,"y":320,"width":709,"height":12}},{"id":"714c61b5-83eb-4e48-9f64-93ac41dbaa78","block_type":"box","text":"implemented a liquidity risk management program (the “Liquidity Program”), and the Boards of","page_number":108,"box":{"x":117,"y":335,"width":704,"height":12}},{"id":"5b6a7821-51dc-416e-b369-5d6c3d730e42","block_type":"box","text":"Directors of the Funds, including a majority of the independent Directors, have appointed the Manager","page_number":108,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"e6c0d9c5-d2f7-49c7-9203-c7d9c36cdca6","block_type":"box","text":"as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity Program, the","page_number":108,"box":{"x":116,"y":366,"width":745,"height":12}},{"id":"98e4be4c-e625-4ad9-a636-01c41b85a707","block_type":"box","text":"Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":108,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"7e088905-5f2e-4f51-8b11-f264c410086f","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid","page_number":108,"box":{"x":117,"y":397,"width":750,"height":12}},{"id":"3ee18318-7bc3-4476-b076-0572635d7c83","block_type":"box","text":"investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund","page_number":108,"box":{"x":117,"y":413,"width":736,"height":12}},{"id":"6e24acb7-e777-4fb1-8a87-5141bacabc4f","block_type":"box","text":"could not meet requests to redeem shares issued by the Fund without significant dilution of the","page_number":108,"box":{"x":116,"y":428,"width":709,"height":12}},{"id":"c8bf8e1f-a912-4f82-a42b-395ac769f56b","block_type":"box","text":"remaining investors’ interests in the Fund. The liquidity of a Fund’s portfolio investments is determined","page_number":108,"box":{"x":117,"y":444,"width":762,"height":12}},{"id":"bfdcb7b2-efc7-4065-adbc-0403f9a878fc","block_type":"box","text":"based on relevant market, trading and investment-specific considerations under the Liquidity Program.","page_number":108,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"ad3f9489-f1df-4480-8800-c7b57b95f65d","block_type":"box","text":"To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, a","page_number":108,"box":{"x":116,"y":475,"width":747,"height":12}},{"id":"95bf4951-4cac-42a4-878f-7c0155d34bd6","block_type":"box","text":"Fund can expect to be exposed to greater liquidity risk.","page_number":108,"box":{"x":117,"y":490,"width":411,"height":12}},{"id":"80cb105e-9a90-405c-93e3-64804ee1ffa6","block_type":"box","text":"Master Limited Partnerships.","page_number":108,"box":{"x":116,"y":521,"width":230,"height":12}},{"id":"22febb50-d967-4d07-af02-23ce7532a094","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships","page_number":108,"box":{"x":347,"y":521,"width":538,"height":12}},{"id":"2e48140e-54b1-4fb3-9e84-2336942a0692","block_type":"box","text":"(“MLPs”) which are limited partnerships or limited liability companies taxable as partnerships. MLPs","page_number":108,"box":{"x":117,"y":537,"width":741,"height":12}},{"id":"9a6e7ac6-39d9-4c34-885a-f08afd3def87","block_type":"box","text":"may derive income and gains from the exploration, development, mining or production, processing,","page_number":108,"box":{"x":117,"y":552,"width":739,"height":12}},{"id":"298612ec-d076-4646-bd52-815c2ad75468","block_type":"box","text":"refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing","page_number":108,"box":{"x":117,"y":568,"width":758,"height":12}},{"id":"3e4804d9-6dc8-4590-895d-c1552f80a743","block_type":"box","text":"of any mineral or natural resources. MLPs generally have two classes of owners, the general partner","page_number":108,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"75ab1dc2-52b5-4436-af7b-d6240d27bbb4","block_type":"box","text":"and limited partners. When investing in an MLP, a Fund intends to purchase publicly traded common","page_number":108,"box":{"x":116,"y":599,"width":753,"height":12}},{"id":"26991fce-ae2d-41e3-ab75-b23098a5c283","block_type":"box","text":"units issued to limited partners of the MLP. The general partner is typically owned by a major energy","page_number":108,"box":{"x":117,"y":614,"width":749,"height":12}},{"id":"0b08837b-d085-4f90-a533-344747f1c241","block_type":"box","text":"company, an investment fund, the direct management of the MLP or is an entity owned by one or more","page_number":108,"box":{"x":116,"y":630,"width":769,"height":12}},{"id":"fe0342a8-234a-47b7-9c3a-df959cab20b8","block_type":"box","text":"of such parties. The general partner may be structured as a private or publicly traded corporation or","page_number":108,"box":{"x":116,"y":645,"width":744,"height":12}},{"id":"42d587a5-7b26-4f0b-9512-6c6f42470f98","block_type":"box","text":"other entity. The general partner typically controls the operations and management of the MLP through","page_number":108,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"d0fc1e16-cc46-482c-ace9-f369cc2f59ea","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and","page_number":108,"box":{"x":116,"y":676,"width":683,"height":12}},{"id":"1eae7021-3ff4-4825-8fe3-f9fd49a3aae7","block_type":"box","text":"subordinated units. Limited partners own the remainder of the partnership, through ownership of","page_number":108,"box":{"x":116,"y":692,"width":714,"height":12}},{"id":"2cea3c2d-ea90-47e8-a98b-ffc5dc69bf6e","block_type":"box","text":"common units, and have a limited role in the partnership’s operations and management.","page_number":108,"box":{"x":116,"y":707,"width":652,"height":12}},{"id":"2316a633-6960-4844-892a-31c53a94fdf3","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to","page_number":108,"box":{"x":117,"y":738,"width":764,"height":12}},{"id":"387eb451-689e-48e9-8a07-305299675ca1","block_type":"box","text":"receive quarterly cash distributions up to an established minimum amount (“minimum quarterly","page_number":108,"box":{"x":117,"y":754,"width":701,"height":12}},{"id":"34abf0de-3cc9-4b14-ac46-9c81b3140299","block_type":"box","text":"distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions","page_number":108,"box":{"x":116,"y":769,"width":762,"height":12}},{"id":"919fca9e-53ea-442c-bbc8-95ec54b4a8ed","block_type":"box","text":"to the extent the MQD is not paid. Once common and general partner interests have been paid,","page_number":108,"box":{"x":116,"y":785,"width":708,"height":12}},{"id":"a1bcbd03-2efb-4971-9e34-f1331f9b507c","block_type":"box","text":"subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue","page_number":108,"box":{"x":116,"y":800,"width":750,"height":12}},{"id":"102505b7-b323-49d5-babf-6656b65ea575","block_type":"box","text":"arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is","page_number":108,"box":{"x":116,"y":816,"width":743,"height":12}},{"id":"ec46c28c-87cc-43c2-94cf-2f03461af839","block_type":"box","text":"distributed to both common and subordinated units generally on a pro rata basis. The general partner","page_number":108,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"7f8eacf3-7456-4abe-bc8c-b07969f49090","block_type":"box","text":"is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":108,"box":{"x":117,"y":847,"width":712,"height":12}},{"id":"1e765c70-454a-4e6c-b4ac-0804cefaab22","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the","page_number":108,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"001831ff-7136-4a46-b57b-52663bbcede3","block_type":"box","text":"general partner increases cash distributions to the limited partners, the general partner receives an","page_number":108,"box":{"x":116,"y":878,"width":739,"height":12}},{"id":"1f0f35df-c988-4488-b68a-ab4188b33f17","block_type":"box","text":"II-63","page_number":108,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"3860048a-0673-4352-aeed-b537fea8ee73","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":108,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4c77b34f-df66-4326-bb49-9587c7ec71d0","block_type":"box","text":"increasingly higher percentage of the incremental cash distributions. A common arrangement provides","page_number":109,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"5b0d75da-3478-4bdc-b114-389e099851f2","block_type":"box","text":"that the general partner can reach a tier where it receives 50% of every incremental dollar paid to","page_number":109,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"68617f65-3438-4672-82f0-6770d3e7f438","block_type":"box","text":"common and subordinated unit holders. These incentive distributions encourage the general partner to","page_number":109,"box":{"x":116,"y":118,"width":767,"height":12}},{"id":"3d0aa79d-db3b-4b79-beac-aa270ea70b1d","block_type":"box","text":"streamline costs, increase capital expenditures and acquire assets in order to increase the","page_number":109,"box":{"x":116,"y":134,"width":676,"height":11}},{"id":"da8f2490-dbbb-4a5e-af68-1fc0d485cce9","block_type":"box","text":"partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such","page_number":109,"box":{"x":117,"y":149,"width":736,"height":12}},{"id":"95384b9e-367a-48d2-9654-45f9e4dc3ae6","block_type":"box","text":"results benefit all security holders of the MLP.","page_number":109,"box":{"x":117,"y":165,"width":343,"height":12}},{"id":"a6cb5412-8ff8-49c8-86b6-1381212aeb88","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and","page_number":109,"box":{"x":117,"y":196,"width":748,"height":11}},{"id":"d1d05c3f-679e-4307-952f-5a6d3b98e70b","block_type":"box","text":"traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing","page_number":109,"box":{"x":116,"y":211,"width":739,"height":12}},{"id":"bd2dceec-987b-4bc3-986f-3cd234060f30","block_type":"box","text":"market conditions and the success of the MLP. Certain Funds intend to purchase common units in","page_number":109,"box":{"x":117,"y":227,"width":733,"height":11}},{"id":"beb0001c-72f0-4d7a-a78f-2716ba1c90cf","block_type":"box","text":"market transactions. Unlike owners of common stock of a corporation, owners of common units have","page_number":109,"box":{"x":117,"y":242,"width":752,"height":12}},{"id":"d7878cf4-c2af-4bbe-8a3f-291f58623395","block_type":"box","text":"limited voting rights and have no ability to annually elect directors. In the event of liquidation, common","page_number":109,"box":{"x":117,"y":258,"width":758,"height":12}},{"id":"dfc149de-12f5-444b-a4a4-40f0c86e27f7","block_type":"box","text":"units have preference over subordinated units, but not over debt or preferred units, to the remaining","page_number":109,"box":{"x":117,"y":273,"width":744,"height":12}},{"id":"4242c012-5b16-41cb-afab-d12dace49554","block_type":"box","text":"assets of the MLP.","page_number":109,"box":{"x":116,"y":289,"width":144,"height":9}},{"id":"afcc2077-45cd-4fef-9d6c-54f4c619d14d","block_type":"box","text":"Merger Transaction Risk.","page_number":109,"box":{"x":116,"y":320,"width":200,"height":12}},{"id":"de618601-a4c3-4179-8846-fb3a3ff76c1d","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger","page_number":109,"box":{"x":317,"y":320,"width":531,"height":12}},{"id":"5748287a-b860-4dc7-a869-c3842c4adbd4","block_type":"box","text":"transaction prior to the consummation of such transaction. In that circumstance, a Fund would expect","page_number":109,"box":{"x":116,"y":335,"width":757,"height":12}},{"id":"bc544366-a05b-453d-8f7d-5409efadb461","block_type":"box","text":"to receive an amount (whether in cash, stock of the acquiring company or a combination of both) in","page_number":109,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"8fbc9867-9d23-49c4-9d0d-c080203256bd","block_type":"box","text":"excess of the purchase price paid by the Fund for the target company’s stock. However, a Fund is","page_number":109,"box":{"x":116,"y":366,"width":733,"height":12}},{"id":"3a534af8-26ac-49ce-9733-565e54e1af27","block_type":"box","text":"subject to the risk that the merger transaction may be canceled, delayed or restructured, in which case","page_number":109,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"65cf1202-225c-4832-8419-bb684755404e","block_type":"box","text":"a Fund’s holding of the target company’s stock may not result in any profit for the Fund and may lose","page_number":109,"box":{"x":116,"y":397,"width":754,"height":12}},{"id":"ce3aa243-3f91-4809-ba83-1d9d41050193","block_type":"box","text":"significant value.","page_number":109,"box":{"x":116,"y":413,"width":129,"height":12}},{"id":"e10ccde5-1495-4ff1-bfa6-501ee65c2801","block_type":"box","text":"Money Market Obligations of Domestic Banks,","page_number":109,"box":{"x":116,"y":444,"width":355,"height":12}},{"id":"a4492ade-074f-4f0f-9d27-37da216bde40","block_type":"box","text":"Foreign Banks and Foreign Branches of U.S. Banks.","page_number":109,"box":{"x":472,"y":444,"width":404,"height":12}},{"id":"1f2a36cf-0339-4704-869b-5794726e3b61","block_type":"box","text":"Certain Funds may purchase bank obligations, such as","page_number":109,"box":{"x":117,"y":459,"width":396,"height":12}},{"id":"802a85fe-01e6-44a4-b01b-8f51d58985b5","block_type":"box","text":"certificates of deposit, notes, bankers’ acceptances","page_number":109,"box":{"x":513,"y":459,"width":367,"height":12}},{"id":"1e515dda-97ae-48f7-bc85-89460b0797a9","block_type":"box","text":"and time deposits, including instruments issued or suppo","page_number":109,"box":{"x":116,"y":475,"width":403,"height":12}},{"id":"326d2dbe-a831-42ed-922b-a8753f656107","block_type":"box","text":"rted by the credit of U.S. or foreign banks or","page_number":109,"box":{"x":521,"y":475,"width":315,"height":12}},{"id":"a4102cb9-c4cc-4ed2-8e25-6574d34f6d73","block_type":"box","text":"savings institutions having total assets at the time","page_number":109,"box":{"x":116,"y":490,"width":356,"height":12}},{"id":"ca22cedf-12e7-46c7-9856-adbd7d4b3150","block_type":"box","text":"of purchase in excess of $1 billion. These obligations may","page_number":109,"box":{"x":472,"y":489,"width":415,"height":13}},{"id":"e3aa315c-4538-4a98-abd6-3cef5298ad5c","block_type":"box","text":"be general obligations of the parent bank","page_number":109,"box":{"x":117,"y":506,"width":290,"height":12}},{"id":"f748c416-0885-4094-a4b3-391fe534ce42","block_type":"box","text":"k or may be limited to the issuing branch or subsidiary by the terms","page_number":109,"box":{"x":407,"y":506,"width":473,"height":12}},{"id":"762f9941-2993-4661-bc5d-e85972cda1a6","block_type":"box","text":"of a specific obligation or by gov","page_number":109,"box":{"x":116,"y":521,"width":228,"height":12}},{"id":"27d58a10-4cfd-4b91-94d7-ac74d9ebe9ee","block_type":"box","text":"ernment regulation. The assets of","page_number":109,"box":{"x":344,"y":521,"width":244,"height":12}},{"id":"34b11478-4a61-4310-a0e4-a43ecd9380a7","block_type":"box","text":"a bank or savings institution will be","page_number":109,"box":{"x":588,"y":521,"width":251,"height":12}},{"id":"0f7b1437-bd13-48a5-89fd-bc531b577ea7","block_type":"box","text":"deemed to include the assets of its domestic and fore","page_number":109,"box":{"x":116,"y":537,"width":380,"height":9}},{"id":"ded96ca8-a7fe-4d55-9052-3650861d2253","block_type":"box","text":"ign branches for purposes of a Fund’s investment","page_number":109,"box":{"x":497,"y":537,"width":356,"height":12}},{"id":"be2d08d7-ee17-4517-a761-db7d83b37f07","block_type":"box","text":"policies. Investments in short-term bank obligations","page_number":109,"box":{"x":117,"y":552,"width":368,"height":12}},{"id":"2da8ebf4-13c7-4736-bce5-6bdec4b7ad7a","block_type":"box","text":"may include obligations of foreign banks and domestic","page_number":109,"box":{"x":485,"y":552,"width":390,"height":12}},{"id":"76809270-6151-4002-ad66-65dd8bfcd87f","block_type":"box","text":"branches of foreign banks, and also foreign branches of domestic banks.","page_number":109,"box":{"x":117,"y":568,"width":521,"height":12}},{"id":"0db98702-2bd7-4ba9-a579-2d6178eebb98","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of","page_number":109,"box":{"x":116,"y":599,"width":727,"height":12}},{"id":"d508b3be-b74d-41f9-a3ce-bb9e711dbb47","block_type":"box","text":"domestic or foreign corporations and banks, and may acquire commercial obligations issued by","page_number":109,"box":{"x":116,"y":614,"width":713,"height":12}},{"id":"0e126919-5a1a-49bb-a2a9-c7cdb0cc1213","block_type":"box","text":"Canadian corporations and Canadian counterparts of U.S. corporations, as well as Europaper, which is","page_number":109,"box":{"x":117,"y":630,"width":769,"height":12}},{"id":"663c4582-2eaa-4085-9f93-b749a32a2147","block_type":"box","text":"U.S. dollar-denominated commercial paper of a foreign issuer.","page_number":109,"box":{"x":117,"y":645,"width":466,"height":12}},{"id":"0418b7ff-e1f2-4863-beb1-b70f80a165fa","block_type":"box","text":"Money Market Securities.","page_number":109,"box":{"x":116,"y":676,"width":201,"height":12}},{"id":"dcc8d82b-e753-453e-9b8d-18b246b44ae3","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S.","page_number":109,"box":{"x":323,"y":676,"width":553,"height":12}},{"id":"0c0c80cb-cf8b-4599-a557-f178965ea358","block_type":"box","text":"dollar-denominated instruments, such as government, bank, commercial and other obligations that are","page_number":109,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"4ec90ab0-3e81-4fcb-939e-87bd78401693","block_type":"box","text":"available in the money markets. In particular, the Funds may invest in:","page_number":109,"box":{"x":116,"y":707,"width":519,"height":12}},{"id":"1b5849cd-dd96-4510-81b4-10e818a0e798","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks","page_number":109,"box":{"x":150,"y":738,"width":729,"height":12}},{"id":"d9cce566-635c-43a4-ae20-f2b96f8b8701","block_type":"box","text":"or savings institutions with total assets in excess of $1 billion (including obligations of foreign","page_number":109,"box":{"x":184,"y":753,"width":684,"height":13}},{"id":"ef546f3c-20d3-4c56-a2b4-c4abe1d58c13","block_type":"box","text":"branches of such banks);","page_number":109,"box":{"x":184,"y":769,"width":186,"height":12}},{"id":"3a13b1ef-22e5-4b18-9616-e452cbcd1cbb","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign","page_number":109,"box":{"x":150,"y":792,"width":728,"height":13}},{"id":"1afb6a94-7f42-4e15-ac39-2dbe1f79d2d8","block_type":"box","text":"corporations and other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2","page_number":109,"box":{"x":184,"y":808,"width":686,"height":12}},{"id":"4761b426-c579-44b7-a9ef-996e448778e3","block_type":"box","text":"or higher by Moody’s or F-2 or higher by Fitch, as well as high quality corporate bonds rated","page_number":109,"box":{"x":184,"y":824,"width":681,"height":12}},{"id":"6b0e69e9-3bde-4036-bd2a-8d5a19c1e401","block_type":"box","text":"(at the time of purchase) A or higher by those rating agencies;","page_number":109,"box":{"x":184,"y":839,"width":465,"height":12}},{"id":"035cc6cd-221f-4fe7-a225-0565b2662730","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments","page_number":109,"box":{"x":150,"y":862,"width":726,"height":12}},{"id":"567515e6-acfa-4bb6-9fa4-bce241278eb8","block_type":"box","text":"described in (b) above as determined by the Fund’s Manager;","page_number":109,"box":{"x":184,"y":878,"width":463,"height":12}},{"id":"d642e07b-3c59-43b8-9a91-8856af641645","block_type":"box","text":"II-64","page_number":109,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7dfb1d98-7a31-497c-a8f6-ca23fe97d6d1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":109,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f9418743-220b-4033-81dd-7f06fc7e222b","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment","page_number":110,"box":{"x":150,"y":87,"width":730,"height":12}},{"id":"9b688d0f-b793-4d75-92c8-3e10c425082d","block_type":"box","text":"purchase obligations and credit card receivables);","page_number":110,"box":{"x":184,"y":102,"width":374,"height":13}},{"id":"f3370624-61a1-4f54-8af4-1d208c97104c","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its","page_number":110,"box":{"x":150,"y":126,"width":722,"height":12}},{"id":"cacc259d-bd74-491f-bb91-b48e5082e74b","block_type":"box","text":"agencies or authorities and related custodial receipts;","page_number":110,"box":{"x":184,"y":141,"width":401,"height":12}},{"id":"2d56fdc5-3abf-4c01-92b4-da8f6ca5bdf0","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political","page_number":110,"box":{"x":150,"y":165,"width":719,"height":12}},{"id":"afc3aa30-746e-455e-82ad-282c03195378","block_type":"box","text":"subdivisions, agencies or authorities;","page_number":110,"box":{"x":184,"y":180,"width":279,"height":12}},{"id":"a361a5a7-dc79-42e2-9d5b-46b524c4596f","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":110,"box":{"x":150,"y":203,"width":561,"height":12}},{"id":"b5f08969-d9c7-4ed1-b2fd-0d5bdad6b77e","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":110,"box":{"x":150,"y":227,"width":560,"height":12}},{"id":"caf8cbde-4625-49af-9e24-64c007b15f31","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":110,"box":{"x":150,"y":250,"width":469,"height":12}},{"id":"a1fba1e2-72de-4d7d-ae40-c93a4136a6f5","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S.","page_number":110,"box":{"x":150,"y":273,"width":736,"height":12}},{"id":"a43cc350-7c89-425f-88bc-63fa399ed6e1","block_type":"box","text":"Government or one of its agencies or authorities or which otherwise depend directly or","page_number":110,"box":{"x":184,"y":289,"width":646,"height":12}},{"id":"3537e986-6bbe-47d5-a419-397b8adc2ffa","block_type":"box","text":"indirectly on the credit of the United States;","page_number":110,"box":{"x":184,"y":304,"width":325,"height":12}},{"id":"aeb5756d-b796-4c5a-840e-95c60a6f0a67","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or","page_number":110,"box":{"x":150,"y":327,"width":730,"height":12}},{"id":"6d9feaba-f9bd-416b-b116-b207e192c05c","block_type":"box","text":"higher by Moody’s, SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":110,"box":{"x":184,"y":343,"width":563,"height":12}},{"id":"f76c682b-0b5a-4038-99b3-2c5c7c657929","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by","page_number":110,"box":{"x":150,"y":366,"width":675,"height":12}},{"id":"ae0afe55-e927-4c6d-97a9-7b81edef944d","block_type":"box","text":"Moody’s, A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":110,"box":{"x":184,"y":382,"width":428,"height":12}},{"id":"e4856017-dbfb-48ee-8bbc-dc0894083e1b","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":110,"box":{"x":150,"y":405,"width":488,"height":12}},{"id":"b877484c-c217-436d-8d0b-d39310f7c730","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments","page_number":110,"box":{"x":150,"y":428,"width":713,"height":12}},{"id":"7abc3484-7c76-4b21-82f9-7243542339eb","block_type":"box","text":"described above, as determined by the Fund’s Manager under guidelines established by the","page_number":110,"box":{"x":184,"y":444,"width":688,"height":12}},{"id":"e0c5cb5e-250b-4a67-85bd-d1b5d8d53452","block_type":"box","text":"Board; and","page_number":110,"box":{"x":184,"y":459,"width":86,"height":11}},{"id":"4ed9daee-1966-4032-8932-7cea5ce7eb7e","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S.","page_number":110,"box":{"x":150,"y":482,"width":693,"height":12}},{"id":"4a6cde97-4dbc-41c1-9f25-6dfc092625c7","block_type":"box","text":"Government or an agency or instrumentality thereof or which otherwise depend directly or","page_number":110,"box":{"x":184,"y":498,"width":671,"height":12}},{"id":"583da6e5-f62a-4c76-a851-f5984d47d0f7","block_type":"box","text":"indirectly on the credit of the United States.","page_number":110,"box":{"x":184,"y":513,"width":325,"height":12}},{"id":"a40f4a93-ffa0-473e-bcef-07d713a1d1cb","block_type":"box","text":"Mortgage-Related Securities.","page_number":110,"box":{"x":116,"y":544,"width":236,"height":12}},{"id":"cdd59698-76fb-4b2a-979f-bca9e4bb4305","block_type":"box","text":"Mortgage-Backed Securities.","page_number":110,"box":{"x":116,"y":568,"width":214,"height":12}},{"id":"3c4fa260-3ed7-4840-b168-112f44de25fa","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in","page_number":110,"box":{"x":332,"y":568,"width":544,"height":12}},{"id":"a0dee63f-35ae-4b9c-ab89-e5fbeb1c181d","block_type":"box","text":"which payments of both principal and interest on the securities are generally made monthly, in effect","page_number":110,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"16de49ef-b18f-4578-bc0d-f3de05db6560","block_type":"box","text":"“passing through” monthly payments made by borrowers on the residential or commercial mortgage","page_number":110,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"acc49cdc-a0a8-4664-9453-5e7a0e6d0b21","block_type":"box","text":"loans that underlie the securities (net of any fees paid to the issuer or guarantor of the securities).","page_number":110,"box":{"x":117,"y":614,"width":728,"height":12}},{"id":"9d15a907-0af1-4bf0-8945-f03a9b3f03b1","block_type":"box","text":"Mortgage-backed securities differ from other forms of debt securities, which normally provide for","page_number":110,"box":{"x":117,"y":630,"width":718,"height":12}},{"id":"e0583411-8cb4-4461-ac03-87ee4b5b9514","block_type":"box","text":"periodic payment of interest in fixed amounts with principal payments at maturity or specified call","page_number":110,"box":{"x":117,"y":645,"width":721,"height":12}},{"id":"c01b31e5-d03f-43e7-bb53-4bba48fbb1df","block_type":"box","text":"dates.","page_number":110,"box":{"x":116,"y":661,"width":44,"height":9}},{"id":"5b5c4bda-4a11-4428-a990-043e6826c435","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate","page_number":110,"box":{"x":117,"y":692,"width":731,"height":12}},{"id":"76e2e610-0fc7-472d-b26e-bc7c22a19829","block_type":"box","text":"securities; that is, they may lose value if the value of the underlying real estate to which a pool of","page_number":110,"box":{"x":116,"y":707,"width":718,"height":12}},{"id":"bcd5a877-edf0-4418-aaa9-761780e4b12a","block_type":"box","text":"mortgages relates declines. In addition, investments in mortgage-backed securities involve certain","page_number":110,"box":{"x":117,"y":723,"width":726,"height":12}},{"id":"10cd308d-31c7-4ed7-a4f2-91153f785cea","block_type":"box","text":"specific risks. These risks include the failure of a party to meet its commitments under the related","page_number":110,"box":{"x":116,"y":738,"width":720,"height":12}},{"id":"d1c46e52-4cf5-47d2-a88a-6dd317037c91","block_type":"box","text":"operative documents, adverse interest rate changes and the effects of prepayments on mortgage cash","page_number":110,"box":{"x":116,"y":754,"width":762,"height":12}},{"id":"33e64d23-1835-4b4b-9d7d-4686a9791c53","block_type":"box","text":"flows. Mortgage-backed securities are “pass-through” securities, meaning that principal and interest","page_number":110,"box":{"x":116,"y":769,"width":740,"height":12}},{"id":"27e7b752-91ec-468a-bf0b-4e77d2f3083b","block_type":"box","text":"payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":110,"box":{"x":117,"y":785,"width":687,"height":12}},{"id":"51cd99f2-861c-4e9a-97e2-14b4006bf2b9","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly","page_number":110,"box":{"x":116,"y":800,"width":720,"height":12}},{"id":"04204dbb-5d30-4d17-adb2-d65aa8c91df2","block_type":"box","text":"sensitive to changes in prevailing interest rates, and, like other fixed income investments, the ability of","page_number":110,"box":{"x":116,"y":816,"width":757,"height":12}},{"id":"298543ba-822a-4c9a-9444-94d95540e093","block_type":"box","text":"a Fund to utilize these instruments successfully may depend in part upon the ability of the Manager to","page_number":110,"box":{"x":116,"y":831,"width":760,"height":12}},{"id":"4ff35ef1-0860-4b86-9a1b-9954d63cab00","block_type":"box","text":"forecast interest rates and other economic factors correctly. The value of mortgage-backed securities,","page_number":110,"box":{"x":116,"y":847,"width":761,"height":12}},{"id":"b18622d0-fbcc-4ed0-9151-a353e481315f","block_type":"box","text":"like that of traditional fixed-income securities, typically increases when interest rates fall and decreases","page_number":110,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"02f8e133-184b-4726-92af-8a3522720d9e","block_type":"box","text":"when interest rates rise. However, mortgage-backed securities differ from traditional fixed-income","page_number":110,"box":{"x":116,"y":878,"width":729,"height":12}},{"id":"07df41ea-9cec-48f8-a143-7511410d1aab","block_type":"box","text":"II-65","page_number":110,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1f4df42b-5fea-4db4-b213-f89b3539fbea","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":110,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0c19b2f5-3f52-4231-a2bf-a52e6c473cc0","block_type":"box","text":"securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":111,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"ae587dbd-05e3-4aeb-9509-5ff38d646e09","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the","page_number":111,"box":{"x":117,"y":102,"width":709,"height":13}},{"id":"f981c3a8-2f6d-41c2-bffb-f9795eb37e55","block_type":"box","text":"weighted average life of the securities are based on a number of factors, including the anticipated rate","page_number":111,"box":{"x":116,"y":118,"width":762,"height":12}},{"id":"19cd1f61-8903-4e9b-9732-5806ffa0aeb8","block_type":"box","text":"of prepayment of the underlying mortgages. In a period of declining interest rates, borrowers may","page_number":111,"box":{"x":116,"y":134,"width":727,"height":12}},{"id":"2a2c7f7f-481e-4e95-96f4-dc6d1b75c08a","block_type":"box","text":"prepay the underlying mortgages more quickly than anticipated, thereby reducing the yield to maturity","page_number":111,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"dbd4e428-9261-4c12-bc86-a124ad70e4af","block_type":"box","text":"and the average life of the mortgage-backed securities. Moreover, when a Fund reinvests the proceeds","page_number":111,"box":{"x":116,"y":165,"width":772,"height":12}},{"id":"159da156-a85e-486a-8a23-497ba4f577d9","block_type":"box","text":"of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate","page_number":111,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"99fb3635-08bb-42c9-a233-077c2cf9df8e","block_type":"box","text":"on the security that was prepaid.","page_number":111,"box":{"x":116,"y":196,"width":247,"height":12}},{"id":"f38d60be-dc20-4408-8b15-9a4cdfb91a5f","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures","page_number":111,"box":{"x":116,"y":227,"width":766,"height":12}},{"id":"f8734a3d-32cc-4819-96fc-9e4359213944","block_type":"box","text":"and principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such","page_number":111,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"1115874f-4f1a-4588-9728-6d323806e8e1","block_type":"box","text":"securities at a discount, both scheduled payments of principal and unscheduled prepayments will","page_number":111,"box":{"x":116,"y":258,"width":726,"height":12}},{"id":"9eb60152-d9ff-46e0-99e6-bac630576781","block_type":"box","text":"increase current and total returns and will accelerate the recognition of income, which, when distributed","page_number":111,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"d496bd07-26bc-42ba-a49b-6984296760a4","block_type":"box","text":"to shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of","page_number":111,"box":{"x":116,"y":289,"width":762,"height":12}},{"id":"c61ce9f5-802c-4eb2-b2c2-2d830db13be1","block_type":"box","text":"the underlying mortgages may occur at a slower than expected rate, creating maturity extension risk.","page_number":111,"box":{"x":116,"y":304,"width":753,"height":12}},{"id":"25a96a6e-664a-4442-847b-d045add43128","block_type":"box","text":"This particular risk may effectively change a security that was considered short- or intermediate-term at","page_number":111,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"3c339b8c-e9b7-4dd0-b7ff-996499940a1e","block_type":"box","text":"the time of purchase into a long-term security. Since the value of long-term securities generally","page_number":111,"box":{"x":116,"y":335,"width":709,"height":12}},{"id":"65b6f71b-5213-4ae6-9619-db840c2cf9b2","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than that of shorter-term securities,","page_number":111,"box":{"x":116,"y":351,"width":736,"height":12}},{"id":"8640b6a0-e55f-4a79-bcb7-be72ac8b4997","block_type":"box","text":"maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":111,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"ce3014de-dca9-4b08-aede-b7b88311db69","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities","page_number":111,"box":{"x":117,"y":382,"width":740,"height":12}},{"id":"cb0495f9-c809-4287-baf7-b9402a93313c","block_type":"box","text":"notwithstanding any direct or indirect governmental or agency guarantee.","page_number":111,"box":{"x":117,"y":397,"width":547,"height":12}},{"id":"524279f0-0b22-4d51-946c-aa462fca14c6","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S.","page_number":111,"box":{"x":116,"y":428,"width":725,"height":12}},{"id":"f5819860-fff3-423e-a179-c147aef23b22","block_type":"box","text":"Government or one of its agencies or instrumentalities, such as the Government National Mortgage","page_number":111,"box":{"x":117,"y":444,"width":742,"height":12}},{"id":"3e0ee9b3-068f-49b3-bc18-7fc332920a71","block_type":"box","text":"Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal","page_number":111,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"1c9371d7-3a96-41f1-8650-4a3b6a1f7d71","block_type":"box","text":"Home Loan Mortgage Corporation (“Freddie Mac”); (2) those issued by private issuers that represent","page_number":111,"box":{"x":117,"y":475,"width":753,"height":12}},{"id":"fcc3f98c-ab24-4293-a966-8993d0f862de","block_type":"box","text":"an interest in or are collateralized by pass-through securities issued or guaranteed by the U.S.","page_number":111,"box":{"x":116,"y":490,"width":704,"height":12}},{"id":"96147370-6a33-401d-a379-7de1c0103877","block_type":"box","text":"Government or one of its agencies or instrumentalities; and (3) those issued by private issuers that","page_number":111,"box":{"x":117,"y":506,"width":737,"height":12}},{"id":"4eb5e52d-ddca-40ba-b8b4-aa63f551eb00","block_type":"box","text":"represent an interest in or are collateralized by whole mortgage loans or pass-through securities","page_number":111,"box":{"x":117,"y":521,"width":717,"height":12}},{"id":"5b8c2ff2-8ccd-4f1d-844d-8990da59fb52","block_type":"box","text":"without a government guarantee but that usually have some form of private credit enhancement.","page_number":111,"box":{"x":116,"y":537,"width":720,"height":12}},{"id":"bd3afde8-41ad-4c0d-b558-90c2c05a5444","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and","page_number":111,"box":{"x":117,"y":568,"width":736,"height":12}},{"id":"76abe0a6-9321-4a5a-9daa-e7923681551a","block_type":"box","text":"Urban Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S.","page_number":111,"box":{"x":117,"y":583,"width":741,"height":12}},{"id":"76d54859-0730-4a9c-ae18-974229a595f7","block_type":"box","text":"Government, the timely payment of principal and interest on securities issued by the institutions","page_number":111,"box":{"x":117,"y":599,"width":713,"height":12}},{"id":"05233da6-a879-459f-8b06-ec939efde2b0","block_type":"box","text":"approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage","page_number":111,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"a8cae713-205b-4417-8ed0-d40c00b7394a","block_type":"box","text":"banks), and backed by pools of Federal Housing Administration (“FHA”)-insured or Veterans’","page_number":111,"box":{"x":117,"y":630,"width":693,"height":12}},{"id":"5705fada-5501-45c9-b34a-10eefb5b2501","block_type":"box","text":"Administration (“VA”)-guaranteed mortgages. Pass-through certificates guaranteed by Ginnie Mae","page_number":111,"box":{"x":116,"y":645,"width":733,"height":12}},{"id":"e15fe9a2-c144-4f47-8a93-49b51f19d240","block_type":"box","text":"(such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely payment of","page_number":111,"box":{"x":117,"y":661,"width":707,"height":12}},{"id":"0b6636b5-bce3-409f-959f-6b3154e77688","block_type":"box","text":"principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the","page_number":111,"box":{"x":117,"y":676,"width":720,"height":12}},{"id":"b16f5024-83fd-464f-859e-c4490916d9ad","block_type":"box","text":"United States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow","page_number":111,"box":{"x":117,"y":692,"width":729,"height":12}},{"id":"de4c9475-f971-4673-bbd4-f0e4400bd519","block_type":"box","text":"funds from the U.S. Treasury Department to make payments under its guarantee. Mortgage-related","page_number":111,"box":{"x":116,"y":707,"width":737,"height":12}},{"id":"72d65e79-a872-4862-8456-b7250b4da612","block_type":"box","text":"securities issued by Fannie Mae include Fannie Mae guaranteed Mortgage Pass-Through Certificates","page_number":111,"box":{"x":116,"y":723,"width":756,"height":12}},{"id":"c85acf5f-6823-4d5d-a789-50741191d95f","block_type":"box","text":"(also known as “Fannie Maes”), which are guaranteed as to timely payment of principal and interest by","page_number":111,"box":{"x":117,"y":738,"width":761,"height":12}},{"id":"ebd3e898-fb86-4034-b32a-54f05ac11397","block_type":"box","text":"Fannie Mae. They are not backed by or entitled to the full faith and credit of the United States, but are","page_number":111,"box":{"x":117,"y":754,"width":754,"height":12}},{"id":"b868ce81-fdb3-404e-938d-a5e66833f399","block_type":"box","text":"supported by the right of Fannie Mae to borrow from the U.S. Treasury Department. Fannie Mae was","page_number":111,"box":{"x":116,"y":769,"width":750,"height":12}},{"id":"11f31ab4-02f2-45f7-a614-a149539c64ea","block_type":"box","text":"established as a federal agency in 1938 and in 1968 was chartered by Congress as a private","page_number":111,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"44063b92-62f6-4547-bf0a-bdf49f5383f8","block_type":"box","text":"shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":111,"box":{"x":116,"y":800,"width":760,"height":12}},{"id":"8e5183e7-d11b-4f5f-b57e-5216b49bfade","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a","page_number":111,"box":{"x":117,"y":816,"width":697,"height":12}},{"id":"55e5d68c-189b-4dad-bcbe-3ef2a2c3ecec","block_type":"box","text":"stockholder-owned corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by","page_number":111,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"8ba43326-be44-438a-a391-ad0d52411f3d","block_type":"box","text":"the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the","page_number":111,"box":{"x":116,"y":847,"width":768,"height":12}},{"id":"5e6db7f0-915c-4c70-b49f-514aaabf907a","block_type":"box","text":"United States or of any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of","page_number":111,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"68d31ad5-bdad-4387-a118-3faa2f40aac8","block_type":"box","text":"interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or","page_number":111,"box":{"x":117,"y":878,"width":735,"height":12}},{"id":"8e929f63-cc59-41ac-8cd0-be47a41a9596","block_type":"box","text":"II-66","page_number":111,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9e6a401c-90a8-4eb8-88ed-358975f97b58","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":111,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"969dfcba-a6a9-4ad0-9bb9-8a8af37754c6","block_type":"box","text":"timely payment of all principal payments on the underlying mortgage loans. While Freddie Mac","page_number":112,"box":{"x":116,"y":87,"width":707,"height":12}},{"id":"a5773458-e5a8-4ab8-ba43-4f293c7efc2a","block_type":"box","text":"generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due on","page_number":112,"box":{"x":116,"y":102,"width":753,"height":13}},{"id":"aa1b1685-b492-4880-837d-d6c515d0de84","block_type":"box","text":"account of its guarantee of ultimate payment of principal at any time after default on an underlying","page_number":112,"box":{"x":116,"y":118,"width":732,"height":12}},{"id":"b2c4ed33-dd84-45ad-b197-610af7bbc107","block_type":"box","text":"mortgage, but in no event later than one year after it becomes payable.","page_number":112,"box":{"x":117,"y":134,"width":532,"height":12}},{"id":"035d12ca-03ae-4ed7-bf5b-c2cc7573cc27","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and","page_number":112,"box":{"x":117,"y":168,"width":730,"height":12}},{"id":"e899e69b-2eb4-4438-92b0-4bca59d77c3b","block_type":"box","text":"Freddie Mac mortgage pass-through securities and are issued by originators of and investors in","page_number":112,"box":{"x":117,"y":183,"width":714,"height":12}},{"id":"2af2afea-ca2b-417b-9319-e46a9574f618","block_type":"box","text":"mortgage loans, including depository institutions, mortgage banks, investment banks and special","page_number":112,"box":{"x":117,"y":199,"width":722,"height":12}},{"id":"79cfa519-11b0-4d71-8762-13bd748d64f5","block_type":"box","text":"purpose subsidiaries of the foregoing.","page_number":112,"box":{"x":117,"y":214,"width":284,"height":12}},{"id":"30d745b7-e7f3-4156-87a9-95a28123479c","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than","page_number":112,"box":{"x":117,"y":248,"width":747,"height":12}},{"id":"4b17ed7d-83d1-4069-9035-7a9debf4f2d3","block_type":"box","text":"government and government-related pools because there are no direct or indirect government or","page_number":112,"box":{"x":116,"y":264,"width":723,"height":12}},{"id":"365d5909-7c05-420b-8e83-b882a91a02eb","block_type":"box","text":"agency guarantees of payments in the private pools. However, timely payment of interest and principal","page_number":112,"box":{"x":116,"y":279,"width":767,"height":12}},{"id":"1e72e562-dee5-4c2f-8133-c882a6e554e0","block_type":"box","text":"of these pools may be supported by various forms of insurance or guarantees, including individual","page_number":112,"box":{"x":116,"y":295,"width":732,"height":12}},{"id":"cafaea2e-0070-4e46-9949-b0abe8650d34","block_type":"box","text":"loan, title, pool and hazard insurance and letters of credit. The insurance and guarantees are issued by","page_number":112,"box":{"x":117,"y":310,"width":769,"height":12}},{"id":"96397b5a-7e64-4f19-8fae-cacd4dff645d","block_type":"box","text":"governmental entities, private insurers and the mortgage poolers. The insurance and guarantees and","page_number":112,"box":{"x":116,"y":326,"width":756,"height":12}},{"id":"8bbdbbc5-4ead-4219-8b58-0a615bc9b25c","block_type":"box","text":"the creditworthiness of the issuers thereof will be considered in determining whether a mortgage","page_number":112,"box":{"x":116,"y":341,"width":720,"height":12}},{"id":"aa3ba9d1-383e-4ac0-8675-900e86a1ea7b","block_type":"box","text":"related security meets a Fund’s investment quality standards. There can be no assurance that the","page_number":112,"box":{"x":117,"y":357,"width":731,"height":12}},{"id":"ff3829f1-92ae-48dc-baf5-fb38ca5880e5","block_type":"box","text":"private insurers or guarantors can meet their obligations under the insurance policies or guarantee","page_number":112,"box":{"x":117,"y":372,"width":734,"height":12}},{"id":"f23c0e1e-b797-4af6-bf9f-fc091ce2ca1a","block_type":"box","text":"arrangements. Private mortgage pass-through securities may be bought without insurance or","page_number":112,"box":{"x":116,"y":388,"width":696,"height":12}},{"id":"f476cfac-0d8a-4480-8f3a-991e03f93501","block_type":"box","text":"guarantees if, through an examination of the loan experience and practices of the originator/servicers","page_number":112,"box":{"x":116,"y":403,"width":756,"height":12}},{"id":"93f6be99-6f31-4e81-96aa-1eb79282a0da","block_type":"box","text":"and poolers, the Manager determines that the securities meet a Fund’s quality standards. Any","page_number":112,"box":{"x":116,"y":419,"width":703,"height":12}},{"id":"c35da48a-f4eb-4c2e-98c7-d4499e793da9","block_type":"box","text":"mortgage-related securities that are issued by private issuers have some exposure to subprime loans","page_number":112,"box":{"x":117,"y":434,"width":757,"height":12}},{"id":"4af45307-dc48-443f-98e4-668ebc29847f","block_type":"box","text":"as well as to the mortgage and credit markets generally.","page_number":112,"box":{"x":116,"y":450,"width":422,"height":12}},{"id":"ec258ae1-8b0a-44c3-84bd-0d5cef913a86","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the","page_number":112,"box":{"x":117,"y":484,"width":707,"height":12}},{"id":"11114a5d-8ed5-4956-af76-11c1a424aae5","block_type":"box","text":"underwriting requirements for the underlying mortgages that are applicable to those mortgage-related","page_number":112,"box":{"x":117,"y":499,"width":757,"height":13}},{"id":"98476e26-8f8f-42b5-9a72-4e321b785d77","block_type":"box","text":"securities that have a government or government-sponsored entity guarantee. As a result, the","page_number":112,"box":{"x":116,"y":515,"width":702,"height":12}},{"id":"76710f69-60d2-446a-82b7-d94a1859c5cf","block_type":"box","text":"mortgage loans underlying private mortgage-related securities may, and frequently do, have less","page_number":112,"box":{"x":117,"y":530,"width":722,"height":13}},{"id":"5660f533-891f-422f-8a11-cf05f56a6c16","block_type":"box","text":"favorable collateral, credit risk or other underwriting characteristics than government or government","page_number":112,"box":{"x":116,"y":546,"width":743,"height":12}},{"id":"e42a0ec6-acd0-4311-ab45-ceda9936829f","block_type":"box","text":"sponsored mortgage-related securities and have wider variances in a number of terms including","page_number":112,"box":{"x":116,"y":561,"width":717,"height":13}},{"id":"f86554df-e110-428c-82c4-dd9f6b3250e5","block_type":"box","text":"interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently","page_number":112,"box":{"x":117,"y":577,"width":755,"height":12}},{"id":"7e118b0e-a527-48b5-9556-8757152a5f03","block_type":"box","text":"include second mortgages, high loan-to-value mortgages and manufactured housing loans. The","page_number":112,"box":{"x":117,"y":592,"width":714,"height":13}},{"id":"a7bfcaf0-ea8e-40d2-8934-28bf94354d8e","block_type":"box","text":"coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-related","page_number":112,"box":{"x":116,"y":608,"width":723,"height":12}},{"id":"58bb46f8-019b-44e6-89b5-26106da7aac9","block_type":"box","text":"securities pool may vary to a greater extent than those included in a government guaranteed pool, and","page_number":112,"box":{"x":116,"y":624,"width":766,"height":12}},{"id":"60632738-566e-4d7b-8aa7-3eb89da3439d","block_type":"box","text":"the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with","page_number":112,"box":{"x":116,"y":639,"width":762,"height":12}},{"id":"5d268965-e3f3-4f32-8817-2a19fdd0a1be","block_type":"box","text":"weakened credit histories or with a lower capacity to make timely payments on their loans. For these","page_number":112,"box":{"x":116,"y":655,"width":751,"height":12}},{"id":"546de140-1919-4145-b3d9-6620ca9ebb77","block_type":"box","text":"reasons, the loans underlying these securities have had in many cases higher default rates than those","page_number":112,"box":{"x":117,"y":670,"width":758,"height":12}},{"id":"dddbe6b1-217e-4fc6-b4d9-60ca8cfe36a0","block_type":"box","text":"loans that meet government underwriting requirements.","page_number":112,"box":{"x":117,"y":686,"width":410,"height":12}},{"id":"7fd2c997-0fca-494e-8364-685a8ce3d51d","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools","page_number":112,"box":{"x":116,"y":720,"width":753,"height":12}},{"id":"ab241f31-821b-45d1-a6cf-829fe0ec3295","block_type":"box","text":"that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting","page_number":112,"box":{"x":116,"y":735,"width":740,"height":12}},{"id":"7f4292a8-3a04-4aa7-90aa-ff6497661c4d","block_type":"box","text":"mortgage loan repayments may include a general economic turndown, high unemployment, a general","page_number":112,"box":{"x":117,"y":751,"width":754,"height":12}},{"id":"05885378-555d-45ba-b1fc-e1a7bd8213ad","block_type":"box","text":"slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest","page_number":112,"box":{"x":116,"y":766,"width":763,"height":12}},{"id":"1a3f375a-d771-4141-9749-bda9a269ea95","block_type":"box","text":"rates resulting in higher mortgage payments by holders of adjustable rate mortgages.","page_number":112,"box":{"x":117,"y":782,"width":631,"height":12}},{"id":"e479ed8d-0dcf-4776-82bd-acabe50c60c0","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited","page_number":112,"box":{"x":117,"y":816,"width":761,"height":12}},{"id":"a88e095a-5724-4d4c-90ef-043984682fac","block_type":"box","text":"market for the securities, especially when there is a perceived weakness in the mortgage and real","page_number":112,"box":{"x":117,"y":831,"width":729,"height":12}},{"id":"45dcad4b-9cb9-4598-bf1f-9ef068baf941","block_type":"box","text":"estate market sectors. Without an active trading market, mortgage-related securities held in a Fund’s","page_number":112,"box":{"x":116,"y":847,"width":753,"height":12}},{"id":"fc1b3b6d-92c4-4e06-82dd-aa7c7a8a2b11","block_type":"box","text":"portfolio may be particularly difficult to value because of the complexities involved in assessing the","page_number":112,"box":{"x":117,"y":862,"width":734,"height":12}},{"id":"b352a070-5b9f-48cb-bc0e-c2226b9744ea","block_type":"box","text":"value of the underlying mortgage loans.","page_number":112,"box":{"x":116,"y":878,"width":299,"height":12}},{"id":"11f4daf0-7480-4b96-8d1e-d37b7b9d3574","block_type":"box","text":"II-67","page_number":112,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f21db493-3c56-4595-96b3-fb13e593d534","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":112,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4591d3d4-0d05-4359-8e83-901b396626b8","block_type":"box","text":"Collateralized Mortgage Obligations (“CMOs”).","page_number":113,"box":{"x":117,"y":87,"width":343,"height":12}},{"id":"ad30dd3f-860e-4565-b492-479acda412da","block_type":"box","text":"CMOs are debt obligations collateralized by residential","page_number":113,"box":{"x":462,"y":87,"width":415,"height":12}},{"id":"8e72c13e-bafe-45c6-9cc5-c2c61e052e56","block_type":"box","text":"or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest","page_number":113,"box":{"x":116,"y":103,"width":762,"height":12}},{"id":"7d22dacc-374b-416f-8aea-17b03d1987ff","block_type":"box","text":"and prepaid principal are generally paid monthly. CMOs may be collateralized by whole mortgage","page_number":113,"box":{"x":116,"y":118,"width":729,"height":12}},{"id":"0dd30c80-fbff-4ee2-8792-63bbfb6dcabb","block_type":"box","text":"loans or private mortgage pass-through securities but are more typically collateralized by portfolios of","page_number":113,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"e7624c28-c8c0-4d82-b08a-228e9e0011d5","block_type":"box","text":"mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer","page_number":113,"box":{"x":117,"y":149,"width":765,"height":12}},{"id":"eafd084c-4b3e-40aa-bf86-1ac4a62861b0","block_type":"box","text":"of a series of CMOs may elect to be treated as a Real Estate Mortgage Investment Conduit (“REMIC”).","page_number":113,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"e7a4b22e-4c20-431f-a688-89da829c2299","block_type":"box","text":"All future references to CMOs also include REMICs.","page_number":113,"box":{"x":116,"y":180,"width":392,"height":10}},{"id":"85b87e2f-110b-4fbb-a02c-3946394a21fc","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific","page_number":113,"box":{"x":117,"y":211,"width":746,"height":12}},{"id":"ec7fdb2b-b1d3-4b29-b9ab-355435d23d12","block_type":"box","text":"adjustable or fixed interest rate, and bearing a different stated maturity date and each must be fully","page_number":113,"box":{"x":116,"y":227,"width":738,"height":12}},{"id":"6be20257-fddf-4568-85fb-66e434c11539","block_type":"box","text":"retired no later than its final distribution date. Actual maturity and average life will depend upon the","page_number":113,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"9844572e-6413-4d9d-ac58-a9b91d351fc1","block_type":"box","text":"prepayment experience of the collateral, which is ordinarily unrelated to the stated maturity date.","page_number":113,"box":{"x":117,"y":258,"width":719,"height":12}},{"id":"072e2090-405e-4728-9044-b8ee81f10559","block_type":"box","text":"CMOs often provide for a modified form of call protection through a de facto breakdown of the","page_number":113,"box":{"x":117,"y":273,"width":700,"height":12}},{"id":"df75743a-735c-467b-8ea4-a62b4ef12423","block_type":"box","text":"underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of","page_number":113,"box":{"x":117,"y":289,"width":718,"height":12}},{"id":"ed41ba3f-3184-40b9-beb0-d403281be994","block_type":"box","text":"principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":113,"box":{"x":117,"y":304,"width":740,"height":12}},{"id":"a53e814f-7d20-475a-a2de-8921e4e09838","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually","page_number":113,"box":{"x":117,"y":320,"width":729,"height":12}},{"id":"84ac71de-d339-453b-ae35-a350521ee10e","block_type":"box","text":"receive principal only after the first class has been retired. An investor may be partially protected","page_number":113,"box":{"x":117,"y":335,"width":719,"height":12}},{"id":"0c029c07-6e6c-46d8-b358-7ad7c337f372","block_type":"box","text":"against a sooner than desired return of principal because of the sequential payments.","page_number":113,"box":{"x":116,"y":351,"width":640,"height":12}},{"id":"5a6fb665-f24b-4c13-8465-7be28a7bde17","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":113,"box":{"x":117,"y":382,"width":755,"height":12}},{"id":"99c7651c-cb26-465e-858b-01dbc4c2b5f7","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by","page_number":113,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"4dd841da-8318-4fe0-bd6f-00a8336d75da","block_type":"box","text":"the Investment Company Act on investments by a Fund in other investment companies. In addition, in","page_number":113,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"510b87d0-e2eb-4c6b-899e-d11b5ce48354","block_type":"box","text":"reliance on an earlier Commission interpretation, a Fund’s investments in certain other qualifying","page_number":113,"box":{"x":117,"y":428,"width":721,"height":12}},{"id":"a24efec1-d981-48ba-bfd5-07743c7d921a","block_type":"box","text":"CMOs, which cannot or do not rely on the rule, are also not subject to the limitation of the Investment","page_number":113,"box":{"x":117,"y":444,"width":753,"height":12}},{"id":"dffddc57-fb2a-4829-b391-fe27216eacbe","block_type":"box","text":"Company Act on acquiring interests in other investment companies. In order to be able to rely on the","page_number":113,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"5cf9b037-5bf1-491b-bf29-769215384059","block_type":"box","text":"Commission’s interpretation, these CMOs must be unmanaged, fixed asset issuers, that: (1) invest","page_number":113,"box":{"x":117,"y":475,"width":736,"height":12}},{"id":"45d1db2f-ffd9-4e23-a1b2-b0fd33f27c26","block_type":"box","text":"primarily in mortgage-backed securities; (2) do not issue redeemable securities; (3) operate under","page_number":113,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"6344ae84-13b4-4645-a2af-3bff336ff6a7","block_type":"box","text":"general exemptive orders exempting them from all provisions of the Investment Company Act; and","page_number":113,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"b127bf62-152c-4c3d-89da-a433515721b1","block_type":"box","text":"(4) are not registered or regulated under the Investment Company Act as investment companies. To","page_number":113,"box":{"x":117,"y":521,"width":748,"height":12}},{"id":"beec54d0-10c6-4eef-b128-5c965d398882","block_type":"box","text":"the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above","page_number":113,"box":{"x":116,"y":537,"width":674,"height":12}},{"id":"a70de2bf-ec32-4181-b2f8-023c02e9cce3","block_type":"box","text":"requirements, the Fund may not invest more than 10% of its assets in all such entities and may not","page_number":113,"box":{"x":117,"y":552,"width":738,"height":12}},{"id":"a2e05407-5a54-4509-94ab-59891c4836a4","block_type":"box","text":"acquire more than 3% of the voting securities of any single such entity.","page_number":113,"box":{"x":116,"y":568,"width":530,"height":12}},{"id":"f1f9d88d-735b-4ba0-a2a4-98feb2c5739a","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating","page_number":113,"box":{"x":116,"y":599,"width":765,"height":12}},{"id":"b9e993fa-6555-464b-961a-c4ca8c4dc2c7","block_type":"box","text":"rate CMOs. Parallel pay CMOs are structured to provide payments of principal on each payment date","page_number":113,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"0362ea1e-1ed7-4bbd-9317-15c1f2ba054f","block_type":"box","text":"to more than one class, concurrently on a proportionate or disproportionate basis. These simultaneous","page_number":113,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"457d073a-b473-4301-a303-36c0246f9a45","block_type":"box","text":"payments are taken into account in calculating the final distribution date of each class. Sequential pay","page_number":113,"box":{"x":117,"y":645,"width":759,"height":12}},{"id":"9f55f20b-a834-46ca-b890-a683d3e8702c","block_type":"box","text":"CMOs generally pay principal to only one class at a time while paying interest to several classes. A","page_number":113,"box":{"x":117,"y":661,"width":734,"height":12}},{"id":"5e7de7d8-4e85-47c7-bb2a-fa4ed649d844","block_type":"box","text":"wide variety of REMIC Certificates may be issued in the parallel pay or sequential pay structures.","page_number":113,"box":{"x":116,"y":676,"width":719,"height":12}},{"id":"c9223129-dc21-4467-a9b2-e23116ab476a","block_type":"box","text":"These securities include accrual certificates (also known as “Z-Bonds”), which only accrue interest at a","page_number":113,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"79d98c78-71a7-462b-ab40-5a188958239f","block_type":"box","text":"specified rate until all other certificates having an earlier final distribution date have been retired and","page_number":113,"box":{"x":116,"y":707,"width":740,"height":12}},{"id":"b3f6ef56-12cc-4388-a05c-f75c41dcab01","block_type":"box","text":"are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose","page_number":113,"box":{"x":116,"y":723,"width":712,"height":12}},{"id":"848b3038-2351-415d-ace6-8b93bf281bf4","block_type":"box","text":"coupon rate fluctuates according to some formula related to an existing market index or rate. Typical","page_number":113,"box":{"x":116,"y":738,"width":745,"height":12}},{"id":"04e26397-7eae-4882-ad84-3a2ea1b0a45d","block_type":"box","text":"indices would include the eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and","page_number":113,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"225a16a0-567d-4d1b-b223-fda550666c80","block_type":"box","text":"ten-year Treasury yields.","page_number":113,"box":{"x":116,"y":769,"width":184,"height":12}},{"id":"9e2dbb91-bbab-4b1a-b490-6a9c6134fb86","block_type":"box","text":"Classes of CMOs also include planned amortization","page_number":113,"box":{"x":117,"y":800,"width":375,"height":12}},{"id":"c1caf024-9131-482d-9848-7c5582b6ecef","block_type":"box","text":"classes (“PACs”) and targeted amortization classes","page_number":113,"box":{"x":498,"y":800,"width":373,"height":12}},{"id":"2cf6313f-eefd-43cf-88bc-a03e7ba94a61","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a s","page_number":113,"box":{"x":117,"y":816,"width":402,"height":12}},{"id":"050d061b-a7ba-49eb-a62b-791b7e5df9b6","block_type":"box","text":"pecified amount of principal on each payment","page_number":113,"box":{"x":521,"y":816,"width":330,"height":12}},{"id":"ddd99e9e-8e06-4098-a13d-45e27811529a","block_type":"box","text":"date. The scheduled principal payments for PAC Certifi","page_number":113,"box":{"x":116,"y":831,"width":399,"height":12}},{"id":"6517384a-0f10-4307-bb08-09dd7f0313e9","block_type":"box","text":"cates generally have the highest priority on each","page_number":113,"box":{"x":517,"y":831,"width":357,"height":12}},{"id":"b87e8aea-2321-4d3d-b2be-69a81f1cceb2","block_type":"box","text":"payment date after interest due has been paid to all","page_number":113,"box":{"x":117,"y":847,"width":378,"height":12}},{"id":"c7fa91e3-e0a6-4234-853c-df67ad7e5f63","block_type":"box","text":"classes entitled to receive interest currently.","page_number":113,"box":{"x":496,"y":847,"width":323,"height":12}},{"id":"2a1312a6-76dd-46c9-8f1b-7286b0c25e7c","block_type":"box","text":"Shortfalls, if any, are added to the amount payabl","page_number":113,"box":{"x":116,"y":862,"width":357,"height":12}},{"id":"5d9a65a1-044f-40aa-9278-b1a968576c79","block_type":"box","text":"e on the next payment date. The PAC Certificate","page_number":113,"box":{"x":475,"y":862,"width":358,"height":12}},{"id":"eb513f09-3d36-4921-a534-8bf03ee67f29","block_type":"box","text":"payment schedule is taken into account in calculating t","page_number":113,"box":{"x":117,"y":878,"width":391,"height":12}},{"id":"7066a8a2-8c51-484c-aa4d-95769d865c28","block_type":"box","text":"the final distribution date of each class of PAC. In","page_number":113,"box":{"x":508,"y":878,"width":363,"height":9}},{"id":"a5b126db-d824-4ab3-8bbf-b6391606a1d0","block_type":"box","text":"II-68","page_number":113,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a00a9ee6-fa3d-4b37-8cf9-bc799bffdb07","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":113,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5729dadd-1a72-4027-a3ae-97252fce9b8a","block_type":"box","text":"order to create PAC tranches, one or more tranches gener","page_number":114,"box":{"x":116,"y":87,"width":426,"height":12}},{"id":"60891ca2-a51e-4150-9a37-3b36dd572e47","block_type":"box","text":"ally must be created that absorb most of the","page_number":114,"box":{"x":542,"y":87,"width":325,"height":12}},{"id":"ef11b285-0750-464a-9a81-cca554836e09","block_type":"box","text":"volatility in the underlying mortgage assets. These","page_number":114,"box":{"x":116,"y":103,"width":369,"height":12}},{"id":"4bdd3448-b6f4-4ec0-af6f-738e8aee26c5","block_type":"box","text":"tranches (often called “supports” or “companion”","page_number":114,"box":{"x":485,"y":102,"width":356,"height":13}},{"id":"582c310a-d9d3-48cd-a5be-7131e916bf3d","block_type":"box","text":"tranches) tend to have market prices and yields t","page_number":114,"box":{"x":116,"y":118,"width":350,"height":12}},{"id":"a0f7cb99-c924-4095-a6e5-8787210446d1","block_type":"box","text":"that are more volatile than the PAC classes.","page_number":114,"box":{"x":466,"y":118,"width":325,"height":10}},{"id":"d797cbfb-a5d5-4ca6-a063-68dd6d075a6f","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each","page_number":114,"box":{"x":116,"y":149,"width":745,"height":12}},{"id":"0aed2c2e-1a94-4e4b-ae40-52aca8d32758","block_type":"box","text":"payment date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however,","page_number":114,"box":{"x":117,"y":165,"width":738,"height":12}},{"id":"fea3291c-8e6d-4276-bc2d-81e3c2357f15","block_type":"box","text":"remains in effect as long as prepayment rates on the underlying mortgages do not exceed certain","page_number":114,"box":{"x":117,"y":180,"width":728,"height":12}},{"id":"89b8761c-84a8-40ea-b7c9-d959952cc886","block_type":"box","text":"ranges. In contrast, a TAC provides investors with protection, to a certain level, against either faster","page_number":114,"box":{"x":117,"y":196,"width":743,"height":12}},{"id":"5f049b17-d3c8-4e75-af0e-9e0150ab77fc","block_type":"box","text":"than expected or slower than expected prepayment rates, but not both. TACs thus provide more cash","page_number":114,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"fe59347c-de80-45eb-a66d-f9771ed2f6cc","block_type":"box","text":"flow stability than a regular sequential paying class, but less than a PAC. TACs also tend to have","page_number":114,"box":{"x":116,"y":227,"width":725,"height":12}},{"id":"82903abf-604c-490c-af22-fec923087d46","block_type":"box","text":"market prices and yields that are more volatile than PACs.","page_number":114,"box":{"x":117,"y":242,"width":437,"height":12}},{"id":"ff67584d-f179-4731-8f2e-11cf98b9d726","block_type":"box","text":"Adjustable Rate Mortgage Securities.","page_number":114,"box":{"x":115,"y":273,"width":277,"height":12}},{"id":"c0560443-a22a-4e0b-b2aa-332fd6bb460d","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through","page_number":114,"box":{"x":393,"y":273,"width":479,"height":12}},{"id":"ed9edc98-a26a-45fd-8eee-bc372e5db0d2","block_type":"box","text":"securities collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for","page_number":114,"box":{"x":116,"y":289,"width":706,"height":12}},{"id":"e99caf15-2d7d-4c45-840e-54f09bf9334f","block_type":"box","text":"inclusion in a mortgage pool generally provide for a fixed initial mortgage interest rate for a set number","page_number":114,"box":{"x":117,"y":304,"width":764,"height":12}},{"id":"cbe2b570-156d-4c68-9831-233c0ced8a51","block_type":"box","text":"of scheduled monthly payments. After that schedule of payments has been completed, the interest","page_number":114,"box":{"x":116,"y":320,"width":736,"height":12}},{"id":"ec396a4c-c8a0-4883-a7e9-c4fc912cfb56","block_type":"box","text":"rates are subject to periodic adjustment based on changes to a designated benchmark index.","page_number":114,"box":{"x":117,"y":335,"width":697,"height":12}},{"id":"7e0e95a2-6412-449a-a1b3-0f4be58df449","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary","page_number":114,"box":{"x":116,"y":366,"width":741,"height":12}},{"id":"84cc3b02-2a71-428b-9eb4-3b737a97b50a","block_type":"box","text":"over the lifetime of the security. In addition, certain ARMs provide for additional limitations on the","page_number":114,"box":{"x":116,"y":382,"width":722,"height":12}},{"id":"fd628518-657b-4af0-92e3-99862562aea9","block_type":"box","text":"maximum amount by which the mortgage interest rate may adjust for any single adjustment period. In","page_number":114,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"939cbb99-d9cc-416c-9bec-b48dfee1594f","block_type":"box","text":"the event that market rates of interest rise more rapidly to levels above that of the ARM’s maximum","page_number":114,"box":{"x":116,"y":413,"width":741,"height":12}},{"id":"098a70d4-79d8-4968-a711-52db307d8fb6","block_type":"box","text":"rate, the ARM’s coupon may represent a below market rate of interest. In these circumstances, the","page_number":114,"box":{"x":117,"y":428,"width":737,"height":12}},{"id":"005100ae-9a8a-49fa-b215-e6d18cdff2df","block_type":"box","text":"market value of the ARM security will likely have fallen.","page_number":114,"box":{"x":117,"y":444,"width":412,"height":12}},{"id":"33ab332d-b81b-463b-bd46-61d318906bb8","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a","page_number":114,"box":{"x":117,"y":475,"width":728,"height":12}},{"id":"4c6f083b-2fbd-4aa2-86f4-defba89dce64","block_type":"box","text":"monthly payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is","page_number":114,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"5f0227e0-9cdf-4177-bde4-d80fcf028b61","block_type":"box","text":"added to the principal balance of the mortgage loan, which is repaid through future monthly payments.","page_number":114,"box":{"x":116,"y":506,"width":764,"height":12}},{"id":"5ac0eca7-b67a-4180-aaae-67aaacc7081a","block_type":"box","text":"If the monthly payment for such an instrument exceeds the sum of the interest accrued at the","page_number":114,"box":{"x":117,"y":521,"width":695,"height":12}},{"id":"4c63a685-6a5e-4630-8a1e-f58e0002bf45","block_type":"box","text":"applicable mortgage interest rate and the principal payment required at such point to amortize the","page_number":114,"box":{"x":116,"y":537,"width":730,"height":12}},{"id":"cc732ca5-7925-4789-98ff-1016a9478b29","block_type":"box","text":"outstanding principal balance over the remaining term of the loan, the excess is then used to reduce","page_number":114,"box":{"x":116,"y":552,"width":748,"height":12}},{"id":"cabbe2b8-b85d-4b72-9f25-c2421a18197e","block_type":"box","text":"the outstanding principal balance of the ARM.","page_number":114,"box":{"x":116,"y":568,"width":344,"height":12}},{"id":"d3196bd5-5e0a-498a-aa2e-3bc48104e3b0","block_type":"box","text":"CMO Residuals.","page_number":114,"box":{"x":117,"y":599,"width":120,"height":9}},{"id":"aedd652d-b16b-4c15-8979-55d6c4266f43","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or","page_number":114,"box":{"x":238,"y":599,"width":546,"height":12}},{"id":"a1f05a55-230c-4bcd-96c0-94f46c672c69","block_type":"box","text":"instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans,","page_number":114,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"f516919a-dd17-4bab-a3e6-82455fd71d13","block_type":"box","text":"including savings and loan associations, homebuilders, mortgage banks, commercial banks,","page_number":114,"box":{"x":117,"y":630,"width":688,"height":12}},{"id":"3e8fc05f-6088-438e-bf60-932ab167ede1","block_type":"box","text":"investment banks, and special purpose entities of the foregoing. The cash flow generated by the","page_number":114,"box":{"x":117,"y":645,"width":718,"height":12}},{"id":"4b39687f-6950-4f57-a0c6-1bee0e7d85d5","block_type":"box","text":"mortgage assets underlying a series of CMOs is applied first to make required payments of principal","page_number":114,"box":{"x":117,"y":661,"width":742,"height":12}},{"id":"f0a67602-6a8e-4ee4-b6ca-dcbf672e58c8","block_type":"box","text":"and interest on the CMOs and second to pay the related administrative expenses and any","page_number":114,"box":{"x":116,"y":676,"width":668,"height":12}},{"id":"21f6e2ba-2de3-49a2-9a99-25dd5f1c6447","block_type":"box","text":"management fees of the issuer. The residual in a CMO structure generally represents the interest in","page_number":114,"box":{"x":117,"y":692,"width":740,"height":12}},{"id":"821045b6-ab0a-4cbd-86b6-c48c4c94f655","block_type":"box","text":"any excess cash flow remaining after making the foregoing payments. Each payment of such excess","page_number":114,"box":{"x":116,"y":707,"width":748,"height":12}},{"id":"6f48b0af-9a86-411e-a20c-e6717752843d","block_type":"box","text":"cash flow to a holder of the related CMO residual represents income and/or a return of capital. The","page_number":114,"box":{"x":116,"y":723,"width":733,"height":12}},{"id":"5215dc24-ae4d-4ffa-8830-add8322f8575","block_type":"box","text":"amount of residual cash flow resulting from a CMO will depend on, among other things, the","page_number":114,"box":{"x":116,"y":738,"width":676,"height":12}},{"id":"b311713b-26c8-4f60-b491-e743e253f4da","block_type":"box","text":"characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates,","page_number":114,"box":{"x":116,"y":754,"width":762,"height":12}},{"id":"ace29612-87ae-4de2-aa0d-07fbf85db778","block_type":"box","text":"the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":114,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"857e1277-0a19-4807-a92a-f7c7fef46972","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related","page_number":114,"box":{"x":117,"y":785,"width":743,"height":12}},{"id":"270fd6ad-dbf2-46b7-bb31-44de3f304691","block_type":"box","text":"underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":114,"box":{"x":117,"y":800,"width":764,"height":12}},{"id":"e4851c2f-05da-4256-8abf-7f7f1ad93418","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate,","page_number":114,"box":{"x":116,"y":816,"width":739,"height":12}},{"id":"045218f6-6303-4878-b758-8a7f35c9cbeb","block_type":"box","text":"the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the","page_number":114,"box":{"x":116,"y":831,"width":733,"height":12}},{"id":"44c8f525-a769-4dc3-a165-e4c481dbda03","block_type":"box","text":"level of the index upon which interest rate adjustments are based. In certain circumstances, a Fund","page_number":114,"box":{"x":117,"y":847,"width":741,"height":12}},{"id":"14b3ba3a-0deb-4439-af28-8dea57c1511a","block_type":"box","text":"may fail to recoup fully its initial investment in a CMO residual.","page_number":114,"box":{"x":117,"y":862,"width":466,"height":12}},{"id":"becef34c-a1c0-4f29-a35f-d43db787312a","block_type":"box","text":"II-69","page_number":114,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f8164ea4-fc9c-4a8e-a363-008e2588d5b4","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":114,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"eff81cef-2020-4d84-97f3-39cce70e72c3","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more","page_number":115,"box":{"x":117,"y":87,"width":709,"height":12}},{"id":"59dbf443-c9e2-44dd-85df-2c1f87c4b4ed","block_type":"box","text":"investment banking firms acting as brokers or dealers. Transactions in CMO residuals are generally","page_number":115,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"27387af5-dd52-4c61-8596-604714ddb935","block_type":"box","text":"completed only after careful review of the characteristics of the securities in question. In addition, CMO","page_number":115,"box":{"x":116,"y":118,"width":768,"height":12}},{"id":"caf581e0-86fb-43c7-9419-49fa00a8862f","block_type":"box","text":"residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":115,"box":{"x":117,"y":134,"width":711,"height":12}},{"id":"6ebd4aa5-f0b4-4c3e-b443-ae022223a3a1","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than,","page_number":115,"box":{"x":116,"y":149,"width":748,"height":12}},{"id":"7fb88a73-4e21-47c8-bc68-517b2d9a2338","block_type":"box","text":"“regular” CMO and REMIC interests. CMO residuals, whether or not registered under the Securities","page_number":115,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"773c373b-6714-4a72-a586-e20b676359e5","block_type":"box","text":"Act, may be subject to certain restrictions on transferability.","page_number":115,"box":{"x":116,"y":180,"width":444,"height":12}},{"id":"75ff071d-f119-443d-b8e1-0c91e82026d6","block_type":"box","text":"Stripped Mortgage-Backed Securities.","page_number":115,"box":{"x":117,"y":207,"width":280,"height":12}},{"id":"37fc08fe-0876-46fb-843f-4190cd59dc91","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities","page_number":115,"box":{"x":399,"y":207,"width":443,"height":12}},{"id":"6df1bd49-23ef-4a1a-8bbd-b8882d02d798","block_type":"box","text":"(“SMBSs”) issued by agencies or instrumentalities of the United States. SMBSs are derivative multi","page_number":115,"box":{"x":117,"y":223,"width":740,"height":12}},{"id":"4039e555-7dcf-4bd4-857d-6a1b507ff00f","block_type":"box","text":"class mortgage-backed securities. SMBS arrangements commonly involve two classes of securities","page_number":115,"box":{"x":116,"y":238,"width":744,"height":12}},{"id":"60263444-95ab-4f07-907a-f94c70c619cc","block_type":"box","text":"that receive different proportions of the interest and principal distributions on a pool of mortgage","page_number":115,"box":{"x":116,"y":254,"width":716,"height":12}},{"id":"b2d06927-b968-45d9-b00f-d53660df0682","block_type":"box","text":"assets. A common variety of SMBS is where one class (the principal only or PO class) receives some","page_number":115,"box":{"x":116,"y":269,"width":759,"height":12}},{"id":"941aaea1-ada6-42bd-8533-44a94fc604a3","block_type":"box","text":"of the interest and most of the principal from the underlying assets, while the other class (the interest","page_number":115,"box":{"x":116,"y":285,"width":752,"height":12}},{"id":"5f90eade-c699-44b5-bedf-7a2b6d8fe059","block_type":"box","text":"only or IO class) receives most of the interest and the remainder of the principal. In the most extreme","page_number":115,"box":{"x":116,"y":300,"width":755,"height":12}},{"id":"34c6f54c-f3f0-448f-a463-080d55ee948c","block_type":"box","text":"case, the IO class receives all of the interest, while","page_number":115,"box":{"x":116,"y":316,"width":382,"height":11}},{"id":"705855c1-db93-4e82-aad1-06cad5976cd1","block_type":"box","text":"the PO class receives all of the principal. While a","page_number":115,"box":{"x":498,"y":316,"width":368,"height":12}},{"id":"98a468f0-48dd-42c4-90cd-2a5993c0a689","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO","page_number":115,"box":{"x":117,"y":331,"width":758,"height":12}},{"id":"05abf936-5af3-4043-80a0-4a4a8bb4b2de","block_type":"box","text":"class. The yield to maturity of an IO class is extremely sensitive to the rate of principal payments","page_number":115,"box":{"x":116,"y":347,"width":720,"height":12}},{"id":"b661ce62-7efb-409d-b1a2-b2671e1ed549","block_type":"box","text":"(including prepayments) on the related underlying assets, and a rapid rate of principal prepayments in","page_number":115,"box":{"x":117,"y":362,"width":759,"height":12}},{"id":"9883099a-ce11-4940-a317-082e7d3d8a55","block_type":"box","text":"excess of that considered in pricing the securities will have a material adverse effect on an IO","page_number":115,"box":{"x":116,"y":378,"width":699,"height":12}},{"id":"4f949ce4-6f1f-4a8d-978d-6a73ef254a44","block_type":"box","text":"security’s yield to maturity. If the underlying mortgage assets experience greater than anticipated","page_number":115,"box":{"x":116,"y":393,"width":724,"height":12}},{"id":"0cfc7a59-e1c7-48f9-b7fe-ea66830811aa","block_type":"box","text":"payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition, there are","page_number":115,"box":{"x":117,"y":409,"width":760,"height":12}},{"id":"279fbaac-5c7b-4f5a-8765-02f7136950e3","block_type":"box","text":"certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":115,"box":{"x":116,"y":424,"width":751,"height":12}},{"id":"e17241d5-ad2d-4c9f-84b1-d734375b73e1","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":115,"box":{"x":117,"y":440,"width":768,"height":12}},{"id":"ebc96c65-147e-491e-b087-4b0fc62c1f67","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above","page_number":115,"box":{"x":117,"y":455,"width":733,"height":12}},{"id":"5558eb9d-1b2d-43b9-b1f8-5925710dfbed","block_type":"box","text":"factors, a Fund generally will purchase IOs only as a component of so called “synthetic” securities. This","page_number":115,"box":{"x":116,"y":471,"width":772,"height":12}},{"id":"b5662520-209a-49ed-b25b-1ad9cdbd3558","block_type":"box","text":"means that purchases of IOs will be matched with certain purchases of other securities, such as POs,","page_number":115,"box":{"x":117,"y":486,"width":759,"height":12}},{"id":"63832992-23c6-4614-863e-d15722638767","block_type":"box","text":"inverse floating rate CMOs or fixed rate securities; as interest rates fall, presenting a greater risk of","page_number":115,"box":{"x":117,"y":502,"width":737,"height":12}},{"id":"d3f845b9-df2d-44d6-9a56-35cba070124e","block_type":"box","text":"unanticipated prepayments of principal, the negative effect on a Fund because of its holdings of IOs","page_number":115,"box":{"x":117,"y":517,"width":744,"height":12}},{"id":"3e08fb4b-1f1a-4f29-81b0-0d2dcffbe081","block_type":"box","text":"should be diminished somewhat because of the increased yield on the inverse floating rate CMOs or","page_number":115,"box":{"x":116,"y":533,"width":751,"height":12}},{"id":"7605218c-c04f-4984-828f-6cda1ce22ffa","block_type":"box","text":"the increased appreciation on the POs or fixed rate securities.","page_number":115,"box":{"x":116,"y":548,"width":465,"height":12}},{"id":"6b756451-6871-4fef-b172-335c3ff5d10a","block_type":"box","text":"Tiered Index Bonds.","page_number":115,"box":{"x":118,"y":576,"width":147,"height":9}},{"id":"46b411dd-a676-4f9a-b595-3f3c2b4c46e6","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on","page_number":115,"box":{"x":266,"y":575,"width":612,"height":12}},{"id":"58e3e89e-9e0d-4366-95bf-982801efa849","block_type":"box","text":"a tiered index bond is tied to a specified index or","page_number":115,"box":{"x":116,"y":591,"width":365,"height":12}},{"id":"a129f95b-1149-48e8-ac3e-ff3571d7f038","block_type":"box","text":"market rate. So long as this index or market rate is","page_number":115,"box":{"x":482,"y":591,"width":380,"height":12}},{"id":"6cf6b228-f325-4a7f-9732-42d1ceb904fc","block_type":"box","text":"below a predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If,","page_number":115,"box":{"x":117,"y":606,"width":704,"height":12}},{"id":"ad6a4ec4-4628-4dfb-9026-4c7a0e6143fb","block_type":"box","text":"however, the specified index or market rate rises above the “strike” rate, the interest rate of the tiered","page_number":115,"box":{"x":117,"y":622,"width":754,"height":12}},{"id":"a5e8211f-2ac2-4b56-8d0c-18fba0501405","block_type":"box","text":"index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond,","page_number":115,"box":{"x":117,"y":638,"width":747,"height":11}},{"id":"bdc3d99b-65b6-4041-9705-04667d94b9d5","block_type":"box","text":"like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that","page_number":115,"box":{"x":117,"y":653,"width":767,"height":12}},{"id":"d036364d-6317-422f-b6d0-670b4e1f2cef","block_type":"box","text":"the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond.","page_number":115,"box":{"x":116,"y":668,"width":727,"height":12}},{"id":"549577f0-900d-4242-b9f8-e51ac040e08a","block_type":"box","text":"TBA Commitments.","page_number":115,"box":{"x":118,"y":696,"width":142,"height":9}},{"id":"fcf82923-07f3-4448-8534-145db0fa7981","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA","page_number":115,"box":{"x":267,"y":696,"width":573,"height":12}},{"id":"1752fbd0-24e2-4802-a88d-9f2d078d01fc","block_type":"box","text":"commitments are forward agreements for the purchase or sale of securities, including mortgage","page_number":115,"box":{"x":116,"y":711,"width":716,"height":12}},{"id":"5d87e373-a797-4526-9623-d69772e4a264","block_type":"box","text":"backed securities for a fixed price, with payment and delivery on an agreed upon future settlement","page_number":115,"box":{"x":117,"y":727,"width":728,"height":12}},{"id":"2a2da461-f5c4-47ad-9be0-1950ca72b790","block_type":"box","text":"date. The specific securities to be delivered are not identified at the trade date. However, delivered","page_number":115,"box":{"x":116,"y":742,"width":731,"height":12}},{"id":"a5010845-fb25-4f3f-b070-a49cbf709b3d","block_type":"box","text":"securities must meet specified terms, including issuer, rate and mortgage terms. When the Fund enters","page_number":115,"box":{"x":116,"y":758,"width":767,"height":12}},{"id":"5ffa0cd6-ea8f-4a51-8df8-49886d3dd1b5","block_type":"box","text":"into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and","page_number":115,"box":{"x":117,"y":773,"width":752,"height":12}},{"id":"1730dadb-5963-41b7-b323-b1ab73d6f8c9","block_type":"box","text":"delivery on an agreed upon future settlement date (which may be referred to as having a short position","page_number":115,"box":{"x":116,"y":789,"width":761,"height":12}},{"id":"75c1c9d2-093d-4447-924f-a8e7967b6a1d","block_type":"box","text":"in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":115,"box":{"x":117,"y":804,"width":707,"height":12}},{"id":"9d651f80-bd19-41d7-afbd-5f17b05f49ae","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":115,"box":{"x":117,"y":820,"width":733,"height":12}},{"id":"9e80caed-406b-4423-92e7-38c08172671a","block_type":"box","text":"Commitments” below.","page_number":115,"box":{"x":117,"y":835,"width":166,"height":10}},{"id":"7cb1a2ba-3b79-42ea-ada4-50bd003115e4","block_type":"box","text":"Mortgage Dollar Rolls.","page_number":115,"box":{"x":116,"y":862,"width":164,"height":12}},{"id":"7fdfcdab-11de-4196-9e6b-050d9e1eb27f","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll","page_number":115,"box":{"x":282,"y":862,"width":562,"height":12}},{"id":"931bec2b-093a-478e-815e-d7568d8ecc2b","block_type":"box","text":"transaction, a Fund sells mortgage-backed securities for delivery in the current month and","page_number":115,"box":{"x":116,"y":878,"width":673,"height":12}},{"id":"7455d5f8-c026-4d50-93a9-2ae25821602c","block_type":"box","text":"II-70","page_number":115,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2b132e92-8bf3-4ce0-8797-994672df02de","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":115,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e0e585b8-205c-49f5-b867-30c13153459a","block_type":"box","text":"simultaneously contracts to repurchase substantially similar securities on a specified future date. The","page_number":116,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"4e736430-7bdd-44a3-b839-97667db06913","block_type":"box","text":"securities that are repurchased will bear the same interest rate and a similar maturity as those sold, but","page_number":116,"box":{"x":116,"y":103,"width":771,"height":12}},{"id":"9f7e0cfd-6668-4728-bcba-74f653bd8b0d","block_type":"box","text":"pools of mortgages collateralizing those securities may have different prepayment histories than those","page_number":116,"box":{"x":117,"y":118,"width":762,"height":12}},{"id":"6f7c4efd-f659-48c4-b041-ab0ab7c0e0cb","block_type":"box","text":"sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest","page_number":116,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"e4b032fc-4c99-45c3-a3c2-0ee1d44155f4","block_type":"box","text":"and principal payments on the securities sold. Proceeds of the sale will be invested in additional","page_number":116,"box":{"x":116,"y":149,"width":716,"height":12}},{"id":"a6be92f4-f8e4-4722-9847-98525619b578","block_type":"box","text":"instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":116,"box":{"x":117,"y":165,"width":762,"height":12}},{"id":"29bb48b6-19e8-4e4c-b24a-2af4391efd5a","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been","page_number":116,"box":{"x":116,"y":180,"width":757,"height":12}},{"id":"5f84ec3f-36a4-4f38-b89e-2d5c78589418","block_type":"box","text":"realized on the securities sold as part of the dollar roll, the use of this technique will diminish the","page_number":116,"box":{"x":117,"y":196,"width":715,"height":11}},{"id":"d0356348-bc78-44fe-8386-5390e1585488","block_type":"box","text":"investment performance of a Fund compared with what the performance would have been without the","page_number":116,"box":{"x":117,"y":211,"width":759,"height":12}},{"id":"e4093aff-6f2c-49a7-adca-6ec408637c4e","block_type":"box","text":"use of dollar rolls.","page_number":116,"box":{"x":117,"y":227,"width":135,"height":9}},{"id":"1a69af51-9d12-4f04-a8b3-bbac8ec81f76","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and","page_number":116,"box":{"x":117,"y":255,"width":760,"height":12}},{"id":"86770ecd-4af0-421c-befb-be4804b145a6","block_type":"box","text":"a subsequent purchase or sale of a substantially similar security in the forward market. Transactions in","page_number":116,"box":{"x":116,"y":270,"width":767,"height":12}},{"id":"417597df-e0fc-4357-8b3f-7f72d51b4dc7","block_type":"box","text":"mortgage dollar rolls may increase trading costs and portfolio turnover.","page_number":116,"box":{"x":117,"y":286,"width":529,"height":12}},{"id":"525f3778-9898-47ea-8cf9-061f5226dcd5","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes","page_number":116,"box":{"x":117,"y":314,"width":738,"height":12}},{"id":"bbece0d9-aef4-4c43-bda0-14a822cb7de3","block_type":"box","text":"insolvent, a Fund’s use of the proceeds of the current sale portion of the transaction may be restricted","page_number":116,"box":{"x":117,"y":330,"width":760,"height":12}},{"id":"195be9ad-83fc-45ea-b27e-fad6367a81a8","block_type":"box","text":"pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s","page_number":116,"box":{"x":117,"y":345,"width":738,"height":12}},{"id":"50ad59fd-e6d8-4ee8-87e9-b082248cd390","block_type":"box","text":"obligation to purchase the similar securities in the forward transaction.","page_number":116,"box":{"x":116,"y":361,"width":525,"height":12}},{"id":"11399a59-fb4d-43ec-bbce-591199bf0517","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar","page_number":116,"box":{"x":116,"y":389,"width":750,"height":12}},{"id":"259bd262-424f-495e-8b58-0d42513ac1ca","block_type":"box","text":"rolls may depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar","page_number":116,"box":{"x":117,"y":405,"width":765,"height":12}},{"id":"f667a7e9-b660-4593-b298-466789bbd6c9","block_type":"box","text":"rolls involve the risk that the market value of the securities subject to a Fund’s forward purchase","page_number":116,"box":{"x":117,"y":420,"width":716,"height":12}},{"id":"b7473158-c880-4d6a-ada2-abc8de4e8162","block_type":"box","text":"commitment may decline below, or the market value of the securities subject to a Fund’s forward sale","page_number":116,"box":{"x":116,"y":436,"width":758,"height":12}},{"id":"19cf3a95-3dbf-4b00-a061-0c8405ac4fc1","block_type":"box","text":"commitment may increase above, the exercise price of the forward commitment. Dollar rolls are","page_number":116,"box":{"x":116,"y":451,"width":715,"height":12}},{"id":"f6823c95-000f-476e-8798-1c53bb4e731a","block_type":"box","text":"speculative techniques that can be deemed to involve leverage. There is no assurance that dollar rolls","page_number":116,"box":{"x":116,"y":467,"width":763,"height":12}},{"id":"9f65c2d8-188c-4ec3-9912-4472cbd8051a","block_type":"box","text":"can be successfully employed.","page_number":116,"box":{"x":116,"y":482,"width":233,"height":12}},{"id":"fece5370-d6ec-49d0-b320-020cae8e2778","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":116,"box":{"x":117,"y":511,"width":740,"height":12}},{"id":"ae75d005-2bdc-4d40-9335-90c97d0b40ef","block_type":"box","text":"settling securities (e.g., dollar rolls and firm and standby commitments, including TBA commitments)","page_number":116,"box":{"x":116,"y":526,"width":748,"height":12}},{"id":"e653830a-88c3-4217-bf8a-6665838989c2","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":116,"box":{"x":116,"y":542,"width":750,"height":12}},{"id":"ed3e2d42-ae14-42c7-9383-6aba76b34162","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the transaction meets the","page_number":116,"box":{"x":116,"y":557,"width":718,"height":12}},{"id":"3b923d20-4153-4eaf-aa2a-bb521995c42e","block_type":"box","text":"Delayed-Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed","page_number":116,"box":{"x":117,"y":573,"width":764,"height":12}},{"id":"5e554d79-1a59-4784-9386-ae2db03e1a9e","block_type":"box","text":"Delivery Securities and Forward Commitments”). If a when-issued, forward-settling or non-standard","page_number":116,"box":{"x":117,"y":588,"width":742,"height":12}},{"id":"64ebe6a6-cf4e-4c03-adca-f90822f45f26","block_type":"box","text":"settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is","page_number":116,"box":{"x":116,"y":604,"width":715,"height":12}},{"id":"70f35c98-6d7c-416e-870d-761fd7b0768d","block_type":"box","text":"treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives—Regulation of","page_number":116,"box":{"x":116,"y":619,"width":669,"height":12}},{"id":"31e01490-79ef-4ecb-9452-232038aee065","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":116,"box":{"x":117,"y":635,"width":511,"height":12}},{"id":"e251c36a-6dbf-435b-a41f-b20c7a12a920","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":116,"box":{"x":117,"y":663,"width":270,"height":12}},{"id":"960565b8-b0d5-4115-bf34-8d3b9ba9d702","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities.","page_number":116,"box":{"x":394,"y":663,"width":438,"height":12}},{"id":"a953e075-afbd-4aed-be2f-e566b464c6bc","block_type":"box","text":"These securities are derivative interest-only mortgage securities structured off home equity loan","page_number":116,"box":{"x":116,"y":678,"width":711,"height":13}},{"id":"9afe067f-bb44-4ecc-8f50-18acc041f98e","block_type":"box","text":"transactions. NIM securities receive any “excess” interest computed after paying coupon costs,","page_number":116,"box":{"x":116,"y":694,"width":704,"height":12}},{"id":"01ed5498-1c0f-4681-bbfd-0e0d24f5516c","block_type":"box","text":"servicing costs and fees and any credit losses associated with the underlying pool of home equity","page_number":116,"box":{"x":116,"y":709,"width":724,"height":13}},{"id":"6ed4f033-e33e-4e36-b989-e98d4b229816","block_type":"box","text":"loans. Like traditional stripped mortgage-backed securities, the yield to maturity on a NIM security is","page_number":116,"box":{"x":117,"y":725,"width":740,"height":12}},{"id":"f9295664-c748-4e4e-8856-cf8c30e9fb6d","block_type":"box","text":"sensitive not only to changes in prevailing interest rates but also to the rate of principal payments","page_number":116,"box":{"x":116,"y":740,"width":720,"height":13}},{"id":"736deaf8-60a7-464a-bb9e-5d1b0c456155","block_type":"box","text":"(including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to","page_number":116,"box":{"x":117,"y":756,"width":735,"height":12}},{"id":"60e2162f-b38d-4dbd-8132-a0aa0639be4b","block_type":"box","text":"credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":116,"box":{"x":116,"y":772,"width":651,"height":12}},{"id":"8563dbb4-8447-4319-8c5b-bd204480cc79","block_type":"box","text":"Municipal Investments.","page_number":116,"box":{"x":116,"y":800,"width":184,"height":12}},{"id":"895ee12a-2820-4432-8835-dfd2711547b5","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states,","page_number":116,"box":{"x":307,"y":800,"width":533,"height":12}},{"id":"7e406389-c49c-45b3-8ac9-3d6ebfb3e3ef","block_type":"box","text":"territories and possessions of the United States and the District of Columbia and their political","page_number":116,"box":{"x":116,"y":815,"width":694,"height":12}},{"id":"19cbe7e1-db2d-4dc7-9f81-97b80975dc72","block_type":"box","text":"subdivisions, agencies and instrumentalities, the payments from which, in the opinion of bond counsel","page_number":116,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"1839047a-eb44-4ab0-b340-7bcfe6663c7e","block_type":"box","text":"to the issuer, are excludable from gross income for U.S. federal income tax purposes (“Municipal","page_number":116,"box":{"x":116,"y":846,"width":723,"height":12}},{"id":"e1133c87-b031-494f-a8bd-a2c2c5ccce14","block_type":"box","text":"Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that pay interest","page_number":116,"box":{"x":117,"y":862,"width":691,"height":12}},{"id":"ffbafaf9-51b3-4973-8be8-14ded2bdd5ff","block_type":"box","text":"excludable from gross income for purposes of state and local income taxes of the designated state","page_number":116,"box":{"x":116,"y":877,"width":737,"height":12}},{"id":"cc4ca1d5-547f-407b-ab3d-e6da1b7399aa","block_type":"box","text":"II-71","page_number":116,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"662d8b1a-fa04-40ec-b07a-7ec23d95a1aa","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":116,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"923fa58b-77cf-4387-a1c0-3e610dffe50a","block_type":"box","text":"and/or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated","page_number":117,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"6eb7e80f-c24d-440b-94fb-cb6f9ce946b2","block_type":"box","text":"state (“State Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on","page_number":117,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"92b7ae75-c334-4237-b7e8-2dcdce8ffdc1","block_type":"box","text":"behalf of a state or territory or by an agency or instrumentality thereof, if the Manager believes such","page_number":117,"box":{"x":117,"y":118,"width":743,"height":12}},{"id":"b8868705-dd5b-454d-943b-8b8cc10245b7","block_type":"box","text":"securities to pay interest excludable from gross income for purposes of U.S. federal income tax and","page_number":117,"box":{"x":116,"y":134,"width":744,"height":12}},{"id":"cfbcdf94-afde-4436-a1ec-b204675ee389","block_type":"box","text":"state and local income taxes of the designated state and/or state and local personal property taxes of","page_number":117,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"35390a0e-835b-4790-a860-8894fbb5af33","block_type":"box","text":"the designated state (“Non-Municipal Tax-Exempt Securities”). Non-Municipal Tax-Exempt Securities","page_number":117,"box":{"x":116,"y":165,"width":756,"height":12}},{"id":"6b8a08a2-9910-4c56-80ff-4e001b45c344","block_type":"box","text":"could include trust certificates or other instruments evidencing interest in one or more long-term","page_number":117,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"c9e1be01-b59e-42c6-8278-057457830a94","block_type":"box","text":"municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":117,"box":{"x":117,"y":196,"width":765,"height":12}},{"id":"0c2cc33f-d3d4-4a8c-9f8e-0ac1e145c2a9","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by","page_number":117,"box":{"x":117,"y":211,"width":760,"height":12}},{"id":"625f1207-1aaa-4894-b08e-56b338f0eba3","block_type":"box","text":"applicable law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income","page_number":117,"box":{"x":116,"y":227,"width":754,"height":12}},{"id":"9bd96fc8-b45c-4cd6-88a6-b977fb550e34","block_type":"box","text":"for U.S. federal income tax purposes will be considered “Municipal Bonds” for purposes of a Municipal","page_number":117,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"49d89d63-adb7-4626-9933-6f26e546b54f","block_type":"box","text":"Fund’s investment objective and policies. Non-Municipal Tax-Exempt Securities that pay interest","page_number":117,"box":{"x":117,"y":258,"width":720,"height":12}},{"id":"687d67b5-050c-46bd-aa76-4bddaa1a8e4a","block_type":"box","text":"excludable from gross income for purposes of U.S. federal income tax and state and local income","page_number":117,"box":{"x":116,"y":273,"width":730,"height":12}},{"id":"7983d0a9-ddbb-4851-b35c-3e378fb527f7","block_type":"box","text":"taxes of a designated state and/or allow the value of a Fund’s shares to be exempt from state and local","page_number":117,"box":{"x":116,"y":289,"width":771,"height":12}},{"id":"402d6a3a-feda-4b40-a6db-3549861d261e","block_type":"box","text":"personal property taxes of that state will be considered “State Municipal Bonds” for purposes of the","page_number":117,"box":{"x":117,"y":304,"width":739,"height":12}},{"id":"ea17a404-cb46-41dd-963a-93a73bdbb794","block_type":"box","text":"investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":117,"box":{"x":117,"y":320,"width":724,"height":12}},{"id":"5fc8e0d6-04f8-4c18-bad4-d27f7e647543","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond","page_number":117,"box":{"x":117,"y":335,"width":724,"height":12}},{"id":"397c5b8b-9a29-4d00-a377-248bc1c0a8ca","block_type":"box","text":"Fund.","page_number":117,"box":{"x":117,"y":351,"width":46,"height":9}},{"id":"34336ca1-bcc9-4718-a9b1-f6f868c3edbb","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":117,"box":{"x":116,"y":380,"width":519,"height":12}},{"id":"d38d40c4-9683-4216-a289-aee0f10e1163","block_type":"box","text":"The risks and special","page_number":117,"box":{"x":636,"y":380,"width":168,"height":12}},{"id":"2cfa5359-8930-4446-a90c-b79a97701268","block_type":"box","text":"considerations involved in investment in Municipal Bonds vary with the types of instruments being","page_number":117,"box":{"x":116,"y":395,"width":729,"height":12}},{"id":"dc02e8cc-6d9b-4ba3-a6ca-217d202fd741","block_type":"box","text":"acquired. Investments in Non-Municipal Tax-Exempt Securities may present similar risks, depending","page_number":117,"box":{"x":116,"y":411,"width":751,"height":12}},{"id":"17b3e4e7-1b00-4be8-9919-65765aa12583","block_type":"box","text":"on the particular product. Certain municipal instruments in which a Fund may invest may be","page_number":117,"box":{"x":116,"y":426,"width":685,"height":12}},{"id":"529bb0ba-24b0-45dc-b693-5dd56883aa31","block_type":"box","text":"characterized as derivatives.","page_number":117,"box":{"x":116,"y":442,"width":218,"height":9}},{"id":"1c1507d2-e407-4eda-ae3e-56a9785e23b6","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a","page_number":117,"box":{"x":116,"y":471,"width":768,"height":12}},{"id":"bbcac212-e348-4ac4-a6ee-73dda0678478","block_type":"box","text":"result of legislation or litigation, including legislation or litigation that changes the taxation of Municipal","page_number":117,"box":{"x":117,"y":487,"width":757,"height":12}},{"id":"90825b9f-9ebf-476f-940f-d02b2e023310","block_type":"box","text":"Bonds or the rights of Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are","page_number":117,"box":{"x":117,"y":502,"width":764,"height":12}},{"id":"027d1b3a-ac03-440f-b115-65aedf33dd13","block_type":"box","text":"rare and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear.","page_number":117,"box":{"x":117,"y":518,"width":732,"height":12}},{"id":"16ddcac4-b8f0-4abf-97c9-49018e9df833","block_type":"box","text":"Further, the application of state law to Municipal Bond issuers could produce varying results among the","page_number":117,"box":{"x":117,"y":533,"width":770,"height":12}},{"id":"cc863f67-90a9-4b06-be33-fa7229abf98a","block_type":"box","text":"states or among Municipal Bond issuers within a state. These uncertainties could have a significant","page_number":117,"box":{"x":116,"y":549,"width":742,"height":12}},{"id":"7fad3883-e4f7-48d8-b98d-4e25d0165266","block_type":"box","text":"impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":117,"box":{"x":117,"y":564,"width":513,"height":12}},{"id":"f5bcd81c-d791-4967-ab63-9006843d48c7","block_type":"box","text":"Description of Municipal Bonds.","page_number":117,"box":{"x":116,"y":593,"width":240,"height":12}},{"id":"a2c6e9eb-b61f-4e43-900e-656bcd921208","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including","page_number":117,"box":{"x":117,"y":616,"width":757,"height":12}},{"id":"8f8503b8-2bf4-4f4c-9476-e4f87e289c84","block_type":"box","text":"the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining","page_number":117,"box":{"x":116,"y":631,"width":756,"height":12}},{"id":"23ffa318-ff14-4dff-b42c-cc621cb43ad2","block_type":"box","text":"funds for general operating expenses and loans to other public institutions and facilities. In addition,","page_number":117,"box":{"x":116,"y":647,"width":744,"height":12}},{"id":"a88a881c-b37f-4efc-b9de-303104da5dbb","block_type":"box","text":"certain types of bonds are issued by or on behalf of public authorities to finance various privately","page_number":117,"box":{"x":116,"y":662,"width":716,"height":12}},{"id":"2a0029b4-3c48-4c42-a196-d1c431a366f1","block_type":"box","text":"owned or operated facilities, including certain facilities for the local furnishing of electric energy or gas,","page_number":117,"box":{"x":116,"y":678,"width":757,"height":12}},{"id":"3f196fbd-d9f5-4c80-b17c-168d69173154","block_type":"box","text":"sewage facilities, solid waste disposal facilities and other specialized facilities. Such obligations are","page_number":117,"box":{"x":116,"y":693,"width":735,"height":12}},{"id":"b932e7cd-b8b1-4025-9031-4a46d236f1ce","block_type":"box","text":"included within the term Municipal Bonds if the interest paid thereon is excluded from gross income for","page_number":117,"box":{"x":117,"y":709,"width":760,"height":12}},{"id":"d3e53560-4dbc-4d31-86e5-8085512ed0a8","block_type":"box","text":"U.S. federal income tax purposes and any applicable state and local taxes. Other types of private","page_number":117,"box":{"x":117,"y":724,"width":721,"height":12}},{"id":"0ea7b467-608e-44e9-b901-c29fa7a93182","block_type":"box","text":"activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":117,"box":{"x":116,"y":740,"width":722,"height":12}},{"id":"8db0288a-b936-4d2e-a101-3086d6cfad23","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the","page_number":117,"box":{"x":117,"y":755,"width":727,"height":12}},{"id":"32f5103e-4b80-404e-bfb6-fd49cd855d00","block_type":"box","text":"current U.S. federal tax laws place substantial limitations on the size of such issues. The interest on","page_number":117,"box":{"x":116,"y":771,"width":739,"height":12}},{"id":"85cfb264-d97e-42ec-9d27-54401d4a9c6c","block_type":"box","text":"Municipal Bonds may bear a fixed rate or be payable at a variable or floating rate. The two principal","page_number":117,"box":{"x":117,"y":786,"width":736,"height":12}},{"id":"1c6d3173-f84c-4d0c-b99b-25fbd4513fdf","block_type":"box","text":"classifications of Municipal Bonds are “general obligation” and “revenue” or “special obligation” bonds,","page_number":117,"box":{"x":116,"y":802,"width":756,"height":12}},{"id":"088a0ac5-7198-4baa-8880-2459924d1b9f","block_type":"box","text":"which latter category includes private activity bonds (“PABs”) (or “industrial development bonds” under","page_number":117,"box":{"x":116,"y":817,"width":760,"height":12}},{"id":"e41b8bcc-40bc-48d6-96a4-011712003508","block_type":"box","text":"pre-1986 law).","page_number":117,"box":{"x":117,"y":833,"width":111,"height":12}},{"id":"ecad6e24-9315-45f6-b989-cb666c9dbfe0","block_type":"box","text":"General Obligation Bonds.","page_number":117,"box":{"x":117,"y":862,"width":194,"height":12}},{"id":"4bcbc050-269d-479a-9071-adf1eb2a98dd","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith,","page_number":117,"box":{"x":313,"y":862,"width":565,"height":12}},{"id":"f9fface7-192f-4a0a-b528-78acbe0126fa","block_type":"box","text":"credit and taxing power for the payment of principal and interest. The taxing power of any","page_number":117,"box":{"x":116,"y":878,"width":668,"height":12}},{"id":"ba00124a-f729-478b-8085-3e54705d5675","block_type":"box","text":"II-72","page_number":117,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"bf9cf685-3d40-442d-80fa-546d645191e4","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":117,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"44eff057-93ac-4b4b-a172-bdb9674165b0","block_type":"box","text":"governmental entity may be limited, however, by provisions of its state constitution or laws, and an","page_number":118,"box":{"x":116,"y":87,"width":735,"height":12}},{"id":"564df163-aa56-4c44-b6b2-34c2148d8fc5","block_type":"box","text":"entity’s creditworthiness will depend on many factors, including potential erosion of its tax base due to","page_number":118,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"bfe46c88-b2a3-4901-ad34-24cd1e779502","block_type":"box","text":"population declines, natural disasters, declines in the state’s industrial base or inability to attract new","page_number":118,"box":{"x":117,"y":118,"width":750,"height":12}},{"id":"fe1f6877-31b5-4941-9b6c-0397cc849e38","block_type":"box","text":"industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals","page_number":118,"box":{"x":117,"y":134,"width":762,"height":12}},{"id":"02c46bc2-a36b-40eb-8374-c291f65ba4de","block_type":"box","text":"or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on","page_number":118,"box":{"x":116,"y":149,"width":740,"height":12}},{"id":"6d6d2eec-a176-4ba1-a34a-ef828afd53a6","block_type":"box","text":"federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":118,"box":{"x":116,"y":165,"width":738,"height":12}},{"id":"605b5bfd-b277-4009-a3fa-a0a5d22f612c","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest","page_number":118,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"80bc193a-4ca8-4bb4-8fff-817b5de1c7b7","block_type":"box","text":"and the repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":118,"box":{"x":116,"y":196,"width":717,"height":12}},{"id":"2bcb5bae-8560-4eb4-a933-3937f2537785","block_type":"box","text":"Revenue Bonds.","page_number":118,"box":{"x":116,"y":227,"width":122,"height":9}},{"id":"6e223fec-4f3c-4c98-bf55-396bf4d446ee","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility","page_number":118,"box":{"x":240,"y":227,"width":634,"height":12}},{"id":"a916f9ca-e5c6-4033-a843-d22ab0c4d2d6","block_type":"box","text":"or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific","page_number":118,"box":{"x":116,"y":242,"width":720,"height":12}},{"id":"aab4897a-6d30-48da-93db-5a92e193d478","block_type":"box","text":"revenue source such as payments from the user of the facility being financed; accordingly, the timely","page_number":118,"box":{"x":117,"y":258,"width":752,"height":12}},{"id":"74a4f722-60ce-4f60-8887-30b708ecdd1a","block_type":"box","text":"payment of interest and the repayment of principal in accordance with the terms of the revenue or","page_number":118,"box":{"x":117,"y":273,"width":729,"height":12}},{"id":"1a8c4518-997c-4b86-b350-f74395eb3275","block_type":"box","text":"special obligation bond is a function of the economic viability of such facility or such revenue source.","page_number":118,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"542daa2e-7daa-4e3c-9029-2b197136bb09","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi","page_number":118,"box":{"x":117,"y":320,"width":730,"height":12}},{"id":"a8d0273d-330a-4051-98e8-f5ac2845d327","block_type":"box","text":"family housing involve special risks in addition to those associated with municipal bonds generally,","page_number":118,"box":{"x":116,"y":335,"width":735,"height":12}},{"id":"23b6d63d-8ac3-4747-9115-d4dc8ca0f42b","block_type":"box","text":"including that the underlying properties may not generate sufficient income to pay expenses and","page_number":118,"box":{"x":117,"y":351,"width":718,"height":12}},{"id":"fd1b6846-a46c-4bd5-b2d3-f96c90c412f3","block_type":"box","text":"interest costs. Such bonds are generally non-recourse against the property owner, may be junior to the","page_number":118,"box":{"x":117,"y":366,"width":768,"height":12}},{"id":"caab277b-b63e-4d52-a107-4feee4d24f45","block_type":"box","text":"rights of others with an interest in the properties, may pay interest that changes based in part on the","page_number":118,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"f3bdad95-2753-41ac-8a81-ec1fe869dac3","block_type":"box","text":"financial performance of the property, may be prepayable without penalty and may be used to finance","page_number":118,"box":{"x":116,"y":397,"width":760,"height":12}},{"id":"b7a05bb4-4a0a-4aec-acbc-9902e9f0dd1b","block_type":"box","text":"the construction of housing developments which, until completed and rented, do not generate income","page_number":118,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"fc08b272-698e-4f71-b77f-be503d6a7578","block_type":"box","text":"to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for","page_number":118,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"9e10e125-6251-4078-ac87-fc9aaab34e4e","block_type":"box","text":"issuers to meet payment obligations on subordinated bonds.","page_number":118,"box":{"x":117,"y":444,"width":452,"height":12}},{"id":"fc67df0e-6c0a-4c83-bd07-bc7a1feacbfd","block_type":"box","text":"PABs.","page_number":118,"box":{"x":116,"y":475,"width":45,"height":9}},{"id":"e6b7f4f0-f047-44f8-9fad-d2c6f077baac","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public","page_number":118,"box":{"x":162,"y":475,"width":666,"height":12}},{"id":"d75d1470-d7de-4d16-9b08-386bbd19499c","block_type":"box","text":"authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the","page_number":118,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"1df09b5b-8643-485d-8aca-17b6f840bdc6","block_type":"box","text":"purpose of financing construction or improvement of a facility to be used by the entity. Such bonds are","page_number":118,"box":{"x":117,"y":506,"width":762,"height":12}},{"id":"63a06036-4907-41c4-a445-8f69d671308c","block_type":"box","text":"secured primarily by revenues derived from loan repayments or lease payments due from the entity,","page_number":118,"box":{"x":116,"y":521,"width":747,"height":12}},{"id":"48447edb-6fc3-4905-adf8-944a51783ecb","block_type":"box","text":"which may or may not be guaranteed by a parent company or otherwise secured. PABs generally are","page_number":118,"box":{"x":116,"y":537,"width":758,"height":12}},{"id":"e8529a9c-1fdd-4f00-bea9-38cfb6d00950","block_type":"box","text":"not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should","page_number":118,"box":{"x":117,"y":552,"width":764,"height":12}},{"id":"c4f653f1-8588-4a96-b113-3028ceac99cf","block_type":"box","text":"understand that repayment of such bonds generally depends on the revenues of a private entity and be","page_number":118,"box":{"x":117,"y":568,"width":771,"height":12}},{"id":"d43bbc3d-c5cd-4584-96fe-4a121cc2073d","block_type":"box","text":"aware of the risks that such an investment may entail. The continued ability of an entity to generate","page_number":118,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"3541234c-e6ef-4494-877a-08b242d1cd60","block_type":"box","text":"sufficient revenues for the payment of principal and interest on such bonds will be affected by many","page_number":118,"box":{"x":116,"y":599,"width":744,"height":12}},{"id":"ffcce218-dfbd-4822-b2a3-e40b8943502c","block_type":"box","text":"factors including the size of the entity, its capital structure, demand for its products or services,","page_number":118,"box":{"x":116,"y":614,"width":707,"height":12}},{"id":"07e22a2d-61b2-438d-a0f7-45b610947235","block_type":"box","text":"competition, general economic conditions, government regulation and the entity’s dependence on","page_number":118,"box":{"x":116,"y":630,"width":728,"height":12}},{"id":"dbe1b972-919c-4071-94a3-f4280e74bd85","block_type":"box","text":"revenues for the operation of the particular facility being financed.","page_number":118,"box":{"x":117,"y":645,"width":491,"height":12}},{"id":"94275d32-ac23-42a9-850d-32d7684416d7","block_type":"box","text":"Moral Obligation Bonds.","page_number":118,"box":{"x":116,"y":676,"width":178,"height":12}},{"id":"e1af0668-c2fc-4659-b707-5dafc651d09b","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public","page_number":118,"box":{"x":301,"y":676,"width":523,"height":12}},{"id":"c7ad3ef2-2326-4ec3-aec9-d9fb37aab314","block_type":"box","text":"authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of","page_number":118,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"4b1c9e6d-e465-4db3-8503-53b2cafc6ba6","block_type":"box","text":"such bonds becomes a moral commitment but not a legal obligation of the state or municipality that","page_number":118,"box":{"x":116,"y":707,"width":736,"height":12}},{"id":"d8bceb47-d828-460c-8ffd-0daf37cc9258","block_type":"box","text":"created the special purpose public authority that issued the bonds.","page_number":118,"box":{"x":116,"y":723,"width":492,"height":12}},{"id":"9e3e3a7a-b73c-4cba-9ed4-c1cd3dea7a39","block_type":"box","text":"Municipal Notes.","page_number":118,"box":{"x":116,"y":754,"width":122,"height":12}},{"id":"cd1f709c-d6e3-4aa8-887e-ca4534545403","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":118,"box":{"x":246,"y":754,"width":636,"height":12}},{"id":"034e7933-8860-4751-ad2a-0e123ca918e3","block_type":"box","text":"financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the","page_number":118,"box":{"x":116,"y":769,"width":737,"height":12}},{"id":"ae47cf1e-dd1e-4771-beaa-ecbb27e995dd","block_type":"box","text":"anticipated proceeds, repayment on the note may be delayed or the note may not be fully repaid, and a","page_number":118,"box":{"x":116,"y":785,"width":766,"height":12}},{"id":"2b3fb265-4649-4992-bed7-2a4343e5d9c9","block_type":"box","text":"Fund may lose money.","page_number":118,"box":{"x":117,"y":800,"width":167,"height":12}},{"id":"1c82a940-2523-44e2-be64-307f32b5ab86","block_type":"box","text":"Municipal Commercial Paper.","page_number":118,"box":{"x":116,"y":831,"width":218,"height":12}},{"id":"a11945b7-7579-463f-8536-9eb07747e458","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet","page_number":118,"box":{"x":335,"y":831,"width":539,"height":12}},{"id":"515f13c8-83d6-4d9d-b117-9f9da9d50684","block_type":"box","text":"short-term financing needs. The lack of security presents some risk of loss to a Fund since, in the","page_number":118,"box":{"x":116,"y":847,"width":728,"height":12}},{"id":"7fc72970-5f5b-4fd1-b86e-69bfad9b3f6e","block_type":"box","text":"event of an issuer’s bankruptcy, unsecured creditors are repaid only after the secured creditors out of","page_number":118,"box":{"x":116,"y":862,"width":757,"height":12}},{"id":"c2b12873-150b-4dca-9ca7-b0a5bdbd2da9","block_type":"box","text":"the assets, if any, that remain.","page_number":118,"box":{"x":116,"y":878,"width":229,"height":12}},{"id":"e6c90876-1b7f-492b-b8e8-8782b7a9d1cb","block_type":"box","text":"II-73","page_number":118,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ecd50bf9-5d3a-4bb5-aaeb-e4b9594bf530","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":118,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fb111dfb-bd54-4f37-9ec5-ff76605e8b3d","block_type":"box","text":"Municipal Lease Obligations.","page_number":119,"box":{"x":116,"y":87,"width":213,"height":12}},{"id":"adbc8da8-1b2c-4bf7-a3ab-a33b9de58ccd","block_type":"box","text":"Also included within the general category of Municipal Bonds are","page_number":119,"box":{"x":331,"y":87,"width":491,"height":12}},{"id":"acd601b6-d127-46d0-bec4-73634fa21e93","block_type":"box","text":"certificates of participation (“COPs”) issued by government authorities or entities to finance the","page_number":119,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"667e6b4f-4231-4812-ae86-7d1d2fea3c70","block_type":"box","text":"acquisition or construction of equipment, land and/or facilities. The COPs represent participations in a","page_number":119,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"e527026a-660f-4803-a3b5-e02b8c542f86","block_type":"box","text":"lease, an installment purchase contract or a conditional sales contract (hereinafter collectively called","page_number":119,"box":{"x":117,"y":134,"width":748,"height":12}},{"id":"a4c94fee-30c4-4c90-9a33-5aecd3d27f4d","block_type":"box","text":"“lease obligations”) relating to such equipment, land or facilities. Municipal leases, like other municipal","page_number":119,"box":{"x":116,"y":149,"width":761,"height":12}},{"id":"8d01fe4a-c000-4e72-8174-2970212f989e","block_type":"box","text":"debt obligations, are subject to the risk of non-payment. Although lease obligations do not constitute","page_number":119,"box":{"x":116,"y":165,"width":747,"height":12}},{"id":"51e006a6-9458-47e2-9b31-ec3c968b7518","block_type":"box","text":"general obligations of the issuer for which the issuer’s unlimited taxing power is pledged, a lease","page_number":119,"box":{"x":116,"y":180,"width":721,"height":12}},{"id":"85e3bc12-55a0-4243-9bdf-1bdb25931919","block_type":"box","text":"obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":119,"box":{"x":116,"y":196,"width":716,"height":12}},{"id":"ca64d644-b6a3-4198-8c33-04f225d26428","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain","page_number":119,"box":{"x":117,"y":211,"width":631,"height":12}},{"id":"7fdca210-9a1f-47c7-bf75-994f14e88826","block_type":"box","text":"“non-appropriation” clauses, which provide that the issuer has no obligation to make lease or","page_number":119,"box":{"x":116,"y":227,"width":693,"height":12}},{"id":"d8eefd96-fde7-4463-9170-6eb7335d20a9","block_type":"box","text":"installment purchase payments in future years unless money is appropriated for such purpose on a","page_number":119,"box":{"x":117,"y":242,"width":739,"height":12}},{"id":"ac0a9778-c313-4aac-b585-8865bb517b37","block_type":"box","text":"yearly basis. Although “non-appropriation” lease obligations are secured by the leased property,","page_number":119,"box":{"x":116,"y":258,"width":716,"height":12}},{"id":"afedd940-0a67-44c8-93df-213f6169f7d3","block_type":"box","text":"disposition of the property in the event of foreclosure might prove difficult. These securities represent a","page_number":119,"box":{"x":116,"y":273,"width":767,"height":12}},{"id":"36c71dd5-9fed-4d1b-9e14-cafb21aacdad","block_type":"box","text":"type of financing that has not yet developed the depth of marketability associated with more","page_number":119,"box":{"x":116,"y":289,"width":685,"height":12}},{"id":"a1cc4dcf-e951-4b02-9b5b-6a697d9553a3","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":119,"box":{"x":116,"y":304,"width":596,"height":12}},{"id":"31a0de07-fef8-4656-a31c-e2b4ef65a390","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in","page_number":119,"box":{"x":116,"y":335,"width":769,"height":12}},{"id":"90713f36-1dff-4d33-956b-2dbb311e16eb","block_type":"box","text":"general economic downturns and as relative governmental cost burdens are allocated and reallocated","page_number":119,"box":{"x":116,"y":351,"width":762,"height":12}},{"id":"8940a3ca-4e2e-4a39-9707-bbdd3c502ee5","block_type":"box","text":"among federal, state and local governmental units. Such non-payment would result in a reduction of","page_number":119,"box":{"x":116,"y":366,"width":746,"height":12}},{"id":"7cd1b3c2-1c8a-489c-905a-e6e2e1b3d2da","block_type":"box","text":"income to a Fund and could result in a","page_number":119,"box":{"x":117,"y":382,"width":289,"height":9}},{"id":"2c0a7196-0c05-4f1c-be36-72d5c9ade51c","block_type":"box","text":"reduction in the value of the municipal lease experiencing","page_number":119,"box":{"x":407,"y":382,"width":431,"height":12}},{"id":"734310c2-4638-454b-8bf3-08f4e4288c74","block_type":"box","text":"non-payment and a potential decrease in the NAV of a Fund. Issuers of municipal securities might","page_number":119,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"362ea319-b866-4ef1-ad4e-777053167e8b","block_type":"box","text":"seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, a Fund could","page_number":119,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"56c84332-10f9-4aef-b24d-e5b4ad52b54b","block_type":"box","text":"experience delays and limitations with respect to the collection of principal and interest on such","page_number":119,"box":{"x":116,"y":428,"width":711,"height":12}},{"id":"d8e7bd57-dff1-4845-828b-4106b10656e2","block_type":"box","text":"municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest","page_number":119,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"52eee99c-a5af-4080-a0e5-cc63dc1a3518","block_type":"box","text":"to which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might","page_number":119,"box":{"x":116,"y":459,"width":740,"height":12}},{"id":"bccd1c10-e508-4f2b-b6bf-d778610262f9","block_type":"box","text":"take possession of and manage the assets securing the issuer’s obligations on such securities, which","page_number":119,"box":{"x":116,"y":475,"width":758,"height":12}},{"id":"be3e4aa2-b27b-452c-981e-27c5b874f2e3","block_type":"box","text":"may increase a Fund’s operating expenses and adversely affect the NAV of a Fund. When the lease","page_number":119,"box":{"x":117,"y":490,"width":749,"height":12}},{"id":"fa0c5f11-a373-4192-96e2-9707125c14ae","block_type":"box","text":"contains a non-appropriation clause, however, the failure to pay would not be a default and a Fund","page_number":119,"box":{"x":116,"y":506,"width":737,"height":12}},{"id":"8828d0c6-87cc-48dd-bf0f-bcde5d07c342","block_type":"box","text":"would not have the right to take possession of the assets. Any income derived from a Fund’s","page_number":119,"box":{"x":116,"y":521,"width":692,"height":12}},{"id":"269d71b0-4971-48d5-ab4a-afe9d8d27b59","block_type":"box","text":"ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s intention to qualify","page_number":119,"box":{"x":116,"y":537,"width":765,"height":12}},{"id":"db5db38b-4948-4772-a0e5-f6e3946cd15f","block_type":"box","text":"as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":119,"box":{"x":116,"y":552,"width":717,"height":12}},{"id":"824e8471-0a3e-4815-9cc0-da6bb379b68d","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a","page_number":119,"box":{"x":116,"y":568,"width":765,"height":12}},{"id":"e8460134-f109-42db-91bc-17a69db6ba33","block_type":"box","text":"Fund is subject to certain limitations on its investments and on the nature of its income.","page_number":119,"box":{"x":117,"y":583,"width":650,"height":12}},{"id":"70195fe6-66ad-4d3e-9143-a222b9594a56","block_type":"box","text":"Tender Option Bonds.","page_number":119,"box":{"x":118,"y":614,"width":161,"height":12}},{"id":"4e1fdd43-66ee-43bc-9f7d-1bf24e2f0482","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option","page_number":119,"box":{"x":280,"y":614,"width":596,"height":12}},{"id":"f70bb3c5-e4dd-414b-9753-e5ba99764e1d","block_type":"box","text":"bonds (“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in","page_number":119,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"e4b3b77e-9929-4c4b-8212-cabe2d2cf987","block_type":"box","text":"which the Funds will invest pay interest or income that, in the opinion of counsel to the issuer, is","page_number":119,"box":{"x":116,"y":645,"width":715,"height":12}},{"id":"1fa7b98d-ec7b-4c10-8b63-1709618aaf48","block_type":"box","text":"exempt from regular U.S. federal income tax. BlackRock will not conduct its own analysis of the tax","page_number":119,"box":{"x":116,"y":661,"width":735,"height":12}},{"id":"16978ca7-970c-49cd-b2b9-6624f13b8664","block_type":"box","text":"status of the interest or income paid by TOB Residuals held by the Funds, but will rely on the opinion of","page_number":119,"box":{"x":116,"y":676,"width":767,"height":12}},{"id":"7531de91-0f8c-4b9e-979d-88c7caf536b2","block_type":"box","text":"counsel to the issuer. Although volatile, TOB Residuals typically offer the potential for yields exceeding","page_number":119,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"4b8dc08d-294e-47d4-8345-fb624fe4b850","block_type":"box","text":"the yields available on fixed rate Municipal Bonds with comparable credit quality. The Funds may","page_number":119,"box":{"x":116,"y":707,"width":720,"height":12}},{"id":"7eb9cc60-fade-4ab9-882e-cc8c0a20cc9e","block_type":"box","text":"invest in TOB Residuals for the purpose of using economic leverage.","page_number":119,"box":{"x":117,"y":723,"width":509,"height":12}},{"id":"6b6bb400-959c-4847-b4b2-357d42519ca9","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of","page_number":119,"box":{"x":116,"y":754,"width":719,"height":12}},{"id":"91946c14-e026-44c6-a284-600814d6ca6a","block_type":"box","text":"holding Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically","page_number":119,"box":{"x":117,"y":769,"width":719,"height":12}},{"id":"3a655506-71ff-40e6-8d11-d276614b78b9","block_type":"box","text":"issues two classes of beneficial interests: short-term floating rate interests (“TOB Floaters”), which are","page_number":119,"box":{"x":117,"y":785,"width":756,"height":12}},{"id":"2c269935-13e8-4f1d-8e21-16b484f2ec0c","block_type":"box","text":"sold to third-party investors, and TOB Residuals, which are generally issued to the fund(s) that","page_number":119,"box":{"x":116,"y":800,"width":701,"height":12}},{"id":"bc0bf403-a161-4b11-9540-6fcc5307a41e","block_type":"box","text":"transferred Municipal Bonds to the TOB Trust. The Funds may invest in both TOB Floaters and TOB","page_number":119,"box":{"x":116,"y":816,"width":745,"height":12}},{"id":"8cf6a426-ef66-4307-8ece-55bf74723307","block_type":"box","text":"Residuals. TOB Floaters may have first priority on the cash flow from the Municipal Bonds held by the","page_number":119,"box":{"x":117,"y":831,"width":759,"height":12}},{"id":"0e33a725-3518-4a4b-bfcd-74ff81a126c3","block_type":"box","text":"TOB Trust and are enhanced with a liquidity support arrangement from a third-party Liquidity Provider","page_number":119,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"33e6c2cc-8848-47ec-a36d-6e14196fa02a","block_type":"box","text":"(defined below) which allows holders to tender their position at par (plus accrued interest). A Fund, as","page_number":119,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"c6b6d92a-192c-46d7-92bb-86d9a7f2ff90","block_type":"box","text":"a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes","page_number":119,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"2a46c001-514f-4eea-abf6-2f314400492b","block_type":"box","text":"II-74","page_number":119,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8cad46e7-7049-40ae-98e2-3aa861ff9035","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":119,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"00cdbef7-07ce-4e13-b0d1-e6091b3d9bbd","block_type":"box","text":"the Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the","page_number":120,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"75429487-e058-472f-a3d0-9bd5a5578b58","block_type":"box","text":"TOB Floaters, less certain transaction costs, and typically will invest the cash to purchase additional","page_number":120,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"ead9c987-ade3-4445-89e8-4485f0f7473a","block_type":"box","text":"Municipal Bonds or other investments permitted by its investment policies. If a Fund ever purchases all","page_number":120,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"8fd5a79a-f7d3-4e49-841d-23b29d280723","block_type":"box","text":"or a portion of the TOB Floaters sold by the TOB Trust, it may surrender those TOB Floaters together","page_number":120,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"74f9a651-e19d-4c46-ac23-4a171b12dfc2","block_type":"box","text":"with a proportionate amount of TOB Residuals to the TOB Trust in exchange for a proportionate","page_number":120,"box":{"x":116,"y":149,"width":717,"height":12}},{"id":"16cd13bc-d867-472f-99bf-9444697f5a22","block_type":"box","text":"amount of the Municipal Bonds owned by the TOB Trust.","page_number":120,"box":{"x":116,"y":165,"width":427,"height":12}},{"id":"79f55ebf-750c-4766-b269-24387964a8ee","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has","page_number":120,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"a8a20beb-05dd-44c5-9f96-b814891f5236","block_type":"box","text":"contributed Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust,","page_number":120,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"83fee263-1c1a-48e3-80f8-b6617d9354af","block_type":"box","text":"the economic rights and obligations under the TOB Residual will generally be shared among the funds","page_number":120,"box":{"x":116,"y":227,"width":764,"height":12}},{"id":"e9af30e4-2fdf-4942-9106-40eca5b9a5a1","block_type":"box","text":"ratably in proportion to their participation in the TOB Trust.","page_number":120,"box":{"x":117,"y":242,"width":437,"height":12}},{"id":"1723aded-feb5-497f-8906-c17ee2105271","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typi","page_number":120,"box":{"x":116,"y":273,"width":380,"height":12}},{"id":"16d9b164-2dfd-4eb2-9b84-d40026c490fb","block_type":"box","text":"cally are high grade Municipal Bonds. In certain","page_number":120,"box":{"x":497,"y":273,"width":350,"height":12}},{"id":"9ea645f8-d95a-4e25-9309-4fa53fe4828d","block_type":"box","text":"cases, when Municipal Bonds transferred are lowe","page_number":120,"box":{"x":116,"y":289,"width":367,"height":12}},{"id":"2ecb63b1-6b47-431d-84a2-a37a79697f17","block_type":"box","text":"r grade Municipal Bonds, the TOB Trust transaction","page_number":120,"box":{"x":485,"y":289,"width":379,"height":12}},{"id":"2a592828-399f-49c0-a98b-1f73f225369d","block_type":"box","text":"includes a credit enhancement feature that provides fo","page_number":120,"box":{"x":117,"y":304,"width":395,"height":12}},{"id":"f6edd691-61ec-455d-bdfe-50744ad14ae1","block_type":"box","text":"r the timely payment of principal and interest on","page_number":120,"box":{"x":513,"y":304,"width":349,"height":12}},{"id":"8ff06c85-c4a1-4098-89cf-05fc2f9e20c2","block_type":"box","text":"the bonds to the TOB Trust by a credit enhancement","page_number":120,"box":{"x":116,"y":320,"width":388,"height":12}},{"id":"89189df4-8c68-4b42-a4ba-db7561c72539","block_type":"box","text":"provider. The TOB Trust would be responsible for","page_number":120,"box":{"x":505,"y":320,"width":364,"height":12}},{"id":"3da1df6f-7c15-4676-a019-b19e1f515686","block_type":"box","text":"the payment of the credit enhancem","page_number":120,"box":{"x":116,"y":335,"width":262,"height":12}},{"id":"cb30f251-3301-42b5-9b35-109a941ab89b","block_type":"box","text":"ent fee and a Fund, as a TOB Residual holder, would be responsible","page_number":120,"box":{"x":379,"y":335,"width":504,"height":12}},{"id":"874f0bc8-bc9d-4b76-a526-ff2730d7151b","block_type":"box","text":"for reimbursement of any payments of principal","page_number":120,"box":{"x":116,"y":351,"width":348,"height":12}},{"id":"a7338655-69f8-433a-aad3-bbf653ff5f2d","block_type":"box","text":"and interest made by the credit enhancement provider.","page_number":120,"box":{"x":464,"y":351,"width":403,"height":12}},{"id":"f41ebb23-460d-469e-b450-463239ecc442","block_type":"box","text":"The TOB Residuals held by a Fund generally provide t","page_number":120,"box":{"x":116,"y":382,"width":396,"height":12}},{"id":"01661566-1b32-40e5-9717-cd67f5cf2b1d","block_type":"box","text":"he Fund with the right to cause the holders of a","page_number":120,"box":{"x":513,"y":382,"width":346,"height":12}},{"id":"0f285c70-680f-40a8-be40-37fdfdd9b211","block_type":"box","text":"proportional share of the TOB Floaters","page_number":120,"box":{"x":117,"y":397,"width":284,"height":12}},{"id":"d21816d0-1621-44fd-8e76-f82575d6085d","block_type":"box","text":"to tender their notes to the TOB Trust at par plus accrued interest.","page_number":120,"box":{"x":401,"y":397,"width":485,"height":12}},{"id":"82dfeb5a-d149-4c2f-8c43-c43318b43a86","block_type":"box","text":"Thereafter, the Fund may withdraw a corresponding share","page_number":120,"box":{"x":116,"y":413,"width":428,"height":12}},{"id":"bc6e66a6-42d4-4b0d-b41a-019b7586079b","block_type":"box","text":"of the Municipal Bonds from the TOB Trust.","page_number":120,"box":{"x":545,"y":413,"width":321,"height":12}},{"id":"d85643b3-ee9f-4951-9a3e-d4be1eda98bd","block_type":"box","text":"This transaction, in effect, creates exposure for the Fund","page_number":120,"box":{"x":116,"y":428,"width":416,"height":12}},{"id":"4d17d46d-1ba3-4359-b740-8008d9b9db05","block_type":"box","text":"to the entire return of the Municipal Bonds in the","page_number":120,"box":{"x":532,"y":428,"width":355,"height":12}},{"id":"88e16406-2960-42c9-8c65-022fb8848f82","block_type":"box","text":"TOB Trust, with a net cash investment by the Fund that","page_number":120,"box":{"x":116,"y":444,"width":403,"height":12}},{"id":"ba728400-7ed3-4d5e-979e-06a843e6c037","block_type":"box","text":"t is less than the value of the Municipal Bonds in","page_number":120,"box":{"x":519,"y":444,"width":351,"height":12}},{"id":"dcf5a1ed-90a5-4851-ad0c-4c7dcd3b03fc","block_type":"box","text":"the TOB Trust. This multiplies the positive or negative","page_number":120,"box":{"x":116,"y":459,"width":395,"height":12}},{"id":"c9a4972b-2526-4cd9-8e78-26deb287ab62","block_type":"box","text":"impact of the Municipal Bonds’ return within the","page_number":120,"box":{"x":512,"y":459,"width":348,"height":12}},{"id":"aeb49055-a2b6-43f2-b234-b93464c51228","block_type":"box","text":"Fund (thereby creating leverage). The leverage within a","page_number":120,"box":{"x":117,"y":475,"width":408,"height":12}},{"id":"54f7706a-f9fd-42c6-aa02-bcab045ed235","block_type":"box","text":"TOB Trust depends on the value of the Municipal","page_number":120,"box":{"x":525,"y":475,"width":362,"height":12}},{"id":"b957337b-9539-4c89-b51e-4f9b53b2f00e","block_type":"box","text":"Bonds deposited in the TOB Trust relative to","page_number":120,"box":{"x":117,"y":490,"width":327,"height":12}},{"id":"2dbc26a0-ef0f-4d87-9021-2c1f0000b711","block_type":"box","text":"the value of the TOB Floaters it issues.","page_number":120,"box":{"x":444,"y":490,"width":288,"height":10}},{"id":"705108bb-7e80-4ca6-9ad9-7bc36d9e5a84","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly","page_number":120,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"378f21f5-2a24-417c-a036-052da1dfa4a7","block_type":"box","text":"leveraged if the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of","page_number":120,"box":{"x":117,"y":537,"width":765,"height":12}},{"id":"2834cb39-f097-4cd9-b76e-96bfdd111a37","block_type":"box","text":"the principal amount of the Municipal Bonds owned by the TOB Trust.","page_number":120,"box":{"x":116,"y":552,"width":523,"height":12}},{"id":"0b789bc3-6e35-4525-9139-2a923d2edfec","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option","page_number":120,"box":{"x":116,"y":583,"width":757,"height":12}},{"id":"1a5af87d-c9fd-41e5-b6c9-20d8e5c07e86","block_type":"box","text":"termination events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust","page_number":120,"box":{"x":116,"y":599,"width":768,"height":12}},{"id":"7f15d149-4a28-43a8-ae83-265d37468862","block_type":"box","text":"agreements. TOTEs include the bankruptcy or default of the issuer of the Municipal Bonds held in the","page_number":120,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"b10d1165-3114-4e8b-b5c8-635acfd6d915","block_type":"box","text":"TOB Trust, a substantial downgrade in the credit quality of the issuer of the Municipal Bonds held in","page_number":120,"box":{"x":116,"y":630,"width":744,"height":12}},{"id":"c800a23d-b3ee-4afc-ab95-390df09f7af4","block_type":"box","text":"the TOB Trust, failure of any scheduled payment of principal or interest on the Municipal Bonds, and a","page_number":120,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"6fc02255-6e64-475f-8fae-d31099739731","block_type":"box","text":"judgment or ruling that interest on the Municipal Bonds is subject to U.S. federal income taxation.","page_number":120,"box":{"x":115,"y":661,"width":721,"height":12}},{"id":"2b8712e9-61d3-44f3-8da7-25eb13a0b4c3","block_type":"box","text":"MTEs may include, among other things, a failed remarketing of the TOB Floaters, the inability of the","page_number":120,"box":{"x":117,"y":676,"width":739,"height":12}},{"id":"3c49c2f5-e1d3-4a0b-a54b-668e5450ad87","block_type":"box","text":"TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":120,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"26f27c72-f9dc-42cd-8c20-e0f8ea707d2c","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a","page_number":120,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"2b9042db-c0b5-4e95-a3fd-6dda3bad7d79","block_type":"box","text":"TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee","page_number":120,"box":{"x":116,"y":723,"width":752,"height":12}},{"id":"010cae9a-6f2a-4328-8b2c-3b423a0256f7","block_type":"box","text":"of the TOB Trust, the remarketing agent of the TOB Floaters and the Liquidity Provider (defined","page_number":120,"box":{"x":116,"y":738,"width":708,"height":12}},{"id":"85b2ec43-d7a0-4299-a20b-dae06eacc5d2","block_type":"box","text":"below). In the case of an MTE, after the payment of fees, the holders of the TOB Floaters would be","page_number":120,"box":{"x":117,"y":754,"width":734,"height":12}},{"id":"2ad6bdb4-24b3-48d0-a3f4-96f7b5aaace9","block_type":"box","text":"paid senior to the TOB Residual holders (","page_number":120,"box":{"x":117,"y":769,"width":307,"height":12}},{"id":"50c87516-331b-4baa-91ae-fa116942246f","block_type":"box","text":"i.e.","page_number":120,"box":{"x":425,"y":769,"width":20,"height":10}},{"id":"d8b1f432-b5c1-47d7-acae-c8a3bbd6584d","block_type":"box","text":", the Fund). In contrast, in the case of a TOTE, after","page_number":120,"box":{"x":448,"y":769,"width":385,"height":12}},{"id":"bfef1d60-f0b5-4281-a87b-d6b53c56ef4f","block_type":"box","text":"payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro rata in","page_number":120,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"6e10bea6-34cf-42b8-abb4-d0654295e377","block_type":"box","text":"proportion to the respective face values of their certificates.","page_number":120,"box":{"x":117,"y":800,"width":437,"height":12}},{"id":"3204ddca-4730-487f-b1e1-c1df971c6012","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically","page_number":120,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"16deae15-39bd-4227-aece-793173cac9a8","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity","page_number":120,"box":{"x":116,"y":847,"width":766,"height":12}},{"id":"e6dbf08b-7a70-4c5c-a6ff-f50fb7dcfe4d","block_type":"box","text":"Provider”) that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for","page_number":120,"box":{"x":117,"y":862,"width":734,"height":12}},{"id":"d404faf8-3d4d-44b5-b601-a674b058341f","block_type":"box","text":"payment of par plus accrued interest on any business day (subject to the non-occurrence of a TOTE","page_number":120,"box":{"x":117,"y":878,"width":748,"height":12}},{"id":"eb830548-369d-484a-ad85-8fc5b9f487a4","block_type":"box","text":"II-75","page_number":120,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"76bb26b6-db0c-4ced-a1b3-943150365f26","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":120,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"53566b13-bd34-477e-87a1-9a4ea75ba3e5","block_type":"box","text":"described above). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase","page_number":121,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"7630cfa4-96d8-47c1-8e5a-d8d5451c6502","block_type":"box","text":"the tendered TOB Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to","page_number":121,"box":{"x":116,"y":102,"width":728,"height":13}},{"id":"339fdf9f-afb1-4634-9228-18d2d21a373f","block_type":"box","text":"purchase the tendered TOB Floaters.","page_number":121,"box":{"x":117,"y":118,"width":281,"height":12}},{"id":"dfca9b70-6b3a-46f3-97a1-a377d7027ac0","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to","page_number":121,"box":{"x":116,"y":149,"width":758,"height":12}},{"id":"c0b3ab11-90ac-40cd-9f09-544fc7780161","block_type":"box","text":"make a payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion","page_number":121,"box":{"x":117,"y":165,"width":753,"height":12}},{"id":"bdbff42f-399f-41c8-8b73-0915e367df12","block_type":"box","text":"of the Municipal Bonds held in the TOB Trust and then fund the balance, if any, of the amount owed","page_number":121,"box":{"x":116,"y":180,"width":746,"height":12}},{"id":"05d6f08d-476b-44e0-93b1-caab66fdf02e","block_type":"box","text":"under the liquidity facility over the liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in","page_number":121,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"f6258939-b641-4f5e-b0ac-2dfba870f587","block_type":"box","text":"a TOB Trust on a recourse basis, it will typically enter into a reimbursement agreement with the","page_number":121,"box":{"x":116,"y":211,"width":712,"height":12}},{"id":"322b5a7a-0db1-44e3-a4ac-5230564b643c","block_type":"box","text":"Liquidity Provider pursuant to which the Fund is required to reimburse the Liquidity Provider the","page_number":121,"box":{"x":117,"y":227,"width":712,"height":12}},{"id":"0f251bf9-1bcb-4af9-9edc-d64b5c77427c","block_type":"box","text":"amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust, the Fund","page_number":121,"box":{"x":116,"y":242,"width":759,"height":12}},{"id":"7d61e6a2-7496-48d8-82fc-92c1a79be0f6","block_type":"box","text":"will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":121,"box":{"x":116,"y":258,"width":751,"height":12}},{"id":"2aca26c2-87cc-4dee-88cf-507be402b80b","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their","page_number":121,"box":{"x":117,"y":273,"width":678,"height":12}},{"id":"bccd1b48-0f18-4475-8088-905c39d5b7e0","block_type":"box","text":"participation in the TOB Trust.","page_number":121,"box":{"x":117,"y":289,"width":227,"height":12}},{"id":"1da434e3-7144-428b-aba9-12c97db2f83a","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are","page_number":121,"box":{"x":117,"y":320,"width":682,"height":12}},{"id":"9042721f-60d7-45c7-980f-2165c10fef1b","block_type":"box","text":"investments of the Fund and are presented on the Fund’s Schedule of Investments and outstanding","page_number":121,"box":{"x":117,"y":335,"width":745,"height":12}},{"id":"b5fdf680-60f8-4085-b508-531031cd2f11","block_type":"box","text":"TOB Floaters issued by a TOB Trust are presented as liabilities in the Fund’s Statement of Assets and","page_number":121,"box":{"x":116,"y":351,"width":765,"height":12}},{"id":"c8ac1d90-46c5-42a6-9db6-8fce1950ec6d","block_type":"box","text":"Liabilities. Interest income from the underlying Municipal Bonds is recorded by a Fund on an accrual","page_number":121,"box":{"x":117,"y":366,"width":747,"height":12}},{"id":"2f247155-877f-45e5-8c68-ca66c5bec4ce","block_type":"box","text":"basis. Interest expense incurred on the","page_number":121,"box":{"x":117,"y":382,"width":288,"height":12}},{"id":"1afc331c-87cb-4288-bfe5-aaa25a370c6c","block_type":"box","text":"TOB Floaters and other expenses related to remarketing,","page_number":121,"box":{"x":409,"y":382,"width":430,"height":12}},{"id":"b5aafd72-0ad2-429f-b582-16638f7f2387","block_type":"box","text":"administration, trustee and other services to a TOB Trust are reported as expenses of a Fund. In","page_number":121,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"ec2d636c-4560-4338-96e5-f762b392cf82","block_type":"box","text":"addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented","page_number":121,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"bf4c4954-076f-46a1-8be6-c8d3bad793ca","block_type":"box","text":"as loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s","page_number":121,"box":{"x":116,"y":428,"width":721,"height":10}},{"id":"4c0eb0d8-d26f-47d3-8d4d-207b029f41eb","block_type":"box","text":"assets.","page_number":121,"box":{"x":116,"y":444,"width":58,"height":9}},{"id":"9404d5b7-e933-4f34-9350-c97df86dfd71","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal","page_number":121,"box":{"x":117,"y":475,"width":765,"height":12}},{"id":"4e224f3d-65c3-4c3f-9e6a-8c21325fbd11","block_type":"box","text":"Bonds with maturities or remarketing provisions that are comparable in duration to the periodic interval","page_number":121,"box":{"x":117,"y":490,"width":764,"height":12}},{"id":"5fdd7431-6b60-47a9-b599-cc2ec3ac8e52","block_type":"box","text":"of the tender option. Since the tender option feature has a shorter term than the final maturity or first","page_number":121,"box":{"x":116,"y":506,"width":748,"height":12}},{"id":"806d0f3e-a5be-4169-94b2-e229ceb728fa","block_type":"box","text":"call date of the underlying Municipal Bonds deposited in the TOB Trust, the holder of the TOB Floaters","page_number":121,"box":{"x":116,"y":521,"width":766,"height":12}},{"id":"52f7f9ba-cddd-4cff-99b5-bc8847f9b279","block_type":"box","text":"relies upon the terms of the agreement with the financial institution furnishing the liquidity facility as","page_number":121,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"6ea96ab0-fdd0-41ca-b81b-24a52e3df82d","block_type":"box","text":"well as the credit strength of that institution. The risk associated with TOB Floaters, however, may be","page_number":121,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"84a0dd1b-3d9e-4114-b5aa-665e5ee87c14","block_type":"box","text":"increased in the current market environment as a result of recent downgrades to the credit ratings, and","page_number":121,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"ea0035c3-7d5f-48cb-a938-3d9e91659a50","block_type":"box","text":"thus the perceived reliability and creditworthiness, of many major financial institutions, some of which","page_number":121,"box":{"x":116,"y":583,"width":755,"height":12}},{"id":"aea96463-9543-4686-87b1-fb7c8bcdeb60","block_type":"box","text":"sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":121,"box":{"x":116,"y":599,"width":763,"height":12}},{"id":"f9eb6d69-616b-43f6-a4bd-a6e2f71bc8ec","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":121,"box":{"x":117,"y":614,"width":633,"height":12}},{"id":"1185ec88-606c-4aa4-be77-15d8325c3901","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions,","page_number":121,"box":{"x":117,"y":645,"width":727,"height":12}},{"id":"20bb97f2-a487-47b9-9c50-f901d9d2fb7f","block_type":"box","text":"reverse repurchase agreements and similar financing transactions (e.g., borrowed bonds)","page_number":121,"box":{"x":117,"y":661,"width":650,"height":12}},{"id":"d23c858c-0278-4de0-b0bb-dbb5e8feae28","block_type":"box","text":"notwithstanding the limitation","page_number":121,"box":{"x":117,"y":676,"width":209,"height":12}},{"id":"9a6def4c-424f-49ac-8405-7dd84db7021c","block_type":"box","text":"on the issuance of senior securities in Section 18 of the Investment","page_number":121,"box":{"x":332,"y":676,"width":487,"height":10}},{"id":"077429b1-4d2b-48ed-b5d0-12724392f924","block_type":"box","text":"Company Act, provided that the Fund either (i) comp","page_number":121,"box":{"x":117,"y":692,"width":381,"height":12}},{"id":"30d9208e-37f7-47e8-8656-05af3f8dd1be","block_type":"box","text":"lies with the 300% asset coverage ratio with respect","page_number":121,"box":{"x":499,"y":692,"width":377,"height":12}},{"id":"fbdd4c4f-7252-4a17-81bd-533e97f4af9b","block_type":"box","text":"to such transactions and any other borrowings in t","page_number":121,"box":{"x":116,"y":707,"width":363,"height":12}},{"id":"807c267f-8581-4559-b905-c5d7f1cf2029","block_type":"box","text":"he aggregate, or (ii) treats such transactions as","page_number":121,"box":{"x":480,"y":707,"width":342,"height":12}},{"id":"1f033018-b4d2-4c49-9a7a-47b1ebfef734","block_type":"box","text":"Derivatives Transactions under Rule 18f-4. See “—","page_number":121,"box":{"x":117,"y":723,"width":372,"height":9}},{"id":"ff7feaa1-4e2b-4367-96b6-4514309d0346","block_type":"box","text":"Derivatives—Regulation of Derivatives—Rule 18f-4","page_number":121,"box":{"x":489,"y":723,"width":372,"height":12}},{"id":"415d2df7-4a59-40a9-955e-c90304acabfd","block_type":"box","text":"under the Investment Company Act” above.","page_number":121,"box":{"x":117,"y":738,"width":316,"height":12}},{"id":"df76b35a-d668-4181-ac3c-7664b63f60f6","block_type":"box","text":"Developments in the TOB Trust Market","page_number":121,"box":{"x":116,"y":769,"width":292,"height":12}},{"id":"4ce807c7-dd22-42bf-954e-423285b1932d","block_type":"box","text":". In response to the restrictions imposed by section 619 of the","page_number":121,"box":{"x":409,"y":769,"width":457,"height":12}},{"id":"a09fac72-7fc7-4d0c-805c-adc5a9986a09","block_type":"box","text":"Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”), market participants","page_number":121,"box":{"x":117,"y":785,"width":761,"height":12}},{"id":"10eda7f8-5dcd-43cc-a718-48eac8964ac4","block_type":"box","text":"have developed a structure for TOB Trusts designed to ensure that no banking entity is sponsoring the","page_number":121,"box":{"x":117,"y":800,"width":761,"height":12}},{"id":"f4528275-f549-4e58-8057-6703e91061d6","block_type":"box","text":"TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will establish, structure and “sponsor”","page_number":121,"box":{"x":116,"y":816,"width":760,"height":12}},{"id":"36e8bdbd-fc7c-4cfd-b164-02c64e05a9f5","block_type":"box","text":"the TOB Trusts in which it holds TOB Residuals. In such a structure, certain responsibilities that","page_number":121,"box":{"x":116,"y":831,"width":715,"height":12}},{"id":"5fc8db50-068f-4404-94a2-68769d16033e","block_type":"box","text":"previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund may","page_number":121,"box":{"x":117,"y":847,"width":740,"height":12}},{"id":"e2ed26ad-301d-4b97-84a7-11e54191101c","block_type":"box","text":"utilize service providers in meeting these responsibilities. It is possible that regulators could take","page_number":121,"box":{"x":117,"y":862,"width":717,"height":12}},{"id":"92954bbc-af24-48f3-8573-f2efcf41f741","block_type":"box","text":"positions that could limit the market for such structured TOB Trust transactions or a Fund’s ability to","page_number":121,"box":{"x":117,"y":878,"width":744,"height":12}},{"id":"13827648-8c0f-448f-91d5-82560f0ca808","block_type":"box","text":"II-76","page_number":121,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"89bdc048-0aa5-4581-b8f9-28781973c976","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":121,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a796e93a-cef8-408b-b5d2-2d2a88aca5f5","block_type":"box","text":"hold TOB Residuals. Under this TOB Trust structure, a Fund has certain additional duties and","page_number":122,"box":{"x":117,"y":87,"width":699,"height":11}},{"id":"4dbf9616-c5b3-4a21-8ee1-c03d8d7e7010","block_type":"box","text":"responsibilities, which may give rise to certain additional risks including","page_number":122,"box":{"x":117,"y":103,"width":525,"height":12}},{"id":"0be880ea-7d80-4d1d-a1ee-ee8418b43030","block_type":"box","text":",","page_number":122,"box":{"x":643,"y":111,"width":3,"height":3}},{"id":"7506800b-5e8d-4145-9b3e-f9189b18a32c","block_type":"box","text":"but not limited to, compliance,","page_number":122,"box":{"x":648,"y":103,"width":232,"height":11}},{"id":"4efcc447-4fbc-48c6-926a-41af46348094","block_type":"box","text":"securities law and operational risks.","page_number":122,"box":{"x":116,"y":118,"width":270,"height":12}},{"id":"d1bfb7ef-2358-4e55-98c1-bd2d651d235b","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers,","page_number":122,"box":{"x":117,"y":149,"width":724,"height":12}},{"id":"4a34a32b-48be-4cd3-b1b9-9f7cf9773f53","block_type":"box","text":"trustees, and remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual","page_number":122,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"6dd863c6-e36c-417f-a3f0-e0cf0b71fbd2","block_type":"box","text":"holder. Similar to the traditional tender option bond structure, a Fund deposits Municipal Bonds into the","page_number":122,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"1713f33e-6973-48fb-a3a5-1be01177baf4","block_type":"box","text":"TOB Trust in exchange for TOB Residuals, the TOB Trust then issues and sells TOB Floaters to third","page_number":122,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"7ad25f1f-6c38-4f2e-80ae-139e3113966c","block_type":"box","text":"party investors, and the proceeds of the sale of the TOB Floaters is distributed to such TOB Residual","page_number":122,"box":{"x":117,"y":211,"width":754,"height":12}},{"id":"9e2fc478-2282-453e-b881-22209b080c5a","block_type":"box","text":"holders (","page_number":122,"box":{"x":117,"y":227,"width":64,"height":12}},{"id":"3da9d0a8-dcfb-46ca-8fb3-52d9b14335e1","block_type":"box","text":"i.e.","page_number":122,"box":{"x":182,"y":227,"width":20,"height":9}},{"id":"acfa73f4-ec70-46ac-a526-4b7fb51637df","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be supported by a remarketing agent and","page_number":122,"box":{"x":205,"y":227,"width":671,"height":12}},{"id":"cb6fd50c-b7ce-4266-aabe-5d8dae9f1fe3","block_type":"box","text":"a liquidity facility. However, the remarketing agent does not purchase tendered TOB Floaters for its","page_number":122,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"23b08eb9-3937-4e1c-8601-31bd81e5a4ef","block_type":"box","text":"own account in the event of a failed remarketing, which may increase the likelihood that a TOB Trust","page_number":122,"box":{"x":116,"y":258,"width":751,"height":12}},{"id":"925d1290-02f5-42ba-9a26-b342f08aa34d","block_type":"box","text":"will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of","page_number":122,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"1ac07182-a069-4edb-9879-624c3ce02b27","block_type":"box","text":"a failed remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the","page_number":122,"box":{"x":116,"y":289,"width":745,"height":12}},{"id":"b019650d-e6ed-4f4e-b88f-8c8053d94ada","block_type":"box","text":"TOB Trust the proceeds of which would be used by the TOB Trust to purchase the tendered TOB","page_number":122,"box":{"x":116,"y":304,"width":728,"height":12}},{"id":"8b72dd27-a3c0-4791-af59-402633db8e11","block_type":"box","text":"Floaters. The Liquidity Provider is not obligated to advance such a loan. The TOB Trust would be the","page_number":122,"box":{"x":117,"y":320,"width":753,"height":12}},{"id":"8cc93c6a-83a0-4e51-b039-8695d8fb59bf","block_type":"box","text":"borrower with respect to any such loan. Any loans made by a Liquidity Provider will be secured by the","page_number":122,"box":{"x":117,"y":335,"width":758,"height":12}},{"id":"4b13d9e4-f5f9-44b3-aca2-1e03863b4dd8","block_type":"box","text":"purchased TOB Floaters held by the TOB Trust.","page_number":122,"box":{"x":117,"y":351,"width":361,"height":12}},{"id":"818bae9f-cd1c-48c3-af19-5139e0f012ea","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals","page_number":122,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"bb7eef4b-ea9e-41b8-8de4-6e30d4224ee1","block_type":"box","text":"or recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would","page_number":122,"box":{"x":116,"y":397,"width":735,"height":12}},{"id":"68df5e85-a505-49ce-8002-e78f922529c4","block_type":"box","text":"generally be no contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB","page_number":122,"box":{"x":116,"y":413,"width":718,"height":12}},{"id":"5c56a08e-17be-4f48-82c6-c507b33dad11","block_type":"box","text":"Residual. However, as described above, a Fund would bear the risk of loss with respect to any","page_number":122,"box":{"x":117,"y":428,"width":706,"height":12}},{"id":"f61ca004-d454-4939-947c-e05653701fab","block_type":"box","text":"Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":122,"box":{"x":117,"y":444,"width":421,"height":12}},{"id":"882049de-105f-4365-98e3-84a406538dd5","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for","page_number":122,"box":{"x":116,"y":475,"width":730,"height":12}},{"id":"3c986bfb-1789-4abe-831d-0255e90d3440","block_type":"box","text":"securitizations (the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention","page_number":122,"box":{"x":116,"y":490,"width":753,"height":12}},{"id":"475e53e0-4418-4d41-9242-c9e6227fa7a8","block_type":"box","text":"Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets","page_number":122,"box":{"x":117,"y":506,"width":771,"height":12}},{"id":"22c84c67-1788-4a56-8fdc-06f889a862ad","block_type":"box","text":"supporting the TOB Trust’s Municipal Bonds. The Risk Retention Rules may adversely affect the","page_number":122,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"8a59b9ab-f5dd-4f61-9f3b-028a00d9aac3","block_type":"box","text":"Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain","page_number":122,"box":{"x":117,"y":537,"width":764,"height":12}},{"id":"c320cb43-3826-402c-b843-4a31b19d1c21","block_type":"box","text":"circumstances.","page_number":122,"box":{"x":116,"y":552,"width":117,"height":10}},{"id":"d8857016-b0f6-4b60-923b-35ed92fca8ed","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":122,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"d520a35d-700e-482a-9dac-ceb5efb77d38","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through","page_number":122,"box":{"x":117,"y":599,"width":729,"height":12}},{"id":"0bd76849-c64b-40ef-bc80-08bc5137750b","block_type":"box","text":"reduced demand for and liquidity of municipal bonds and increased financing costs for municipal","page_number":122,"box":{"x":117,"y":614,"width":719,"height":12}},{"id":"4db01b99-6e67-47db-8621-204089d6b8aa","block_type":"box","text":"issuers. Any such developments could adversely affect the Funds. The ultimate impact of these rules","page_number":122,"box":{"x":117,"y":630,"width":754,"height":12}},{"id":"3a8ec154-cf4e-4350-971e-4929b2ae5e0e","block_type":"box","text":"on the TOB market and the overall municipal market is not yet certain.","page_number":122,"box":{"x":116,"y":645,"width":520,"height":12}},{"id":"85d826d6-b178-4fea-9f73-0c0598311110","block_type":"box","text":"Yields.","page_number":122,"box":{"x":118,"y":676,"width":47,"height":10}},{"id":"764c9786-76fc-4323-9378-0f26228e98d0","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general","page_number":122,"box":{"x":171,"y":676,"width":639,"height":12}},{"id":"11599021-dfd8-42be-8bff-d07a582e9bff","block_type":"box","text":"condition of the money market and of the municipal bond market, the size of a particular offering, the","page_number":122,"box":{"x":116,"y":692,"width":746,"height":12}},{"id":"3026844a-437c-4310-bb7d-cdb58a210c5a","block_type":"box","text":"financial condition of the issuer, the maturity of the obligation and the rating of the issue. The ability of","page_number":122,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"78c8de51-c5be-439a-a40b-1044ef13005a","block_type":"box","text":"a Fund to achieve its investment objective is also dependent on the continuing ability of the issuers of","page_number":122,"box":{"x":116,"y":723,"width":753,"height":12}},{"id":"2dc07625-16a8-47a8-b31d-927c7ce09fb1","block_type":"box","text":"the securities in which the Fund invests to meet their obligations for the payment of interest and","page_number":122,"box":{"x":116,"y":738,"width":708,"height":12}},{"id":"30e1be7a-de6b-4060-8260-92457fa00064","block_type":"box","text":"principal when due. There are variations in the risks involved in holding Municipal Bonds, both within a","page_number":122,"box":{"x":117,"y":754,"width":757,"height":12}},{"id":"83d498bb-9777-4ccd-8553-979aac82dbfd","block_type":"box","text":"particular classification and between classifications, depending on numerous factors. Furthermore, the","page_number":122,"box":{"x":117,"y":769,"width":758,"height":12}},{"id":"e0fc3c29-4389-4653-a2ab-19549e54dd57","block_type":"box","text":"rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal Bonds may be","page_number":122,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"b92dbcae-2d25-4400-8fad-08b6b82c2ccc","block_type":"box","text":"subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights of","page_number":122,"box":{"x":116,"y":800,"width":763,"height":12}},{"id":"318df767-4a86-46a4-94f7-d0e7153ed86f","block_type":"box","text":"creditors generally and to general equitable principles, which may limit the enforcement of certain","page_number":122,"box":{"x":116,"y":816,"width":721,"height":12}},{"id":"cad5b784-7d74-4ce8-bfb9-7446abf4e354","block_type":"box","text":"remedies.","page_number":122,"box":{"x":117,"y":831,"width":77,"height":10}},{"id":"428f83ad-5d6b-4a45-b458-f53d7c46c4eb","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":122,"box":{"x":118,"y":862,"width":344,"height":12}},{"id":"b50e98f7-d960-458e-a38a-ee7fa72068a7","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a","page_number":122,"box":{"x":464,"y":862,"width":374,"height":12}},{"id":"b6a9b437-98e6-4ebe-850d-bb34df64b8a8","block_type":"box","text":"floating or variable interest rate adjustment formula and a right of demand on the part of the holder","page_number":122,"box":{"x":116,"y":878,"width":736,"height":12}},{"id":"a655c204-999d-41f8-a557-9a7e172ae9e3","block_type":"box","text":"II-77","page_number":122,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"74f6057c-dc04-4f42-a9fd-9af4959806c2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":122,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"509bd98a-e972-44f0-8e91-7ee1e9c3f15c","block_type":"box","text":"thereof to receive payment of the unpaid principal balance plus accrued interest upon a short notice","page_number":123,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"c1188b46-c3cb-468f-92c8-bedaa3a6e9dc","block_type":"box","text":"period not to exceed seven days.","page_number":123,"box":{"x":117,"y":103,"width":250,"height":12}},{"id":"3ef98e13-0737-4e08-83b2-d83ff7a1ec74","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be","page_number":123,"box":{"x":116,"y":134,"width":768,"height":12}},{"id":"de4bd355-2842-4ecd-b272-4ceaa92c5492","block_type":"box","text":"honored. The interest rates are adjustable at periodic intervals to some prevailing market rate for","page_number":123,"box":{"x":117,"y":149,"width":721,"height":12}},{"id":"0ac23ae2-ac60-418b-a25f-f4206145570f","block_type":"box","text":"similar investments, such adjustment formula being calculated to maintain the market rate of the","page_number":123,"box":{"x":116,"y":165,"width":718,"height":12}},{"id":"c561ca89-fa9b-4493-9d7b-a2ff8240e71b","block_type":"box","text":"VRDOs at approximately the par value of the VRDOs on the adjustment date. The adjustments","page_number":123,"box":{"x":116,"y":180,"width":710,"height":12}},{"id":"1a5ed88d-e772-4b93-ba13-b16f407a085d","block_type":"box","text":"typically are based upon the Securities Industry and Financial Markets Association (“SIFMA”) Index.","page_number":123,"box":{"x":116,"y":196,"width":746,"height":12}},{"id":"86b77755-ecf0-452d-a2b3-854917b537b5","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate","page_number":123,"box":{"x":117,"y":227,"width":751,"height":12}},{"id":"63c1bb2b-c9f1-4d37-88e5-0ceac864e83a","block_type":"box","text":"securities. During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its","page_number":123,"box":{"x":116,"y":242,"width":746,"height":12}},{"id":"9c2609d6-ead9-4f48-b725-6ead78e29766","block_type":"box","text":"shareholders will forego the opportunity for capital appreciation. During periods of rising interest rates,","page_number":123,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"1267e459-80d5-4d7c-8725-68cc72ef5e0d","block_type":"box","text":"however, a Fund’s yield on a VRDO will increase and the Fund’s shareholders will have a reduced risk","page_number":123,"box":{"x":117,"y":273,"width":764,"height":12}},{"id":"70a5852a-b4c6-4f9d-b282-4fef50b9a045","block_type":"box","text":"of capital depreciation.","page_number":123,"box":{"x":116,"y":289,"width":173,"height":12}},{"id":"9f52fd1a-ca87-4999-9add-7eaca8ca86ce","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":123,"box":{"x":118,"y":320,"width":488,"height":12}},{"id":"f6a26c6c-0e87-4635-8534-b8b5d04e33ee","block_type":"box","text":"The Municipal Funds and certain","page_number":123,"box":{"x":608,"y":320,"width":253,"height":12}},{"id":"7c1b7a98-fdd2-42f5-a1aa-ea575cbfa960","block_type":"box","text":"other funds deal in financial futures contracts based on a long-term municipal bond index developed by","page_number":123,"box":{"x":116,"y":335,"width":770,"height":12}},{"id":"1c4526c8-4410-406e-b98f-235579a3f7cc","block_type":"box","text":"the Chicago Board of Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal","page_number":123,"box":{"x":116,"y":351,"width":761,"height":12}},{"id":"85aeae73-958d-4bf3-b357-fb9d30989340","block_type":"box","text":"Bond Index is comprised of 40 long-term, actively traded tax-exempt municipal revenue and general","page_number":123,"box":{"x":117,"y":366,"width":746,"height":12}},{"id":"8840e525-2927-4949-869c-5991eb700d95","block_type":"box","text":"obligation bonds. Each bond included in the Municipal Bond Index must be rated A or higher by","page_number":123,"box":{"x":116,"y":382,"width":712,"height":12}},{"id":"17a969f4-b8b1-4006-9276-01cc6b87f14a","block_type":"box","text":"Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new issues","page_number":123,"box":{"x":117,"y":397,"width":754,"height":12}},{"id":"f364eab7-875b-4ad0-b0e5-1c409b69c225","block_type":"box","text":"satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from,","page_number":123,"box":{"x":116,"y":413,"width":771,"height":12}},{"id":"cd52334a-e6e0-48db-9aed-90a9a4dc5db0","block_type":"box","text":"the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":123,"box":{"x":116,"y":428,"width":734,"height":12}},{"id":"43c260c4-d338-43b0-b656-409da60aed0c","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six","page_number":123,"box":{"x":116,"y":444,"width":670,"height":12}},{"id":"b9f58883-83b7-404a-ab6a-35a73fc09ea1","block_type":"box","text":"dealer-to-dealer brokers.","page_number":123,"box":{"x":116,"y":459,"width":189,"height":10}},{"id":"23236d5c-7992-4760-a06b-e8ff3f946352","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the","page_number":123,"box":{"x":116,"y":490,"width":760,"height":12}},{"id":"877337f4-4a30-4892-a0ef-d8f4f39e86b8","block_type":"box","text":"CBT assures performance under futures contracts through a clearing corporation, a nonprofit","page_number":123,"box":{"x":117,"y":506,"width":694,"height":12}},{"id":"5d941850-b68a-46d9-9a83-32df54134cd8","block_type":"box","text":"organization managed by the exchange membership that is also responsible for handling daily","page_number":123,"box":{"x":116,"y":521,"width":704,"height":12}},{"id":"f4f962c4-cdbc-4ab8-abec-42fc8d06efcf","block_type":"box","text":"accounting of deposits or withdrawals of margin.","page_number":123,"box":{"x":116,"y":537,"width":364,"height":12}},{"id":"049e125e-9ae9-41a7-8c20-21447715526d","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial","page_number":123,"box":{"x":116,"y":568,"width":735,"height":12}},{"id":"ba66100d-a1a4-48db-8c76-7aea7e2add83","block_type":"box","text":"futures contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s","page_number":123,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"7f101140-858f-4c53-b9de-4c05df2c00f1","block_type":"box","text":"ability to hedge effectively all or a portion of the value of its Municipal Bonds through the use of such","page_number":123,"box":{"x":116,"y":599,"width":749,"height":12}},{"id":"11abeda1-1a1d-4cd7-a13c-c3c2f0c1730f","block_type":"box","text":"financial futures contracts will depend in part on the degree to which price movements in the index","page_number":123,"box":{"x":116,"y":614,"width":734,"height":12}},{"id":"567ee464-076f-4215-a3a8-64838e86727f","block_type":"box","text":"underlying the financial futures contract correlate with the price movements of the Municipal Bonds","page_number":123,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"f610fbd5-b906-4f7c-8c49-0f104c48994d","block_type":"box","text":"held by the Fund. The correlation may be affected by disparities in the average maturity, ratings,","page_number":123,"box":{"x":117,"y":645,"width":718,"height":12}},{"id":"a6ccc687-9a10-4d87-8568-29e7fe78fbe6","block_type":"box","text":"geographical mix or structure of a Municipal Fund’s investments as compared to those comprising the","page_number":123,"box":{"x":116,"y":661,"width":755,"height":12}},{"id":"c44433a5-a064-47e9-8958-047887b3af45","block_type":"box","text":"Municipal Bond Index and general economic or political factors. In addition, the correlation between","page_number":123,"box":{"x":117,"y":676,"width":736,"height":12}},{"id":"5e7e28c7-91be-4806-ae3a-9d14de1bb663","block_type":"box","text":"movements in the value of the Municipal Bond Index may be subject to change over time as additions","page_number":123,"box":{"x":117,"y":692,"width":753,"height":12}},{"id":"b7ff838e-b4fc-4e3d-9c10-e0ee74f73807","block_type":"box","text":"to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":123,"box":{"x":116,"y":707,"width":725,"height":12}},{"id":"ab83c108-8d66-4292-b1bd-59412483e314","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be","page_number":123,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"67c33dd6-a582-4905-a619-a79f55e5ef5c","block_type":"box","text":"adversely affected by similar factors and the risk of imperfect correlation between movements in the","page_number":123,"box":{"x":116,"y":738,"width":740,"height":12}},{"id":"fba8f6f1-5619-4a7a-b8d9-c848df6fb913","block_type":"box","text":"prices of such futures contracts and the prices of Municipal Bonds held by a Municipal Fund may be","page_number":123,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"3e3469a7-1441-4fbe-9163-c3d34afadedf","block_type":"box","text":"greater. Municipal Bond Index futures contracts were approved for trading in 1985. Trading in such","page_number":123,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"ed212e2d-3029-4b9b-8c5d-60aa1e797f37","block_type":"box","text":"futures contracts may tend to be less liquid than trading in other futures contracts. The trading of","page_number":123,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"c0e45503-e67d-4d8d-90c3-0f692e983a2b","block_type":"box","text":"futures contracts also is subject to certain market risks, such as inadequate trading activity, which","page_number":123,"box":{"x":116,"y":800,"width":723,"height":12}},{"id":"b2ac29d7-9cff-493f-8ce8-e0ef2dbe76dc","block_type":"box","text":"could at times make it difficult or impossible to liquidate existing positions.","page_number":123,"box":{"x":116,"y":816,"width":545,"height":12}},{"id":"bd14c414-4920-41bd-8ee4-5d0808b41775","block_type":"box","text":"Call Rights.","page_number":123,"box":{"x":117,"y":847,"width":83,"height":12}},{"id":"98f70ace-725f-4936-9333-9f2caa21a8bd","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such","page_number":123,"box":{"x":202,"y":847,"width":626,"height":12}},{"id":"2c615524-ee28-40e0-b878-e32f66ef81a7","block_type":"box","text":"Municipal Bond for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may","page_number":123,"box":{"x":117,"y":862,"width":711,"height":12}},{"id":"8d3e67a0-b8fc-4af1-a469-1002a76ee79d","block_type":"box","text":"exercise such right to require a mandatory tender for the purchase of related Municipal Bonds, subject","page_number":123,"box":{"x":116,"y":878,"width":763,"height":12}},{"id":"1002e477-8108-4bda-924e-e5352c538817","block_type":"box","text":"II-78","page_number":123,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"05d5e4c0-c70a-4ce0-a30a-4909d65f1813","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":123,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"15975b11-cf2c-45e1-976e-96f81e697103","block_type":"box","text":"to certain conditions. A Call Right that is not exercised prior to maturity of the related Municipal Bond","page_number":124,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"19aec6d6-20e7-42ef-9204-3c821f129434","block_type":"box","text":"will expire without value. The economic effect of holding both the Call Right and the related Municipal","page_number":124,"box":{"x":116,"y":102,"width":756,"height":13}},{"id":"6c4cf356-be3c-48ff-889c-287b42143cbf","block_type":"box","text":"Bond is identical to holding a Municipal Bond as a non-callable security. Certain investments in such","page_number":124,"box":{"x":117,"y":118,"width":748,"height":12}},{"id":"e6888570-3876-4092-970f-536f01d92eac","block_type":"box","text":"obligations may be illiquid.","page_number":124,"box":{"x":116,"y":134,"width":201,"height":12}},{"id":"868c0c2c-e694-430c-a41d-0d7816a2e6f4","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":124,"box":{"x":116,"y":165,"width":323,"height":11}},{"id":"f0bb9cf0-14cc-43cc-af05-84a994a6bbff","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":124,"box":{"x":440,"y":165,"width":439,"height":12}},{"id":"cd65dc4f-13cd-4b5c-8b56-b342c86660e0","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such","page_number":124,"box":{"x":116,"y":180,"width":772,"height":12}},{"id":"ec5c1551-7881-40bd-9e58-26dd33edb3ff","block_type":"box","text":"as Municipal Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial","page_number":124,"box":{"x":116,"y":196,"width":769,"height":12}},{"id":"217d406b-b033-4fb9-991a-c9975a096d05","block_type":"box","text":"Markets Association Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters","page_number":124,"box":{"x":117,"y":211,"width":758,"height":12}},{"id":"7f6e5c04-2e1d-40a9-b3bd-160254424a32","block_type":"box","text":"into these transactions, the Fund expects to do so primarily to preserve a return or spread on a","page_number":124,"box":{"x":117,"y":227,"width":708,"height":12}},{"id":"8b4064ce-c55a-4cd2-a401-b7e3de49c5a2","block_type":"box","text":"particular investment or portion of its portfolio or to protect against any increase in the price of","page_number":124,"box":{"x":117,"y":242,"width":699,"height":12}},{"id":"86ac7ac5-c260-4f17-8b2f-bc02d2710c43","block_type":"box","text":"securities the Fund anticipates purchasing at a later date. A Fund intends to use these transactions","page_number":124,"box":{"x":116,"y":258,"width":741,"height":12}},{"id":"191d3241-6212-4c35-b4cc-0c32ca18e2ec","block_type":"box","text":"primarily as a hedge rather than as a speculative investment. However, a Fund also may invest in","page_number":124,"box":{"x":117,"y":273,"width":729,"height":12}},{"id":"1b3477e4-91e4-49e3-abbb-6c08043f19d9","block_type":"box","text":"MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for","page_number":124,"box":{"x":117,"y":289,"width":704,"height":12}},{"id":"253b56ff-edae-4f30-aeb6-54edf8ea51cb","block_type":"box","text":"example, during periods of steep interest rate yield curves (","page_number":124,"box":{"x":116,"y":304,"width":441,"height":12}},{"id":"ff51ab3a-7563-4a3c-ab0d-f23f6c4aeede","block_type":"box","text":"i.e.","page_number":124,"box":{"x":558,"y":304,"width":20,"height":10}},{"id":"cc23f6b2-e2be-4dda-b3c0-3399206e43ce","block_type":"box","text":", wide differences between short-term","page_number":124,"box":{"x":581,"y":304,"width":284,"height":11}},{"id":"028c8ea5-90a0-4119-9344-0b4c63e82872","block_type":"box","text":"and long-term interest rates).","page_number":124,"box":{"x":116,"y":320,"width":221,"height":12}},{"id":"7de80715-92ca-4c47-9287-079092eb0e39","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund","page_number":124,"box":{"x":116,"y":351,"width":747,"height":12}},{"id":"8308e498-0895-4596-bbc2-de3d0193b7fb","block_type":"box","text":"exchanges with another party their respective commitments to pay or receive interest (","page_number":124,"box":{"x":116,"y":366,"width":642,"height":12}},{"id":"f9a79a45-fc3e-479b-b9d9-0a11586837e1","block_type":"box","text":"e.g.","page_number":124,"box":{"x":760,"y":369,"width":25,"height":9}},{"id":"5fc2bbd0-540d-4c04-a4cd-7b6c13eb1f34","block_type":"box","text":", an","page_number":124,"box":{"x":788,"y":369,"width":32,"height":8}},{"id":"d14249f7-4788-4212-8a71-3d6275a12e0c","block_type":"box","text":"exchange of fixed rate payments for floating rate payments linked to the SIFMA Municipal Swap","page_number":124,"box":{"x":116,"y":382,"width":717,"height":12}},{"id":"b9d0ca41-b7d7-455e-8925-c7e3a2d3bc0b","block_type":"box","text":"Index). Because the underlying index is a tax-exempt index, SIFMA Swaps may reduce cross-market","page_number":124,"box":{"x":117,"y":397,"width":755,"height":12}},{"id":"1e03b18f-a9ff-4a51-b76f-986a8080e983","block_type":"box","text":"risks incurred by a Fund and increase a Fund’s ability to hedge effectively. SIFMA Swaps are typically","page_number":124,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"0474d787-9d6f-4d05-94aa-66317c0643b5","block_type":"box","text":"quoted for the entire yield curve, beginning with a seven day floating rate index out to 30 years. The","page_number":124,"box":{"x":116,"y":428,"width":745,"height":12}},{"id":"ab7e8007-3568-4a6f-b742-2df1d0a2d929","block_type":"box","text":"duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond with","page_number":124,"box":{"x":116,"y":444,"width":747,"height":12}},{"id":"9208271d-dc10-447c-be21-057cff84ba87","block_type":"box","text":"the same attributes as the swap (","page_number":124,"box":{"x":116,"y":459,"width":247,"height":12}},{"id":"d51c7c61-c1f9-432c-9d3c-d0422307046e","block_type":"box","text":"e.g.","page_number":124,"box":{"x":365,"y":462,"width":25,"height":9}},{"id":"9d5b6dea-7eec-4297-a721-26d074b0c88b","block_type":"box","text":", coupon, maturity, call feature).","page_number":124,"box":{"x":393,"y":459,"width":240,"height":12}},{"id":"08a1f989-a599-4970-a9a2-a082890c5fb1","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap","page_number":124,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"119fa443-ac2c-4e7e-a639-91726f0d9530","block_type":"box","text":"permits a Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a","page_number":124,"box":{"x":117,"y":506,"width":744,"height":12}},{"id":"1971ec4a-2921-48aa-91ac-9bdf2146da5e","block_type":"box","text":"return on a particular investment or a portion of its portfolio as a duration management technique or to","page_number":124,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"eb1c4216-5141-4e85-b38c-68ded2cd4dd2","block_type":"box","text":"protect against any increase in the price of securities to be purchased at a later date. By using an MMD","page_number":124,"box":{"x":117,"y":537,"width":771,"height":12}},{"id":"d6f7893a-d648-4314-89ea-381324d23ba8","block_type":"box","text":"Swap, a Fund can create a synthetic long or short position, allowing the Fund to select the most","page_number":124,"box":{"x":116,"y":552,"width":715,"height":12}},{"id":"9d84df32-e605-4e8c-a334-2a234d5831e5","block_type":"box","text":"attractive part of the yield curve. An MMD Swap is a contract between a Fund and an MMD Swap","page_number":124,"box":{"x":116,"y":568,"width":729,"height":12}},{"id":"05529eb9-3d45-4f90-8862-dc5a2ec5a76d","block_type":"box","text":"provider pursuant to which the parties agree to make payments to each other on a notional amount,","page_number":124,"box":{"x":117,"y":583,"width":744,"height":12}},{"id":"e41045d4-2c5d-48a6-ad20-3be63277e79c","block_type":"box","text":"contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a","page_number":124,"box":{"x":116,"y":599,"width":769,"height":12}},{"id":"a669d825-30f0-45aa-91bb-ce4c2e01dd4d","block_type":"box","text":"specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and","page_number":124,"box":{"x":116,"y":614,"width":754,"height":12}},{"id":"f3cbdc8b-e9d2-42f6-b382-f9e288718711","block_type":"box","text":"the Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration","page_number":124,"box":{"x":116,"y":630,"width":763,"height":12}},{"id":"4bb5703f-1b4c-453d-945b-ed4fc32825c3","block_type":"box","text":"date, the counterparty to the contract will make a payment to the Fund equal to the specified level","page_number":124,"box":{"x":116,"y":645,"width":730,"height":12}},{"id":"d019ca0e-4e19-4ac4-af2d-3481acad6100","block_type":"box","text":"minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data","page_number":124,"box":{"x":117,"y":661,"width":746,"height":12}},{"id":"ba62f321-deb1-47ad-a884-054acde03cbb","block_type":"box","text":"AAA General Obligation Scale is above the specified level on the expiration date, a Fund will make a","page_number":124,"box":{"x":116,"y":676,"width":746,"height":12}},{"id":"533d6d80-72cb-46b7-b174-0c182c20de94","block_type":"box","text":"payment to the counterparty equal to the actual level minus the specified level, multiplied by the","page_number":124,"box":{"x":117,"y":692,"width":708,"height":12}},{"id":"8710dad2-7b6b-493e-ab06-a64994e1a3c5","block_type":"box","text":"notional amount of the contract.","page_number":124,"box":{"x":117,"y":707,"width":233,"height":10}},{"id":"5beb9b16-1054-4651-aaa5-06e3a96d2851","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps,","page_number":124,"box":{"x":117,"y":738,"width":438,"height":12}},{"id":"637da3e5-6c7a-49f6-b5b1-b443d3bdb995","block_type":"box","text":"there is a risk that municipal yields will","page_number":124,"box":{"x":561,"y":738,"width":283,"height":12}},{"id":"6cfb5386-adc4-4dda-89de-85ac7dd48de6","block_type":"box","text":"move in the opposite direction than anticipated by a Fund, which would cause the Fund to make","page_number":124,"box":{"x":117,"y":754,"width":711,"height":12}},{"id":"f32365c3-f787-4d68-ae61-0b7da58308d5","block_type":"box","text":"payments to its counterparty in the transaction that could adversely affect the Fund’s performance.","page_number":124,"box":{"x":117,"y":769,"width":729,"height":12}},{"id":"9f41fc12-2fad-4312-bf5d-4de79f5ddc82","block_type":"box","text":"Insured Municipal Bonds.","page_number":124,"box":{"x":117,"y":800,"width":186,"height":12}},{"id":"b910c653-fc0c-4155-80b3-253ed41a91db","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees","page_number":124,"box":{"x":310,"y":800,"width":555,"height":12}},{"id":"1578e946-c86a-4443-9b7f-7219cb4c7591","block_type":"box","text":"that interest payments on the bond will be made on time and the principal will be repaid when the bond","page_number":124,"box":{"x":116,"y":816,"width":762,"height":12}},{"id":"9854d241-5d01-4b0b-ad6e-290c441e7cb5","block_type":"box","text":"matures. Either the issuer of the bond or the Fund purchases the insurance. Insurance is expected to","page_number":124,"box":{"x":117,"y":831,"width":755,"height":12}},{"id":"c08a6e01-74be-48c4-91e7-d050c1b1ca77","block_type":"box","text":"protect the Fund against losses caused by a bond issuer’s failure to make interest or principal","page_number":124,"box":{"x":117,"y":847,"width":699,"height":12}},{"id":"8497588e-d8b9-44ef-bdde-b71381db92df","block_type":"box","text":"payments. However, insurance does not protect the Fund or its shareholders against losses caused by","page_number":124,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"d4668feb-a845-4fad-a5b4-e93f4c1a01eb","block_type":"box","text":"declines in a bond’s market value. Also, the Fund cannot be certain that any insurance company does","page_number":124,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"8523d497-8981-4076-922b-c6d7da03f671","block_type":"box","text":"II-79","page_number":124,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7f298810-d2bf-4b3c-a538-af433864e9b8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":124,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a3954600-5e20-48d5-acfd-113f881e49b3","block_type":"box","text":"not make these payments. In addition, if the Fund purchases the insurance, it may pay the premiums,","page_number":125,"box":{"x":117,"y":87,"width":758,"height":12}},{"id":"9f37e431-0383-439f-88b2-cb6f0a0ec535","block_type":"box","text":"which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims","page_number":125,"box":{"x":116,"y":103,"width":721,"height":12}},{"id":"bc48b82f-d3d7-4367-b2c9-77c31de301e5","block_type":"box","text":"paying ability, financial strength, or equivalent ratings of at least investment grade. However, if","page_number":125,"box":{"x":117,"y":118,"width":703,"height":12}},{"id":"100c4ba0-e5f2-481d-8c0f-6f260e6a4af3","block_type":"box","text":"insurance from insurers with these ratings is not available, the Fund may use insurance companies","page_number":125,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"30e86b39-2760-4cef-bbff-4c2b983708e9","block_type":"box","text":"with lower ratings or stop purchasing insurance or insured bonds. If a bond’s insurer fails to fulfill its","page_number":125,"box":{"x":116,"y":149,"width":742,"height":12}},{"id":"95039234-5a93-4edc-85e4-4b9f1e26f6e2","block_type":"box","text":"obligations or loses its credit rating, the value of the bond could drop.","page_number":125,"box":{"x":116,"y":165,"width":517,"height":12}},{"id":"831c572b-8ebf-4272-a355-8b56941cdf40","block_type":"box","text":"Build America Bonds.","page_number":125,"box":{"x":116,"y":196,"width":159,"height":9}},{"id":"7efea043-73ad-4a72-846c-72a72eb437b7","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S.","page_number":125,"box":{"x":276,"y":196,"width":604,"height":12}},{"id":"a49bae6b-9cff-4bd5-9d0f-586e4dff0786","block_type":"box","text":"federal income tax credit; however, the issuer of a Build America Bond may instead elect to receive a","page_number":125,"box":{"x":116,"y":211,"width":756,"height":12}},{"id":"1eeeb357-8ecb-4663-b40d-91bcd1533cb3","block_type":"box","text":"cash payment directly from the federal government in lieu of holders such as the fund receiving a tax","page_number":125,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"9183bd11-efac-41ad-8637-d7cadd847bf5","block_type":"box","text":"credit. The interest on Build America Bonds is taxable for U.S. federal income tax purposes. If the Fund","page_number":125,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"cefe4c8d-ee61-408a-b965-5ffc8cd9cd97","block_type":"box","text":"does receive tax credits from Build America Bonds or other tax credit bonds on one or more specified","page_number":125,"box":{"x":116,"y":258,"width":757,"height":11}},{"id":"63c41b93-baf5-415f-9805-3adb29181ba4","block_type":"box","text":"dates during the fund’s taxable year, and the Fund satisfies the minimum distribution requirement, the","page_number":125,"box":{"x":116,"y":273,"width":760,"height":12}},{"id":"a7765951-d126-43fa-9b05-07843fd69ea8","block_type":"box","text":"Fund may elect for U.S. federal income tax purposes to pass through to shareholders tax credits","page_number":125,"box":{"x":117,"y":289,"width":719,"height":12}},{"id":"46b9af79-c391-4433-9928-455cd2d2fc89","block_type":"box","text":"otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond is defined in","page_number":125,"box":{"x":116,"y":304,"width":770,"height":12}},{"id":"ad265e9b-6994-476a-8f27-eecfb7b4d6b7","block_type":"box","text":"the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":125,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"e1d8aa63-94e8-4b53-a8c1-2f0f4b442518","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy","page_number":125,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"573c3a65-8ccc-411d-abe3-05045a976b76","block_type":"box","text":"bond, each of which must meet certain requirements specified in the Code), a “Build America Bond”","page_number":125,"box":{"x":117,"y":351,"width":744,"height":12}},{"id":"0584d3b9-272e-4041-a734-51342ab1e58f","block_type":"box","text":"(which includes certain qualified bonds issued before January 1, 2011) or certain other specified","page_number":125,"box":{"x":117,"y":366,"width":717,"height":12}},{"id":"6bc86cd5-5d38-4663-9930-73507c4d630d","block_type":"box","text":"bonds. If the Fund were to so elect, a shareholder would be required to include in income and would be","page_number":125,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"4b64c385-5228-4a05-9bbf-8edc5a65b2ff","block_type":"box","text":"entitled to claim as a tax credit an amount equal to a proportionate share of such credits, and such","page_number":125,"box":{"x":116,"y":397,"width":735,"height":12}},{"id":"696be789-f8a9-4cf9-b7e7-b5c61bd5268a","block_type":"box","text":"amount would be subject to withholding provisions of the Code. Certain limitations may apply on the","page_number":125,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"b2ef172c-1395-4725-87b2-7bffdd881d29","block_type":"box","text":"extent to which the credit may be claimed.","page_number":125,"box":{"x":116,"y":428,"width":318,"height":12}},{"id":"806c0751-991b-462d-90b0-edbc25ba4bc9","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":125,"box":{"x":118,"y":459,"width":263,"height":12}},{"id":"73d730c3-b145-4741-847a-6de573bfe77d","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which","page_number":125,"box":{"x":382,"y":459,"width":494,"height":12}},{"id":"49c4279c-4f55-46e0-9806-87f6ec7e2373","block_type":"box","text":"may be in the form of tender option bonds, variable rate demand obligations, participations, beneficial","page_number":125,"box":{"x":117,"y":475,"width":757,"height":12}},{"id":"09356eb5-8e67-47ff-955a-1ebfeb16a722","block_type":"box","text":"interests in a trust, partnership interests or other forms. These investments are described in greater","page_number":125,"box":{"x":117,"y":490,"width":741,"height":12}},{"id":"683c32b5-c52a-4bfd-bfab-bde443c2d031","block_type":"box","text":"detail above in this section. Some of the structures used by certain Funds include interests in long-term","page_number":125,"box":{"x":116,"y":506,"width":771,"height":12}},{"id":"b95a0a44-6e13-40ca-afdc-2a60062cd7cc","block_type":"box","text":"fixed-rate municipal debt obligations, held by a trustee or custodian, that are coupled with tender","page_number":125,"box":{"x":116,"y":521,"width":720,"height":12}},{"id":"bcb9f1f1-6979-42fa-bff1-903e1234d80b","block_type":"box","text":"option, demand and other features when the tax-exempt municipal investments are created. Together,","page_number":125,"box":{"x":116,"y":537,"width":764,"height":12}},{"id":"4c473e2b-dbd3-4f92-8502-78c68ee4b3f3","block_type":"box","text":"these features entitle the holder of the interest to tender (or put) the underlying municipal debt","page_number":125,"box":{"x":116,"y":552,"width":701,"height":12}},{"id":"49cc5f56-f94b-4ca5-bd53-fdc6df85abdc","block_type":"box","text":"obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":125,"box":{"x":116,"y":568,"width":667,"height":12}},{"id":"c68a097f-e143-4b35-a415-78fc9af904d0","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to","page_number":125,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"597e0ded-57fa-47b3-95c6-bca9bb73dfb3","block_type":"box","text":"receive specific future interest payments, principal payments, or both, on the underlying securities held","page_number":125,"box":{"x":117,"y":614,"width":766,"height":12}},{"id":"5f8ebb00-ef75-47d3-9207-4e1b11046ce5","block_type":"box","text":"by the custodian. Under such arrangements, the holder of the custodial receipt has the option to tender","page_number":125,"box":{"x":117,"y":630,"width":769,"height":12}},{"id":"8e3e6b19-088b-4b87-ba74-5040e37d784c","block_type":"box","text":"the underlying securities at their face value to the sponsor (","page_number":125,"box":{"x":116,"y":645,"width":440,"height":12}},{"id":"50590ed4-4498-4a6e-b646-be183c50f1d8","block_type":"box","text":"e.g.","page_number":125,"box":{"x":557,"y":648,"width":26,"height":9}},{"id":"67ea1a77-747a-4439-a70f-55aed88eeba5","block_type":"box","text":", a Fund, or a bank or broker-dealer or","page_number":125,"box":{"x":586,"y":645,"width":289,"height":11}},{"id":"8b8e2a3c-f3a7-4c62-b44c-25693669b448","block_type":"box","text":"other financial institution), which is paid periodic fees equal to the difference between the securities’","page_number":125,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"f304b380-9b20-4d40-a4bf-8ce12f520007","block_type":"box","text":"fixed coupon rate and the rate that would cause the securities, coupled with the tender option, to trade","page_number":125,"box":{"x":116,"y":676,"width":758,"height":12}},{"id":"f5903584-52ee-4f0a-9681-d63de3644910","block_type":"box","text":"at par on the date of a rate adjustment.","page_number":125,"box":{"x":116,"y":692,"width":289,"height":12}},{"id":"0ea4fe2a-94cb-44fe-8d90-ac3390ada68f","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the","page_number":125,"box":{"x":116,"y":723,"width":747,"height":12}},{"id":"e5ba8f68-9c71-4d2d-8303-fcba9a6ef74c","block_type":"box","text":"Fund’s participation bears to the total principal amount of the Municipal Bond, and typically provides for","page_number":125,"box":{"x":117,"y":738,"width":764,"height":12}},{"id":"3d237307-90a7-4494-8949-2ba5ea02702c","block_type":"box","text":"a repurchase feature for all or any part of the full principal amount of the participation interest, plus","page_number":125,"box":{"x":116,"y":754,"width":729,"height":12}},{"id":"7a49de8d-3ccd-4afb-ab94-84e821f2eafc","block_type":"box","text":"accrued interest. Trusts and partnerships are typically used to convert long-term fixed rate high quality","page_number":125,"box":{"x":116,"y":769,"width":759,"height":12}},{"id":"80a489e4-f776-4d46-9fe9-cb8fc26edbad","block_type":"box","text":"bonds of a single state or municipal issuer into variable or floating rate demand instruments.","page_number":125,"box":{"x":117,"y":785,"width":680,"height":12}},{"id":"9acb97d6-9d90-4044-b55c-cdbd5661877f","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt","page_number":125,"box":{"x":116,"y":816,"width":741,"height":12}},{"id":"263f98b4-3eae-4515-98d7-9edc31698012","block_type":"box","text":"obligations which give the holder the right to receive payment of principal subject to the conditions","page_number":125,"box":{"x":116,"y":831,"width":731,"height":12}},{"id":"4e2e041e-aded-4a86-afd8-38effd2604b6","block_type":"box","text":"described above. The IRS has not ruled on whether the interest received on tax-exempt municipal","page_number":125,"box":{"x":116,"y":847,"width":732,"height":12}},{"id":"178035f6-5d53-4326-8ad5-b6552c1337d5","block_type":"box","text":"investments in the form of participation interests or custodial receipts is tax-exempt, and accordingly,","page_number":125,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"6b9edebe-3001-4572-822e-baa8418c232e","block_type":"box","text":"purchases of any such interests or receipts are based on the opinions of counsel to the sponsors of","page_number":125,"box":{"x":117,"y":878,"width":742,"height":12}},{"id":"90a1f802-3430-4e39-abd6-1b0923758eb5","block_type":"box","text":"II-80","page_number":125,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1c62d086-b237-498c-a1c7-48e8cab4224b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":125,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"197180c0-2a8a-4cf5-a7fe-b27de2527003","block_type":"box","text":"such derivative securities. Neither a Fund nor its investment adviser or sub-advisers will review the","page_number":126,"box":{"x":116,"y":87,"width":738,"height":10}},{"id":"0458915c-c7e2-43c2-b4ba-a180f06183ef","block_type":"box","text":"proceedings related to the creation of any tax-exempt municipal investments or the basis for such","page_number":126,"box":{"x":117,"y":102,"width":728,"height":13}},{"id":"165d88d2-9684-4fe8-960f-7a8efc3fdd5b","block_type":"box","text":"opinions.","page_number":126,"box":{"x":116,"y":118,"width":72,"height":12}},{"id":"1ec02181-698e-411f-ae48-9d6a419ba99d","block_type":"box","text":"Operational and Technology Risks.","page_number":126,"box":{"x":117,"y":146,"width":279,"height":12}},{"id":"9fcbb33a-9da0-4b56-b700-5db98c7735f5","block_type":"box","text":"The Fund and the entities with which it interacts directly or","page_number":126,"box":{"x":397,"y":146,"width":442,"height":12}},{"id":"2d70b33d-5159-47b3-b0e4-39166b3d6672","block_type":"box","text":"indirectly are susceptible to operational and technology risks, including those related to human errors,","page_number":126,"box":{"x":117,"y":162,"width":758,"height":12}},{"id":"183a0670-b964-4e55-80cc-1c4e49caecf3","block_type":"box","text":"processing errors, communication errors, systems failures, cybersecurity incidents, and the use of","page_number":126,"box":{"x":117,"y":177,"width":731,"height":12}},{"id":"3a86cb87-3fa8-472c-b113-f11be4effcee","block_type":"box","text":"artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its","page_number":126,"box":{"x":116,"y":192,"width":713,"height":13}},{"id":"80775487-622b-4ec1-9047-b5e759c21872","block_type":"box","text":"shareholders or impair the Fund’s operations. These entities include, but are not limited to, the Fund’s","page_number":126,"box":{"x":116,"y":208,"width":760,"height":12}},{"id":"f77cc6cd-a07a-4842-bb95-46c3ca052c6c","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":126,"box":{"x":116,"y":223,"width":716,"height":13}},{"id":"1c1c9c2c-bdfc-45a4-a50e-c037af3dc1a2","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers,","page_number":126,"box":{"x":116,"y":239,"width":768,"height":12}},{"id":"e666593b-fcd8-42ef-96b8-ecb4a9b7a0d5","block_type":"box","text":"Authorized Participants, listing exchanges, other financial market operators, and governmental","page_number":126,"box":{"x":116,"y":254,"width":706,"height":13}},{"id":"5ebd2c7f-4314-4adf-b454-972255ba38a6","block_type":"box","text":"authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":126,"box":{"x":116,"y":270,"width":748,"height":12}},{"id":"2a52dc21-3b01-4240-98be-96f7721f6604","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s","page_number":126,"box":{"x":116,"y":285,"width":711,"height":13}},{"id":"3defe5e3-7574-4b25-a7fe-c3449df5eee6","block_type":"box","text":"investments in such issuers to lose value. The Fund may incur substantial costs in order to mitigate","page_number":126,"box":{"x":117,"y":301,"width":741,"height":12}},{"id":"851ce641-437b-4cf7-bb1b-f36065cb00a4","block_type":"box","text":"operational and technology risks.","page_number":126,"box":{"x":116,"y":317,"width":250,"height":12}},{"id":"8302c932-8e4d-49f8-b781-e2e9085e213a","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in","page_number":126,"box":{"x":117,"y":344,"width":754,"height":12}},{"id":"e72244e7-6ed5-4b91-8927-4ece2cd679ba","block_type":"box","text":"which the Fund invests, the Fund or any of its service providers. They include, but are not limited to,","page_number":126,"box":{"x":116,"y":360,"width":746,"height":12}},{"id":"4aecc5b7-40e5-4a08-b87b-b82f9f39023e","block_type":"box","text":"gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or","page_number":126,"box":{"x":116,"y":375,"width":772,"height":12}},{"id":"26aac2e1-0fdc-44a5-9bc1-ab85e7d03dee","block_type":"box","text":"destroying data, and causing operational disruption. Geopolitical tension may increase the scale and","page_number":126,"box":{"x":116,"y":391,"width":751,"height":12}},{"id":"133a1ea2-dc04-4fe6-a539-fe3b754064db","block_type":"box","text":"sophistication of deliberate attacks, particularly those from nation states or from entities with nation","page_number":126,"box":{"x":116,"y":406,"width":738,"height":12}},{"id":"dd5203fe-cb55-44bf-93ce-ea0d32cc9933","block_type":"box","text":"state backing. Cybersecurity incidents may result in any of the following: financial losses; interference","page_number":126,"box":{"x":116,"y":422,"width":757,"height":12}},{"id":"9e3334f7-ce48-495f-a4e7-6eee2b6c9753","block_type":"box","text":"with the Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to","page_number":126,"box":{"x":116,"y":437,"width":721,"height":12}},{"id":"5c5e129a-735c-4940-b693-07f985f380ee","block_type":"box","text":"trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders;","page_number":126,"box":{"x":116,"y":453,"width":754,"height":12}},{"id":"1b0013a9-d812-4b61-a9b0-8f2a4a19fb16","block_type":"box","text":"the inability of the Fund or its service providers to transact business; violations of applicable privacy","page_number":126,"box":{"x":116,"y":468,"width":743,"height":12}},{"id":"d2a18289-c4b5-431d-a3dc-6bf73d63fd2a","block_type":"box","text":"and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation","page_number":126,"box":{"x":116,"y":484,"width":772,"height":12}},{"id":"7c8dd59e-a3c5-43b0-b2fe-d45087f35d03","block_type":"box","text":"costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":126,"box":{"x":116,"y":500,"width":735,"height":12}},{"id":"5ac5c92c-a383-4935-9c45-5c81ae55a5a1","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":126,"box":{"x":117,"y":515,"width":766,"height":12}},{"id":"15591fb4-70b6-479e-9268-335f421b2c6c","block_type":"box","text":"Fund shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete.","page_number":126,"box":{"x":117,"y":530,"width":761,"height":13}},{"id":"c68d6ab1-b1dc-4a9d-bb0c-1da9738bcd02","block_type":"box","text":"Power outages, natural disasters, equipment malfunctions and processing errors that threaten","page_number":126,"box":{"x":117,"y":546,"width":702,"height":12}},{"id":"7bb3ce77-3ad3-4c21-81ac-8b3c707756f5","block_type":"box","text":"information and technology systems relied upon by the Fund or its service providers, as well as market","page_number":126,"box":{"x":117,"y":561,"width":766,"height":13}},{"id":"82cecd64-9905-4453-b8a1-657c7e1c6178","block_type":"box","text":"events that occur at a pace that overloads these systems, may also disrupt business operations or","page_number":126,"box":{"x":116,"y":577,"width":735,"height":12}},{"id":"c0545391-b2a8-47e2-b373-05cd2437c600","block_type":"box","text":"impact critical data. Recent advances in AI technology pose risks to the Fund and its portfolio","page_number":126,"box":{"x":117,"y":592,"width":696,"height":13}},{"id":"42974cf9-740b-43ef-994d-81def9d9cae5","block_type":"box","text":"investments. These advancements could harm the Fund and its portfolio investments by reducing the","page_number":126,"box":{"x":117,"y":608,"width":756,"height":12}},{"id":"36fdc659-f884-4c20-bb25-b7b71ca702cc","block_type":"box","text":"demand for both the technology and software offerings of the Fund’s portfolio investments.","page_number":126,"box":{"x":116,"y":623,"width":677,"height":13}},{"id":"e4430f0d-9c51-4b15-806f-0aa96550c23a","block_type":"box","text":"Additionally, these advancements could significantly disrupt the Fund’s portfolio investments and","page_number":126,"box":{"x":116,"y":639,"width":722,"height":12}},{"id":"a0846903-0a36-4c47-9f87-46893a146489","block_type":"box","text":"subject them to increased competition, which could have a material adverse effect on business,","page_number":126,"box":{"x":116,"y":654,"width":714,"height":13}},{"id":"daa73158-6d8b-4940-862e-0436387d1f60","block_type":"box","text":"financial condition, and results of operations. AI technology advancements, including efficiency","page_number":126,"box":{"x":116,"y":670,"width":703,"height":12}},{"id":"91f88934-26ee-4722-a177-f3ffd84e68fb","block_type":"box","text":"improvements, without related increases in the adoption and development of such technologies, could","page_number":126,"box":{"x":117,"y":685,"width":755,"height":13}},{"id":"70cc5755-2ed2-4f41-8439-3048c506928c","block_type":"box","text":"also negatively impact demand for, and the valuation of, digital infrastructure assets.","page_number":126,"box":{"x":116,"y":701,"width":624,"height":12}},{"id":"34fc0b41-1757-4ee0-85dc-89886a656c25","block_type":"box","text":"The Fund and its portfolio investments could be exposed to the risks of AI technology if third-party","page_number":126,"box":{"x":116,"y":729,"width":727,"height":12}},{"id":"dac56948-7f2b-427d-acdf-e837248bf802","block_type":"box","text":"service providers or any counterparties, whether or not known to the Fund, also use AI technology in","page_number":126,"box":{"x":116,"y":745,"width":745,"height":11}},{"id":"1be97fd6-ca62-4dfd-8329-7ca3af946be2","block_type":"box","text":"their business activities. The Fund and its service providers may not be in a position to control the use","page_number":126,"box":{"x":116,"y":760,"width":756,"height":12}},{"id":"07eb419a-c789-4d20-b93b-b47a3e4c43f4","block_type":"box","text":"of AI technology in third-party products or services.","page_number":126,"box":{"x":116,"y":775,"width":377,"height":12}},{"id":"47b22498-e3dd-4639-8a43-f8b27d661a27","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable","page_number":126,"box":{"x":117,"y":803,"width":745,"height":12}},{"id":"5c72eb1e-4136-4f9e-92cf-c4d4350f72cc","block_type":"box","text":"policies, contractual or other obligations or restrictions, resulting in such confidential information","page_number":126,"box":{"x":117,"y":819,"width":708,"height":12}},{"id":"4db74e06-56f6-4dc6-a64d-e2b68ac00ee2","block_type":"box","text":"becoming accessible by other third-party AI technology applications and users.","page_number":126,"box":{"x":117,"y":834,"width":589,"height":12}},{"id":"154488b7-0941-4259-ad21-92e2306ad445","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and","page_number":126,"box":{"x":117,"y":862,"width":706,"height":12}},{"id":"a5f054c4-3994-4368-a28f-1b0169f20cdd","block_type":"box","text":"analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":126,"box":{"x":116,"y":878,"width":757,"height":12}},{"id":"9f5ab1ae-71af-47e0-a66d-961e54cc091f","block_type":"box","text":"II-81","page_number":126,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"4e79a357-09b5-4dec-a4d2-d314fc9c835b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":126,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"464a28e6-6f7d-4b55-a5c0-2ad9c4681311","block_type":"box","text":"practicable to incorporate all relevant data into the models that AI technology utilizes to operate.","page_number":127,"box":{"x":117,"y":87,"width":715,"height":12}},{"id":"856a830b-a0f6-4c2f-bff5-df03ae399302","block_type":"box","text":"Certain data in such models will inevitably contain a degree of inaccuracy and error, or could otherwise","page_number":127,"box":{"x":117,"y":102,"width":768,"height":13}},{"id":"5447f415-8b72-4be3-b42c-57a891fbb5e2","block_type":"box","text":"be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. The","page_number":127,"box":{"x":117,"y":118,"width":729,"height":12}},{"id":"dc9b4ab9-6376-467f-b07d-e13ecd3d5043","block_type":"box","text":"output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or","page_number":127,"box":{"x":116,"y":134,"width":733,"height":12}},{"id":"9207b237-8b9d-4590-8780-d6e5550a9671","block_type":"box","text":"misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":127,"box":{"x":117,"y":149,"width":731,"height":12}},{"id":"05ba15e1-b73c-4c19-8124-afd982124282","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":127,"box":{"x":116,"y":165,"width":684,"height":12}},{"id":"4a61f49e-77e6-4344-9700-542f08d9df2c","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its portfolio investments are exposed to","page_number":127,"box":{"x":117,"y":180,"width":764,"height":12}},{"id":"3fcd11db-58bf-4e68-96f7-2c757f14fce4","block_type":"box","text":"the risks of AI technology use, any such inaccuracies or errors could have adverse impacts on the","page_number":127,"box":{"x":116,"y":196,"width":732,"height":12}},{"id":"d3316802-2321-4ed2-933e-767d864ed3a7","block_type":"box","text":"Fund or its investments.","page_number":127,"box":{"x":117,"y":211,"width":182,"height":10}},{"id":"cfed343e-aee9-43cd-9376-0f96e489bdfc","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to","page_number":127,"box":{"x":117,"y":242,"width":705,"height":12}},{"id":"ae1437da-8a8f-4b7f-b2af-e448c897c286","block_type":"box","text":"monitoring and compliance. For example, in April 2023, the Federal Trade Commission, U.S.","page_number":127,"box":{"x":117,"y":258,"width":693,"height":12}},{"id":"e92e9aaf-458e-4624-897a-48cd9d5797d6","block_type":"box","text":"Department of Justice, Consumer Financial Protection Bureau, and U.S. Equal Employment","page_number":127,"box":{"x":117,"y":273,"width":686,"height":12}},{"id":"9a203706-52de-424e-b15e-baa06e3df689","block_type":"box","text":"Opportunity Commission released a joint statement on artificial intelligence demonstrating interest in","page_number":127,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"95233dba-e186-4c68-8de3-08279879fb4d","block_type":"box","text":"monitoring the development and use of automated systems and enforcement of their respective laws","page_number":127,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"6455fc53-68d1-4e96-849a-79131cc659f6","block_type":"box","text":"and regulations. In October 2023, an executive order established new standards for AI safety and","page_number":127,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"d5862da2-3464-4a47-b217-a10a3ea6e2a3","block_type":"box","text":"security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial Intelligence","page_number":127,"box":{"x":116,"y":335,"width":769,"height":12}},{"id":"253d0285-cf72-4d11-8d9f-0ecfd1a5f79c","block_type":"box","text":"Act, which applies to certain AI technology and the","page_number":127,"box":{"x":116,"y":351,"width":380,"height":12}},{"id":"380a9429-40d3-456b-be85-4f2a20b60225","block_type":"box","text":"data used to train, test, and deploy them, which","page_number":127,"box":{"x":497,"y":351,"width":357,"height":12}},{"id":"83968da1-99bb-47d9-8226-6d3fd1889e64","block_type":"box","text":"may create additional compliance burdens, higher administrative costs, and significant penalties should","page_number":127,"box":{"x":117,"y":366,"width":770,"height":12}},{"id":"34e8159b-047b-4ba8-8217-b75ea7e3263e","block_type":"box","text":"the Fund, the adviser, or the Fund’s portfolio investments fail to comply.","page_number":127,"box":{"x":116,"y":382,"width":537,"height":12}},{"id":"c21ae4cd-e45d-480f-b462-a040248e1de4","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to","page_number":127,"box":{"x":116,"y":413,"width":711,"height":12}},{"id":"72296ba0-0805-4a91-8128-e42702ba98c5","block_type":"box","text":"develop rapidly, and it is impossible to predict the future risks that may arise from such developments.","page_number":127,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"2097abbc-946d-4143-9700-574d91774a84","block_type":"box","text":"The full extent of current or future risks related thereto is not possible to predict, and the Fund may not","page_number":127,"box":{"x":116,"y":444,"width":765,"height":12}},{"id":"26ebca0f-dc71-4812-8125-cfb07abf6bbb","block_type":"box","text":"be able to anticipate, prevent, mitigate, or remediate all of the potential risks, challenges, or impacts of","page_number":127,"box":{"x":117,"y":459,"width":763,"height":12}},{"id":"ce76495c-6d6c-4e4d-9ddb-0654b2264da6","block_type":"box","text":"such changes.","page_number":127,"box":{"x":116,"y":475,"width":113,"height":12}},{"id":"9055e284-af40-4ae0-9989-94d4b1767893","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security","page_number":127,"box":{"x":116,"y":506,"width":750,"height":12}},{"id":"8f037243-08a7-46b7-b815-b7728c265825","block_type":"box","text":"and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":127,"box":{"x":116,"y":521,"width":753,"height":12}},{"id":"bda39ef3-0cc5-4c21-af3e-5adf6cf205a2","block_type":"box","text":"differ from those of the Fund in the setting of priorities, the personnel and resources available or the","page_number":127,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"f2ccc5fc-c411-45d1-9d12-6643d685208c","block_type":"box","text":"effectiveness of relevant controls. The Fund and its adviser seek to reduce these risks through","page_number":127,"box":{"x":116,"y":552,"width":706,"height":12}},{"id":"146733ae-b72c-4abe-813d-0af74e158cf8","block_type":"box","text":"controls, procedures and oversight, including establishing business continuity plans and risk","page_number":127,"box":{"x":116,"y":568,"width":687,"height":12}},{"id":"9cb5b5d0-fa23-4b4e-a402-32ba120c5ea8","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including","page_number":127,"box":{"x":117,"y":583,"width":744,"height":12}},{"id":"d2ec05ca-704f-4b59-8d27-ab85e9b14aac","block_type":"box","text":"the possibility that certain risks that may affect the Fund have not been identified or may emerge in the","page_number":127,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"6b4d4311-6fdb-4755-9337-86e3829789a0","block_type":"box","text":"future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":127,"box":{"x":116,"y":614,"width":719,"height":12}},{"id":"df31005d-d35c-47bf-b6a7-8786709677b8","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":127,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"32471ed1-e4a3-4a78-871b-07a6095f0478","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund","page_number":127,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"84b65552-9775-4cb8-9b0b-d35d2c68073b","block_type":"box","text":"cannot control the systems, information security or other cybersecurity of the issuers in which it invests","page_number":127,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"c7fbaebf-60b1-4569-a26b-788a003ecc3e","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":127,"box":{"x":116,"y":676,"width":700,"height":12}},{"id":"41951b7e-a896-40bc-bbf4-af1ae6f33534","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and","page_number":127,"box":{"x":117,"y":707,"width":735,"height":12}},{"id":"b10b6fab-c638-4b99-b4cc-168454476aa0","block_type":"box","text":"may vary considerably across jurisdictions. Regulators continue to develop new rules and standards","page_number":127,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"c731f4ff-1776-4cfc-a8a2-43a7d996eef3","block_type":"box","text":"related to cybersecurity and data protection. Compliance with evolving regulations can be demanding","page_number":127,"box":{"x":117,"y":738,"width":750,"height":12}},{"id":"d72a1392-d94a-4247-8d70-8ee79a94e6a5","block_type":"box","text":"and costly, requiring substantial resources to monitor and implement required changes.","page_number":127,"box":{"x":116,"y":754,"width":647,"height":12}},{"id":"901dc97f-c5cf-4210-af58-fa375034b4df","block_type":"box","text":"Participation Notes.","page_number":127,"box":{"x":116,"y":785,"width":157,"height":12}},{"id":"282cd4ac-dd03-4cbd-a71f-18737caaafeb","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that","page_number":127,"box":{"x":279,"y":785,"width":586,"height":12}},{"id":"49b944db-956a-45db-8aee-48c13394e1e8","block_type":"box","text":"entitle the Fund to a return measured by the change in value of an identified underlying security or","page_number":127,"box":{"x":116,"y":800,"width":729,"height":12}},{"id":"432f6a52-2545-4934-aaf3-6ff5ba908a5b","block_type":"box","text":"basket of securities (collectively, the “underlying security”). Participation notes are typically used when","page_number":127,"box":{"x":117,"y":816,"width":755,"height":12}},{"id":"c343abc5-bee6-4630-9e7c-e4572aee5424","block_type":"box","text":"a direct investment in the underlying security is restricted due to country-specific regulations.","page_number":127,"box":{"x":116,"y":831,"width":692,"height":12}},{"id":"4b11610f-a4b5-4a72-a345-7b61abc2b2c8","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note","page_number":127,"box":{"x":116,"y":862,"width":766,"height":12}},{"id":"2d526320-1598-4365-8f86-61385bb09896","block_type":"box","text":"is not the same as investment in the constituent shares of the company. A participation note represents","page_number":127,"box":{"x":117,"y":878,"width":771,"height":12}},{"id":"d7092d53-4af3-407b-9b73-003386ac3e98","block_type":"box","text":"II-82","page_number":127,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"d637f8f6-d1c2-415f-9c30-4392fb02c1a3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":127,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5647ac80-ee24-4b1f-881b-4cb237788438","block_type":"box","text":"only an obligation of the issuer to provide the Fund the economic performance equivalent to holding","page_number":128,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"dc0e1fdc-f443-407a-8828-a1c0c1ded8b7","block_type":"box","text":"shares of an underlying security. A participation note does not provide any beneficial or equitable","page_number":128,"box":{"x":116,"y":102,"width":725,"height":13}},{"id":"d1e11b27-93dd-4432-be75-5880137214df","block_type":"box","text":"entitlement or interest in the relevant underlying security. In other words, shares of the underlying","page_number":128,"box":{"x":116,"y":118,"width":727,"height":12}},{"id":"8dd31dd3-55b9-451a-86fa-8f8c8846df8d","block_type":"box","text":"security are not in any way owned by the Fund. However, each participation note synthetically","page_number":128,"box":{"x":116,"y":134,"width":702,"height":12}},{"id":"94d122f1-5bf5-4ea8-a1c8-573dcef0aad9","block_type":"box","text":"replicates the economic benefit of holding shares in the underlying security. Because a participation","page_number":128,"box":{"x":117,"y":149,"width":743,"height":12}},{"id":"2e088ceb-187c-4245-85cb-3ce891adbe08","block_type":"box","text":"note is an obligation of the issuer, rather than a direct investment in shares of the underlying security, a","page_number":128,"box":{"x":117,"y":165,"width":770,"height":12}},{"id":"1c0059f9-abac-47e1-b3dc-0f39d90521e1","block_type":"box","text":"Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to","page_number":128,"box":{"x":117,"y":180,"width":745,"height":12}},{"id":"7ce25a0d-6eb6-44b7-b583-e75bd93536fc","block_type":"box","text":"perform its obligations. A Fund attempts to mitigate that risk by purchasing only from issuers","page_number":128,"box":{"x":117,"y":196,"width":689,"height":12}},{"id":"046351b0-8cf6-48bd-b026-062e61b48869","block_type":"box","text":"determined to be creditworthy.","page_number":128,"box":{"x":116,"y":211,"width":231,"height":12}},{"id":"88cdea0b-480e-49d7-b4f5-1bc60676c475","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge","page_number":128,"box":{"x":116,"y":242,"width":755,"height":12}},{"id":"fb359f44-d142-41f5-8f6f-e5f2f1593927","block_type":"box","text":"its obligation. A Fund may, but is not required to, purchase credit protection against the default of the","page_number":128,"box":{"x":117,"y":258,"width":752,"height":12}},{"id":"da570266-1b8c-4076-ada8-fcb569a7e54d","block_type":"box","text":"issuer. When the participation note expires or a Fund exercises the participation note and closes its","page_number":128,"box":{"x":117,"y":273,"width":742,"height":12}},{"id":"d6beb184-3acd-4c17-85e8-ad8fa3b02f82","block_type":"box","text":"position, the Fund receives a payment that is based upon the then-current value of the underlying","page_number":128,"box":{"x":117,"y":289,"width":728,"height":12}},{"id":"6c687a5f-00c5-4d24-952b-ffbb9fcd90d4","block_type":"box","text":"security converted into U.S. dollars (less transaction costs). The price, performance and liquidity of a","page_number":128,"box":{"x":116,"y":304,"width":751,"height":12}},{"id":"af85095e-6b31-443d-8cb4-232a5f1d5127","block_type":"box","text":"participation note are all linked directly to the underlying security. A Fund’s ability to redeem or","page_number":128,"box":{"x":117,"y":320,"width":704,"height":12}},{"id":"82c95480-35fc-4fc7-9d79-92ca18bdcbc8","block_type":"box","text":"exercise a participation note generally is dependent on the liquidity in the local trading market for the","page_number":128,"box":{"x":116,"y":335,"width":750,"height":12}},{"id":"79641b62-725b-4270-a340-63322717609f","block_type":"box","text":"security underlying the participation note.","page_number":128,"box":{"x":116,"y":351,"width":310,"height":12}},{"id":"50639939-fe1c-4737-9749-6688a4fc9e2e","block_type":"box","text":"Portfolio Turnover Rates.","page_number":128,"box":{"x":116,"y":382,"width":201,"height":9}},{"id":"8a0394d7-0197-4246-93ef-5e74123e1134","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale","page_number":128,"box":{"x":318,"y":382,"width":569,"height":12}},{"id":"1f82101d-eb5d-43fd-b4ae-54d31e82438a","block_type":"box","text":"or purchase when the Manager believes investment considerations warrant such sale or purchase.","page_number":128,"box":{"x":116,"y":397,"width":738,"height":12}},{"id":"cc825fb4-859b-40fe-9cb1-fae56d778b28","block_type":"box","text":"Although certain Funds will use an approach to investing that is largely a passive, indexing approach,","page_number":128,"box":{"x":116,"y":413,"width":756,"height":12}},{"id":"ecc7c15c-3a47-4591-b9d4-00f3cabb5073","block_type":"box","text":"such Funds may engage in a substantial number of portfolio transactions. With respect to these Funds,","page_number":128,"box":{"x":116,"y":428,"width":770,"height":12}},{"id":"f7359cf3-e846-4bf7-861b-5bf58d12c716","block_type":"box","text":"the rate of portfolio turnover will be a limiting factor when the Manager considers whether to purchase","page_number":128,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"29074d26-b8d5-4abf-aa8c-5c74409764e8","block_type":"box","text":"or sell securities for a Fund only to the extent that the Manager will consider the impact of transaction","page_number":128,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"e21ead5e-0610-43dc-980c-761c6d5cac7b","block_type":"box","text":"costs on a Fund’s tracking error. Portfolio turnover may vary greatly from year to year as well as within","page_number":128,"box":{"x":116,"y":475,"width":765,"height":12}},{"id":"d82c327d-ddd9-4715-95da-5d5a21ab58cf","block_type":"box","text":"a particular year. High portfolio turnover (","page_number":128,"box":{"x":116,"y":490,"width":305,"height":12}},{"id":"a3f3c5b5-5e92-424e-9271-914d21c7c114","block_type":"box","text":"i.e.","page_number":128,"box":{"x":422,"y":490,"width":21,"height":10}},{"id":"2f217983-7e2c-43ea-a196-1c0857726645","block_type":"box","text":", 100% or more) may result in increased transaction costs","page_number":128,"box":{"x":446,"y":490,"width":433,"height":12}},{"id":"6e388318-c7c8-4ed3-b966-f68db1fbdf92","block_type":"box","text":"to a Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale","page_number":128,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"eda1568c-9f15-4526-b4ad-3d6c42b3e242","block_type":"box","text":"of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in the","page_number":128,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"2fdf26ca-5689-4e48-8f06-45242837e166","block_type":"box","text":"recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short","page_number":128,"box":{"x":117,"y":537,"width":743,"height":12}},{"id":"ba1794f4-0430-4875-9402-6fb6db99f0fc","block_type":"box","text":"term capital gain or loss. These effects of higher than normal portfolio turnover may adversely affect a","page_number":128,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"ee689a99-4d48-4a5f-b068-798d767e2fdb","block_type":"box","text":"Fund’s performance.","page_number":128,"box":{"x":117,"y":568,"width":158,"height":12}},{"id":"e01fb775-da96-4586-af89-02e7bf883a31","block_type":"box","text":"Preferred Stock.","page_number":128,"box":{"x":116,"y":599,"width":126,"height":9}},{"id":"fe9d00cb-eab9-4b93-b062-d507e1a60ae3","block_type":"box","text":"Certain Funds may invest in preferred sto","page_number":128,"box":{"x":243,"y":599,"width":306,"height":12}},{"id":"700c6001-4a4f-42ba-8901-d0be7c884286","block_type":"box","text":"cks. Preferred stock has a preference over","page_number":128,"box":{"x":550,"y":599,"width":314,"height":12}},{"id":"fd05bcce-51b6-4c62-a10e-ba878265395b","block_type":"box","text":"common stock in liquidation (and generally dividends","page_number":128,"box":{"x":116,"y":614,"width":384,"height":12}},{"id":"2501eadc-a9c7-4858-ad91-8c3e78dd075b","block_type":"box","text":"as well) but is subordinated to bond holders and","page_number":128,"box":{"x":501,"y":614,"width":358,"height":12}},{"id":"f5f6f2cf-50fb-40f9-a2be-cb7fe4530c60","block_type":"box","text":"other creditors in all respects. As a general rule, t","page_number":128,"box":{"x":116,"y":630,"width":357,"height":12}},{"id":"0ef103e2-704f-4689-a405-5f25124c2f38","block_type":"box","text":"he market value of preferred stock with a fixed dividend","page_number":128,"box":{"x":474,"y":630,"width":406,"height":12}},{"id":"006cfe5f-3a72-4947-912f-c6739641fb78","block_type":"box","text":"rate and no conversion element varies inversely with","page_number":128,"box":{"x":117,"y":645,"width":386,"height":12}},{"id":"43ea2d69-a920-4338-b0ed-53af7d9b6155","block_type":"box","text":"interest rates and perceived credit risk, while the","page_number":128,"box":{"x":504,"y":645,"width":355,"height":12}},{"id":"0f3f2995-a1ea-4bf5-bd97-c309f9155c4f","block_type":"box","text":"market price of convertible preferred stock generally","page_number":128,"box":{"x":117,"y":661,"width":377,"height":12}},{"id":"5d2f4e46-d0bc-458d-99e6-e98a7643eca0","block_type":"box","text":"also reflects some element of conversion value.","page_number":128,"box":{"x":499,"y":661,"width":345,"height":9}},{"id":"f54974d5-2e4a-4421-90d9-ad941f1587ff","block_type":"box","text":"Because preferred stock is junior to debt securities","page_number":128,"box":{"x":117,"y":676,"width":367,"height":12}},{"id":"1be223d9-b267-4d4b-b969-6b2e2fa8c7ee","block_type":"box","text":"and other obligations of the issuer, deterioration in the","page_number":128,"box":{"x":489,"y":676,"width":391,"height":12}},{"id":"3c57d8ad-9751-4a5c-bf5b-c9632ee4414a","block_type":"box","text":"credit quality of the issuer will cause greater changes in","page_number":128,"box":{"x":116,"y":692,"width":402,"height":12}},{"id":"5b997407-f89a-4cea-a1d9-e56f689e25cc","block_type":"box","text":"the value of a preferred stock than in a more","page_number":128,"box":{"x":523,"y":692,"width":323,"height":12}},{"id":"3f16fe7c-0145-4e81-90d7-e5882e50ac66","block_type":"box","text":"senior debt security with similar stated yield characte","page_number":128,"box":{"x":116,"y":707,"width":383,"height":12}},{"id":"80a4d4eb-ad13-4ed3-9f8f-ba320d6d3d51","block_type":"box","text":"ristics. Unlike interest payments on debt securities,","page_number":128,"box":{"x":500,"y":707,"width":367,"height":12}},{"id":"d9ec3fcb-78bd-44ac-bdc2-e09e9a082a8c","block_type":"box","text":"preferred stock dividends are payable only if declared by","page_number":128,"box":{"x":117,"y":723,"width":410,"height":12}},{"id":"cfcfb6d4-8f61-47ac-ba6c-f09dca1f8bc1","block_type":"box","text":"the issuer’s board of di","page_number":128,"box":{"x":532,"y":723,"width":164,"height":9}},{"id":"bf32b26a-a45f-48bd-bf45-4876b2387f0a","block_type":"box","text":"rectors. Preferred stock","page_number":128,"box":{"x":698,"y":723,"width":170,"height":9}},{"id":"eaab0009-7949-44c5-8b64-7ea00b637d12","block_type":"box","text":"also may be subject to optional or mandatory redemption provisions.","page_number":128,"box":{"x":116,"y":738,"width":496,"height":12}},{"id":"d6a59dcd-656d-4506-91e8-4dce00ebf964","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":128,"box":{"x":118,"y":769,"width":224,"height":12}},{"id":"a04e70ac-55a5-44c2-ad24-2618b0ab5d7a","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment","page_number":128,"box":{"x":350,"y":769,"width":497,"height":12}},{"id":"b156dcfd-ec87-413e-9e39-b780b16ef98a","block_type":"box","text":"funds that pay dividends that are exempt from regular U.S. federal income tax. Such funds in turn","page_number":128,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"e046364c-e644-4bab-982d-db62559c12ac","block_type":"box","text":"invest in municipal bonds and other assets that pay interest or make distributions that are exempt from","page_number":128,"box":{"x":117,"y":800,"width":759,"height":12}},{"id":"d7e5642d-5b49-461c-a386-bb0a92cdc852","block_type":"box","text":"regular U.S. federal income tax, such as revenue bonds issued by state or local agencies to fund the","page_number":128,"box":{"x":117,"y":816,"width":746,"height":12}},{"id":"01855dc3-e4c5-4701-a5d2-e987ac43ed67","block_type":"box","text":"development of low-income, multi-family housing. Investment in such tax-exempt preferred shares","page_number":128,"box":{"x":116,"y":831,"width":733,"height":12}},{"id":"82fc69ff-eb4b-4115-8e45-a2dfb06c20ed","block_type":"box","text":"involves many of the same issues as investing in other investment companies. These investments also","page_number":128,"box":{"x":117,"y":847,"width":768,"height":12}},{"id":"9caf0bd0-3588-4cae-9d12-1a8613f548d3","block_type":"box","text":"have additional risks, including illiquid investments risk, the absence of regulation governing","page_number":128,"box":{"x":117,"y":862,"width":685,"height":12}},{"id":"55dfc051-4c34-4352-b6e6-94081ae58d95","block_type":"box","text":"investment practices, capital structure and leverage, affiliated transactions and other matters, and","page_number":128,"box":{"x":117,"y":878,"width":729,"height":12}},{"id":"5c93c696-6623-4224-8bf9-6b7dc6d35aba","block_type":"box","text":"II-83","page_number":128,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4b1661e4-885b-433e-b7f6-649f0694b45d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":128,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"47e0a939-1c71-480a-8d8a-2646ff58ec84","block_type":"box","text":"concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat","page_number":129,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"3477d3a7-0276-4555-abcd-4c4e3d5571dc","block_type":"box","text":"investments in tax-exempt preferred shares as investments in municipal bonds.","page_number":129,"box":{"x":117,"y":102,"width":593,"height":12}},{"id":"f0f5b4ff-2286-4774-ad69-f894409362b2","block_type":"box","text":"Trust Preferred Securities.","page_number":129,"box":{"x":118,"y":134,"width":193,"height":9}},{"id":"3adcdc67-9157-497d-8b56-0b8c6ca6eeb0","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred","page_number":129,"box":{"x":312,"y":134,"width":525,"height":12}},{"id":"3162e990-d148-49c0-a16c-0f195d9dafad","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with","page_number":129,"box":{"x":116,"y":149,"width":724,"height":12}},{"id":"01f21b00-093d-474c-b4d0-b6fa8b818cf0","block_type":"box","text":"preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the","page_number":129,"box":{"x":117,"y":165,"width":751,"height":12}},{"id":"ae5b7df0-dd81-4962-9420-d860ef1986ba","block_type":"box","text":"form of beneficial interests in subordinated debentures or similarly structured securities. The trust","page_number":129,"box":{"x":116,"y":180,"width":726,"height":12}},{"id":"ff9a0608-128d-43f6-9e97-10beb3a6fda9","block_type":"box","text":"preferred securities market consists of both fixed and adjustable coupon rate securities that are either","page_number":129,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"fcd637bc-751e-43bf-aec3-8a85b0ea1a15","block_type":"box","text":"perpetual in nature or have stated maturity dates.","page_number":129,"box":{"x":117,"y":211,"width":370,"height":12}},{"id":"321a29e7-d72f-4db1-8271-786a80461eb6","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit","page_number":129,"box":{"x":116,"y":242,"width":748,"height":12}},{"id":"ed7dac69-1f1a-4ce4-bf9b-f7a565713b5f","block_type":"box","text":"from a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition,","page_number":129,"box":{"x":116,"y":258,"width":771,"height":12}},{"id":"7ca4fad2-8cf6-435d-bd16-83edff15b90f","block_type":"box","text":"trust preferred securities typically permit an issuer to defer the payment of income for five years or","page_number":129,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"6e968f56-669c-4bbd-b42c-a1bedb8fbb2a","block_type":"box","text":"more without triggering an event of default. Because of their subordinated position in the capital","page_number":129,"box":{"x":117,"y":289,"width":713,"height":12}},{"id":"d0eb9edc-1270-42b0-984e-1a26b22dda84","block_type":"box","text":"structure of an issuer, the ability to defer payments for extended periods of time without default","page_number":129,"box":{"x":116,"y":304,"width":708,"height":12}},{"id":"3773c5d6-8252-4ea7-aaa4-5db5c9a6b67d","block_type":"box","text":"consequences to the issuer, and certain other features (such as restrictions on common dividend","page_number":129,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"a39a1923-81ff-4fb6-8aa7-0a6c52f766ba","block_type":"box","text":"payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred","page_number":129,"box":{"x":117,"y":335,"width":733,"height":12}},{"id":"de0b1f5b-9303-4ca7-8c91-8e715185bfea","block_type":"box","text":"securities have not been made), these trust preferred securities are often treated as close substitutes","page_number":129,"box":{"x":116,"y":351,"width":756,"height":12}},{"id":"d69276f9-9e7a-4b1b-b2ca-6ea2823cf1c6","block_type":"box","text":"for traditional preferred securities, both by issuers and investors.","page_number":129,"box":{"x":116,"y":366,"width":483,"height":12}},{"id":"3467b2f9-7d2f-4a51-8c0e-e59e8f93bd75","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":129,"box":{"x":116,"y":397,"width":740,"height":12}},{"id":"3748bd6a-cce0-456b-a853-0350e43281b7","block_type":"box","text":"®","page_number":129,"box":{"x":857,"y":396,"width":9,"height":7}},{"id":"86828125-966c-4e12-8007-4b94e38152b3","block_type":"box","text":"”);","page_number":129,"box":{"x":867,"y":397,"width":20,"height":12}},{"id":"ebd38137-bf80-421d-9f37-0fc63513d615","block_type":"box","text":"monthly income preferred securities (“MIPS","page_number":129,"box":{"x":117,"y":413,"width":322,"height":12}},{"id":"e93c64b4-b025-4f20-bc41-2946b10a4a75","block_type":"box","text":"®","page_number":129,"box":{"x":439,"y":412,"width":10,"height":7}},{"id":"cb3db189-96c9-4d2e-9a7d-4bee4852bf26","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":129,"box":{"x":449,"y":413,"width":330,"height":12}},{"id":"22fe254d-d221-4a1d-97af-8c9a61897168","block_type":"box","text":"®","page_number":129,"box":{"x":780,"y":412,"width":9,"height":7}},{"id":"86ee8f43-cc6a-4250-9fb8-0bcd27228a3f","block_type":"box","text":"” ); quarterly","page_number":129,"box":{"x":790,"y":413,"width":95,"height":12}},{"id":"29f66261-6fa3-492e-aaf5-d5c2b49c56e2","block_type":"box","text":"income debt securities (“QUIDS","page_number":129,"box":{"x":117,"y":428,"width":234,"height":12}},{"id":"29164fa7-c2ea-4c49-92cf-f7838fec6daa","block_type":"box","text":"®","page_number":129,"box":{"x":352,"y":427,"width":10,"height":7}},{"id":"e8294559-4ee5-4d4c-bc9e-3ed4de57896c","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":129,"box":{"x":362,"y":428,"width":361,"height":12}},{"id":"60087686-6f74-4670-9493-aa98425a63e8","block_type":"box","text":"SM","page_number":129,"box":{"x":724,"y":428,"width":16,"height":6}},{"id":"d448c6df-0265-43e9-8b20-b3370db7969a","block_type":"box","text":"”); corporate trust","page_number":129,"box":{"x":741,"y":428,"width":133,"height":12}},{"id":"d9f2782d-819a-4752-82b2-28a7bfdf7040","block_type":"box","text":"securities (“CORTS","page_number":129,"box":{"x":116,"y":444,"width":145,"height":12}},{"id":"bcd35f86-4d2b-4ffe-9c37-4f3071d072a8","block_type":"box","text":"®","page_number":129,"box":{"x":262,"y":443,"width":9,"height":7}},{"id":"11767ae9-ab5b-4c16-bdcf-013fcc4ee254","block_type":"box","text":"”); public income notes (“PINES","page_number":129,"box":{"x":271,"y":444,"width":235,"height":12}},{"id":"959226f0-7b55-452e-a1b1-311e2d818fe6","block_type":"box","text":"®","page_number":129,"box":{"x":507,"y":443,"width":9,"height":7}},{"id":"0213e06b-6697-4990-a039-a13d2af4e0ea","block_type":"box","text":"”); and other trust preferred securities.","page_number":129,"box":{"x":517,"y":444,"width":287,"height":12}},{"id":"2a6f9163-032c-4eb8-9196-00a6aa466f06","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in","page_number":129,"box":{"x":116,"y":475,"width":766,"height":12}},{"id":"92a6fe54-0204-4348-809b-3460903a64fe","block_type":"box","text":"nature. In certain instances, a final maturity date may be extended and/or the final payment of principal","page_number":129,"box":{"x":117,"y":490,"width":767,"height":12}},{"id":"c689ce1b-6b23-455b-a351-c4fec643927e","block_type":"box","text":"may be deferred at the issuer’s option for a specified time without default. No redemption can typically","page_number":129,"box":{"x":117,"y":506,"width":760,"height":12}},{"id":"3e890824-2df1-4a90-8502-b41d3c73a8e8","block_type":"box","text":"take place unless all cumulative payment obligations have been met, although issuers may be able to","page_number":129,"box":{"x":116,"y":521,"width":758,"height":12}},{"id":"d6f8f2a5-7e50-4473-a79f-29275317d624","block_type":"box","text":"engage in open-market repurchases without regard to whether all payments have been paid.","page_number":129,"box":{"x":116,"y":537,"width":693,"height":12}},{"id":"32f4ce63-fac2-431a-b038-caa505a7ebc3","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by","page_number":129,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"f5460618-0cdd-4401-b8db-8e3db4b29ec7","block_type":"box","text":"operating companies and are not a direct obligation of an operating company. At the time the trust or","page_number":129,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"e5c19100-7298-4c0b-85fa-e990a772097b","block_type":"box","text":"special purpose entity sells such preferred securities to investors, it purchases debt of the operating","page_number":129,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"1a521a22-29ac-48ac-99da-4348ef91f926","block_type":"box","text":"company (with terms comparable to those of the trust or special purpose entity securities), which","page_number":129,"box":{"x":116,"y":614,"width":722,"height":12}},{"id":"76c5c25c-6721-458e-97c3-947067d090eb","block_type":"box","text":"enables the operating company to deduct for tax purposes the interest paid on the debt held by the","page_number":129,"box":{"x":116,"y":630,"width":739,"height":12}},{"id":"48ff12df-6153-41f5-8a11-4182a6a53a8e","block_type":"box","text":"trust or special purpose entity. The trust or special purpose entity is generally required to be treated as","page_number":129,"box":{"x":116,"y":645,"width":765,"height":12}},{"id":"2e2ab1da-1cd0-4b13-b0ba-f372b679f04f","block_type":"box","text":"transparent for U.S. federal income tax purposes such that the holders of the trust preferred securities","page_number":129,"box":{"x":116,"y":661,"width":757,"height":12}},{"id":"20be1789-b036-4994-96f7-7250c95b6e95","block_type":"box","text":"are treated as owning beneficial interests in the underlying debt of the operating company. Accordingly,","page_number":129,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"6a4453cb-cf8b-478e-b145-4716019564f4","block_type":"box","text":"payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":129,"box":{"x":117,"y":692,"width":757,"height":12}},{"id":"d6e76570-6932-4138-9a5e-92e68012110b","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating","page_number":129,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"aa29322c-6158-455b-9f4f-9877e1625b68","block_type":"box","text":"company’s debt and would have priority with respect to the operating company’s earnings and profits","page_number":129,"box":{"x":116,"y":723,"width":748,"height":12}},{"id":"8314e5bc-3f2d-4ed2-9000-a9564313c7c6","block_type":"box","text":"over the operating company’s common shareholders but would typically be subordinated to other","page_number":129,"box":{"x":116,"y":738,"width":720,"height":12}},{"id":"2d6712ba-3223-48ac-ab05-9dee381ef01f","block_type":"box","text":"classes of the operating company’s debt. Typically, a preferred share has a rating that is slightly below","page_number":129,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"923aef23-da8e-475f-8332-e34dd8f1d119","block_type":"box","text":"that of its corresponding operating company’s senior debt securities.","page_number":129,"box":{"x":116,"y":769,"width":506,"height":12}},{"id":"a3faf889-3c24-4467-bb1b-e59f48f6df45","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":129,"box":{"x":116,"y":800,"width":324,"height":12}},{"id":"0c8bed9a-3ffa-4cfe-9e30-fa9831fbe177","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in","page_number":129,"box":{"x":448,"y":800,"width":417,"height":12}},{"id":"3fe32d8a-dca2-4359-a8ce-38a7bb53cb87","block_type":"box","text":"shares of REITs. REITs possess certain risks which differ from an investment in common stocks.","page_number":129,"box":{"x":116,"y":816,"width":718,"height":12}},{"id":"55ea2b56-d9cc-4aad-90bd-902dbc3c5ef5","block_type":"box","text":"REITs are financial vehicles that pool investor’s capital to purchase or finance real estate. REITs may","page_number":129,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"7948ae09-b009-4fde-a946-cbc0252b9b70","block_type":"box","text":"concentrate their investments in specific geographic areas or in specific property types,","page_number":129,"box":{"x":116,"y":847,"width":652,"height":12}},{"id":"2d032423-a422-4def-82dd-a9226c8e3d81","block_type":"box","text":"i.e.","page_number":129,"box":{"x":768,"y":847,"width":21,"height":9}},{"id":"94c484f2-93b0-42a3-b8df-8a2a56e718fc","block_type":"box","text":", hotels,","page_number":129,"box":{"x":792,"y":847,"width":62,"height":11}},{"id":"04553d7c-faeb-4fae-b92c-be093f9d7133","block_type":"box","text":"shopping malls, residential complexes and office buildings.","page_number":129,"box":{"x":116,"y":862,"width":441,"height":12}},{"id":"371386c5-b5e7-4d38-92cd-d7d04aaf8461","block_type":"box","text":"II-84","page_number":129,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d855d1ad-8a28-4972-b13f-d587f2f01e5d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":129,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"547f3b19-19c6-493a-912f-d2600c8d11cf","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will","page_number":130,"box":{"x":117,"y":87,"width":752,"height":12}},{"id":"0c9f3ca9-a70d-42a7-92e3-8072a488b722","block_type":"box","text":"bear its proportionate share of the costs of the REITs’ operations. There are three general categories","page_number":130,"box":{"x":117,"y":102,"width":754,"height":13}},{"id":"60936c38-3985-407b-86a1-883bda129db9","block_type":"box","text":"of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee","page_number":130,"box":{"x":116,"y":118,"width":763,"height":12}},{"id":"65d24611-4ad3-4cd1-8e88-d5ade3b900ca","block_type":"box","text":"ownership or leasehold ownership of real property, which derive most of their income from rents.","page_number":130,"box":{"x":116,"y":134,"width":721,"height":12}},{"id":"12b71b47-de4c-4eda-839c-15bf6bc727f1","block_type":"box","text":"Mortgage REITs invest mostly in mortgages on real estate, which may secure construction,","page_number":130,"box":{"x":117,"y":149,"width":681,"height":12}},{"id":"ac3cb1d5-43c9-4c76-beda-4f9ec43f7d1a","block_type":"box","text":"development or long-term loans; the main source of their income is mortgage interest payments.","page_number":130,"box":{"x":116,"y":165,"width":720,"height":12}},{"id":"733af0b3-b986-47b5-8c13-8718d55ff615","block_type":"box","text":"Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":130,"box":{"x":117,"y":180,"width":541,"height":12}},{"id":"6dcceaee-88a6-4805-9147-870ec924b134","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in","page_number":130,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"1116d1c9-f09e-4667-b77a-37cd2a920f22","block_type":"box","text":"the real estate industry in general. The market value of REIT shares and the ability of the REITs to","page_number":130,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"1c34ea44-b495-4a9b-9751-df4b5dd368c6","block_type":"box","text":"distribute income may be adversely affected by several factors, including rising interest rates, changes","page_number":130,"box":{"x":116,"y":242,"width":765,"height":12}},{"id":"f70d66b0-0eb4-4017-8c6f-72693e4994ba","block_type":"box","text":"in the national, state and local economic climate and real estate conditions, occupancy and rental","page_number":130,"box":{"x":117,"y":258,"width":727,"height":12}},{"id":"d88dac3a-98b1-47c8-82df-317ee1027587","block_type":"box","text":"rates, perceptions of prospective tenants of the safety, convenience and attractiveness of the","page_number":130,"box":{"x":117,"y":273,"width":695,"height":12}},{"id":"c5ea0355-3788-41ef-8b47-6b0b1666f53d","block_type":"box","text":"properties, the ability of the owners to provide adequate management, maintenance and insurance, the","page_number":130,"box":{"x":117,"y":289,"width":770,"height":12}},{"id":"4df93705-1e46-4313-82dc-1b1619bd9383","block_type":"box","text":"cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":130,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"39891b1a-af1f-40c2-96f0-d159ed6d323c","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws,","page_number":130,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"c1bb9f1e-1fd3-47e0-9bb1-6f84682e04e8","block_type":"box","text":"failing to maintain their exemptions from registration under the Investment Company Act, changes in","page_number":130,"box":{"x":116,"y":335,"width":749,"height":12}},{"id":"d5f1ce5d-b0ea-40bb-ae9c-9aa65ea351b0","block_type":"box","text":"real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal","page_number":130,"box":{"x":117,"y":351,"width":733,"height":12}},{"id":"9c6cc73b-c636-4edc-afc3-d8d062599602","block_type":"box","text":"policies, adverse changes in zoning laws and other factors beyond the control of the issuers of the","page_number":130,"box":{"x":117,"y":366,"width":733,"height":12}},{"id":"c94af2c5-ac68-4acf-a739-913c7581e8fb","block_type":"box","text":"REITs. To the extent that assets underlying a REIT are concentrated geographically, by property type,","page_number":130,"box":{"x":117,"y":382,"width":762,"height":12}},{"id":"91b1949b-f311-4ff0-ae1b-d086ee861895","block_type":"box","text":"or in certain other respects, these risks may be heightened.","page_number":130,"box":{"x":116,"y":397,"width":446,"height":12}},{"id":"4f982a38-e234-4d04-808c-fcbf4062099f","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or","page_number":130,"box":{"x":117,"y":428,"width":761,"height":12}},{"id":"fbb6d918-aae0-4a9e-9193-1aaf3d99e87c","block_type":"box","text":"return of capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating","page_number":130,"box":{"x":117,"y":444,"width":760,"height":12}},{"id":"18255d4a-2622-419b-9605-abf06ef875b3","block_type":"box","text":"companies, to the extent application of the Fund’s investment strategy results in the Fund investing in","page_number":130,"box":{"x":116,"y":459,"width":758,"height":12}},{"id":"fffc1cbd-9d3a-44ca-95d8-9c44cfb0c54b","block_type":"box","text":"REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":130,"box":{"x":117,"y":475,"width":722,"height":12}},{"id":"d4648d37-461c-422f-b8af-fa8af3bcdf64","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT","page_number":130,"box":{"x":116,"y":490,"width":723,"height":12}},{"id":"7f3fa45e-3fb0-4b88-aa27-94554a8f4e1d","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as","page_number":130,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"d0d66d7d-e6cc-446b-805c-698574910522","block_type":"box","text":"ordinary income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer","page_number":130,"box":{"x":116,"y":521,"width":768,"height":12}},{"id":"f43ea860-1938-4749-97a1-fa84d5d43ac7","block_type":"box","text":"who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for ordinary","page_number":130,"box":{"x":116,"y":537,"width":757,"height":12}},{"id":"a9b5dcdc-de29-46b4-bdf6-c71369494689","block_type":"box","text":"REIT dividends, and a regulated investment company may report dividends as eligible for this","page_number":130,"box":{"x":117,"y":552,"width":698,"height":12}},{"id":"6d57632b-9d2f-4548-ac04-fe273d5bfe61","block_type":"box","text":"deduction to the extent the regulated investment company’s income is derived from ordinary REIT","page_number":130,"box":{"x":116,"y":568,"width":731,"height":12}},{"id":"dc664034-2725-4cbb-87c4-101c8a3932d1","block_type":"box","text":"dividends (reduced by allocable regulated investment company expenses). A shareholder may treat","page_number":130,"box":{"x":116,"y":583,"width":745,"height":12}},{"id":"f46da2d1-eab8-44d3-8922-7a266e5d153f","block_type":"box","text":"the dividends as such provided the regulated investment company and the shareholder satisfy","page_number":130,"box":{"x":116,"y":599,"width":704,"height":12}},{"id":"5e20cf10-2ddc-4faf-93be-d28e8de7cb9c","block_type":"box","text":"applicable holding period requirements.","page_number":130,"box":{"x":116,"y":614,"width":298,"height":12}},{"id":"1263815c-223a-452b-8ccc-01b10db2f0c9","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may","page_number":130,"box":{"x":117,"y":645,"width":728,"height":12}},{"id":"c7d0246c-9abf-4f5f-ad0c-a07eceb0efcf","block_type":"box","text":"cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the","page_number":130,"box":{"x":116,"y":661,"width":720,"height":12}},{"id":"97f2204c-36ef-4082-b146-d25a0e06cf9d","block_type":"box","text":"market price of the equity securities issued by a REIT. Rising interest rates also generally increase the","page_number":130,"box":{"x":117,"y":676,"width":759,"height":12}},{"id":"463256e0-5678-425a-bfab-174e49151850","block_type":"box","text":"costs of obtaining financing, which could cause the value of a Fund’s REIT investments to decline.","page_number":130,"box":{"x":116,"y":692,"width":728,"height":12}},{"id":"c5614694-17f4-4d35-a872-58e61684ef56","block_type":"box","text":"During periods when interest rates are declining, mortgages are often refinanced. Refinancing may","page_number":130,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"3daa9afa-3720-4bc2-99f4-ee519512cc1e","block_type":"box","text":"reduce the yield on investments in mortgage REITs. In addition, since REITs depend on payment","page_number":130,"box":{"x":117,"y":723,"width":721,"height":12}},{"id":"0ca23df6-959e-4702-aa84-f068c4037205","block_type":"box","text":"under their mortgage loans and leases to generate cash to make distributions to their shareholders,","page_number":130,"box":{"x":117,"y":738,"width":737,"height":12}},{"id":"3f8df2af-ee7e-4f6e-8ee2-6a1a5a92b336","block_type":"box","text":"investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":130,"box":{"x":117,"y":754,"width":706,"height":12}},{"id":"74aa145f-ef4b-457c-956a-ce6bff2cc3da","block_type":"box","text":"Investing in certain REITs, which often have small mark","page_number":130,"box":{"x":117,"y":785,"width":403,"height":12}},{"id":"a300fb47-46f8-46ff-a4f9-6594e97bb385","block_type":"box","text":"et capitalizations, may also involve the same risks","page_number":130,"box":{"x":521,"y":785,"width":361,"height":12}},{"id":"0abb37fe-ab42-4469-a14e-8ae8507cfebc","block_type":"box","text":"as investing in other small capitalization compani","page_number":130,"box":{"x":116,"y":800,"width":354,"height":12}},{"id":"52aed6c0-65f7-46de-b066-feb102eb43a6","block_type":"box","text":"es. REITs may have limited financial resources and their","page_number":130,"box":{"x":472,"y":800,"width":410,"height":12}},{"id":"895fb92c-b6ec-4f76-96b7-2fb5f5bd3373","block_type":"box","text":"securities may trade less frequently and in limited volu","page_number":130,"box":{"x":116,"y":816,"width":393,"height":12}},{"id":"5ddc9a60-cb72-40d4-a690-33575bb8b7a9","block_type":"box","text":"me and may be subject to more abrupt or erratic","page_number":130,"box":{"x":511,"y":816,"width":350,"height":12}},{"id":"9c14a110-6c52-4c89-a0d4-3efc28e55206","block_type":"box","text":"price movements than larger company securities. Histo","page_number":130,"box":{"x":117,"y":831,"width":399,"height":12}},{"id":"73244c43-b41f-4481-83a6-de12824df218","block_type":"box","text":"rically, small capitalization stocks, such as REITs,","page_number":130,"box":{"x":518,"y":831,"width":364,"height":12}},{"id":"40f9be5a-5101-41d3-86b2-6782a3810058","block_type":"box","text":"have been more volatile in price than the larger c","page_number":130,"box":{"x":117,"y":847,"width":354,"height":12}},{"id":"45d5d017-3702-4646-b468-54446c38118b","block_type":"box","text":"apitalization stocks such as those included in the S&P","page_number":130,"box":{"x":472,"y":847,"width":396,"height":12}},{"id":"273b3c6a-3c91-42d6-9473-b0f155573ad9","block_type":"box","text":"500 Index. The management of a REIT may be subject to","page_number":130,"box":{"x":116,"y":862,"width":423,"height":12}},{"id":"7092a3b4-aa08-468d-8a2b-c74a424da944","block_type":"box","text":"conflicts of interest with respect to the","page_number":130,"box":{"x":540,"y":862,"width":278,"height":12}},{"id":"737606c1-7f17-49c1-8a3f-125c2d180e9e","block_type":"box","text":"operation of the business of the REIT and may be involved","page_number":130,"box":{"x":116,"y":878,"width":432,"height":12}},{"id":"3b1cbaef-ceed-41d0-a6d8-905bff430f4a","block_type":"box","text":"in real estate activities competitive with the","page_number":130,"box":{"x":549,"y":878,"width":314,"height":12}},{"id":"1084261f-fb67-47ac-9a75-d8f570c409fb","block_type":"box","text":"II-85","page_number":130,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b7d6d292-bbbe-4ce2-912b-11db2d10fa8f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":130,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"061b3258-e5b4-4332-8ff2-e239b6d55fa7","block_type":"box","text":"REIT. REITs may own properties through joint ventures","page_number":131,"box":{"x":117,"y":87,"width":407,"height":12}},{"id":"fa0438cd-fee1-4bbf-9190-db67633f9bd8","block_type":"box","text":"or in other circumstances in which the REIT may","page_number":131,"box":{"x":525,"y":87,"width":357,"height":12}},{"id":"e7e368a3-e1f2-4487-8abe-166f8ea01798","block_type":"box","text":"not have control over its investments. REITs","page_number":131,"box":{"x":117,"y":103,"width":320,"height":9}},{"id":"a22b952c-0dce-4786-9230-290408107967","block_type":"box","text":"may incur significant amounts of leverage.","page_number":131,"box":{"x":438,"y":102,"width":316,"height":13}},{"id":"d3f466d0-f1df-475e-baf6-e04bd01ac72b","block_type":"box","text":"Market Risks/Recent Market Events","page_number":131,"box":{"x":116,"y":134,"width":283,"height":9}},{"id":"3fdd1c23-7a34-4bc2-b19d-f2eec7103c85","block_type":"box","text":". Securities may decline in value due to factors affecting","page_number":131,"box":{"x":401,"y":134,"width":418,"height":12}},{"id":"6c391102-20c3-4a6f-94fa-4fdddf254abe","block_type":"box","text":"securities markets generally or particular industries represented in the markets. The value of a security","page_number":131,"box":{"x":116,"y":149,"width":767,"height":12}},{"id":"14e147f7-4d2e-48e8-86ee-a30a0ae386d7","block_type":"box","text":"may decline due to general market conditions, economic trends or events that are not specifically","page_number":131,"box":{"x":117,"y":165,"width":725,"height":12}},{"id":"c7297e4c-e96a-415d-a242-b79796366f71","block_type":"box","text":"related to a company or to factors that affect a particular industry or industries, or factors that affect a","page_number":131,"box":{"x":117,"y":180,"width":754,"height":12}},{"id":"02eedc49-a3e7-4054-bdd6-01e488c03346","block_type":"box","text":"particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of","page_number":131,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"8b210415-03e5-48d6-bf96-593bdcaaeb83","block_type":"box","text":"industries, sector or asset class. The success of a Fund’s activities could be affected by interest rates,","page_number":131,"box":{"x":117,"y":211,"width":761,"height":12}},{"id":"fe1b97fe-0efe-4fcb-816e-c41a4d859520","block_type":"box","text":"availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, economic","page_number":131,"box":{"x":116,"y":227,"width":744,"height":12}},{"id":"d1d8857b-d7ba-4414-b9df-b5fa4899f79a","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of","page_number":131,"box":{"x":116,"y":242,"width":714,"height":12}},{"id":"03e8dd81-9c5a-4502-bc96-fc9569dc19b8","block_type":"box","text":"terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":131,"box":{"x":116,"y":258,"width":744,"height":11}},{"id":"95e48ee3-2675-41d3-8a6d-51efd6f4d4eb","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments.","page_number":131,"box":{"x":117,"y":273,"width":730,"height":12}},{"id":"ae1423a7-7b38-43b8-9277-469db3ff30af","block_type":"box","text":"During a general economic downturn in the securities markets, multiple asset classes may be","page_number":131,"box":{"x":117,"y":289,"width":698,"height":12}},{"id":"f4117152-b672-489e-b0d2-47d4aa8e7042","block_type":"box","text":"negatively affected. These factors may affect the level and volatility of securities prices and the liquidity","page_number":131,"box":{"x":117,"y":304,"width":768,"height":12}},{"id":"cfde244f-9481-4d77-ad06-2dfe43ee288a","block_type":"box","text":"of a Fund’s investments, which could impair the Fund’s profitability or result in losses. A Fund may","page_number":131,"box":{"x":116,"y":320,"width":734,"height":12}},{"id":"b2e36a0c-6915-47bd-9252-3b72173eedd8","block_type":"box","text":"maintain substantial trading positions that can be adversely affected by the level of volatility in the","page_number":131,"box":{"x":117,"y":335,"width":728,"height":12}},{"id":"784f3ac7-2901-4e44-aadd-362320f54bd3","block_type":"box","text":"financial markets; the larger the positions, the greater the potential for loss. Unpredictable or unstable","page_number":131,"box":{"x":116,"y":351,"width":758,"height":12}},{"id":"34700d3c-1725-4175-a449-60d35a264711","block_type":"box","text":"market conditions may result in reduced opportunities to find suitable investments to deploy capital or","page_number":131,"box":{"x":117,"y":366,"width":756,"height":12}},{"id":"bc96ce8b-6000-42fc-ac07-fb398e992f49","block_type":"box","text":"make it more difficult to exit and realize value","page_number":131,"box":{"x":117,"y":382,"width":339,"height":9}},{"id":"9528c49a-e30d-4a77-86df-a61cab3ab2e1","block_type":"box","text":"from a Fund’s existing investments. It is important to","page_number":131,"box":{"x":456,"y":382,"width":394,"height":12}},{"id":"fdbe3620-ba1f-4bb6-87ec-0c13d72e1e3b","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions","page_number":131,"box":{"x":117,"y":397,"width":754,"height":12}},{"id":"94e4f6e7-bde2-4257-ba37-1e26b382f439","block_type":"box","text":"and there can be no assurance that a Fund will not suffer material adverse effects from broad and","page_number":131,"box":{"x":116,"y":413,"width":732,"height":9}},{"id":"2c4a08b7-d487-4839-ac10-bd1c73b12649","block_type":"box","text":"rapid changes in market conditions.","page_number":131,"box":{"x":117,"y":428,"width":268,"height":12}},{"id":"55c65a84-d806-4541-9d10-4e3dba7f9f66","block_type":"box","text":"Periods of unusually high volatility in the financial","page_number":131,"box":{"x":117,"y":459,"width":359,"height":12}},{"id":"a991bee8-d65f-4eae-b256-fc3d8fd754df","block_type":"box","text":"markets and restrictive credit conditions, sometimes","page_number":131,"box":{"x":477,"y":459,"width":381,"height":11}},{"id":"daf81aeb-c41a-4469-9758-384b64817567","block_type":"box","text":"limited to a particular sector or a geography, can o","page_number":131,"box":{"x":117,"y":475,"width":364,"height":12}},{"id":"16f34cc5-4e3c-439e-b29e-29d3bb6bcdee","block_type":"box","text":"ccur. Some countries, including the United States,","page_number":131,"box":{"x":482,"y":475,"width":368,"height":12}},{"id":"987aa3ce-ea59-4f6e-a13d-ce9e6f7188ae","block_type":"box","text":"have adopted and/or are considering the adoption of more","page_number":131,"box":{"x":117,"y":490,"width":422,"height":12}},{"id":"61f2f1b6-84e1-4fdb-ad06-d8417f5cb7ac","block_type":"box","text":"protectionist trade policies, a move away from","page_number":131,"box":{"x":539,"y":490,"width":344,"height":12}},{"id":"1b35e81a-7a39-4b09-bfcb-7194916c1551","block_type":"box","text":"the tighter financial industry regulations that follow","page_number":131,"box":{"x":116,"y":506,"width":363,"height":12}},{"id":"584fee35-f4e7-4928-9196-399cdd094199","block_type":"box","text":"ed the financial crisis of","page_number":131,"box":{"x":480,"y":506,"width":174,"height":9}},{"id":"f3e2e711-7ce8-42fa-9f10-9e45112e1bf7","block_type":"box","text":"2008, and/or substantially","page_number":131,"box":{"x":654,"y":506,"width":192,"height":12}},{"id":"9f0fef39-a8de-4fa0-9144-1ff0a9710c8c","block_type":"box","text":"reducing corporate taxes. The exact shape of these","page_number":131,"box":{"x":117,"y":521,"width":379,"height":12}},{"id":"42a886c5-6bac-4fc9-b271-48358a8fbc6e","block_type":"box","text":"policies is still being considered, but the equity and","page_number":131,"box":{"x":497,"y":521,"width":372,"height":12}},{"id":"ecc5b5c3-9df8-4629-9909-a47059fc5da1","block_type":"box","text":"debt markets may react strongly to expectations of c","page_number":131,"box":{"x":116,"y":537,"width":381,"height":12}},{"id":"30d272ed-379d-4e5c-9c66-0e9a8d7c6013","block_type":"box","text":"hange, which could increase volatility, especially if","page_number":131,"box":{"x":498,"y":537,"width":367,"height":12}},{"id":"37a8b7fe-d2e1-4917-a88a-7b05e00ecac1","block_type":"box","text":"the market’s expectations are not borne out. A rise in","page_number":131,"box":{"x":116,"y":552,"width":384,"height":12}},{"id":"7b66fe69-326e-4633-80da-279d8defa62e","block_type":"box","text":"protectionist trade policies, and the possibility of","page_number":131,"box":{"x":501,"y":552,"width":357,"height":12}},{"id":"a4284b5c-ba25-4cfb-bc12-34b0a6c03530","block_type":"box","text":"changes to some international trade agreements, coul","page_number":131,"box":{"x":116,"y":568,"width":392,"height":12}},{"id":"2f4ec839-67ad-42ae-8bb5-48f6c1504594","block_type":"box","text":"d affect the economies of many nations in ways","page_number":131,"box":{"x":509,"y":568,"width":350,"height":12}},{"id":"d528c154-db80-4a94-9490-496c434bbfef","block_type":"box","text":"that cannot necessarily be foreseen at the present","page_number":131,"box":{"x":116,"y":583,"width":370,"height":12}},{"id":"e1108bc5-4f74-497a-8ee8-fe1f84a7ce8b","block_type":"box","text":"time. In addition, geopolitical and other risks, including","page_number":131,"box":{"x":486,"y":583,"width":398,"height":12}},{"id":"44dd50d8-4af5-4ea4-bcc4-7a256b39024f","block_type":"box","text":"environmental and public health, may add to instability in world economies and markets generally.","page_number":131,"box":{"x":116,"y":599,"width":716,"height":12}},{"id":"e4f4947c-437d-411a-8436-854a08aa681c","block_type":"box","text":"Economies and financial markets throughout the world","page_number":131,"box":{"x":117,"y":614,"width":400,"height":12}},{"id":"a795111b-3d70-4d88-9d46-21fa81a185c8","block_type":"box","text":"are increasingly interconnected. As a result,","page_number":131,"box":{"x":517,"y":614,"width":323,"height":12}},{"id":"f8ef8d80-d34f-4a8e-80ac-8db7da96dabd","block_type":"box","text":"whether or not a Fund invests in securities of issuers","page_number":131,"box":{"x":116,"y":630,"width":388,"height":9}},{"id":"ed7f3807-90fe-46be-a150-a6fb975736c1","block_type":"box","text":"located in or with significant exposure to countries","page_number":131,"box":{"x":504,"y":630,"width":367,"height":12}},{"id":"b4a109d0-ce76-4b05-8bdc-5b662108077e","block_type":"box","text":"experiencing economic, political and/or financial di","page_number":131,"box":{"x":116,"y":645,"width":364,"height":12}},{"id":"93d48fa5-8f6c-4b67-89aa-19883f67b0c4","block_type":"box","text":"fficulties, the value and liquidity of the Fund’s","page_number":131,"box":{"x":481,"y":645,"width":330,"height":12}},{"id":"b055b4af-7ae4-4dbb-9a4d-e567bababe4c","block_type":"box","text":"investments may be negatively affected by such events.","page_number":131,"box":{"x":117,"y":661,"width":405,"height":12}},{"id":"5fa1e973-be8a-45c4-91cd-9f6164b84754","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments","page_number":131,"box":{"x":117,"y":692,"width":757,"height":12}},{"id":"dbcc00a6-8e12-461d-b5b5-f247d053513c","block_type":"box","text":"in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future","page_number":131,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"68c709c0-6770-49f9-a23c-f18c5ebc7850","block_type":"box","text":"legislation or regulation or other governmental actions could limit or preclude the Fund’s abilities to","page_number":131,"box":{"x":117,"y":723,"width":729,"height":12}},{"id":"50da3299-98e2-421b-b6d1-1af28ed57431","block_type":"box","text":"achieve its investment objectives or otherwise adversely impact an investment in the Fund. Recent","page_number":131,"box":{"x":116,"y":738,"width":733,"height":12}},{"id":"2b40507d-df60-4d25-adec-1003e0382e9a","block_type":"box","text":"policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":131,"box":{"x":117,"y":754,"width":764,"height":12}},{"id":"56597539-a6e9-4812-9941-f17a195ce247","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and","page_number":131,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"b7ea219c-07fe-4aa2-9f55-bedaf4d5d4eb","block_type":"box","text":"instability in domestic and global markets, and could adversely affect the investment performance of","page_number":131,"box":{"x":117,"y":785,"width":742,"height":12}},{"id":"de1cbc21-e4de-42d8-bdb1-36dec37c5c3e","block_type":"box","text":"the Fund. In particular, actions taken by the U.S. government in respect of international trade relations","page_number":131,"box":{"x":116,"y":800,"width":757,"height":12}},{"id":"b1541ed3-cfaf-4ad4-8786-eefc0a46ec2b","block_type":"box","text":"could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":131,"box":{"x":116,"y":816,"width":734,"height":12}},{"id":"186b39db-ce02-4346-b961-ca6ecf0885d1","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events","page_number":131,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"3b510166-2a38-4ca5-8e85-7f2cd096e1bd","block_type":"box","text":"within the United States, including a contentious domestic political environment, changes in political","page_number":131,"box":{"x":116,"y":847,"width":743,"height":12}},{"id":"aace5975-1294-4bc6-bad8-f686b2b1564b","block_type":"box","text":"party control of one or more branches of the U.S. Government, the U.S. Government’s inability at times","page_number":131,"box":{"x":117,"y":862,"width":770,"height":12}},{"id":"4b4577d5-a210-4cb1-beb6-a3f378ddef37","block_type":"box","text":"to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown,","page_number":131,"box":{"x":116,"y":878,"width":757,"height":12}},{"id":"cfec762c-c8ce-4a39-868c-e149b731cb60","block_type":"box","text":"II-86","page_number":131,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c85573d9-7fd6-46f4-a5df-434e45d2793a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":131,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fa503e8f-ae7b-4128-b648-7c71deeb2e29","block_type":"box","text":"and disagreements over, or threats not to increase, the U.S. Government’s borrowing limit (or “debt","page_number":132,"box":{"x":116,"y":87,"width":742,"height":12}},{"id":"d26908ed-9351-4935-8d3f-053f1ad829f4","block_type":"box","text":"ceiling”), as well as political and diplomatic events abroad, may affect investor and consumer","page_number":132,"box":{"x":116,"y":102,"width":694,"height":13}},{"id":"b732e523-bdab-4488-82b9-a229f3168413","block_type":"box","text":"confidence and may adversely impact financial markets and the broader economy, perhaps suddenly","page_number":132,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"39306241-8cd8-402c-82ab-6ee376cde370","block_type":"box","text":"and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or","page_number":132,"box":{"x":116,"y":134,"width":713,"height":12}},{"id":"ad529df2-2db5-4a09-a268-f1c0ca58c77c","block_type":"box","text":"concerns about the U.S. Government’s credit quality in general, could have a substantial negative","page_number":132,"box":{"x":116,"y":149,"width":730,"height":12}},{"id":"1685e2d0-eb2a-47fc-abb0-55312a159dc1","block_type":"box","text":"effect on the U.S. and global economies. For example, concerns about the U.S. Government’s credit","page_number":132,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"43a49fe2-4646-4b97-ae7c-c194354a2a05","block_type":"box","text":"quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced","page_number":132,"box":{"x":116,"y":180,"width":739,"height":12}},{"id":"8f96ee80-4905-4b8d-8b85-e19bc3c063f8","block_type":"box","text":"prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt.","page_number":132,"box":{"x":117,"y":196,"width":706,"height":12}},{"id":"8065e6e9-5197-4824-bcb4-57d73d693a19","block_type":"box","text":"Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility","page_number":132,"box":{"x":117,"y":211,"width":766,"height":12}},{"id":"e83aac3e-49f9-4fba-825a-2273828f9b96","block_type":"box","text":"that the United States could default on its obligations. The consequences of such an unprecedented","page_number":132,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"681311b8-5a75-4d29-8ae2-70c9ceefd5e8","block_type":"box","text":"event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":132,"box":{"x":116,"y":242,"width":716,"height":12}},{"id":"cf6220bf-9066-4768-a670-f284d88e466f","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the","page_number":132,"box":{"x":116,"y":258,"width":723,"height":12}},{"id":"706b9adc-3af1-4472-99aa-ca1edc089fc5","block_type":"box","text":"Fund’s investments.","page_number":132,"box":{"x":117,"y":273,"width":153,"height":10}},{"id":"0d1f34f5-a2e3-42c2-b524-4d21655befb6","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures,","page_number":132,"box":{"x":116,"y":300,"width":761,"height":12}},{"id":"7011941a-b246-4ea4-a283-d205f966429d","block_type":"box","text":"declines in global financial markets, higher default rates, supply chain disruptions, and a substantial","page_number":132,"box":{"x":116,"y":316,"width":743,"height":12}},{"id":"ef4b57a5-7c11-4ae3-900b-c06e49904022","block_type":"box","text":"economic downturn in economies throughout the world. The impact of this coronavirus, and other","page_number":132,"box":{"x":116,"y":331,"width":727,"height":12}},{"id":"3e71a4f9-fe85-4486-b5cd-015f5710fd45","block_type":"box","text":"epidemics and pandemics that may arise in the future, could affect the economies of many nations,","page_number":132,"box":{"x":116,"y":347,"width":741,"height":12}},{"id":"36c830bb-d4d2-42b9-88ca-07422fdf393a","block_type":"box","text":"individual companies and the market in general in ways that cannot necessarily be foreseen at the","page_number":132,"box":{"x":117,"y":362,"width":733,"height":12}},{"id":"fe46428b-6d3b-4bfa-b948-645a22784f59","block_type":"box","text":"present time. These health crises may be short term or long term, and may exacerbate other pre","page_number":132,"box":{"x":117,"y":378,"width":721,"height":12}},{"id":"bc5ff189-d4c2-4845-a568-3fc7deaff4f4","block_type":"box","text":"existing political, social and economic risks, disrupt normal market conditions and operations, and","page_number":132,"box":{"x":116,"y":393,"width":729,"height":12}},{"id":"6cac3103-bc36-4fab-af8b-52114ed9f3a4","block_type":"box","text":"negatively impact performance. In addition, the impact of infectious diseases in emerging developing or","page_number":132,"box":{"x":117,"y":409,"width":771,"height":12}},{"id":"c7ac5f5e-6715-4374-aa59-087b1bd2433b","block_type":"box","text":"emerging market countries may be greater due to less established health care systems.","page_number":132,"box":{"x":116,"y":424,"width":657,"height":12}},{"id":"c8c932d7-4807-4bc6-8cd4-b53e23a75c9f","block_type":"box","text":"Legal and Regulatory Risks","page_number":132,"box":{"x":116,"y":451,"width":205,"height":12}},{"id":"596c7ef1-18e6-458b-8e57-44dd9b16bbc5","block_type":"box","text":". The Manager is part of a larger firm with multiple business lines active in","page_number":132,"box":{"x":323,"y":451,"width":550,"height":12}},{"id":"0e3ede94-67d2-4efd-8e59-78064dd45f03","block_type":"box","text":"multiple jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some","page_number":132,"box":{"x":117,"y":467,"width":753,"height":12}},{"id":"6167d1c2-a32b-420b-bae0-6b2e04daffa8","block_type":"box","text":"of which are new and evolving. As a result, the Funds and the Manager and its affiliates are subject to","page_number":132,"box":{"x":116,"y":482,"width":761,"height":12}},{"id":"c854659f-9f7d-4b05-983c-9543c67d128c","block_type":"box","text":"extensive and sophisticated legal, tax and regulatory risks, including changing laws and regulations,","page_number":132,"box":{"x":116,"y":498,"width":746,"height":12}},{"id":"efc03047-e18c-4418-ada6-3976f0b6777f","block_type":"box","text":"developing interpretations of such laws and regulations, as well as existing laws, and increased","page_number":132,"box":{"x":116,"y":513,"width":712,"height":12}},{"id":"8c271f16-10ba-45ba-896f-f280ec8285aa","block_type":"box","text":"scrutiny by regulators and law enforcement authorities. Unexpected economic, political, regulatory and","page_number":132,"box":{"x":116,"y":529,"width":766,"height":12}},{"id":"51a21680-c3f9-4a23-b835-485c834bdbfb","block_type":"box","text":"diplomatic events within the United States and abroad can trigger new and complex regulations that","page_number":132,"box":{"x":116,"y":544,"width":745,"height":12}},{"id":"9e79be5f-b632-4310-83a9-fd1c5e98d069","block_type":"box","text":"the Manager and/or the Funds may need to comply with. The implementation of changes to comply","page_number":132,"box":{"x":116,"y":560,"width":742,"height":12}},{"id":"4a3c524f-1a2f-4a47-96fd-f28e8dc703c5","block_type":"box","text":"with current and/or new regulations applicable to the Funds and/or the Manager could have a material","page_number":132,"box":{"x":116,"y":576,"width":761,"height":11}},{"id":"77411bb0-004f-415c-a492-0d33e93f37f3","block_type":"box","text":"adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit","page_number":132,"box":{"x":116,"y":591,"width":712,"height":12}},{"id":"8af769ae-4ef0-4fb6-9dd0-803ee658bfa3","block_type":"box","text":"margins, reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":132,"box":{"x":117,"y":606,"width":762,"height":12}},{"id":"bc9e4bf8-aa8a-4ebc-974f-03acbfddab7a","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":132,"box":{"x":118,"y":634,"width":213,"height":12}},{"id":"30d92d6a-b642-445e-bc00-36ce3a36e4ea","block_type":"box","text":". Some countries, including the U.S., have adopted more protectionist","page_number":132,"box":{"x":332,"y":634,"width":521,"height":12}},{"id":"07998b90-2788-4a1e-ade4-fe7052854c4a","block_type":"box","text":"trade policies. The U.S. government recently altered its approach to international trade policy, resulting","page_number":132,"box":{"x":116,"y":649,"width":768,"height":12}},{"id":"78321bfc-60ec-4334-a06f-65861213c479","block_type":"box","text":"in significant impacts on international trade relations, certain tax and immigration policies, and other","page_number":132,"box":{"x":117,"y":665,"width":738,"height":12}},{"id":"0524d7ae-29b7-4343-a59b-45376656416f","block_type":"box","text":"aspects of the national and international political and financial landscape. The rise in protectionist trade","page_number":132,"box":{"x":116,"y":680,"width":764,"height":12}},{"id":"06451c0b-f23c-4e01-a3a8-241fc4b15e9b","block_type":"box","text":"policies, slowing economic growth, changes to some major international trade agreements, risks","page_number":132,"box":{"x":117,"y":696,"width":713,"height":12}},{"id":"55062167-bac8-428b-883e-24b016c5688a","block_type":"box","text":"associated with trade agreements between the U.S. and the European Union, and the risks associated","page_number":132,"box":{"x":116,"y":711,"width":761,"height":12}},{"id":"649c7a4f-a35d-4a39-b850-5fc6ea1be782","block_type":"box","text":"with trade negotiations between the U.S. and China, could affect the economies of many nations in","page_number":132,"box":{"x":116,"y":727,"width":733,"height":12}},{"id":"bff16560-db3e-45fd-818a-28c61b110ed2","block_type":"box","text":"ways that cannot necessarily be foreseen at the present time.","page_number":132,"box":{"x":116,"y":742,"width":456,"height":12}},{"id":"46e6655d-1537-485f-a599-2bec95c899a4","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together","page_number":132,"box":{"x":117,"y":769,"width":754,"height":12}},{"id":"e0567dc9-de1c-4a30-8514-a76d5660af27","block_type":"box","text":"with any future downturns in the global economy resulting therefrom, could adversely affect the","page_number":132,"box":{"x":116,"y":785,"width":705,"height":12}},{"id":"848f675d-9f6c-481b-90b9-812bfa98c987","block_type":"box","text":"financial performance of a Fund and its investments. Trade policy may be an ongoing source of","page_number":132,"box":{"x":116,"y":800,"width":709,"height":12}},{"id":"ab1c82a6-3ed2-4a59-99b8-3fe746a244cd","block_type":"box","text":"instability, potentially resulting in significant currency fluctuations and/or having other adverse effects","page_number":132,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"6f0e1873-5b1a-4d18-a58d-1585f92bab5d","block_type":"box","text":"on international markets, international trade agreements, and/or other existing cross-border","page_number":132,"box":{"x":116,"y":831,"width":683,"height":12}},{"id":"13804758-9855-4547-b091-d3c3230c658e","block_type":"box","text":"cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent","page_number":132,"box":{"x":116,"y":847,"width":771,"height":12}},{"id":"56f386c4-713a-48ef-9f23-5916d037221e","block_type":"box","text":"trade disputes escalate globally, there could be additional significant impacts on the sectors or","page_number":132,"box":{"x":116,"y":862,"width":704,"height":12}},{"id":"2f473ae2-0ca9-4bc8-bc4e-0a006ed3f051","block_type":"box","text":"industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":132,"box":{"x":117,"y":878,"width":709,"height":12}},{"id":"04181684-f38e-46e9-aa8d-b7f798c46150","block_type":"box","text":"II-87","page_number":132,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"99a7b532-bae3-46c2-baaa-cd8bdca74b9c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":132,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9a323e69-41e7-4d1c-9ce4-8952b71245bf","block_type":"box","text":"Geographic Risks","page_number":133,"box":{"x":117,"y":87,"width":131,"height":12}},{"id":"6d595159-a769-4fcc-af37-7631fe193b74","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise","page_number":133,"box":{"x":250,"y":87,"width":621,"height":12}},{"id":"67ec22f0-3d88-4797-b9f2-5205c51ca014","block_type":"box","text":"connected to, parts of the world affected by natural disasters such as severe heat, earthquakes,","page_number":133,"box":{"x":116,"y":102,"width":717,"height":13}},{"id":"ff5b4cdd-db24-43b0-9581-703c0d495824","block_type":"box","text":"tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes or tsunamis, and are economically","page_number":133,"box":{"x":116,"y":118,"width":771,"height":12}},{"id":"2391cbaf-cf7a-4bc9-8a9a-5b502471b89b","block_type":"box","text":"sensitive to environmental events. In addition, issuers may be impacted by security concerns with","page_number":133,"box":{"x":116,"y":134,"width":729,"height":12}},{"id":"062168d4-bf6e-41f2-9715-7b00493a49c6","block_type":"box","text":"respect to a country or region, such as war and other types of conflict, terrorism, strained international","page_number":133,"box":{"x":117,"y":149,"width":760,"height":12}},{"id":"7aabf3cd-02b1-44ab-b55e-6811fca096cb","block_type":"box","text":"relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":133,"box":{"x":117,"y":165,"width":742,"height":12}},{"id":"c8ef5ae4-c144-41c8-872d-e4c1bb411ffa","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":133,"box":{"x":116,"y":180,"width":673,"height":12}},{"id":"f08c5447-6ff1-4640-8a0b-0e8f7069d20a","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":133,"box":{"x":116,"y":211,"width":275,"height":12}},{"id":"b59b56a3-497b-4ac8-a9c5-20332818982b","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically","page_number":133,"box":{"x":393,"y":211,"width":469,"height":12}},{"id":"f52e3297-b539-43c4-821f-7fe1e32564ee","block_type":"box","text":"been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various","page_number":133,"box":{"x":117,"y":227,"width":707,"height":12}},{"id":"c92d09ec-979e-4440-af51-6fc3f9b98271","block_type":"box","text":"commercial and financial contracts, including corporate and municipal bonds, bank loans, asset","page_number":133,"box":{"x":116,"y":242,"width":714,"height":12}},{"id":"4a9d8735-438a-4f13-a802-198c4f7e6633","block_type":"box","text":"backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in","page_number":133,"box":{"x":117,"y":258,"width":726,"height":12}},{"id":"b000800f-dc40-4ea1-b3a5-b2a586d85a9f","block_type":"box","text":"which a Fund may have historically paid interest at floating rates based on LIBOR or may have been","page_number":133,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"ab069a4d-f654-4bc9-978a-dbdab4224760","block_type":"box","text":"subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a","page_number":133,"box":{"x":116,"y":289,"width":742,"height":12}},{"id":"0cc87282-e6b2-4ea0-b51a-e90c5ded75a7","block_type":"box","text":"Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":133,"box":{"x":117,"y":304,"width":709,"height":12}},{"id":"55ca9254-1501-4927-99e6-08b52c6e7961","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a","page_number":133,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"0fcf75e1-85c7-4ab2-ac63-cee8c79d6359","block_type":"box","text":"result of benchmark reforms, LIBOR was last published on a representative basis at the end of June","page_number":133,"box":{"x":117,"y":335,"width":748,"height":12}},{"id":"b5783800-29b8-4c82-8c5d-9fbea1e3937e","block_type":"box","text":"2023. Alternative reference rates to LIBOR have been established in most major currencies and","page_number":133,"box":{"x":116,"y":351,"width":717,"height":12}},{"id":"d61e2d2f-b8c4-4e25-8436-fd76fc085e8c","block_type":"box","text":"markets in these alternative rates are continuing to develop (","page_number":133,"box":{"x":117,"y":366,"width":449,"height":12}},{"id":"1b12933f-4ea4-4715-96df-1f600539bb0a","block_type":"box","text":"e.g.","page_number":133,"box":{"x":568,"y":369,"width":25,"height":9}},{"id":"d6b9dea0-0225-4ad9-9cbd-001b3dba3963","block_type":"box","text":", the Secured Overnight Financing","page_number":133,"box":{"x":596,"y":366,"width":259,"height":12}},{"id":"4f85545a-d052-45f2-9f58-85677e3a560d","block_type":"box","text":"Rate (“SOFR”) for USD-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual","page_number":133,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"68f0e035-1148-4aa4-a05a-2103b408ae92","block_type":"box","text":"risks associated with the transition may remain that may impact markets or particular investments and,","page_number":133,"box":{"x":117,"y":397,"width":765,"height":12}},{"id":"fd82e215-6ba2-4d66-afde-855cd789e6b3","block_type":"box","text":"as such, the full impact of the transition on the Funds or the financial instruments in which the Funds","page_number":133,"box":{"x":116,"y":413,"width":749,"height":12}},{"id":"4a1e721d-63c1-4a17-82d3-a52b3a9f96b0","block_type":"box","text":"invest cannot yet be fully determined.","page_number":133,"box":{"x":117,"y":428,"width":281,"height":12}},{"id":"efd73c6e-6425-465e-bba5-c5f0d2392722","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of","page_number":133,"box":{"x":116,"y":459,"width":400,"height":10}},{"id":"167ca87b-971f-4670-ba50-14da7d54472c","block_type":"box","text":"f borrowing funds overnight in transactions that are","page_number":133,"box":{"x":515,"y":459,"width":370,"height":12}},{"id":"a47e4dcc-aa29-4c50-b7ac-9f8400945659","block_type":"box","text":"collateralized by U.S. Treasury securities . SOFR","page_number":133,"box":{"x":116,"y":475,"width":357,"height":12}},{"id":"5b8b137c-4279-49aa-83b9-ea90dcb96156","block_type":"box","text":"R is calculated based on transaction-level repo data","page_number":133,"box":{"x":473,"y":475,"width":370,"height":12}},{"id":"49b8125e-59b8-4ecb-8bdd-2a944e806754","block_type":"box","text":"collected from various sources. For each trading day,","page_number":133,"box":{"x":116,"y":490,"width":391,"height":12}},{"id":"081cd6f4-c461-4b00-a5cb-e2e2c4c26853","block_type":"box","text":"SOFR is calculated as a volume-weighted median","page_number":133,"box":{"x":508,"y":490,"width":368,"height":12}},{"id":"c2e677d5-5431-4a10-997a-cbceb838a20d","block_type":"box","text":"rate derived from such data. Because SOFR is a financing rate based on overnight secured funding","page_number":133,"box":{"x":117,"y":506,"width":728,"height":12}},{"id":"31bbcbd1-6ad7-4290-8103-e9db0074c714","block_type":"box","text":"transactions, it differs fundamentally from LIBOR.","page_number":133,"box":{"x":116,"y":521,"width":357,"height":12}},{"id":"e5120c2f-b961-43bc-b760-ca2be553418b","block_type":"box","text":"LIBOR is intended to be an unsecured rate that","page_number":133,"box":{"x":474,"y":521,"width":354,"height":10}},{"id":"b034c22f-ee53-4e0f-b444-ffc6af2b2d03","block_type":"box","text":"represents interbank funding costs for different short-term","page_number":133,"box":{"x":117,"y":537,"width":422,"height":12}},{"id":"1aca0cc9-5eb6-49f2-a43a-833fa35394e7","block_type":"box","text":"maturities or tenors. It is a forward-looking rate","page_number":133,"box":{"x":540,"y":537,"width":343,"height":12}},{"id":"512a0694-270c-443e-869b-d19df985f963","block_type":"box","text":"reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be","page_number":133,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"140bce3f-b551-4b98-91b0-1841d17da5e6","block_type":"box","text":"sensitive, in certain respects, to bank credit risk and to","page_number":133,"box":{"x":116,"y":568,"width":394,"height":12}},{"id":"d37bcda0-2778-4747-816c-81c67790d254","block_type":"box","text":"term interest rate risk.","page_number":133,"box":{"x":510,"y":568,"width":169,"height":9}},{"id":"e65621c0-0c5c-418e-af54-33eaaa47dca5","block_type":"box","text":"In contrast, SOFR is a","page_number":133,"box":{"x":680,"y":568,"width":165,"height":11}},{"id":"6e410fbc-a779-416e-b9c9-82233c6d6447","block_type":"box","text":"secured overnight rate reflecting the credit of U.S. Tr","page_number":133,"box":{"x":116,"y":583,"width":382,"height":12}},{"id":"1ec8899b-0a0c-440c-b6a2-c5344203890d","block_type":"box","text":"easury securities as collateral. Thus, it is largely","page_number":133,"box":{"x":498,"y":583,"width":352,"height":12}},{"id":"1ac543a8-ddee-4b40-8651-3208e402a5c4","block_type":"box","text":"insensitive to credit-risk considerations and to short-te","page_number":133,"box":{"x":117,"y":599,"width":390,"height":9}},{"id":"70a4034f-c537-4bf9-a78d-cbc1533c5f29","block_type":"box","text":"rm interest rate risks. SOFR is a transaction-based","page_number":133,"box":{"x":509,"y":599,"width":373,"height":9}},{"id":"8468341f-c0c7-40aa-bd13-7f032865076b","block_type":"box","text":"rate, and it has been more volatile than other benchmark","page_number":133,"box":{"x":117,"y":614,"width":416,"height":11}},{"id":"1842660c-17bc-4e47-bcf0-f379c9517642","block_type":"box","text":"or market rates, such as three-month LIBOR,","page_number":133,"box":{"x":534,"y":614,"width":333,"height":11}},{"id":"960cf13b-fc0b-44c2-a770-7145699fc204","block_type":"box","text":"during certain periods. For these reasons, among other","page_number":133,"box":{"x":116,"y":630,"width":402,"height":12}},{"id":"e034bc7c-39d1-4c74-8d82-0bdcd3faee56","block_type":"box","text":"s, there is no assurance that SOFR, or rates","page_number":133,"box":{"x":518,"y":630,"width":326,"height":11}},{"id":"ff9f3d67-67d8-4ce8-ada5-a2dcf4d58466","block_type":"box","text":"derived from SOFR, will perform in the same or simila","page_number":133,"box":{"x":116,"y":645,"width":390,"height":12}},{"id":"c071de0c-0486-4d54-9213-4e640b19d975","block_type":"box","text":"r way as LIBOR would have performed at any time,","page_number":133,"box":{"x":507,"y":645,"width":377,"height":12}},{"id":"3ce13db0-2b7f-4de1-ae23-c0d16cf98670","block_type":"box","text":"and there is no assurance that SOFR-based rates will","page_number":133,"box":{"x":116,"y":661,"width":389,"height":9}},{"id":"7528ec65-fa81-4139-b8f2-a0378e9f2900","block_type":"box","text":"be a suitable substitute for LIBOR. SOFR has a","page_number":133,"box":{"x":512,"y":661,"width":345,"height":9}},{"id":"079f03d2-4ca4-490b-9857-dc74c7e695ba","block_type":"box","text":"relatively limited history, having been first published","page_number":133,"box":{"x":117,"y":676,"width":372,"height":12}},{"id":"43583047-1865-4e7c-9f3f-bb48a75f2e5d","block_type":"box","text":"in April 2018. The future performance of SOFR, and","page_number":133,"box":{"x":495,"y":676,"width":377,"height":12}},{"id":"6c137030-eed8-4fcb-97e1-a10956cda305","block_type":"box","text":"SOFR-based reference rates, cannot be predicted bas","page_number":133,"box":{"x":116,"y":692,"width":396,"height":12}},{"id":"419cf66e-f32a-486b-b05c-ccd5b964cc42","block_type":"box","text":"ed on SOFR’s history or otherwise. Levels of","page_number":133,"box":{"x":513,"y":692,"width":326,"height":12}},{"id":"28fe9143-afcd-40d5-966a-033e6990a976","block_type":"box","text":"SOFR in the future may bear little or no relation to hi","page_number":133,"box":{"x":116,"y":707,"width":379,"height":12}},{"id":"c492c2f4-8796-423e-95f1-22841716f830","block_type":"box","text":"storical levels of SOFR,","page_number":133,"box":{"x":496,"y":707,"width":170,"height":11}},{"id":"29a9d445-61ec-482a-835f-954be44bbc46","block_type":"box","text":"LIBOR or other rates. There","page_number":133,"box":{"x":673,"y":707,"width":203,"height":10}},{"id":"4985dc6e-88df-45ac-bb2d-5c7ddde4b995","block_type":"box","text":"can also be no assurance that SOFR will not be discont","page_number":133,"box":{"x":116,"y":723,"width":404,"height":9}},{"id":"6617bff1-b826-4518-904a-261941cfe3f1","block_type":"box","text":"inued or fundamentally alter","page_number":133,"box":{"x":521,"y":723,"width":202,"height":12}},{"id":"2f02620b-d96b-4510-be6f-8c11c1670187","block_type":"box","text":"ed in a manner that is","page_number":133,"box":{"x":724,"y":723,"width":157,"height":9}},{"id":"c0926ea8-328d-4013-be0d-ab7264457bfe","block_type":"box","text":"materially adverse to the interests of the Fund.","page_number":133,"box":{"x":117,"y":738,"width":336,"height":12}},{"id":"00aef3b7-80fb-4ddb-81c1-0475f20071be","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have","page_number":133,"box":{"x":117,"y":769,"width":763,"height":12}},{"id":"0ea43b37-7432-4d1f-8036-b77695af9e78","block_type":"box","text":"been the subject of ongoing national and international regulatory reform, including under the European","page_number":133,"box":{"x":117,"y":785,"width":759,"height":12}},{"id":"04d29606-d9d1-4392-955f-07f41c2d1d38","block_type":"box","text":"Union (“EU”) regulation on indices used as benchmarks in financial instruments and financial contracts","page_number":133,"box":{"x":117,"y":800,"width":759,"height":12}},{"id":"80f0d245-3368-4710-93f3-bf7f42a04a0a","block_type":"box","text":"(known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United","page_number":133,"box":{"x":117,"y":816,"width":748,"height":12}},{"id":"9b95f01e-7124-4a11-8d89-f5499aa2402f","block_type":"box","text":"Kingdom (“UK”) law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments","page_number":133,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"300f2aa0-3de3-443b-874c-9e66311bf448","block_type":"box","text":"made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI","page_number":133,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"531762da-9045-446e-a846-a47cdfeb302e","block_type":"box","text":"2019/657) and other statutory instruments. Following the implementation of these reforms, the manner","page_number":133,"box":{"x":116,"y":862,"width":765,"height":12}},{"id":"c602ae2b-9e2b-485c-8398-5e34a0eed5e2","block_type":"box","text":"of administration of benchmarks has changed and may further change in the future, with the result that","page_number":133,"box":{"x":116,"y":878,"width":766,"height":12}},{"id":"964f80db-6328-4577-b365-4279f741dc28","block_type":"box","text":"II-88","page_number":133,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"dfdfcc77-46e8-4571-aef5-2502c9a9d425","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":133,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0459dcb1-0ff9-4a05-9175-d0a5fa8ac2f1","block_type":"box","text":"relevant benchmarks may perform differently than in the past, the use of benchmarks that are not","page_number":134,"box":{"x":117,"y":87,"width":726,"height":12}},{"id":"78ef3fa5-006e-41e5-8a00-209576b199a1","block_type":"box","text":"compliant with the new standards by certain supervised entities may be restricted, and certain","page_number":134,"box":{"x":116,"y":103,"width":702,"height":12}},{"id":"ee21bd6b-72d8-4f05-a77a-998dd95034a1","block_type":"box","text":"benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":134,"box":{"x":117,"y":118,"width":737,"height":12}},{"id":"fc4c30d1-cbf3-4f39-bcd8-b179aa974d1b","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally,","page_number":134,"box":{"x":116,"y":134,"width":749,"height":12}},{"id":"5da489b1-6e5f-4151-a4c7-0034bc39fdb3","block_type":"box","text":"there could be other consequences which cannot be predicted.","page_number":134,"box":{"x":116,"y":149,"width":472,"height":12}},{"id":"e8047c25-2873-477e-a58f-438475a24bfe","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":134,"box":{"x":116,"y":179,"width":479,"height":12}},{"id":"02c37e79-f201-493c-a369-3d8d13ab3ed1","block_type":"box","text":"Under repurchase agreements and","page_number":134,"box":{"x":597,"y":180,"width":264,"height":11}},{"id":"c05f00b1-89dc-4bb8-b7b6-e4612ee3dd5a","block_type":"box","text":"purchase and sale contracts, the other party agrees, upon entering into the contract with a Fund, to","page_number":134,"box":{"x":117,"y":194,"width":740,"height":12}},{"id":"408fff57-3928-4412-85f9-71c462d6bb86","block_type":"box","text":"repurchase a security sold to the Fund at a mutually agreed-upon time and price in a specified","page_number":134,"box":{"x":117,"y":209,"width":703,"height":12}},{"id":"76325c18-1dc0-4d89-85c5-3820d55b734e","block_type":"box","text":"currency, thereby determining the yield during the term of the agreement.","page_number":134,"box":{"x":116,"y":224,"width":549,"height":12}},{"id":"3260f29b-36bd-4751-b5c3-a5d773f4ca09","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements","page_number":134,"box":{"x":116,"y":254,"width":751,"height":12}},{"id":"789a5c8d-b1b4-4a98-888f-95b3bcf32475","block_type":"box","text":"stipulate that securities are owned by the Fund and the purchaser receives any interest on the security","page_number":134,"box":{"x":116,"y":269,"width":766,"height":12}},{"id":"467bdfd7-72e8-4d84-9253-1373544a94db","block_type":"box","text":"paid during the period. In the case of repurchase agreements, the prices at which the trades are","page_number":134,"box":{"x":117,"y":284,"width":717,"height":12}},{"id":"0a99e45c-3cba-4ae6-9c98-69323f7e6100","block_type":"box","text":"conducted do not reflect accrued interest on the underlying obligation; whereas, in the case of","page_number":134,"box":{"x":116,"y":299,"width":701,"height":12}},{"id":"b78cd721-e8f9-431f-a401-f127cb0b6a07","block_type":"box","text":"purchase and sale contracts, the prices take into account accrued interest. A Fund may enter into","page_number":134,"box":{"x":117,"y":314,"width":728,"height":12}},{"id":"b4ce4242-f5d0-4997-b217-46867cc4def1","block_type":"box","text":"“tri-party” repurchase agreements. In “tri-party” repurchase agreements, an unaffiliated third-party","page_number":134,"box":{"x":116,"y":329,"width":729,"height":12}},{"id":"333ce0ce-0d02-488d-8abe-26e4c997b89d","block_type":"box","text":"custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the","page_number":134,"box":{"x":116,"y":343,"width":756,"height":12}},{"id":"5982587c-d247-4f02-a6a1-45f25b6fda7d","block_type":"box","text":"Fund may be subject to the credit risk of those custodians.","page_number":134,"box":{"x":117,"y":358,"width":438,"height":12}},{"id":"b6815e93-8cf7-4f89-8b6e-c400e86d5688","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate","page_number":134,"box":{"x":116,"y":389,"width":758,"height":12}},{"id":"6f187307-e35a-4a9f-a05e-ca864263aa8c","block_type":"box","text":"of return insulated from market fluctuations during the term of the agreement, although such return","page_number":134,"box":{"x":116,"y":405,"width":737,"height":12}},{"id":"aa953283-53ec-4609-bf04-15ba9847642e","block_type":"box","text":"may be affected by currency fluctuations. However, in the event of a default under a repurchase","page_number":134,"box":{"x":117,"y":420,"width":716,"height":12}},{"id":"adb9fb06-086c-4b10-bff5-23a0f4311657","block_type":"box","text":"agreement or under a purchase and sale contract, instead of the contractual fixed rate, the rate of","page_number":134,"box":{"x":116,"y":436,"width":730,"height":12}},{"id":"c1a8ed75-0f4d-4eae-8196-0b1edc4391a0","block_type":"box","text":"return to the Fund would be dependent upon intervening fluctuations of the market values of the","page_number":134,"box":{"x":117,"y":451,"width":716,"height":12}},{"id":"6dd0695e-43b2-4c21-b1e6-becb9dd35855","block_type":"box","text":"securities underlying the contract and the accrued interest on those securities. In such event, the Fund","page_number":134,"box":{"x":116,"y":467,"width":766,"height":12}},{"id":"399e3a29-33aa-4fce-a2e3-1edbfca193fc","block_type":"box","text":"would have rights against the seller for breach of contract with respect to any losses arising from","page_number":134,"box":{"x":116,"y":482,"width":721,"height":12}},{"id":"ff4381ec-f14a-46a6-a5e0-820fd95ba85b","block_type":"box","text":"market fluctuations following the default.","page_number":134,"box":{"x":117,"y":498,"width":303,"height":12}},{"id":"8e65bb91-9035-48e6-8dc1-6b440a7ee9b6","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may","page_number":134,"box":{"x":117,"y":529,"width":755,"height":12}},{"id":"7ceb856a-d94e-482f-9dda-f71e62fd5ca9","block_type":"box","text":"have longer terms, and may be construed to be collateralized loans by the purchaser to the seller","page_number":134,"box":{"x":117,"y":545,"width":726,"height":11}},{"id":"e45539a1-90d1-4701-94a9-d675b383675c","block_type":"box","text":"secured by the securities transferred to the purchaser. In the case of a repurchase agreement, as a","page_number":134,"box":{"x":116,"y":560,"width":743,"height":12}},{"id":"5bea1063-487a-475a-9056-86e4d5150649","block_type":"box","text":"purchaser, a Fund’s Manager or sub-adviser will monitor the creditworthiness of the seller, and a Fund","page_number":134,"box":{"x":117,"y":575,"width":764,"height":12}},{"id":"f00ce6fa-a400-4a0b-9b57-4356142875bf","block_type":"box","text":"will require the seller to provide additional collateral if the market value of the securities falls below the","page_number":134,"box":{"x":116,"y":591,"width":761,"height":12}},{"id":"19f075b5-e68c-45d0-9439-d799b7a4c0cf","block_type":"box","text":"repurchase price at any time during the term of the repurchase agreement. The Fund does not have","page_number":134,"box":{"x":117,"y":606,"width":747,"height":12}},{"id":"175c8c88-d9e2-4abe-a5ef-acffee25f00b","block_type":"box","text":"this right to seek additional collateral as a purchaser in the case of purchase and sale contracts. The","page_number":134,"box":{"x":116,"y":622,"width":750,"height":12}},{"id":"f3ecb73f-3b88-4080-bfe8-2f9830822807","block_type":"box","text":"Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities. Securities subject","page_number":134,"box":{"x":117,"y":637,"width":759,"height":12}},{"id":"b2a67c85-bd49-4b36-aff5-dcabaec154aa","block_type":"box","text":"to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":134,"box":{"x":116,"y":653,"width":712,"height":12}},{"id":"33637d41-1a70-4805-97bb-7d8409fdd72a","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury","page_number":134,"box":{"x":116,"y":668,"width":725,"height":12}},{"id":"a87692bb-c1b6-47e5-8c2d-902eb3ccb4ae","block_type":"box","text":"book-entry system or by another authorized securities depository.","page_number":134,"box":{"x":117,"y":684,"width":485,"height":12}},{"id":"0de58c04-2c00-47dd-9e5a-63f5dbbae773","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized","page_number":134,"box":{"x":117,"y":715,"width":729,"height":12}},{"id":"47196762-341b-4593-acc4-ee5529426fe4","block_type":"box","text":"loan, the underlying securities are not owned by the Fund but only constitute collateral for the seller’s","page_number":134,"box":{"x":117,"y":730,"width":748,"height":13}},{"id":"29adbbc9-3d79-48ed-b53d-627a6aee3523","block_type":"box","text":"obligation to pay the repurchase price. Therefore, the Fund may suffer time delays and incur costs or","page_number":134,"box":{"x":116,"y":746,"width":750,"height":12}},{"id":"a5e27e91-55a0-4962-aadb-8344a8efbab0","block_type":"box","text":"possible losses in connection with disposition of the collateral. If the seller becomes insolvent and","page_number":134,"box":{"x":117,"y":761,"width":721,"height":12}},{"id":"7bfc8769-147f-450d-a59e-3a4028be77a3","block_type":"box","text":"subject to liquidation or reorganization under applicable bankruptcy or other laws, a Fund’s ability to","page_number":134,"box":{"x":116,"y":777,"width":739,"height":12}},{"id":"ed6601a5-4c8f-4035-afae-ef73d3ac1446","block_type":"box","text":"dispose of the underlying securities may be restricted. Finally, it is possible that a Fund may not be","page_number":134,"box":{"x":116,"y":792,"width":733,"height":13}},{"id":"e1c5c2a8-f79f-4623-ad7a-ae9108a7cc97","block_type":"box","text":"able to substantiate its interest in the underlying securities. To minimize this risk, the securities","page_number":134,"box":{"x":116,"y":808,"width":701,"height":12}},{"id":"1e1c7e65-4597-42ef-b5ed-b0deadb8beb6","block_type":"box","text":"underlying the repurchase agreement will be held by the applicable custodian at all times in an amount","page_number":134,"box":{"x":117,"y":824,"width":761,"height":12}},{"id":"be1cda09-4d9f-40cc-9bba-6319ac460a6e","block_type":"box","text":"at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":134,"box":{"x":116,"y":839,"width":744,"height":12}},{"id":"84d64efc-4196-4c3a-8bf7-036c3547062f","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities","page_number":134,"box":{"x":116,"y":854,"width":748,"height":13}},{"id":"d98d60bc-2a38-4b86-ac75-2170633ae0ea","block_type":"box","text":"are less than the repurchase price.","page_number":134,"box":{"x":116,"y":870,"width":264,"height":12}},{"id":"6af4b747-dc46-485c-874f-8b3aee9ccf01","block_type":"box","text":"II-89","page_number":134,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"0c328690-ea8d-430e-a305-f62437c37e87","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":134,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fcecf976-c3fb-4dd7-bd50-ac44d7c50a73","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may","page_number":135,"box":{"x":117,"y":87,"width":747,"height":12}},{"id":"8bf80a65-e761-4cb3-895e-9a43503a3928","block_type":"box","text":"include cash items and obligations issued by the U.S. Government or its agencies or instrumentalities.","page_number":135,"box":{"x":117,"y":102,"width":762,"height":13}},{"id":"b64179ac-09b9-49f9-99d0-8214d53a6a95","block_type":"box","text":"For certain Funds, however, collateral may include instruments other than cash items and obligations","page_number":135,"box":{"x":117,"y":118,"width":755,"height":12}},{"id":"6928c07e-1ad2-47c7-9e4c-f0478425ae52","block_type":"box","text":"issued by the U.S. Government or its agencies or instrumentalities, including securities that the Fund","page_number":135,"box":{"x":117,"y":134,"width":752,"height":12}},{"id":"66b048b5-359b-4e43-92a4-6d09818e2c86","block_type":"box","text":"could not hold directly under its investment strategies without the repurchase obligation.","page_number":135,"box":{"x":116,"y":149,"width":657,"height":12}},{"id":"e67e2fe9-9625-469a-ad8d-2271046e046d","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower","page_number":135,"box":{"x":116,"y":180,"width":770,"height":12}},{"id":"334f7f37-2e83-4901-a09d-4915fe9b9167","block_type":"box","text":"quality collateral and collateral with longer maturities may be subject to greater price fluctuations than","page_number":135,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"2d85e68f-cb56-435f-81f0-9a1937ab5670","block_type":"box","text":"higher quality collateral and collateral with shorter maturities. If the repurchase agreement counterparty","page_number":135,"box":{"x":117,"y":211,"width":769,"height":12}},{"id":"e6915fa0-0fc8-4916-9c6f-64df4d019403","block_type":"box","text":"were to default, lower quality collateral may be more difficult to liquidate than higher quality collateral.","page_number":135,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"1a3e0a6d-13ed-404c-a3bb-43c7a12bb6a8","block_type":"box","text":"Should the counterparty default and the amount of collateral not be sufficient to cover the","page_number":135,"box":{"x":116,"y":242,"width":666,"height":12}},{"id":"dafc59b4-2abd-4887-a7d1-f25f3583b0af","block_type":"box","text":"counterparty’s repurchase obligation, a Fund would retain the status of an unsecured creditor of the","page_number":135,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"041fa831-6b31-4828-b9e4-30acef2e8bb8","block_type":"box","text":"counterparty (","page_number":135,"box":{"x":116,"y":273,"width":103,"height":12}},{"id":"d63c6b60-a1d7-4c83-8c5f-a07a8a9db444","block_type":"box","text":"i.e.","page_number":135,"box":{"x":220,"y":273,"width":20,"height":10}},{"id":"3aa153cd-fe35-488f-990e-4e9e0398dbba","block_type":"box","text":", the position the Fund would normally be in if it were to hold, pursuant to its","page_number":135,"box":{"x":244,"y":273,"width":565,"height":12}},{"id":"b97f17e0-ff7e-43a1-a093-b3dc17042108","block_type":"box","text":"investment policies, other unsecured debt securities of the defaulting counterparty) with respect to the","page_number":135,"box":{"x":117,"y":289,"width":760,"height":12}},{"id":"6bd12d8b-a45d-4c09-af57-18887d1c57b1","block_type":"box","text":"amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the","page_number":135,"box":{"x":116,"y":304,"width":752,"height":12}},{"id":"01ff54d5-7ede-433a-b795-4348edee89c9","block_type":"box","text":"principal and income involved in the transaction.","page_number":135,"box":{"x":117,"y":320,"width":361,"height":12}},{"id":"a83ac10a-ed5f-4b38-ae12-e08515d4dca0","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":135,"box":{"x":117,"y":351,"width":761,"height":12}},{"id":"95843073-b02d-43f8-8c5b-b664c47e4859","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many repurchase agreements","page_number":135,"box":{"x":116,"y":366,"width":771,"height":12}},{"id":"c06e1d4d-8191-4be8-a55e-5da5c31082d3","block_type":"box","text":"and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":135,"box":{"x":116,"y":382,"width":738,"height":12}},{"id":"43d47eda-febd-43d7-9696-8fdca557dfa6","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":135,"box":{"x":117,"y":397,"width":744,"height":12}},{"id":"17acac13-2296-4a25-aff8-54b2826fc48a","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":135,"box":{"x":116,"y":413,"width":748,"height":12}},{"id":"926f7b72-8a81-45fa-b630-6da239390784","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these new requirements, as well as","page_number":135,"box":{"x":116,"y":428,"width":743,"height":12}},{"id":"91ec36f3-80f1-43b5-a75c-4b32eec80767","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":135,"box":{"x":117,"y":444,"width":729,"height":12}},{"id":"e16721f4-d3f2-4487-bb1a-d6dc92583ded","block_type":"box","text":"affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale contracts or","page_number":135,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"26adf202-0159-4ee0-bb08-6e892ef06498","block_type":"box","text":"to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":135,"box":{"x":116,"y":475,"width":747,"height":12}},{"id":"ca7e73be-87ba-4a3f-9d08-b178453ed3da","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally","page_number":135,"box":{"x":117,"y":490,"width":770,"height":12}},{"id":"3102679c-4f96-4521-bdf2-52d69fa84af7","block_type":"box","text":"cleared. Compliance with these rules is expected to be required by the middle of 2027. Although the","page_number":135,"box":{"x":116,"y":506,"width":747,"height":12}},{"id":"a8b12b39-841b-49af-9348-b4b0bfa5f3e9","block_type":"box","text":"impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":135,"box":{"x":117,"y":521,"width":770,"height":12}},{"id":"1c41e6a3-a2fd-430f-8cb7-b91f90fdb7d4","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":135,"box":{"x":116,"y":537,"width":563,"height":12}},{"id":"7c79861c-e9cb-4deb-83c8-b9d9c774ca96","block_type":"box","text":"Restricted Securities.","page_number":135,"box":{"x":116,"y":568,"width":177,"height":9}},{"id":"9c7dc8a8-c3ef-49a1-b3b6-c67ad0582a7f","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the","page_number":135,"box":{"x":293,"y":568,"width":539,"height":12}},{"id":"b758fc3b-e63f-4580-88ce-e1003aada232","block_type":"box","text":"Securities Act (“restricted securities”), which may include securities in private companies and","page_number":135,"box":{"x":116,"y":583,"width":694,"height":12}},{"id":"8278ab0d-e0f7-4551-be65-cb28799e4d4a","block_type":"box","text":"Rule 144A Securities. Restricted securities may be sold in private placement transactions between","page_number":135,"box":{"x":117,"y":599,"width":736,"height":12}},{"id":"6c4e24c6-bb87-45d9-9d2d-2127f9f54ab7","block_type":"box","text":"issuers and their purchasers, including through private negotiated transactions between the issuer and","page_number":135,"box":{"x":117,"y":614,"width":765,"height":12}},{"id":"5d704057-e266-4d2b-80eb-abb3f89109e3","block_type":"box","text":"their purchasers, such as the Funds, and may be neither listed on an exchange nor traded in other","page_number":135,"box":{"x":116,"y":630,"width":736,"height":12}},{"id":"5c7918f0-ddcb-4c4e-abd9-b2631eaa030a","block_type":"box","text":"established markets. In many cases, privately placed securities may not be freely transferable under","page_number":135,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"d100548d-ee55-43a9-9096-51a85ee8cf7b","block_type":"box","text":"the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of these","page_number":135,"box":{"x":116,"y":661,"width":708,"height":12}},{"id":"2421c26a-a248-4af6-9389-d6d3d38d40c5","block_type":"box","text":"securities are new and complex, and trade only among institutions; the markets for these securities are","page_number":135,"box":{"x":116,"y":676,"width":764,"height":12}},{"id":"41850aa1-391e-4b9b-bd72-54ca7cfdea26","block_type":"box","text":"still developing and may not function as efficiently as established markets. Typically, investments in","page_number":135,"box":{"x":116,"y":692,"width":736,"height":12}},{"id":"b94b1345-e10a-48fd-9aae-bc4b74d2caaf","block_type":"box","text":"private companies are in restricted securities that are not traded in public markets and subject to","page_number":135,"box":{"x":117,"y":707,"width":714,"height":12}},{"id":"9eb0a2fc-f621-435d-892e-2060fa94f9bb","block_type":"box","text":"substantial holding periods, so that a Fund may not be able to resell some of its holdings for extended","page_number":135,"box":{"x":116,"y":723,"width":755,"height":12}},{"id":"2eadb4f1-08a7-4eff-93bd-7ec79bb4b02b","block_type":"box","text":"periods, which may be several years. There can be no assurance that a Fund will be able to realize the","page_number":135,"box":{"x":117,"y":738,"width":763,"height":12}},{"id":"f3ea20f5-213a-45c7-b4f7-e5c53b42cfad","block_type":"box","text":"value of such restricted securities in a timely manner or at all. As a result of the absence of a public","page_number":135,"box":{"x":116,"y":754,"width":736,"height":12}},{"id":"4b4fb2c9-7162-4e6e-be68-c56f67f96589","block_type":"box","text":"trading market and the potential bespoke nature on certain transactions, restricted securities may be","page_number":135,"box":{"x":116,"y":769,"width":745,"height":12}},{"id":"0217f5fe-6e13-4b7b-b18b-14d00284864b","block_type":"box","text":"deemed to be illiquid investments or less liquid investments and may be more difficult to value than","page_number":135,"box":{"x":116,"y":785,"width":734,"height":12}},{"id":"09f12cb2-a0ba-4efc-a383-c189ed4e8b0c","block_type":"box","text":"publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":135,"box":{"x":117,"y":800,"width":751,"height":12}},{"id":"83384e0d-490c-4181-8697-776dfb09f22f","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those","page_number":135,"box":{"x":116,"y":816,"width":708,"height":12}},{"id":"6c1446eb-2de5-4977-85d8-bf31acda7aae","block_type":"box","text":"originally paid by the Fund or less than their fair market value. The amount of any discount may vary","page_number":135,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"ada4c203-0b19-45c4-a377-094f262a740d","block_type":"box","text":"depending on the security type, the character of the issuer, which party (if any) will bear the expenses","page_number":135,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"767fd09b-aed5-4ee4-86e5-bc0f65c36947","block_type":"box","text":"of registering the restricted security, and prevailing market conditions. In addition, issuers whose","page_number":135,"box":{"x":116,"y":862,"width":720,"height":12}},{"id":"dbea684a-47a8-4113-b823-fea9061e427b","block_type":"box","text":"securities are not publicly traded or who are not otherwise publicly listed may not be subject to the","page_number":135,"box":{"x":116,"y":878,"width":732,"height":12}},{"id":"f09e15b5-4815-44a0-be6f-bc606fad087b","block_type":"box","text":"II-90","page_number":135,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f393fd31-20f2-4faa-8755-f6a797a0592b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":135,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"844deb09-9cc3-40c9-9d12-b4e4b69af616","block_type":"box","text":"disclosure and other investor protection requirements that may be applicable if their securities were","page_number":136,"box":{"x":116,"y":87,"width":742,"height":12}},{"id":"3d3d618d-007d-411d-b7aa-28689d8ce706","block_type":"box","text":"publicly traded. If any privately placed securities held by a Fund are required to be registered under the","page_number":136,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"a506e708-7284-4cc2-b6fb-15befef754dd","block_type":"box","text":"securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the","page_number":136,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"b950dfc6-a8d6-4617-a14d-a472cda8133e","block_type":"box","text":"expenses of registration. Where registration is required for restricted securities, a considerable time","page_number":136,"box":{"x":116,"y":134,"width":743,"height":12}},{"id":"084d5982-ac08-428e-a3bf-781835162ab4","block_type":"box","text":"period may elapse between the time the Fund decides to sell the security and the time it is actually","page_number":136,"box":{"x":117,"y":149,"width":736,"height":12}},{"id":"ab707d8f-847b-4056-bf39-6ab6e43bebeb","block_type":"box","text":"permitted to sell the security under an effective registration statement. If during such period, adverse","page_number":136,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"d8395263-07ee-4590-8ac8-45a67493730b","block_type":"box","text":"market conditions were to develop, the Fund might obtain less favorable pricing terms than when it","page_number":136,"box":{"x":117,"y":180,"width":736,"height":12}},{"id":"5c1aa673-b6ab-4398-97e5-fd4428390271","block_type":"box","text":"decided to sell the security. In addition, the Fund may be deemed to be an “underwriter” for purposes","page_number":136,"box":{"x":116,"y":196,"width":755,"height":12}},{"id":"5bda3c61-b3d1-4f5c-8f5c-e4754229d923","block_type":"box","text":"of the Securities Act when selling restricted securities. If so, the Fund may be liable to purchasers of","page_number":136,"box":{"x":116,"y":211,"width":747,"height":12}},{"id":"a45a20eb-530f-4f1e-b28b-2286b17767fd","block_type":"box","text":"the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":136,"box":{"x":116,"y":227,"width":722,"height":12}},{"id":"f62c1108-3452-4241-8f27-04ac58c4bb57","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other","page_number":136,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"5e6c1dea-2f53-4a27-8337-7813aba05780","block_type":"box","text":"transaction costs that are higher than those for transactions in unrestricted securities. Certain of the","page_number":136,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"0dbf91c4-2764-4eed-bad4-e3c4250757e6","block_type":"box","text":"Fund’s investments in private placements may consist of direct investments and may include","page_number":136,"box":{"x":117,"y":273,"width":692,"height":12}},{"id":"933c1fd8-f88b-4529-8207-428b64cbf2f2","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted","page_number":136,"box":{"x":117,"y":289,"width":744,"height":12}},{"id":"b0e37526-ccb7-4856-8eed-60cc76cf9788","block_type":"box","text":"securities may not be subject to SEC reporting requirements, may not be required to maintain their","page_number":136,"box":{"x":116,"y":304,"width":737,"height":12}},{"id":"cc74cdb0-9a39-4758-be1f-5404c326aec4","block_type":"box","text":"accounting records in accordance with generally accepted accounting principles, and may not be","page_number":136,"box":{"x":116,"y":320,"width":724,"height":12}},{"id":"9896e03d-91cc-46b4-a99c-40df2a8b1825","block_type":"box","text":"required to maintain effective internal controls over financial reporting. As a result, BlackRock may not","page_number":136,"box":{"x":117,"y":335,"width":760,"height":12}},{"id":"57b91102-a8ac-4a25-bc96-6780c89b61fa","block_type":"box","text":"have timely or accurate information about the business, financial condition and results of operations of","page_number":136,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"3821d89f-2dc9-4324-97bf-f354e653a438","block_type":"box","text":"such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":136,"box":{"x":116,"y":366,"width":764,"height":12}},{"id":"0dea33cc-50e0-4fd7-a42a-5d40236d3cef","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited","page_number":136,"box":{"x":116,"y":382,"width":729,"height":12}},{"id":"0e0d43d3-bcbd-450c-8733-a4c2aba4757c","block_type":"box","text":"product lines, markets or financial resources, or they may be dependent on a limited management","page_number":136,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"35366bba-c1ed-41f9-8b41-9fd2dceb9cf1","block_type":"box","text":"group.","page_number":136,"box":{"x":116,"y":415,"width":52,"height":10}},{"id":"11170f08-f60d-4cf7-be39-10812174042c","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":136,"box":{"x":117,"y":444,"width":740,"height":12}},{"id":"c9476eaa-7262-49c8-88d0-a90ded44db8c","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced","page_number":136,"box":{"x":117,"y":459,"width":687,"height":12}},{"id":"c30e9449-3776-42ff-9b02-a8bda4116f8c","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by","page_number":136,"box":{"x":117,"y":475,"width":766,"height":12}},{"id":"87856f18-b4c9-496e-940f-ecc0689960ee","block_type":"box","text":"other shareholders. The issuer of a private placement may later register those shares for public sale in","page_number":136,"box":{"x":116,"y":490,"width":765,"height":12}},{"id":"5db7d32f-29b9-49cf-94e0-a477ebdf599d","block_type":"box","text":"an IPO, but there is no guarantee that an IPO will ever be completed. Even after an IPO, there may be","page_number":136,"box":{"x":116,"y":506,"width":766,"height":12}},{"id":"e06fdb65-3516-48de-b015-ac729b94e84d","block_type":"box","text":"a limited trading market for securities of that issuer, including any direct investment by a Fund, or the","page_number":136,"box":{"x":116,"y":521,"width":752,"height":12}},{"id":"de4334e9-72ca-48e3-a172-e05cf67f7c28","block_type":"box","text":"Fund may be subject to contractual limitations on its ability to resell its existing securities following an","page_number":136,"box":{"x":117,"y":537,"width":754,"height":12}},{"id":"4099d274-7a41-4ae6-8efe-37cf8d980cc8","block_type":"box","text":"IPO. The inability of an applicable issuer of a restricted security to complete an IPO or offer other","page_number":136,"box":{"x":117,"y":552,"width":723,"height":12}},{"id":"26c3103a-8f50-4f5b-9820-bd10fc57eaed","block_type":"box","text":"liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":136,"box":{"x":117,"y":568,"width":708,"height":12}},{"id":"fbd14aed-aeff-4e29-a123-5a7cab53eaaa","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making","page_number":136,"box":{"x":117,"y":583,"width":756,"height":12}},{"id":"5fc6ffab-cdbe-4449-bc23-12b50312df32","block_type":"box","text":"investments in such securities, a Fund may obtain access to material nonpublic information, which may","page_number":136,"box":{"x":117,"y":599,"width":770,"height":12}},{"id":"931e1b96-e668-41b8-a36a-e49a6b2e683d","block_type":"box","text":"restrict the Fund’s ability to conduct portfolio transactions in such securities. The activity of identifying,","page_number":136,"box":{"x":117,"y":614,"width":759,"height":12}},{"id":"11f3ecee-0997-420f-81d5-eae724291bdf","block_type":"box","text":"completing, and realizing upon attractive investments in restricted securities is highly competitive and","page_number":136,"box":{"x":116,"y":630,"width":756,"height":12}},{"id":"2473556c-979a-41eb-bb84-c41600b63199","block_type":"box","text":"involves a high degree of uncertainty. A Fund will be competing for investments against other similarly","page_number":136,"box":{"x":117,"y":645,"width":761,"height":12}},{"id":"380e8e30-b77a-4fce-8e37-b4245bef32cc","block_type":"box","text":"situated investors. It is possible that competition for appropriate investment opportunities may increase,","page_number":136,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"895a85cc-0a98-448e-8fd0-10294405db94","block_type":"box","text":"thus potentially reducing the number of investment opportunities available to a Fund and adversely","page_number":136,"box":{"x":116,"y":676,"width":733,"height":12}},{"id":"91331380-49e4-4154-90e1-bdca83a86f08","block_type":"box","text":"affecting the terms upon which investments can be made. There is no assurance that investment","page_number":136,"box":{"x":116,"y":692,"width":719,"height":12}},{"id":"f343ea0c-d85f-4c9f-b0fc-c155dfd8396f","block_type":"box","text":"opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":136,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"0d3c3e4b-94d4-4c16-9263-02618292a810","block_type":"box","text":"especially as that Fund grows in size.","page_number":136,"box":{"x":116,"y":723,"width":277,"height":12}},{"id":"c7845dc0-55ff-41dd-9dd4-67addf432d99","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular,","page_number":136,"box":{"x":116,"y":754,"width":716,"height":12}},{"id":"d64f106a-a84f-4c14-a83e-54b4b91d9cf6","block_type":"box","text":"restricted securities issued by private companies) and thus they may be considered “illiquid”. Each","page_number":136,"box":{"x":117,"y":769,"width":728,"height":12}},{"id":"745984c7-be95-446e-ae7c-080947360c4b","block_type":"box","text":"Fund values restricted securities in accordance with BlackRock’s valuation policies and procedures,","page_number":136,"box":{"x":117,"y":785,"width":738,"height":12}},{"id":"9b4daae7-07db-4908-81a7-78eb62d48c08","block_type":"box","text":"which are designed to value investments such that they accurately reflect fair value. Due to the","page_number":136,"box":{"x":116,"y":800,"width":704,"height":12}},{"id":"cddb897d-2a09-44f7-97bd-39e4d7031d05","block_type":"box","text":"inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":136,"box":{"x":117,"y":816,"width":731,"height":12}},{"id":"ec51ca4c-2440-4ead-9fdd-0752b9427fd3","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly","page_number":136,"box":{"x":117,"y":831,"width":739,"height":12}},{"id":"9fe4c130-4fd2-423e-977d-c48a6b03510c","block_type":"box","text":"from the values that would have been used had a readily available market value existed for such","page_number":136,"box":{"x":116,"y":847,"width":721,"height":12}},{"id":"981b46d0-f077-4b31-9da1-83d189c3fa54","block_type":"box","text":"investments and may differ materially from the amounts the Fund may realize on any dispositions of","page_number":136,"box":{"x":117,"y":862,"width":745,"height":12}},{"id":"054d07fd-86d2-4200-8587-0b2857b559fa","block_type":"box","text":"such investments. Differences in the value of the Fund’s private investments could result in the Fund’s","page_number":136,"box":{"x":116,"y":878,"width":763,"height":12}},{"id":"346e7b36-f435-49dc-8fb0-db84c6b9b657","block_type":"box","text":"II-91","page_number":136,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"ff28fe68-6f1f-4c86-aa63-7299c9d13b4b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":136,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d9d7ac3b-9177-4296-b2a5-fd4a5ba09b72","block_type":"box","text":"shareholder transactions being effected at a NAV that does not accurately reflect the underlying value","page_number":137,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"c1d49746-42e1-4ff5-b57a-28cd5c15954e","block_type":"box","text":"of the Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing","page_number":137,"box":{"x":116,"y":102,"width":718,"height":13}},{"id":"8dfcd879-6e10-41e7-82b5-25f76eee1af1","block_type":"box","text":"opportunities for shareholder arbitrage. The values used by the Fund to price its restricted securities","page_number":137,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"b9f951be-f110-4428-ae9f-073c6271c84b","block_type":"box","text":"may also differ from those used by other investment companies and investors to price the same","page_number":137,"box":{"x":117,"y":134,"width":715,"height":12}},{"id":"c51e6678-d77b-4dd8-afb4-4fd6c2e38a4f","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on","page_number":137,"box":{"x":117,"y":149,"width":763,"height":12}},{"id":"eb315bd3-5216-4d45-b91c-0d81077b8cb3","block_type":"box","text":"the fair values of a Fund’s investments that have no readily available market values may differ from the","page_number":137,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"1790627c-3802-466d-b11b-ca5f27e6f262","block_type":"box","text":"impact of such changes on the readily available market values for the Fund’s other investments. A","page_number":137,"box":{"x":117,"y":180,"width":732,"height":12}},{"id":"c2bdb295-ee92-4311-ade4-41a4071a65a6","block_type":"box","text":"Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair value of the","page_number":137,"box":{"x":117,"y":196,"width":738,"height":12}},{"id":"2ee82bae-7a49-417e-b9de-7cfe8e308fb4","block_type":"box","text":"Fund’s investments were materially higher than the investment’s actual market or fair value or the","page_number":137,"box":{"x":117,"y":211,"width":728,"height":12}},{"id":"f28b5781-d09a-4e46-8d41-1923c411f711","block_type":"box","text":"values that the Fund ultimately realizes upon the disposal of such investments.","page_number":137,"box":{"x":116,"y":227,"width":590,"height":12}},{"id":"aaee91e9-42bb-4a4e-87c8-984f9495efe4","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":137,"box":{"x":116,"y":258,"width":400,"height":11}},{"id":"8565f596-77d0-4f64-95ff-e4837523f713","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":137,"box":{"x":116,"y":289,"width":271,"height":12}},{"id":"5f06786d-d663-49cc-8b5d-182b6d2064c7","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the","page_number":137,"box":{"x":389,"y":289,"width":481,"height":12}},{"id":"ee92db7b-c1cf-43a0-832f-99303d7c5f33","block_type":"box","text":"same parties with whom it may enter into repurchase agreements. Under a reverse repurchase","page_number":137,"box":{"x":116,"y":304,"width":711,"height":12}},{"id":"b38eb5c6-a182-4d8c-9136-852a665ff5c7","block_type":"box","text":"agreement, a Fund sells securities to another party and agrees to repurchase them at a particular date","page_number":137,"box":{"x":116,"y":320,"width":766,"height":12}},{"id":"f241c2ee-9aab-47f6-884c-4a52d6cf4fff","block_type":"box","text":"and price. A Fund may enter into a reverse repurchase agreement when it is anticipated that the","page_number":137,"box":{"x":116,"y":335,"width":719,"height":12}},{"id":"c2da6edf-c4aa-41dd-9540-1641656a5472","block_type":"box","text":"interest income to be earned from the investment of the proceeds of the transaction is greater than the","page_number":137,"box":{"x":117,"y":351,"width":765,"height":12}},{"id":"73c0e991-8602-4f6a-9b7f-013ce42aa9f5","block_type":"box","text":"interest expense of the transaction.","page_number":137,"box":{"x":117,"y":366,"width":265,"height":12}},{"id":"d03b0b96-c486-41a6-9a9e-df28492a3d6a","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":137,"box":{"x":116,"y":397,"width":772,"height":12}},{"id":"61107b58-5608-415d-9534-d827ae198d5a","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the","page_number":137,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"8d01ab16-54c2-49b9-a5c0-6d4849efb55f","block_type":"box","text":"investment of the proceeds will be less than the interest expense, (ii) the market value of the securities","page_number":137,"box":{"x":117,"y":428,"width":765,"height":12}},{"id":"d0ae879d-410a-4dda-8295-4e566d9b9539","block_type":"box","text":"retained in lieu of sale by a Fund may decline below","page_number":137,"box":{"x":117,"y":444,"width":390,"height":12}},{"id":"d32c6b24-9748-4bac-91ad-ebe65a9bfc6b","block_type":"box","text":"the price of the securities the Fund has sold but is","page_number":137,"box":{"x":507,"y":444,"width":375,"height":12}},{"id":"4d73185a-60c0-4a90-ba3d-b64231e54e56","block_type":"box","text":"obligated to repurchase, (iii) the market value of the securities sold will decline below the price at which","page_number":137,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"737f8ec1-b914-490a-9c66-6006ffd81ba3","block_type":"box","text":"the Fund is required to repurchase them and (iv) the securities will not be returned to the Fund.","page_number":137,"box":{"x":116,"y":475,"width":710,"height":12}},{"id":"08013cfa-0272-4178-acd2-d8a4a7ac2bf2","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or","page_number":137,"box":{"x":117,"y":506,"width":731,"height":12}},{"id":"9b1cba19-cc07-4fc3-bd21-e82d612e6f9a","block_type":"box","text":"becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine","page_number":137,"box":{"x":117,"y":521,"width":765,"height":12}},{"id":"f5a7d052-9ce9-4b5e-a382-23a2a7b76025","block_type":"box","text":"whether to enforce a Fund’s obligations to repurchase the securities and the Fund’s use of the","page_number":137,"box":{"x":116,"y":537,"width":704,"height":12}},{"id":"8d860f20-fddd-4d3e-9d9e-3e26c4c69934","block_type":"box","text":"proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.","page_number":137,"box":{"x":117,"y":552,"width":744,"height":12}},{"id":"0df66294-93c0-46cb-b807-11518e987432","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase","page_number":137,"box":{"x":117,"y":583,"width":710,"height":12}},{"id":"2ba8ad84-cc36-44dd-bcc5-a802701cb8f4","block_type":"box","text":"agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds,","page_number":137,"box":{"x":116,"y":599,"width":755,"height":12}},{"id":"2c85294e-b29c-4ac1-b52b-e5ba95988f9f","block_type":"box","text":"borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":137,"box":{"x":117,"y":614,"width":767,"height":12}},{"id":"d51d651b-4a74-405c-89fe-c08b4354940b","block_type":"box","text":"Investment Company Act, provided that the Fund either (i) complies with the 300% asset coverage","page_number":137,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"0488ed30-ac5d-44ef-80e3-33df4f7674c7","block_type":"box","text":"ratio with respect to all such transactions and any other borrowings in the aggregate, or (ii) treats all","page_number":137,"box":{"x":117,"y":645,"width":744,"height":12}},{"id":"36b6c135-d22b-42f0-b335-b614cabce2e3","block_type":"box","text":"such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives—Regulation of","page_number":137,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"b841bf99-9a66-4d39-84e4-10f90370baf2","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above. The SEC has also finalized rules","page_number":137,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"81350f89-5967-414e-b9de-8120f91fb5d2","block_type":"box","text":"that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":137,"box":{"x":116,"y":692,"width":680,"height":12}},{"id":"c254c2c8-9104-4a02-8c35-2fb315c07981","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the","page_number":137,"box":{"x":116,"y":707,"width":731,"height":12}},{"id":"45853167-3e56-4f62-a41c-6ad9933138c3","block_type":"box","text":"middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce","page_number":137,"box":{"x":117,"y":723,"width":757,"height":12}},{"id":"2698fff1-1e29-47da-a06d-4d55e6689cea","block_type":"box","text":"the availability or increase the costs of such transactions and may adversely affect a Fund’s","page_number":137,"box":{"x":116,"y":738,"width":680,"height":12}},{"id":"bf5fda05-3f29-46fb-a98a-a7564f00e11c","block_type":"box","text":"performance.","page_number":137,"box":{"x":117,"y":754,"width":96,"height":12}},{"id":"af8cce55-165e-4444-8406-0770c71e5327","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated","page_number":137,"box":{"x":116,"y":785,"width":701,"height":12}},{"id":"89f564df-b983-48cd-b53b-26096f1d6722","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many","page_number":137,"box":{"x":116,"y":800,"width":727,"height":12}},{"id":"d2207bf9-6d25-44c9-9794-48c42e5ec439","block_type":"box","text":"reverse repurchase agreements, terms that delay or restrict the rights of counterparties, such as a","page_number":137,"box":{"x":117,"y":816,"width":727,"height":12}},{"id":"8dce995a-890c-4476-9634-bb7d16953b69","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":137,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"4e58f8b4-eccb-4112-880c-8ef17b3fb426","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":137,"box":{"x":116,"y":847,"width":748,"height":12}},{"id":"29357430-ecb6-4aa7-972d-e9d50c89d4a5","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these requirements, as well as","page_number":137,"box":{"x":116,"y":862,"width":707,"height":12}},{"id":"27d34827-6ac7-4eb2-9736-dc56c53886d5","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":137,"box":{"x":117,"y":878,"width":729,"height":12}},{"id":"390e951e-83e4-45c8-b86b-69c5051398a1","block_type":"box","text":"II-92","page_number":137,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"7e1b7c24-d449-45ff-83b3-4aa180c27a17","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":137,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"118c6c4c-567b-4e2b-b152-d45bc39c2d52","block_type":"box","text":"affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize amounts to be","page_number":138,"box":{"x":116,"y":87,"width":765,"height":12}},{"id":"704c5599-e066-41c6-bb64-3be68fcf5d4e","block_type":"box","text":"received under such agreements.","page_number":138,"box":{"x":117,"y":103,"width":253,"height":12}},{"id":"eaa3e5bb-e1da-457f-8074-b206b6724973","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":138,"box":{"x":116,"y":134,"width":349,"height":12}},{"id":"b536cda1-57c1-49b2-b09c-f05459751a43","block_type":"box","text":"Certain Funds may participate in rights offerings and","page_number":138,"box":{"x":466,"y":134,"width":399,"height":12}},{"id":"97ba81cd-f3b7-4a37-9ede-1ae6f4a6f029","block_type":"box","text":"may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe","page_number":138,"box":{"x":117,"y":149,"width":759,"height":12}},{"id":"c6c62aed-0ec6-4b88-93d6-7eb7dd9a1391","block_type":"box","text":"to and purchase a specified number of shares of the corporation at a specified price during a specified","page_number":138,"box":{"x":116,"y":165,"width":763,"height":12}},{"id":"dd1263c0-6b1d-4d05-b887-e41af0dcbfed","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration. The purchase of rights","page_number":138,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"8dc53d72-7b69-47c6-a417-46c8fa09c00e","block_type":"box","text":"or warrants involves the risk that a Fund could lose the purchase value of a right or warrant if the right","page_number":138,"box":{"x":116,"y":196,"width":760,"height":12}},{"id":"3f670a3b-386b-47fb-8499-2c6e3a282e7f","block_type":"box","text":"to subscribe to additional shares is not exercised prior to the rights’ and warrants’ expiration. Also, the","page_number":138,"box":{"x":116,"y":211,"width":760,"height":12}},{"id":"96d931ae-8cef-4395-b869-2c3a4215a455","block_type":"box","text":"purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or","page_number":138,"box":{"x":117,"y":227,"width":732,"height":12}},{"id":"822880d2-aea2-4d49-a116-32bcae038438","block_type":"box","text":"warrant added to the subscription price of the related security may exceed the value of the subscribed","page_number":138,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"fa8f2c9e-b370-42ab-a7a5-3198cf80ecb3","block_type":"box","text":"security’s market price such as when there is no movement in the level of the underlying security.","page_number":138,"box":{"x":116,"y":258,"width":728,"height":12}},{"id":"b57d0337-98c5-4350-85a2-459734520c89","block_type":"box","text":"Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder","page_number":138,"box":{"x":117,"y":273,"width":747,"height":12}},{"id":"b50c6cf9-2df1-45ab-aea5-72a895d1cfcc","block_type":"box","text":"has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right","page_number":138,"box":{"x":117,"y":289,"width":766,"height":12}},{"id":"39f31b5f-607f-498f-af8d-3986e65de573","block_type":"box","text":"to assets of the issuer, and for this reason investments in warrants may be more speculative than other","page_number":138,"box":{"x":116,"y":304,"width":771,"height":12}},{"id":"3b6c8e88-b8e7-455a-bea2-f584f6fdbf92","block_type":"box","text":"equity-based investments.","page_number":138,"box":{"x":116,"y":320,"width":200,"height":12}},{"id":"531a4bc5-d6a8-4697-9112-fda9edfeb5d6","block_type":"box","text":"Rule 144A Securities.","page_number":138,"box":{"x":116,"y":351,"width":170,"height":9}},{"id":"29de8fe6-9b78-49aa-85c9-87844a609886","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":138,"box":{"x":287,"y":351,"width":590,"height":12}},{"id":"318b4e9d-ed12-48c6-a52e-09d78db84595","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":138,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"7696bcd2-5d50-4a93-80bb-9482ecc3e097","block_type":"box","text":"Securities Lending.","page_number":138,"box":{"x":117,"y":397,"width":153,"height":12}},{"id":"bdd4f165-b6bd-40d9-9742-00a2bf3bd9a0","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock","page_number":138,"box":{"x":271,"y":397,"width":575,"height":12}},{"id":"d87645c2-c2a9-4067-b6d0-3c63bbd64bcf","block_type":"box","text":"determines to be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide","page_number":138,"box":{"x":116,"y":413,"width":744,"height":12}},{"id":"61bdc79b-9c04-4ee8-8cce-b90cc04efdb3","block_type":"box","text":"collateral that is maintained in an amount at least","page_number":138,"box":{"x":116,"y":428,"width":369,"height":10}},{"id":"39da1726-5e70-44df-b615-7baa7c6877f2","block_type":"box","text":"equal to the current market value of the securities","page_number":138,"box":{"x":486,"y":428,"width":373,"height":12}},{"id":"55c540c2-fc77-48a9-946d-1af8c1a9a965","block_type":"box","text":"loaned. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all","page_number":138,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"2c79c856-fefc-4ed9-9af4-e9e9eb798939","block_type":"box","text":"securities loans of the particular Fund exceeds one-third of the value of such Fund’s total assets","page_number":138,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"12b2578b-2dcb-4876-bbe6-c41daf8b129c","block_type":"box","text":"(including the value of the collateral received). A Fund may terminate a loan at any time and obtain the","page_number":138,"box":{"x":117,"y":475,"width":765,"height":12}},{"id":"1c8644b0-8316-486b-8728-b49240783402","block_type":"box","text":"return of the securities loaned. Each Fund receives, by way of substitute payment, the value of any","page_number":138,"box":{"x":117,"y":490,"width":738,"height":12}},{"id":"1be317ee-872e-48c0-9948-99f1ee11cb9a","block_type":"box","text":"interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise","page_number":138,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"6b75188f-e2c4-484f-ac59-241e4e65afc6","block_type":"box","text":"received if the securities were not on loan.","page_number":138,"box":{"x":117,"y":521,"width":318,"height":10}},{"id":"57d7d937-cd54-4580-815a-455c979d71bb","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee","page_number":138,"box":{"x":116,"y":552,"width":732,"height":12}},{"id":"151c9e9c-16fa-4bc7-9710-890ec1ba8b60","block_type":"box","text":"based on the amount of cash collateral. The Funds are compensated by any positive difference","page_number":138,"box":{"x":117,"y":568,"width":712,"height":12}},{"id":"ff4c7343-b36e-44c6-8225-866719c5bda9","block_type":"box","text":"between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In","page_number":138,"box":{"x":117,"y":583,"width":763,"height":12}},{"id":"0afd8166-957f-4af8-ac23-9e0bc84df667","block_type":"box","text":"the case of collateral other than cash, a Fund is compensated by a fee paid by the borrower equal to a","page_number":138,"box":{"x":116,"y":599,"width":765,"height":12}},{"id":"d07c8c34-eaa3-41f4-a787-3df784c71f9b","block_type":"box","text":"percentage of the market value of the loaned securities. Any cash collateral received by the Fund for","page_number":138,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"789deaa1-eeff-46a5-9cda-20ab62b74ecc","block_type":"box","text":"such loans, and uninvested cash, may be reinvested in certain short-term instruments either directly on","page_number":138,"box":{"x":116,"y":630,"width":770,"height":12}},{"id":"ac631b44-b7fb-49b5-bc10-ff8a3b03e4e7","block_type":"box","text":"behalf of the Fund or through one or more joint accounts or money market funds, including those","page_number":138,"box":{"x":117,"y":645,"width":722,"height":12}},{"id":"1b43db9c-c5de-42c4-a80f-02ef122a9322","block_type":"box","text":"affiliated with BlackRock; such investments are subject to investment risk.","page_number":138,"box":{"x":116,"y":661,"width":546,"height":12}},{"id":"e5433f2b-d8c1-4579-8be0-c36af302fbac","block_type":"box","text":"Securities lending involves exposure to","page_number":138,"box":{"x":116,"y":692,"width":284,"height":12}},{"id":"110f4229-ca81-4693-8774-64aa41d3a5b8","block_type":"box","text":"certain risks, including operational risk (","page_number":138,"box":{"x":405,"y":692,"width":286,"height":12}},{"id":"13383bf5-0a6f-4749-9438-1d781529171c","block_type":"box","text":"i.e.","page_number":138,"box":{"x":692,"y":692,"width":20,"height":9}},{"id":"8b626b0a-b3b7-476d-9361-2c86ba1f45f8","block_type":"box","text":", the risk of losses","page_number":138,"box":{"x":715,"y":692,"width":130,"height":11}},{"id":"af7423c4-1699-437c-9870-97ef2ffd6f1b","block_type":"box","text":"resulting from problems in the settlement and accounting process), “gap” risk (","page_number":138,"box":{"x":117,"y":707,"width":567,"height":12}},{"id":"f6bf3e05-2f7c-41ce-86c1-a3523a68514b","block_type":"box","text":"i.e.","page_number":138,"box":{"x":685,"y":707,"width":20,"height":10}},{"id":"b886c38e-3cce-4f6a-a924-dcd83953975b","block_type":"box","text":", the risk of a mismatch","page_number":138,"box":{"x":708,"y":707,"width":167,"height":11}},{"id":"5e883c5d-3c04-4c73-a3bd-d0c490ee389b","block_type":"box","text":"between the return on cash collateral reinvestments and the fees each Fund has agreed to pay a","page_number":138,"box":{"x":117,"y":723,"width":703,"height":12}},{"id":"500a3e51-3bd1-46a3-8933-e5d990cf6764","block_type":"box","text":"borrower), foreign exchange risk (","page_number":138,"box":{"x":117,"y":738,"width":244,"height":12}},{"id":"34e71bf9-cdb9-4483-81c8-3787126cfaf8","block_type":"box","text":"i.e.","page_number":138,"box":{"x":362,"y":738,"width":20,"height":10}},{"id":"03f0ca8d-4c2f-4792-9d4e-131c095342d5","block_type":"box","text":", the risk of a shortfall at default when a cash collateral investment is","page_number":138,"box":{"x":385,"y":738,"width":494,"height":11}},{"id":"0ab68a11-d827-4a63-bdc0-141ed68ad3c8","block_type":"box","text":"denominated in a currency other than the currency","page_number":138,"box":{"x":116,"y":754,"width":368,"height":12}},{"id":"d23b3a13-8956-4f26-96ab-dc7ee941a463","block_type":"box","text":"of the assets being loaned due to movements in","page_number":138,"box":{"x":489,"y":754,"width":348,"height":12}},{"id":"2594c53b-5bf9-4121-a3e6-6e2122741e33","block_type":"box","text":"foreign exchange rates), and credit, legal, counterparty","page_number":138,"box":{"x":116,"y":769,"width":398,"height":12}},{"id":"24339464-eebe-445e-9595-780ff7cb042e","block_type":"box","text":"and market risks (including the risk that market","page_number":138,"box":{"x":519,"y":769,"width":340,"height":12}},{"id":"080fef23-d2a9-4c32-803a-8821ecdc562d","block_type":"box","text":"events, including but not limited to corporate actions,","page_number":138,"box":{"x":116,"y":785,"width":381,"height":12}},{"id":"4f13566d-2fcc-4b2f-81ac-3b8a7f473a9d","block_type":"box","text":"could lead a Fund to lend securities that are trading","page_number":138,"box":{"x":504,"y":785,"width":372,"height":12}},{"id":"a3321128-7778-46e3-a444-9f42b54e6470","block_type":"box","text":"at a premium due to increased demand, or to recall loaned","page_number":138,"box":{"x":116,"y":800,"width":425,"height":12}},{"id":"46d71a3c-bd89-4bf5-bec4-a230880647e5","block_type":"box","text":"securities or to lend less or not at all, which","page_number":138,"box":{"x":547,"y":800,"width":312,"height":11}},{"id":"8387209e-658a-4478-8c78-9aae0711784d","block_type":"box","text":"could lead to reduced securities lending revenue). If a Fund","page_number":138,"box":{"x":116,"y":816,"width":431,"height":12}},{"id":"63b0f455-ec6d-4894-9fb3-8db6cf610629","block_type":"box","text":"were to lend out securities that are subject to","page_number":138,"box":{"x":553,"y":816,"width":326,"height":12}},{"id":"fbc81fda-8a6a-422f-a193-40a534f4ca24","block_type":"box","text":"a corporate action and commit to the borrower a","page_number":138,"box":{"x":116,"y":831,"width":355,"height":12}},{"id":"797c0d56-87a3-4758-8053-6928078ae2cc","block_type":"box","text":"particular election as determined by the Fund’s","page_number":138,"box":{"x":472,"y":831,"width":345,"height":12}},{"id":"365343f2-2255-4ebf-8f94-2a0bd154f7de","block_type":"box","text":"investment adviser, the benefit the Fund would receive","page_number":138,"box":{"x":117,"y":847,"width":401,"height":11}},{"id":"738e0309-e903-40be-b855-2f414a832000","block_type":"box","text":"in respect of committing to such election may or","page_number":138,"box":{"x":519,"y":847,"width":352,"height":12}},{"id":"9d40db94-eba3-4527-b618-1fbfe482ef05","block_type":"box","text":"may not be less than the benefit the Fund would have received from making a different election in such","page_number":138,"box":{"x":117,"y":862,"width":752,"height":12}},{"id":"cd1b1092-8642-4c46-9cad-09dc064e2294","block_type":"box","text":"corporate action. If a securities lending counterparty","page_number":138,"box":{"x":116,"y":878,"width":377,"height":12}},{"id":"35d736cc-b076-4b99-8961-c38f035cc01f","block_type":"box","text":"y were to default, a Fund would be subject to the risk","page_number":138,"box":{"x":493,"y":878,"width":381,"height":12}},{"id":"1f6e0f22-fddc-4cd5-8e0d-3b5a0c415b83","block_type":"box","text":"II-93","page_number":138,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9bca1a8b-1ce1-4674-9f64-6d2667d1dfb4","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":138,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ea533f7c-b317-4cc0-8749-c43e0002cf77","block_type":"box","text":"of a possible delay in receiving collateral or in re","page_number":139,"box":{"x":116,"y":87,"width":349,"height":12}},{"id":"14a18038-fb51-4663-9541-500c0b4ec281","block_type":"box","text":"covering the loaned securities, or to a possible loss of","page_number":139,"box":{"x":466,"y":87,"width":394,"height":12}},{"id":"1ca01cec-64f0-49ec-9b5a-f140fc100121","block_type":"box","text":"rights in the collateral. In the event a borrower does","page_number":139,"box":{"x":117,"y":103,"width":372,"height":12}},{"id":"4f860cf9-5086-4401-849f-07559947e72d","block_type":"box","text":"not return a Fund’s securities as agreed, the Fund’s","page_number":139,"box":{"x":489,"y":103,"width":386,"height":12}},{"id":"46def320-a5cc-4a9e-951d-28ed72c8e2d4","block_type":"box","text":"ability to participate in a corporate action event ma","page_number":139,"box":{"x":116,"y":118,"width":366,"height":12}},{"id":"b9d80a81-6c60-4f40-b2c3-d9be71b9247a","block_type":"box","text":"y be impacted, or the Fund may experience losses if","page_number":139,"box":{"x":482,"y":118,"width":386,"height":12}},{"id":"e33e3138-1bcd-4978-b4e3-08aacf387901","block_type":"box","text":"the proceeds received from liquidating the collateral do","page_number":139,"box":{"x":116,"y":134,"width":403,"height":12}},{"id":"a6dbb057-7bf5-4d4e-b803-226265abe212","block_type":"box","text":"not at least equal the value of the loaned security","page_number":139,"box":{"x":520,"y":134,"width":361,"height":12}},{"id":"5c2bd959-8ce0-4020-b433-8e73f1eebb7d","block_type":"box","text":"at the time the collateral is liquidated, plus the t","page_number":139,"box":{"x":116,"y":149,"width":337,"height":12}},{"id":"34de0db2-147b-460f-8590-859fe761e340","block_type":"box","text":"transaction costs incurred in purchasing replacement","page_number":139,"box":{"x":453,"y":149,"width":389,"height":12}},{"id":"508d4bc6-5806-42f6-90cc-9c0a8ff34c5e","block_type":"box","text":"securities. This latter event could trigger adverse tax consequences for a Fund. A Fund could lose money","page_number":139,"box":{"x":116,"y":165,"width":770,"height":12}},{"id":"a6f6b499-cc70-4b5a-8553-41ca356e34a9","block_type":"box","text":"if its short-term investment of the collateral declines","page_number":139,"box":{"x":117,"y":180,"width":377,"height":10}},{"id":"ba3b9e47-e636-4b44-a01f-83e4138a6971","block_type":"box","text":"in value over the period of the loan. Substitute","page_number":139,"box":{"x":495,"y":180,"width":338,"height":12}},{"id":"513eee5b-004d-4c9c-a7d2-415636b3de20","block_type":"box","text":"payments received by a Fund representing dividends","page_number":139,"box":{"x":117,"y":196,"width":390,"height":12}},{"id":"9c379507-cf89-4d42-a3ad-10b3a0704a84","block_type":"box","text":"paid on securities loaned out by the Fund will not","page_number":139,"box":{"x":508,"y":196,"width":359,"height":12}},{"id":"beedf2dc-d766-4e76-858e-706872eaf169","block_type":"box","text":"be considered qualified dividend income, and distributions by the Fund of such substitute payments will","page_number":139,"box":{"x":117,"y":211,"width":752,"height":12}},{"id":"5c3bc4d3-9a16-4f6e-a770-eaf6340cdcf4","block_type":"box","text":"not constitute qualified dividend income. Additi","page_number":139,"box":{"x":117,"y":227,"width":335,"height":11}},{"id":"4add7a3e-cee4-4de6-9e6a-e74fcd6baefb","block_type":"box","text":"onally, substitute payments received by a Fund","page_number":139,"box":{"x":453,"y":227,"width":347,"height":12}},{"id":"d684ea69-36bf-4387-aefd-b2d0dbf15686","block_type":"box","text":"representing qualified REIT dividends paid on REI","page_number":139,"box":{"x":117,"y":242,"width":361,"height":12}},{"id":"2304d09b-c78f-4d35-ad5b-009d65873ad1","block_type":"box","text":"T securities loaned out by the Fund will not be","page_number":139,"box":{"x":480,"y":242,"width":339,"height":12}},{"id":"16cc629a-290d-4cf2-b253-4c82f9b7949c","block_type":"box","text":"considered qualified REIT dividends, and distributions","page_number":139,"box":{"x":116,"y":258,"width":395,"height":11}},{"id":"5a556b7d-7876-4869-9c67-c5b954fbaea0","block_type":"box","text":"by the Fund of such substitute payments will not","page_number":139,"box":{"x":512,"y":258,"width":354,"height":12}},{"id":"3fffe173-1fc7-4bc4-ab6b-885989caa12f","block_type":"box","text":"be eligible for a 20% deduction currently availabl","page_number":139,"box":{"x":117,"y":273,"width":350,"height":12}},{"id":"8dfa7e65-4c8b-4914-99fb-c77b4d9f436a","block_type":"box","text":"e for ordinary REIT dividends paid to non-corporate","page_number":139,"box":{"x":469,"y":273,"width":378,"height":12}},{"id":"cc261092-8b72-43cb-a34c-5b24cbb74775","block_type":"box","text":"shareholders provided certain other requirements are sa","page_number":139,"box":{"x":116,"y":289,"width":409,"height":12}},{"id":"2ce0ddff-11ae-4c16-a144-9964204f5a7b","block_type":"box","text":"tisfied. The securities lending agent will take into","page_number":139,"box":{"x":526,"y":289,"width":356,"height":12}},{"id":"f07f7aae-a252-41af-8f92-3e914d42f427","block_type":"box","text":"account the tax effects on shareholders caused by","page_number":139,"box":{"x":116,"y":304,"width":367,"height":12}},{"id":"8b779d4c-878d-4beb-9c89-5765b3b11d92","block_type":"box","text":"y these differences in connection with a Fund’s","page_number":139,"box":{"x":483,"y":304,"width":337,"height":10}},{"id":"dd659969-113a-4b15-b83d-f6691a1bdf85","block_type":"box","text":"securities lending program. Substitute payments re","page_number":139,"box":{"x":116,"y":320,"width":370,"height":12}},{"id":"adb07d33-5ea8-48d2-81b2-b0886adcf4e8","block_type":"box","text":"ceived on tax-exempt securities loaned out will not be","page_number":139,"box":{"x":487,"y":320,"width":393,"height":12}},{"id":"abbd93d5-8370-4ec3-94d8-aefebd49ce31","block_type":"box","text":"tax-exempt income. There could also be changes in","page_number":139,"box":{"x":116,"y":335,"width":376,"height":12}},{"id":"15ae8c15-8ae2-4b69-8aad-90d6695398ec","block_type":"box","text":"the status of issuers under applicable laws and","page_number":139,"box":{"x":493,"y":335,"width":350,"height":12}},{"id":"82455743-b938-478e-a149-aae488911d5f","block_type":"box","text":"regulations, including tax regulations, that may impact t","page_number":139,"box":{"x":117,"y":351,"width":395,"height":12}},{"id":"a6833796-18eb-4e3c-93ef-2c98b44da4e1","block_type":"box","text":"the regulatory or tax treatment of loaned securities","page_number":139,"box":{"x":512,"y":351,"width":371,"height":12}},{"id":"8d3b3b38-9238-4e63-8719-3a94178a743e","block_type":"box","text":"and could, for example, result in a delay in t","page_number":139,"box":{"x":116,"y":366,"width":317,"height":12}},{"id":"e7b714d1-dbd4-4c32-a657-5caa6f946ef9","block_type":"box","text":"he payment of dividend equivalent payments owed to a Fund","page_number":139,"box":{"x":434,"y":366,"width":448,"height":12}},{"id":"7fdd58d3-8d0a-4d84-aadf-d828e8376813","block_type":"box","text":"(as permitted by applicable law).","page_number":139,"box":{"x":117,"y":382,"width":239,"height":12}},{"id":"0ae03e35-1fb0-4eb4-a653-bf83d11134d7","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":139,"box":{"x":117,"y":413,"width":761,"height":12}},{"id":"95fdf1ad-e9a5-4f78-bdcd-ba74a870d739","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many securities lending","page_number":139,"box":{"x":116,"y":428,"width":723,"height":12}},{"id":"1a7f58f1-5eda-4405-bd3c-e57c9a736c97","block_type":"box","text":"agreements, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate","page_number":139,"box":{"x":116,"y":444,"width":739,"height":12}},{"id":"eea7dd5c-3f26-42f7-bc7b-850fc136a99d","block_type":"box","text":"such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":139,"box":{"x":116,"y":459,"width":751,"height":12}},{"id":"21a6b374-22b1-4345-87ca-a2b510284161","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution","page_number":139,"box":{"x":116,"y":475,"width":754,"height":12}},{"id":"fdc091f3-2858-413c-8d9f-2dabb2d2ddb4","block_type":"box","text":"or insolvency proceedings. It is possible that these requirements, as well as potential additional","page_number":139,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"11a39068-a988-4db6-aaa9-e31e8e23680b","block_type":"box","text":"government regulation and other developments in the market, could adversely affect the Fund’s ability","page_number":139,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"5696214b-8beb-4baa-ac6e-199760e8af24","block_type":"box","text":"to terminate existing securities lending agreements or to realize amounts to be received under such","page_number":139,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"2c1d2720-001b-46c8-8370-847321a60ed2","block_type":"box","text":"agreements. Prudential regulation may also favor lenders that can provide additional protections, such","page_number":139,"box":{"x":116,"y":537,"width":764,"height":12}},{"id":"4e496ad1-e81f-4685-a664-467f7c33e932","block_type":"box","text":"as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to","page_number":139,"box":{"x":116,"y":552,"width":763,"height":12}},{"id":"b45f4f6c-c9e1-4525-b873-479940a4bc3a","block_type":"box","text":"provide additional protections to borrowers, where permitted pursuant to a Fund’s investment policies","page_number":139,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"7da3892c-083c-469b-b63e-5201c318ff34","block_type":"box","text":"and if BlackRock believes doing so is in the best interest of the Fund.","page_number":139,"box":{"x":116,"y":583,"width":518,"height":12}},{"id":"6ace0cf6-d883-4064-8583-6e864c9f939c","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan","page_number":139,"box":{"x":116,"y":614,"width":698,"height":12}},{"id":"91f721ba-7fe2-4c33-892c-d0d99d9db807","block_type":"box","text":"transaction information (not including party names); this may include, but is not limited to, information","page_number":139,"box":{"x":116,"y":630,"width":755,"height":12}},{"id":"019f4833-231e-4310-9ebe-52740f9c5113","block_type":"box","text":"about securities loans entered into in connection with short sales. Compliance with this rule is expected","page_number":139,"box":{"x":116,"y":645,"width":771,"height":12}},{"id":"cd90ab19-9d4d-4ebd-b0aa-3b76ab0080a5","block_type":"box","text":"to be required in late 2028, although in response to the outcome of a legal challenge against the rule,","page_number":139,"box":{"x":116,"y":661,"width":750,"height":12}},{"id":"1b6df5cb-af46-465f-b28e-a5ad6d2344de","block_type":"box","text":"the SEC may amend the rule and/or delay the current expected compliance date.","page_number":139,"box":{"x":116,"y":676,"width":602,"height":12}},{"id":"a93c9522-fdd7-428e-8579-34b224956616","block_type":"box","text":"Short Sales.","page_number":139,"box":{"x":117,"y":707,"width":95,"height":10}},{"id":"019ef685-0bc6-4832-9937-57ef54edb3d0","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential","page_number":139,"box":{"x":219,"y":707,"width":633,"height":12}},{"id":"dafe1cf4-e1fe-457b-859d-5cd78a288e3b","block_type":"box","text":"declines in value of a portfolio security or to realize appreciation when a security that the Fund does","page_number":139,"box":{"x":116,"y":723,"width":739,"height":12}},{"id":"a450d836-a249-437b-bcde-cc453295538c","block_type":"box","text":"not own declines in value. Certain Funds have a fundamental investment restriction prohibiting short","page_number":139,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"ec57bee7-11ec-4736-ba36-7501f0a60741","block_type":"box","text":"sales of securities unless they are “against-the-box.” In a short sale “against-the-box,” at the time of the","page_number":139,"box":{"x":116,"y":754,"width":766,"height":12}},{"id":"3e87b490-b154-4d16-a8a6-998f68467a6d","block_type":"box","text":"sale, the Fund owns or has the immediate and unconditional right to acquire the identical security at no","page_number":139,"box":{"x":116,"y":769,"width":764,"height":12}},{"id":"f702efa0-2fa7-4cdc-b94f-e948dff91447","block_type":"box","text":"additional cost. When a Fund makes a short sale, it borrows the security sold short and delivers it to","page_number":139,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"a8fca627-f437-434a-ac5d-7cc3afd275a6","block_type":"box","text":"the broker-dealer through which it made the short sale. A Fund may have to pay a fee to borrow","page_number":139,"box":{"x":116,"y":800,"width":712,"height":12}},{"id":"129f4e7c-3c54-42c0-b394-8e0008fcee3d","block_type":"box","text":"particular securities and is often obligated to turn over any payments received on such borrowed","page_number":139,"box":{"x":117,"y":816,"width":713,"height":12}},{"id":"e6ff8f03-4893-4aee-9481-15cb65267f4a","block_type":"box","text":"securities to the lender of the securities.","page_number":139,"box":{"x":116,"y":831,"width":301,"height":10}},{"id":"c89ca46f-f20d-40d2-ac85-30018ef4cf0c","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker","page_number":139,"box":{"x":116,"y":862,"width":756,"height":12}},{"id":"2ec231d3-8bb2-4b21-88ed-47b279460601","block_type":"box","text":"dealer, usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed.","page_number":139,"box":{"x":116,"y":878,"width":769,"height":12}},{"id":"2322a36c-c6f8-4484-9598-019b3e9419e5","block_type":"box","text":"II-94","page_number":139,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"dc60a954-48df-47f8-814f-9ced35dcecba","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":139,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4dfad4d0-862a-4ffb-8820-c2b70f508e7b","block_type":"box","text":"With respect to uncovered short positions, a Fund is required to deposit similar collateral with its","page_number":140,"box":{"x":116,"y":87,"width":717,"height":12}},{"id":"facb733d-b8ec-43eb-b31d-c30feed284ac","block_type":"box","text":"custodian, if necessary, to the extent that the value of both collateral deposits in the aggregate is at all","page_number":140,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"c9c10b5a-cf48-42f6-b6aa-668e1f91d417","block_type":"box","text":"times equal to at least 100% of the current market value of the security sold short. Depending on","page_number":140,"box":{"x":116,"y":118,"width":722,"height":12}},{"id":"8437ef46-c429-44af-8b05-dc3de314465b","block_type":"box","text":"arrangements made with the broker-dealer from which the Fund borrowed the security, regarding","page_number":140,"box":{"x":116,"y":134,"width":726,"height":12}},{"id":"0c1513cd-fe05-4344-8ce8-e797192eee5d","block_type":"box","text":"payment received by the Fund on such security, a Fund may not receive any payments (including","page_number":140,"box":{"x":117,"y":149,"width":728,"height":12}},{"id":"1f6f75a6-df69-4432-99bd-3e1dbd4191d8","block_type":"box","text":"interest) on its collateral deposited with such broker-dealer.","page_number":140,"box":{"x":117,"y":165,"width":443,"height":12}},{"id":"a36d95c3-c92a-4cfd-b906-df6a7030f4da","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated","page_number":140,"box":{"x":117,"y":196,"width":754,"height":12}},{"id":"60be5024-eca4-4068-ac23-fd97d888a00b","block_type":"box","text":"with those securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a","page_number":140,"box":{"x":116,"y":211,"width":755,"height":12}},{"id":"5ccde796-9790-4c8d-a32d-5a9814e7cd0f","block_type":"box","text":"result of a short sale if the price of the security increases between the date of the short sale and the","page_number":140,"box":{"x":117,"y":227,"width":743,"height":12}},{"id":"4f119b96-6a4e-4170-bd42-ca4d3bb7392f","block_type":"box","text":"date on which the Fund replaces the borrowed security. As a result, if a Fund makes short sales in","page_number":140,"box":{"x":116,"y":242,"width":735,"height":12}},{"id":"496ca2c3-7710-4d30-94ab-26e4308f500d","block_type":"box","text":"securities that increase in value, it will likely underperform similar mutual funds that do not make short","page_number":140,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"eee73ce2-6353-49f5-9627-2a5f1f50fd8a","block_type":"box","text":"sales in securities. A Fund will realize a gain on a short sale if the security declines in price between","page_number":140,"box":{"x":116,"y":273,"width":746,"height":12}},{"id":"87abfdb7-2149-408d-a16d-2806d4ab8dfb","block_type":"box","text":"those dates. There can be no assurance that a Fund will be able to close out a short sale position at","page_number":140,"box":{"x":116,"y":289,"width":747,"height":12}},{"id":"5e72d858-570a-4564-a8c3-1c3487c308a7","block_type":"box","text":"any particular time or at an acceptable price. Although a Fund’s gain is limited to the price at which it","page_number":140,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"1752503c-bbc7-4a5e-b37e-a583b4be6960","block_type":"box","text":"sold the security short, its potential loss is limited only by the maximum attainable price of the security,","page_number":140,"box":{"x":116,"y":320,"width":764,"height":12}},{"id":"8995f316-eefb-4140-b353-7008adc99dd3","block_type":"box","text":"less the price at which the security was sold and may, theoretically, be unlimited.","page_number":140,"box":{"x":117,"y":335,"width":603,"height":12}},{"id":"89540d43-6a8f-4813-94f5-672ed4eb8ee2","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":140,"box":{"x":116,"y":366,"width":698,"height":12}},{"id":"4b6397c0-9edc-4231-943c-8a2d33626461","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short","page_number":140,"box":{"x":116,"y":397,"width":720,"height":12}},{"id":"a2da647d-90f0-4049-84df-b530135f6618","block_type":"box","text":"sale borrowings, which are considered Derivatives Transactions under the Rule. See","page_number":140,"box":{"x":116,"y":413,"width":634,"height":12}},{"id":"b29dfc72-3c52-4d89-a85c-2e1f2cfb2625","block_type":"box","text":"“—Derivatives—Regulation of Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":140,"box":{"x":116,"y":428,"width":738,"height":12}},{"id":"35836710-b186-4437-931f-e4f9539a706c","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United","page_number":140,"box":{"x":116,"y":459,"width":712,"height":12}},{"id":"15cf57ae-d6dd-4a87-aac4-cb210e95b820","block_type":"box","text":"Kingdom regulations (under which there are restrictions on net short sales in certain securities). If the","page_number":140,"box":{"x":117,"y":475,"width":755,"height":12}},{"id":"94edc299-d05e-435f-8e5c-79ebd5c40efd","block_type":"box","text":"SEC or regulatory authorities in other jurisdictions were to adopt additional restrictions regarding short","page_number":140,"box":{"x":116,"y":490,"width":761,"height":12}},{"id":"6e5a2fa2-414c-41c0-af58-c72ebe861708","block_type":"box","text":"sales, they could restrict a Fund’s ability to engage in short sales in certain circumstances, and the","page_number":140,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"be23c6ed-20f2-4d56-aeee-def02b636808","block_type":"box","text":"Fund may be unable to execute its investment strategy as a result. In response to market events, the","page_number":140,"box":{"x":117,"y":521,"width":753,"height":12}},{"id":"ad1ead89-a810-487d-8861-25b5ff557aad","block_type":"box","text":"SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted)","page_number":140,"box":{"x":116,"y":537,"width":747,"height":12}},{"id":"63c5c709-d9fc-4f92-8491-71b62890bd68","block_type":"box","text":"bans or other restrictions on short sales of certain securities or on derivatives and other hedging","page_number":140,"box":{"x":117,"y":552,"width":717,"height":12}},{"id":"55835452-0d2c-4f1d-8a57-97d2d8dbd71c","block_type":"box","text":"instruments used to achieve a similar economic effect. Such bans or other restrictions may make it","page_number":140,"box":{"x":117,"y":568,"width":736,"height":12}},{"id":"b55788ed-8784-43ed-95ee-a107f735096d","block_type":"box","text":"impossible for a Fund to execute certain investment strategies and may have a material adverse effect","page_number":140,"box":{"x":117,"y":583,"width":765,"height":12}},{"id":"9eb085e6-bdb7-44bf-9cf8-60de455a6d17","block_type":"box","text":"on the Fund’s ability to generate returns.","page_number":140,"box":{"x":116,"y":599,"width":306,"height":12}},{"id":"04414a42-6d13-41cc-bd2d-ad68de6b3d0c","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":140,"box":{"x":117,"y":630,"width":325,"height":12}},{"id":"7ff269ce-7015-4b78-bd8c-1b4dafa2cb80","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other","page_number":140,"box":{"x":443,"y":630,"width":411,"height":12}},{"id":"0a08e901-fdb0-45ba-adc0-0ea9719da348","block_type":"box","text":"interests issued by special purpose acquisition companies (“SPACs”) or similar special purpose entities","page_number":140,"box":{"x":117,"y":645,"width":770,"height":12}},{"id":"8944b332-59d4-4f28-a32f-0b13bf34806d","block_type":"box","text":"that pool funds to seek potential acquisition opportunities, including the “founder’s” shares and","page_number":140,"box":{"x":116,"y":661,"width":698,"height":12}},{"id":"989704af-4127-4a6a-9799-12ce03517571","block_type":"box","text":"warrants described below. A SPAC is a publicly traded company that raises investment capital via an","page_number":140,"box":{"x":116,"y":676,"width":749,"height":12}},{"id":"1a114306-d488-43fd-b0b1-7e8be7ef9fb0","block_type":"box","text":"IPO for the purpose of identifying and acquiring one or more operating businesses or assets. In","page_number":140,"box":{"x":117,"y":692,"width":705,"height":12}},{"id":"6dd8d8b8-35df-430b-8a0b-14ea711d3ec0","block_type":"box","text":"connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s” shares, generally for","page_number":140,"box":{"x":116,"y":707,"width":712,"height":12}},{"id":"ff342e4c-0e9c-4336-90bd-0db1ad50bac8","block_type":"box","text":"nominal consideration, and warrants that will result in the sponsors owning a specified percentage","page_number":140,"box":{"x":117,"y":723,"width":726,"height":12}},{"id":"dfeec48e-c91d-4d8e-9d41-544f802c616a","block_type":"box","text":"(typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a","page_number":140,"box":{"x":117,"y":738,"width":735,"height":12}},{"id":"b7fe6cf7-86aa-411c-ac93-9e505a05bd25","block_type":"box","text":"SPAC conducts an IPO, it has selected a management team but has not yet identified a specific","page_number":140,"box":{"x":116,"y":754,"width":713,"height":12}},{"id":"bf8c0dc2-5829-416e-91e9-396cdb4653f9","block_type":"box","text":"acquisition opportunity. Unless and until an acquisition is completed, a SPAC generally invests its","page_number":140,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"e9fe57d7-9405-4eee-87f7-3206bd05cccd","block_type":"box","text":"assets in U.S. Government securities, money market securities and cash. If an acquisition that meets","page_number":140,"box":{"x":116,"y":785,"width":751,"height":12}},{"id":"4fc9ba3e-196c-4ec8-8d6e-ffc39ba29d19","block_type":"box","text":"the requirements for the SPAC is not completed within a pre-established period of time, the invested","page_number":140,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"ec894d67-36f8-4c64-a06c-771c98ad36da","block_type":"box","text":"funds are returned to the SPAC’s public shareholders, the warrants expire, and the “founder’s” shares","page_number":140,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"ce2e8de2-3f12-4890-b694-d9a1e4a659cc","block_type":"box","text":"and such warrants become worthless. Because SPACs and similar entities are in essence “blank","page_number":140,"box":{"x":116,"y":831,"width":725,"height":10}},{"id":"a6c0c53e-e043-4710-8013-55405b643e66","block_type":"box","text":"check” companies without operating histories or ongoing business operations (other than identifying","page_number":140,"box":{"x":116,"y":847,"width":745,"height":12}},{"id":"626a42a7-ceef-4520-a6b8-6862494cc201","block_type":"box","text":"and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":140,"box":{"x":116,"y":862,"width":728,"height":12}},{"id":"a4784aad-5973-43a9-82af-ec7a8acab447","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable","page_number":140,"box":{"x":117,"y":878,"width":751,"height":12}},{"id":"266a2e1b-73d4-4b04-b7e3-b28988e75963","block_type":"box","text":"II-95","page_number":140,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"88da6968-137c-4bd8-81b4-6b9c3f27159a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":140,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e62e4226-6e9f-4fec-a4d8-a85b4900c70c","block_type":"box","text":"acquisition. There is no guarantee that the SPACs in which a Fund invests will complete an acquisition","page_number":141,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"fef17264-9111-4490-b3d9-f712135efdab","block_type":"box","text":"or that any acquisitions completed by the SPACs in which the Fund invests will be profitable. Some","page_number":141,"box":{"x":116,"y":102,"width":740,"height":13}},{"id":"02275300-5cfc-4640-9e70-6d83438fc9be","block_type":"box","text":"SPACs may pursue acquisitions only within certain industries or regions, which may ultimately lead to","page_number":141,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"91400c78-de68-4e0b-bbbd-f7ad546d9303","block_type":"box","text":"an increase in the volatility of their prices following the acquisition. In addition, some of these securities","page_number":141,"box":{"x":116,"y":134,"width":768,"height":12}},{"id":"25d60ca3-9680-4982-a0e7-d69704ea0149","block_type":"box","text":"may be considered illiquid and/or subject to restrictions on resale.","page_number":141,"box":{"x":117,"y":149,"width":491,"height":12}},{"id":"f66f6572-b7ab-41ee-b5d1-3356afdb70e4","block_type":"box","text":"Standby Commitment Agreements.","page_number":141,"box":{"x":117,"y":180,"width":278,"height":12}},{"id":"f20e67ef-4014-4f2d-bddf-a6ee672552ba","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated","page_number":141,"box":{"x":396,"y":180,"width":471,"height":12}},{"id":"3cfe5e59-f834-48f4-a98c-9dd817261fc6","block_type":"box","text":"period of time, to purchase a stated amount of securities that may be issued and sold to that Fund at","page_number":141,"box":{"x":117,"y":196,"width":750,"height":12}},{"id":"93fc19eb-d594-47d7-bfe6-6c0cbbb5d95d","block_type":"box","text":"the option of the issuer. The price of the security is fixed at the time of the commitment. At the time of","page_number":141,"box":{"x":116,"y":211,"width":756,"height":12}},{"id":"7a7e35cd-7f89-4b41-8328-655007e2754d","block_type":"box","text":"entering into the agreement, a Fund is paid a commitment fee, regardless of whether or not the","page_number":141,"box":{"x":116,"y":227,"width":711,"height":12}},{"id":"ee29a8fd-5f9f-430a-ba76-4d3387d599fd","block_type":"box","text":"security is ultimately issued. A Fund will enter into such agreements for the purpose of investing in the","page_number":141,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"5da3e66a-fc73-4f8f-9561-06eaa18e4e66","block_type":"box","text":"security underlying the commitment at a price that is considered advantageous to the Fund.","page_number":141,"box":{"x":116,"y":258,"width":685,"height":12}},{"id":"9861a267-a095-45e6-86e4-3c35a9564291","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the","page_number":141,"box":{"x":116,"y":289,"width":767,"height":12}},{"id":"58623156-bdc2-4ed6-82bb-7a54ab5a39da","block_type":"box","text":"value of the security, if issued, on the delivery date may be more or less than its purchase price. Since","page_number":141,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"ace952e7-b947-4aa1-a5a9-09be732ab6e9","block_type":"box","text":"the issuance of the security underlying the commitment is at the option of the issuer, the Fund may","page_number":141,"box":{"x":116,"y":320,"width":738,"height":12}},{"id":"74abd51f-dab3-42f2-a27c-12d54a9f5f0b","block_type":"box","text":"bear the risk of a decline in the value of such security and may not benefit from an appreciation in the","page_number":141,"box":{"x":117,"y":335,"width":756,"height":12}},{"id":"53d92dcb-71c3-4670-8e76-3a4c747bc041","block_type":"box","text":"value of the security during the commitment period.","page_number":141,"box":{"x":116,"y":351,"width":386,"height":12}},{"id":"2d499a64-df8f-44cf-8c2f-3c324550f1c5","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment","page_number":141,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"2b349985-5bcf-4229-9ef5-7218c4ed369e","block_type":"box","text":"fee will be recorded on the date on which the security can reasonably be expected to be issued, and","page_number":141,"box":{"x":116,"y":397,"width":749,"height":12}},{"id":"20848cb9-f792-41b9-a664-92b844dc7881","block_type":"box","text":"the value of the security thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis","page_number":141,"box":{"x":116,"y":413,"width":755,"height":12}},{"id":"88501f0a-5afe-4531-81d9-ec7b9f157b20","block_type":"box","text":"of the security will be adjusted by the amount of the commitment fee. In the event the security is not","page_number":141,"box":{"x":116,"y":428,"width":745,"height":12}},{"id":"b3118b12-65e5-4499-ae49-821f9aa2ad26","block_type":"box","text":"issued, the commitment fee will be recorded as income on the expiration date of the standby","page_number":141,"box":{"x":117,"y":444,"width":690,"height":12}},{"id":"90c4df74-7d34-4160-b1a2-100586e23caf","block_type":"box","text":"commitment.","page_number":141,"box":{"x":116,"y":459,"width":101,"height":10}},{"id":"18bed8d7-b0ef-4079-b2c9-15fab9606ab4","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the","page_number":141,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"4422e6bc-2618-4e58-9f62-3e581cc67c9e","block_type":"box","text":"Manager’s or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby","page_number":141,"box":{"x":117,"y":506,"width":693,"height":12}},{"id":"6a4f6ce6-fe39-4eec-9be1-92051ea5bca3","block_type":"box","text":"commitments solely to facilitate portfolio liquidity and not to exercise its rights thereunder for trading","page_number":141,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"fccde94f-9195-4a6e-8feb-48a0d2c46eeb","block_type":"box","text":"purposes. Standby commitments will be valued at zero in determining NAV. Accordingly, where a Fund","page_number":141,"box":{"x":117,"y":537,"width":769,"height":12}},{"id":"54ec9950-5a72-492f-adb1-d165396ac987","block_type":"box","text":"pays directly or indirectly for a standby commitment, its cost will be reflected as an unrealized loss for","page_number":141,"box":{"x":117,"y":552,"width":756,"height":12}},{"id":"9e0ad540-f4e1-4e53-976f-889c26898246","block_type":"box","text":"the period during which the commitment is held by such Fund and will be reflected as a realized gain or","page_number":141,"box":{"x":116,"y":568,"width":771,"height":12}},{"id":"dd16c5c3-f267-4b57-97a4-25a0a5ccb0b8","block_type":"box","text":"loss when the commitment is exercised or expires.","page_number":141,"box":{"x":117,"y":583,"width":380,"height":12}},{"id":"bc156eb2-3763-4e4c-96e5-115a6fd50b7b","block_type":"box","text":"Stripped Securities.","page_number":141,"box":{"x":117,"y":614,"width":156,"height":12}},{"id":"9eb307cd-854a-4cf3-a1cb-73c3342877ec","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and","page_number":141,"box":{"x":274,"y":614,"width":560,"height":12}},{"id":"86bd434e-056a-47c9-8b89-82e27cac4ef7","block_type":"box","text":"principal components of an instrument and sells them as separate securities. In general, one security is","page_number":141,"box":{"x":117,"y":630,"width":771,"height":12}},{"id":"f90e0afc-ec9c-4d9a-bb45-6802612d6bda","block_type":"box","text":"entitled to receive the interest payments on the underlying assets (the interest only or “IO” security)","page_number":141,"box":{"x":116,"y":645,"width":740,"height":12}},{"id":"7316ab33-094c-4831-81fa-3e2c6e650c00","block_type":"box","text":"and the other to receive the principal payments (the principal only or “PO” security). Some stripped","page_number":141,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"705533dd-5156-4129-868f-69670558fc55","block_type":"box","text":"securities may receive a combination of interest and principal payments. The yields to maturity on IOs","page_number":141,"box":{"x":116,"y":676,"width":755,"height":12}},{"id":"8d5b450d-096e-4565-83f9-5aa733ae4a82","block_type":"box","text":"and POs are sensitive to the expected or anticipated rate of principal payments (including","page_number":141,"box":{"x":116,"y":692,"width":663,"height":12}},{"id":"69c4ea2f-5c1d-4a8a-84e5-f82e20368ee5","block_type":"box","text":"prepayments) on the related underlying assets, and principal payments may have a material effect on","page_number":141,"box":{"x":117,"y":707,"width":752,"height":12}},{"id":"57f490e9-3631-48bc-88e8-166fdc9c82b5","block_type":"box","text":"yield to maturity. If the underlying assets experience greater than anticipated prepayments of principal,","page_number":141,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"bb9dd9fe-361d-41ac-ab9d-46005aba5367","block_type":"box","text":"a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets","page_number":141,"box":{"x":116,"y":738,"width":681,"height":12}},{"id":"954d080b-828f-4366-bf2c-8de59a00c9ce","block_type":"box","text":"experience less than anticipated prepayments of principal, the yield on POs could be adversely","page_number":141,"box":{"x":116,"y":754,"width":706,"height":12}},{"id":"22b2d625-f82b-46f3-9b11-525e37829728","block_type":"box","text":"affected. Stripped securities may be highly sensitive to changes in interest rates and rates of","page_number":141,"box":{"x":116,"y":769,"width":687,"height":12}},{"id":"765fdd6a-f544-4e25-b3ef-1876f0c865a9","block_type":"box","text":"prepayment.","page_number":141,"box":{"x":117,"y":785,"width":91,"height":12}},{"id":"35067cba-ccaa-42b0-a7e1-c7a2f5794023","block_type":"box","text":"Structured Notes.","page_number":141,"box":{"x":117,"y":816,"width":139,"height":9}},{"id":"0a4009d1-25c3-4462-b4ea-0654b5806b2c","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally","page_number":141,"box":{"x":262,"y":816,"width":612,"height":12}},{"id":"5716184f-57e9-43f6-9215-8fb3005e9235","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to","page_number":141,"box":{"x":117,"y":831,"width":753,"height":12}},{"id":"67868de1-bb0d-452e-83e4-43b64d4fb734","block_type":"box","text":"the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”).","page_number":141,"box":{"x":116,"y":847,"width":751,"height":12}},{"id":"3497e4c8-a664-4499-a5f6-2c7699be28df","block_type":"box","text":"Issuers of structured notes generally include corporations and banks. The interest rate or the principal","page_number":141,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"9b16a2f6-ea2b-4a86-a426-30a799d4e823","block_type":"box","text":"amount payable upon maturity or redemption may increase or decrease, depending upon changes in","page_number":141,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"adc2b5dc-a70e-497c-a203-acd6389a9605","block_type":"box","text":"II-96","page_number":141,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"31ae119a-89da-41d3-ad15-9e8944005881","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":141,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e5f43117-7f59-4608-9393-f8c82c136ea2","block_type":"box","text":"the value of the reference measure. The terms of a structured note may provide that, in certain","page_number":142,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"a097bce9-259e-4704-a4f6-24a82cdc4e7d","block_type":"box","text":"circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by","page_number":142,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"9ceb00b6-fc11-43b1-89dc-a82b3c67b1e0","block_type":"box","text":"a Fund. The interest and/or principal payments that may be made on a structured product may vary","page_number":142,"box":{"x":116,"y":118,"width":743,"height":12}},{"id":"495fbdee-a926-41b9-ab31-a2bf6418df62","block_type":"box","text":"widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":142,"box":{"x":116,"y":134,"width":671,"height":12}},{"id":"033b64f3-832d-4313-866c-32b793865741","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure","page_number":142,"box":{"x":116,"y":165,"width":770,"height":12}},{"id":"15c18ffe-7ee4-48a0-b825-58fcb8bcce61","block_type":"box","text":"may produce an increase or a decrease in the interest rate or the value of the principal at maturity. The","page_number":142,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"ebfb8cdf-0e0b-4128-997a-4ebc3a6a8784","block_type":"box","text":"rate of return on structured notes may be determined by applying a multiplier to the performance or","page_number":142,"box":{"x":117,"y":196,"width":739,"height":12}},{"id":"c8d278ef-24f1-4475-bb52-712ff9655de6","block_type":"box","text":"differential performance of reference measures. Application of a multiplier involves leverage that will","page_number":142,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"0c2f29e9-f99f-435f-81c0-dbf344c6032e","block_type":"box","text":"serve to magnify the potential for gain and the risk of loss.","page_number":142,"box":{"x":116,"y":227,"width":435,"height":12}},{"id":"d8d4f7b2-aa6c-4aa9-ada2-2a3d55807771","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured","page_number":142,"box":{"x":116,"y":258,"width":722,"height":11}},{"id":"160016c7-978d-4092-8241-1856afe8ca84","block_type":"box","text":"product. Structured notes may also be more volatile, less liquid, and more difficult to price accurately","page_number":142,"box":{"x":117,"y":273,"width":750,"height":12}},{"id":"5429c50a-c382-48ae-a1f3-b541a3ad01fc","block_type":"box","text":"than less complex securities and instruments or more traditional debt securities. The secondary market","page_number":142,"box":{"x":116,"y":289,"width":770,"height":12}},{"id":"5e319ed7-697b-4e04-ac4b-86896e6b0449","block_type":"box","text":"for structured notes could be illiquid making them difficult to sell when the Fund determines to sell","page_number":142,"box":{"x":116,"y":304,"width":729,"height":12}},{"id":"3945fab4-aeba-4886-9836-2e62a05ea399","block_type":"box","text":"them. The possible lack of a liquid secondary market for structured notes and the resulting inability of","page_number":142,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"2fa939ff-877e-4118-9f6b-b3f5c19ca163","block_type":"box","text":"the Fund to sell a structured note could expose the Fund to losses and could make structured notes","page_number":142,"box":{"x":116,"y":335,"width":746,"height":12}},{"id":"bd446bec-025d-47f5-8902-d9fe8d3cc819","block_type":"box","text":"more difficult for the Fund to value accurately.","page_number":142,"box":{"x":117,"y":351,"width":344,"height":12}},{"id":"e81b2ee2-c4cc-4172-ab5e-726deab6a79f","block_type":"box","text":"Taxability Risk.","page_number":142,"box":{"x":118,"y":382,"width":119,"height":12}},{"id":"1350769a-ca42-41ca-befd-dd4fa6544020","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to","page_number":142,"box":{"x":238,"y":382,"width":555,"height":12}},{"id":"9d8bca34-7711-48d7-86c9-474b70a2f5d0","block_type":"box","text":"shareholders by investing in tax-exempt or municipal securities in reliance at the time of purchase on","page_number":142,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"24509f2d-286d-48e7-b5e5-b9a77931c702","block_type":"box","text":"an opinion of bond counsel to the issuer and, in the case of derivative securities, sponsors’ counsel,","page_number":142,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"614cb93f-2b8c-43ba-863a-98a54f07c91f","block_type":"box","text":"that the interest paid on those securities will be excludable from gross income for U.S. federal income","page_number":142,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"fc1caf94-3982-49e6-a958-71cdc3dd8e5d","block_type":"box","text":"tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income","page_number":142,"box":{"x":116,"y":444,"width":726,"height":12}},{"id":"fdb9530b-fd4f-41cb-9810-e090f9f3ea72","block_type":"box","text":"subsequent to the Fund’s acquisition of the securities. In that event, the IRS may demand that the","page_number":142,"box":{"x":116,"y":459,"width":731,"height":12}},{"id":"66823ab6-b1c6-4d40-991f-97c950a49246","block_type":"box","text":"Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to do so,","page_number":142,"box":{"x":117,"y":475,"width":758,"height":12}},{"id":"3ab6d18b-b9f6-4b9a-8737-ebc974d0356d","block_type":"box","text":"the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or","page_number":142,"box":{"x":116,"y":490,"width":758,"height":12}},{"id":"1a3bfd07-d299-4920-844c-9d4603574134","block_type":"box","text":"to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the","page_number":142,"box":{"x":116,"y":506,"width":724,"height":12}},{"id":"899ee913-d364-4262-97b4-cc9803eda4e5","block_type":"box","text":"Fund’s shareholders to increased U.S. federal income tax liabilities. If the interest paid on any","page_number":142,"box":{"x":117,"y":521,"width":699,"height":12}},{"id":"3e6f4461-a934-4c4b-9c80-49fff7614895","block_type":"box","text":"tax-exempt or municipal security held by the Fund is subsequently determined to be taxable, the Fund","page_number":142,"box":{"x":116,"y":537,"width":762,"height":12}},{"id":"d17a70c2-d1c6-4649-9608-b07ef686ff0c","block_type":"box","text":"will dispose of that security as soon as reasonably practicable. In addition, future laws, regulations,","page_number":142,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"ca2d9149-a40e-4fe8-8d62-fbf15aeabdc4","block_type":"box","text":"rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly,","page_number":142,"box":{"x":117,"y":568,"width":769,"height":12}},{"id":"5cb76b8b-2a6c-45bd-aee0-ff8359bb89bf","block_type":"box","text":"to U.S. federal income taxation or interest on state municipal securities to be subject to state or local","page_number":142,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"71bf2309-659e-4d3a-91aa-3d0ba8b8cde0","block_type":"box","text":"income taxation, or the value of state municipal securities to be subject to state or local intangible","page_number":142,"box":{"x":117,"y":599,"width":726,"height":12}},{"id":"3c7e23d4-f17a-4c20-a881-7ce872c0b881","block_type":"box","text":"personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":142,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"a016f636-9cfc-4ce5-b952-7a8f704a92de","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such","page_number":142,"box":{"x":116,"y":630,"width":721,"height":12}},{"id":"58edb1ee-c1a1-4f0a-b260-9cce7de7237a","block_type":"box","text":"securities, and thus the value of an investment in the Fund.","page_number":142,"box":{"x":116,"y":645,"width":444,"height":11}},{"id":"7c38351e-9efd-47e3-bfd1-aa8df8f7293e","block_type":"box","text":"Temporary Defensive Measures.","page_number":142,"box":{"x":118,"y":676,"width":252,"height":12}},{"id":"ce4b0c9b-798a-4dba-9560-096faf343591","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse","page_number":142,"box":{"x":376,"y":676,"width":498,"height":12}},{"id":"e4c2931d-e07e-4b7c-9ad4-a6caa5028efd","block_type":"box","text":"market, economic, political or other conditions, a Fund may depart from its principal investment","page_number":142,"box":{"x":117,"y":692,"width":697,"height":12}},{"id":"40ec624c-ba85-41f4-9d77-a88c54471487","block_type":"box","text":"strategies and may invest without limitation in cash, high quality money market instruments, or other","page_number":142,"box":{"x":116,"y":707,"width":735,"height":12}},{"id":"115b9071-56cc-40a3-b01f-e76632db69ca","block_type":"box","text":"short term investments. Certain Funds may also invest in cash and other such instruments pending","page_number":142,"box":{"x":116,"y":723,"width":727,"height":12}},{"id":"ce382de5-8b11-4594-ae6d-a64cc735355a","block_type":"box","text":"investment or to meet anticipated redemption requests. High quality money market instruments include","page_number":142,"box":{"x":117,"y":738,"width":755,"height":12}},{"id":"56c164c2-bb79-4c32-9c59-786ad539f114","block_type":"box","text":"U.S. Government obligations, U.S. Government agency obligations, dollar denominated obligations of","page_number":142,"box":{"x":117,"y":754,"width":746,"height":12}},{"id":"6e948b9b-f89b-4170-953f-4b3c0e9e7d5e","block_type":"box","text":"foreign issuers, bank obligations, including U.S. subsidiaries and branches of foreign banks, corporate","page_number":142,"box":{"x":116,"y":769,"width":750,"height":12}},{"id":"d0101657-8651-4139-894a-f7487b2fdd7d","block_type":"box","text":"obligations, commercial paper, repurchase agreements and obligations of supranational organizations.","page_number":142,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"fcb4fe4b-92e8-4855-a340-27a58ccd8e4b","block_type":"box","text":"Generally, such obligations will mature within one year from the date of settlement, but may mature","page_number":142,"box":{"x":117,"y":800,"width":727,"height":12}},{"id":"fa6762b5-5e44-482a-887f-1fd9ae6a6683","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":142,"box":{"x":116,"y":816,"width":762,"height":12}},{"id":"94b537d1-5eb1-4706-bbdd-bd04c36c7824","block_type":"box","text":"to achieve its investment objective.","page_number":142,"box":{"x":116,"y":831,"width":262,"height":12}},{"id":"6cc4e01e-2893-4c85-8043-db4d135a1dff","block_type":"box","text":"U.S. Government Obligations.","page_number":142,"box":{"x":117,"y":862,"width":236,"height":12}},{"id":"6613b718-e0a3-47e0-8892-c11843639560","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S.","page_number":142,"box":{"x":354,"y":862,"width":510,"height":12}},{"id":"790b89c7-b02e-4420-b805-1e34a136ba42","block_type":"box","text":"Government and U.S. Government agencies and instrumentalities. Obligations of certain agencies and","page_number":142,"box":{"x":117,"y":878,"width":767,"height":12}},{"id":"10d3a14b-84b3-456f-aff5-98924de5bbd5","block_type":"box","text":"II-97","page_number":142,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ff8a9f36-1f86-48e5-9e94-972c4af1ea9e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":142,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6ff922e2-0dd3-49d9-a40a-8610d5e4daa3","block_type":"box","text":"instrumentalities of the U.S. Government are supported by the full faith and credit of the U.S. Treasury.","page_number":143,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"79376cde-fd9f-4f10-aed7-2796062ada3d","block_type":"box","text":"Others are supported by the right of the issuer to borrow from the U.S. Treasury; and still others are","page_number":143,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"578b25da-2f99-4c56-b195-f70fa79dfd03","block_type":"box","text":"supported only by the credit of the agency or instrumentality issuing the obligation. No assurance can","page_number":143,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"54a73576-c284-43c2-93e3-6ead767cf969","block_type":"box","text":"be given that the U.S. Government will provide financial support to U.S. Government-sponsored","page_number":143,"box":{"x":117,"y":134,"width":715,"height":12}},{"id":"3bdef224-8288-433a-9b5a-d247c9ae8667","block_type":"box","text":"instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury and agency securities may","page_number":143,"box":{"x":117,"y":149,"width":762,"height":12}},{"id":"29c2021c-f6b0-4e0b-bf94-ebdbb69e4234","block_type":"box","text":"be held by trusts that issue participation certificates (such as Treasury income growth receipts and","page_number":143,"box":{"x":117,"y":165,"width":734,"height":12}},{"id":"20f6e295-a9f6-4351-8552-ce0bf7356cbe","block_type":"box","text":"certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":143,"box":{"x":116,"y":180,"width":740,"height":12}},{"id":"e145cd56-40b0-4fd4-b747-ef74c665fdef","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or","page_number":143,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"b71b17eb-4e71-4322-9b86-5643c5363d36","block_type":"box","text":"the future principal payments on U.S. Government obligations. These instruments are issued at a","page_number":143,"box":{"x":116,"y":211,"width":727,"height":12}},{"id":"b4896c6b-38c8-40aa-a987-acb14522127a","block_type":"box","text":"discount to their “face value” and may (particularly in the case of stripped mortgage-backed securities)","page_number":143,"box":{"x":116,"y":227,"width":763,"height":12}},{"id":"f5d83007-7e41-478e-8dd4-5450afe8b225","block_type":"box","text":"exhibit greater price volatility than ordinary debt securities because of the manner in which their","page_number":143,"box":{"x":116,"y":242,"width":713,"height":12}},{"id":"8c345e53-5d37-4730-bab8-e46a3c369f1d","block_type":"box","text":"principal and interest are returned to investors.","page_number":143,"box":{"x":117,"y":258,"width":351,"height":11}},{"id":"92685b89-d71e-459e-9e7b-707c97029a55","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S.","page_number":143,"box":{"x":117,"y":289,"width":734,"height":12}},{"id":"9257bdc6-cb5d-4125-b3c3-2af4939d7c2d","block_type":"box","text":"Treasury Bills, Treasury Notes and Treasury Bonds and the obligations of the Federal Housing","page_number":143,"box":{"x":116,"y":304,"width":708,"height":12}},{"id":"5a2e8a40-e3d3-4ae0-a13c-4a992847901a","block_type":"box","text":"Administration, Farmers Home Administration, Export-Import Bank of the United States, Small","page_number":143,"box":{"x":116,"y":320,"width":703,"height":12}},{"id":"26395888-65df-44e1-8d6a-20fbb12d05e5","block_type":"box","text":"Business Administration, Ginnie Mae, Fannie Mae, Federal Financing Bank, General Services","page_number":143,"box":{"x":117,"y":335,"width":702,"height":12}},{"id":"16f908e4-de08-4d8a-ac3d-8081b5f91853","block_type":"box","text":"Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Federal Home","page_number":143,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"ad20ce80-fc12-40a4-8269-d7bc5f0f372d","block_type":"box","text":"Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm Credit Banks","page_number":143,"box":{"x":117,"y":366,"width":771,"height":11}},{"id":"6c5b14d9-9573-4f49-a0d1-f334bb88971d","block_type":"box","text":"System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":143,"box":{"x":116,"y":382,"width":772,"height":12}},{"id":"187843b3-d02e-4e8a-a737-afe653b20e37","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government","page_number":143,"box":{"x":117,"y":397,"width":717,"height":12}},{"id":"7172fa05-7287-4bf8-8386-caa83a273553","block_type":"box","text":"agencies and instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae","page_number":143,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"be587aaf-1029-40c6-965b-2f26c6330e1f","block_type":"box","text":"and Freddie Mac.","page_number":143,"box":{"x":116,"y":428,"width":135,"height":10}},{"id":"858c5aa5-3c4b-474a-992d-df823fb2bcfb","block_type":"box","text":"U.S. Treasury Obligations.","page_number":143,"box":{"x":117,"y":459,"width":194,"height":12}},{"id":"08f4a34e-f212-44e0-b5b5-53661585254e","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of","page_number":143,"box":{"x":313,"y":459,"width":548,"height":12}},{"id":"eab3f71a-b5cf-40dc-bb39-67f71f6ce7a2","block_type":"box","text":"issuance and other characteristics. Obligations of U.S. Government agencies and authorities are","page_number":143,"box":{"x":117,"y":475,"width":721,"height":12}},{"id":"0ae0063a-81c2-467a-9fa4-da981dbe8182","block_type":"box","text":"supported by varying degrees of credit but generally are not backed by the full faith and credit of the","page_number":143,"box":{"x":116,"y":490,"width":747,"height":12}},{"id":"afa109a9-8866-41a2-af74-627e82ada96b","block_type":"box","text":"U.S. Government. No assurance can be given that the U.S. Government will provide financial support","page_number":143,"box":{"x":117,"y":506,"width":758,"height":12}},{"id":"c183b208-e46a-4707-b7dd-280f0f602de8","block_type":"box","text":"to its agencies and authorities if it is not obligated by law to do so.","page_number":143,"box":{"x":116,"y":521,"width":493,"height":12}},{"id":"2e22c876-cff6-452d-a6f6-61b79c1d402b","block_type":"box","text":"U.S. Treasury Rolls.","page_number":143,"box":{"x":117,"y":552,"width":153,"height":12}},{"id":"c51f5f6d-ec1b-4a0c-b7f9-e11b52bd4153","block_type":"box","text":"Certain Funds may invest in U.S. Treasury","page_number":143,"box":{"x":271,"y":552,"width":320,"height":12}},{"id":"c09123df-8524-45e7-9f7d-6c5b570e1d28","block_type":"box","text":"rolls. In a U.S. Treasury roll transaction,","page_number":143,"box":{"x":592,"y":552,"width":292,"height":12}},{"id":"7a03d90c-d995-40f3-babf-bed825b0b4ec","block_type":"box","text":"the Fund sells a treasury security to a counterpa","page_number":143,"box":{"x":116,"y":568,"width":350,"height":12}},{"id":"0fc8a2de-667e-48a3-a953-7d6496fa6542","block_type":"box","text":"rty with a simultaneous agreement to repurchase the","page_number":143,"box":{"x":468,"y":568,"width":387,"height":12}},{"id":"ec559994-a855-4a9d-bc8f-72eb68b452c1","block_type":"box","text":"same security at an agreed upon price and future settl","page_number":143,"box":{"x":116,"y":583,"width":392,"height":12}},{"id":"dc66984c-e4f4-4ea3-8981-3efccc329cec","block_type":"box","text":"ement date. U.S. Treasury roll transactions may","page_number":143,"box":{"x":510,"y":583,"width":353,"height":12}},{"id":"abd6a004-3a67-41ea-bb28-21288541dfeb","block_type":"box","text":"incrementally adjust the average maturity of a Fund’","page_number":143,"box":{"x":117,"y":599,"width":376,"height":12}},{"id":"09dcd9a4-df9e-419b-b85c-da2eaa704876","block_type":"box","text":"s portfolio and increase the interest yield on the","page_number":143,"box":{"x":494,"y":599,"width":348,"height":12}},{"id":"24ee51b5-c932-4e27-a2ed-4563550712d0","block_type":"box","text":"Fund’s portfolio by extending the average maturity of the portfolio in a normal yield curve environment.","page_number":143,"box":{"x":117,"y":614,"width":746,"height":12}},{"id":"a054ef27-9771-4a52-aa5a-b37aedfb83c7","block_type":"box","text":"During the period before the settlement","page_number":143,"box":{"x":117,"y":630,"width":284,"height":12}},{"id":"6add8600-1794-4b01-b4a4-7c3ae13c222f","block_type":"box","text":"date of a U.S. Treasury roll, a","page_number":143,"box":{"x":401,"y":630,"width":224,"height":12}},{"id":"2f432646-4d9c-4d4f-8a71-6e83dea04567","block_type":"box","text":"Fund continues to earn interest on","page_number":143,"box":{"x":626,"y":630,"width":254,"height":9}},{"id":"76829030-c254-49be-a174-830e4495732a","block_type":"box","text":"the securities it is selling; however, it does not earn in","page_number":143,"box":{"x":116,"y":645,"width":387,"height":12}},{"id":"ad77dc0a-c6c5-4553-b2e0-c3e12b5f8182","block_type":"box","text":"terest on the securities it is purchasing until after the","page_number":143,"box":{"x":504,"y":645,"width":383,"height":12}},{"id":"244294ed-ed12-4289-a679-e55006bb2983","block_type":"box","text":"settlement date. A Fund could suffer an opportunity loss","page_number":143,"box":{"x":116,"y":661,"width":406,"height":12}},{"id":"10016be9-7825-4717-bdc4-9fed932f48ad","block_type":"box","text":"if the counterparty to the U.S. Treasury roll","page_number":143,"box":{"x":528,"y":661,"width":308,"height":12}},{"id":"5bee92de-0229-4795-b97a-be44fa80a358","block_type":"box","text":"transaction failed to perform its obligations on the settlement date.","page_number":143,"box":{"x":116,"y":676,"width":478,"height":12}},{"id":"71d30ee5-f64b-4dfe-8452-21126ad0ec9d","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed","page_number":143,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"7dc86df2-d89c-49c4-90b8-18c4e68c7747","block_type":"box","text":"upon purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be","page_number":143,"box":{"x":117,"y":723,"width":732,"height":12}},{"id":"201c4519-a9d8-41f2-af94-b3ad6fad71ef","block_type":"box","text":"deemed to involve leverage. There is no assurance that U.S. Treasury rolls can be successfully","page_number":143,"box":{"x":116,"y":738,"width":709,"height":12}},{"id":"0a4c1fcf-1600-4b13-b249-d805736cdf14","block_type":"box","text":"employed.","page_number":143,"box":{"x":116,"y":754,"width":76,"height":12}},{"id":"8de4cb03-7aa2-47a4-8b3d-36877541eef6","block_type":"box","text":"Utility Industries.","page_number":143,"box":{"x":117,"y":785,"width":134,"height":12}},{"id":"5e09cd2e-7a42-468f-bd95-f8c8eea9d3f8","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an","page_number":143,"box":{"x":259,"y":785,"width":566,"height":12}},{"id":"2ed321eb-90b1-417c-92d7-5a0f7682f90c","block_type":"box","text":"adequate return on invested capital, difficulty in financing large construction programs during an","page_number":143,"box":{"x":116,"y":800,"width":710,"height":12}},{"id":"9a224ccc-7dd7-4d06-929a-6659c953e7fa","block_type":"box","text":"inflationary period, restrictions on operations and increased cost and delays attributable to","page_number":143,"box":{"x":117,"y":816,"width":667,"height":12}},{"id":"ed6c6208-9e95-4117-b491-86b0fd52cc66","block_type":"box","text":"environmental considerations and regulation, difficulty in raising capital in adequate amounts on","page_number":143,"box":{"x":116,"y":831,"width":715,"height":12}},{"id":"ab56fa35-2885-4a36-b5c6-6beaa9844152","block_type":"box","text":"reasonable terms in periods of high inflation and unsettled capital markets, technological innovations","page_number":143,"box":{"x":117,"y":847,"width":750,"height":12}},{"id":"ad6ae89b-0d04-48ae-b351-2e92d095c0c5","block_type":"box","text":"that may render existing plants, equipment or products obsolete, the potential impact of natural or","page_number":143,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"97d27163-d161-4810-a216-692f4f926622","block_type":"box","text":"man-made disasters, increased costs and reduced availability of certain types of fuel, occasional","page_number":143,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"8b0498da-06bf-461b-a63b-3a07ef5ff6ed","block_type":"box","text":"II-98","page_number":143,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"3b3a7c3d-c3f8-4c0a-a92a-e41267e70b6f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":143,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"bd80d5b9-b2d5-447d-b92b-670c085d3be2","block_type":"box","text":"reduced availability and high costs of natural gas for resale, the effects of energy conservation, the","page_number":144,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"6c5a1871-f065-427a-b5a6-011863d5d643","block_type":"box","text":"effects of a national energy policy and lengthy delays and greatly increased costs and other problems","page_number":144,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"17093795-6b31-4a02-becc-2105f639b3f6","block_type":"box","text":"associated with the design, construction, licensing, regulation and operation of nuclear facilities for","page_number":144,"box":{"x":116,"y":118,"width":735,"height":12}},{"id":"43140419-3aaa-432b-a15d-f85195298983","block_type":"box","text":"electric generation, including, among other considerations, the problems associated with the use of","page_number":144,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"44b3ea3f-5df9-46fb-9b89-2b721c50258d","block_type":"box","text":"radioactive materials and the disposal of radioactive wastes. There are substantial differences among","page_number":144,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"8ae7f652-d037-43db-851a-1fd93f95235e","block_type":"box","text":"the regulatory practices and policies of various jurisdictions, and any given regulatory agency may","page_number":144,"box":{"x":116,"y":165,"width":732,"height":12}},{"id":"a3d96d93-a068-403b-9299-5b0ad7c4ce97","block_type":"box","text":"make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in","page_number":144,"box":{"x":117,"y":180,"width":752,"height":12}},{"id":"55263805-0d0a-4ed8-bdd5-6340c193199b","block_type":"box","text":"the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":144,"box":{"x":116,"y":196,"width":716,"height":12}},{"id":"86372630-0d68-4544-96be-25fb8286a7bd","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future","page_number":144,"box":{"x":116,"y":211,"width":735,"height":12}},{"id":"cf42cb12-4f77-49cb-ade0-933fb5d4002a","block_type":"box","text":"regulatory legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the","page_number":144,"box":{"x":117,"y":227,"width":771,"height":12}},{"id":"0a513f13-5bff-447e-95a8-2adaf2230ecc","block_type":"box","text":"issuers of securities held in the Fund’s portfolio may own or operate nuclear generating facilities.","page_number":144,"box":{"x":117,"y":242,"width":720,"height":12}},{"id":"700383c6-39cb-4ef4-b0bc-b3022c2f7a80","block_type":"box","text":"Governmental authorities may from time to time review existing policies and impose additional","page_number":144,"box":{"x":117,"y":258,"width":702,"height":12}},{"id":"535f0083-09d2-418c-bdd2-3a9d6d6887b1","block_type":"box","text":"requirements governing the licensing, construction and operation of nuclear power plants. Prolonged","page_number":144,"box":{"x":117,"y":273,"width":751,"height":12}},{"id":"2a2ebed0-b06f-45c3-aced-15b6244d8a83","block_type":"box","text":"changes in climatic conditions can also have a significant impact on both the revenues of an electric","page_number":144,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"d9fde7db-447c-42cc-a479-2d72e7a57a4a","block_type":"box","text":"and gas utility as well as the expenses of a utility, particularly a hydro-based electric utility.","page_number":144,"box":{"x":116,"y":304,"width":675,"height":12}},{"id":"4667376d-527f-4f77-b133-1f67b7f8c430","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic","page_number":144,"box":{"x":117,"y":335,"width":747,"height":12}},{"id":"cba6698e-bb2c-400b-bc9c-1c0834fe7c39","block_type":"box","text":"and international competition, and governmental limitations on rates charged to customers. The value","page_number":144,"box":{"x":116,"y":351,"width":759,"height":12}},{"id":"a2dbd65a-d785-49ae-a43a-8b98ed450441","block_type":"box","text":"of regulated utility debt securities and, to a lesser extent, equity securities, tends to have an inverse","page_number":144,"box":{"x":116,"y":366,"width":743,"height":12}},{"id":"243967bc-637c-4102-bc00-2d4ec750e007","block_type":"box","text":"relationship to the movement of interest rates and therefore may lead to volatility in performance.","page_number":144,"box":{"x":117,"y":382,"width":723,"height":12}},{"id":"0455d29c-17b0-4e9b-8f74-5e911c11606f","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the","page_number":144,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"00b58682-4e89-4c13-8845-f80f20c03c70","block_type":"box","text":"United States, most utility companies are regulated by state and/or federal authorities. Such regulation","page_number":144,"box":{"x":117,"y":428,"width":764,"height":12}},{"id":"7b7c17d5-9c1f-4e01-aa84-d3da407e80e4","block_type":"box","text":"is intended to ensure appropriate standards of service and adequate capacity to meet public demand.","page_number":144,"box":{"x":117,"y":444,"width":759,"height":12}},{"id":"e42e4206-aae1-45f2-ad24-2d5b0930f00c","block_type":"box","text":"Generally, prices are also regulated in the United States and in foreign countries with the intention of","page_number":144,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"8c1136f6-2447-4124-87e7-d90f3ad92cad","block_type":"box","text":"protecting the public while ensuring that the rate of return earned by utility companies is sufficient to","page_number":144,"box":{"x":117,"y":475,"width":744,"height":12}},{"id":"25ff7ab0-5ced-4d44-ba4d-0b710f17a315","block_type":"box","text":"allow them to attract capital in order to grow and continue to provide appropriate services. There can","page_number":144,"box":{"x":116,"y":490,"width":751,"height":12}},{"id":"69bdb280-bdbe-44ec-8f15-6d8c220e4e0d","block_type":"box","text":"be no assurance that such pricing policies or rates of return will continue in the future.","page_number":144,"box":{"x":117,"y":506,"width":640,"height":12}},{"id":"8bb7797e-3750-48a1-8eef-4bde255a456f","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in","page_number":144,"box":{"x":116,"y":537,"width":738,"height":12}},{"id":"36bb4b76-f829-42f0-86af-efd1457c49ba","block_type":"box","text":"foreign countries. In recent years, changes in regulation in the United States increasingly have allowed","page_number":144,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"7327b30b-9be6-42ef-b175-1022ee58ccda","block_type":"box","text":"utility companies to provide services and products outside their traditional geographic areas and lines","page_number":144,"box":{"x":117,"y":568,"width":755,"height":12}},{"id":"5201021e-4e73-4b1b-b0c9-cba70dd3b4b3","block_type":"box","text":"of business, creating new areas of competition within the industries. In some instances, utility","page_number":144,"box":{"x":116,"y":583,"width":696,"height":12}},{"id":"f20c6151-394f-40b8-9dad-4bccc75377eb","block_type":"box","text":"companies are operating on an unregulated basis. Because of trends toward deregulation and the","page_number":144,"box":{"x":116,"y":599,"width":732,"height":12}},{"id":"7d814874-0e78-47ad-8ed9-b675355f95f0","block_type":"box","text":"evolution of independent power producers as well as new entrants to the field of telecommunications,","page_number":144,"box":{"x":116,"y":614,"width":757,"height":12}},{"id":"9243ddd4-c705-4e57-b4f3-3742745e9a40","block_type":"box","text":"non-regulated providers of utility services have become a significant part of their respective industries.","page_number":144,"box":{"x":117,"y":630,"width":761,"height":12}},{"id":"bc6a7273-ca7a-40fa-a75a-e7b6824a4653","block_type":"box","text":"The Manager believes that the emergence of competition and deregulation will result in certain utility","page_number":144,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"f20f58de-d532-40e0-ae02-09bfc7e44b97","block_type":"box","text":"companies being able to earn more than their traditional regulated rates of return, while others may be","page_number":144,"box":{"x":116,"y":661,"width":759,"height":12}},{"id":"2cc86950-bc91-4da7-89f8-df390c2e5a7c","block_type":"box","text":"forced to defend their core business from increased competition and may be less profitable. Reduced","page_number":144,"box":{"x":116,"y":676,"width":751,"height":12}},{"id":"8c341b0f-45aa-43d7-87c1-2567f3555018","block_type":"box","text":"profitability, as well as new uses of funds (such as for expansion, operations or stock buybacks) could","page_number":144,"box":{"x":117,"y":692,"width":754,"height":12}},{"id":"fec16f50-275e-4cbb-8731-6e24594d33d5","block_type":"box","text":"result in cuts in dividend payout rates. As deregulation allows utility companies to diversify outside of","page_number":144,"box":{"x":117,"y":707,"width":746,"height":12}},{"id":"101dc93b-2044-4dba-a047-497c067bae1f","block_type":"box","text":"their original geographic regions and their traditional lines of business, utility companies may engage in","page_number":144,"box":{"x":116,"y":723,"width":764,"height":12}},{"id":"bd241e0b-b4dc-47aa-b941-1c2726eeeea2","block_type":"box","text":"riskier ventures. Therefore, deregulation may eliminate restrictions on the maximum level of profits of","page_number":144,"box":{"x":117,"y":738,"width":749,"height":12}},{"id":"7f765edd-73c1-42ba-98fb-35d17811ee4e","block_type":"box","text":"certain utility companies, but may also subject these companies to greater risk of loss. The Manager","page_number":144,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"09314d43-3315-472f-8ba7-a6cd7c165f1a","block_type":"box","text":"seeks to take advantage of favorable investment opportunities that may arise from these structural","page_number":144,"box":{"x":116,"y":769,"width":730,"height":12}},{"id":"ac0ff305-fd9e-4515-8500-f25f5aefff3b","block_type":"box","text":"changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":144,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"3c8b03e3-da9c-47ad-8d51-c584a8525135","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":144,"box":{"x":117,"y":816,"width":749,"height":12}},{"id":"d03639e0-d7b1-468d-9b17-aa26455a0411","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by","page_number":144,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"e5bccf37-810a-4b9d-8ec0-ee465514226d","block_type":"box","text":"their respective governments than utilities in the United States and, as in the United States, generally","page_number":144,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"b3ea06c9-45ed-414a-ba38-a94a857616b9","block_type":"box","text":"are required to seek government approval for rate increases. In addition, many foreign utilities use","page_number":144,"box":{"x":116,"y":862,"width":733,"height":12}},{"id":"3db3c930-e39f-421f-b140-b074c4185c78","block_type":"box","text":"fuels that may cause more pollution than those used in the United States, which may require such","page_number":144,"box":{"x":116,"y":878,"width":731,"height":12}},{"id":"7d53a561-facd-43c5-b337-39d715b38382","block_type":"box","text":"II-99","page_number":144,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"efa2375d-1535-4916-aa86-854780fe32e7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":144,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c61e04da-2816-451c-ae63-d7a1a8adbc32","block_type":"box","text":"utilities to invest in pollution control equipment to meet any proposed pollution restrictions. Foreign","page_number":145,"box":{"x":117,"y":87,"width":733,"height":12}},{"id":"4c85de99-41f7-4eb9-b50b-d5eed33abe70","block_type":"box","text":"regulatory systems vary from country to country and may evolve in ways different from regulation in the","page_number":145,"box":{"x":117,"y":102,"width":770,"height":13}},{"id":"84dd414e-9da9-4d06-b82a-bf3b60d61b47","block_type":"box","text":"United States.","page_number":145,"box":{"x":117,"y":118,"width":109,"height":10}},{"id":"f6b704fe-d253-421b-a9f8-b42e19125f78","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment","page_number":145,"box":{"x":116,"y":149,"width":676,"height":12}},{"id":"75e9e982-f87c-4bbe-8f77-f414625817b9","block_type":"box","text":"opportunities throughout the world. For example, the rapid growth of certain foreign economies will","page_number":145,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"757f989a-3654-43f5-a415-764512352904","block_type":"box","text":"necessitate expansion of capacity in the utility industries in those countries. Although many foreign","page_number":145,"box":{"x":117,"y":180,"width":735,"height":12}},{"id":"44b8030d-f7df-4349-b12d-675da2d97f0c","block_type":"box","text":"utility companies currently are government-owned, thereby limiting current investment opportunities for","page_number":145,"box":{"x":117,"y":196,"width":766,"height":12}},{"id":"a05ec64b-45f1-4153-ba94-45bf73eba589","block_type":"box","text":"a Fund, the Manager believes that, in order to attract significant capital for growth, foreign governments","page_number":145,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"02de4126-3f41-47bd-8972-a9b139217ab8","block_type":"box","text":"are likely to seek global investors through the privatization of their utility industries. Privatization, which","page_number":145,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"7113df5e-3c85-4d42-af8a-04877bab3002","block_type":"box","text":"refers to the trend toward investor ownership of assets rather than government ownership, is expected","page_number":145,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"ea192a86-ec6e-4f12-8e29-e640a9be430c","block_type":"box","text":"to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":145,"box":{"x":116,"y":258,"width":699,"height":12}},{"id":"20601289-a7f9-4184-a361-d4e22d0d6c0f","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign","page_number":145,"box":{"x":116,"y":273,"width":726,"height":12}},{"id":"76d06630-47c3-4775-9f12-b73fb8388349","block_type":"box","text":"markets will increase.","page_number":145,"box":{"x":117,"y":289,"width":164,"height":9}},{"id":"8df39a47-5912-4076-b60a-0d3389574bb3","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and","page_number":145,"box":{"x":116,"y":320,"width":732,"height":12}},{"id":"ac95a50f-8b6e-4858-81c8-55d524c0cd66","block_type":"box","text":"development in the geographic areas in which they do business. The Manager will take into account","page_number":145,"box":{"x":116,"y":335,"width":747,"height":12}},{"id":"3a37786b-dc60-424a-888b-f063de3cd50e","block_type":"box","text":"anticipated economic growth rates and other economic developments when selecting securities of","page_number":145,"box":{"x":116,"y":351,"width":732,"height":12}},{"id":"d1ca7063-dfbd-472b-8848-4d75eeee179b","block_type":"box","text":"utility companies.","page_number":145,"box":{"x":117,"y":366,"width":132,"height":12}},{"id":"78a17d76-662d-48f5-b7c6-3e36bf8151cc","block_type":"box","text":"Electric.","page_number":145,"box":{"x":116,"y":397,"width":58,"height":10}},{"id":"1b73b6c9-92b8-4f35-a856-1b77896e8e2b","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the","page_number":145,"box":{"x":176,"y":397,"width":630,"height":12}},{"id":"279941fb-a1e1-4f8b-b5b3-6cecfc5b0576","block_type":"box","text":"generation, transmission and sale of electric energy, although many also provide other energy-related","page_number":145,"box":{"x":116,"y":413,"width":760,"height":12}},{"id":"3987dc1c-3439-43f3-bcb0-6da854b1ca29","block_type":"box","text":"services. In the past, electric utility companies, in general, have been favorably affected by lower fuel","page_number":145,"box":{"x":116,"y":428,"width":754,"height":12}},{"id":"6bed1bfb-5a59-4c42-b2ae-6ae85633bde5","block_type":"box","text":"and financing costs and the full or near completion of major construction programs. In addition, many","page_number":145,"box":{"x":116,"y":444,"width":754,"height":12}},{"id":"71e5a91b-aebe-448b-ab03-f2643b996314","block_type":"box","text":"of these companies have generated cash flows in excess of current operating expenses and","page_number":145,"box":{"x":116,"y":459,"width":690,"height":12}},{"id":"ca462e90-8022-4251-a70d-514dd0e63faa","block_type":"box","text":"construction expenditures, permitting some degree of diversification into unregulated businesses.","page_number":145,"box":{"x":116,"y":475,"width":727,"height":12}},{"id":"b7836a37-46fa-4642-ae4c-e600f361c8a4","block_type":"box","text":"Some electric utilities have also taken advantage of the right to sell power outside of their traditional","page_number":145,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"25ed5879-5932-4641-b53e-117f1f62eb92","block_type":"box","text":"geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":145,"box":{"x":116,"y":506,"width":758,"height":12}},{"id":"e7ccc342-3673-4b01-a646-9cf79c0d918b","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital","page_number":145,"box":{"x":117,"y":521,"width":714,"height":12}},{"id":"7edbf1de-c2ed-481e-8fb3-8b13108a9d0e","block_type":"box","text":"construction programs, costs associated with compliance with environmental and safety regulations","page_number":145,"box":{"x":116,"y":537,"width":744,"height":12}},{"id":"7139fb75-040e-4bb6-856a-6df068c7882e","block_type":"box","text":"and changes in the regulatory climate. As interest rates declined, many utilities refinanced high cost","page_number":145,"box":{"x":116,"y":552,"width":744,"height":12}},{"id":"49e52cdd-2d85-4067-85da-84bad7d64606","block_type":"box","text":"debt and in doing so improved their fixed charges coverage. Regulators, however, lowered allowed","page_number":145,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"b9dd28cd-2c89-4028-ab93-5a5422758661","block_type":"box","text":"rates of return as interest rates declined and thereby caused the benefits of the rate declines to be","page_number":145,"box":{"x":117,"y":583,"width":734,"height":12}},{"id":"4749c57e-13f3-4101-99b5-5844ee770859","block_type":"box","text":"shared wholly or in part with customers. In a period of rising interest rates, the allowed rates of return","page_number":145,"box":{"x":116,"y":599,"width":754,"height":12}},{"id":"0f300790-c07d-4a64-9911-7bbe18941785","block_type":"box","text":"may not keep pace with the utilities’ increased costs. The construction and operation of nuclear power","page_number":145,"box":{"x":117,"y":614,"width":760,"height":12}},{"id":"fdb7b342-7a06-44c8-8231-926ebf7515bf","block_type":"box","text":"facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear Regulatory","page_number":145,"box":{"x":116,"y":630,"width":686,"height":12}},{"id":"d1311541-668b-49c2-af50-ac930f83a7aa","block_type":"box","text":"Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in","page_number":145,"box":{"x":117,"y":645,"width":727,"height":12}},{"id":"a814a1b6-1219-438c-863f-1d87ff545179","block_type":"box","text":"higher operating costs and higher capital expenditures, with the risk that the regulators may disallow","page_number":145,"box":{"x":117,"y":661,"width":743,"height":12}},{"id":"5b577a3a-fba0-46c8-bd10-60e3129d929b","block_type":"box","text":"inclusion of these costs in rate authorizations or the risk that a company may not be permitted to","page_number":145,"box":{"x":117,"y":676,"width":713,"height":12}},{"id":"c386e00c-f670-41d9-bcbf-76a9ee84fa9e","block_type":"box","text":"operate or complete construction of a facility. In addition, operators of nuclear power plants may be","page_number":145,"box":{"x":116,"y":692,"width":735,"height":12}},{"id":"981d56af-8519-4a0e-b6a3-d47b9829ab97","block_type":"box","text":"subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.","page_number":145,"box":{"x":116,"y":707,"width":681,"height":12}},{"id":"25912bbd-ec98-48f4-ab07-4c2ce4d46b11","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected","page_number":145,"box":{"x":116,"y":738,"width":760,"height":12}},{"id":"0cfe3a6f-404d-4a8f-9936-99edbef58aba","block_type":"box","text":"to be impacted to a greater extent in the future by the division of their asset base. Electric utility","page_number":145,"box":{"x":116,"y":754,"width":706,"height":12}},{"id":"8ee46dd7-1511-45a6-a719-a2a45a1760bc","block_type":"box","text":"companies that focus more on the generation of electricity may be assigned less favorable ratings as","page_number":145,"box":{"x":116,"y":769,"width":749,"height":12}},{"id":"69f43f3f-dc55-4ccc-9bf5-b6f0c5c91f5e","block_type":"box","text":"this business is expected to be competitive and the least regulated. On the other hand, companies that","page_number":145,"box":{"x":116,"y":785,"width":763,"height":12}},{"id":"99ed5165-72cb-4749-abfa-8480d6912f2d","block_type":"box","text":"focus on transmission and distribution, which is expected to be the least competitive and the more","page_number":145,"box":{"x":116,"y":800,"width":727,"height":12}},{"id":"9906387d-a913-4061-a36c-a86d01a89eca","block_type":"box","text":"regulated part of the business, may see higher ratings given the greater predictability of cash flow.","page_number":145,"box":{"x":117,"y":816,"width":726,"height":12}},{"id":"74b8cda0-bb92-49c6-b724-b677cacfb7c1","block_type":"box","text":"A number of states are considering or have","page_number":145,"box":{"x":116,"y":847,"width":319,"height":12}},{"id":"bc5f0254-c6b5-44af-8bf9-79bf711a4fa5","block_type":"box","text":"enacted deregulation proposals. The introduction of","page_number":145,"box":{"x":436,"y":847,"width":379,"height":12}},{"id":"bf959133-1ba5-44b5-a19f-6141ff647619","block_type":"box","text":"competition into the industry as a result of such","page_number":145,"box":{"x":116,"y":862,"width":342,"height":12}},{"id":"7e8a9f2d-556c-4986-8150-17fa4656b4ca","block_type":"box","text":"deregulation has at times resulted in lower revenue,","page_number":145,"box":{"x":458,"y":862,"width":386,"height":12}},{"id":"a8b99bae-2331-41cc-87d0-e267ba9041ff","block_type":"box","text":"lower credit ratings, increased default risk, and lower","page_number":145,"box":{"x":117,"y":878,"width":386,"height":12}},{"id":"6500ebe1-f58a-46c6-b35d-5fccb857ea65","block_type":"box","text":"electric utility security prices. Such increased","page_number":145,"box":{"x":504,"y":878,"width":330,"height":12}},{"id":"decf1fca-70b5-456a-a43b-54ebc69b21ef","block_type":"box","text":"II-100","page_number":145,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"19832fd5-5288-4204-a460-3731cd2f795b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":145,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"71bb19df-8b67-4e33-8fdf-ab277b45987b","block_type":"box","text":"competition may also cause long-term contracts, whic","page_number":146,"box":{"x":116,"y":87,"width":391,"height":12}},{"id":"c0bcce81-ae72-4508-a625-81e9522e6c33","block_type":"box","text":"h electric utilities previously entered into to buy","page_number":146,"box":{"x":508,"y":87,"width":343,"height":12}},{"id":"8a814cee-ad70-45d0-9ab4-5e7bd09e169b","block_type":"box","text":"power, to become “stranded assets” which have no economic value. Any loss associated with such","page_number":146,"box":{"x":117,"y":102,"width":723,"height":13}},{"id":"6f0174d1-2305-469c-969d-c8bdefa85670","block_type":"box","text":"contracts must be absorbed by ratepayers and investors.","page_number":146,"box":{"x":116,"y":118,"width":413,"height":12}},{"id":"a3abab36-2f70-48c4-b9d8-0d3b17be97ff","block_type":"box","text":"In addition, some electric utilities have acquired","page_number":146,"box":{"x":530,"y":118,"width":354,"height":12}},{"id":"d93d6b3c-9f54-4144-8c25-d33eebf48782","block_type":"box","text":"electric utilities overseas to diversify, enhance ear","page_number":146,"box":{"x":116,"y":134,"width":362,"height":12}},{"id":"3111b6b2-25c5-4de9-a64b-115285c82b7f","block_type":"box","text":"nings and gain experience in operating in a deregulated","page_number":146,"box":{"x":478,"y":134,"width":409,"height":12}},{"id":"2c494744-7180-4884-9e90-de291faf9e0c","block_type":"box","text":"environment. In some instances, such acquisitions","page_number":146,"box":{"x":116,"y":149,"width":366,"height":12}},{"id":"fdcd5bad-ecb4-41de-af97-bb44265d7c7f","block_type":"box","text":"have involved significant borrowings, which have","page_number":146,"box":{"x":483,"y":149,"width":364,"height":12}},{"id":"6227b29a-2d82-4aff-8718-9aa35f0078e4","block_type":"box","text":"burdened the acquirer’s balance sheet. There is no assu","page_number":146,"box":{"x":117,"y":165,"width":408,"height":11}},{"id":"9e632834-4d62-48f4-8bf1-0ffb95d99a11","block_type":"box","text":"rance that current deregulation proposals will be","page_number":146,"box":{"x":528,"y":165,"width":353,"height":12}},{"id":"da761465-8acb-4596-83b4-1823eec96aeb","block_type":"box","text":"adopted. However, deregulation in any form could signi","page_number":146,"box":{"x":116,"y":180,"width":400,"height":12}},{"id":"4337cc95-3961-48d0-8491-55461faeb79c","block_type":"box","text":"ficantly impact the electric utilities industry.","page_number":146,"box":{"x":517,"y":180,"width":314,"height":12}},{"id":"f26a5b39-f8b9-49fe-901a-ce2bd0c7dc9e","block_type":"box","text":"Telecommunications.","page_number":146,"box":{"x":118,"y":211,"width":155,"height":10}},{"id":"4399ba7f-d080-4862-81d6-a0896b462efd","block_type":"box","text":"The telecommunications industry today includes both traditional telephone","page_number":146,"box":{"x":275,"y":211,"width":561,"height":12}},{"id":"1e70b69d-e301-43cd-a4a1-e04eadd9863d","block_type":"box","text":"companies, with a history of broad market coverage and highly regulated businesses, and cable","page_number":146,"box":{"x":116,"y":227,"width":717,"height":12}},{"id":"d3dea9e3-ac47-4553-bead-2bbdf133ff09","block_type":"box","text":"companies, which began as small, lightly regulated businesses focused on limited markets. Today","page_number":146,"box":{"x":116,"y":242,"width":733,"height":12}},{"id":"e5702b39-5c1d-4aef-9a2e-8660a6fea489","block_type":"box","text":"these two historically different businesses are converging in an industry that is trending toward larger,","page_number":146,"box":{"x":116,"y":258,"width":758,"height":12}},{"id":"8bd16c6c-3564-4f79-8a21-e1669044b1f4","block_type":"box","text":"competitive national and international markets with an emphasis on deregulation. Companies that","page_number":146,"box":{"x":116,"y":273,"width":729,"height":12}},{"id":"e85067a6-341a-4450-b05b-bcea486e579f","block_type":"box","text":"distribute telephone services and provide access to the telephone networks still comprise the greatest","page_number":146,"box":{"x":116,"y":289,"width":760,"height":12}},{"id":"ada6a3e8-f290-444b-95fd-28d3088ca8e5","block_type":"box","text":"portion of this segment, but non-regulated activities such as wireless telephone services, paging, data","page_number":146,"box":{"x":117,"y":304,"width":759,"height":12}},{"id":"a4d3434d-0759-4ba4-8c4a-f853a75e6441","block_type":"box","text":"transmission and processing, equipment retailing, computer software and hardware and internet","page_number":146,"box":{"x":116,"y":320,"width":718,"height":12}},{"id":"afe1367b-3e5e-4a12-aa6b-c9149281810e","block_type":"box","text":"services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":146,"box":{"x":116,"y":335,"width":759,"height":12}},{"id":"822eb63a-2f8f-49ea-a886-5925dc0386db","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies.","page_number":146,"box":{"x":116,"y":351,"width":752,"height":12}},{"id":"7b409cf9-d3a9-47a7-a2a2-e3f1ae078cdc","block_type":"box","text":"The presence of unregulated companies in this industry and the entry of traditional telephone","page_number":146,"box":{"x":116,"y":366,"width":696,"height":12}},{"id":"36ebb291-6d2c-4c7e-9b2d-3ce39259b24e","block_type":"box","text":"companies into unregulated or less regulated businesses provide significant investment opportunities","page_number":146,"box":{"x":116,"y":382,"width":755,"height":12}},{"id":"77fa62ed-8035-4c57-abd7-3540ad395a31","block_type":"box","text":"with companies that may increase their earnings at faster rates than had been allowed in traditional","page_number":146,"box":{"x":116,"y":397,"width":742,"height":12}},{"id":"c0f6f0dd-7322-4b0f-a6a9-32d9d7567af4","block_type":"box","text":"regulated businesses. Still, increasing competition, technological innovations and other structural","page_number":146,"box":{"x":117,"y":413,"width":722,"height":12}},{"id":"813bd009-ddbc-42d8-90a5-b40c2d1ec710","block_type":"box","text":"changes could adversely affect the profitability of such utilities and the growth rate of their dividends.","page_number":146,"box":{"x":116,"y":428,"width":750,"height":12}},{"id":"a1a16699-9e82-46c7-b335-ca4ec98db038","block_type":"box","text":"Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":146,"box":{"x":117,"y":444,"width":725,"height":12}},{"id":"cecfcea2-85ce-4980-9e66-75b0cd688be8","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility","page_number":146,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"32bc24e4-7ec0-451a-9a1a-c826eb6d8d71","block_type":"box","text":"services to both residential, corporate and governmental customers.","page_number":146,"box":{"x":116,"y":475,"width":511,"height":12}},{"id":"c1e15848-1fad-4f80-8ab5-fc38d7af4c9e","block_type":"box","text":"Gas.","page_number":146,"box":{"x":117,"y":506,"width":33,"height":9}},{"id":"2daaac43-7e61-4c51-aaba-e521008a86d1","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes.","page_number":146,"box":{"x":151,"y":506,"width":733,"height":12}},{"id":"e803fbdb-eab9-42e7-b439-e2666583c965","block_type":"box","text":"In the United States, interstate transmission companies are regulated by the Federal Energy","page_number":146,"box":{"x":117,"y":521,"width":689,"height":12}},{"id":"3f9ad4fa-ab25-4088-9607-ec145100cb79","block_type":"box","text":"Regulatory Commission, which is reducing its regulation of the industry. Many companies have","page_number":146,"box":{"x":117,"y":537,"width":709,"height":12}},{"id":"d7b2165c-84ad-4697-a6b7-f9ff81ed401e","block_type":"box","text":"diversified into oil and gas exploration and development, making returns more sensitive to energy","page_number":146,"box":{"x":116,"y":552,"width":728,"height":12}},{"id":"0c702440-1ef9-4f45-a055-7e9865892669","block_type":"box","text":"prices. In the recent decade, gas utility companies have been adversely affected by disruptions in the","page_number":146,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"6ab3d149-6243-4060-97f7-891e7855f8e9","block_type":"box","text":"oil industry and have also been affected by increased concentration and competition. In the opinion of","page_number":146,"box":{"x":116,"y":583,"width":759,"height":12}},{"id":"bb262175-3fd9-443e-a9c8-4660c6b531a7","block_type":"box","text":"the Manager, however, environmental considerations could improve the gas industry outlook in the","page_number":146,"box":{"x":116,"y":599,"width":738,"height":12}},{"id":"0682fca3-10ed-4076-ae80-6aa7fb95f4f0","block_type":"box","text":"future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":146,"box":{"x":116,"y":614,"width":709,"height":12}},{"id":"c5866eea-83a5-439e-9434-13b12b3d1075","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for","page_number":146,"box":{"x":117,"y":630,"width":702,"height":12}},{"id":"40ca3594-ea4a-479b-81d3-2593f0e3264b","block_type":"box","text":"electricity generation. However, technological or regulatory changes within the industry may delay or","page_number":146,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"ab21521b-b9d8-4a4d-9dae-1753f4ec44e2","block_type":"box","text":"prevent this result.","page_number":146,"box":{"x":117,"y":661,"width":135,"height":12}},{"id":"02041c4c-d62d-4c66-9cf8-f14d98e2f8fe","block_type":"box","text":"Water.","page_number":146,"box":{"x":118,"y":692,"width":46,"height":9}},{"id":"6b72d814-02ca-4f63-b9f6-55ffd6cb8ac1","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United","page_number":146,"box":{"x":170,"y":692,"width":695,"height":12}},{"id":"71cc4f5e-fede-4479-941d-92479d6eb217","block_type":"box","text":"States and around the world the industry is highly fragmented because most of the supplies are owned","page_number":146,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"f68dc962-2718-4908-9069-04d975bc73bd","block_type":"box","text":"by local authorities. Companies in this industry are generally mature and are experiencing little or no","page_number":146,"box":{"x":117,"y":723,"width":743,"height":12}},{"id":"758cd70e-0911-4d68-b6a9-e19d178483f3","block_type":"box","text":"per capita volume growth. In the opinion of the Manager, there may be opportunities for certain","page_number":146,"box":{"x":117,"y":738,"width":702,"height":12}},{"id":"793e8ec6-f30b-4aae-88a1-d6585a3df1fe","block_type":"box","text":"companies to acquire other water utility companies and for foreign acquisition of domestic companies.","page_number":146,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"a88e3c20-5ac8-4816-803f-ed7405f1d9e6","block_type":"box","text":"The Manager believes that favorable investment opportunities may result from consolidation of this","page_number":146,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"2d5b3e85-294a-44a7-aaff-e06cf081156e","block_type":"box","text":"segment. As with other utilities, however, increased regulation, increased costs and potential","page_number":146,"box":{"x":116,"y":785,"width":687,"height":12}},{"id":"ebeeb276-17ac-4958-9d40-3d1117b5695e","block_type":"box","text":"disruptions in supply may adversely affect investments in water supply utilities.","page_number":146,"box":{"x":116,"y":800,"width":582,"height":12}},{"id":"8a4112ec-9b5e-416b-867e-74a47447d257","block_type":"box","text":"Utility Industries Generally.","page_number":146,"box":{"x":117,"y":831,"width":197,"height":12}},{"id":"cfca0545-b60e-40e1-a8f7-36ffb3980b3d","block_type":"box","text":"There can be no assurance that the positive developments noted above,","page_number":146,"box":{"x":316,"y":831,"width":548,"height":12}},{"id":"82658c0f-2aa6-4f8a-b1be-5ada6a8326cb","block_type":"box","text":"including those relating to privatization and changing regulation, will occur or that risk factors other than","page_number":146,"box":{"x":117,"y":847,"width":771,"height":12}},{"id":"9fa886b3-9edd-44cf-9b08-6b7f4248783b","block_type":"box","text":"those noted above will not develop in the future.","page_number":146,"box":{"x":116,"y":862,"width":361,"height":12}},{"id":"1383e2de-d0e9-4f84-a96a-4d5f4615e662","block_type":"box","text":"II-101","page_number":146,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"5599c058-f6b1-4114-86d3-1843c23d04ea","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":146,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f1ba6913-dee6-4e77-bc33-2099a8403738","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":147,"box":{"x":118,"y":87,"width":643,"height":12}},{"id":"87636659-fcf2-48e6-a212-c3087efebe0d","block_type":"box","text":"A Fund may","page_number":147,"box":{"x":762,"y":87,"width":100,"height":12}},{"id":"8e6deb48-51ca-4820-a909-cbf3655a868e","block_type":"box","text":"purchase or sell securities that it is entitled to receive on a when-issued basis. A Fund may also","page_number":147,"box":{"x":117,"y":103,"width":713,"height":12}},{"id":"2e93e87b-0f7e-41a3-ad37-8ef7b8d3f54c","block_type":"box","text":"purchase or sell securities on a delayed delivery basis or through a forward commitment (including on","page_number":147,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"da6dce5c-95af-466a-965c-c9e05dea4fb9","block_type":"box","text":"a TBA (to be announced) basis). These transactions involve the purchase or sale of securities by a","page_number":147,"box":{"x":116,"y":134,"width":739,"height":12}},{"id":"a4453654-cbd6-46a4-9c13-71bf3d814cf0","block_type":"box","text":"Fund at an established price with payment and delivery taking place in the future. The Fund enters into","page_number":147,"box":{"x":117,"y":149,"width":767,"height":12}},{"id":"784a02a6-df8e-47b8-990e-fb80da639a56","block_type":"box","text":"these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":147,"box":{"x":116,"y":165,"width":721,"height":12}},{"id":"7cb0e23e-c47d-489c-a262-30965dabfac4","block_type":"box","text":"entering into the transaction.","page_number":147,"box":{"x":116,"y":180,"width":217,"height":12}},{"id":"b1ba2886-0642-4418-b425-29845011f21a","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the","page_number":147,"box":{"x":117,"y":211,"width":731,"height":12}},{"id":"349a6873-3be5-45f1-adfb-babd71805d32","block_type":"box","text":"Federal Reserve Bank of New York, a Fund or its counterparty generally will be required to post","page_number":147,"box":{"x":117,"y":227,"width":714,"height":12}},{"id":"3f3df439-284b-4acc-9ff0-b71110c2687a","block_type":"box","text":"collateral when entering into certain forward-settling transactions, including without limitation TBA","page_number":147,"box":{"x":116,"y":242,"width":726,"height":12}},{"id":"cc140efd-9b43-448a-90aa-c8c0146a631b","block_type":"box","text":"transactions. FINRA rules have also been implemented that include mandatory margin requirements","page_number":147,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"8103bee8-798c-4d0e-9498-75637b5f6f60","block_type":"box","text":"for the TBA market with limited exceptions. The collateralization of TBA trades is intended to mitigate","page_number":147,"box":{"x":116,"y":273,"width":754,"height":12}},{"id":"f3d22270-6bc3-4897-a115-b79ff9338320","block_type":"box","text":"counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions","page_number":147,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"51cdcd99-b88e-4b9b-8f3b-9ddd7d0a4ee8","block_type":"box","text":"and impose added operational complexity.","page_number":147,"box":{"x":116,"y":304,"width":320,"height":12}},{"id":"b18e7f29-76af-41ec-8858-64f2430fcc7b","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a","page_number":147,"box":{"x":116,"y":335,"width":754,"height":12}},{"id":"9321ecd9-8c51-4566-ba07-d91f13a20afa","block_type":"box","text":"security purchased or sold on a delayed delivery basis or through a forward commitment will be","page_number":147,"box":{"x":116,"y":351,"width":713,"height":12}},{"id":"e4ee3a61-f723-40a3-813a-5c9dea74b7d7","block_type":"box","text":"delivered. Also, the value of securities in these transactions on the delivery date may be more or less","page_number":147,"box":{"x":116,"y":366,"width":755,"height":12}},{"id":"3bd49825-c104-4771-8ce7-7d6a9bd27e4d","block_type":"box","text":"than the price paid by the Fund to purchase the securities. The Fund will lose money if the value of the","page_number":147,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"ec45fd89-e2db-46ca-a44c-513772984c84","block_type":"box","text":"security in such a transaction declines below the purchase price and will not benefit if the value of the","page_number":147,"box":{"x":116,"y":397,"width":757,"height":12}},{"id":"518b9641-4298-4bae-b958-995e36590d3d","block_type":"box","text":"security appreciates above the sale price during the commitment period.","page_number":147,"box":{"x":116,"y":413,"width":542,"height":12}},{"id":"729b768a-2b81-4573-9479-9170497d5949","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a","page_number":147,"box":{"x":117,"y":444,"width":715,"height":12}},{"id":"f4575bfe-768c-46bf-b8ab-209354a366a3","block_type":"box","text":"commitment after it has been entered into, and may sell securities it has committed to purchase before","page_number":147,"box":{"x":116,"y":459,"width":767,"height":12}},{"id":"6898a922-0fb2-40a7-bfd2-3323af248b8a","block_type":"box","text":"those securities are delivered to the Fund on the settlement date. In these cases the Fund may realize","page_number":147,"box":{"x":116,"y":475,"width":764,"height":12}},{"id":"f3903f9b-7d57-47c0-99c9-5003fe4244c6","block_type":"box","text":"a taxable capital gain or loss.","page_number":147,"box":{"x":116,"y":490,"width":221,"height":12}},{"id":"4b94f7e7-71c2-4b23-9057-7bc596563d91","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other","page_number":147,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"e5e9d117-cf29-49d4-bad4-30ca973b454e","block_type":"box","text":"party to consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss","page_number":147,"box":{"x":117,"y":537,"width":760,"height":12}},{"id":"190a9f76-2328-4702-bb5b-5af22f2d771e","block_type":"box","text":"or missing an opportunity to obtain a price considered to be advantageous.","page_number":147,"box":{"x":116,"y":552,"width":561,"height":12}},{"id":"e68af4a8-048f-4c68-8e72-258c75adbb8d","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any","page_number":147,"box":{"x":116,"y":583,"width":688,"height":12}},{"id":"e1bb4e15-5ce8-4f1a-a647-0a54c3e1824f","block_type":"box","text":"subsequent fluctuations in their market value, is taken into account when determining the market value","page_number":147,"box":{"x":116,"y":599,"width":767,"height":12}},{"id":"8b5bc261-ffae-4f42-a063-5435e7a1db34","block_type":"box","text":"of a Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn","page_number":147,"box":{"x":116,"y":614,"width":732,"height":12}},{"id":"97eb940e-f7d0-4aa6-9fb1-c999bdc8b23c","block_type":"box","text":"interest on the securities it has committed to purchase until they are paid for and delivered on the","page_number":147,"box":{"x":117,"y":630,"width":725,"height":12}},{"id":"134bc5b4-8b99-4fa2-8280-3bc576d0f59a","block_type":"box","text":"settlement date.","page_number":147,"box":{"x":116,"y":645,"width":124,"height":10}},{"id":"2c7ebf5b-efce-4662-927b-15b9cf59d8e4","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":147,"box":{"x":117,"y":676,"width":740,"height":12}},{"id":"d6735a12-fa0f-41e3-8c88-0d4aea9c241b","block_type":"box","text":"settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls)","page_number":147,"box":{"x":116,"y":692,"width":747,"height":12}},{"id":"854e9564-70b5-4514-9334-26a2c047630c","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":147,"box":{"x":116,"y":707,"width":746,"height":12}},{"id":"2edfbbd5-0663-4ee6-9c37-bd81f9446014","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the Fund intends to physically","page_number":147,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"3a3303c4-367f-413c-ba0b-db4a0975bf07","block_type":"box","text":"settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed","page_number":147,"box":{"x":116,"y":738,"width":719,"height":12}},{"id":"137bb96c-5919-4ebf-b018-ceb3a2878277","block_type":"box","text":"Settlement Securities Provision”). If a when-issued, forward-settling or non-standard settlement cycle","page_number":147,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"431537b7-4301-4382-b779-bf970baca998","block_type":"box","text":"security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a Derivatives","page_number":147,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"8990e7fd-edce-4486-ae30-2111308d5f28","block_type":"box","text":"Transaction under Rule 18f-4. See “—Derivatives—Regulation of Derivatives—Rule 18f-4 under the","page_number":147,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"2a74b5fe-5774-4aa1-a394-5323f9df432e","block_type":"box","text":"Investment Company Act” above.","page_number":147,"box":{"x":117,"y":800,"width":246,"height":12}},{"id":"caf810c6-fd0d-4abc-a750-347bb46ff2ab","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":147,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"755f81a3-fecf-4aff-b599-ca90636fee50","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":147,"box":{"x":116,"y":847,"width":716,"height":12}},{"id":"b59ee7ef-9ce4-4c28-b37c-4be9d70e088a","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the","page_number":147,"box":{"x":117,"y":862,"width":736,"height":12}},{"id":"6d6682bf-b917-47e1-9b2c-18f69b2a1b0f","block_type":"box","text":"rights of counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral,","page_number":147,"box":{"x":117,"y":878,"width":728,"height":12}},{"id":"a4ece217-dd86-40dc-bade-3a0086a1063b","block_type":"box","text":"II-102","page_number":147,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"5b70c546-668e-4171-a060-abdf7a7b8973","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":147,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6bd94e17-ad33-4e88-bb4c-0064277f0df5","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the counterparty and/","page_number":148,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"634d4c0c-d689-4f8c-bfe2-e2d0f5e18c52","block_type":"box","text":"or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that","page_number":148,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"f62c22e4-36b8-4524-b4ef-882f8db7fd43","block_type":"box","text":"these requirements, as well as potential additional government regulation and other developments in","page_number":148,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"f3db11fb-4d7f-42c4-acde-428292146e76","block_type":"box","text":"the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":148,"box":{"x":116,"y":134,"width":735,"height":12}},{"id":"b1372571-40aa-49ff-8ca7-eb04bd8cecb6","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":148,"box":{"x":116,"y":149,"width":600,"height":12}},{"id":"756e61a7-e67e-4316-b21b-72c61e2cf0f0","block_type":"box","text":"Yields and Ratings.","page_number":148,"box":{"x":118,"y":180,"width":152,"height":12}},{"id":"1f76ad1f-d9b5-47d6-9dd0-0903545fc487","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including","page_number":148,"box":{"x":271,"y":180,"width":604,"height":12}},{"id":"7e77c051-8dfa-4371-9aad-68c10b8bf719","block_type":"box","text":"general market conditions, conditions in the particular market for the obligation, the financial condition","page_number":148,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"203eb02e-fbf5-4824-8fef-e57e15d74913","block_type":"box","text":"of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The","page_number":148,"box":{"x":116,"y":211,"width":738,"height":12}},{"id":"443bfea2-e4ed-449b-a569-9a56ffb2a5e6","block_type":"box","text":"ratings of Moody’s, Fitch and S&P represent their respective opinions as to the quality of the","page_number":148,"box":{"x":117,"y":227,"width":688,"height":12}},{"id":"0bd3d32b-0ca7-4b0d-aacf-fb64155a2ea8","block_type":"box","text":"obligations they undertake to rate. Ratings, however, are general and are not absolute standards of","page_number":148,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"6bf2204d-f7dd-4f0a-a131-6857cd6e01c7","block_type":"box","text":"quality. Consequently, obligations with the same rating, maturity and interest rate may have different","page_number":148,"box":{"x":116,"y":258,"width":749,"height":12}},{"id":"ce137d78-2c10-4686-a4e3-fecd73056f9d","block_type":"box","text":"market prices. Subsequent to its purchase by a Fund, a rated security may cease to be rated. A Fund’s","page_number":148,"box":{"x":117,"y":273,"width":769,"height":12}},{"id":"6dea38c5-f780-4a84-935a-ee8dd6376127","block_type":"box","text":"Manager or sub-adviser will consider such an event in determining whether the Fund should continue","page_number":148,"box":{"x":117,"y":289,"width":755,"height":12}},{"id":"4f26d285-2238-42a1-b4aa-a7b8a6bfdea8","block_type":"box","text":"to hold the security.","page_number":148,"box":{"x":116,"y":304,"width":150,"height":12}},{"id":"c2d9f6a2-eadd-41bc-8bbe-dac0b154db3e","block_type":"box","text":"Zero Coupon Securities.","page_number":148,"box":{"x":116,"y":335,"width":193,"height":12}},{"id":"e3cc241a-8f44-46ae-8265-1027a6114aa6","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value","page_number":148,"box":{"x":310,"y":335,"width":575,"height":12}},{"id":"fe6568ed-a235-47cb-af87-cfd87f36e149","block_type":"box","text":"and do not pay interest during the life of the security. The discount approximates the total amount of","page_number":148,"box":{"x":116,"y":351,"width":747,"height":12}},{"id":"eb173192-9bed-4f48-a58d-fd7a11cd010f","block_type":"box","text":"interest the security will accrue and compound over the period until maturity at a rate of interest","page_number":148,"box":{"x":117,"y":366,"width":711,"height":12}},{"id":"748f5b3f-6791-4bb0-8cac-911d33c83e1f","block_type":"box","text":"reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero","page_number":148,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"cd39bc98-fc40-4d76-a6be-a75b755d3672","block_type":"box","text":"coupon security is entitled to receive the par value of the security.","page_number":148,"box":{"x":116,"y":397,"width":492,"height":12}},{"id":"b179b52e-9be9-40c7-aabc-03c4973c157b","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to","page_number":148,"box":{"x":116,"y":428,"width":740,"height":12}},{"id":"f83eb899-e219-4936-a71b-6842ee97f946","block_type":"box","text":"have received income (“phantom income”) annually, notwithstanding that cash may not be received","page_number":148,"box":{"x":117,"y":444,"width":742,"height":12}},{"id":"fbc021fe-4047-4d61-977a-f05b478203f0","block_type":"box","text":"currently. The effect of owning instruments that do not make current interest payments is that a fixed","page_number":148,"box":{"x":116,"y":459,"width":751,"height":12}},{"id":"88cd549f-654c-4592-b335-30cfc06cdba5","block_type":"box","text":"yield is earned not only on the original investment but also, in effect, on all discount accretion during","page_number":148,"box":{"x":116,"y":475,"width":746,"height":12}},{"id":"b8a8f925-a537-47ad-ba1f-403a8cf643c4","block_type":"box","text":"the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of","page_number":148,"box":{"x":116,"y":490,"width":737,"height":12}},{"id":"2b03aa04-2251-4e92-b96d-c778c4438e3d","block_type":"box","text":"being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but","page_number":148,"box":{"x":117,"y":506,"width":757,"height":12}},{"id":"e75cab96-632f-43a4-9822-32a5fead39e8","block_type":"box","text":"at the same time eliminates the holder’s ability to reinvest at higher rates in the future. For this reason,","page_number":148,"box":{"x":116,"y":521,"width":764,"height":12}},{"id":"6d027f6e-efd6-423e-8e99-42695cc195c2","block_type":"box","text":"some of these securities may be subject to substantially greater price fluctuations during periods of","page_number":148,"box":{"x":116,"y":537,"width":739,"height":12}},{"id":"d4fc61ec-584c-4483-b327-971e61ca2ba9","block_type":"box","text":"changing market interest rates than are comparable securities that pay interest currently. Longer term","page_number":148,"box":{"x":116,"y":552,"width":760,"height":12}},{"id":"a70b679b-075e-41e2-9a34-a8400b85218c","block_type":"box","text":"zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These","page_number":148,"box":{"x":116,"y":568,"width":768,"height":12}},{"id":"ed2d10ef-d57a-405c-b644-6cdbd66769de","block_type":"box","text":"investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a","page_number":148,"box":{"x":117,"y":583,"width":749,"height":12}},{"id":"661cc29a-3c1f-41de-9369-5680eff69856","block_type":"box","text":"higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":148,"box":{"x":117,"y":599,"width":589,"height":12}},{"id":"26707565-ad63-4869-b672-7dd74e044493","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting","page_number":148,"box":{"x":116,"y":630,"width":739,"height":12}},{"id":"97a9a254-7315-4254-9a4b-1dc575b3b8bd","block_type":"box","text":"purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater","page_number":148,"box":{"x":117,"y":645,"width":724,"height":12}},{"id":"88c34292-1290-405b-bb07-831cd04c1061","block_type":"box","text":"fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated","page_number":148,"box":{"x":116,"y":661,"width":750,"height":12}},{"id":"4acfe032-e967-4bc4-b064-5635d62efeb5","block_type":"box","text":"securities that pay cash interest at regular intervals.","page_number":148,"box":{"x":116,"y":676,"width":382,"height":12}},{"id":"92d83967-a46d-4a9b-9d57-c991af0106ce","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund","page_number":148,"box":{"x":117,"y":707,"width":759,"height":12}},{"id":"46e5e922-51f4-4214-b9bb-5e8b4bd12f51","block_type":"box","text":"is required to distribute income to its shareholders and, consequently, may have to dispose of other,","page_number":148,"box":{"x":117,"y":723,"width":740,"height":12}},{"id":"9836a079-1e27-4bc8-9315-9be1a8e942a0","block_type":"box","text":"more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by","page_number":148,"box":{"x":117,"y":738,"width":760,"height":12}},{"id":"6aafdd84-a8c5-442e-a29d-f7726e04ee38","block_type":"box","text":"borrowing in order to generate the cash to satisfy these distributions. The required distributions may","page_number":148,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"a70e89c6-8eaa-4819-835e-c7f1ed478cee","block_type":"box","text":"result in an increase in a Fund’s exposure to zero coupon securities.","page_number":148,"box":{"x":117,"y":769,"width":505,"height":12}},{"id":"bab450b8-38aa-442d-8d23-0a9fcb4a1174","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero","page_number":148,"box":{"x":117,"y":800,"width":707,"height":12}},{"id":"9ee26c6a-83e3-4926-9f16-067dcaac5259","block_type":"box","text":"coupon securities. During a period of severe market conditions, the market for such securities may","page_number":148,"box":{"x":116,"y":816,"width":731,"height":12}},{"id":"aba78ea5-25ee-4eb9-a23a-53a5017673c2","block_type":"box","text":"become even less liquid. In addition, as these securities do not pay cash interest, a Fund’s investment","page_number":148,"box":{"x":117,"y":831,"width":762,"height":12}},{"id":"187928cb-cfa6-4cc2-8d1d-f54a2002f91e","block_type":"box","text":"exposure to these securities and their risks, including credit risk, will increase during the time these","page_number":148,"box":{"x":116,"y":847,"width":739,"height":12}},{"id":"70ec453f-6e4e-47e9-a63e-f0ce571712a9","block_type":"box","text":"securities are held in the Fund’s portfolio.","page_number":148,"box":{"x":116,"y":862,"width":311,"height":12}},{"id":"cec8e4a5-6f86-4bd0-acff-da564f290d94","block_type":"box","text":"II-103","page_number":148,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"4f965f13-4917-4582-b936-f35506cf09b2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":148,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"55cbcc84-d8ab-489d-9aaf-268c7ad0e94b","block_type":"box","text":"Suitability. (All Funds)","page_number":149,"box":{"x":117,"y":87,"width":181,"height":12}},{"id":"4ad4726a-3dfd-478d-9d59-688c68c0e0aa","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of","page_number":149,"box":{"x":116,"y":111,"width":760,"height":12}},{"id":"6c9da036-1b8c-4393-a9a8-bbd7ee10be06","block_type":"box","text":"the Fund, the Manager and its affiliates. Each Fund should be considered a vehicle for diversification","page_number":149,"box":{"x":116,"y":126,"width":753,"height":12}},{"id":"a1189e67-5432-45a5-acb2-38bcf287d232","block_type":"box","text":"and not as a balanced investment program. The suitability for any particular investor of a purchase of","page_number":149,"box":{"x":116,"y":142,"width":755,"height":12}},{"id":"6350dbc5-736e-4a48-a159-8af03934387a","block_type":"box","text":"shares in a Fund will depend upon, among other things, such investor’s investment objectives and","page_number":149,"box":{"x":116,"y":157,"width":733,"height":12}},{"id":"9162d85d-3d83-4297-b881-d60a6cb1fa4a","block_type":"box","text":"such investor’s ability to accept the risks associated with investing in securities, including the risk of","page_number":149,"box":{"x":116,"y":173,"width":741,"height":12}},{"id":"ee9b6ca5-6ea8-4953-812c-fa929b601e70","block_type":"box","text":"loss of principal.","page_number":149,"box":{"x":117,"y":188,"width":124,"height":12}},{"id":"cb0c73e3-fed2-4b09-9b33-bf932298b613","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":149,"box":{"x":116,"y":220,"width":293,"height":12}},{"id":"1dafb380-119d-4a85-8993-6c212030ba65","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the","page_number":149,"box":{"x":116,"y":244,"width":712,"height":12}},{"id":"45b561f8-030a-4a2c-93db-80621c4efbf9","block_type":"box","text":"specific fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to","page_number":149,"box":{"x":116,"y":259,"width":772,"height":13}},{"id":"216d4572-943f-435f-be35-77efcf9b50ca","block_type":"box","text":"those investment restrictions, each Fund is also subject to the restrictions discussed below.","page_number":149,"box":{"x":116,"y":275,"width":683,"height":12}},{"id":"38900169-3b58-4f74-8edb-2b9eb5330b3f","block_type":"box","text":"Each Fund’s investments will be limited in order to","page_number":149,"box":{"x":117,"y":307,"width":376,"height":9}},{"id":"372f835a-c1a6-4718-9a1b-88017bae93fe","block_type":"box","text":"allow the Fund to qualify as a “regulated investment","page_number":149,"box":{"x":494,"y":307,"width":389,"height":12}},{"id":"666826ad-4521-4c72-a2cd-4e04cae7888e","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify,","page_number":149,"box":{"x":116,"y":322,"width":721,"height":13}},{"id":"3d3d86e9-291e-4075-a730-2b4651b11335","block_type":"box","text":"among other requirements, each Fund will limit its investments so that, at the close of each quarter of","page_number":149,"box":{"x":116,"y":338,"width":757,"height":12}},{"id":"ef6dc00b-1efc-4628-b7d7-f4592148141a","block_type":"box","text":"the taxable year, (i) at least 50% of the market value of each Fund’s assets is represented by cash,","page_number":149,"box":{"x":116,"y":353,"width":741,"height":13}},{"id":"a371dfe6-b5ea-4e7b-8d44-3f14847b5043","block_type":"box","text":"securities of other regulated investment companies, U.S. Government Securities and other securities,","page_number":149,"box":{"x":116,"y":369,"width":759,"height":12}},{"id":"eedb233a-400e-4a53-8e15-d73a16eea214","block_type":"box","text":"with such other securities limited, in respect of any one issuer, to an amount not greater in value than","page_number":149,"box":{"x":116,"y":384,"width":756,"height":13}},{"id":"1ae147de-e826-4979-9d74-850e40a4de42","block_type":"box","text":"5% of the Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer","page_number":149,"box":{"x":116,"y":400,"width":751,"height":12}},{"id":"98f9887a-63cb-4ad0-99c0-c12a3878f81a","block_type":"box","text":"and (ii) not more than 25% of the value of its assets is invested in the securities (other than U.S.","page_number":149,"box":{"x":116,"y":415,"width":718,"height":13}},{"id":"98644572-2826-4e50-ade1-74583d20ef07","block_type":"box","text":"Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":149,"box":{"x":117,"y":431,"width":754,"height":12}},{"id":"b3314964-e977-438f-a404-d31f47a548a0","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or","page_number":149,"box":{"x":116,"y":447,"width":726,"height":12}},{"id":"426f1b8a-5b86-4697-bef8-ce4cd13c552f","block_type":"box","text":"similar trades or businesses or related trades or businesses or in the securities of one or more qualified","page_number":149,"box":{"x":116,"y":462,"width":772,"height":12}},{"id":"36f6ed5f-a81a-4d8b-b798-9eb5d8e579d0","block_type":"box","text":"publicly traded partnerships (","page_number":149,"box":{"x":117,"y":477,"width":214,"height":13}},{"id":"db352ae5-7428-44bb-b1dd-bd563d34ba18","block_type":"box","text":"i.e.","page_number":149,"box":{"x":332,"y":478,"width":21,"height":9}},{"id":"d9d3cf7b-06ba-4f9b-b0bb-da39699de51b","block_type":"box","text":", partnerships that are traded on an established securities market or","page_number":149,"box":{"x":356,"y":478,"width":507,"height":11}},{"id":"9b7f7806-100f-41ef-a8e3-5d5182f4fcba","block_type":"box","text":"tradable on a secondary market, other than partnerships that derive 90% of their income from interest,","page_number":149,"box":{"x":116,"y":493,"width":764,"height":12}},{"id":"424c6772-5f89-445f-a399-f1b57d8a0654","block_type":"box","text":"dividends, capital gains and other traditionally permitted mutual fund income). For purposes of this","page_number":149,"box":{"x":116,"y":508,"width":734,"height":13}},{"id":"9ad78695-6b57-4be8-bb5c-190dd8e3edb0","block_type":"box","text":"restriction, the Municipal Funds generally will regard each state and each of its political subdivisions,","page_number":149,"box":{"x":117,"y":524,"width":749,"height":12}},{"id":"2b6f7e49-b7ac-472a-8cb2-86a2459fda1e","block_type":"box","text":"agencies or instrumentalities and each multi-state agency of which the state is a member as a","page_number":149,"box":{"x":116,"y":539,"width":703,"height":13}},{"id":"37f0395f-020c-4a00-8fc9-04b3c3e25a62","block_type":"box","text":"separate issuer. Each public authority that issues securities on behalf of a private entity generally will","page_number":149,"box":{"x":116,"y":555,"width":754,"height":12}},{"id":"52be82d5-97f2-4501-8cca-ae13bc203059","block_type":"box","text":"also be regarded as a separate issuer, except that if the security is backed only by the assets and","page_number":149,"box":{"x":116,"y":570,"width":731,"height":13}},{"id":"de7ab5bb-ea86-4e13-ad08-6107f24709d7","block_type":"box","text":"revenues of a non-government entity, then the entity with the ultimate responsibility for the payment of","page_number":149,"box":{"x":117,"y":586,"width":762,"height":12}},{"id":"4790f8f7-38d8-4930-a50d-50e7b4512311","block_type":"box","text":"interest and principal may be regarded as the sole issuer.","page_number":149,"box":{"x":117,"y":602,"width":431,"height":12}},{"id":"9bede1b8-6a0b-4cee-8f1c-c956d80beb2f","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10%","page_number":149,"box":{"x":117,"y":633,"width":759,"height":13}},{"id":"3c1d9ec3-5aa8-450f-beee-15423dadbaa0","block_type":"box","text":"and 25% diversification requirements of the Code discussed above and the securities of each foreign","page_number":149,"box":{"x":116,"y":649,"width":755,"height":12}},{"id":"64ff5f0d-1c63-487f-9717-825550e43e8e","block_type":"box","text":"government issuer are considered to be obligations of a single issuer. These tax-related limitations","page_number":149,"box":{"x":116,"y":664,"width":732,"height":13}},{"id":"6d50f902-a426-4d95-b5e7-0bc4cdadae85","block_type":"box","text":"may be changed by the Directors of a Fund to the extent necessary to comply with changes to the U.S.","page_number":149,"box":{"x":117,"y":680,"width":763,"height":12}},{"id":"9732980d-e3c7-45a8-8796-57435ebaa3ca","block_type":"box","text":"federal tax requirements. A Fund that is “diversified” under the Investment Company Act must satisfy","page_number":149,"box":{"x":116,"y":695,"width":748,"height":13}},{"id":"d1212126-1928-498a-8f2e-84064f8368af","block_type":"box","text":"the foregoing 5% and 10% requirements with respect to 75% of its total assets.","page_number":149,"box":{"x":116,"y":711,"width":586,"height":12}},{"id":"a9e9397d-5e36-48e7-b4ce-ed585671307c","block_type":"box","text":"M","page_number":149,"box":{"x":310,"y":760,"width":12,"height":9}},{"id":"5e502639-d7fe-4bdc-81b7-f19bc95f6bfe","block_type":"box","text":"ANAGEMENT","page_number":149,"box":{"x":323,"y":762,"width":87,"height":7}},{"id":"2457b06b-0383-47bc-a85b-bf28bdd52f54","block_type":"box","text":"AND","page_number":149,"box":{"x":415,"y":762,"width":29,"height":7}},{"id":"a31aea66-cffb-4806-b0fd-1ee4b45f518e","block_type":"box","text":"O","page_number":149,"box":{"x":450,"y":759,"width":12,"height":10}},{"id":"f581b902-e142-4b63-a68a-246f8a8bc88a","block_type":"box","text":"THER","page_number":149,"box":{"x":463,"y":762,"width":37,"height":7}},{"id":"6ee13f95-aebe-4eaf-babd-06b8f51b1103","block_type":"box","text":"S","page_number":149,"box":{"x":505,"y":759,"width":10,"height":10}},{"id":"112d193e-b754-4197-956d-b986b4ca2c22","block_type":"box","text":"ERVICE","page_number":149,"box":{"x":517,"y":762,"width":49,"height":7}},{"id":"3c0d416b-8b23-4886-8ccd-e8b588a596d9","block_type":"box","text":"A","page_number":149,"box":{"x":571,"y":760,"width":12,"height":9}},{"id":"12044fb4-8713-4337-a59d-d41b992dddc3","block_type":"box","text":"RRANGEMENTS","page_number":149,"box":{"x":584,"y":762,"width":106,"height":7}},{"id":"0b977bbf-67c1-4799-830d-517b624dca9b","block_type":"box","text":"Directors and Officers","page_number":149,"box":{"x":117,"y":791,"width":175,"height":10}},{"id":"514e7714-c242-446e-8f45-4bb884add93c","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and","page_number":149,"box":{"x":116,"y":815,"width":730,"height":12}},{"id":"32622e28-eaf1-4981-a77d-9a68e17ab1ce","block_type":"box","text":"‘— Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’","page_number":149,"box":{"x":117,"y":831,"width":760,"height":12}},{"id":"7cf36725-ff63-473f-8331-90503b959c91","block_type":"box","text":"‘— Share Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI","page_number":149,"box":{"x":117,"y":846,"width":754,"height":12}},{"id":"ad53909f-151f-436c-b503-f78ba175d542","block_type":"box","text":"for biographical and certain other information relating to the Directors and officers of your Fund,","page_number":149,"box":{"x":116,"y":862,"width":713,"height":12}},{"id":"693d1f8a-adde-42bb-ad34-e71e9f0b9da4","block_type":"box","text":"including Directors’ compensation.","page_number":149,"box":{"x":117,"y":877,"width":260,"height":12}},{"id":"fdfcf8c4-9960-483d-b33f-39e5c53b0b0e","block_type":"box","text":"II-104","page_number":149,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"24520eb2-5885-4236-9a93-6a41e5644415","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":149,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"51d31d0a-04e7-4ab5-8ec2-2bff95bb3a5a","block_type":"box","text":"Management Arrangements","page_number":150,"box":{"x":117,"y":87,"width":225,"height":12}},{"id":"05593d95-c490-4ddc-a970-cc89a4436f5e","block_type":"box","text":"Management Services.","page_number":150,"box":{"x":116,"y":110,"width":170,"height":12}},{"id":"1dfc4b69-f052-48e1-8a04-b32a0c72f110","block_type":"box","text":"The Manager provides each Fund with investment advisory and management","page_number":150,"box":{"x":288,"y":110,"width":585,"height":12}},{"id":"a66d713d-3cb5-4ca7-ae30-9920d5ff6c80","block_type":"box","text":"services. Subject to the oversight of the Board of Directors, the Manager is responsible for the actual","page_number":150,"box":{"x":116,"y":126,"width":752,"height":12}},{"id":"cf3c00c1-f224-4a59-9d12-1f138bf1eed0","block_type":"box","text":"management of a Fund’s portfolio and reviews the Fund’s holdings in light of its own research analysis","page_number":150,"box":{"x":117,"y":141,"width":764,"height":12}},{"id":"42daa055-7382-4067-8277-5c2ec69410d6","block_type":"box","text":"and that from other relevant sources. The responsibility for making decisions to buy, sell or hold a","page_number":150,"box":{"x":116,"y":157,"width":729,"height":12}},{"id":"e5222a07-d663-49fa-83b2-51aa14a7987a","block_type":"box","text":"particular security rests with the Manager. The Manager performs certain of the other administrative","page_number":150,"box":{"x":117,"y":172,"width":745,"height":12}},{"id":"4a381ff2-3871-4598-b1e4-d3ecc7b2a5ad","block_type":"box","text":"services and provides all the office space, facilities, equipment and necessary personnel for","page_number":150,"box":{"x":116,"y":188,"width":685,"height":12}},{"id":"f991c6da-577f-4461-8ca6-396d55bf60c8","block_type":"box","text":"management of each Fund.","page_number":150,"box":{"x":117,"y":203,"width":209,"height":12}},{"id":"d1ed4846-29bb-4def-a11d-0979d0149915","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a","page_number":150,"box":{"x":117,"y":234,"width":755,"height":12}},{"id":"195d066a-7c08-48da-b7c7-2edccad488bb","block_type":"box","text":"Feeder Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio","page_number":150,"box":{"x":117,"y":250,"width":702,"height":12}},{"id":"fea455bf-2e97-4188-8f3d-cdb655e61007","block_type":"box","text":"securities and does not require management services. For such Feeder Funds, portfolio management","page_number":150,"box":{"x":116,"y":265,"width":760,"height":12}},{"id":"242875b7-10fc-4cad-a24f-fa115535c952","block_type":"box","text":"occurs at the Master Portfolio level.","page_number":150,"box":{"x":116,"y":281,"width":267,"height":9}},{"id":"58aaedab-8c7e-4ab8-be4a-9a4fd675240e","block_type":"box","text":"Management Fee.","page_number":150,"box":{"x":116,"y":312,"width":132,"height":12}},{"id":"3a19f6aa-a544-4ed4-8283-5110fca05634","block_type":"box","text":"Each Fund has entered into a Management A","page_number":150,"box":{"x":250,"y":312,"width":326,"height":12}},{"id":"ef6fabff-2087-4fa4-b4bf-f35fd36ae47f","block_type":"box","text":"Agreement with the Manager pursuant to","page_number":150,"box":{"x":576,"y":312,"width":304,"height":12}},{"id":"8dc3aeab-c41c-4d30-b812-7efa5c2a8ceb","block_type":"box","text":"which the Manager receives for its services to","page_number":150,"box":{"x":116,"y":327,"width":337,"height":12}},{"id":"c1bc77c9-691d-4cd8-8beb-da5db0a5c5ee","block_type":"box","text":"the Fund monthly compensation at an annual rate based","page_number":150,"box":{"x":453,"y":327,"width":417,"height":12}},{"id":"54285bdb-5e10-4c94-9613-3bcd5daead26","block_type":"box","text":"on the average daily net assets of the Fund. For info","page_number":150,"box":{"x":116,"y":343,"width":380,"height":12}},{"id":"21d6746d-32a9-41bc-abb2-9b19ee534b4d","block_type":"box","text":"rmation regarding the fees paid by your Fund to the","page_number":150,"box":{"x":497,"y":343,"width":378,"height":12}},{"id":"e3cb0e72-b68f-48f4-8059-b11dd379a949","block_type":"box","text":"Manager for the Fund’s last three fiscal years or","page_number":150,"box":{"x":117,"y":358,"width":352,"height":12}},{"id":"97ddfc31-8621-4e77-942a-81827fdc5b0f","block_type":"box","text":"other applicable periods, see “Management, Advisory","page_number":150,"box":{"x":469,"y":358,"width":393,"height":12}},{"id":"0f44b133-d593-4a05-a918-21aa54da58c5","block_type":"box","text":"and Other Service Arrangements — Management A","page_number":150,"box":{"x":116,"y":374,"width":368,"height":12}},{"id":"157908c6-87a6-4469-84bc-17a1869aa4ed","block_type":"box","text":"Agreement” or “Management and Advisory","page_number":150,"box":{"x":484,"y":374,"width":316,"height":12}},{"id":"45263187-824a-4fc9-a61c-7861b287de71","block_type":"box","text":"Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":150,"box":{"x":116,"y":389,"width":433,"height":12}},{"id":"c56c4d09-2319-440e-8803-c003af25eb9b","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to","page_number":150,"box":{"x":117,"y":420,"width":757,"height":12}},{"id":"1bb4995d-775b-425b-bf50-8f709be04898","block_type":"box","text":"provide management services and to pay all compensation of and furnish office space for officers and","page_number":150,"box":{"x":117,"y":436,"width":760,"height":12}},{"id":"7e2ef378-340f-4bd3-84d9-97158217c4c5","block_type":"box","text":"employees of a Fund in connection with investment and economic research, trading and investment","page_number":150,"box":{"x":116,"y":451,"width":745,"height":12}},{"id":"feb92d2c-fa6b-4116-80c8-a81f59227960","block_type":"box","text":"management of the Fund, as well as the fees of all Directors of the Fund who are interested persons of","page_number":150,"box":{"x":117,"y":467,"width":768,"height":12}},{"id":"bcfd75c0-7526-4863-a4f1-595ca37b0171","block_type":"box","text":"the Fund. Each Fund pays all other expenses incurred in the operation of that Fund, including among","page_number":150,"box":{"x":116,"y":482,"width":756,"height":12}},{"id":"c36d4ba8-9710-4714-98f7-42ecc870d082","block_type":"box","text":"other things: taxes; expenses for legal and auditing services; costs of preparing, printing and mailing","page_number":150,"box":{"x":116,"y":498,"width":749,"height":12}},{"id":"6d8113e2-69ec-4488-a97d-3bdc902a52cd","block_type":"box","text":"proxies, shareholder reports, prospectuses and statements of additional information, except to the","page_number":150,"box":{"x":117,"y":513,"width":732,"height":12}},{"id":"e142fea1-7def-412d-b896-b0a8780ff379","block_type":"box","text":"extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the custodian and","page_number":150,"box":{"x":116,"y":529,"width":760,"height":12}},{"id":"bff00235-7b82-40c3-aa29-71ce6164440f","block_type":"box","text":"sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":150,"box":{"x":116,"y":544,"width":766,"height":12}},{"id":"8a1076da-2952-4664-971c-487624d4f993","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are","page_number":150,"box":{"x":116,"y":560,"width":761,"height":12}},{"id":"33a2d94f-1ea3-4862-a13c-d1ee47d7ca92","block_type":"box","text":"not interested persons of a Fund as defined in the Investment Company Act; accounting and pricing","page_number":150,"box":{"x":117,"y":575,"width":745,"height":12}},{"id":"87b9ecae-c6bc-4722-a900-3d7b85b9e450","block_type":"box","text":"costs (including the daily calculations of NAV); insurance; interest; brokerage costs; litigation and other","page_number":150,"box":{"x":116,"y":591,"width":767,"height":12}},{"id":"aea11a74-615d-4484-a07b-969b4d5a1a56","block_type":"box","text":"extraordinary or non-recurring expenses; and other expenses properly payable by the Fund. Certain","page_number":150,"box":{"x":116,"y":606,"width":747,"height":12}},{"id":"2f409ed3-84f8-4b2b-a25a-e1356f028470","block_type":"box","text":"accounting services are provided to each Fund by State Street Bank and Trust Company (“State","page_number":150,"box":{"x":116,"y":622,"width":720,"height":12}},{"id":"f820d24c-2041-421f-aa64-f41d65be3c50","block_type":"box","text":"Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) or JPMorgan Chase Bank, N.A.","page_number":150,"box":{"x":116,"y":637,"width":746,"height":12}},{"id":"30b380f2-e52b-4522-b2a7-deb4a267d8da","block_type":"box","text":"(“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as applicable, and each","page_number":150,"box":{"x":117,"y":653,"width":761,"height":12}},{"id":"13149e49-b05d-449b-a481-f0455fc6f03c","block_type":"box","text":"Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain accounting","page_number":150,"box":{"x":117,"y":668,"width":746,"height":12}},{"id":"9bcc1577-b935-4d68-ad14-f047bc33631c","block_type":"box","text":"services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":150,"box":{"x":116,"y":684,"width":740,"height":12}},{"id":"49b839a2-b864-4b2c-9687-35295632b766","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the","page_number":150,"box":{"x":116,"y":699,"width":731,"height":13}},{"id":"9b5fec86-2ce1-49f2-8c04-35144b56987f","block_type":"box","text":"Funds. Certain expenses are financed by each Fund pursuant to distribution plans in compliance with","page_number":150,"box":{"x":117,"y":715,"width":751,"height":12}},{"id":"ceb4f6b3-7cb4-4bef-91c6-53f36d5bcd4a","block_type":"box","text":"Rule 12b-1 under the Investment Company Act. See “Purchase of Shares — Distribution and/or","page_number":150,"box":{"x":117,"y":730,"width":710,"height":13}},{"id":"1ecdffd9-c690-4a8e-be50-4575b99da386","block_type":"box","text":"Shareholder Servicing Plans.”","page_number":150,"box":{"x":116,"y":746,"width":221,"height":12}},{"id":"4e65c81e-f244-4ac8-b335-ef483af613c1","block_type":"box","text":"Sub-Advisory Fee.","page_number":150,"box":{"x":117,"y":777,"width":135,"height":12}},{"id":"e8ff4969-4a09-4f4c-b4ac-f06a098f5a79","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory","page_number":150,"box":{"x":259,"y":777,"width":546,"height":12}},{"id":"acc8307f-0419-46fd-9600-84be3fcac08e","block_type":"box","text":"agreements (the “Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each","page_number":150,"box":{"x":116,"y":792,"width":743,"height":13}},{"id":"6b3a16dc-e52a-4a7d-881e-e3ba4af63c42","block_type":"box","text":"such Fund’s Prospectus (the “Sub-Adviser”) pursuant to which the Sub-Adviser provides sub-advisory","page_number":150,"box":{"x":116,"y":808,"width":755,"height":12}},{"id":"0f15699f-72aa-4d5b-a800-d7ac4e0654a9","block_type":"box","text":"services to the Manager with respect to the Fund.","page_number":150,"box":{"x":116,"y":824,"width":367,"height":12}},{"id":"c78b8c9e-7e31-44db-bb96-7ab55630a0b0","block_type":"box","text":"Organization of the Manager.","page_number":150,"box":{"x":117,"y":854,"width":215,"height":13}},{"id":"fb6b68bf-cef4-474b-8d8f-fb51d1646906","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and","page_number":150,"box":{"x":334,"y":854,"width":519,"height":13}},{"id":"82e2fdc0-9573-4b9a-9034-ea320aac29a6","block_type":"box","text":"BlackRock Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned","page_number":150,"box":{"x":117,"y":870,"width":732,"height":12}},{"id":"0333d7df-06e2-4c48-b3e6-b5a9dc6ee232","block_type":"box","text":"II-105","page_number":150,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"bfd9c26e-26f4-4219-8132-a598ba3b8ee0","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":150,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4e26866b-0ed0-469f-bc9f-e8a82c69b0d1","block_type":"box","text":"subsidiary of BlackRock, Inc. BlackRock, Inc., through its subsidiaries and divisions, provides","page_number":151,"box":{"x":116,"y":87,"width":697,"height":12}},{"id":"24085653-d1a8-4550-bf54-d1b10e547abf","block_type":"box","text":"(i) investment management services to individuals and institutional investors through separate account","page_number":151,"box":{"x":117,"y":102,"width":765,"height":13}},{"id":"cfe18b09-4d66-42b5-a79d-d9885c4d27e2","block_type":"box","text":"management, non-discretionary advisory programs and commingled investment vehicles; (ii) risk","page_number":151,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"86716ee1-6ea0-42d7-9e7d-636466cdb5fd","block_type":"box","text":"management services, investment accounting and trade processing tools; (iii) transition management","page_number":151,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"a133a60c-243d-4bb0-9cfd-4074b1da22ca","block_type":"box","text":"services, and (iv) securities lending services.","page_number":151,"box":{"x":116,"y":149,"width":337,"height":12}},{"id":"cc7f9f19-b843-4cec-bbd1-7b85cc56cb98","block_type":"box","text":"Duration and Termination.","page_number":151,"box":{"x":116,"y":180,"width":193,"height":10}},{"id":"db91ea20-4d8d-4967-93d9-3033c732d547","block_type":"box","text":"Unless earlier terminated as described below, each Management","page_number":151,"box":{"x":310,"y":180,"width":494,"height":12}},{"id":"39cc408a-e6d3-4c83-b181-6b22fef5f513","block_type":"box","text":"Agreement and each Sub-Advisory Agreement will remain in effect for an initial two year period and","page_number":151,"box":{"x":116,"y":196,"width":743,"height":12}},{"id":"3457d72f-118f-4942-88dc-879189113eff","block_type":"box","text":"from year to year thereafter if approved annually (a) by the Board of Directors or by a vote of a majority","page_number":151,"box":{"x":116,"y":211,"width":769,"height":12}},{"id":"7eb379ba-9b43-4766-8f4d-d071a296db91","block_type":"box","text":"of the outstanding voting securities of a Fund and (b) by a majority of the Directors of the Fund who are","page_number":151,"box":{"x":116,"y":227,"width":771,"height":12}},{"id":"08a6754d-bd7e-409f-ab67-45e0075df0db","block_type":"box","text":"not parties to such agreement or interested persons (as defined in the Investment Company Act) of","page_number":151,"box":{"x":117,"y":242,"width":740,"height":12}},{"id":"85ed96aa-ad96-409c-9ce3-885965320435","block_type":"box","text":"any such party. Each Management Agreement automatically terminates on assignment and may be","page_number":151,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"cc0e07da-c307-405a-a50f-628215cbad2b","block_type":"box","text":"terminated without penalty on 60 days’ written notice at the option of either party thereto or by the vote","page_number":151,"box":{"x":116,"y":273,"width":765,"height":12}},{"id":"2ae56b9d-9172-482a-9714-2777fa010f33","block_type":"box","text":"of the shareholders of the applicable Fund.","page_number":151,"box":{"x":116,"y":289,"width":323,"height":12}},{"id":"e4efe76d-21c8-46f8-ae73-333757288d5c","block_type":"box","text":"Other Service Arrangements","page_number":151,"box":{"x":116,"y":320,"width":233,"height":12}},{"id":"1df9e0e8-45d6-4227-93a8-8bd29b006bea","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":151,"box":{"x":115,"y":343,"width":355,"height":9}},{"id":"972e3238-8dff-4692-9221-448f7c2348bd","block_type":"box","text":"Certain Funds have entered into an administration","page_number":151,"box":{"x":472,"y":343,"width":383,"height":9}},{"id":"57f8de5a-79f6-4501-91c5-1bb660c837c6","block_type":"box","text":"agreement (the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus","page_number":151,"box":{"x":116,"y":358,"width":756,"height":12}},{"id":"e416f565-aa13-4df4-8cdb-f5b8abd46ee5","block_type":"box","text":"and Part I of the Fund’s SAI (each an “Administrator”). For its services to a Fund, the Administrator","page_number":151,"box":{"x":116,"y":374,"width":737,"height":12}},{"id":"3b66a488-546d-4569-9372-d612896b8e1b","block_type":"box","text":"receives monthly compensation at the annual rate set forth in each applicable Fund’s Prospectus. For","page_number":151,"box":{"x":117,"y":389,"width":758,"height":12}},{"id":"7d13f29d-e689-494e-9a1c-a0af07bbedcc","block_type":"box","text":"information regarding any administrative fees paid by your Fund to the Administrator for the periods","page_number":151,"box":{"x":117,"y":405,"width":742,"height":12}},{"id":"8f4c8760-e289-4a5e-958d-bc49a331a4af","block_type":"box","text":"indicated, see “Management, Advisory and Other Service Arrangements — Administration Agreement”","page_number":151,"box":{"x":117,"y":420,"width":766,"height":12}},{"id":"305ed867-561c-4cbe-a7d8-ddb340220c21","block_type":"box","text":"or “Management and Advisory Arrangements,” as applicable, in Part I of that Fund’s SAI.","page_number":151,"box":{"x":116,"y":436,"width":664,"height":12}},{"id":"ff5c621e-5fec-460f-873b-c21c582d1956","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to","page_number":151,"box":{"x":117,"y":467,"width":735,"height":12}},{"id":"ac649895-e370-4291-8e76-dd0d81e3c583","block_type":"box","text":"provide certain administrative services to the Fund and to pay, or cause its affiliates to pay, for","page_number":151,"box":{"x":117,"y":482,"width":703,"height":12}},{"id":"117ae13b-b1be-4f27-b481-b1bee6247005","block_type":"box","text":"maintaining its staff and personnel and to provide office space, facilities and necessary personnel for","page_number":151,"box":{"x":117,"y":498,"width":751,"height":12}},{"id":"e370d101-e579-45b3-852f-5d0da0f4587b","block_type":"box","text":"the Fund. Each Administrator is also obligated to pay, or cause its affiliates to pay, the fees of those","page_number":151,"box":{"x":116,"y":513,"width":745,"height":12}},{"id":"1f3b8828-acba-43ce-b834-fbbab2ca6675","block_type":"box","text":"officers and Directors of the Fund who are affiliated persons of the Administrator or any of its affiliates.","page_number":151,"box":{"x":116,"y":529,"width":764,"height":12}},{"id":"74cfc618-8c1d-4e22-9b4a-66e9b114515f","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":151,"box":{"x":116,"y":560,"width":410,"height":12}},{"id":"bc23796a-9040-4f4d-8ed9-78a9f04b717a","block_type":"box","text":"Unless earlier terminated as described below,","page_number":151,"box":{"x":527,"y":560,"width":350,"height":11}},{"id":"a0caf890-d5bc-49a5-90bc-6ef583bb8e99","block_type":"box","text":"each Administration Agreement with BlackRock will continue for an initial two year period and from","page_number":151,"box":{"x":116,"y":575,"width":736,"height":12}},{"id":"34e08e00-3f47-4ea5-aa15-97513ca71375","block_type":"box","text":"year to year if approved annually (a) by the Board of Directors of each applicable Fund or by a vote of","page_number":151,"box":{"x":116,"y":591,"width":760,"height":12}},{"id":"3c7bbf5d-e4e9-464d-820a-e1c68822c743","block_type":"box","text":"a majority of the outstanding voting securities of such Fund and (b) by a majority of the Directors of the","page_number":151,"box":{"x":116,"y":606,"width":767,"height":12}},{"id":"1a12cd23-caac-4662-bc2a-08968b32a781","block_type":"box","text":"Fund who are not parties to such contract or interested persons (as defined in the Investment","page_number":151,"box":{"x":117,"y":622,"width":697,"height":12}},{"id":"a631ca77-6a5f-4c0e-9781-fc9ebfcaba7e","block_type":"box","text":"Company Act) of any such party. Such contract is not assignable and may be terminated without","page_number":151,"box":{"x":117,"y":637,"width":720,"height":12}},{"id":"ec6d8b8b-ea36-40b2-a230-1fdb0519c4c2","block_type":"box","text":"penalty on written notice at the option of either party thereto or by the vote of the shareholders of the","page_number":151,"box":{"x":117,"y":653,"width":750,"height":12}},{"id":"d232e3ce-02bc-47ec-b718-4aa835d1a4e1","block_type":"box","text":"Fund.","page_number":151,"box":{"x":117,"y":669,"width":40,"height":9}},{"id":"64bce949-90cb-499b-982f-1f79daf7c491","block_type":"box","text":"Transfer Agency Services.","page_number":151,"box":{"x":118,"y":699,"width":193,"height":13}},{"id":"8883debf-1d1f-4248-a422-cfe482a93026","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer","page_number":151,"box":{"x":319,"y":699,"width":546,"height":13}},{"id":"8ff3a516-77c0-48ec-980a-cfa6b063c09b","block_type":"box","text":"Agent”), a subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer","page_number":151,"box":{"x":116,"y":715,"width":719,"height":12}},{"id":"9b3e9be7-de01-43b3-808c-194e0a001b64","block_type":"box","text":"Agent pursuant to a Transfer Agency, Dividend Disbursing Agency and Shareholder Servicing Agency","page_number":151,"box":{"x":116,"y":730,"width":758,"height":13}},{"id":"5b5e5ab3-37ea-4dee-aee7-a73a33285c05","block_type":"box","text":"Agreement (the “Transfer Agency Agreement”) with the Funds. Pursuant to the Transfer Agency","page_number":151,"box":{"x":116,"y":746,"width":714,"height":12}},{"id":"c73b4d14-676d-4f96-8c6f-222f34218b3c","block_type":"box","text":"Agreement, the Transfer Agent is responsible for the issuance, transfer and redemption of shares and","page_number":151,"box":{"x":116,"y":761,"width":756,"height":13}},{"id":"30ed0b60-88cf-4396-a1e9-b064d9493164","block_type":"box","text":"the opening and maintenance of shareholder accounts. Each Fund pays the Transfer Agent a fee for","page_number":151,"box":{"x":116,"y":777,"width":748,"height":12}},{"id":"c4b04fe6-04ec-4a21-b88a-9a65d6b47649","block_type":"box","text":"the services it receives based on the type of account and the level of services required. Each Fund","page_number":151,"box":{"x":116,"y":792,"width":732,"height":13}},{"id":"2f96a6e6-7e3b-481a-8745-5305f0df79e1","block_type":"box","text":"reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of","page_number":151,"box":{"x":117,"y":808,"width":711,"height":12}},{"id":"b23b0488-f213-4c25-a39e-0e288b3df827","block_type":"box","text":"account assets for certain accounts that participate in certain fee-based programs sponsored by the","page_number":151,"box":{"x":116,"y":823,"width":740,"height":13}},{"id":"04b0305d-0baf-4c3c-9107-8e8a88b29431","block_type":"box","text":"Manager or its affiliates. For purposes of each Transfer Agency Agreement, the term “account”","page_number":151,"box":{"x":117,"y":839,"width":707,"height":12}},{"id":"61693d1c-31d1-4c46-802a-43c280210ca0","block_type":"box","text":"includes a shareholder account maintained directly by the Transfer Agent and any other account","page_number":151,"box":{"x":117,"y":854,"width":719,"height":13}},{"id":"92bfc75c-d4cd-4c30-ad98-a0b653a0d414","block_type":"box","text":"representing the beneficial interest of a person in the relevant share class on a recordkeeping system.","page_number":151,"box":{"x":117,"y":870,"width":761,"height":12}},{"id":"01a38d73-efbf-4c28-9342-17f40eff9196","block_type":"box","text":"II-106","page_number":151,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"24687f81-b611-4909-b43f-680fd7cbdfde","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":151,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"42685bd7-3c63-4d94-8c59-065c0930d688","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":152,"box":{"x":117,"y":87,"width":358,"height":12}},{"id":"0f14686d-646d-491d-96f1-c4da93f085f7","block_type":"box","text":"The Audit Committee of each Fund, the members of","page_number":152,"box":{"x":477,"y":87,"width":397,"height":11}},{"id":"161196bc-7f32-4bfc-96d6-4496b07f4172","block_type":"box","text":"which are non-interested Directors of the Fund, has selected an independent registered public","page_number":152,"box":{"x":116,"y":102,"width":703,"height":13}},{"id":"344bca26-0244-4623-af59-d562d81afa8a","block_type":"box","text":"accounting firm for that Fund that audits the Fund’s financial statements. Please see the inside back","page_number":152,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"094267b0-0838-44a7-8344-7c9de8d40ddf","block_type":"box","text":"cover page of your Fund’s Prospectus and Part I of this SAI for information on your Fund’s","page_number":152,"box":{"x":116,"y":134,"width":676,"height":12}},{"id":"99428fd6-ad0f-42ca-a16a-6648f24ffcfc","block_type":"box","text":"independent registered public accounting firm.","page_number":152,"box":{"x":117,"y":149,"width":347,"height":12}},{"id":"4e0caad7-282d-464f-a0c3-08d92c2b9b43","block_type":"box","text":"Custodian Services.","page_number":152,"box":{"x":117,"y":177,"width":147,"height":9}},{"id":"3751ccf0-8178-410f-93a3-5437a77c5892","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are","page_number":152,"box":{"x":265,"y":177,"width":569,"height":12}},{"id":"ab7260c6-910a-422e-ae0f-efd0eb4c8592","block_type":"box","text":"provided on the inside back cover page of the Fund’s Prospectus. The Custodian is responsible for","page_number":152,"box":{"x":117,"y":192,"width":738,"height":13}},{"id":"ff2d41a9-91bb-48ed-abe0-8c61a9931aa5","block_type":"box","text":"safeguarding and controlling the Fund’s cash and securities, handling the receipt and delivery of","page_number":152,"box":{"x":116,"y":208,"width":718,"height":12}},{"id":"dec04fb6-d7ae-4be8-9278-a322480385ef","block_type":"box","text":"securities and collecting interest and dividends on the Fund’s investments. The Custodian is authorized","page_number":152,"box":{"x":116,"y":223,"width":771,"height":13}},{"id":"aad07cfc-4d08-4d44-b0de-51be6e71d131","block_type":"box","text":"to establish separate accounts in foreign currencies and to cause foreign securities owned by the Fund","page_number":152,"box":{"x":116,"y":239,"width":769,"height":12}},{"id":"2d457773-9ced-4a93-82ac-d86a131cd73e","block_type":"box","text":"to be held in its offices outside the United States and with certain foreign banks and securities","page_number":152,"box":{"x":116,"y":254,"width":701,"height":13}},{"id":"5ac34740-051e-4da9-9af5-70b1c4d59f89","block_type":"box","text":"depositories. A Fund also may use special purpose custodian banks from time to time for certain","page_number":152,"box":{"x":116,"y":270,"width":721,"height":12}},{"id":"9c008b65-3e88-4012-8db3-5088885148a1","block_type":"box","text":"assets.","page_number":152,"box":{"x":116,"y":286,"width":58,"height":9}},{"id":"b1550536-dbd4-4b07-b704-936702a0c637","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":152,"box":{"x":117,"y":313,"width":745,"height":12}},{"id":"be3eaa2a-34af-4bf9-a202-3d6e525459c2","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on","page_number":152,"box":{"x":117,"y":341,"width":764,"height":12}},{"id":"11827edf-b259-4912-9a69-9765786e22ac","block_type":"box","text":"a monthly basis the Custodian nets the Fund’s daily positive and negative cash balances and","page_number":152,"box":{"x":116,"y":357,"width":696,"height":12}},{"id":"46814895-d1ce-476c-b906-5ce1a5f49760","block_type":"box","text":"calculates a credit (“custody credit”) or a charge based on that net amount. With respect to such","page_number":152,"box":{"x":116,"y":372,"width":718,"height":12}},{"id":"627e2f74-b622-4a11-9dc2-b9c930ede3f0","block_type":"box","text":"Funds, the custodian fees, including the amount of any overdraft charges, may be reduced by the","page_number":152,"box":{"x":117,"y":388,"width":728,"height":12}},{"id":"7445986b-3048-4c96-8f7f-ec53f6b39302","block_type":"box","text":"amount of such custody credits, and any unused credits at the end of a given month may be carried","page_number":152,"box":{"x":116,"y":403,"width":745,"height":12}},{"id":"81b68368-9393-42b6-a9ad-604ec77cb391","block_type":"box","text":"forward to a subsequent month. Any such credits unused by the end of a Fund’s fiscal year will not","page_number":152,"box":{"x":116,"y":419,"width":737,"height":12}},{"id":"b6bcd1a9-a465-4ec6-961d-26807d7dc426","block_type":"box","text":"expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":152,"box":{"x":116,"y":434,"width":734,"height":12}},{"id":"b2b3e2dd-c250-4440-9707-98032329156e","block_type":"box","text":"Fund.","page_number":152,"box":{"x":117,"y":450,"width":46,"height":9}},{"id":"d2f15d41-500a-42be-9c5f-373e5ca191bb","block_type":"box","text":"Accounting Services.","page_number":152,"box":{"x":115,"y":478,"width":156,"height":12}},{"id":"a8b891b8-9a29-4069-b21e-1149f38430b4","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM,","page_number":152,"box":{"x":273,"y":478,"width":614,"height":12}},{"id":"1f64fc4a-11dc-4973-b207-2387d947a123","block_type":"box","text":"pursuant to which State Street, BNY Mellon or JPM provides certain accounting and administrative","page_number":152,"box":{"x":117,"y":493,"width":736,"height":12}},{"id":"3899fde8-6f56-498f-8765-13f6be902c13","block_type":"box","text":"services to the Fund. Each Fund pays a fee for these services. State Street, BNY Mellon or JPM","page_number":152,"box":{"x":116,"y":509,"width":720,"height":12}},{"id":"fedc905f-504f-4760-ae0b-1ebe297f2717","block_type":"box","text":"provides similar accounting services to the Master LLCs.","page_number":152,"box":{"x":117,"y":524,"width":424,"height":12}},{"id":"534c0470-1ba2-4179-85af-d1cb2949f456","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or","page_number":152,"box":{"x":116,"y":552,"width":672,"height":12}},{"id":"9abe1b54-dc0d-4e92-9d14-a24eb0140dbd","block_type":"box","text":"“Management and Advisory Arrangements — Accounting Services,” as applicable, in Part I of each","page_number":152,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"28850763-f182-409b-995a-abe0b2776514","block_type":"box","text":"Fund’s SAI for information on the amounts paid by your Fund and, if applicable, Master LLC to State","page_number":152,"box":{"x":117,"y":583,"width":748,"height":12}},{"id":"85a704a0-9c1c-4005-8b74-4106eae9cdf4","block_type":"box","text":"Street, BNY Mellon or JPM and the Manager or, if applicable, the Administrator for the periods","page_number":152,"box":{"x":116,"y":599,"width":704,"height":12}},{"id":"481da9cf-2de6-45cd-aed1-e18f9ee7be33","block_type":"box","text":"indicated.","page_number":152,"box":{"x":117,"y":614,"width":75,"height":10}},{"id":"03a61b45-29b2-46e1-8dea-708834a358c5","block_type":"box","text":"Distribution Expenses.","page_number":152,"box":{"x":116,"y":642,"width":165,"height":12}},{"id":"b44c1600-4614-4e39-a396-3b30ed15eea2","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in","page_number":152,"box":{"x":283,"y":642,"width":563,"height":12}},{"id":"bd6ad6ce-56b4-4fe5-ba3f-31abfaad864a","block_type":"box","text":"connection with the continuous offering of each class of shares of the Fund (the “Distribution","page_number":152,"box":{"x":116,"y":658,"width":690,"height":12}},{"id":"8fa31ac2-ae65-4238-87db-1d2dade2c084","block_type":"box","text":"Agreements”). The Distribution Agreements obligate the Distributor to pay certain expenses in","page_number":152,"box":{"x":116,"y":673,"width":697,"height":12}},{"id":"f9ce6b87-fbb9-45b8-b425-c1bef9d7fa93","block_type":"box","text":"connection with the offering of each class of shares of the Funds. After the prospectuses, statements","page_number":152,"box":{"x":116,"y":689,"width":749,"height":12}},{"id":"4cafff9d-e5db-4264-832f-018c5de7dcb6","block_type":"box","text":"of additional information and periodic reports have been prepared, set in type and mailed to","page_number":152,"box":{"x":116,"y":704,"width":678,"height":12}},{"id":"5ed1f50f-5541-4193-bba6-1ac271f636ca","block_type":"box","text":"shareholders, the Distributor pays for the printing and distribution of these documents used in","page_number":152,"box":{"x":116,"y":720,"width":692,"height":12}},{"id":"56857c79-63c8-4445-b971-8504e1300282","block_type":"box","text":"connection with the offering to dealers and investors. The Distributor also pays for other supplementary","page_number":152,"box":{"x":116,"y":735,"width":766,"height":12}},{"id":"b6f34c39-6a44-435a-b3ed-dc2d1a4c282c","block_type":"box","text":"sales literature and advertising costs. Each Distribution Agreement is subject to the same renewal","page_number":152,"box":{"x":116,"y":751,"width":726,"height":12}},{"id":"267efe20-e6b3-4b6c-a248-82187fc50637","block_type":"box","text":"requirements and termination provisions as the Management Agreement described above.","page_number":152,"box":{"x":117,"y":766,"width":670,"height":12}},{"id":"2c11157c-cd7e-4e9c-ab34-d41ee015ed64","block_type":"box","text":"Code of Ethics","page_number":152,"box":{"x":116,"y":794,"width":117,"height":10}},{"id":"8535c22a-9ded-4ec7-bdc8-e2c581b12a71","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant","page_number":152,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"8f787836-ab50-4ce6-97a9-8aa53b2b3555","block_type":"box","text":"to Rule 17j-1 under the Investment Company Act. The Code of Ethics establishes procedures for","page_number":152,"box":{"x":116,"y":831,"width":723,"height":12}},{"id":"cdbadcd5-5acf-4d81-88a5-769d7c3a03a4","block_type":"box","text":"personal investing and restricts certain transactions. Employees subject to the Code of Ethics may","page_number":152,"box":{"x":117,"y":847,"width":734,"height":12}},{"id":"8edc3ec2-fc48-4b68-858e-7fe591edaee5","block_type":"box","text":"invest in securities for their personal investment accounts, including securities that may be purchased","page_number":152,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"18c454ca-b1a7-46aa-a0f7-509196d58373","block_type":"box","text":"or held by a Fund.","page_number":152,"box":{"x":116,"y":878,"width":140,"height":12}},{"id":"0b9c37be-0aa0-4ec2-b3ef-0066d9d43fe0","block_type":"box","text":"II-107","page_number":152,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0c71edfa-20fc-4536-bb4e-a1853dbb49fb","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":152,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0baa284c-6aa3-4c04-a246-8285a8ba2dec","block_type":"box","text":"S","page_number":153,"box":{"x":319,"y":87,"width":9,"height":10}},{"id":"8bc0dcf4-f696-4565-95a4-9eb13d7247cf","block_type":"box","text":"ELECTIVE","page_number":153,"box":{"x":330,"y":89,"width":65,"height":8}},{"id":"4de2949f-22df-47d2-ae29-41e0599e2b27","block_type":"box","text":"D","page_number":153,"box":{"x":396,"y":87,"width":16,"height":9}},{"id":"b3c243c8-a78d-4ef5-ac46-7e5d6d1ea103","block_type":"box","text":"ISCLOSURE","page_number":153,"box":{"x":413,"y":89,"width":78,"height":8}},{"id":"637bbd73-ad19-48af-83d0-36f816b85eb2","block_type":"box","text":"OF","page_number":153,"box":{"x":497,"y":89,"width":18,"height":8}},{"id":"ebf9f0a0-57e0-421f-ac12-3f595b3be288","block_type":"box","text":"P","page_number":153,"box":{"x":516,"y":87,"width":15,"height":9}},{"id":"ae8846f7-52d6-4427-aa9d-5f80c01dd76f","block_type":"box","text":"ORTFOLIO","page_number":153,"box":{"x":532,"y":89,"width":70,"height":8}},{"id":"7d9d1dbb-69b7-446c-8c86-48d36213153c","block_type":"box","text":"H","page_number":153,"box":{"x":602,"y":87,"width":16,"height":9}},{"id":"ddb32621-eb06-444d-a809-688d7660c6b4","block_type":"box","text":"OLDINGS","page_number":153,"box":{"x":620,"y":89,"width":60,"height":8}},{"id":"4da66480-3c13-4824-9a7a-5f45adff0a1d","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved","page_number":153,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"858bfaae-2052-4a99-9b92-247771e37fe3","block_type":"box","text":"Portfolio Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the","page_number":153,"box":{"x":117,"y":134,"width":696,"height":12}},{"id":"fe031b04-2114-46ad-ac0b-b626ad509dec","block_type":"box","text":"disclosure of each Fund’s portfolio securities, as applicable, and other portfolio information. The","page_number":153,"box":{"x":116,"y":149,"width":714,"height":12}},{"id":"81188fbd-0bd3-45ea-9139-88450506766d","block_type":"box","text":"purpose of the Policy is to ensure that (i) shareholders and prospective shareholders of the Funds","page_number":153,"box":{"x":117,"y":165,"width":731,"height":12}},{"id":"d19f6ddd-8a37-441e-af35-06a733939970","block_type":"box","text":"have equal access to portfolio holdings and characteristics and (ii) third parties (such as consultants,","page_number":153,"box":{"x":117,"y":180,"width":750,"height":12}},{"id":"876f8fb0-8fc3-40e0-8272-1bf79d3c3c5a","block_type":"box","text":"intermediaries and third-party data providers) have access to such information no earlier or more","page_number":153,"box":{"x":117,"y":196,"width":722,"height":12}},{"id":"493071c8-048e-4f1b-9d96-fecd9ffb94e9","block_type":"box","text":"frequently than shareholders and prospective shareholders.","page_number":153,"box":{"x":116,"y":211,"width":448,"height":12}},{"id":"70f8a164-cf61-46e5-84b7-95d67499cfed","block_type":"box","text":"Pursuant to the Policy, each Fund and the Manager may, under certain circumstances as set forth","page_number":153,"box":{"x":117,"y":242,"width":732,"height":12}},{"id":"c17e6e91-755e-4bcd-8f9f-66ef5ace59d7","block_type":"box","text":"below, make selective disclosure with respect to a Fund’s Portfolio Characteristics (as defined below)","page_number":153,"box":{"x":117,"y":258,"width":755,"height":12}},{"id":"e5f4aeb5-4411-407a-9610-69565347013e","block_type":"box","text":"and Portfolio Holdings (as defined below). The Board of Directors of each Fund and the Board of","page_number":153,"box":{"x":116,"y":273,"width":722,"height":12}},{"id":"05e4e49b-bea9-4752-85e1-ece5a1d55ef0","block_type":"box","text":"Directors of the Manager have each approved the adoption by the Fund of the Policy, and employees","page_number":153,"box":{"x":117,"y":289,"width":757,"height":12}},{"id":"4ba33b4c-2705-406a-99b9-e37d43476780","block_type":"box","text":"of the Manager are responsible for adherence to the Policy. The Board of Directors provides ongoing","page_number":153,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"cea3956c-d585-44d1-b857-2956fe9c6c3e","block_type":"box","text":"oversight of the Fund’s and Manager’s compliance with the Policy.","page_number":153,"box":{"x":116,"y":320,"width":497,"height":12}},{"id":"2af6a4e1-72dd-411b-8b51-d1858f9d793b","block_type":"box","text":"Disclosure of material non-public information (“Confidential Information”) about a Fund’s Portfolio","page_number":153,"box":{"x":117,"y":351,"width":723,"height":12}},{"id":"b458ad44-26b3-4028-a945-55a6500957fd","block_type":"box","text":"Holdings and/or Portfolio Characteristics is prohibited, except as provided in the Policy.","page_number":153,"box":{"x":117,"y":366,"width":650,"height":12}},{"id":"e98a0049-41eb-4d71-8c07-a06ad46d1ee7","block_type":"box","text":"Confidential Information relating to a Fund may not be distributed to persons not employed by","page_number":153,"box":{"x":117,"y":397,"width":699,"height":12}},{"id":"a4cd8c45-ad7f-4096-8758-f877718e68a6","block_type":"box","text":"BlackRock unless the Fund has a legitimate business purpose for doing so and confidentiality","page_number":153,"box":{"x":117,"y":413,"width":698,"height":12}},{"id":"1d535733-dd06-44bd-bc74-09d3a7f06390","block_type":"box","text":"obligations are in effect, as appropriate.","page_number":153,"box":{"x":116,"y":428,"width":299,"height":12}},{"id":"e7b76754-6903-43ed-bcd5-5b6fe27ba1b6","block_type":"box","text":"•","page_number":153,"box":{"x":159,"y":455,"width":4,"height":3}},{"id":"c6836240-45fb-4b4f-9481-dada0ea3bafd","block_type":"box","text":"Portfolio Holdings","page_number":153,"box":{"x":184,"y":451,"width":131,"height":12}},{"id":"fa37a666-93ad-4c2c-b30a-01d32289e6b2","block_type":"box","text":": “Portfolio Holdings” are a Fund’s portfolio securities and other instruments,","page_number":153,"box":{"x":316,"y":451,"width":567,"height":12}},{"id":"ff54f4d1-ad2c-4986-bac0-11818f5760a1","block_type":"box","text":"and include, but are not limited to:","page_number":153,"box":{"x":184,"y":467,"width":256,"height":11}},{"id":"bd27b7e4-777c-4fc4-9c63-af7093994db2","block_type":"box","text":"• for equity securities, information such as issuer name, CUSIP, ticker symbol, total shares","page_number":153,"box":{"x":192,"y":490,"width":691,"height":12}},{"id":"e1b022e6-94ca-4114-a5e4-9cc594916442","block_type":"box","text":"and market value;","page_number":153,"box":{"x":217,"y":506,"width":138,"height":11}},{"id":"24ff215e-c2df-4b4d-bb49-8b73638a9333","block_type":"box","text":"• for fixed income securities, information such as issuer name, CUSIP, ticker symbol,","page_number":153,"box":{"x":192,"y":529,"width":649,"height":12}},{"id":"1b83b1ce-e718-4563-b1e2-86c8ee8ea63a","block_type":"box","text":"coupon, maturity, current face value, market value, yield, WAL, WAM, duration and","page_number":153,"box":{"x":217,"y":544,"width":621,"height":12}},{"id":"264c55f8-9048-4363-8d3b-ef80121f934b","block_type":"box","text":"convexity;","page_number":153,"box":{"x":217,"y":560,"width":79,"height":12}},{"id":"25905edf-4c1e-4820-8476-51cc60a5e4f2","block_type":"box","text":"• for all securities, information such as quantity, SEDOL and market price as of a specific","page_number":153,"box":{"x":192,"y":583,"width":678,"height":12}},{"id":"a359300b-db75-458f-bf8a-68b0f921dd54","block_type":"box","text":"date;","page_number":153,"box":{"x":217,"y":599,"width":42,"height":11}},{"id":"b5183534-b31f-4947-9d91-280cf12fda22","block_type":"box","text":"• for derivatives, indicative data including, but not limited to, pay leg, receive leg, notional","page_number":153,"box":{"x":192,"y":622,"width":678,"height":12}},{"id":"0620813c-6407-4b00-ab24-9635657bfc63","block_type":"box","text":"amount, reset frequency and trade counterparty; and","page_number":153,"box":{"x":217,"y":637,"width":398,"height":12}},{"id":"41254a53-ba9b-42d7-b363-6177ce903ed3","block_type":"box","text":"• for trading strategies, specific portfolio holdings, including the number of shares held,","page_number":153,"box":{"x":192,"y":661,"width":655,"height":12}},{"id":"ca6864e6-4b4f-45cb-8534-901557b287ad","block_type":"box","text":"weightings of particular holdings, trading details, pending or recent transactions and","page_number":153,"box":{"x":217,"y":676,"width":621,"height":12}},{"id":"e0c17091-ee65-436e-a9ba-ccdfd620cfc1","block_type":"box","text":"portfolio management plans to purchase or sell particular securities or allocation within","page_number":153,"box":{"x":218,"y":692,"width":640,"height":12}},{"id":"b8b406c5-efa4-470e-9647-c6ecee588f8e","block_type":"box","text":"particular sectors.","page_number":153,"box":{"x":218,"y":707,"width":130,"height":12}},{"id":"0fb6a183-b248-4b38-b63a-d6dc2954f8a8","block_type":"box","text":"•","page_number":153,"box":{"x":159,"y":734,"width":4,"height":3}},{"id":"9d272a00-18cd-4218-8788-ca404d487a82","block_type":"box","text":"Portfolio Characteristics (excluding Liquidity Metrics)","page_number":153,"box":{"x":184,"y":730,"width":388,"height":13}},{"id":"1622c713-86b0-4d00-80de-8e2b795ae9cb","block_type":"box","text":": “Portfolio Characteristics” include, but","page_number":153,"box":{"x":575,"y":730,"width":287,"height":12}},{"id":"bfa89ba6-7c78-499e-859f-15ffe3665c84","block_type":"box","text":"are not limited to, sector allocation, credit quality breakdown, maturity distribution, duration","page_number":153,"box":{"x":184,"y":746,"width":670,"height":12}},{"id":"ca799274-323c-4348-a66a-45c159aad878","block_type":"box","text":"and convexity measures, average credit quality, average maturity, average coupon, top 10","page_number":153,"box":{"x":184,"y":762,"width":670,"height":12}},{"id":"743d196b-b77e-4b6f-b319-9fd3fc815a66","block_type":"box","text":"holdings with percent of the fund held, average market capitalization, capitalization range, risk","page_number":153,"box":{"x":184,"y":777,"width":696,"height":12}},{"id":"1867a18f-195a-4362-848b-5af12301a1e4","block_type":"box","text":"related information (","page_number":153,"box":{"x":184,"y":792,"width":148,"height":13}},{"id":"3e004831-4dcb-460d-9949-e15f8debd42f","block_type":"box","text":"e.g.,","page_number":153,"box":{"x":334,"y":795,"width":30,"height":9}},{"id":"a2dd5412-73a4-4165-a079-a0721d212529","block_type":"box","text":"value at risk, standard deviation), ROE, P/E, P/B, P/CF, P/S and","page_number":153,"box":{"x":370,"y":792,"width":477,"height":13}},{"id":"9ff1d595-78df-4164-a78c-87cebd174cf5","block_type":"box","text":"EPS.","page_number":153,"box":{"x":184,"y":808,"width":36,"height":9}},{"id":"3fb2ba94-d802-443d-b535-9ca8f6ab2fbb","block_type":"box","text":"• Additional characteristics specific to money market funds include, but are not limited to,","page_number":153,"box":{"x":192,"y":831,"width":677,"height":12}},{"id":"31679e87-52e8-43f0-b69f-10b3633dbb3e","block_type":"box","text":"historical daily and weekly liquid assets (as defined under Rule 2a-7) and historical fund","page_number":153,"box":{"x":218,"y":847,"width":655,"height":12}},{"id":"aa28243a-9846-4c18-bfd5-42f9b77a33f9","block_type":"box","text":"net inflows and outflows.","page_number":153,"box":{"x":218,"y":862,"width":187,"height":10}},{"id":"6faf500b-0430-4ff9-befd-4e1edb06b8c3","block_type":"box","text":"II-108","page_number":153,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a148e11b-340c-4df8-bddc-34c6684c2ee9","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":153,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6fcda39a-9855-401c-ad3f-c36598f9e4b9","block_type":"box","text":"•","page_number":154,"box":{"x":159,"y":90,"width":4,"height":3}},{"id":"e209d632-000f-4f51-9351-a0655812c262","block_type":"box","text":"Portfolio Characteristics — Liquidity Metrics","page_number":154,"box":{"x":184,"y":87,"width":324,"height":12}},{"id":"91aad7e0-7abb-4d06-9427-d975d82833dd","block_type":"box","text":":","page_number":154,"box":{"x":509,"y":90,"width":8,"height":6}},{"id":"6cbc66b5-4084-4063-8fbc-abf9f8398c50","block_type":"box","text":"• “Liquidity Metrics” which seek to ascertain a Fund’s liquidity profile under BlackRock’s","page_number":154,"box":{"x":192,"y":110,"width":665,"height":12}},{"id":"cafcf1e8-c69a-4cdc-9642-6ff6919559c2","block_type":"box","text":"global liquidity risk methodology which include, but are not limited to: (a) disclosure","page_number":154,"box":{"x":217,"y":126,"width":620,"height":12}},{"id":"c1c6c1d6-e6d5-4a8b-8963-45f4d433cb56","block_type":"box","text":"regarding the number of days needed to liquidate a portfolio or the portfolio’s underlying","page_number":154,"box":{"x":218,"y":141,"width":656,"height":12}},{"id":"e6ee5fe8-b310-4c1a-aa92-1ffd69b6e8f2","block_type":"box","text":"investments; and (b) the percentage of a Fund’s NAV invested in a particular liquidity tier","page_number":154,"box":{"x":218,"y":157,"width":662,"height":12}},{"id":"1e636abf-2b4c-42df-a659-dc8c0c2f23c4","block_type":"box","text":"under BlackRock’s global liquidity risk methodology.","page_number":154,"box":{"x":218,"y":172,"width":389,"height":12}},{"id":"8cb894e4-b062-44de-b1fe-6a39932daa88","block_type":"box","text":"• The dissemination of position-level liquidity metrics data and any non-public regulatory","page_number":154,"box":{"x":192,"y":196,"width":671,"height":12}},{"id":"06d5d9f1-6e7c-4037-a56b-08d81dc1a41b","block_type":"box","text":"data pursuant to SEC Rule 22e-4 (including SEC liquidity tiering) is not permitted unless","page_number":154,"box":{"x":217,"y":211,"width":658,"height":12}},{"id":"f35edb05-c623-43e1-8aa8-9b43bfa853ed","block_type":"box","text":"pre-approved.","page_number":154,"box":{"x":218,"y":227,"width":108,"height":11}},{"id":"7ff81d46-1841-488d-a94c-f929393f67d2","block_type":"box","text":"• Disclosure of Liquidity Metrics pursuant to Section 3 of the Policy should be reviewed by","page_number":154,"box":{"x":192,"y":250,"width":684,"height":12}},{"id":"1b1b2e05-f0ad-449d-b6e1-bd8c98aea2d5","block_type":"box","text":"BlackRock’s Risk and Quantitative Analysis Group and the relevant portfolio","page_number":154,"box":{"x":218,"y":265,"width":568,"height":12}},{"id":"792fbc82-e46a-4ff8-935c-cd7256b269e2","block_type":"box","text":"management team prior to dissemination.","page_number":154,"box":{"x":218,"y":281,"width":313,"height":12}},{"id":"2f4af313-a9da-4cf8-a7b3-fc65b8f2f571","block_type":"box","text":"Information that is non-material or that may be obtained from public sources (","page_number":154,"box":{"x":117,"y":312,"width":573,"height":12}},{"id":"561bf2ef-bbe9-499a-a5b6-f03ce1d00f53","block_type":"box","text":"i.e.","page_number":154,"box":{"x":691,"y":312,"width":20,"height":9}},{"id":"9a893db9-f256-4f05-aefe-d47ed72efcc1","block_type":"box","text":", information that has","page_number":154,"box":{"x":714,"y":312,"width":161,"height":11}},{"id":"3ae06a17-c170-46b8-ac8c-ee1c04f6d9cf","block_type":"box","text":"been publicly disclosed via a filing with the SEC (","page_number":154,"box":{"x":117,"y":327,"width":363,"height":12}},{"id":"ea239f82-821a-42a5-b813-be04483fdcfa","block_type":"box","text":"e.g.","page_number":154,"box":{"x":481,"y":330,"width":26,"height":9}},{"id":"0dc43926-e5ce-41e1-81af-c1125ad82cc8","block_type":"box","text":", a fund’s annual report and annual financial","page_number":154,"box":{"x":510,"y":327,"width":330,"height":12}},{"id":"4837117c-5317-4d9e-8e17-3e34c16e8f39","block_type":"box","text":"statements), through a press release or placement on a publicly-available internet website), or","page_number":154,"box":{"x":116,"y":343,"width":703,"height":12}},{"id":"ab6cf0b8-0637-454a-ab43-cb382190dbf0","block_type":"box","text":"information derived or calculated from such public sources shall not be deemed Confidential","page_number":154,"box":{"x":117,"y":358,"width":687,"height":12}},{"id":"0fc1c209-39e5-4c4d-860e-c299f7a4fc4d","block_type":"box","text":"Information.","page_number":154,"box":{"x":117,"y":374,"width":92,"height":9}},{"id":"2f2c6e6f-3cf1-41ac-98f4-b6631991f46f","block_type":"box","text":"II-109","page_number":154,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2aaa8aa8-8fe4-4780-9db1-9b788e4fcead","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":154,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"935a9049-9f5c-4ae1-9bfa-77d8e162e817","block_type":"box","text":"Portfolio Holdings and Portfolio Characteristics may be disclosed in accordance with the below","page_number":155,"box":{"x":117,"y":87,"width":706,"height":12}},{"id":"39a2ee49-a008-4c80-bec9-3ac8dcbc17f1","block_type":"box","text":"schedule or as specified in a Fund’s registration statement.","page_number":155,"box":{"x":116,"y":102,"width":443,"height":13}},{"id":"1a467b52-74d7-4b89-a631-5886210c8b85","block_type":"box","text":"Open-End Mutual Funds (Excluding Money Market Funds)","page_number":155,"box":{"x":269,"y":149,"width":467,"height":12}},{"id":"ae3d13e5-522c-42ed-881d-88fea6ecdb82","block_type":"box","text":"Time Periods for Portfolio Holdings","page_number":155,"box":{"x":124,"y":180,"width":592,"height":12}},{"id":"44ae8943-6d73-402c-80a3-cdf60d8a6cc9","block_type":"box","text":"Prior to 20 Calendar Days After","page_number":155,"box":{"x":124,"y":201,"width":416,"height":12}},{"id":"4329f62a-fe1d-493c-85f8-8335e3fa4b8e","block_type":"box","text":"Month-End","page_number":155,"box":{"x":368,"y":216,"width":92,"height":10}},{"id":"d09f1651-94a3-4072-918b-47b3b4cf7687","block_type":"box","text":"20 Calendar Days After","page_number":155,"box":{"x":636,"y":201,"width":188,"height":12}},{"id":"dbb7425c-398c-4118-9779-635ac423943e","block_type":"box","text":"Month-End To Public Filing","page_number":155,"box":{"x":620,"y":216,"width":221,"height":12}},{"id":"e1f2c0d5-bb9b-4788-a685-3e2040955195","block_type":"box","text":"Portfolio","page_number":155,"box":{"x":125,"y":236,"width":73,"height":10}},{"id":"0e0f535b-b10e-451e-8d99-bb7e7c4a6a71","block_type":"box","text":"Holdings","page_number":155,"box":{"x":125,"y":251,"width":76,"height":12}},{"id":"ab590d4b-841e-460c-960a-24defd21c66d","block_type":"box","text":"Cannot disclose without non-disclosure","page_number":155,"box":{"x":260,"y":236,"width":295,"height":10}},{"id":"17d144b6-bc44-4e60-8ff9-9633d1c491c9","block_type":"box","text":"or confidentiality agreement and Chief","page_number":155,"box":{"x":259,"y":251,"width":288,"height":12}},{"id":"f9574a2a-ca28-488d-a196-c6115e50100c","block_type":"box","text":"Compliance Officer (“CCO”) approval.","page_number":155,"box":{"x":260,"y":266,"width":285,"height":12}},{"id":"e0ac7985-5b03-4e28-9a37-47811c3e297e","block_type":"box","text":"May disclose to shareholders,","page_number":155,"box":{"x":577,"y":236,"width":226,"height":12}},{"id":"0f619eb4-436f-44c1-b660-501dce39b32b","block_type":"box","text":"prospective shareholders,","page_number":155,"box":{"x":576,"y":251,"width":197,"height":12}},{"id":"4e2992cc-db82-4773-82f2-e16e7a9817ad","block_type":"box","text":"intermediaries, consultants and third","page_number":155,"box":{"x":576,"y":266,"width":275,"height":11}},{"id":"a5a6e5b2-38f9-4efb-98f3-92255acf3bc8","block_type":"box","text":"party data providers","page_number":155,"box":{"x":576,"y":281,"width":153,"height":12}},{"id":"fa30f8e9-9667-4ecc-bf42-0f7aa5dfe708","block_type":"box","text":"(e.g.,","page_number":155,"box":{"x":730,"y":281,"width":42,"height":12}},{"id":"fbdd5611-705f-4c53-9b87-1b208cc46380","block_type":"box","text":"Lipper,","page_number":155,"box":{"x":773,"y":281,"width":55,"height":12}},{"id":"4f36833d-0fcb-49f4-aef9-ff86709a9fa2","block_type":"box","text":"Morningstar and Bloomberg), except","page_number":155,"box":{"x":577,"y":296,"width":275,"height":12}},{"id":"ecaa1ca9-b680-45c1-833f-4f29377cb789","block_type":"box","text":"with respect to Global Allocation","page_number":155,"box":{"x":575,"y":311,"width":239,"height":11}},{"id":"d52ce90c-83e4-42c9-83b4-ac257fb6a4f6","block_type":"box","text":"funds","page_number":155,"box":{"x":819,"y":311,"width":41,"height":9}},{"id":"f22b5c0f-1cb4-495e-9536-450fdae80e5d","block_type":"box","text":"1","page_number":155,"box":{"x":862,"y":311,"width":3,"height":6}},{"id":"b7184901-836b-44e7-849e-1e994cfafb78","block_type":"box","text":",","page_number":155,"box":{"x":868,"y":319,"width":8,"height":3}},{"id":"8ff5804a-e110-4842-8435-722fa89a7e50","block_type":"box","text":"BlackRock Core Bond Portfolio and","page_number":155,"box":{"x":577,"y":325,"width":267,"height":10}},{"id":"6e649e31-9562-41e2-b890-7e6ca5c4bd66","block_type":"box","text":"BlackRock Strategic Income","page_number":155,"box":{"x":577,"y":340,"width":213,"height":12}},{"id":"dbe66918-4046-415e-a74c-14201e88b7fb","block_type":"box","text":"Opportunities Portfolio of BlackRock","page_number":155,"box":{"x":576,"y":355,"width":273,"height":12}},{"id":"e613ef71-1f66-412a-b84b-5d9ce73282c6","block_type":"box","text":"Funds V, BlackRock Strategic Global","page_number":155,"box":{"x":577,"y":370,"width":279,"height":12}},{"id":"c815fe89-d5fb-41c2-8f0e-493f28c17ed5","block_type":"box","text":"Bond Fund, Inc., BlackRock Total","page_number":155,"box":{"x":577,"y":385,"width":253,"height":11}},{"id":"a4f02f91-6459-48b8-b577-4f959cf3b96b","block_type":"box","text":"Return Fund of BlackRock Bond Fund,","page_number":155,"box":{"x":577,"y":400,"width":291,"height":11}},{"id":"8faff3c2-f88a-4964-b8e6-458d1c7fce7f","block_type":"box","text":"Inc., BlackRock Total Return V.I. Fund","page_number":155,"box":{"x":577,"y":415,"width":289,"height":11}},{"id":"07199dee-ed1e-4854-a723-feeb39bcb16e","block_type":"box","text":"of BlackRock Variable Series Funds II,","page_number":155,"box":{"x":576,"y":429,"width":291,"height":12}},{"id":"2d4b5ad7-d9e0-4bc3-b2f7-cdaf6d70eaac","block_type":"box","text":"Inc., BlackRock Sustainable Total","page_number":155,"box":{"x":577,"y":444,"width":254,"height":11}},{"id":"300cdfc5-dbb8-4197-aefa-f197e89f3ee1","block_type":"box","text":"Return Fund of BlackRock Bond Fund,","page_number":155,"box":{"x":577,"y":459,"width":291,"height":11}},{"id":"408d1aed-4f0d-4b20-893d-b4dc5ce26016","block_type":"box","text":"Inc., BlackRock Unconstrained Equity","page_number":155,"box":{"x":577,"y":474,"width":284,"height":12}},{"id":"28eed55f-c5da-486f-a356-fd2149af049d","block_type":"box","text":"Fund and BlackRock Systematic Multi","page_number":155,"box":{"x":577,"y":489,"width":286,"height":12}},{"id":"51b1b4c5-9687-46ab-82a5-622138ed679f","block_type":"box","text":"Strategy Fund of BlackRock Funds IV,","page_number":155,"box":{"x":576,"y":504,"width":289,"height":12}},{"id":"19b12050-f20d-48a7-b9a1-5f71bd2b98db","block_type":"box","text":"and BlackRock Global Equity Market","page_number":155,"box":{"x":576,"y":519,"width":277,"height":12}},{"id":"5c152391-2bbb-4cbd-9f87-e3332c934e78","block_type":"box","text":"Neutral Fund of BlackRock Funds","page_number":155,"box":{"x":577,"y":533,"width":249,"height":10}},{"id":"10090ac1-8426-482f-b03d-12bc15a4cba9","block_type":"box","text":"SM","page_number":155,"box":{"x":827,"y":533,"width":15,"height":7}},{"id":"861b9662-946d-4a69-8a3a-1e7904628627","block_type":"box","text":"(each of whose portfolio holdings may","page_number":155,"box":{"x":576,"y":548,"width":286,"height":12}},{"id":"c1446dc0-dcfd-480b-b092-64ccb4e276ca","block_type":"box","text":"be disclosed 60 calendar days after","page_number":155,"box":{"x":576,"y":563,"width":269,"height":12}},{"id":"8a63f802-06c5-42dd-a323-42b29c8720d4","block_type":"box","text":"month-end). BlackRock generally","page_number":155,"box":{"x":576,"y":578,"width":252,"height":12}},{"id":"dd227a22-3b65-4369-b213-6807f2c11f6f","block_type":"box","text":"discloses portfolio holdings information","page_number":155,"box":{"x":576,"y":593,"width":293,"height":12}},{"id":"d746c6a5-bd2f-45f8-8d64-63362f1ab524","block_type":"box","text":"on the lag times established herein on","page_number":155,"box":{"x":576,"y":608,"width":287,"height":12}},{"id":"fdc33c47-480e-47fe-ae46-b2d717503c42","block_type":"box","text":"its public website. If Portfolio Holdings","page_number":155,"box":{"x":576,"y":623,"width":287,"height":12}},{"id":"8324f83f-0383-4421-9b5c-330007e47cc4","block_type":"box","text":"are disclosed to one party, they must","page_number":155,"box":{"x":576,"y":638,"width":279,"height":11}},{"id":"5d7b1142-da01-4830-8e20-c6dafbc5f9a4","block_type":"box","text":"also be disclosed to all other parties","page_number":155,"box":{"x":576,"y":652,"width":271,"height":12}},{"id":"f6a128b7-93fe-446b-a3c5-b04e5595d0fe","block_type":"box","text":"requesting the same information.","page_number":155,"box":{"x":576,"y":667,"width":243,"height":12}},{"id":"96d0bccf-d2d5-4468-80e4-989131485f89","block_type":"box","text":"Time Periods for Portfolio Characteristics","page_number":155,"box":{"x":403,"y":691,"width":332,"height":10}},{"id":"1e3d3c28-d82f-466a-9785-55e7ee08008b","block_type":"box","text":"Portfolio","page_number":155,"box":{"x":125,"y":712,"width":68,"height":9}},{"id":"5d1bdbb0-8bf0-466c-81a7-3d745be47689","block_type":"box","text":"Characteristics","page_number":155,"box":{"x":125,"y":727,"width":120,"height":10}},{"id":"01565b57-aaf8-4ace-8207-e51188d68188","block_type":"box","text":"(Excluding","page_number":155,"box":{"x":125,"y":743,"width":84,"height":12}},{"id":"9c4eab75-3399-46fb-9f62-11acf146ef80","block_type":"box","text":"Liquidity","page_number":155,"box":{"x":125,"y":758,"width":69,"height":12}},{"id":"4abefbcd-1109-4c7b-83de-40eeee2de0f4","block_type":"box","text":"Metrics)","page_number":155,"box":{"x":125,"y":774,"width":63,"height":12}},{"id":"00d8e0cc-bf77-46a7-9a5d-b998949f0ccb","block_type":"box","text":"Prior to 5 Calendar Days After","page_number":155,"box":{"x":293,"y":712,"width":238,"height":12}},{"id":"254e0a53-8d61-4966-b121-4e29497b2500","block_type":"box","text":"Month-End","page_number":155,"box":{"x":368,"y":727,"width":86,"height":10}},{"id":"ebbae97e-2948-401a-b458-67ee5a807783","block_type":"box","text":"5 Calendar Days After","page_number":155,"box":{"x":641,"y":712,"width":174,"height":12}},{"id":"d1cb9cec-ffac-4502-bb69-2b4b566b215b","block_type":"box","text":"Month-End","page_number":155,"box":{"x":685,"y":727,"width":86,"height":10}},{"id":"25a3b0c8-b820-443a-9f1d-3cdd4f89dc2c","block_type":"box","text":"Cannot disclose without non-disclosure","page_number":155,"box":{"x":260,"y":747,"width":290,"height":10}},{"id":"e54f6558-9910-40f5-9bf1-805eb630208d","block_type":"box","text":"or confidentiality agreement and CCO","page_number":155,"box":{"x":259,"y":762,"width":281,"height":12}},{"id":"0a78a46c-2494-4d87-aa7c-13a4856a486e","block_type":"box","text":"approval.","page_number":155,"box":{"x":259,"y":777,"width":68,"height":12}},{"id":"3b99d8b0-6b19-424c-bbd7-8b7d206cbebd","block_type":"box","text":"1,2","page_number":155,"box":{"x":329,"y":777,"width":14,"height":7}},{"id":"963def4a-9b36-4fe8-bed4-3dc85963e11c","block_type":"box","text":"May disclose to shareholders,","page_number":155,"box":{"x":577,"y":747,"width":219,"height":12}},{"id":"360bab24-80d6-4d97-a337-86d95ceeae20","block_type":"box","text":"prospective shareholders,","page_number":155,"box":{"x":576,"y":762,"width":191,"height":12}},{"id":"e8a32fa5-08fd-4e32-9ce7-b9764495b506","block_type":"box","text":"intermediaries, consultants and third","page_number":155,"box":{"x":576,"y":777,"width":275,"height":11}},{"id":"272934c9-c975-4887-a234-e8c8e3fa204f","block_type":"box","text":"party data providers","page_number":155,"box":{"x":576,"y":792,"width":147,"height":12}},{"id":"efb4cb0d-2e92-4ea7-896d-a96cdb31a69f","block_type":"box","text":"(e.g.,","page_number":155,"box":{"x":730,"y":792,"width":36,"height":12}},{"id":"f080adc5-aaa9-41c5-96a2-879155350af2","block_type":"box","text":"Lipper,","page_number":155,"box":{"x":773,"y":792,"width":49,"height":12}},{"id":"a8a45249-dea4-4e1f-b902-a72d1d85c387","block_type":"box","text":"Morningstar and Bloomberg). If Portfolio","page_number":155,"box":{"x":577,"y":807,"width":296,"height":12}},{"id":"ea150bcd-22b1-4e7b-9b30-ba2f398d9301","block_type":"box","text":"Characteristics are disclosed to one","page_number":155,"box":{"x":576,"y":822,"width":265,"height":9}},{"id":"8926a06d-fcfc-4f06-99f4-d51c11a8f85a","block_type":"box","text":"party, they must also be disclosed to all","page_number":155,"box":{"x":576,"y":837,"width":298,"height":12}},{"id":"ef7fb1e6-eb66-4531-9b9d-373188dadbfc","block_type":"box","text":"other parties requesting the same","page_number":155,"box":{"x":576,"y":851,"width":255,"height":12}},{"id":"4cd2ba62-a6d2-4a45-b6da-25232b9427ae","block_type":"box","text":"information.","page_number":155,"box":{"x":576,"y":866,"width":92,"height":10}},{"id":"f43ef8a0-d250-43db-9396-8a9f0d4531e1","block_type":"box","text":"II-110","page_number":155,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d2c99542-3505-4907-8c50-d281772fe7bb","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":155,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"719bce49-a4d3-46f5-b409-206d5da940f9","block_type":"box","text":"Time Periods for Portfolio Characteristics","page_number":156,"box":{"x":124,"y":87,"width":617,"height":10}},{"id":"4782569a-7b87-4628-aba9-cedbc66fc432","block_type":"box","text":"Portfolio","page_number":156,"box":{"x":125,"y":108,"width":73,"height":9}},{"id":"253e7fa7-b59e-4cd2-bd7d-98f6f4512351","block_type":"box","text":"Characteristics","page_number":156,"box":{"x":125,"y":123,"width":125,"height":10}},{"id":"bf1930a2-8c22-441a-a2e9-4753d99dca34","block_type":"box","text":"— Liquidity","page_number":156,"box":{"x":124,"y":139,"width":96,"height":12}},{"id":"c4d27bb1-b499-4489-ab28-f6ebda60ae35","block_type":"box","text":"Metrics","page_number":156,"box":{"x":125,"y":154,"width":63,"height":10}},{"id":"cccf6887-2196-4acd-b05f-73f0756d8806","block_type":"box","text":"Prior to 60 Calendar Days After","page_number":156,"box":{"x":288,"y":108,"width":252,"height":12}},{"id":"3283d3ff-51b7-4c75-b548-df5fb5828ffa","block_type":"box","text":"Calendar Quarter-End","page_number":156,"box":{"x":324,"y":123,"width":179,"height":10}},{"id":"345f6580-3d6f-4a53-b20a-c70f68901960","block_type":"box","text":"60 Calendar Days After","page_number":156,"box":{"x":636,"y":108,"width":188,"height":12}},{"id":"936fb526-615c-45d8-a1df-fda07bbd9913","block_type":"box","text":"Calendar Quarter-End","page_number":156,"box":{"x":641,"y":123,"width":179,"height":10}},{"id":"12d915a0-0cdd-4eb2-8071-28e8e126e14b","block_type":"box","text":"Cannot disclose without non-disclosure","page_number":156,"box":{"x":260,"y":144,"width":295,"height":9}},{"id":"958eb9b3-60f0-4c4f-b50d-8c76e3f7d5c6","block_type":"box","text":"or confidentiality agreement and CCO","page_number":156,"box":{"x":259,"y":159,"width":286,"height":12}},{"id":"2652d301-5da2-49d4-b06f-c295b26e6412","block_type":"box","text":"approval.","page_number":156,"box":{"x":259,"y":175,"width":74,"height":12}},{"id":"0dc09782-0f5d-4151-aa0c-d2cf64bd2ade","block_type":"box","text":"May disclose to shareholders,","page_number":156,"box":{"x":577,"y":144,"width":226,"height":12}},{"id":"0f34e270-f27e-48f6-bca8-fc14db4a2ddd","block_type":"box","text":"prospective shareholders, intermediaries","page_number":156,"box":{"x":576,"y":160,"width":307,"height":11}},{"id":"a4ad2bd1-6976-4f7b-a5d5-cde9add130f0","block_type":"box","text":"and consultants; provided portfolio","page_number":156,"box":{"x":576,"y":175,"width":260,"height":12}},{"id":"311bf614-7a9f-444a-a032-c83ea73ebbc6","block_type":"box","text":"management has approved. If Liquidity","page_number":156,"box":{"x":576,"y":190,"width":294,"height":12}},{"id":"02f80699-8ca3-4906-885d-f5e0c8287422","block_type":"box","text":"Metrics are disclosed to one party, they","page_number":156,"box":{"x":577,"y":206,"width":296,"height":12}},{"id":"f3c50b33-1317-41e4-a7d1-261ffecd0f8a","block_type":"box","text":"must also be disclosed to all other","page_number":156,"box":{"x":576,"y":222,"width":257,"height":9}},{"id":"f0e29755-d58b-498d-b0f9-96ca3e61caa5","block_type":"box","text":"parties requesting the same information.","page_number":156,"box":{"x":576,"y":237,"width":304,"height":12}},{"id":"9e04a0a9-2b7a-4cdf-9d25-e51fa807521d","block_type":"box","text":"1","page_number":156,"box":{"x":125,"y":260,"width":3,"height":6}},{"id":"a02038ca-6cde-470f-8ca7-d156e2030564","block_type":"box","text":"Global Allocation Exception:","page_number":156,"box":{"x":130,"y":260,"width":223,"height":12}},{"id":"716f7edf-4c8a-413f-8a3c-572b8b383a0e","block_type":"box","text":"For purposes of portfolio holdings, Global Allocation funds include","page_number":156,"box":{"x":354,"y":260,"width":476,"height":12}},{"id":"10a70b95-13d3-408f-a213-98a7d2922712","block_type":"box","text":"BlackRock Global Allocation Fund, Inc., BlackRock Global","page_number":156,"box":{"x":125,"y":276,"width":411,"height":11}},{"id":"31c99fd7-536f-4933-94e8-5c00db519846","block_type":"box","text":"Allocation Portfolio of BlackRock Series Fund,","page_number":156,"box":{"x":537,"y":276,"width":336,"height":11}},{"id":"5267ac0d-658b-44fe-a73f-81bed95c1857","block_type":"box","text":"Inc. and BlackRock Global Allocation V.I. Fund of BlackR","page_number":156,"box":{"x":126,"y":291,"width":404,"height":10}},{"id":"4e8141ed-033b-4478-bc01-cd6195654b34","block_type":"box","text":"ock Variable Series Funds, Inc. Information on","page_number":156,"box":{"x":530,"y":291,"width":334,"height":11}},{"id":"901df8e2-f593-4ecc-a4f8-79498158def9","block_type":"box","text":"certain Portfolio Characteristics of BlackRo","page_number":156,"box":{"x":125,"y":307,"width":303,"height":9}},{"id":"261f2b33-97b9-4700-ac21-b2e18d32e6c3","block_type":"box","text":"ck Global Allocation Portfolio and BlackRock Global","page_number":156,"box":{"x":429,"y":307,"width":371,"height":9}},{"id":"663a2bd7-70bf-4566-b50b-89e71e9e94ee","block_type":"box","text":"Allocation V.I. Fund is available, upon request, to insura","page_number":156,"box":{"x":124,"y":322,"width":388,"height":12}},{"id":"358ee59e-1adf-43ee-ae78-efd1e145cb04","block_type":"box","text":"rance companies that use these funds as underlying","page_number":156,"box":{"x":512,"y":322,"width":371,"height":12}},{"id":"dc62696c-cb5d-4427-bc52-9c99ef7842eb","block_type":"box","text":"investments (and to advisers and sub-advisers of f","page_number":156,"box":{"x":125,"y":338,"width":359,"height":12}},{"id":"0d75a5f9-b7bd-4587-8e93-ca269afbb0f4","block_type":"box","text":"unds invested in BlackRock Global Allocation Portfolio","page_number":156,"box":{"x":484,"y":338,"width":388,"height":9}},{"id":"cc33d62f-9a89-41b3-8828-822c1603db87","block_type":"box","text":"and BlackRock Global Allocation V.I. Fund) in their vari","page_number":156,"box":{"x":125,"y":353,"width":388,"height":12}},{"id":"8db931e9-6d12-4a02-84fe-6a3dd60ccdf3","block_type":"box","text":"able annuity contracts and variable life insurance","page_number":156,"box":{"x":515,"y":353,"width":351,"height":12}},{"id":"90d3dfb3-4110-401b-82bc-ce6faaba7e16","block_type":"box","text":"policies on a weekly basis (or such other period as may be determined to be appropriate). Disclosure of","page_number":156,"box":{"x":125,"y":369,"width":738,"height":12}},{"id":"c903207a-0491-4ae9-9f99-f2bd849347c9","block_type":"box","text":"such characteristics of these two funds constitute","page_number":156,"box":{"x":125,"y":384,"width":348,"height":10}},{"id":"897f42ea-6b19-40d0-b31b-b198fc2095d3","block_type":"box","text":"s a disclosure of Confidential Information and is being","page_number":156,"box":{"x":474,"y":384,"width":385,"height":12}},{"id":"12211129-3b5b-4236-b922-dfee76fab887","block_type":"box","text":"made for reasons deemed appropriate by BlackRock and in","page_number":156,"box":{"x":125,"y":400,"width":423,"height":12}},{"id":"e89e83dd-52fe-4ace-b02a-a494f2469401","block_type":"box","text":"accordance with the requirements set forth in","page_number":156,"box":{"x":549,"y":400,"width":330,"height":12}},{"id":"3651e6ed-a184-4254-a577-d86b1c314d07","block_type":"box","text":"these guidelines. If Portfolio Characteristics are disclos","page_number":156,"box":{"x":124,"y":415,"width":388,"height":12}},{"id":"93e8eb64-577d-418d-b2ca-f6936cda87cc","block_type":"box","text":"ed to one party, they must also be disclosed to all","page_number":156,"box":{"x":513,"y":415,"width":356,"height":12}},{"id":"44e64dfa-a9f4-471e-8f43-afa6f0c35480","block_type":"box","text":"other parties requesting the same information.","page_number":156,"box":{"x":125,"y":431,"width":332,"height":12}},{"id":"5e6868dd-74f6-43a8-b7dd-7c8b3ad54bff","block_type":"box","text":"2","page_number":156,"box":{"x":124,"y":451,"width":6,"height":7}},{"id":"c85e3fee-e55a-4cb2-8752-2caab804e287","block_type":"box","text":"Strategic Income Opportunities Exception:","page_number":156,"box":{"x":130,"y":451,"width":345,"height":12}},{"id":"69f4dbeb-cb56-4b7e-a752-6f377e7c0dbd","block_type":"box","text":"Information on certain Portfolio Characteristics of","page_number":156,"box":{"x":476,"y":451,"width":374,"height":10}},{"id":"4de9e657-dee0-4450-ac4a-e1db9580120f","block_type":"box","text":"BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V may be made available to","page_number":156,"box":{"x":125,"y":467,"width":752,"height":12}},{"id":"d1916c4f-280f-46a8-b9da-e411a57fb828","block_type":"box","text":"shareholders, prospective shareholders, intermediaries, consultants and third party data providers,","page_number":156,"box":{"x":125,"y":482,"width":736,"height":12}},{"id":"9b007bd5-9098-4e24-b29a-87aaa41fb5dc","block_type":"box","text":"upon request on a more frequent basis as may be deemed appropriate by BlackRock from","page_number":156,"box":{"x":125,"y":498,"width":676,"height":12}},{"id":"d323dc14-2b17-4edf-b3ae-9e272d68bb06","block_type":"box","text":"time-to-time. If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all","page_number":156,"box":{"x":124,"y":513,"width":749,"height":12}},{"id":"a48ccf02-d318-4a62-934d-3ea352087e9c","block_type":"box","text":"other parties requesting the same information.","page_number":156,"box":{"x":125,"y":529,"width":347,"height":12}},{"id":"23364fd9-acfc-41da-8aba-83da795eccde","block_type":"box","text":"Open-End Mutual Funds and ETFs (Excluding Money Market Mutual Funds and MM ETFs)","page_number":156,"box":{"x":142,"y":583,"width":720,"height":12}},{"id":"55a18740-046f-4d85-ab89-3f9a5b78a084","block_type":"box","text":"Time Periods for Portfolio Characteristics: Liquidity Metrics","page_number":156,"box":{"x":124,"y":614,"width":689,"height":12}},{"id":"82a59301-fb00-482d-ad4e-ca2305189ce7","block_type":"box","text":"Prior to 60 Calendar Days","page_number":156,"box":{"x":124,"y":635,"width":394,"height":12}},{"id":"a590b96f-7084-432c-9c9b-803f1e0e3d54","block_type":"box","text":"After Calendar Quarter-End","page_number":156,"box":{"x":302,"y":650,"width":223,"height":11}},{"id":"48ae904d-5fff-4297-b99e-31f121f36b90","block_type":"box","text":"60 Calendar Days","page_number":156,"box":{"x":658,"y":635,"width":144,"height":12}},{"id":"77515e47-09a6-4ae1-a308-2def7a6323c3","block_type":"box","text":"After Calendar Quarter-End","page_number":156,"box":{"x":618,"y":650,"width":224,"height":11}},{"id":"7344d8ee-b23b-4a25-9124-ec700a807932","block_type":"box","text":"Portfolio","page_number":156,"box":{"x":125,"y":670,"width":68,"height":9}},{"id":"67423497-181c-40b9-ad42-89f0339a4f1c","block_type":"box","text":"Characteristics","page_number":156,"box":{"x":125,"y":684,"width":120,"height":10}},{"id":"ab75d9d1-1816-44b8-8a90-360045d4ca85","block_type":"box","text":"- Liquidity","page_number":156,"box":{"x":125,"y":699,"width":79,"height":12}},{"id":"28f7ee45-8798-43fa-b136-cb753c57de09","block_type":"box","text":"Metrics","page_number":156,"box":{"x":125,"y":713,"width":57,"height":10}},{"id":"4e8cf821-69c4-4639-842c-4e32585eeadb","block_type":"box","text":"Cannot disclose without non-disclosure","page_number":156,"box":{"x":260,"y":670,"width":290,"height":9}},{"id":"bd028624-2e77-4a6b-985c-1ceba81f0707","block_type":"box","text":"or confidentiality agreement and Chief","page_number":156,"box":{"x":259,"y":684,"width":284,"height":12}},{"id":"e118c0a9-19eb-4ae5-9972-bbd0f89aa0db","block_type":"box","text":"Compliance Officer (“CCO”) approval.","page_number":156,"box":{"x":260,"y":699,"width":279,"height":12}},{"id":"7bc05379-a19e-4575-9a87-979c24167b85","block_type":"box","text":"May disclose to shareholders,","page_number":156,"box":{"x":577,"y":670,"width":219,"height":12}},{"id":"74545384-e6bc-4658-8668-56a78cd0e2bf","block_type":"box","text":"prospective shareholders, intermediaries","page_number":156,"box":{"x":576,"y":684,"width":302,"height":12}},{"id":"bbb30bab-26b0-405a-87cd-8aa9a455b06b","block_type":"box","text":"and consultants; provided portfolio","page_number":156,"box":{"x":576,"y":699,"width":255,"height":12}},{"id":"3c388949-cb3c-4c9d-b096-202d82be4a8b","block_type":"box","text":"management has approved. If Liquidity","page_number":156,"box":{"x":576,"y":713,"width":289,"height":12}},{"id":"c0a01988-138a-451e-9ec1-6eb92d454b06","block_type":"box","text":"Metrics are disclosed to one party, they","page_number":156,"box":{"x":577,"y":728,"width":291,"height":12}},{"id":"492f90c3-c95e-4289-a379-9935e192682d","block_type":"box","text":"must also be disclosed to all other","page_number":156,"box":{"x":576,"y":742,"width":253,"height":9}},{"id":"7994c03b-7a09-498e-9ac6-73849756c147","block_type":"box","text":"parties requesting the same information.","page_number":156,"box":{"x":576,"y":756,"width":298,"height":12}},{"id":"eb91d665-434c-4b66-b16c-7e8e3ede4795","block_type":"box","text":"II-111","page_number":156,"box":{"x":479,"y":909,"width":39,"height":9}},{"id":"fcad52fc-7709-49a7-b8da-363e0598931e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":156,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b18f43ff-0c8f-41b4-80d5-f4e4fa4952be","block_type":"box","text":"Money Market Mutual Funds and ETFs","page_number":157,"box":{"x":335,"y":87,"width":305,"height":12}},{"id":"8ffd93da-5162-43b7-a187-4f086848f590","block_type":"box","text":"3,4,5","page_number":157,"box":{"x":641,"y":87,"width":24,"height":8}},{"id":"efce673f-6d68-480f-b1fb-ebf874b3572e","block_type":"box","text":"Money Market ETFs will comply with the disclosure requirements under both the Money Market","page_number":157,"box":{"x":117,"y":112,"width":712,"height":12}},{"id":"b79b5872-ad45-45be-a29b-20ddc0597964","block_type":"box","text":"(Rule 2a-7) Policy and the ETF Rule (Rule 6c-11) Policy.","page_number":157,"box":{"x":117,"y":127,"width":425,"height":12}},{"id":"5823e59a-53ba-43b9-a2ab-a1cc13d187cc","block_type":"box","text":"Time Periods","page_number":157,"box":{"x":124,"y":152,"width":503,"height":9}},{"id":"6799215f-0a07-452c-9cb1-c43cac71f672","block_type":"box","text":"Prior to 5 Business","page_number":157,"box":{"x":124,"y":172,"width":368,"height":10}},{"id":"8eeca8c8-daa7-4963-ae58-265729089eb6","block_type":"box","text":"Days After Month-End","page_number":157,"box":{"x":324,"y":188,"width":180,"height":12}},{"id":"fef9a277-91e7-4944-8eac-c9a165a29132","block_type":"box","text":"5 Business Days After","page_number":157,"box":{"x":640,"y":172,"width":181,"height":12}},{"id":"b6ae60a8-30fd-4c25-8da0-6ba26117fa13","block_type":"box","text":"Month-End to Date of Public Filing","page_number":157,"box":{"x":591,"y":188,"width":279,"height":12}},{"id":"8990b547-ff21-47a2-888d-41650bccef02","block_type":"box","text":"Portfolio","page_number":157,"box":{"x":125,"y":207,"width":73,"height":10}},{"id":"d740a02a-3266-4985-bcb4-9a780ae84458","block_type":"box","text":"Holdings","page_number":157,"box":{"x":125,"y":221,"width":76,"height":12}},{"id":"e696aa64-e33f-418c-ba72-1f0dfb12b345","block_type":"box","text":"Cannot disclose without non-disclosure","page_number":157,"box":{"x":260,"y":207,"width":295,"height":10}},{"id":"2720891b-92a9-4584-a2b8-f763fa78a26f","block_type":"box","text":"or confidentiality agreement and CCO","page_number":157,"box":{"x":259,"y":221,"width":286,"height":12}},{"id":"d5a64a0f-7acc-4e70-b3ac-5ca025168d1a","block_type":"box","text":"approval except the following Portfolio","page_number":157,"box":{"x":259,"y":235,"width":288,"height":12}},{"id":"a82fa1e4-268a-4f02-ab4e-a15e66da2d51","block_type":"box","text":"Holdings information is required to be","page_number":157,"box":{"x":260,"y":249,"width":282,"height":12}},{"id":"161d9f7b-adf9-4735-b83c-544e3a4fe696","block_type":"box","text":"released on the website pursuant to","page_number":157,"box":{"x":260,"y":264,"width":270,"height":11}},{"id":"902ecd42-0453-4a2a-abaf-bf8bfe8d3032","block_type":"box","text":"Rule 2a-7 on a monthly basis: name of","page_number":157,"box":{"x":260,"y":277,"width":292,"height":13}},{"id":"870b4431-6a90-473f-92bc-a4746f125af8","block_type":"box","text":"issuer, category of investment, CUSIP,","page_number":157,"box":{"x":260,"y":292,"width":293,"height":12}},{"id":"cbbe1559-d24a-4a14-bbcd-ab028419288b","block_type":"box","text":"principal amount, maturity dates, yields","page_number":157,"box":{"x":260,"y":306,"width":295,"height":12}},{"id":"89962015-18e5-4546-8a19-3f0b713c3adf","block_type":"box","text":"and value.","page_number":157,"box":{"x":259,"y":320,"width":82,"height":9}},{"id":"2b14dff9-ee95-4ddf-8700-958d129fc3d5","block_type":"box","text":"BlackRock will release this information","page_number":157,"box":{"x":260,"y":341,"width":289,"height":9}},{"id":"4ef20978-8d6e-4a9e-8ac8-9ea63829c15b","block_type":"box","text":"on the following timelines or on a more","page_number":157,"box":{"x":259,"y":355,"width":293,"height":12}},{"id":"4e5cc128-b09c-40eb-ba7a-90ee82dde5be","block_type":"box","text":"frequent timeline than required under","page_number":157,"box":{"x":259,"y":369,"width":280,"height":12}},{"id":"450ce857-5977-4163-955c-4fdd44101396","block_type":"box","text":"Rule 2a-7:","page_number":157,"box":{"x":260,"y":383,"width":81,"height":10}},{"id":"9fb96a1d-abd2-45ba-be70-ec86de46e535","block_type":"box","text":"• Government MMFs: Daily","page_number":157,"box":{"x":302,"y":404,"width":220,"height":12}},{"id":"8774db1a-83d8-40e0-8457-ee73ca95b620","block_type":"box","text":"portfolio holdings are released","page_number":157,"box":{"x":327,"y":418,"width":229,"height":12}},{"id":"bb15211d-c96e-41f6-be8b-83e5785be2b4","block_type":"box","text":"on the website on a one","page_number":157,"box":{"x":327,"y":432,"width":183,"height":10}},{"id":"9c042370-6cbd-4990-b8b6-cad1d336a6a5","block_type":"box","text":"business day lag.","page_number":157,"box":{"x":327,"y":446,"width":134,"height":12}},{"id":"3a379d35-2fed-4e73-8934-433021f6fac9","block_type":"box","text":"• Money Market ETFs (prime and","page_number":157,"box":{"x":302,"y":467,"width":266,"height":12}},{"id":"87973cdc-179c-4f03-805a-cffc783bfed8","block_type":"box","text":"government): Daily portfolio","page_number":157,"box":{"x":327,"y":481,"width":210,"height":12}},{"id":"0c2fc2e2-55eb-4d0c-9327-f88f8f4c2d41","block_type":"box","text":"holdings information released","page_number":157,"box":{"x":327,"y":495,"width":224,"height":12}},{"id":"f5fc35b9-bc79-441b-b125-81af62628d76","block_type":"box","text":"on a daily basis pursuant to","page_number":157,"box":{"x":327,"y":510,"width":209,"height":12}},{"id":"be8e9e63-0900-43bf-b4f2-925bfbe2d604","block_type":"box","text":"ETF rule requirements.","page_number":157,"box":{"x":327,"y":524,"width":176,"height":11}},{"id":"a14b1a6f-c37b-45ac-8493-3cf599bb8d73","block_type":"box","text":"• Certain Money Market Mutual","page_number":157,"box":{"x":302,"y":552,"width":250,"height":12}},{"id":"8508c875-75e9-4a94-aace-64a0a17901a6","block_type":"box","text":"Funds and Money Market","page_number":157,"box":{"x":327,"y":566,"width":195,"height":12}},{"id":"88dc199c-3233-4cea-97be-903bba24c06d","block_type":"box","text":"ETFs: Weekly schedule of","page_number":157,"box":{"x":327,"y":580,"width":199,"height":13}},{"id":"12b5ee5b-5710-450c-be02-6ab10d798554","block_type":"box","text":"investments (PDF) is posted to","page_number":157,"box":{"x":327,"y":594,"width":234,"height":13}},{"id":"f3b2aa1b-3fec-4d6d-ae79-c50959f132e2","block_type":"box","text":"the website at least one","page_number":157,"box":{"x":326,"y":609,"width":182,"height":9}},{"id":"d9bf0cd1-8922-4793-830b-936e656d22d4","block_type":"box","text":"business day after week-end.","page_number":157,"box":{"x":327,"y":623,"width":223,"height":12}},{"id":"271027d1-2cba-4fca-984c-53160414e3b9","block_type":"box","text":"(The Cash business identifies","page_number":157,"box":{"x":327,"y":637,"width":225,"height":12}},{"id":"391d78c0-51d2-4e4a-b098-edc1a36eb4b6","block_type":"box","text":"those Funds.)","page_number":157,"box":{"x":326,"y":651,"width":108,"height":12}},{"id":"9b4e435d-2711-4ca7-89b9-92482e0168d0","block_type":"box","text":"May disclose to shareholders,","page_number":157,"box":{"x":577,"y":207,"width":226,"height":12}},{"id":"e324a51a-f744-4ea2-9952-5dd0e5664469","block_type":"box","text":"prospective shareholders,","page_number":157,"box":{"x":576,"y":221,"width":197,"height":12}},{"id":"cfe0776f-c3a1-432b-b811-54ece2b62045","block_type":"box","text":"intermediaries, consultants and third","page_number":157,"box":{"x":576,"y":235,"width":274,"height":11}},{"id":"934dda5b-eefe-4025-83af-4559a492cb36","block_type":"box","text":"party data providers. If Portfolio Holdings","page_number":157,"box":{"x":576,"y":249,"width":308,"height":12}},{"id":"4c3e7ae4-64fc-4702-9e3a-3e06add4a73a","block_type":"box","text":"are disclosed to one party, they must","page_number":157,"box":{"x":576,"y":264,"width":279,"height":11}},{"id":"a45b0f1a-a3bc-449e-a5a5-18f070b71e8a","block_type":"box","text":"also be disclosed to all other parties","page_number":157,"box":{"x":576,"y":278,"width":271,"height":11}},{"id":"c432709a-f122-464e-a1bb-eb7dbc825853","block_type":"box","text":"requesting the same information.","page_number":157,"box":{"x":576,"y":292,"width":249,"height":12}},{"id":"5f61b007-7bdd-48c5-875f-691843c798ff","block_type":"box","text":"Portfolio","page_number":157,"box":{"x":125,"y":673,"width":68,"height":9}},{"id":"deee7c2d-0169-4ac3-903f-85662c17059e","block_type":"box","text":"Characteristics","page_number":157,"box":{"x":125,"y":687,"width":120,"height":9}},{"id":"f2268450-1f85-418d-9173-fe52e5e433a5","block_type":"box","text":"Cannot disclose without non-disclosure","page_number":157,"box":{"x":260,"y":673,"width":290,"height":9}},{"id":"47058d37-3ce5-4286-8494-f392b52e26f3","block_type":"box","text":"or confidentiality agreement and CCO","page_number":157,"box":{"x":259,"y":687,"width":281,"height":12}},{"id":"d89e67e2-efea-4cdb-bc15-ad2119eac413","block_type":"box","text":"approval except the following","page_number":157,"box":{"x":259,"y":701,"width":216,"height":12}},{"id":"cb9f6714-9489-42e4-9e51-8230584c4074","block_type":"box","text":"information is: (i) required to be released","page_number":157,"box":{"x":260,"y":715,"width":300,"height":12}},{"id":"bd1eb670-1ed3-4578-ba9e-1e27b5268d26","block_type":"box","text":"on the Fund’s website daily (i.e., each","page_number":157,"box":{"x":259,"y":729,"width":280,"height":12}},{"id":"74d9dc86-fcf2-40a1-9c90-981da2fdb184","block_type":"box","text":"Business Day as of the end of the","page_number":157,"box":{"x":260,"y":743,"width":250,"height":12}},{"id":"350256fd-d075-4004-beea-fc1510784460","block_type":"box","text":"preceding Business Day):","page_number":157,"box":{"x":260,"y":757,"width":189,"height":12}},{"id":"fc0e06fa-ec8b-4f4e-9f90-7410aa8b0593","block_type":"box","text":"• Historical NAVs calculated","page_number":157,"box":{"x":302,"y":778,"width":220,"height":10}},{"id":"972b4331-d14d-47f7-8fe9-7534c518458f","block_type":"box","text":"based on market factors (","page_number":157,"box":{"x":327,"y":792,"width":190,"height":13}},{"id":"c021a4ec-f6a3-48f3-b048-fa46e9890bdc","block_type":"box","text":"e.g.","page_number":157,"box":{"x":518,"y":795,"width":26,"height":9}},{"id":"5491908d-f4b1-4756-9207-0bf8f9308ed9","block_type":"box","text":",","page_number":157,"box":{"x":547,"y":801,"width":1,"height":3}},{"id":"b0727ec4-f8c5-4761-8b50-ae443eeb07eb","block_type":"box","text":"marked to market).","page_number":157,"box":{"x":327,"y":807,"width":139,"height":12}},{"id":"00e5a572-6ffa-4296-8295-6e03cde09127","block_type":"box","text":"• Percentage of fund assets","page_number":157,"box":{"x":302,"y":827,"width":224,"height":13}},{"id":"399c918f-849a-417f-8344-b1ea62af3f3d","block_type":"box","text":"invested in daily and weekly","page_number":157,"box":{"x":327,"y":842,"width":212,"height":12}},{"id":"46440174-459f-4243-871f-7a0f16b623ad","block_type":"box","text":"liquid assets (as defined under","page_number":157,"box":{"x":327,"y":856,"width":232,"height":12}},{"id":"731002f3-1d73-4ba4-b08a-d11344f95f74","block_type":"box","text":"Rule 2a-7).","page_number":157,"box":{"x":327,"y":870,"width":87,"height":12}},{"id":"1f522055-7642-418c-b864-f60916f5b3ad","block_type":"box","text":"May disclose to shareholders,","page_number":157,"box":{"x":577,"y":673,"width":219,"height":12}},{"id":"60383e96-8af9-464b-a246-c99f1ce0f4dd","block_type":"box","text":"prospective shareholders,","page_number":157,"box":{"x":576,"y":687,"width":191,"height":12}},{"id":"cade26c1-a3c4-4f80-9eb5-2705bbae5066","block_type":"box","text":"intermediaries, consultants and","page_number":157,"box":{"x":576,"y":701,"width":231,"height":11}},{"id":"0ce0eb38-6fe1-4a81-b38b-de9c29efcf6c","block_type":"box","text":"third party data providers. If Portfolio","page_number":157,"box":{"x":576,"y":715,"width":270,"height":12}},{"id":"57915e39-92ee-4fb7-9aec-e4640b2dd4b8","block_type":"box","text":"Characteristics are disclosed to one","page_number":157,"box":{"x":576,"y":729,"width":265,"height":10}},{"id":"607ee24a-1e4b-4317-bccc-1262c697bf5a","block_type":"box","text":"party, they must also be disclosed to all","page_number":157,"box":{"x":576,"y":743,"width":292,"height":12}},{"id":"4fdd8aee-ce16-4bdd-82ad-66240f827914","block_type":"box","text":"other parties requesting the same","page_number":157,"box":{"x":576,"y":757,"width":250,"height":12}},{"id":"467c32ad-960a-4494-bdb8-545b32269c2b","block_type":"box","text":"information.","page_number":157,"box":{"x":576,"y":771,"width":86,"height":10}},{"id":"0d68a366-bccc-41b6-b94c-c1ee145f5c65","block_type":"box","text":"II-112","page_number":157,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"193b5f93-ed70-412c-b9c4-db03647c4eeb","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":157,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1c267b11-964a-4d6b-b6f6-ff89f036953f","block_type":"box","text":"Time Periods","page_number":158,"box":{"x":124,"y":87,"width":503,"height":10}},{"id":"6763f2a9-992e-4d10-be13-300e387e3fc7","block_type":"box","text":"Prior to 5 Business","page_number":158,"box":{"x":124,"y":108,"width":368,"height":9}},{"id":"354e1d1a-2355-4170-8df3-ed0e4691a9be","block_type":"box","text":"Days After Month-End","page_number":158,"box":{"x":324,"y":123,"width":180,"height":12}},{"id":"946c6570-e5e7-49e9-8321-ecf53143e886","block_type":"box","text":"5 Business Days After","page_number":158,"box":{"x":640,"y":108,"width":181,"height":12}},{"id":"5434919d-228b-46bc-9379-61658f982ba8","block_type":"box","text":"Month-End to Date of Public Filing","page_number":158,"box":{"x":591,"y":123,"width":279,"height":12}},{"id":"ea4ef2d0-7306-4fbf-8e83-165db97f4690","block_type":"box","text":"• Daily net flow information","page_number":158,"box":{"x":302,"y":143,"width":217,"height":12}},{"id":"df749fc7-44bc-4b1b-a0b7-836313907926","block_type":"box","text":"(inflows less outflows).","page_number":158,"box":{"x":327,"y":157,"width":172,"height":12}},{"id":"2d877e8b-b22c-4656-877e-db01823efa90","block_type":"box","text":"• Other information as may be","page_number":158,"box":{"x":302,"y":179,"width":241,"height":12}},{"id":"2ea00404-33a8-4c88-8e09-d6f1b2ffd183","block_type":"box","text":"required by Rule 2a-7.","page_number":158,"box":{"x":327,"y":193,"width":170,"height":12}},{"id":"28b6cb03-5c89-4a5f-94e2-401712e2348a","block_type":"box","text":"(ii) voluntarily released on the Fund’s","page_number":158,"box":{"x":260,"y":221,"width":278,"height":12}},{"id":"0b3fc93e-39e6-4d10-911e-3f960e170cbc","block_type":"box","text":"website daily (i.e., each Business Day","page_number":158,"box":{"x":259,"y":236,"width":287,"height":12}},{"id":"b3ac00d7-6325-4acb-90c0-ede778290faa","block_type":"box","text":"as of the end of the preceding Business","page_number":158,"box":{"x":259,"y":250,"width":300,"height":12}},{"id":"0f8be2af-9d3a-45d2-aacb-a2057a515c9e","block_type":"box","text":"Day):","page_number":158,"box":{"x":260,"y":264,"width":44,"height":13}},{"id":"91f45227-8449-4aca-8b0f-c94af15a4e54","block_type":"box","text":"• Fund SEC yields, WAM","page_number":158,"box":{"x":302,"y":286,"width":205,"height":12}},{"id":"61f96ad5-30c3-47e5-8cbc-b9b3618bc457","block_type":"box","text":"(required monthly), WAL","page_number":158,"box":{"x":327,"y":300,"width":186,"height":12}},{"id":"f56503c4-bf4b-42a6-882e-d8ff68bd7e65","block_type":"box","text":"(required monthly), fund size","page_number":158,"box":{"x":327,"y":315,"width":217,"height":12}},{"id":"bb779e24-a677-49f2-aaf7-c4c5437bcd0c","block_type":"box","text":"and share class size.","page_number":158,"box":{"x":327,"y":329,"width":161,"height":10}},{"id":"56f2f290-9e9b-46ba-926a-34bc0c300bd8","block_type":"box","text":"3","page_number":158,"box":{"x":141,"y":351,"width":6,"height":6}},{"id":"aa2e7654-bb07-4bcd-abf0-e92a92d60fa3","block_type":"box","text":"BlackRock Short Obligations Fund.","page_number":158,"box":{"x":147,"y":351,"width":275,"height":12}},{"id":"297d3944-61c8-4594-9a7b-2f3f6659fd34","block_type":"box","text":"Fund’s holdings may be disclosed in accordance with the","page_number":158,"box":{"x":422,"y":351,"width":416,"height":12}},{"id":"b41d8474-b715-4b3e-9009-73f710005fe7","block_type":"box","text":"frequency for money market funds.","page_number":158,"box":{"x":141,"y":366,"width":254,"height":12}},{"id":"d0d1a0ea-581c-46b5-9521-fb98863a193a","block_type":"box","text":"4","page_number":158,"box":{"x":141,"y":385,"width":6,"height":6}},{"id":"670b3d2b-770d-4431-ac6b-fa08e598b7e8","block_type":"box","text":"4 Circle Reserve Fund Exception:","page_number":158,"box":{"x":147,"y":385,"width":252,"height":12}},{"id":"1175f08a-7d32-4f4b-b4de-675731eba15f","block_type":"box","text":"Information on portfolio holdings and certain portfolio characteristics","page_number":158,"box":{"x":400,"y":385,"width":484,"height":12}},{"id":"21eefe4b-61af-42a7-afb0-a13eed6a424a","block_type":"box","text":"of the Circle Reserve Fund may be made available t","page_number":158,"box":{"x":142,"y":399,"width":365,"height":12}},{"id":"2ef5b577-b2c3-426a-979b-fbea0fcaedc5","block_type":"box","text":"to the shareholders of the Fund, upon request, on a","page_number":158,"box":{"x":507,"y":399,"width":371,"height":12}},{"id":"95600150-c333-4eac-bd0d-cd58cf947db5","block_type":"box","text":"more frequent basis as may be deemed appropriate by BlackRock from time-to-time.","page_number":158,"box":{"x":142,"y":413,"width":607,"height":13}},{"id":"1e5575c9-456b-4582-ae45-9621ae6daecc","block_type":"box","text":"5","page_number":158,"box":{"x":141,"y":433,"width":6,"height":6}},{"id":"b68b330a-3f7e-4625-a121-5aaaa684a2a2","block_type":"box","text":"Portfolio Holdings information is required to be disclosed daily on an ETF’s website under Rule 6c-11","page_number":158,"box":{"x":152,"y":432,"width":720,"height":13}},{"id":"b3a8427e-b842-48a8-a185-b7cc5f286e05","block_type":"box","text":"under the 1940 Act. Specifically, on each Business Day,","page_number":158,"box":{"x":142,"y":447,"width":396,"height":12}},{"id":"dd6781f6-b1c2-4284-a160-bad09ab56633","block_type":"box","text":"prior to the opening of regular trading on the","page_number":158,"box":{"x":540,"y":447,"width":322,"height":12}},{"id":"cb1f9e04-4d67-4e04-8e65-18ea2e39b4d0","block_type":"box","text":"ETF’s primary listing exchange, an ETF is required t","page_number":158,"box":{"x":142,"y":461,"width":365,"height":12}},{"id":"f09a9c99-034b-4343-8850-a51163856f53","block_type":"box","text":"to disclose on its website Portfolio Holdings","page_number":158,"box":{"x":507,"y":461,"width":311,"height":12}},{"id":"ab45c9c9-9b44-4ce3-b4e4-2393b64a455b","block_type":"box","text":"information as set forth in the ETF Rule Policy that","page_number":158,"box":{"x":142,"y":476,"width":357,"height":12}},{"id":"b1547713-04c3-440b-8594-eaa7f5c9fcce","block_type":"box","text":"t will form the basis of the ETF’s next net asset value","page_number":158,"box":{"x":499,"y":476,"width":375,"height":9}},{"id":"6b8f891d-3cfa-4e8f-ab4c-556634d1e3bb","block_type":"box","text":"per share calculation.","page_number":158,"box":{"x":142,"y":490,"width":156,"height":12}},{"id":"58f78dec-20bc-4198-b064-efa85a2fd989","block_type":"box","text":"Guidelines for Confidential and Non-Material Information.","page_number":158,"box":{"x":117,"y":527,"width":428,"height":10}},{"id":"61866826-30f3-4561-a10a-d194b6dbd4b8","block_type":"box","text":"Confidential Information may be disclosed to","page_number":158,"box":{"x":546,"y":527,"width":335,"height":12}},{"id":"354ebd56-a341-4308-a060-94cbb5952627","block_type":"box","text":"the Fund’s Board of Directors and its counsel, outside counsel for the Fund, the Fund’s auditors and to","page_number":158,"box":{"x":116,"y":543,"width":766,"height":11}},{"id":"cd55330b-0bf2-465d-9f73-d2c48fd8aa60","block_type":"box","text":"certain third-party service providers (","page_number":158,"box":{"x":116,"y":558,"width":272,"height":12}},{"id":"fb6f9c0c-a289-45ef-8235-c2c0ea3a7eb8","block_type":"box","text":"e.g.,","page_number":158,"box":{"x":390,"y":561,"width":30,"height":9}},{"id":"8a4a3091-6b5d-40a8-a84e-a36de45da808","block_type":"box","text":"Fund administrator, Fund custodian, proxy voting service),","page_number":158,"box":{"x":422,"y":558,"width":442,"height":12}},{"id":"de1c45ed-29c1-4123-9e85-1bd8527fcdd6","block_type":"box","text":"securities lending borrowers, and broker-dealers that are fund counterparties. Non-disclosure or","page_number":158,"box":{"x":116,"y":574,"width":716,"height":12}},{"id":"70b649a5-ff71-4a4a-8cdf-a296d149d72e","block_type":"box","text":"confidentiality agreements will be in place with such service providers, borrowers, and broker-dealers.","page_number":158,"box":{"x":116,"y":589,"width":760,"height":12}},{"id":"ff5e5b56-0082-402c-a9ac-e533d13f5f74","block_type":"box","text":"With respect to Confidential Information, the Fund’s CCO or his or her designee may authorize the","page_number":158,"box":{"x":116,"y":605,"width":735,"height":12}},{"id":"dd6de524-9356-4501-bc7e-af5be9ca516b","block_type":"box","text":"following, subject in the case of (ii) and (iii) to a confidentiality or non-disclosure arrangement:","page_number":158,"box":{"x":116,"y":620,"width":698,"height":12}},{"id":"3ea014c1-f13d-47e6-8734-2a464c8daa47","block_type":"box","text":"(i) the preparation and posting of the Fund’s Portfolio Holdings and/or Portfolio Characteristics to","page_number":158,"box":{"x":150,"y":643,"width":721,"height":12}},{"id":"00ceca4a-6bbf-4ca4-ab69-61703ac8bfc8","block_type":"box","text":"its website on a more frequent basis than authorized above;","page_number":158,"box":{"x":150,"y":658,"width":449,"height":12}},{"id":"37e233fc-60b0-4949-b26a-905448c9912d","block_type":"box","text":"(ii) the disclosure of the Fund’s Portfolio Holdings to third-party service providers not noted above;","page_number":158,"box":{"x":150,"y":681,"width":725,"height":12}},{"id":"49a43ee4-69fc-4df7-8508-f6dd6046bf6c","block_type":"box","text":"and","page_number":158,"box":{"x":150,"y":696,"width":26,"height":10}},{"id":"e7f9c71c-3305-4d42-aa94-b4563b745d3e","block_type":"box","text":"(iii) the disclosure of the Fund’s Portfolio Holdings and/or Portfolio Characteristics to other parties","page_number":158,"box":{"x":150,"y":719,"width":720,"height":12}},{"id":"44e252d3-a219-4316-a6d3-85d46f1307f4","block_type":"box","text":"for legitimate business purposes.","page_number":158,"box":{"x":149,"y":734,"width":245,"height":12}},{"id":"d59fa8dc-4151-4d8c-8306-7bd6fe103883","block_type":"box","text":"Fact Sheets and Reports","page_number":158,"box":{"x":116,"y":763,"width":186,"height":12}},{"id":"42bf18c5-b77b-4bfd-ac37-0947c7b9a506","block_type":"box","text":"• Fund Fact Sheets are available to shareholders, prospective shareholders, intermediaries and","page_number":158,"box":{"x":159,"y":786,"width":722,"height":12}},{"id":"c78b66f8-6eb7-4e0e-b017-1360bcfda376","block_type":"box","text":"consultants on a monthly or quarterly basis no earlier than the fifth calendar day after the end","page_number":158,"box":{"x":184,"y":801,"width":691,"height":13}},{"id":"9b95f6c6-df27-43d7-a8ea-b80d5ee0bfe5","block_type":"box","text":"of a month or quarter.","page_number":158,"box":{"x":184,"y":817,"width":160,"height":12}},{"id":"794a0a64-5e16-4eca-8341-c28eae1882bc","block_type":"box","text":"Other Information.","page_number":158,"box":{"x":117,"y":846,"width":133,"height":10}},{"id":"24c926cf-eeda-4a7a-a031-29a0d8b04348","block_type":"box","text":"The Policy shall also apply to other Confidential Information of a Fund such as","page_number":158,"box":{"x":252,"y":846,"width":590,"height":12}},{"id":"a2b121e2-f4eb-4019-a345-b01e658eb3f1","block_type":"box","text":"performance attribution analyses or security-specific information (","page_number":158,"box":{"x":117,"y":862,"width":485,"height":12}},{"id":"c154cc98-3206-44f3-bbc8-455d0fab4379","block_type":"box","text":"e.g.,","page_number":158,"box":{"x":603,"y":864,"width":30,"height":10}},{"id":"938d2afb-9f00-4450-9ed3-cb16fbc1b1e2","block_type":"box","text":"information about Fund holdings","page_number":158,"box":{"x":635,"y":862,"width":250,"height":12}},{"id":"8039be9a-1d2b-4558-8207-a196adc29829","block_type":"box","text":"where an issuer has been downgraded, been acquired or declared bankruptcy).","page_number":158,"box":{"x":116,"y":877,"width":596,"height":12}},{"id":"8f066f5f-bb65-4ccd-9022-a09791018020","block_type":"box","text":"II-113","page_number":158,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"09b1d455-7576-4326-8de6-40d7d90dfdd7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":158,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8fdd5b6f-8980-4743-89ae-f4a5452ee462","block_type":"box","text":"Data on NAVs, asset levels (by total Fund and share class), accruals, yields, capital gains, dividends","page_number":159,"box":{"x":117,"y":87,"width":751,"height":12}},{"id":"596eaf9c-6501-496b-83ea-9179beba7831","block_type":"box","text":"and fund returns (net of fees by share class) are generally available to shareholders, prospective","page_number":159,"box":{"x":116,"y":102,"width":723,"height":13}},{"id":"348f92c2-1b7c-41e7-a202-e8cf5c965ea8","block_type":"box","text":"shareholders, consultants, and third-party data providers upon request, as soon as such data is","page_number":159,"box":{"x":116,"y":118,"width":714,"height":12}},{"id":"e41fc2db-7786-41b2-a332-fe875779fcce","block_type":"box","text":"available.","page_number":159,"box":{"x":116,"y":134,"width":75,"height":9}},{"id":"fe30d2c5-2264-4dba-a2df-9892c32a35c5","block_type":"box","text":"Contact Information","page_number":159,"box":{"x":117,"y":161,"width":145,"height":10}},{"id":"68d162b8-cf92-4947-b249-ca19b03f0a48","block_type":"box","text":". For information about portfolio holdings and characteristics, BlackRock fund","page_number":159,"box":{"x":264,"y":161,"width":576,"height":12}},{"id":"dea1b3f5-20e8-4189-99aa-07b200f54dae","block_type":"box","text":"shareholders and prospective investors should call the number set out on the back cover of the","page_number":159,"box":{"x":116,"y":177,"width":711,"height":12}},{"id":"e7340ef7-c704-4142-a20c-9f6ef12f4b52","block_type":"box","text":"Prospectus.","page_number":159,"box":{"x":117,"y":192,"width":92,"height":12}},{"id":"fa82a90d-fce0-4c4f-b93b-2866dcb5f573","block_type":"box","text":"Compensation.","page_number":159,"box":{"x":117,"y":220,"width":117,"height":12}},{"id":"7f91d0f6-62ef-4605-8818-7af69fad18cf","block_type":"box","text":"Neither a Fund, a service provider nor any of their affiliated persons (as that term is","page_number":159,"box":{"x":235,"y":220,"width":622,"height":12}},{"id":"79d1c19c-50d1-4332-b1c8-a407ead9f333","block_type":"box","text":"defined in the Investment Company Act) shall receive compensation in any form in connection with the","page_number":159,"box":{"x":116,"y":235,"width":766,"height":12}},{"id":"2558c83e-70fc-4b53-b92e-64f8ed157f40","block_type":"box","text":"disclosure of information about such Fund’s Portfolio Holdings or Portfolio Characteristics.","page_number":159,"box":{"x":116,"y":251,"width":672,"height":12}},{"id":"7d6ef56d-9bf6-467e-b546-b3351b55c59b","block_type":"box","text":"Ongoing Arrangements.","page_number":159,"box":{"x":117,"y":278,"width":182,"height":12}},{"id":"2f732b5d-4eb2-468f-a483-9678a4b58b08","block_type":"box","text":"The Manager has entered into ongoing agreements to provide selective","page_number":159,"box":{"x":299,"y":278,"width":537,"height":12}},{"id":"4b09b980-daae-4a3e-b1f2-3eb488264f01","block_type":"box","text":"disclosure of Fund Portfolio Holdings to the following persons or entities:","page_number":159,"box":{"x":116,"y":294,"width":542,"height":12}},{"id":"b05023cb-a8cc-4aa9-b1fd-8e77d3e50895","block_type":"box","text":"1. Fund’s Board of Directors and, if necessary, independent Directors’ counsel and Fund","page_number":159,"box":{"x":151,"y":315,"width":676,"height":12}},{"id":"f3e2c556-bae5-4d89-9270-3d99880139da","block_type":"box","text":"counsel.","page_number":159,"box":{"x":184,"y":331,"width":66,"height":9}},{"id":"b31325eb-47a3-4dc7-829f-c2f1cb6060c4","block_type":"box","text":"2. Fund’s Transfer Agent.","page_number":159,"box":{"x":150,"y":352,"width":209,"height":12}},{"id":"7c3381a6-f7a2-4a46-bf85-745d13679347","block_type":"box","text":"3. Fund’s Custodian.","page_number":159,"box":{"x":150,"y":374,"width":173,"height":9}},{"id":"80bc6a06-e97c-4aeb-bf04-2d892c5e762d","block_type":"box","text":"4. Fund’s Administrator, if applicable.","page_number":159,"box":{"x":150,"y":395,"width":295,"height":12}},{"id":"84764d56-7ac1-4e50-ac3b-897fdaaa9537","block_type":"box","text":"5. Fund’s independent registered public accounting firm.","page_number":159,"box":{"x":150,"y":417,"width":437,"height":12}},{"id":"c9e134e4-7897-4414-9f5f-e670b6d58f9b","block_type":"box","text":"6. Fund’s accounting services provider.","page_number":159,"box":{"x":150,"y":438,"width":311,"height":12}},{"id":"d40ce1b0-1721-4127-9fc2-31157ff8e457","block_type":"box","text":"7. Independent rating agencies — Lipper Inc., Moody’s, Fitch.","page_number":159,"box":{"x":150,"y":460,"width":478,"height":12}},{"id":"447771cb-a39e-4c1b-a366-678e052d68f0","block_type":"box","text":"8. Information aggregators — S&P Global, Bloomberg, eVestments Alliance and Informa/PSN","page_number":159,"box":{"x":150,"y":481,"width":716,"height":12}},{"id":"2aa2b058-a30f-4d23-a0a6-f44837ede791","block_type":"box","text":"Investment Solutions.","page_number":159,"box":{"x":185,"y":497,"width":164,"height":9}},{"id":"504318e9-cf3d-425c-a68a-e9d39209d326","block_type":"box","text":"9. Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS","page_number":159,"box":{"x":150,"y":518,"width":709,"height":12}},{"id":"d97666a6-2e15-422e-8a2e-c6d08447d488","block_type":"box","text":"Markit, JP Morgan Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc.","page_number":159,"box":{"x":184,"y":534,"width":702,"height":12}},{"id":"a089a823-0b0d-4723-a9e1-4fd5511be6cd","block_type":"box","text":"and WM Company PLC.","page_number":159,"box":{"x":184,"y":549,"width":185,"height":13}},{"id":"0769fb08-98f2-42c7-b71c-9a24cebccb36","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":159,"box":{"x":151,"y":571,"width":613,"height":12}},{"id":"2afd4abd-9b08-44de-a8bd-052b82ddaf15","block_type":"box","text":"11. Third-party feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and","page_number":159,"box":{"x":151,"y":592,"width":672,"height":13}},{"id":"5bb2b695-fbb0-42ec-b541-f27e47dadc33","block_type":"box","text":"Transamerica Stock Index, a series of Transamerica Funds and their respective boards,","page_number":159,"box":{"x":183,"y":608,"width":659,"height":12}},{"id":"a6c6b808-374c-4532-ba85-2caec7adb7d8","block_type":"box","text":"sponsors, administrators and other service providers.","page_number":159,"box":{"x":184,"y":624,"width":400,"height":11}},{"id":"ab8ea84b-658d-4710-b6f8-1b626ad7785f","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index","page_number":159,"box":{"x":151,"y":645,"width":719,"height":12}},{"id":"96b7acf9-7580-44cd-9088-242d1b79a459","block_type":"box","text":"Fund, Treasury Money Market Fund (Cayman) and their respective boards, sponsors,","page_number":159,"box":{"x":184,"y":660,"width":635,"height":13}},{"id":"1a7f0dc2-6509-4229-9867-b85a7986371f","block_type":"box","text":"administrators and other service providers.","page_number":159,"box":{"x":184,"y":676,"width":316,"height":12}},{"id":"75f66dc5-f200-4663-b6a7-e066fbe6a9e7","block_type":"box","text":"13. Other — Investment Company Institute, Goldman Sachs Asset Management, L.P.,","page_number":159,"box":{"x":151,"y":697,"width":645,"height":13}},{"id":"61ea0174-8af3-4664-a894-1e1a345bfc38","block_type":"box","text":"J.P. Morgan Chase Bank, N.A., Mizuho Asset Management Co., Ltd., Nationwide Fund","page_number":159,"box":{"x":183,"y":713,"width":646,"height":12}},{"id":"3a4ad05f-aedf-4ba9-a6ae-470d014994b2","block_type":"box","text":"Advisors, State Street Bank and Trust Company, Donnelley Financial Solutions, Inc. and","page_number":159,"box":{"x":183,"y":728,"width":656,"height":13}},{"id":"785d3600-c3a6-45d4-9b42-11f689b06270","block_type":"box","text":"Silicon Valley Bank.","page_number":159,"box":{"x":184,"y":744,"width":145,"height":12}},{"id":"c824cb57-ec43-4a9f-aba3-93a931d46324","block_type":"box","text":"With respect to each such arrangement, a Fund has a legitimate business purpose for the release of","page_number":159,"box":{"x":116,"y":772,"width":746,"height":12}},{"id":"64b0bc1c-c387-4607-bc38-fdbc79de738f","block_type":"box","text":"information. The release of the information is subject to confidential treatment to prohibit the entity from","page_number":159,"box":{"x":117,"y":787,"width":763,"height":12}},{"id":"3533c72e-cc80-4d89-a7e4-231d97a91a1b","block_type":"box","text":"sharing with an unauthorized source or trading upon the information provided. The Funds, BlackRock","page_number":159,"box":{"x":116,"y":803,"width":752,"height":12}},{"id":"afccd49f-5caf-418a-861f-9ca4d9de81d7","block_type":"box","text":"and their affiliates do not receive any compensation or other consideration in connection with such","page_number":159,"box":{"x":116,"y":818,"width":728,"height":12}},{"id":"4708aed4-bfd5-48fd-abee-7d085da0845f","block_type":"box","text":"arrangements.","page_number":159,"box":{"x":116,"y":834,"width":113,"height":12}},{"id":"692c61fa-08bc-44b8-8ca5-9266182a3384","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":159,"box":{"x":116,"y":861,"width":762,"height":12}},{"id":"34768ca6-97e8-4b10-b98c-7a7080ca305b","block_type":"box","text":"individuals or firms to which it has been disclosed. To do so, in addition to the requirements of any","page_number":159,"box":{"x":117,"y":877,"width":732,"height":12}},{"id":"5877d812-c8d7-4be3-8942-27c253454a4e","block_type":"box","text":"II-114","page_number":159,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"fb8e11c6-c541-4983-88b7-a420423fc868","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":159,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6618d228-ffcb-4a01-b495-723bbe1aeeb0","block_type":"box","text":"applicable confidentiality agreement and/or the terms and conditions of the Fund’s and Manager’s","page_number":160,"box":{"x":116,"y":87,"width":730,"height":12}},{"id":"b7f076f0-7d9d-45f2-984e-2eedd9c78362","block_type":"box","text":"Codes of Ethics — all of which require persons or entities in possession of Confidential Information to","page_number":160,"box":{"x":117,"y":102,"width":756,"height":12}},{"id":"09422b92-b9d9-4790-ab92-54952efc6d24","block_type":"box","text":"keep such information confidential and not to trade on such information for their own benefit — the","page_number":160,"box":{"x":117,"y":118,"width":734,"height":12}},{"id":"7a7a0ad9-25df-4de3-abe7-fbdeaebea6e3","block_type":"box","text":"Manager’s compliance personnel under the supervision of the Fund’s CCO, monitor the Manager’s","page_number":160,"box":{"x":117,"y":134,"width":737,"height":12}},{"id":"8eadfc27-eb99-4a3d-97d2-b5a8f1d6852e","block_type":"box","text":"securities trading desks to determine whether individuals or firms who have received Confidential","page_number":160,"box":{"x":116,"y":149,"width":726,"height":12}},{"id":"a4d66d7f-683c-4430-a115-c113538a7def","block_type":"box","text":"Information have made any trades on the basis of that information. In addition, the Manager maintains","page_number":160,"box":{"x":117,"y":165,"width":762,"height":12}},{"id":"6cfb3d06-4cd1-40a7-9306-6c195108a0b6","block_type":"box","text":"an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":160,"box":{"x":116,"y":180,"width":691,"height":12}},{"id":"62c85158-83fc-4752-a4e5-b726d3a916a5","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential","page_number":160,"box":{"x":116,"y":196,"width":700,"height":12}},{"id":"ed7b8e96-16a1-4cf4-8d0f-6f8261e5df8d","block_type":"box","text":"Information. There can be no assurance, however, that the Fund’s policies and procedures with","page_number":160,"box":{"x":117,"y":211,"width":713,"height":12}},{"id":"d65ffb62-afbe-4115-9079-7972cb6aa754","block_type":"box","text":"respect to the selective disclosure of Portfolio Holdings will prevent the misuse of such information by","page_number":160,"box":{"x":117,"y":227,"width":756,"height":12}},{"id":"9e05cb5b-bb72-4be8-b420-781a94f3cfdb","block_type":"box","text":"individuals or firms that receive such information.","page_number":160,"box":{"x":117,"y":242,"width":367,"height":10}},{"id":"97a7770f-f707-416e-8157-ece07bb324a8","block_type":"box","text":"Potential Conflicts of Interest","page_number":160,"box":{"x":117,"y":274,"width":237,"height":10}},{"id":"c15bbdb1-d14a-46ab-9aa8-276b40261557","block_type":"box","text":"Certain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":160,"box":{"x":117,"y":298,"width":769,"height":11}},{"id":"f19f7bd8-05ec-4c3e-92ca-9db0e0f6e0f0","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their","page_number":160,"box":{"x":116,"y":314,"width":707,"height":12}},{"id":"573aaee2-8a5c-4450-9684-b9e682764f27","block_type":"box","text":"respective directors, officers or employees, with respect to the Funds and/or other accounts managed","page_number":160,"box":{"x":116,"y":329,"width":760,"height":12}},{"id":"b8d01e63-1d26-4591-9c01-4ae5c914ec87","block_type":"box","text":"by BlackRock, may give rise to actual or perceived conflicts of interest such as those described below.","page_number":160,"box":{"x":116,"y":345,"width":764,"height":12}},{"id":"4e9b297d-6d4b-408f-9961-089408ca3133","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":160,"box":{"x":117,"y":377,"width":759,"height":12}},{"id":"e7826979-3b00-47e5-abe5-07f1d069f7e5","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel","page_number":160,"box":{"x":117,"y":392,"width":736,"height":12}},{"id":"71590219-0cbf-4e87-92f2-0760272c0703","block_type":"box","text":"who may be involved in the investment activities and business operations of a Fund, are engaged","page_number":160,"box":{"x":116,"y":408,"width":729,"height":12}},{"id":"884afa2d-c9be-4c7c-8933-e4dbbb184fac","block_type":"box","text":"worldwide in businesses, including managing equities, fixed income securities, cash and alternative","page_number":160,"box":{"x":116,"y":423,"width":742,"height":12}},{"id":"b82dbd16-f1aa-446e-9c59-7706f79f995d","block_type":"box","text":"investments, and other financial services, and have interests other than that of managing the Funds.","page_number":160,"box":{"x":117,"y":439,"width":748,"height":12}},{"id":"122edb8a-644c-4308-a1c4-d8e6bc48c2c5","block_type":"box","text":"These are considerations of which investors in a Fund should be aware, and which may cause conflicts","page_number":160,"box":{"x":116,"y":454,"width":771,"height":12}},{"id":"91577f11-4cf9-41cc-a733-aa8e2f9c06c0","block_type":"box","text":"of interest that could disadvantage a Fund and its shareholders.","page_number":160,"box":{"x":116,"y":470,"width":479,"height":12}},{"id":"44a30a19-59dc-49aa-a798-81deaa9c3d84","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":160,"box":{"x":116,"y":502,"width":749,"height":12}},{"id":"cd3112b9-c63a-4d92-87fe-0f417210eee0","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be","page_number":160,"box":{"x":117,"y":518,"width":771,"height":12}},{"id":"78c652e3-757f-4e4b-b161-f9088c96622a","block_type":"box","text":"purchased or sold by a Fund.","page_number":160,"box":{"x":117,"y":533,"width":221,"height":12}},{"id":"85d59cc7-2079-4ab4-a514-77715b946ecf","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or","page_number":160,"box":{"x":117,"y":565,"width":754,"height":12}},{"id":"28756cf7-e430-4743-a02b-a7fcb2a54bd1","block_type":"box","text":"funds (including separate accounts and other funds and collective investment vehicles) that have","page_number":160,"box":{"x":116,"y":581,"width":724,"height":12}},{"id":"4850463f-33b6-4a2f-b37b-33c1893cab2a","block_type":"box","text":"investment objectives identical or similar to those of a Fund and/or that engage in transactions in the","page_number":160,"box":{"x":117,"y":596,"width":749,"height":12}},{"id":"e1b221f8-9421-41fa-b1c3-ca30daf108b6","block_type":"box","text":"same types of securities, currencies and instruments as the Fund. Such other funds or accounts may","page_number":160,"box":{"x":116,"y":612,"width":755,"height":12}},{"id":"8351febe-a2d4-4582-afac-edf2b1b4eda9","block_type":"box","text":"offer exposure to strategies that are identical or substantially similar to those of a Fund but with","page_number":160,"box":{"x":116,"y":627,"width":710,"height":12}},{"id":"2f75adf4-5c23-496a-b6ff-e9d1b6e10e8d","block_type":"box","text":"different fees and expenses, governance and structures, and/or services provided by BlackRock.","page_number":160,"box":{"x":116,"y":643,"width":724,"height":12}},{"id":"cbd341c5-4bd9-469b-98b7-81d843783169","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed income markets,","page_number":160,"box":{"x":117,"y":658,"width":760,"height":12}},{"id":"6aa0f660-d946-4ca9-9b26-41f92b593df4","block_type":"box","text":"in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":160,"box":{"x":117,"y":674,"width":687,"height":12}},{"id":"2ed17fbd-999e-4dba-839c-cbe093516df4","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and","page_number":160,"box":{"x":117,"y":689,"width":709,"height":12}},{"id":"d19e2de1-b630-4248-b291-728b434b9bda","block_type":"box","text":"instruments in which a Fund invests.","page_number":160,"box":{"x":117,"y":705,"width":268,"height":9}},{"id":"ce1d0397-ad71-4ff1-87a0-b9ffd4013d9b","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in","page_number":160,"box":{"x":116,"y":737,"width":746,"height":12}},{"id":"b443daf7-29f6-4c09-bb54-6275cd18c9b8","block_type":"box","text":"which a Fund invests, which could have an adverse impact on a Fund’s performance. Such","page_number":160,"box":{"x":116,"y":752,"width":676,"height":12}},{"id":"76334d42-4248-49f4-ad39-0a58ce7f3d9b","block_type":"box","text":"transactions, particularly in respect of most proprietary accounts or client accounts, will be executed","page_number":160,"box":{"x":116,"y":768,"width":740,"height":12}},{"id":"1a40f60f-9b9b-46fa-8b72-00d723fc76c3","block_type":"box","text":"independently of a Fund’s transactions and thus at prices or rates that may be more or less favorable","page_number":160,"box":{"x":117,"y":783,"width":750,"height":12}},{"id":"3ab3a94c-b794-4a2c-bd49-eb81d6ac05dc","block_type":"box","text":"than those obtained by the Fund.","page_number":160,"box":{"x":116,"y":799,"width":244,"height":12}},{"id":"edde70f2-b1ef-4be4-9322-472539fe8ebb","block_type":"box","text":"In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an","page_number":160,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"a47a4284-f030-4391-93de-a5b6702efa3a","block_type":"box","text":"identical or substantially similar manner as certain Funds are made publicly available on a more timely","page_number":160,"box":{"x":117,"y":847,"width":763,"height":12}},{"id":"8213e25b-4bad-4c14-a1a2-9f6f925c4366","block_type":"box","text":"basis than the applicable Fund. In some cases, such portfolio holdings are made publicly available on","page_number":160,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"8e9f5436-f34f-47bd-b49f-49047d58d565","block_type":"box","text":"a daily basis. While not expected, it is possible that a recipient of portfolio holdings information for such","page_number":160,"box":{"x":116,"y":877,"width":769,"height":13}},{"id":"4b5101b4-cad5-47a2-a3e4-bc67f94cbf6e","block_type":"box","text":"II-115","page_number":160,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"71949ffb-79d1-4af3-9aca-e27ab60d12ee","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":160,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"396bd631-d4a6-45ef-8185-a5edeb4d1c4e","block_type":"box","text":"an investment vehicle could cause harm to a Fund that is managed in an identical or substantially","page_number":161,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"f6375ca0-9644-4ee8-ae21-85afa9f40256","block_type":"box","text":"similar manner, including by trading ahead of or against such Fund based on the information received.","page_number":161,"box":{"x":116,"y":102,"width":764,"height":13}},{"id":"c307c612-0e73-4b38-af2c-6c378a4de737","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the","page_number":161,"box":{"x":116,"y":134,"width":757,"height":12}},{"id":"fd7eab8d-a08c-4cf0-882d-ef27839b7f0c","block_type":"box","text":"assets actually purchased or sold may be allocated among the accounts on a basis determined in its","page_number":161,"box":{"x":116,"y":149,"width":751,"height":12}},{"id":"5dc03bfc-102c-4ffa-abe2-748b9d5c5e5d","block_type":"box","text":"good faith discretion to be equitable. In some cases, this system may adversely affect the size or price","page_number":161,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"b88a5509-509b-493b-a5de-d548579a3d20","block_type":"box","text":"of the assets purchased or sold for a Fund. In addition, transactions in investments by one or more","page_number":161,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"195d2ed3-0b94-4c85-95d6-5a7ec215ac44","block_type":"box","text":"other accounts managed by BlackRock may have the effect of diluting or otherwise disadvantaging the","page_number":161,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"f435e628-df37-480a-af27-434ebbc262ce","block_type":"box","text":"values, prices or investment strategies of a Fund, particularly, but not limited to, with respect to small","page_number":161,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"23f83426-bd25-4752-90d2-40bd157432c8","block_type":"box","text":"capitalization, emerging market or less liquid strategies. This may occur with respect to BlackRock","page_number":161,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"1648043f-129b-4971-b26b-b124ac89cd88","block_type":"box","text":"advised accounts when investment decisions regarding a Fund are based on research or other","page_number":161,"box":{"x":116,"y":242,"width":709,"height":12}},{"id":"0be80313-f412-45a7-a428-f95703e8ca0e","block_type":"box","text":"information that is also used to support decisions for other accounts. When BlackRock implements a","page_number":161,"box":{"x":117,"y":258,"width":749,"height":11}},{"id":"f6f71f45-4f7c-4cf0-9f5b-296af367842c","block_type":"box","text":"portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar","page_number":161,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"34380d00-9fd1-4b0c-93a7-c76b40d2b14c","block_type":"box","text":"decisions or strategies for a Fund, market impact, liquidity constraints, or other factors could result in","page_number":161,"box":{"x":116,"y":289,"width":751,"height":12}},{"id":"679e7a36-de65-410c-872a-c8a78e934061","block_type":"box","text":"the Fund receiving less favorable trading results and the costs of implementing such decisions or","page_number":161,"box":{"x":116,"y":304,"width":725,"height":12}},{"id":"94fe0c96-21ff-450b-b51d-5eeab665a7c8","block_type":"box","text":"strategies could be increased or the Fund could otherwise be disadvantaged. BlackRock may, in","page_number":161,"box":{"x":116,"y":320,"width":721,"height":12}},{"id":"fe6e3de7-6cfa-4be0-965b-78cd3e30574d","block_type":"box","text":"certain cases, elect to implement internal policies and procedures designed to limit such","page_number":161,"box":{"x":116,"y":335,"width":658,"height":12}},{"id":"0a7dccba-8455-4899-a34a-2cf0a96e4623","block_type":"box","text":"consequences, which may cause a Fund to be unable to engage in certain activities, including","page_number":161,"box":{"x":116,"y":351,"width":703,"height":12}},{"id":"d074a05e-7093-4d45-8eb3-58c0dda4d22d","block_type":"box","text":"purchasing or disposing of securities, when it might otherwise be desirable for it to do so. Conflicts may","page_number":161,"box":{"x":117,"y":366,"width":770,"height":12}},{"id":"eebadb7d-c346-4e59-82f0-734be578576f","block_type":"box","text":"also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":161,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"5f31310e-ee4e-462b-8eac-7ed44baa16c7","block_type":"box","text":"BlackRock. For example, the sale of a long position or","page_number":161,"box":{"x":117,"y":397,"width":406,"height":12}},{"id":"05da7e1f-4650-49aa-84b5-16223bbe5508","block_type":"box","text":"establishment of a short position by a Fund may","page_number":161,"box":{"x":523,"y":397,"width":362,"height":12}},{"id":"87b9a4e9-e43c-4354-96da-0b47a7d8390d","block_type":"box","text":"impair the price of the same security sold short by (and therefore benefit) BlackRock or its other","page_number":161,"box":{"x":117,"y":413,"width":714,"height":12}},{"id":"c7f1e5df-2f23-4636-b9a0-36e25be45397","block_type":"box","text":"accounts or funds, and the purchase of a security or covering of a short position in a security by a Fund","page_number":161,"box":{"x":116,"y":428,"width":772,"height":12}},{"id":"92591f15-2195-44b2-ba75-a5c8b95cf788","block_type":"box","text":"may increase the price of the same security held by (and therefore benefit) BlackRock or its other","page_number":161,"box":{"x":117,"y":444,"width":727,"height":12}},{"id":"433d7ca9-aee5-432e-93f0-a2d3acf0bef3","block_type":"box","text":"accounts or funds.","page_number":161,"box":{"x":116,"y":459,"width":142,"height":10}},{"id":"0bef1ec0-9d39-4dbb-9b4b-8f15da3d3633","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may","page_number":161,"box":{"x":117,"y":490,"width":747,"height":12}},{"id":"4a8985ee-ba36-483a-8d82-d81154ecb06a","block_type":"box","text":"invest in or extend credit to different parts of the capital structure of a single issuer. BlackRock may","page_number":161,"box":{"x":117,"y":506,"width":739,"height":12}},{"id":"a4487a61-d160-43ea-98b7-b9b16edc8a3d","block_type":"box","text":"pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing","page_number":161,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"a1563e22-77fe-4b78-9bb2-f992843c3f37","block_type":"box","text":"advice or engaging in other activities, on behalf of other clients with respect to an issuer in which a","page_number":161,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"3a923bba-b1cd-463b-ba27-146ea45fca39","block_type":"box","text":"Fund has invested, and such actions (or refraining from action) may have a material adverse effect on","page_number":161,"box":{"x":117,"y":552,"width":761,"height":12}},{"id":"ad16e3f0-4343-4712-b8aa-14e174ed22e2","block_type":"box","text":"the Fund. In situations in which clients of BlackRock (including the Funds) hold positions in multiple","page_number":161,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"aaa70bea-4b1c-4481-9e57-cd39394208a0","block_type":"box","text":"parts of the capital structure of an issuer, BlackRock may not pursue certain actions or remedies that","page_number":161,"box":{"x":117,"y":583,"width":752,"height":12}},{"id":"c884038e-9e90-422f-90a1-744b91812522","block_type":"box","text":"may be available to a Fund, as a result of legal and regulatory requirements or otherwise. BlackRock","page_number":161,"box":{"x":117,"y":599,"width":752,"height":12}},{"id":"fa8e7557-8418-4150-b853-db9f690f846b","block_type":"box","text":"addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":161,"box":{"x":116,"y":614,"width":722,"height":12}},{"id":"a7362c01-5691-43ea-8baa-ddf3ad0b62ff","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between","page_number":161,"box":{"x":117,"y":630,"width":748,"height":12}},{"id":"5a1514fd-8362-4e7d-af98-aa5583d544a4","block_type":"box","text":"different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":161,"box":{"x":116,"y":645,"width":757,"height":12}},{"id":"4414a574-47a5-4c96-af81-39ffaefab5c3","block_type":"box","text":"actions of similarly situated holders of loans or securities rather than, or in connection with, taking such","page_number":161,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"f633514a-597f-4713-aeca-6b7d532855b2","block_type":"box","text":"actions itself on behalf of the Funds.","page_number":161,"box":{"x":116,"y":676,"width":268,"height":10}},{"id":"fac62624-758b-4134-a513-9c6d738ef165","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other","page_number":161,"box":{"x":117,"y":707,"width":734,"height":12}},{"id":"f7df9ca0-a054-4634-ad52-29fbaeb65adc","block_type":"box","text":"funds advised by BlackRock, including funds that are managed by one or more of the same portfolio","page_number":161,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"990aec48-3f0b-4a5e-be7e-d1183f7500a4","block_type":"box","text":"managers, which could result in conflicts of interest relating to asset allocation, timing of Fund","page_number":161,"box":{"x":117,"y":738,"width":693,"height":12}},{"id":"15751409-eb42-4d70-bb93-231fe624f234","block_type":"box","text":"purchases and redemptions, and increased remuneration and profitability for BlackRock and/or its","page_number":161,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"bb9ee054-57b8-4b74-9a46-a57c7ac460e4","block_type":"box","text":"personnel, including portfolio managers.","page_number":161,"box":{"x":117,"y":769,"width":295,"height":12}},{"id":"f6db1550-331a-4a0b-8bb4-56876bce6d26","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but","page_number":161,"box":{"x":116,"y":800,"width":764,"height":12}},{"id":"a4a96b52-fe87-483c-870f-9a0332696268","block_type":"box","text":"not limited to, marketing and promotional activities and presentations, educational training programs","page_number":161,"box":{"x":117,"y":816,"width":741,"height":12}},{"id":"31d5fd92-d16a-4a76-89ff-2787c25fad00","block_type":"box","text":"and conferences) for registered representatives, other professionals and individual investors. There is","page_number":161,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"181de9fe-cde2-4cdc-9b6b-9883c3b801be","block_type":"box","text":"a potential conflict of interest as such sponsorships may defray the costs of such activities to","page_number":161,"box":{"x":116,"y":847,"width":691,"height":12}},{"id":"cb71e1fb-b98e-4b8e-a0df-c1c0ec8b3c56","block_type":"box","text":"BlackRock, and may provide an incentive to BlackRock to retain such third parties to provide services","page_number":161,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"8c01b4a9-5b54-4e23-b1f9-0e0cb6d47c29","block_type":"box","text":"to the Fund.","page_number":161,"box":{"x":116,"y":878,"width":94,"height":9}},{"id":"c84fe47f-4466-464f-b840-7ac21d3d4b11","block_type":"box","text":"II-116","page_number":161,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"ff2360ab-bc4f-41bf-9139-c1bd76477e65","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":161,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7a6e5313-0655-47bb-a3bc-fdf892aecf31","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to","page_number":162,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"820cf4e8-cea7-4204-a694-5d2e0a4c0fc2","block_type":"box","text":"another fund or account advised by BlackRock. BlackRock may (but is not required to) effect","page_number":162,"box":{"x":116,"y":102,"width":692,"height":13}},{"id":"83ca4d95-f625-4fda-9708-d657efdcafeb","block_type":"box","text":"purchases and sales between BlackRock clients (“cross trades”), including the Funds, if BlackRock","page_number":162,"box":{"x":117,"y":118,"width":739,"height":12}},{"id":"47cb42fc-eded-4a20-bbc8-7c00527de16f","block_type":"box","text":"believes such transactions are appropriate based on each party’s investment objectives and","page_number":162,"box":{"x":117,"y":134,"width":687,"height":12}},{"id":"edba550f-3041-4b34-b20d-0c7d07d81c2c","block_type":"box","text":"guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":162,"box":{"x":116,"y":149,"width":728,"height":12}},{"id":"ab0a216d-b7d3-406d-bcee-c83f16754642","block_type":"box","text":"regulatory issues relating to these transactions which could limit BlackRock’s decision to engage in","page_number":162,"box":{"x":117,"y":165,"width":738,"height":12}},{"id":"d95e3636-8f3a-4cba-a749-b66ea8865539","block_type":"box","text":"these transactions for the Funds. BlackRock may have a potentially conflicting division of loyalties and","page_number":162,"box":{"x":116,"y":180,"width":763,"height":12}},{"id":"9baf40df-8493-4cd0-9bb4-48e93de82ff8","block_type":"box","text":"responsibilities to the parties in such transactions.","page_number":162,"box":{"x":117,"y":196,"width":374,"height":11}},{"id":"a7f66651-00ff-44d1-9a8c-f7edf2c782af","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has","page_number":162,"box":{"x":117,"y":227,"width":749,"height":12}},{"id":"d94f28d7-c235-4e7d-82f5-cf2e9280960a","block_type":"box","text":"invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability,","page_number":162,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"a4e6464a-a71a-47a3-b45e-1913fff907f1","block_type":"box","text":"liquidity and terms of the Fund’s investments may be negatively impacted by the activities of","page_number":162,"box":{"x":117,"y":258,"width":687,"height":12}},{"id":"ca585a62-5b12-4f7c-9d8a-9a5114a1c3dd","block_type":"box","text":"BlackRock or its clients, and transactions for the Fund may be impaired or effected at prices or terms","page_number":162,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"9f8648ed-1cbe-45da-9aa7-e58cd10162d4","block_type":"box","text":"that may be less favorable than would otherwise have been the case.","page_number":162,"box":{"x":116,"y":289,"width":520,"height":12}},{"id":"624b49d0-b970-4ecf-97fa-23b5dffa6d4e","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by","page_number":162,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"1ce2eda0-568c-48d3-a8d3-2fc42a2c83d6","block_type":"box","text":"BlackRock for its proprietary accounts or other accounts (including investment companies or collective","page_number":162,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"7014d9cf-6c3d-4465-a0e8-e67a69991a18","block_type":"box","text":"investment vehicles) that it manages or advises. It is possible that one or more accounts managed or","page_number":162,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"b433819d-5ce5-4ba9-bfe8-92de07bb76ce","block_type":"box","text":"advised by BlackRock and such other accounts will achieve investment results that are substantially","page_number":162,"box":{"x":116,"y":366,"width":747,"height":12}},{"id":"33ef71d6-1fda-4104-8c77-c16e2590ebac","block_type":"box","text":"more or less favorable than the results achieved by a Fund. Moreover, it is possible that a Fund will","page_number":162,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"5a3d903e-bc1a-4847-bb25-0f0d4af1c14c","block_type":"box","text":"sustain losses during periods in which one or more proprietary or other accounts managed or advised","page_number":162,"box":{"x":116,"y":397,"width":759,"height":12}},{"id":"4ce60b71-9b2b-4464-b261-aa21ccf5a0ed","block_type":"box","text":"by BlackRock achieve significant profits. The opposite result is also possible.","page_number":162,"box":{"x":117,"y":413,"width":574,"height":12}},{"id":"f3346d92-968b-4d18-9671-1082d69dab4c","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in","page_number":162,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"a30854da-cceb-4b5f-8bad-5815a20f5b56","block_type":"box","text":"other investment activities because of regulatory, legal or contractual requirements applicable to","page_number":162,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"2b7f8760-d173-46fe-8d4b-17c5f3041713","block_type":"box","text":"BlackRock or other accounts managed or advised by BlackRock, and/or the internal policies of","page_number":162,"box":{"x":117,"y":475,"width":706,"height":12}},{"id":"dde7a2da-2e8a-4f01-9d04-788b73480493","block_type":"box","text":"BlackRock designed to comply with such requirements. As a result, there may be periods, for example,","page_number":162,"box":{"x":117,"y":490,"width":769,"height":12}},{"id":"9b0b0506-fa6c-470f-a2f7-0c59f26a0dec","block_type":"box","text":"when BlackRock will not initiate or recommend certain types of transactions regarding certain","page_number":162,"box":{"x":116,"y":506,"width":697,"height":12}},{"id":"14b44acd-5727-4c45-bdf4-b3aac4a7338d","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits","page_number":162,"box":{"x":116,"y":521,"width":771,"height":12}},{"id":"72ca7d20-c3b1-4152-90ad-1e7ea98d5f26","block_type":"box","text":"have been reached. For example, the investment activities of BlackRock for its proprietary accounts","page_number":162,"box":{"x":117,"y":537,"width":745,"height":12}},{"id":"3f36c93a-8267-47df-a977-2ab2eede6feb","block_type":"box","text":"and accounts under its management may limit the investment opportunities for a Fund in certain","page_number":162,"box":{"x":116,"y":552,"width":717,"height":12}},{"id":"2e0714e4-1899-402e-a010-4aab6a32c74f","block_type":"box","text":"emerging and other markets in which limitations are imposed upon the amount of investment, in the","page_number":162,"box":{"x":116,"y":568,"width":744,"height":12}},{"id":"3da42422-f827-411f-8a6a-d88ac600c815","block_type":"box","text":"aggregate or in individual issuers, by affiliated foreign investors.","page_number":162,"box":{"x":116,"y":583,"width":478,"height":12}},{"id":"5ae1c93e-241e-4d1e-9e0c-9f03c7e479d9","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental","page_number":162,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"d9bf6c68-858c-4e0e-a561-06ba9d8ee8cf","block_type":"box","text":"analysis and proprietary technical models developed by BlackRock. BlackRock will not be under any","page_number":162,"box":{"x":116,"y":630,"width":750,"height":12}},{"id":"248fca31-8856-488d-8451-8f905392885c","block_type":"box","text":"obligation, however, to effect transactions on behalf of a Fund in accordance with such analysis and","page_number":162,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"6140f2ed-7981-4e86-b3a9-b22ed81e62b3","block_type":"box","text":"models. In addition, BlackRock will not have any obligation to make available any information regarding","page_number":162,"box":{"x":117,"y":661,"width":764,"height":12}},{"id":"d315d592-4b86-407b-a30f-6766a893fec8","block_type":"box","text":"its proprietary activities or strategies, or the activities or strategies used for other accounts managed by","page_number":162,"box":{"x":117,"y":676,"width":764,"height":12}},{"id":"700360e6-eaf4-4439-a281-0a5b158304a0","block_type":"box","text":"them, for the benefit of the management of a Fund and it is not anticipated that BlackRock will have","page_number":162,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"2ea5454c-8aa6-4dd4-a16d-ea41f4b054d5","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio","page_number":162,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"f75c6f79-74b6-4d7b-98c8-c66eb4007733","block_type":"box","text":"strategies of BlackRock, or the activities or strategies used for accounts managed by BlackRock or","page_number":162,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"4b316f31-74b1-41c1-b028-37ce0f87c3d9","block_type":"box","text":"other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":162,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"75637bf8-9fd6-4aba-b4de-6175eb226ff7","block_type":"box","text":"managing a Fund.","page_number":162,"box":{"x":117,"y":754,"width":133,"height":12}},{"id":"a59ce933-5e66-45e3-8f77-efcb802f2a7f","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and","page_number":162,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"91de32c1-580c-4f6d-ae12-a4170cd444a2","block_type":"box","text":"financial advisors. To the extent clients invest in these investment models and increase the assets","page_number":162,"box":{"x":116,"y":800,"width":728,"height":10}},{"id":"56dc6da6-9acc-4fa1-9424-b732bbcb818e","block_type":"box","text":"under management of the Funds, the investment management fee amounts paid by the Funds to","page_number":162,"box":{"x":117,"y":816,"width":719,"height":12}},{"id":"dd56bfd3-3c64-46b2-99de-a2a30801f670","block_type":"box","text":"BlackRock may also increase. The net asset value and liquidity of a Fund may be impacted by","page_number":162,"box":{"x":117,"y":831,"width":704,"height":12}},{"id":"74d1f686-8352-47b1-8e16-40511d750bab","block_type":"box","text":"purchases and sales of the Fund by model-driven investment portfolios, as well as by BlackRock itself","page_number":162,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"3b362369-7f4a-4607-b41e-3a4c63ff43e5","block_type":"box","text":"and by its advisory clients.","page_number":162,"box":{"x":116,"y":862,"width":201,"height":12}},{"id":"c663125b-f492-4727-8c9e-2a1dcf20d6c5","block_type":"box","text":"II-117","page_number":162,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"42b55d1b-4670-4339-bd78-79bb5656e971","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":162,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d453bd74-d687-47f8-86fe-4aba03ce5ee8","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals","page_number":163,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"3f3d40a3-1f66-4219-af7a-3ad62dce1593","block_type":"box","text":"or employees of other business units or entities within BlackRock. As a result, these principals and","page_number":163,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"c22bcd6b-ee7a-4313-95ad-d1b320c57e33","block_type":"box","text":"employees may have obligations to such other business units or entities or their clients and such","page_number":163,"box":{"x":116,"y":118,"width":722,"height":12}},{"id":"a2512115-dc7d-40c8-8dd9-48bb02f748ba","block_type":"box","text":"obligations to other business units or entities or their clients may be a consideration of which investors","page_number":163,"box":{"x":116,"y":134,"width":762,"height":12}},{"id":"bfeb26ff-d00d-474f-b0d5-fb3f50ec2be3","block_type":"box","text":"in a Fund should be aware.","page_number":163,"box":{"x":117,"y":149,"width":206,"height":10}},{"id":"535de09b-25ad-4029-91c4-2847beeecacf","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of","page_number":163,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"5a842691-c856-4eff-b240-5bc3d2d5c17a","block_type":"box","text":"a Fund in which clients of BlackRock, or, to the extent permitted by the Commission and applicable","page_number":163,"box":{"x":116,"y":196,"width":740,"height":12}},{"id":"e0c488da-a2c7-4d66-a533-b665ef142382","block_type":"box","text":"law, BlackRock, serves as the counterparty, principal or issuer. In such cases, such party’s interests in","page_number":163,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"cf3dfe07-5c26-4203-9db0-7bac559e7dbd","block_type":"box","text":"the transaction will be adverse to the interests of the Fund, and such party may have no incentive to","page_number":163,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"8ecefb0e-13ee-4f03-8c48-ef5f4223fe1a","block_type":"box","text":"assure that the Fund obtains the best possible prices or terms in connection with the transactions. In","page_number":163,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"5d105eca-947a-40ef-b94c-d8c290fc4c02","block_type":"box","text":"addition, the purchase, holding and sale of such investments by a Fund may enhance the profitability","page_number":163,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"40ff86ee-87bb-476e-bfc2-89a2ba6434db","block_type":"box","text":"of BlackRock.","page_number":163,"box":{"x":116,"y":273,"width":107,"height":10}},{"id":"670e0692-d74b-4aed-b5b0-f63734aceffc","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies","page_number":163,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"3fd7e631-8b62-49ed-9438-776292f389dd","block_type":"box","text":"or instruments of which may be those in which a Fund invests or which may be based on the","page_number":163,"box":{"x":116,"y":320,"width":692,"height":12}},{"id":"f13a6df3-4b22-4664-bf1a-2a476b2c09a5","block_type":"box","text":"performance of the Fund. Additionally, an affiliate of BlackRock will create, write or issue options,","page_number":163,"box":{"x":117,"y":335,"width":724,"height":12}},{"id":"68423f30-ec4a-4019-85d7-7abdd45655c7","block_type":"box","text":"which may be based on the performance of certain Funds. BlackRock has entered into an arrangement","page_number":163,"box":{"x":116,"y":351,"width":772,"height":12}},{"id":"fa544438-a3d6-478a-b23c-3572e3f6f7fb","block_type":"box","text":"with Markit Indices Limited, the index provider for underlying fixed-income indexes used by certain","page_number":163,"box":{"x":116,"y":366,"width":733,"height":12}},{"id":"4d4595c5-405a-4b81-ba2e-604be8151c92","block_type":"box","text":"iShares ETFs, related to derivative fixed-income products that are based on such iShares ETFs.","page_number":163,"box":{"x":117,"y":382,"width":718,"height":12}},{"id":"65a7dfa1-64ba-4509-9ec1-5af95d4babf5","block_type":"box","text":"Trading activity in these derivative products could also potentially lead to greater liquidity for such","page_number":163,"box":{"x":116,"y":397,"width":727,"height":12}},{"id":"9fe3c254-f0e7-4bbd-9cc9-b1ecfb5207e9","block_type":"box","text":"products, increased purchase activity with respect to these iShares ETFs and increased assets under","page_number":163,"box":{"x":117,"y":413,"width":758,"height":12}},{"id":"4e6e1b7a-41b8-4c69-a04e-e9cccad888b3","block_type":"box","text":"management for BlackRock.","page_number":163,"box":{"x":117,"y":428,"width":215,"height":12}},{"id":"72fdcc3f-c880-4e17-b77f-368179ad560f","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or","page_number":163,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"bcaf82a8-3a6b-4ffd-a766-7926d62ea608","block_type":"box","text":"other distribution by BlackRock and may also enter into transactions with other clients of BlackRock","page_number":163,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"19a7ce60-c360-4764-b0f7-da61e6733ea2","block_type":"box","text":"where such other clients have interests adverse to those of the Fund. At times, these activities may","page_number":163,"box":{"x":116,"y":490,"width":741,"height":12}},{"id":"c6245de2-f1d0-4dd5-a001-bff64fe52d84","block_type":"box","text":"cause business units or entities within BlackRock to give advice to clients that may cause these clients","page_number":163,"box":{"x":116,"y":506,"width":766,"height":12}},{"id":"28cd80c0-94d2-44c7-8e0b-bb94bf60d832","block_type":"box","text":"to take actions adverse to the interests of the Fund. To the extent such transactions are permitted, a","page_number":163,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"4d26d616-44c3-4c45-b9d3-0fec6201f63e","block_type":"box","text":"Fund will deal with BlackRock on an arms-length basis.","page_number":163,"box":{"x":117,"y":537,"width":414,"height":12}},{"id":"a094e559-dac6-4c6b-aa94-450d1fb34871","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or","page_number":163,"box":{"x":116,"y":568,"width":729,"height":12}},{"id":"8b9558c2-775f-44d3-affa-26b7287e007a","block_type":"box","text":"adviser or in other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups,","page_number":163,"box":{"x":116,"y":583,"width":760,"height":12}},{"id":"2553bfd8-a20e-4954-a3c3-fd3b8cdfd56c","block_type":"box","text":"mark-downs, financial advisory fees, underwriting and placement fees, sales fees, financing and","page_number":163,"box":{"x":117,"y":599,"width":717,"height":12}},{"id":"ddff519f-5376-44a5-b6cc-d99b27214884","block_type":"box","text":"commitment fees, brokerage fees, other fees, compensation or profits, rates, terms and conditions","page_number":163,"box":{"x":116,"y":614,"width":735,"height":12}},{"id":"91681893-1568-4d7d-873a-f0623c68529f","block_type":"box","text":"charged by BlackRock will be in its view commercially reasonable, although BlackRock, including its","page_number":163,"box":{"x":116,"y":630,"width":747,"height":12}},{"id":"44b8838a-0f30-4fc1-8d10-a4ebc0f91aa5","block_type":"box","text":"sales personnel, will have an interest in obtaining fees and other amounts that are favorable to","page_number":163,"box":{"x":116,"y":645,"width":706,"height":12}},{"id":"2b777ff5-15c4-4be7-8a6f-0c22b7be28b1","block_type":"box","text":"BlackRock and such sales personnel, which may have an adverse effect on the Funds. Index based","page_number":163,"box":{"x":117,"y":661,"width":740,"height":12}},{"id":"6a711969-130d-41b7-ac5b-abaae662952f","block_type":"box","text":"funds may use an index provider that is affiliated with another service provider of the Fund or","page_number":163,"box":{"x":116,"y":676,"width":690,"height":12}},{"id":"6fe0afba-f9f9-48fb-b382-bbbef74f5bbd","block_type":"box","text":"BlackRock that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or","page_number":163,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"5f229842-5da8-438d-a396-ee047cf4b98e","block_type":"box","text":"BlackRock.","page_number":163,"box":{"x":117,"y":707,"width":81,"height":10}},{"id":"b73a1207-741b-42ea-bce2-59399cc88acd","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain","page_number":163,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"ab6b7e74-011c-4cda-9679-ec4f843097ed","block_type":"box","text":"fees and other amounts that they receive in connection with their service to the Funds as broker,","page_number":163,"box":{"x":116,"y":754,"width":715,"height":12}},{"id":"865831fe-9e31-4548-9f9d-f457d4581701","block_type":"box","text":"dealer, agent, lender, adviser or in other commercial capacities. No accounting to the Funds or their","page_number":163,"box":{"x":116,"y":769,"width":741,"height":12}},{"id":"341b4d69-a80f-40fd-ba3e-349988073755","block_type":"box","text":"shareholders will be required, and no fees or other compensation payable by the Funds or their","page_number":163,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"94fb7a0b-b3df-45cd-92ca-5ad9bf0c2868","block_type":"box","text":"shareholders will be reduced by reason of receipt by BlackRock of any such fees or other amounts.","page_number":163,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"0a9363b5-f302-48b3-a939-d2bd7ab34f1b","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to","page_number":163,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"5009dc16-907a-4a1d-8b1f-14b4c984b5f9","block_type":"box","text":"the Funds, BlackRock may take commercial steps in its own interests, which may have an adverse","page_number":163,"box":{"x":116,"y":847,"width":738,"height":12}},{"id":"a86327a5-bbd3-46d9-b7a0-92744459a9f9","block_type":"box","text":"effect on the Funds.","page_number":163,"box":{"x":116,"y":862,"width":153,"height":10}},{"id":"b35fcd16-506f-4dc5-ac0b-b82c3cb50249","block_type":"box","text":"II-118","page_number":163,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a060ad3b-6fdb-4fe6-8f4b-fc476e292408","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":163,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b08758b5-2a80-4763-a0f9-c02bc9739309","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s","page_number":164,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"33da8fa4-45e5-47e5-be47-14cc32e0b62e","block_type":"box","text":"own credit standing. BlackRock will not have any obligation to allow its credit to be used in connection","page_number":164,"box":{"x":116,"y":103,"width":760,"height":12}},{"id":"1df77f2f-dcfe-4f1c-ace6-312627d0a4f9","block_type":"box","text":"with a Fund’s establishment of its business relationships, nor is it expected that the Fund’s","page_number":164,"box":{"x":116,"y":118,"width":675,"height":12}},{"id":"876ea6ac-86a9-4061-b9c5-18ecdce3382d","block_type":"box","text":"counterparties will rely on the credit of BlackRock in evaluating the Fund’s creditworthiness.","page_number":164,"box":{"x":116,"y":134,"width":684,"height":12}},{"id":"65acc015-dc83-4855-a46d-fe804268f68c","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A.","page_number":164,"box":{"x":117,"y":165,"width":726,"height":12}},{"id":"3ef4dc80-aa29-46e3-ac81-38527ab05b59","block_type":"box","text":"(“BTC”), as applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as","page_number":164,"box":{"x":117,"y":180,"width":715,"height":12}},{"id":"db1122a9-4b64-48ce-92d1-cf2c06fe8f91","block_type":"box","text":"securities lending agent to, and receives a share of securities lending revenues from, the Funds.","page_number":164,"box":{"x":116,"y":196,"width":720,"height":12}},{"id":"9b8f5a0e-883d-4dfb-ac94-3eab7ecf98ab","block_type":"box","text":"BlackRock will also receive compensation for managing the reinvestment of the cash collateral from","page_number":164,"box":{"x":117,"y":211,"width":744,"height":12}},{"id":"fc7c5213-bd18-40fd-bc19-10e57dee7b53","block_type":"box","text":"securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":164,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"c1f80db8-c934-4804-a802-feb6ee5f63a2","block_type":"box","text":"including but not limited to: (i) BlackRock as securities lending agent may have an incentive to, among","page_number":164,"box":{"x":117,"y":242,"width":762,"height":12}},{"id":"f6bfff96-ac3b-4c29-a4d7-55a434107476","block_type":"box","text":"other things, increase or decrease the amount of securities on loan or to lend particular securities in","page_number":164,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"c146e072-54f0-4465-8ba0-446666b7d697","block_type":"box","text":"order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock","page_number":164,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"d28ec9ff-18a6-472f-96cc-6d084a2a66b6","block_type":"box","text":"as securities lending agent may have an incentive to allocate loans to clients that would provide more","page_number":164,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"129c52fa-8820-4f47-94cc-cf4f79a3f711","block_type":"box","text":"revenue to BlackRock. As described further below, BlackRock seeks to mitigate this conflict by","page_number":164,"box":{"x":117,"y":304,"width":706,"height":12}},{"id":"deb62136-f639-49b2-b9dd-018efaf7ca45","block_type":"box","text":"providing its securities lending clients with equal lending opportunities over time in order to","page_number":164,"box":{"x":117,"y":320,"width":675,"height":12}},{"id":"02d36002-c0ba-4661-987d-28b64f7d3c08","block_type":"box","text":"approximate pro rata allocation.","page_number":164,"box":{"x":116,"y":335,"width":240,"height":12}},{"id":"5ed45b52-dde2-4638-88b7-8a615d57062f","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients","page_number":164,"box":{"x":116,"y":366,"width":742,"height":12}},{"id":"4eaf92c1-691c-4e96-8e51-e6e2fb142943","block_type":"box","text":"and/or funds against a shortfall in collateral in the event of borrower default. On a regular basis,","page_number":164,"box":{"x":116,"y":382,"width":713,"height":12}},{"id":"653fbba7-a467-44b3-97f3-03df0f5f333f","block_type":"box","text":"BlackRock calculates the potential dollar exposure of collateral shortfall resulting from a borrower","page_number":164,"box":{"x":117,"y":397,"width":725,"height":12}},{"id":"d172e468-21b7-49bf-8212-d304c037d47b","block_type":"box","text":"default (“shortfall risk”) in the securities lending program. BlackRock establishes program-wide","page_number":164,"box":{"x":116,"y":413,"width":705,"height":12}},{"id":"749ef543-5d7e-4d26-ba6f-2090a4f418f6","block_type":"box","text":"borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock","page_number":164,"box":{"x":117,"y":428,"width":711,"height":12}},{"id":"9176543c-5bbe-448e-8ff5-cc712b556652","block_type":"box","text":"oversees the risk model that calculates projected collateral shortfall values using loan-level factors","page_number":164,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"2d300145-d40b-47ea-b248-38437cdfaa0c","block_type":"box","text":"such as loan and collateral type and market value as well as specific borrower credit characteristics.","page_number":164,"box":{"x":116,"y":459,"width":747,"height":12}},{"id":"aa225fdf-d665-4ccc-86f3-7d095cd6a316","block_type":"box","text":"When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":164,"box":{"x":116,"y":475,"width":738,"height":12}},{"id":"15f8f7d8-6ea8-4b40-bd8e-adb642f5e0d0","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as","page_number":164,"box":{"x":116,"y":490,"width":768,"height":12}},{"id":"bd872f2f-6cf5-4ddb-b42a-876a0aa8c1e0","block_type":"box","text":"well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":164,"box":{"x":116,"y":506,"width":717,"height":12}},{"id":"510da70d-2109-488f-9b21-ea519fa1564b","block_type":"box","text":"activity BlackRock may conduct at any given point in time by reducing the volume of lending","page_number":164,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"fd11cdfd-1598-47a0-ba17-68d5f2f9a2db","block_type":"box","text":"opportunities for certain loans (including by asset type, collateral type and/or revenue profile).","page_number":164,"box":{"x":116,"y":537,"width":698,"height":12}},{"id":"97577c3c-072c-4a4e-83f3-44b9452e7bbf","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of","page_number":164,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"de06e8a2-e9a3-4dc6-9577-1a376a492713","block_type":"box","text":"a Fund or terminate a securities loan on behalf of a Fund for any reason, including but not limited to","page_number":164,"box":{"x":116,"y":583,"width":744,"height":12}},{"id":"6b04d734-960a-4cbd-b2e0-b714724a0748","block_type":"box","text":"regulatory requirements and/or market rules, liquidity considerations, or credit considerations, which","page_number":164,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"05e06b69-bec0-402f-a4c2-cff5d9844ea4","block_type":"box","text":"may impact Funds by reducing or eliminating the volume of lending opportunities for certain types of","page_number":164,"box":{"x":117,"y":614,"width":746,"height":12}},{"id":"8a798efe-eb14-4175-81e9-21bfa5372210","block_type":"box","text":"loans, loans in particular markets, loans of particular securities or types of securities, or for loans","page_number":164,"box":{"x":117,"y":630,"width":720,"height":12}},{"id":"b19bb0db-8675-4cf0-904e-f5de4ae97511","block_type":"box","text":"overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional","page_number":164,"box":{"x":116,"y":645,"width":725,"height":12}},{"id":"54b77be1-9ed1-431c-b36d-397dd7609e80","block_type":"box","text":"protections against lender default that are favored by their prudential regulation.","page_number":164,"box":{"x":117,"y":661,"width":590,"height":12}},{"id":"b1480186-b51d-49da-8b68-75b324dbf0b2","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over","page_number":164,"box":{"x":117,"y":692,"width":747,"height":12}},{"id":"f3528766-b3a9-4638-ab1a-d7ce3c8da010","block_type":"box","text":"time. In order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending","page_number":164,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"1e920c00-231c-4cd3-b171-0b3fc7848d76","block_type":"box","text":"capacity pursuant to the various program limits (i.e. indemnification exposure limit and borrower credit","page_number":164,"box":{"x":116,"y":723,"width":756,"height":12}},{"id":"44712d2c-9024-48e4-84cc-8338cccbe05d","block_type":"box","text":"limits); (ii) the lending portfolio must hold the asset at the time a loan opportunity arrives; and (iii) the","page_number":164,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"bfa07764-0460-4298-8ef8-3801efcf2d62","block_type":"box","text":"lending portfolio must also have enough inventory, either on its own or when aggregated with other","page_number":164,"box":{"x":117,"y":754,"width":733,"height":12}},{"id":"cfad33fb-ec62-47cc-bed9-c183cafe03c9","block_type":"box","text":"portfolios into one single market delivery, to satisfy the loan request. In doing so, BlackRock seeks to","page_number":164,"box":{"x":117,"y":769,"width":748,"height":12}},{"id":"26c65436-4ca9-4b0d-8f03-37d9641b623c","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the","page_number":164,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"00c0effe-f982-4adb-87d3-5e641da37016","block_type":"box","text":"portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes. Specifically,","page_number":164,"box":{"x":117,"y":800,"width":738,"height":12}},{"id":"4fa3dae2-9077-4f79-a50a-97d2ded1193a","block_type":"box","text":"short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads","page_number":164,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"c6b870fa-d279-40dd-919c-9136f28a8b36","block_type":"box","text":"on different securities, and the overall limits imposed by the firm.","page_number":164,"box":{"x":116,"y":831,"width":483,"height":12}},{"id":"be3d9432-5fb8-476f-ad18-cf1431929a36","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":164,"box":{"x":117,"y":862,"width":769,"height":12}},{"id":"de2a31f7-4c03-4af0-9cd8-696b53f13575","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the","page_number":164,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"3000bd8d-fd7e-4ba5-84ce-70f23a147d25","block_type":"box","text":"II-119","page_number":164,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a21a2dcb-abce-423d-a4cc-fa0a0892e8d7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":164,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7a038fa9-62cf-4295-bd29-cee16787c621","block_type":"box","text":"fact that they have different research payment arrangements. BlackRock, however, is not required to","page_number":165,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"78a0aa11-ecd4-4e65-9e20-12fd2e294668","block_type":"box","text":"aggregate orders if portfolio management decisions for different accounts are made separately, or if","page_number":165,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"3efaf4f1-387a-472a-91ee-ecfe284efdeb","block_type":"box","text":"they determine that aggregating is not practicable or required, or in cases involving client direction.","page_number":165,"box":{"x":116,"y":118,"width":737,"height":12}},{"id":"ae9035d3-0f5e-4b1e-92dd-211472ce1ca9","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution","page_number":165,"box":{"x":117,"y":146,"width":748,"height":12}},{"id":"5d384d20-56fd-4dec-9a55-58a810edca32","block_type":"box","text":"on the entire volume of securities purchased or sold. When this occurs, the various prices may be","page_number":165,"box":{"x":116,"y":162,"width":730,"height":12}},{"id":"4faf5964-c9d3-40c2-b226-7d0508328d30","block_type":"box","text":"averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the","page_number":165,"box":{"x":116,"y":177,"width":734,"height":12}},{"id":"e2ee2561-2c1f-44a0-bfdb-e1ab06b0bea4","block_type":"box","text":"aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under","page_number":165,"box":{"x":116,"y":193,"width":730,"height":12}},{"id":"111d39ea-d3fd-4359-86e1-e801e4050dbb","block_type":"box","text":"certain circumstances, the Funds will not be charged the same commission or commission equivalent","page_number":165,"box":{"x":116,"y":209,"width":759,"height":11}},{"id":"338fa017-f051-4cf0-92ea-b24c7bc0990f","block_type":"box","text":"rates in connection with an aggregated order.","page_number":165,"box":{"x":117,"y":224,"width":341,"height":12}},{"id":"dbd59f8d-6a1a-4b19-b9b7-56e4be4d3053","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage — Transactions in","page_number":165,"box":{"x":116,"y":252,"width":743,"height":12}},{"id":"456d1432-f8e9-4b51-a36e-66c003adda51","block_type":"box","text":"Portfolio Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to","page_number":165,"box":{"x":117,"y":268,"width":757,"height":12}},{"id":"e62fb4a8-aa72-4025-ae7d-650da712caad","block_type":"box","text":"pay a broker or dealer a commission for effecting a transaction that exceeds the amount another","page_number":165,"box":{"x":117,"y":283,"width":720,"height":12}},{"id":"6013ca64-908b-4856-be52-906501aafb77","block_type":"box","text":"broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":165,"box":{"x":117,"y":299,"width":746,"height":12}},{"id":"38c973ba-66e2-455f-9ea1-7806ca9cfa65","block_type":"box","text":"brokerage and research services provided by that broker or dealer. Under MiFID II, EU investment","page_number":165,"box":{"x":117,"y":314,"width":734,"height":12}},{"id":"eec6238f-ece3-469e-b39e-34d46a5a9844","block_type":"box","text":"managers, including BlackRock International Limited (“BIL”) which acts as a sub-adviser to certain","page_number":165,"box":{"x":117,"y":330,"width":732,"height":12}},{"id":"6ccbf067-99ec-4a1e-bd9a-a6dbdd1b925a","block_type":"box","text":"Funds, pay for research from brokers and dealers directly out of their own resources, rather than","page_number":165,"box":{"x":117,"y":345,"width":721,"height":12}},{"id":"a78ee564-3185-48b6-907b-15e8b3984aae","block_type":"box","text":"through client commissions.","page_number":165,"box":{"x":116,"y":361,"width":212,"height":12}},{"id":"5aef3938-77af-47a2-b7f2-c4c6a9d128fc","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other","page_number":165,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"44cc509b-cf31-4e51-bc55-b38e50c3906c","block_type":"box","text":"BlackRock client accounts or personnel, directly or through correspondent relationships, with research","page_number":165,"box":{"x":117,"y":405,"width":762,"height":12}},{"id":"18ae4daf-d75e-442e-a195-de8c3e589e35","block_type":"box","text":"or other appropriate services which provide, in BlackRock’s view, appropriate assistance to BlackRock","page_number":165,"box":{"x":116,"y":420,"width":765,"height":12}},{"id":"2b889fd8-b0d8-419a-a561-5db21d2ae23c","block_type":"box","text":"in the investment decision-making process (including with respect to futures, fixed-price offerings and","page_number":165,"box":{"x":117,"y":436,"width":756,"height":12}},{"id":"76ec10e5-7d29-4b2b-9a4d-59e30547cf4a","block_type":"box","text":"OTC transactions). Such research or other services may include, to the extent permitted by law,","page_number":165,"box":{"x":116,"y":451,"width":717,"height":12}},{"id":"cb586efb-41a9-4b8c-a93e-6ba6510869d6","block_type":"box","text":"research reports on companies, industries and securities; economic and financial data; financial","page_number":165,"box":{"x":117,"y":467,"width":714,"height":12}},{"id":"9a9dd8b3-9b1f-4652-a9f7-5871fa0836ec","block_type":"box","text":"publications; proxy analysis; trade industry seminars; computer data bases; research-oriented software","page_number":165,"box":{"x":117,"y":482,"width":769,"height":12}},{"id":"109eecb0-09d5-42e5-9454-005e9c92da30","block_type":"box","text":"and other services and products.","page_number":165,"box":{"x":116,"y":498,"width":249,"height":12}},{"id":"18269705-71a6-4bde-a327-eb5f302c38d7","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds","page_number":165,"box":{"x":117,"y":526,"width":745,"height":12}},{"id":"bdfb3341-0cf0-4783-a40f-ab741f692def","block_type":"box","text":"and other BlackRock client accounts, including in connection with BlackRock client accounts other than","page_number":165,"box":{"x":116,"y":542,"width":770,"height":12}},{"id":"591ce0a9-4838-47e5-b38b-7fa344e41ecc","block_type":"box","text":"those that pay commissions to the broker relating to the research or other service arrangements. Such","page_number":165,"box":{"x":116,"y":557,"width":766,"height":12}},{"id":"ffbc3ec8-bc70-4b01-bd9b-ab5d9de0cbe3","block_type":"box","text":"products and services may disproportionately benefit other BlackRock client accounts relative to the","page_number":165,"box":{"x":117,"y":573,"width":745,"height":12}},{"id":"8f85c128-b291-4935-a911-ffd689a1e939","block_type":"box","text":"Funds based on the amount of brokerage commissions paid by the Funds and such other BlackRock","page_number":165,"box":{"x":117,"y":588,"width":753,"height":12}},{"id":"046ac958-5c33-45c2-a22b-706f588b7796","block_type":"box","text":"client accounts. For example, research or other services that are paid for through one client’s","page_number":165,"box":{"x":116,"y":604,"width":696,"height":12}},{"id":"7e7610b2-fe24-4826-9e4c-3a2d3cbdcb4e","block_type":"box","text":"commissions may not be used in managing that client’s account. In addition, other BlackRock client","page_number":165,"box":{"x":116,"y":619,"width":743,"height":12}},{"id":"40d61f27-65b3-422e-b88c-74fff038e191","block_type":"box","text":"accounts may receive the benefit, including disproportionate benefits, of economies of scale or price","page_number":165,"box":{"x":116,"y":635,"width":748,"height":12}},{"id":"41b574f7-3902-4b60-8fd0-ded8373f68dd","block_type":"box","text":"discounts in connection with products and services that may be provided to the Funds and to such","page_number":165,"box":{"x":116,"y":650,"width":734,"height":12}},{"id":"22c4e4e7-d3df-48bd-921d-48641ed9f77b","block_type":"box","text":"other BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay","page_number":165,"box":{"x":116,"y":666,"width":755,"height":12}},{"id":"6d8b0cca-da28-45c0-8b20-d1fd7d2b5289","block_type":"box","text":"for those products and services itself.","page_number":165,"box":{"x":116,"y":681,"width":276,"height":12}},{"id":"dd5b3a0f-54f1-4ddf-983c-5aa3654c8b7b","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who,","page_number":165,"box":{"x":117,"y":710,"width":759,"height":12}},{"id":"5483c50a-dc82-4576-a03a-3b10205ee0a5","block_type":"box","text":"pursuant to such arrangements, provide research or other services in order to ensure the continued","page_number":165,"box":{"x":117,"y":725,"width":737,"height":12}},{"id":"36c3dedc-dc38-4602-9adb-2cd78973a346","block_type":"box","text":"receipt of research or other services BlackRock believes are useful in its investment decision-making","page_number":165,"box":{"x":117,"y":740,"width":747,"height":13}},{"id":"91e77a75-6f0a-418a-b794-3fee290f131f","block_type":"box","text":"process. BlackRock may from time to time choose not to engage in the above described arrangements","page_number":165,"box":{"x":117,"y":756,"width":762,"height":12}},{"id":"bb399c4c-855e-42cc-895d-8ca48f939386","block_type":"box","text":"to varying degrees. BlackRock, unless prohibited by applicable law, may also enter into commission","page_number":165,"box":{"x":116,"y":772,"width":740,"height":12}},{"id":"3fa58e20-a45b-4ca5-9910-0ff35c3b4ec6","block_type":"box","text":"sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":165,"box":{"x":116,"y":787,"width":751,"height":12}},{"id":"c571c78f-774f-4311-a3e1-7f223166f5bf","block_type":"box","text":"request that the broker-dealer allocate a portion of the commissions or commission credits to another","page_number":165,"box":{"x":117,"y":802,"width":750,"height":12}},{"id":"6d807c35-4bba-40f7-b6b0-b27447856d24","block_type":"box","text":"firm that provides research to BlackRock. To the extent that BlackRock engages in commission sharing","page_number":165,"box":{"x":116,"y":818,"width":766,"height":12}},{"id":"2b7455c4-232f-4e83-9160-567210576c80","block_type":"box","text":"arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":165,"box":{"x":116,"y":833,"width":636,"height":13}},{"id":"7963ed59-8d86-46a4-be27-d649a5b8ad6f","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation,","page_number":165,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"6252edc6-eb73-4c92-a4d0-a46133cd43ac","block_type":"box","text":"ECNs in which BlackRock has an investment or other interest, to the extent permitted by applicable","page_number":165,"box":{"x":117,"y":877,"width":741,"height":12}},{"id":"4901ce3d-9f94-452b-a99d-c4ac859a6a69","block_type":"box","text":"II-120","page_number":165,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"289286a1-224f-473a-94cf-acc18c3b2fc8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":165,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"dfb1b076-63a2-46b1-b1f6-0dc827dc6727","block_type":"box","text":"law) in executing client securities transactions for certain types of securities. These ECNs may charge","page_number":166,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"5c54f58d-e4ff-4101-87cf-b15fa48397e7","block_type":"box","text":"fees for their services, including access fees and transaction fees. The transaction fees, which are","page_number":166,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"be7fd5db-67c6-4fbc-ad1c-1714e5036874","block_type":"box","text":"similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":166,"box":{"x":116,"y":118,"width":686,"height":12}},{"id":"5e3c9e49-ce37-493c-bb2a-62ff794334dc","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities","page_number":166,"box":{"x":116,"y":134,"width":715,"height":12}},{"id":"76633eba-03f8-4ba6-ac14-f67158ede7ed","block_type":"box","text":"purchased. Access fees may be paid by BlackRock even though incurred in connection with executing","page_number":166,"box":{"x":117,"y":149,"width":763,"height":12}},{"id":"5877ddaa-44e8-4bee-a244-5fd9a20c7fc6","block_type":"box","text":"transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer","page_number":166,"box":{"x":116,"y":165,"width":715,"height":12}},{"id":"59cc09c4-91f2-484d-b36e-93ee9902bc72","block_type":"box","text":"volume discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only","page_number":166,"box":{"x":116,"y":180,"width":733,"height":12}},{"id":"e27bb078-2b50-47af-a17b-74e26bc158bd","block_type":"box","text":"utilize ECNs consistent with its obligation to seek to obtain best execution in client transactions.","page_number":166,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"5d2a56f6-2cd5-4d5b-92fd-7be415ea03b6","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly","page_number":166,"box":{"x":117,"y":227,"width":739,"height":12}},{"id":"a4db4971-0471-48e3-a3b8-f3991bb1d236","block_type":"box","text":"created U.S. stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers","page_number":166,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"49678d92-2898-4a77-97e4-9e8398364043","block_type":"box","text":"select MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf","page_number":166,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"1c179bb8-79f7-4733-89cc-8f97871eeb78","block_type":"box","text":"of client portfolios.","page_number":166,"box":{"x":116,"y":273,"width":140,"height":12}},{"id":"54404a03-ac1e-4166-b416-64e7f858265a","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from","page_number":166,"box":{"x":117,"y":304,"width":697,"height":12}},{"id":"5313845c-9087-420f-b415-742aaaeff60e","block_type":"box","text":"influencing proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and","page_number":166,"box":{"x":117,"y":320,"width":759,"height":12}},{"id":"c105f4c3-6390-41d3-a275-6fa18fafd603","block_type":"box","text":"to help ensure that such decisions are made in accordance with BlackRock’s fiduciary obligations to its","page_number":166,"box":{"x":116,"y":335,"width":768,"height":12}},{"id":"425f474b-f83f-48ac-8f09-55ab612e0476","block_type":"box","text":"clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting","page_number":166,"box":{"x":116,"y":351,"width":754,"height":12}},{"id":"1f1c2e2e-8038-472f-8b3e-faae59ac6c48","block_type":"box","text":"decisions of BlackRock may have the effect of favoring the interests of other clients or businesses of","page_number":166,"box":{"x":116,"y":366,"width":750,"height":12}},{"id":"2f5fe438-2449-4257-9de9-3c00e5abf592","block_type":"box","text":"other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":166,"box":{"x":116,"y":382,"width":756,"height":12}},{"id":"13953fac-e891-453f-a680-e78b3290261d","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and","page_number":166,"box":{"x":116,"y":397,"width":696,"height":12}},{"id":"811b2f7e-99f1-4493-9ff2-6e096acbbe73","block_type":"box","text":"procedures, see “Proxy Voting Policies and Procedures.”","page_number":166,"box":{"x":117,"y":413,"width":426,"height":12}},{"id":"a76b4192-ff45-4ca3-a230-5b1298553fdd","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds","page_number":166,"box":{"x":117,"y":444,"width":747,"height":12}},{"id":"af2efd6a-5e00-45e6-bec7-6f26470f36e1","block_type":"box","text":"and separately managed accounts) may, subject to compliance with applicable law, purchase and hold","page_number":166,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"5384a999-b72a-4102-a685-b7e7dee43fe6","block_type":"box","text":"shares of a Fund. Increasing a Fund’s assets may enhance investment flexibility and diversification","page_number":166,"box":{"x":116,"y":475,"width":740,"height":12}},{"id":"d1fca18c-79a8-4574-aa75-ddc6378d2564","block_type":"box","text":"and may contribute to economies of scale that tend to reduce the Fund’s expense ratio. BlackRock","page_number":166,"box":{"x":116,"y":490,"width":738,"height":12}},{"id":"34a8e71b-b8ba-4782-8c35-70e966c78e62","block_type":"box","text":"reserves the right, subject to compliance with applicable law, to redeem at any time some or all of the","page_number":166,"box":{"x":117,"y":506,"width":756,"height":12}},{"id":"5eeb7748-cd2a-4538-acae-4f77dbc7c8ff","block_type":"box","text":"shares of a Fund acquired for its own accounts. A large redemption of shares of a Fund by BlackRock","page_number":166,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"a4d72e72-b805-47f5-95ca-a2cc0ad078b1","block_type":"box","text":"could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s","page_number":166,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"8c6501de-b17c-4f59-beaa-da2614c2d5fd","block_type":"box","text":"investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to consider the effect","page_number":166,"box":{"x":117,"y":552,"width":766,"height":12}},{"id":"11992d25-d269-4fc8-9da4-715f9c7d3154","block_type":"box","text":"of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is not","page_number":166,"box":{"x":116,"y":568,"width":754,"height":12}},{"id":"6d01e446-f827-4637-8625-76176c19c9f2","block_type":"box","text":"obligated to do so and may elect not to do so.","page_number":166,"box":{"x":116,"y":583,"width":344,"height":12}},{"id":"3421ca30-02a3-4778-aa2e-651c7267b802","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in","page_number":166,"box":{"x":117,"y":614,"width":725,"height":12}},{"id":"e5821505-0510-4bd8-b211-613433e3c715","block_type":"box","text":"which BlackRock has significant debt or equity investments or other interests. A Fund may also invest","page_number":166,"box":{"x":116,"y":630,"width":759,"height":12}},{"id":"3fd0588a-af8d-494a-8721-5e84d5b76e81","block_type":"box","text":"in issuances (such as structured notes) by entities for which BlackRock provides and is compensated","page_number":166,"box":{"x":117,"y":645,"width":756,"height":12}},{"id":"c15d9b7b-dec4-4cfa-8a6c-bf8713c8adb6","block_type":"box","text":"for cash management services relating to the proceeds from the sale of such issuances. In making","page_number":166,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"9a8ba278-aef0-46b8-bccf-41b9b9e0febe","block_type":"box","text":"investment decisions for a Fund, BlackRock is not permitted to obtain or use material non-public","page_number":166,"box":{"x":117,"y":676,"width":713,"height":12}},{"id":"db8cb35b-7ec3-41f8-a02f-e46f14c0d7f6","block_type":"box","text":"information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to","page_number":166,"box":{"x":117,"y":692,"width":765,"height":12}},{"id":"6db12cd2-28e1-4928-96a0-020188e05a03","block_type":"box","text":"time, the activities of BlackRock may limit a Fund’s flexibility in purchases and sales of securities. As","page_number":166,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"15e1a7ee-a16c-4dc6-88dd-4eb5e3b657f3","block_type":"box","text":"indicated below, BlackRock may engage in transactions with companies in which BlackRock-advised","page_number":166,"box":{"x":117,"y":723,"width":747,"height":12}},{"id":"59c08c07-be18-4c90-9a12-e02516557118","block_type":"box","text":"funds or other clients of BlackRock have an investment.","page_number":166,"box":{"x":116,"y":738,"width":413,"height":10}},{"id":"b15f5106-a833-46d5-865d-cd65e19bc931","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting","page_number":166,"box":{"x":117,"y":769,"width":727,"height":12}},{"id":"9f5cc4e2-7f5f-4665-b82e-108450b55cd9","block_type":"box","text":"sales of the Funds. With respect to BlackRock and its personnel, the remuneration and profitability","page_number":166,"box":{"x":116,"y":785,"width":730,"height":12}},{"id":"0f233991-063b-408e-9194-f5934092c130","block_type":"box","text":"relating to services to and sales of the Funds or other products may be greater than remuneration and","page_number":166,"box":{"x":117,"y":800,"width":756,"height":12}},{"id":"7bf0219f-a62c-4a83-b81f-998c27de5439","block_type":"box","text":"profitability relating to services to and sales of certain funds or other products that might be provided or","page_number":166,"box":{"x":117,"y":816,"width":763,"height":12}},{"id":"a5deb298-f087-45d1-b245-5f46288edddd","block_type":"box","text":"offered. BlackRock and its sales personnel may directly or indirectly receive a portion of the fees and","page_number":166,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"43ab0103-630c-4e23-bfc3-27cbe1356712","block_type":"box","text":"commissions charged to the Funds or their shareholders. BlackRock and its advisory or other","page_number":166,"box":{"x":116,"y":847,"width":698,"height":12}},{"id":"7fbad1b1-36eb-4209-98d6-9eb4649ffdc8","block_type":"box","text":"personnel may also benefit from increased amounts of assets under management. Fees and","page_number":166,"box":{"x":117,"y":862,"width":692,"height":12}},{"id":"cd12fb6f-a870-4a8a-ad08-68c4f745636d","block_type":"box","text":"commissions may also be higher than for other products or services, and the remuneration and","page_number":166,"box":{"x":116,"y":878,"width":711,"height":12}},{"id":"960bb5d1-8f97-4fc4-9aee-b9a6c303fba4","block_type":"box","text":"II-121","page_number":166,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"c954e48d-a466-4967-8762-e24aca341d36","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":166,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ea630a31-3eaf-44c0-94db-bdc1f3355a79","block_type":"box","text":"profitability to BlackRock and such personnel resulting from transactions on behalf of or management","page_number":167,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"e8c4e55c-ac87-4768-8961-76e422746737","block_type":"box","text":"of the Funds may be greater than the remuneration and profitability resulting from other funds or","page_number":167,"box":{"x":116,"y":102,"width":719,"height":13}},{"id":"ad73271e-eedd-4ece-87ac-45300c0f1ab9","block_type":"box","text":"products.","page_number":167,"box":{"x":117,"y":118,"width":73,"height":12}},{"id":"7b74216b-7046-43c3-a1df-79e67c6ecefd","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":167,"box":{"x":117,"y":149,"width":769,"height":12}},{"id":"56bcc2e4-d15a-4c0b-933f-39eb47bde54d","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the","page_number":167,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"3c972f34-0020-4b09-8854-02f478a874aa","block_type":"box","text":"valuations for the same securities or investments assigned by a Fund’s pricing vendors, especially if","page_number":167,"box":{"x":116,"y":180,"width":747,"height":12}},{"id":"0ee7a6ec-10b4-4135-8d19-d824f008ffe8","block_type":"box","text":"such valuations are based on broker-dealer quotes or other data sources unavailable to the Fund’s","page_number":167,"box":{"x":116,"y":196,"width":739,"height":11}},{"id":"b84b4b66-38a2-4b4c-aa0d-8e02d168b3e9","block_type":"box","text":"pricing vendors. While BlackRock will generally communicate its valuation information or","page_number":167,"box":{"x":117,"y":211,"width":660,"height":12}},{"id":"b9a74c86-fd62-421f-aedf-392cbfd6cb79","block_type":"box","text":"determinations to a Fund’s pricing vendors and/or fund accountants, there may be instances where the","page_number":167,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"25e2dbad-5779-4938-986b-a07fae1fd836","block_type":"box","text":"Fund’s pricing vendors or fund accountants assign a different valuation to a security or other","page_number":167,"box":{"x":117,"y":242,"width":688,"height":12}},{"id":"d7c6438d-329e-46aa-96cc-bcd20398b455","block_type":"box","text":"investment than the valuation for such security or investment determined or recommended by","page_number":167,"box":{"x":117,"y":258,"width":699,"height":12}},{"id":"23d5fa7a-20ff-427b-b378-3f987ea2579a","block_type":"box","text":"BlackRock.","page_number":167,"box":{"x":117,"y":273,"width":88,"height":10}},{"id":"6240d3b8-e77f-4357-9e5a-68994957bcbc","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when","page_number":167,"box":{"x":116,"y":304,"width":762,"height":12}},{"id":"475aef18-fc85-41ec-9f56-ed100b54b9ed","block_type":"box","text":"market quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s","page_number":167,"box":{"x":117,"y":320,"width":736,"height":12}},{"id":"70e7b71e-43e0-4db5-b475-c27e1f1f33df","block_type":"box","text":"investments are valued at fair value by BlackRock. BlackRock has been designated as the Fund’s","page_number":167,"box":{"x":117,"y":335,"width":730,"height":12}},{"id":"33af45ac-efee-4165-a677-40939b0f12e2","block_type":"box","text":"valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts through","page_number":167,"box":{"x":116,"y":351,"width":710,"height":12}},{"id":"2b3cd1a0-3eb8-4dde-a947-6c9909b7e264","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock","page_number":167,"box":{"x":117,"y":366,"width":723,"height":12}},{"id":"cfcf7890-a527-44f6-9604-4b499e44dd13","block_type":"box","text":"pricing committees and in accordance with BlackRock’s policies and procedures (the “Valuation","page_number":167,"box":{"x":117,"y":382,"width":713,"height":12}},{"id":"3249af23-03e0-4e06-b61a-340c2088c8a8","block_type":"box","text":"Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the price","page_number":167,"box":{"x":117,"y":397,"width":760,"height":12}},{"id":"103d3636-1c0f-44e1-88ee-e27f579eddb9","block_type":"box","text":"that a Fund might reasonably expect to receive from the current sale of that asset or liability in an","page_number":167,"box":{"x":116,"y":413,"width":726,"height":12}},{"id":"8d2cc30b-901b-47db-82f4-0d1cda690d03","block_type":"box","text":"arm’s-length transaction. The price generally may not be determined based on what a Fund might","page_number":167,"box":{"x":116,"y":428,"width":730,"height":12}},{"id":"6cb0e312-dad3-4770-8552-00fee025ffbe","block_type":"box","text":"reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or","page_number":167,"box":{"x":117,"y":444,"width":728,"height":12}},{"id":"d0703d1b-cbf9-44c6-ace5-9a3e4f5ef49a","block_type":"box","text":"liability to maturity. While fair value determinations will be based upon all available factors that","page_number":167,"box":{"x":117,"y":459,"width":701,"height":12}},{"id":"1a9c1883-4b68-4afd-966a-0e9a8206a63e","block_type":"box","text":"BlackRock deems relevant at the time of the determination, and may be based on analytical values","page_number":167,"box":{"x":117,"y":475,"width":739,"height":12}},{"id":"8f7eaf8c-03d9-4ed6-8399-5cb3f6fddc05","block_type":"box","text":"determined by BlackRock using proprietary or third party valuation models, fair value represents only a","page_number":167,"box":{"x":116,"y":490,"width":767,"height":12}},{"id":"2ee74010-e305-47dc-9eeb-5bf7eef6918e","block_type":"box","text":"good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":167,"box":{"x":116,"y":506,"width":741,"height":12}},{"id":"5f797df1-cbd1-449e-8a6f-977c3124e76a","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold","page_number":167,"box":{"x":117,"y":521,"width":748,"height":12}},{"id":"ecae22dc-9de4-4e48-8847-c82eaadd8a50","block_type":"box","text":"during the period in which the particular fair values were used in determining a Fund’s NAV. As a","page_number":167,"box":{"x":116,"y":537,"width":724,"height":12}},{"id":"c95f94d3-74a0-4d90-9536-958cc3b14519","block_type":"box","text":"result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are","page_number":167,"box":{"x":117,"y":552,"width":724,"height":12}},{"id":"01c11344-772e-412a-9915-6e3f5dbb969a","block_type":"box","text":"valued by the 2a-5 Committee at fair value, may have the effect of diluting or increasing the economic","page_number":167,"box":{"x":116,"y":568,"width":760,"height":12}},{"id":"45de2fe6-eacd-4ab9-aee8-1fe65502fb75","block_type":"box","text":"interest of existing shareholders and may affect the amount of revenue received by BlackRock with","page_number":167,"box":{"x":117,"y":583,"width":739,"height":12}},{"id":"1691b597-3ec4-49f6-b6e9-0528bac8d4fe","block_type":"box","text":"respect to services for which it receives an asset-based fee.","page_number":167,"box":{"x":117,"y":599,"width":449,"height":12}},{"id":"84354aca-b087-403a-aafc-8b1816799bba","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash","page_number":167,"box":{"x":116,"y":630,"width":705,"height":12}},{"id":"46a2b942-9e6a-4a5c-89c4-2e99e780ea40","block_type":"box","text":"investments in any money market fund or similarly-managed private fund advised or managed by","page_number":167,"box":{"x":117,"y":645,"width":725,"height":12}},{"id":"381bc723-ab43-455a-b725-b56e4d67b3d6","block_type":"box","text":"BlackRock. In connection with any such investments, a Fund, to the extent permitted by the Investment","page_number":167,"box":{"x":117,"y":661,"width":765,"height":12}},{"id":"a5f94405-4221-4ed0-b0fd-7689bc6a8a0d","block_type":"box","text":"Company Act, may pay its share of expenses of a money market fund or other similarly-managed","page_number":167,"box":{"x":117,"y":676,"width":721,"height":12}},{"id":"aba1a116-6830-47d8-9c46-0b2a59f6c946","block_type":"box","text":"private fund in which it invests, which may result in a Fund bearing some additional expenses.","page_number":167,"box":{"x":117,"y":692,"width":695,"height":12}},{"id":"c640d03b-894d-4db5-9fea-cbcc2734510f","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments","page_number":167,"box":{"x":117,"y":723,"width":752,"height":12}},{"id":"d51b1555-65de-463c-bacb-913bb494a213","block_type":"box","text":"for their own accounts and may have conflicts of interest with respect to investments made on behalf of","page_number":167,"box":{"x":116,"y":738,"width":767,"height":12}},{"id":"b1c3ec52-0d0a-4355-97d4-4ad64fb78b43","block_type":"box","text":"a Fund. As a result of differing trading and investment strategies or constraints, positions may be taken","page_number":167,"box":{"x":116,"y":754,"width":763,"height":12}},{"id":"da2f0825-cfc9-4659-8dc8-065bde194161","block_type":"box","text":"by directors, officers and employees of BlackRock that are the same, different from or made at","page_number":167,"box":{"x":117,"y":769,"width":701,"height":12}},{"id":"37a34d60-ba79-4868-aa51-e40c46843390","block_type":"box","text":"different times than positions taken for the Fund. To lessen the possibility that a Fund will be adversely","page_number":167,"box":{"x":116,"y":785,"width":761,"height":12}},{"id":"c6d22783-ad07-4ba9-a8f5-1927a86eb676","block_type":"box","text":"affected by this personal trading, the Fund, BRIL and BlackRock each have adopted a Code of Ethics","page_number":167,"box":{"x":116,"y":800,"width":753,"height":12}},{"id":"1bd05492-c6f0-46fa-9e69-ca717d524e64","block_type":"box","text":"in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the","page_number":167,"box":{"x":117,"y":816,"width":749,"height":12}},{"id":"458e9484-aff6-41d2-b879-1fea3f5b3f7a","block_type":"box","text":"personal accounts of investment professionals and others who normally come into possession of","page_number":167,"box":{"x":117,"y":831,"width":722,"height":12}},{"id":"f952b65a-e06f-42a2-bd7f-6798cd90c9f5","block_type":"box","text":"information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":167,"box":{"x":117,"y":847,"width":742,"height":12}},{"id":"4bc1774e-9ee0-4260-b763-62ccd3481bb7","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be","page_number":167,"box":{"x":117,"y":862,"width":709,"height":12}},{"id":"b960f66c-4198-45c0-9024-25a832dae8bc","block_type":"box","text":"obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":167,"box":{"x":116,"y":878,"width":545,"height":12}},{"id":"e1026df6-dce0-4f1f-b58d-1da3d2c14353","block_type":"box","text":"II-122","page_number":167,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d51aab29-02f7-4db0-acbe-40167ce0d782","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":167,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c3fea7e0-5cec-46c4-a9e1-707d1bce4eaa","block_type":"box","text":"BlackRock will not purchase securities or other property","page_number":168,"box":{"x":117,"y":87,"width":404,"height":12}},{"id":"a53e313f-a137-4291-ae2d-17658540c951","block_type":"box","text":"y from, or sell securities or other property to, a","page_number":168,"box":{"x":521,"y":87,"width":332,"height":12}},{"id":"a6307391-9944-474d-8880-f7aa6c8b659c","block_type":"box","text":"Fund, except that the Fund may in accordance wit","page_number":168,"box":{"x":117,"y":103,"width":363,"height":12}},{"id":"f00f1f8e-a40b-4d64-85f5-03b82f04511e","block_type":"box","text":"h rules or guidance adopted under the Investment","page_number":168,"box":{"x":481,"y":103,"width":367,"height":12}},{"id":"44cecc48-7077-4d25-bc23-edf9a32dc6d1","block_type":"box","text":"Company Act engage in transactions with another Fund or","page_number":168,"box":{"x":117,"y":118,"width":428,"height":12}},{"id":"dc988201-6859-47a1-83d9-f98594274824","block_type":"box","text":"accounts that are affiliated with the Fund as a","page_number":168,"box":{"x":546,"y":118,"width":335,"height":10}},{"id":"d12c3707-f134-4a13-9304-32c0d603c1e0","block_type":"box","text":"result of common officers, directors, or investment","page_number":168,"box":{"x":117,"y":134,"width":363,"height":11}},{"id":"57bb7405-2ab8-4cc7-a2d1-727313820b85","block_type":"box","text":"t advisers or pursuant to exemptive orders granted to","page_number":168,"box":{"x":480,"y":134,"width":386,"height":12}},{"id":"3afdffbe-03f2-4d94-bd0c-5c4b4396a15b","block_type":"box","text":"the Funds and/or BlackRock by the Commission. These tr","page_number":168,"box":{"x":116,"y":149,"width":421,"height":12}},{"id":"0eec80b1-7b08-4d78-8b9d-3f902b0d88f0","block_type":"box","text":"ansactions would be effected in circumstances","page_number":168,"box":{"x":538,"y":149,"width":343,"height":10}},{"id":"f9e9199e-f385-4f87-af20-923420da890d","block_type":"box","text":"in which BlackRock determined that it would be appr","page_number":168,"box":{"x":117,"y":165,"width":381,"height":11}},{"id":"6a6660d2-36c1-48dd-a718-eeec5099827d","block_type":"box","text":"opriate for the Fund to purchase and another client","page_number":168,"box":{"x":498,"y":165,"width":373,"height":11}},{"id":"49d76e06-5658-4509-a2ee-f466fe7511e8","block_type":"box","text":"of BlackRock to sell, or the Fund to sell and another cli","page_number":168,"box":{"x":116,"y":180,"width":395,"height":11}},{"id":"218346c7-cfbe-4c0a-86dd-b970567f9c8f","block_type":"box","text":"ent of BlackRock to purchase, the same security","page_number":168,"box":{"x":513,"y":180,"width":356,"height":12}},{"id":"5f871287-6756-41c0-8cd2-2a9d99383fb4","block_type":"box","text":"or instrument on the same day. From time to time","page_number":168,"box":{"x":116,"y":196,"width":359,"height":12}},{"id":"77683263-f993-4c93-befc-af7abfa2c8b6","block_type":"box","text":", the activities of a Fund may be restricted because of","page_number":168,"box":{"x":477,"y":196,"width":393,"height":12}},{"id":"5bed52a2-34c4-4c97-8587-0cf1dbaae0a4","block_type":"box","text":"regulatory requirements applicable to BlackRock and/or","page_number":168,"box":{"x":117,"y":211,"width":408,"height":12}},{"id":"a1020ef4-c55a-4a15-8396-b044b76b53ce","block_type":"box","text":"BlackRock’s internal policies designed to comply","page_number":168,"box":{"x":526,"y":211,"width":357,"height":12}},{"id":"adf775fe-ee2f-448d-bdac-f539631f5916","block_type":"box","text":"with, limit the applicability of, or t","page_number":168,"box":{"x":116,"y":227,"width":235,"height":12}},{"id":"2f671ce7-bd85-482c-bf6d-a2bba68d6dce","block_type":"box","text":"hat otherwise relate to such requirements. A client not advised by","page_number":168,"box":{"x":352,"y":227,"width":479,"height":12}},{"id":"bd3fb5c7-df90-4cb2-8d60-cd0a4d9f3e2d","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock","page_number":168,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"c18896c4-94b9-4629-bdae-215a9f86ec1c","block_type":"box","text":"may not initiate or recommend certain types of transac","page_number":168,"box":{"x":117,"y":258,"width":395,"height":12}},{"id":"d3e10892-4492-45eb-9508-e3352ce29436","block_type":"box","text":"tions, or may otherwise restrict or limit its advice","page_number":168,"box":{"x":512,"y":258,"width":354,"height":12}},{"id":"ee2b2d5a-5310-4783-ac5e-0ed5de6d0eaf","block_type":"box","text":"regarding certain securities or instruments issued by","page_number":168,"box":{"x":117,"y":273,"width":379,"height":12}},{"id":"7da2c4e5-9254-46f5-9778-263d3da3d132","block_type":"box","text":"y or related to companies for which BlackRock is","page_number":168,"box":{"x":496,"y":273,"width":350,"height":12}},{"id":"068da9d8-bb90-44a0-8b8b-1a389f99c116","block_type":"box","text":"performing advisory or other services or has propr","page_number":168,"box":{"x":117,"y":289,"width":363,"height":12}},{"id":"45f8d405-07d8-4336-8262-1bc393adae35","block_type":"box","text":"ietary positions. For example, when BlackRock is","page_number":168,"box":{"x":481,"y":289,"width":361,"height":12}},{"id":"a767b80b-f0dc-4a57-b68f-9d2e1d4a3f08","block_type":"box","text":"engaged to provide advisory or risk management servic","page_number":168,"box":{"x":116,"y":304,"width":404,"height":12}},{"id":"d1556d8f-bfb4-46b0-9e00-cfca3f4601fc","block_type":"box","text":"es for a company, BlackRock may be prohibited","page_number":168,"box":{"x":521,"y":304,"width":353,"height":12}},{"id":"9ec66cd1-954a-4603-bbcf-61fdf85f7fc2","block_type":"box","text":"from or limited in purchasing or selling securities of","page_number":168,"box":{"x":116,"y":320,"width":369,"height":12}},{"id":"c476711d-2413-4e04-9326-5206d9b21731","block_type":"box","text":"f that company on behalf of a Fund, particularly where","page_number":168,"box":{"x":485,"y":320,"width":392,"height":12}},{"id":"fc75f7f0-386b-483c-96ec-6f01f7e4b058","block_type":"box","text":"such services result in BlackRock obtaining materi","page_number":168,"box":{"x":116,"y":335,"width":365,"height":12}},{"id":"207a757d-4288-4c4f-9d30-ee6f20ea1fb3","block_type":"box","text":"al non-public information about the company (e.g., in","page_number":168,"box":{"x":482,"y":335,"width":387,"height":12}},{"id":"e41a84af-6e73-4da0-ba8e-9c840cbdf68e","block_type":"box","text":"connection with participation in a creditors’ committee).","page_number":168,"box":{"x":116,"y":351,"width":404,"height":12}},{"id":"6ff67048-d60e-4005-ada0-adbcd0f30bdc","block_type":"box","text":"Moreover, applicable provisions of the Investment","page_number":168,"box":{"x":521,"y":351,"width":365,"height":12}},{"id":"390338e1-3031-46c3-a665-0007980b1682","block_type":"box","text":"Company Act or other regulatory considerations ma","page_number":168,"box":{"x":117,"y":366,"width":375,"height":12}},{"id":"825c0f0d-18ca-4f8f-9086-2e69904c3827","block_type":"box","text":"y restrict a Fund or BlackRock from effecting certain","page_number":168,"box":{"x":492,"y":366,"width":383,"height":12}},{"id":"55cbe9a0-0141-4be7-9202-c9af5b6fa5c0","block_type":"box","text":"portfolio transactions or taking other actions in respect of an investment on behalf of a Fund, including","page_number":168,"box":{"x":117,"y":382,"width":743,"height":12}},{"id":"b95339ec-3a9a-413d-9ed1-822caad60aff","block_type":"box","text":"where BlackRock and/or clients advised by BlackRock al","page_number":168,"box":{"x":116,"y":397,"width":411,"height":12}},{"id":"fd0d3212-fb8c-4113-830e-ff4a30507338","block_type":"box","text":"ready have an interest in such issuer or the","page_number":168,"box":{"x":529,"y":397,"width":319,"height":12}},{"id":"ef1d3bf0-e75e-48d1-953c-7ded0631ca2a","block_type":"box","text":"investment. Similar situations could arise if personnel","page_number":168,"box":{"x":117,"y":413,"width":384,"height":12}},{"id":"74413de4-f993-40aa-bbac-cb8c9925b7a5","block_type":"box","text":"of BlackRock serve as directors of companies the","page_number":168,"box":{"x":502,"y":413,"width":370,"height":12}},{"id":"eaba17a7-5b6e-4677-b840-a83c102717d4","block_type":"box","text":"securities of which the Funds wish to purchase or","page_number":168,"box":{"x":116,"y":428,"width":360,"height":12}},{"id":"bd096f92-ad12-45d5-a06c-93accd525fe9","block_type":"box","text":"r sell. However, if permitted by applicable law, and","page_number":168,"box":{"x":475,"y":428,"width":365,"height":12}},{"id":"8335710f-00ac-413d-946c-ac7527c739cc","block_type":"box","text":"where consistent with BlackRock’s policies and procedur","page_number":168,"box":{"x":116,"y":444,"width":412,"height":12}},{"id":"3d43ffa2-a151-48fb-a20e-cdc7072b21e8","block_type":"box","text":"es (including the necessary implementation of","page_number":168,"box":{"x":529,"y":444,"width":338,"height":12}},{"id":"ebd382cc-704d-4984-9922-da32e0ddf05e","block_type":"box","text":"appropriate information barriers), the Funds may purchase","page_number":168,"box":{"x":116,"y":459,"width":430,"height":12}},{"id":"d2c20168-b6cd-4925-910e-faefd1ae9d69","block_type":"box","text":"securities or instruments that are issued by","page_number":168,"box":{"x":546,"y":459,"width":317,"height":12}},{"id":"e87b019d-54ed-4c80-9485-0d3583e44893","block_type":"box","text":"such companies, are the subject of an advisory or","page_number":168,"box":{"x":116,"y":475,"width":362,"height":12}},{"id":"22ac84b9-bdec-4de6-8ba9-8f576beda1c7","block_type":"box","text":"r risk management assignment by BlackRock, or where","page_number":168,"box":{"x":478,"y":475,"width":403,"height":12}},{"id":"6520b66a-57fe-4eda-a61a-c158fc83571a","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":168,"box":{"x":117,"y":490,"width":448,"height":12}},{"id":"373811f4-8950-4a7f-92b8-cfe48f3f0633","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address","page_number":168,"box":{"x":117,"y":521,"width":714,"height":12}},{"id":"97a055f3-2ce4-4a0a-bf05-5665d9a1488f","block_type":"box","text":"potential conflicts that arise in connection with the advisory services BlackRock provides to Funds and","page_number":168,"box":{"x":117,"y":537,"width":762,"height":12}},{"id":"744bf634-b044-4ec9-918a-0d41d6a41ed4","block_type":"box","text":"other clients. Certain BlackRock advisory personnel may take views, and make decisions or","page_number":168,"box":{"x":116,"y":552,"width":686,"height":12}},{"id":"92f05fce-81ea-4563-8a6f-bdb4ff1b617d","block_type":"box","text":"recommendations, that are different than or opposite those of other BlackRock advisory personnel.","page_number":168,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"94aef815-9c2e-4dd2-a0c5-6960ab5c38aa","block_type":"box","text":"Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":168,"box":{"x":117,"y":583,"width":737,"height":12}},{"id":"1e5851d5-294a-49bc-9cba-1c5e97bd26b1","block_type":"box","text":"taking) actions with respect to clients they advise in a manner different than or adverse to the decisions","page_number":168,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"c2012daf-f31a-478c-9451-6dc7a4a4e513","block_type":"box","text":"made or the actions taken (or not taken) by the Funds’ portfolio management teams. The various","page_number":168,"box":{"x":117,"y":614,"width":723,"height":12}},{"id":"7624d1f1-08d6-423b-978e-3f5e2af1370e","block_type":"box","text":"portfolio management teams may not share information with each other, including as a result of certain","page_number":168,"box":{"x":117,"y":630,"width":767,"height":12}},{"id":"941a7372-1d57-4e30-94a1-dcc5190c98d2","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":168,"box":{"x":117,"y":645,"width":697,"height":12}},{"id":"057e37c2-3ef1-4a06-a4fe-8e6a84d6f101","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of","page_number":168,"box":{"x":117,"y":676,"width":732,"height":12}},{"id":"58aef4ea-a2a4-4cdc-a1ba-f037b49d8c1f","block_type":"box","text":"information between different businesses within BlackRock, including with respect to personnel","page_number":168,"box":{"x":117,"y":692,"width":703,"height":12}},{"id":"b15e96c1-6007-4aef-ab67-6f5b42de97be","block_type":"box","text":"responsible with managing portfolios and voting proxies with respect to certain index equity portfolios","page_number":168,"box":{"x":117,"y":707,"width":747,"height":12}},{"id":"c68d765f-8423-40d1-8901-0334763cb376","block_type":"box","text":"versus those responsible for managing portfolios and voting proxies with respect to all other portfolios.","page_number":168,"box":{"x":116,"y":723,"width":757,"height":12}},{"id":"7690d13c-ca05-41f9-afff-a162228f9423","block_type":"box","text":"As a result of information barriers, certain units of BlackRock generally will not have access, or will","page_number":168,"box":{"x":116,"y":738,"width":729,"height":12}},{"id":"2561f331-6a7c-4aff-9dfb-631217dd450e","block_type":"box","text":"have limited access, to certain information and personnel, including senior personnel, in other units of","page_number":168,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"39d069c4-4c43-4b99-99be-2707741755ef","block_type":"box","text":"BlackRock, and generally will not manage the Funds with the benefit of information possessed by such","page_number":168,"box":{"x":117,"y":769,"width":761,"height":12}},{"id":"18e03695-b264-4de5-8a97-8ef3beac2181","block_type":"box","text":"other units. Therefore, BlackRock may not be able to review potential investments for the Funds with","page_number":168,"box":{"x":116,"y":785,"width":746,"height":12}},{"id":"42f101fe-a00a-4898-abdd-e03790a19068","block_type":"box","text":"the benefit of information held by certain areas of BlackRock.","page_number":168,"box":{"x":116,"y":800,"width":452,"height":12}},{"id":"e3ae1d00-406d-47eb-85b1-89057c48b6ce","block_type":"box","text":"BlackRock may determine to move certain personnel,","page_number":168,"box":{"x":117,"y":831,"width":394,"height":12}},{"id":"af8f33b6-a268-45e5-b28e-436efdf2938a","block_type":"box","text":"businesses, or business units from one side of an","page_number":168,"box":{"x":511,"y":831,"width":365,"height":11}},{"id":"8684e35c-d5b2-40c3-85d9-de121dd074bc","block_type":"box","text":"information barrier to the other side of the info","page_number":168,"box":{"x":117,"y":847,"width":331,"height":9}},{"id":"60021853-cbaf-4111-8c96-630ccc669ce7","block_type":"box","text":"rmation barrier. In connection therewith, BlackRock","page_number":168,"box":{"x":449,"y":847,"width":376,"height":11}},{"id":"c330ea2f-79f8-4550-8852-351b86583dfa","block_type":"box","text":"personnel, businesses, and business units that were moved will no longer have access to the information","page_number":168,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"759950d4-b926-4526-a8f5-c7488392e5b4","block_type":"box","text":"and personnel from the side of the information barrier f","page_number":168,"box":{"x":116,"y":878,"width":392,"height":12}},{"id":"367e3cc3-3fae-47d9-8b70-536632d1106e","block_type":"box","text":"from which they were moved. Information obtained","page_number":168,"box":{"x":508,"y":878,"width":374,"height":12}},{"id":"d69c2796-73ad-43bf-b482-d7493e249ab4","block_type":"box","text":"II-123","page_number":168,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"904cb9d6-66cb-41e5-a270-d8a8bd765fb8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":168,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"26deec0b-c8e0-44b3-b6ac-205b469dcc7c","block_type":"box","text":"in connection with such changes to information barriers","page_number":169,"box":{"x":117,"y":87,"width":405,"height":12}},{"id":"8b9c83cc-11d3-4594-bcc7-9057aded81b4","block_type":"box","text":"may limit or restrict the ability of BlackRock to","page_number":169,"box":{"x":523,"y":87,"width":334,"height":12}},{"id":"bd8fb2f6-6837-4ccc-a79f-7dcaef8dfc59","block_type":"box","text":"engage in or otherwise effect transactions on behalf","page_number":169,"box":{"x":116,"y":102,"width":381,"height":13}},{"id":"21234c69-515f-4e2e-906b-dab0431cf7f5","block_type":"box","text":"of the Funds (including purchasing or selling","page_number":169,"box":{"x":498,"y":102,"width":325,"height":13}},{"id":"0d261c75-0204-43e0-aaf5-ac7c22dcc32b","block_type":"box","text":"securities that BlackRock may otherwise have purchased","page_number":169,"box":{"x":116,"y":118,"width":421,"height":12}},{"id":"0b7035f3-f113-4778-8205-c923d945d59a","block_type":"box","text":"or sold for a client in the absence of a change","page_number":169,"box":{"x":537,"y":118,"width":336,"height":12}},{"id":"3b9bb743-6b2a-4e9e-94ec-febd9305a9c8","block_type":"box","text":"to an information barrier). Informati","page_number":169,"box":{"x":116,"y":134,"width":252,"height":12}},{"id":"a5470970-f87f-474c-b172-190c626b448b","block_type":"box","text":"on barriers may not have their intended impact due to, for example,","page_number":169,"box":{"x":369,"y":134,"width":494,"height":12}},{"id":"99d18521-9837-4803-846a-eb5c3d6d7632","block_type":"box","text":"changes in applicable law or inadvertent crossings","page_number":169,"box":{"x":116,"y":149,"width":371,"height":12}},{"id":"8deb36f0-f6c9-4095-a1fa-7ea0559bc17e","block_type":"box","text":"of the barriers, and actions by personnel on one side","page_number":169,"box":{"x":487,"y":149,"width":388,"height":12}},{"id":"b4adfa69-6a6e-4036-8c17-4a2e753d516f","block_type":"box","text":"of a barrier may impact the potential actions","page_number":169,"box":{"x":116,"y":165,"width":324,"height":12}},{"id":"2e821036-fe0b-409c-a439-eb879082669a","block_type":"box","text":"of personnel on the other side of a barrier.","page_number":169,"box":{"x":440,"y":165,"width":310,"height":11}},{"id":"88c8bc05-82f2-4393-b64f-4b207bdf8b27","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision","page_number":169,"box":{"x":116,"y":196,"width":764,"height":12}},{"id":"3f8a442e-5fab-4eeb-b21d-cd2959963c43","block_type":"box","text":"making and proxy voting among certain BlackRock businesses, the investment activities of BlackRock","page_number":169,"box":{"x":117,"y":211,"width":761,"height":12}},{"id":"ec22d51c-7915-436c-9bfd-31a6d2b8b62c","block_type":"box","text":"for BlackRock clients, as well as BlackRock’s proprietary accounts, may nonetheless limit the","page_number":169,"box":{"x":116,"y":227,"width":697,"height":12}},{"id":"b2b51467-6216-4733-bf63-5b8d5364151a","block_type":"box","text":"investment strategies and rights of other clients (including the Fund). As BlackRock’s assets under","page_number":169,"box":{"x":117,"y":242,"width":735,"height":12}},{"id":"d8538a24-7203-4f41-bc8c-9fd27ee6a3b6","block_type":"box","text":"management increases, BlackRock clients may face greater negative impacts due to ownership","page_number":169,"box":{"x":117,"y":258,"width":714,"height":12}},{"id":"fe9ee900-b87e-43af-8edc-b8f22e82b6ca","block_type":"box","text":"restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in","page_number":169,"box":{"x":117,"y":273,"width":756,"height":12}},{"id":"7f344852-d1ae-483f-8a26-fb726374ff12","block_type":"box","text":"certain circumstances where a BlackRock client invests in securities issued by companies that operate","page_number":169,"box":{"x":116,"y":289,"width":767,"height":12}},{"id":"aaee9cca-74e7-4c7b-ade0-30e09ca16c57","block_type":"box","text":"in certain industries (e.g., banking, insurance, and utilities) or in certain emerging or international","page_number":169,"box":{"x":117,"y":304,"width":720,"height":12}},{"id":"c15226a6-2e7b-4bf9-a374-47c3f473a42a","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (e.g., with mechanisms such","page_number":169,"box":{"x":117,"y":320,"width":753,"height":12}},{"id":"f86ec21c-8a80-43c0-95a0-c2044820e732","block_type":"box","text":"as poison pills in place to prevent takeovers), or where a BlackRock client invests in certain futures and","page_number":169,"box":{"x":116,"y":335,"width":772,"height":12}},{"id":"6cef02eb-c163-4bf9-8223-77c639bf7513","block_type":"box","text":"derivatives, there may be limits on the aggregate amount invested by BlackRock for its clients and","page_number":169,"box":{"x":116,"y":351,"width":733,"height":12}},{"id":"86cc5370-33d5-4eb5-b6c0-54c6f960d497","block_type":"box","text":"BlackRock’s proprietary accounts that may not be exceeded without the grant of a license or other","page_number":169,"box":{"x":117,"y":366,"width":732,"height":12}},{"id":"ebbd0191-b049-4ba0-9190-92da85b7fcdb","block_type":"box","text":"regulatory or corporate approval, order, consent, relief, waiver or non-disapproval or, if exceeded, may","page_number":169,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"ca850ca2-a967-47d0-8253-598997a1a478","block_type":"box","text":"cause BlackRock or its clients to be subject to enforcement actions, disgorgement of share ownership","page_number":169,"box":{"x":116,"y":397,"width":761,"height":12}},{"id":"ee74a289-8a18-48dd-9305-7a40fff6ac7b","block_type":"box","text":"or profits, regulatory restrictions, complex compliance reporting, increased compliance costs or suffer","page_number":169,"box":{"x":116,"y":413,"width":756,"height":12}},{"id":"f33d3dcd-6ced-49e2-b8b3-c252993c1725","block_type":"box","text":"disadvantages or business restrictions. In light of certain restrictions, BlackRock may also seek to","page_number":169,"box":{"x":116,"y":428,"width":729,"height":12}},{"id":"92cff2f3-ec70-45f5-92db-d0e2652fd8f3","block_type":"box","text":"make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to certain","page_number":169,"box":{"x":117,"y":444,"width":769,"height":12}},{"id":"03886e4d-53e2-4102-804f-94bf4bcc78f8","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that","page_number":169,"box":{"x":116,"y":459,"width":762,"height":12}},{"id":"7f2646cc-375f-4040-85a5-10d4e2088106","block_type":"box","text":"will expose such clients to additional costs and additional risks, including any risks associated with","page_number":169,"box":{"x":116,"y":475,"width":734,"height":12}},{"id":"67a20eac-dc40-4554-adf6-66a423e702ea","block_type":"box","text":"investing in derivatives. There may be limited availability of derivatives that provide indirect exposure to","page_number":169,"box":{"x":117,"y":490,"width":769,"height":12}},{"id":"c1c7c43f-1238-42c4-be79-0e2a8e252252","block_type":"box","text":"an impacted security. BlackRock clients can be subject to more than one ownership limitation","page_number":169,"box":{"x":116,"y":506,"width":698,"height":12}},{"id":"ef9d7af1-946a-49d1-b84e-7cf60848c5fa","block_type":"box","text":"depending on each client’s holdings, and each ownership limitation can impact multiple securities held","page_number":169,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"5d9db810-d0f6-4c81-8f88-4b6cb7f995e3","block_type":"box","text":"by the client. Certain clients or shareholders may have their own overlapping obligations to monitor","page_number":169,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"942477e2-6629-4813-9a12-74527978d841","block_type":"box","text":"their compliance with ownership limitations across their investments.","page_number":169,"box":{"x":116,"y":552,"width":513,"height":12}},{"id":"edfd7db2-5e9a-4d12-ad12-d978b3cd1f22","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a","page_number":169,"box":{"x":117,"y":583,"width":738,"height":12}},{"id":"8ce8c159-74f3-45e8-a140-d7fcd9af9ae9","block_type":"box","text":"BlackRock client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of","page_number":169,"box":{"x":117,"y":599,"width":758,"height":12}},{"id":"97d839c6-49fc-4357-b27e-267e6f5b599b","block_type":"box","text":"clients to purchase or dispose of investments, or exercise rights (including voting) or undertake","page_number":169,"box":{"x":116,"y":614,"width":709,"height":12}},{"id":"0b4fbdcf-b297-47ae-85fe-eec4044d6fcd","block_type":"box","text":"business transactions, may be restricted by law, regulation, rule, or organizational documents or","page_number":169,"box":{"x":117,"y":630,"width":717,"height":12}},{"id":"0d858b33-e495-47d6-9e06-43188a6592e9","block_type":"box","text":"otherwise impaired. For example, to meet the requirements of an ownership limitation or restriction, a","page_number":169,"box":{"x":116,"y":645,"width":756,"height":12}},{"id":"c1d464b3-156b-4a3d-848f-009267fc404c","block_type":"box","text":"client may be unable to purchase or directly hold a security the client would otherwise purchase or","page_number":169,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"22a4a696-3539-4f37-9e8e-186486da45f7","block_type":"box","text":"hold. The limitation or restriction may be based on the holdings of other BlackRock clients instead of","page_number":169,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"2412e193-1b55-4a97-b00a-4d7ce1d99f39","block_type":"box","text":"the specific client being restricted. For index funds, this means a fund may not be able to track its index","page_number":169,"box":{"x":116,"y":692,"width":766,"height":12}},{"id":"6fc68989-8096-4af9-bda1-6dca76ea173c","block_type":"box","text":"as closely as it would if it was not subject to an ownership limitation or restriction because the fund","page_number":169,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"a0d22586-dae4-4157-80bc-ea61b9691ad5","block_type":"box","text":"cannot acquire the amount of the impacted security included in its index. BlackRock on behalf of its","page_number":169,"box":{"x":116,"y":723,"width":735,"height":12}},{"id":"2f15aa1e-9739-4df2-9a1d-39cf9c425cbb","block_type":"box","text":"clients may limit purchases, sell existing investments, utilize indirect investments, utilize information","page_number":169,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"cc9ec3e8-a972-4416-802d-44d0ee6a86dd","block_type":"box","text":"barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or","page_number":169,"box":{"x":117,"y":754,"width":767,"height":12}},{"id":"e5ad6408-34fc-4cf3-a09b-e6e390dbd977","block_type":"box","text":"limiting voting rights or forgoing the right to receive dividends) when BlackRock, in its sole discretion,","page_number":169,"box":{"x":117,"y":769,"width":745,"height":12}},{"id":"3d092896-550a-42b5-aa44-d57d663d41c6","block_type":"box","text":"deems it appropriate in light of potential regulatory or other restrictions on ownership or other","page_number":169,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"9863f5bb-ce14-4ef3-aa74-77bfe3dd677d","block_type":"box","text":"consequences resulting from reaching investment thresholds. These types of restrictions could","page_number":169,"box":{"x":116,"y":800,"width":702,"height":12}},{"id":"e8c133cb-5e8c-4a06-ab19-143f201bbc1c","block_type":"box","text":"negatively impact a client’s performance or ability to meet its investment objective.","page_number":169,"box":{"x":117,"y":816,"width":608,"height":12}},{"id":"426d478f-c148-4fe4-bae7-d9c9f97d0701","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its","page_number":169,"box":{"x":116,"y":847,"width":728,"height":12}},{"id":"885bdac3-301a-41ff-b607-fe712889396f","block_type":"box","text":"discretion seek permission from the applicable issuers or regulators to exceed the limitation. However,","page_number":169,"box":{"x":116,"y":862,"width":764,"height":12}},{"id":"87b6d05c-70fa-4721-b8ee-ebb20273324c","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or","page_number":169,"box":{"x":116,"y":878,"width":746,"height":12}},{"id":"c4098e85-34a9-45df-ad85-0b696d7fe671","block_type":"box","text":"II-124","page_number":169,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0134892c-d0b7-4619-906d-121b7dc66419","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":169,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"aa75f714-3dd1-49a4-acb3-311b3c3e86e3","block_type":"box","text":"revoked at a later date with minimal or no notice. The issuer and/or regulator may also require that","page_number":170,"box":{"x":117,"y":87,"width":734,"height":12}},{"id":"825275eb-e5ae-458e-89be-3cce0778e045","block_type":"box","text":"BlackRock on behalf of itself and its clients take or refrain from taking certain actions in connection with","page_number":170,"box":{"x":117,"y":102,"width":770,"height":13}},{"id":"9ae27a54-cf5c-4cef-981b-3df000bd43b6","block_type":"box","text":"the approval, order, consent, relief or non-disapproval, which BlackRock may accept if it believes the","page_number":170,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"b8b405ac-545f-43fe-ad84-65e9a2c74700","block_type":"box","text":"benefits outweigh the costs and may limit BlackRock from taking actions that it otherwise would take.","page_number":170,"box":{"x":117,"y":134,"width":753,"height":12}},{"id":"6559c0f8-ebf2-42f2-9f36-07e2118dd4da","block_type":"box","text":"In those circumstances where ownership thresholds or limitations must be observed, BlackRock seeks","page_number":170,"box":{"x":117,"y":149,"width":765,"height":12}},{"id":"8e83d4f4-8733-4cb9-a788-35254869b1be","block_type":"box","text":"to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":170,"box":{"x":116,"y":165,"width":693,"height":12}},{"id":"4d7480f9-dd81-42de-82c5-691a042d3fa5","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent","page_number":170,"box":{"x":117,"y":180,"width":767,"height":12}},{"id":"8b81b580-d057-4548-8081-7e0db92d4d60","block_type":"box","text":"the occurrence of a breach of any applicable ownership threshold or limits, including, for example,","page_number":170,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"ad7ebc47-0c3a-4c1e-a044-70e911877bce","block_type":"box","text":"when ownership in certain securities nears an applicable threshold, BlackRock may limit additional","page_number":170,"box":{"x":116,"y":211,"width":736,"height":12}},{"id":"38e0cd7a-a52e-4914-a61b-f6c593051178","block_type":"box","text":"purchases in such securities or, with respect to ETFs, remove such securities from the list of Deposit","page_number":170,"box":{"x":117,"y":227,"width":751,"height":11}},{"id":"645ce123-16cf-4c75-9985-09ad3d9ca0b6","block_type":"box","text":"Securities to be delivered to the Fund in connection with purchases of Creation Units of such Fund. If","page_number":170,"box":{"x":116,"y":242,"width":755,"height":12}},{"id":"50e2d2e9-7dce-4d42-b160-73375a2c1850","block_type":"box","text":"client holdings of an issuer exceed an applicable threshold and BlackRock is unable to obtain relief to","page_number":170,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"ab2dcf6a-5994-4c26-89c2-346beafdfb61","block_type":"box","text":"enable the continued holding of such investments, it may be necessary to reduce these positions to","page_number":170,"box":{"x":116,"y":273,"width":743,"height":12}},{"id":"bf000595-cae5-4eb8-8e46-ca7edda895af","block_type":"box","text":"meet the applicable limitations and BlackRock or such client may be subject to regulatory actions. In","page_number":170,"box":{"x":117,"y":289,"width":747,"height":12}},{"id":"aebd5a2e-5f0e-4069-87a2-72dedfa86a62","block_type":"box","text":"these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over","page_number":170,"box":{"x":116,"y":304,"width":745,"height":12}},{"id":"697cb58d-4df9-4e22-bf09-25b13ce271dc","block_type":"box","text":"time.","page_number":170,"box":{"x":116,"y":320,"width":41,"height":9}},{"id":"3022f7d4-4815-46aa-872c-41f185314e7f","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either","page_number":170,"box":{"x":116,"y":347,"width":715,"height":13}},{"id":"a86d9baf-7ca6-4498-8abd-09a452b905de","block_type":"box","text":"comply with or be granted permission to exceed ownership limitations, it may inadvertently breach a","page_number":170,"box":{"x":116,"y":363,"width":746,"height":12}},{"id":"794aa031-d418-4673-aaec-f76705c37cd0","block_type":"box","text":"limit or violate the corporate or regulatory approval, order, consent, relief or non-disapproval that was","page_number":170,"box":{"x":117,"y":378,"width":753,"height":13}},{"id":"f16fd57b-fe44-46ad-9a53-f2dd9f9e70d6","block_type":"box","text":"obtained.","page_number":170,"box":{"x":116,"y":394,"width":74,"height":10}},{"id":"4e35b226-e490-416e-9bee-e693b858414a","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to","page_number":170,"box":{"x":117,"y":422,"width":696,"height":12}},{"id":"59885c74-b0bf-4ca0-96e8-106754fda346","block_type":"box","text":"governmental and regulatory authorities, and such reports may entail the disclosure of the identity of a","page_number":170,"box":{"x":116,"y":437,"width":763,"height":12}},{"id":"62b43a03-0d05-4f24-be2b-d64c6a2aa032","block_type":"box","text":"client or BlackRock’s intended strategy with respect to such security or asset.","page_number":170,"box":{"x":116,"y":453,"width":579,"height":12}},{"id":"03489676-de4b-4c42-9aa4-3d099a7a7317","block_type":"box","text":"BlackRock may maintain securities indices. To t","page_number":170,"box":{"x":117,"y":481,"width":346,"height":12}},{"id":"e1d32624-a69a-4ce2-9fe8-99b104606c28","block_type":"box","text":"he extent permitted by applicable laws, the Funds may","page_number":170,"box":{"x":464,"y":481,"width":401,"height":12}},{"id":"3eba6f2a-dd23-49ed-8c03-1a11db745af9","block_type":"box","text":"seek to license and use such indices as part of their investment strategy. Index based funds that seek to","page_number":170,"box":{"x":116,"y":496,"width":762,"height":12}},{"id":"60bcace8-b7b7-43d1-9b8e-5ec08e94c0ac","block_type":"box","text":"track the performance of securities indices also may us","page_number":170,"box":{"x":116,"y":512,"width":400,"height":12}},{"id":"9537ae38-941b-4e8b-a1b0-67c4d341ccb0","block_type":"box","text":"e the name of the index or index provider in the","page_number":170,"box":{"x":517,"y":512,"width":348,"height":12}},{"id":"20ef2d90-9a8b-4c63-9243-e02372fb4cbd","block_type":"box","text":"fund name. Index providers, including BlackRock (to","page_number":170,"box":{"x":116,"y":527,"width":384,"height":12}},{"id":"0b02f2f1-6b96-4cb9-a1b2-0904dbd506c5","block_type":"box","text":"the extent permitted by applicable law), may be paid","page_number":170,"box":{"x":500,"y":527,"width":384,"height":12}},{"id":"094e46e0-9394-4724-97cf-19c57148cfc0","block_type":"box","text":"licensing fees for use of their index or index nam","page_number":170,"box":{"x":117,"y":543,"width":351,"height":12}},{"id":"a99aba48-326f-487b-8020-28b788ee74b5","block_type":"box","text":"e. In instances where BlackRock charges a unitary","page_number":170,"box":{"x":469,"y":543,"width":373,"height":12}},{"id":"39cdb871-8520-4e26-8810-2e805800a664","block_type":"box","text":"management fee, BlackRock may have a financial incentiv","page_number":170,"box":{"x":117,"y":558,"width":424,"height":12}},{"id":"dde57233-6bb5-468b-b10b-36d91fe5fa1c","block_type":"box","text":"e to use a BlackRock index that is less costly","page_number":170,"box":{"x":542,"y":558,"width":331,"height":12}},{"id":"c3c41fb4-6da3-47a5-b3f4-3f53cd1c05c2","block_type":"box","text":"to BlackRock than a third party index. BlackRock ma","page_number":170,"box":{"x":116,"y":574,"width":382,"height":12}},{"id":"8e1b0d3a-7d80-4973-8d52-af731bda8a41","block_type":"box","text":"y benefit from the Funds using BlackRock indices by","page_number":170,"box":{"x":498,"y":574,"width":386,"height":12}},{"id":"a35ee716-0521-4c81-88be-8a9d16177a90","block_type":"box","text":"creating increasing acceptance in the marketplace for","page_number":170,"box":{"x":116,"y":589,"width":394,"height":12}},{"id":"4485e71a-4979-4286-99ed-750e3cd7bd0b","block_type":"box","text":"such indices. BlackRock is not obligated to license","page_number":170,"box":{"x":510,"y":589,"width":371,"height":12}},{"id":"2473ad1d-a7bc-4859-ade6-44231f9ed5d7","block_type":"box","text":"its indices to a Fund and the Funds are under no obli","page_number":170,"box":{"x":117,"y":605,"width":382,"height":9}},{"id":"cb5abf77-cb66-4b13-baf3-7b00d864712c","block_type":"box","text":"gation to use BlackRock indices. Any Fund that","page_number":170,"box":{"x":500,"y":605,"width":348,"height":12}},{"id":"4ecd9023-51a7-42c1-9b7b-74d0083bf93d","block_type":"box","text":"enters into a license for a BlackRock index cannot be assured that the terms of any index licensing","page_number":170,"box":{"x":116,"y":620,"width":722,"height":12}},{"id":"599aa00a-487b-4a79-ab55-5a4d4158842a","block_type":"box","text":"agreement with BlackRock will be as favorable as","page_number":170,"box":{"x":116,"y":636,"width":360,"height":12}},{"id":"60534a12-1ee9-4f3f-ae89-3da3d58bca10","block_type":"box","text":"those terms offered to other licensees.","page_number":170,"box":{"x":477,"y":636,"width":289,"height":9}},{"id":"248b3972-523d-4550-8559-f57a4602e4aa","block_type":"box","text":"BlackRock may enter into contractual arrangements wit","page_number":170,"box":{"x":117,"y":664,"width":401,"height":12}},{"id":"eaf6a8ea-1e71-45b3-9d30-9af2ea07befe","block_type":"box","text":"h third-party service providers to a Fund (e.g.,","page_number":170,"box":{"x":520,"y":664,"width":330,"height":12}},{"id":"805ce6ae-8390-42df-8be7-f43058a49749","block_type":"box","text":"custodians, administrators and index providers) purs","page_number":170,"box":{"x":116,"y":679,"width":381,"height":12}},{"id":"86a824df-e3fa-4e6f-b6f6-94d77a73aad3","block_type":"box","text":"uant to which BlackRock receives fee discounts or","page_number":170,"box":{"x":498,"y":679,"width":365,"height":10}},{"id":"43aa226a-93ef-4691-9014-eb0885d380b8","block_type":"box","text":"concessions in recognition of BlackRock’s overall relationship with such service providers. BlackRock","page_number":170,"box":{"x":116,"y":695,"width":736,"height":12}},{"id":"206c6c29-130b-4f9e-9357-c03095c2897b","block_type":"box","text":"may also enter into contractual arrangements with su","page_number":170,"box":{"x":117,"y":710,"width":384,"height":12}},{"id":"ee6cd739-04fe-4c7a-8c29-abf204772fdc","block_type":"box","text":"ch service providers pursuant to which BlackRock","page_number":170,"box":{"x":503,"y":710,"width":361,"height":12}},{"id":"ee9c674f-a189-4ac2-a6b9-468e33fef863","block_type":"box","text":"incurs additional costs if the service provider’s","page_number":170,"box":{"x":117,"y":726,"width":332,"height":12}},{"id":"352cb75a-4103-4ff0-a8af-ee4561612359","block_type":"box","text":"services are terminated with respect to a Fund. To the","page_number":170,"box":{"x":455,"y":726,"width":392,"height":12}},{"id":"1314c3ee-0dc3-403d-8d52-8cb20bf21dcf","block_type":"box","text":"extent that BlackRock is responsible for paying service","page_number":170,"box":{"x":116,"y":741,"width":397,"height":12}},{"id":"f4b8650a-8720-4027-9900-b0d33ee186f1","block_type":"box","text":"providers out of its fees that it receives from the","page_number":170,"box":{"x":519,"y":741,"width":344,"height":12}},{"id":"079f482f-9983-4ada-9b34-cf4c5835a04e","block_type":"box","text":"Funds, the benefits of lower fees, including any fee di","page_number":170,"box":{"x":117,"y":757,"width":385,"height":12}},{"id":"edc251bd-fa05-488b-8fdf-efa9d8cb04bc","block_type":"box","text":"scounts or concessions, or any additional savings,","page_number":170,"box":{"x":504,"y":757,"width":364,"height":12}},{"id":"22e22eff-d5d4-4056-80ed-90a1a0879f3e","block_type":"box","text":"may accrue, in whole or in part, to BlackRock, which coul","page_number":170,"box":{"x":117,"y":772,"width":413,"height":12}},{"id":"af7956aa-b466-4616-846d-3f788798cc24","block_type":"box","text":"d result in conflicts of interest relating to the use","page_number":170,"box":{"x":531,"y":772,"width":346,"height":12}},{"id":"f6c01f86-aae3-4c86-b96b-53b5be39e382","block_type":"box","text":"or termination of service providers to a Fund. In additi","page_number":170,"box":{"x":116,"y":788,"width":387,"height":12}},{"id":"3a855130-b1fd-43c8-af8c-a6526105053c","block_type":"box","text":"on, conflicts of interest may arise with respect to","page_number":170,"box":{"x":505,"y":788,"width":349,"height":12}},{"id":"78b2c7e2-371b-4205-9e38-7c49233db512","block_type":"box","text":"contractual arrangements with third-party service provider","page_number":170,"box":{"x":116,"y":803,"width":420,"height":12}},{"id":"0b870205-13ed-4546-b327-2bda723196c2","block_type":"box","text":"s to a Fund, or the selection of such providers,","page_number":170,"box":{"x":536,"y":803,"width":336,"height":12}},{"id":"203c2c3c-aa1e-40ce-95b8-66e7225748aa","block_type":"box","text":"particularly in circumstances where BlackRock is","page_number":170,"box":{"x":117,"y":819,"width":353,"height":12}},{"id":"5e83c89e-6be4-4f5a-a609-86e2f3bc349c","block_type":"box","text":"negotiating on behalf of both funds that have a unitary","page_number":170,"box":{"x":476,"y":819,"width":391,"height":12}},{"id":"92d8a914-1b08-48c2-90d0-fb02f9168617","block_type":"box","text":"management fee and those that do not","page_number":170,"box":{"x":117,"y":834,"width":287,"height":12}},{"id":"89b90f54-ba22-4165-a4c7-2b04919b3c9d","block_type":"box","text":"or different service providers have different fee structures.","page_number":170,"box":{"x":404,"y":834,"width":425,"height":12}},{"id":"20098ddc-11e1-46de-9f70-4c1c57309887","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client","page_number":170,"box":{"x":117,"y":862,"width":744,"height":12}},{"id":"0e65b012-44c5-45ab-9650-f0ab7943ede7","block_type":"box","text":"accounts by BlackRock’s investment professionals. For example, differences in the advisory fee","page_number":170,"box":{"x":116,"y":878,"width":716,"height":12}},{"id":"ea7866c8-51bc-42a1-bd0f-afff3afafca9","block_type":"box","text":"II-125","page_number":170,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"fedc84f5-bd9e-4934-97ab-c70495d7b0bc","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":170,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f31db1f3-cc46-45dd-b128-94fa1a8a3638","block_type":"box","text":"structure may create the appearance of actual or potential conflicts of interest because such","page_number":171,"box":{"x":116,"y":87,"width":689,"height":12}},{"id":"624b05b9-32f4-4c43-9bed-6ecee801f996","block_type":"box","text":"differences could create pecuniary incentives for BlackRock to favor one client account over another.","page_number":171,"box":{"x":116,"y":102,"width":754,"height":13}},{"id":"4136deef-fdcf-4867-a3c6-a2402d549a5c","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/","page_number":171,"box":{"x":117,"y":134,"width":765,"height":12}},{"id":"90d5fe1a-67e5-49c0-9e1a-6b7fc8dc4168","block_type":"box","text":"or information systems used by Fund service providers. These systems are, or will be, used by a Fund","page_number":171,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"aac1fa85-50ee-4b5b-8187-36feebf27993","block_type":"box","text":"service provider in connection with the provision of services to accounts managed by BlackRock and","page_number":171,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"927678a8-bd13-48ae-90fa-0e31fb690502","block_type":"box","text":"funds managed and sponsored by BlackRock, including the Funds, that engage the service provider","page_number":171,"box":{"x":116,"y":180,"width":748,"height":12}},{"id":"290a2cac-c49c-4d0c-b1a2-77a95726caba","block_type":"box","text":"(typically the custodian). A Fund’s service provider remunerates BlackRock for the use of the systems.","page_number":171,"box":{"x":117,"y":196,"width":764,"height":12}},{"id":"1c8e7826-7885-401d-8325-c23c8973983c","block_type":"box","text":"A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":171,"box":{"x":116,"y":211,"width":724,"height":12}},{"id":"045519b1-b349-4622-88bc-35059c7e5e9a","block_type":"box","text":"profitability of BlackRock.","page_number":171,"box":{"x":117,"y":227,"width":191,"height":12}},{"id":"de9fc602-104b-4368-8832-17b732f18f29","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by","page_number":171,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"04f3eee7-895c-4b40-9bd2-756df2ceac64","block_type":"box","text":"BlackRock may create an incentive for BlackRock to recommend that a Fund enter into or renew an","page_number":171,"box":{"x":117,"y":273,"width":745,"height":12}},{"id":"67e88eec-adc1-457f-98d2-393a8eb3da8a","block_type":"box","text":"arrangement with the service provider.","page_number":171,"box":{"x":116,"y":289,"width":291,"height":12}},{"id":"cf1d3548-ee91-4b61-8c82-7bf3d71c0745","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special","page_number":171,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"1a99d862-47e9-47d9-a14f-9e37b35f01fe","block_type":"box","text":"pricing arrangements for certain services provided by BlackRock. Any such special pricing","page_number":171,"box":{"x":117,"y":335,"width":673,"height":12}},{"id":"f19fc4c7-a01e-4d18-8dca-a0f9425684d9","block_type":"box","text":"arrangements will not affect Fund fees and expenses applicable to such client’s investment in a Fund.","page_number":171,"box":{"x":116,"y":351,"width":760,"height":12}},{"id":"67d0d931-b34c-455c-bb94-c439e90f715a","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":171,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"dad09d53-695b-43d3-b1ff-745ce7887f71","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":171,"box":{"x":116,"y":397,"width":537,"height":12}},{"id":"b6bad8e1-0e32-436e-b07a-b1f4716cbf02","block_type":"box","text":"P","page_number":171,"box":{"x":418,"y":444,"width":9,"height":9}},{"id":"d3581fe9-c28a-41ac-ad1e-b681b1cfe273","block_type":"box","text":"URCHASE","page_number":171,"box":{"x":429,"y":446,"width":65,"height":7}},{"id":"f74411ea-d621-4f5a-a18f-7ea057ab0492","block_type":"box","text":"OF","page_number":171,"box":{"x":500,"y":446,"width":18,"height":7}},{"id":"26a49745-fa48-414d-8a20-acfe457ce802","block_type":"box","text":"S","page_number":171,"box":{"x":519,"y":444,"width":15,"height":9}},{"id":"246ebc95-943f-484f-afe1-c9967253a719","block_type":"box","text":"HARES","page_number":171,"box":{"x":536,"y":446,"width":46,"height":7}},{"id":"0e86d36c-8a4d-4d2a-8d7c-1296bd965619","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under","page_number":171,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"50738db7-ff18-4863-8595-cd0ab8aec0b4","block_type":"box","text":"Rule 18f-3 under the Investment Company Act. Investor A Shares are sold to investors choosing the","page_number":171,"box":{"x":117,"y":490,"width":748,"height":12}},{"id":"37a99893-a433-4d52-85c0-4432442589fb","block_type":"box","text":"initial sales charge alternative, except that Investor A Shares of Index Funds (defined below) and","page_number":171,"box":{"x":117,"y":506,"width":723,"height":12}},{"id":"198e62ff-e366-4dbf-bd16-e20ed0af9778","block_type":"box","text":"BlackRock Short Obligations Fund are generally not subject to an initial sales charge, and Investor C","page_number":171,"box":{"x":117,"y":521,"width":752,"height":12}},{"id":"94b4eaf8-db88-4075-8356-dc020a12c931","block_type":"box","text":"Shares are sold to investors choosing the deferred sales charge alternative. Investor P Shares are","page_number":171,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"094fc94c-66cf-446b-999e-5a9f34b1bbd9","block_type":"box","text":"available only to certain investors purchasing shares of Funds through registered representatives of an","page_number":171,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"246ad61f-07b4-4622-93b1-79297840bea7","block_type":"box","text":"insurance company’s broker-dealer that has entered into an agreement with the Distributor to offer","page_number":171,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"68e40b82-42a8-4cb9-915f-df6bf10bc59b","block_type":"box","text":"such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":171,"box":{"x":116,"y":583,"width":692,"height":12}},{"id":"5c1ffc38-7a82-414e-b07a-83ba37b8f53a","block_type":"box","text":"Certain Funds offer Class R Shares, which are avail","page_number":171,"box":{"x":117,"y":614,"width":367,"height":11}},{"id":"d0862ebf-12f1-42c8-a66f-5b3d214f88cf","block_type":"box","text":"able only to certain employer-sponsored retirement","page_number":171,"box":{"x":485,"y":614,"width":368,"height":12}},{"id":"c99fa84d-4c44-4600-8fd6-935c0d627da7","block_type":"box","text":"plans and are sold without a sales charge. Certain Funds offer Class G Shares, which are available only to","page_number":171,"box":{"x":117,"y":630,"width":760,"height":12}},{"id":"6f729627-707e-4731-8101-2e1234b0c781","block_type":"box","text":"investors on eligible platforms, which are platforms","page_number":171,"box":{"x":117,"y":645,"width":358,"height":12}},{"id":"932e79be-73da-4e99-8a8b-ff790526e6e2","block_type":"box","text":"where clients invest in the Fund through a single","page_number":171,"box":{"x":475,"y":645,"width":353,"height":12}},{"id":"eb7d96dd-cb02-4819-bad9-741815fe5c23","block_type":"box","text":"omnibus account in the name of a financial intermedi","page_number":171,"box":{"x":116,"y":661,"width":374,"height":9}},{"id":"2d0bedcf-75a7-4759-ad9c-cf0abb8cf0c1","block_type":"box","text":"ary that meets an initial investment minimum of","page_number":171,"box":{"x":492,"y":661,"width":335,"height":12}},{"id":"3e1a91a6-87f7-49ac-8fdf-6e9de8ea7962","block_type":"box","text":"$2 billion. In addition, certain Funds offer Service Share","page_number":171,"box":{"x":116,"y":675,"width":385,"height":12}},{"id":"926c07ee-b73f-4d38-9370-714f9ee36a1c","block_type":"box","text":"res, BlackRock Shares and/or Class K Shares that are","page_number":171,"box":{"x":501,"y":676,"width":382,"height":11}},{"id":"2aa9c524-48c4-4ae8-940f-6117fab00c94","block_type":"box","text":"available only to certain eligible investors. Pl","page_number":171,"box":{"x":116,"y":692,"width":312,"height":12}},{"id":"106151a4-0976-438d-be2a-1a066db5fb5c","block_type":"box","text":"ease see the appropriate Prospectus for your Fund to","page_number":171,"box":{"x":429,"y":692,"width":381,"height":12}},{"id":"193aaa3a-d3ef-495c-aa28-457b5615428f","block_type":"box","text":"determine which classes are offered by your Fund and under","page_number":171,"box":{"x":116,"y":707,"width":434,"height":12}},{"id":"160fa8b1-3945-4546-a36a-e5ffb2d7e424","block_type":"box","text":"what circumstances. Each class has different","page_number":171,"box":{"x":553,"y":707,"width":322,"height":10}},{"id":"9cf081e8-36c0-4acf-a0d4-ee486b1c6fec","block_type":"box","text":"exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":171,"box":{"x":116,"y":723,"width":516,"height":12}},{"id":"8ea73acd-62ba-462f-9d21-d42be5f01108","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after","page_number":171,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"8c2f6abf-d4f3-4f8e-8f76-62911e9e8586","block_type":"box","text":"receipt of the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has","page_number":171,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"3fb64cbc-20be-4643-9830-1ff73c84acec","block_type":"box","text":"been authorized by the Distributor by contract to accept such orders. In addition, with respect to the","page_number":171,"box":{"x":117,"y":785,"width":737,"height":12}},{"id":"0871111a-7918-4437-af3c-9ae373b157f0","block_type":"box","text":"affiliated underlying funds in which target date funds advised by BlackRock or its affiliates (“BlackRock","page_number":171,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"578771e3-4eed-41e4-9ff3-56f9ef283317","block_type":"box","text":"Target Date Funds”) invest, the applicable offering price of each affiliated underlying fund is based on","page_number":171,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"70680a28-bf22-4d44-8af8-8152b79b5be8","block_type":"box","text":"the NAV of such affiliated underlying fund next determined after a purchase order is received, or","page_number":171,"box":{"x":116,"y":831,"width":718,"height":12}},{"id":"8bd8f2b1-6154-4b96-99e1-1ebc7cceba84","block_type":"box","text":"deemed to be received upon receipt by a Selling Dealer, by the BlackRock Target Date Funds that","page_number":171,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"aaa49213-ea0e-4801-8cfa-ee1b54d1dfbe","block_type":"box","text":"allocate a portion of such purchase order to such affiliated underlying fund. As to purchase orders","page_number":171,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"8cb8576b-a184-4f9a-9c7e-30c6c1cae702","block_type":"box","text":"received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New","page_number":171,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"573850d0-ecf4-4e71-9807-e4b302944ab4","block_type":"box","text":"II-126","page_number":171,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"fb2c59eb-805e-43f2-8c39-b904f5e8d303","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":171,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"86559e4b-04a0-4aa6-a95e-79b1118ff3af","block_type":"box","text":"York Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":172,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"796f737b-f780-40ed-9e41-4fedeae9f40f","block_type":"box","text":"order is placed, including orders received after the close of business on the previous day, the","page_number":172,"box":{"x":116,"y":102,"width":696,"height":13}},{"id":"377ac97c-230c-4101-831e-313f8ace006e","block_type":"box","text":"applicable offering price is based on the NAV determined as of the close of business on the NYSE on","page_number":172,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"66980831-5657-406d-806e-f197acb3cda2","block_type":"box","text":"that day. If the purchase orders are not received by the Selling Dealer or a BlackRock Target Date","page_number":172,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"e7dcb6c5-fd30-45ea-94dc-f02f3610e164","block_type":"box","text":"Fund before the close of business on the NYSE, such orders are deemed received on the next","page_number":172,"box":{"x":117,"y":149,"width":706,"height":11}},{"id":"ee7e72db-a4be-4f2c-b1b6-87b47eaa2a5f","block_type":"box","text":"business day. It is the responsibility of brokers to transmit purchase orders and payment on a timely","page_number":172,"box":{"x":117,"y":165,"width":745,"height":12}},{"id":"50c1171e-0147-4287-ba50-4849a9400ea6","block_type":"box","text":"basis. Generally, if payment is not received within the period described in the Prospectuses, the order","page_number":172,"box":{"x":117,"y":180,"width":758,"height":12}},{"id":"df8f287b-d639-4e58-8eb8-502d2c3ec3e4","block_type":"box","text":"will be canceled, notice thereof will be given, and","page_number":172,"box":{"x":116,"y":196,"width":368,"height":12}},{"id":"5127ee1e-79af-4da0-99ee-10f6754ee261","block_type":"box","text":"the broker and its customers will be responsible for","page_number":172,"box":{"x":484,"y":196,"width":384,"height":11}},{"id":"428759e8-b645-4771-8594-e7535456793d","block_type":"box","text":"any loss to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the","page_number":172,"box":{"x":116,"y":210,"width":743,"height":13}},{"id":"3c6de592-4dfc-40a5-9b2a-412ec0589e7e","block_type":"box","text":"Transfer Agent.","page_number":172,"box":{"x":116,"y":227,"width":120,"height":12}},{"id":"8e8f9fa3-09dd-4334-b529-48236b64d240","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund.","page_number":172,"box":{"x":116,"y":258,"width":766,"height":11}},{"id":"2d812e46-8108-41de-a0ce-f996368e18ea","block_type":"box","text":"The minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or","page_number":172,"box":{"x":116,"y":273,"width":758,"height":12}},{"id":"a45ae11b-f63d-4c27-a48f-abf4a2f73da9","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in","page_number":172,"box":{"x":116,"y":288,"width":751,"height":13}},{"id":"dc0802c2-bd65-4f3d-8861-3e6a246c58b6","block_type":"box","text":"which case the minimum investment is $25.","page_number":172,"box":{"x":116,"y":303,"width":329,"height":12}},{"id":"70da5f0d-00e2-4abb-aabc-dc2b0bf02b69","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase","page_number":172,"box":{"x":117,"y":335,"width":749,"height":12}},{"id":"a72f739f-1e95-4e7d-a583-235da5d11900","block_type":"box","text":"Institutional Shares, including selected fee-based programs. Each Fund may permit a lower initial","page_number":172,"box":{"x":117,"y":351,"width":726,"height":12}},{"id":"dd4cce44-42ab-4f84-83b1-28fb15456cae","block_type":"box","text":"investment for certain investors if their purchase, combined with purchases by other investors received","page_number":172,"box":{"x":117,"y":366,"width":766,"height":12}},{"id":"bb5a5cf2-c4c9-4e81-9aaa-52ebfe4693ff","block_type":"box","text":"together by the Fund, meets the minimum investment requirement. Each Fund may reject any","page_number":172,"box":{"x":116,"y":382,"width":702,"height":12}},{"id":"08d0e0b3-0409-463d-aee9-64472c9d75ed","block_type":"box","text":"purchase order, modify or waive the minimum initial or subsequent investment requirements and","page_number":172,"box":{"x":117,"y":397,"width":720,"height":12}},{"id":"45f55bae-ce48-4850-acde-42b2b52af60a","block_type":"box","text":"suspend and resume the sale of any share class of any Fund at any time.","page_number":172,"box":{"x":116,"y":413,"width":551,"height":12}},{"id":"b89bfbbe-96e6-4f3b-91bf-f31263ad28d3","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance","page_number":172,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"7be4fa63-4151-45ba-a31e-91aa8c38ccdd","block_type":"box","text":"with a financial intermediary’s policies and procedures, exchange shares of a Fund from one class of","page_number":172,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"6fda9b03-3b1f-4699-b169-027f107fb118","block_type":"box","text":"shares to another class of shares of the same Fund, provided that the exchanged shares are not","page_number":172,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"87d18dc5-6479-4b19-9d5d-3c3e9c85134a","block_type":"box","text":"subject to a contingent deferred sales charge (“CDSC”) and that shareholders meet eligibility","page_number":172,"box":{"x":116,"y":490,"width":693,"height":12}},{"id":"dbca14f1-f30b-4dd1-82f2-236c88957108","block_type":"box","text":"requirements of the new share class. Please speak to your financial intermediary for information about","page_number":172,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"cadaf020-d4a6-4e1f-8350-180797abe0c4","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":172,"box":{"x":116,"y":521,"width":448,"height":12}},{"id":"09f97fa4-f5cf-44dc-b969-a97fa3566a00","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at","page_number":172,"box":{"x":117,"y":552,"width":763,"height":12}},{"id":"9a404562-9946-4de4-ae8d-9f55178f037e","block_type":"box","text":"any time in response to conditions in the securities markets or otherwise and may resume offering the","page_number":172,"box":{"x":116,"y":568,"width":761,"height":12}},{"id":"e634ecb1-0e99-493f-aea8-c10eb810a4d4","block_type":"box","text":"shares from time to time. Any order may be rejected by a Fund or the Distributor. Neither the","page_number":172,"box":{"x":116,"y":583,"width":693,"height":12}},{"id":"4c3fb4c9-9738-4aba-a349-9ca41c2333fe","block_type":"box","text":"Distributor, the securities dealers nor other financial intermediaries are permitted to withhold placing","page_number":172,"box":{"x":117,"y":599,"width":744,"height":12}},{"id":"72ea2a64-ea7a-4c27-8827-0ade36e3484a","block_type":"box","text":"orders to benefit themselves by a price change.","page_number":172,"box":{"x":116,"y":614,"width":358,"height":12}},{"id":"c1cad407-f057-449b-b7e9-4209feaf88bc","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an","page_number":172,"box":{"x":116,"y":645,"width":729,"height":12}},{"id":"1b5db14e-a8bd-46bc-af64-8295739e9fd8","block_type":"box","text":"individual, (ii) concurrent purchases by an individual, his or her spouse and their children purchasing","page_number":172,"box":{"x":117,"y":661,"width":742,"height":12}},{"id":"1ad28fb8-08c5-46f2-ad08-7634eb66f9e9","block_type":"box","text":"shares for his, her or their own account, and (iii) single purchases by a trustee or other fiduciary","page_number":172,"box":{"x":116,"y":676,"width":709,"height":12}},{"id":"e46080bd-0f24-42e3-a47f-0a9b3bfc9619","block_type":"box","text":"purchasing shares for a single trust estate or single fiduciary account although more than one","page_number":172,"box":{"x":117,"y":692,"width":693,"height":12}},{"id":"74d24f1d-2585-473a-bc0b-80ca7bf90561","block_type":"box","text":"beneficiary may be involved. The term “purchase” also includes purchases by any “company,” as that","page_number":172,"box":{"x":117,"y":707,"width":751,"height":12}},{"id":"322a0248-d508-4d57-b695-3455e0069c9f","block_type":"box","text":"term is defined in the Investment Company Act, but does not include purchases by (i) any company","page_number":172,"box":{"x":116,"y":723,"width":738,"height":12}},{"id":"c535624e-9380-4f8f-b201-14d6350bc83d","block_type":"box","text":"that has not been in existence for at least six months, (ii) a company that has no purpose other than","page_number":172,"box":{"x":116,"y":738,"width":740,"height":12}},{"id":"6fc614b4-656c-47a1-82b2-c248314edd42","block_type":"box","text":"the purchase of shares of a Fund or shares of other registered investment companies at a discount, or","page_number":172,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"47664d61-3e19-4ad5-85ee-305cc76155fe","block_type":"box","text":"(iii) any group of individuals whose sole organizational nexus is that its participants are credit","page_number":172,"box":{"x":117,"y":769,"width":687,"height":12}},{"id":"f7af3c3b-1c16-4b07-b01f-6254c86dd6c7","block_type":"box","text":"cardholders of a company, policyholders of an insurance company, customers of either a bank or","page_number":172,"box":{"x":116,"y":785,"width":721,"height":12}},{"id":"2f251260-f0e4-410f-998e-12f3c0a89e3f","block_type":"box","text":"broker-dealer or clients of an investment adviser.","page_number":172,"box":{"x":117,"y":800,"width":361,"height":10}},{"id":"18f032a9-e91a-47b0-b936-b75241c1feac","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the","page_number":172,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"9da33df3-63ea-42d9-86c0-ee16a952408e","block_type":"box","text":"United States and may not be distributed by a foreign financial intermediary. Under this policy, in order","page_number":172,"box":{"x":117,"y":847,"width":764,"height":12}},{"id":"b3b7c3da-072d-4b69-a79c-063714447d43","block_type":"box","text":"to accept new accounts or additional investments (including by way of exchange from another Fund)","page_number":172,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"d0acb9d9-d904-4cc0-9851-8a1857f72af5","block_type":"box","text":"into existing accounts, a Fund generally requires that (i) a shareholder that is a natural person be a","page_number":172,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"6e7b4b50-7256-4cbe-81b9-482058937374","block_type":"box","text":"II-127","page_number":172,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"697551ce-afc5-44b6-b597-ab730bf868ce","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":172,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b29769bf-f1f2-42e2-b4a5-d3ec4f815546","block_type":"box","text":"U.S. citizen or resident alien, in each case residing within the United States or a U.S. territory","page_number":173,"box":{"x":117,"y":87,"width":695,"height":12}},{"id":"d8fb2792-b98e-4a59-a522-0d5d91b4b42f","block_type":"box","text":"(including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification number, and (ii) a","page_number":173,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"aa27b11f-7334-4473-9bdb-da020db305f1","block_type":"box","text":"financial intermediary or a shareholder that is an entity be domiciled in the United States and have a","page_number":173,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"c157ab08-18f1-42e4-a9cf-a11563af3d78","block_type":"box","text":"valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":173,"box":{"x":116,"y":134,"width":720,"height":12}},{"id":"5d7fc6fb-d00b-440a-99b8-3143f157d287","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a","page_number":173,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"4ea754ad-6d03-45b1-8d70-25748f9fb2b7","block_type":"box","text":"non-U.S. address will also be restricted from making additional investments.","page_number":173,"box":{"x":117,"y":165,"width":568,"height":12}},{"id":"f8bc8904-6c60-4c23-bead-b6ab601d1455","block_type":"box","text":"In-Kind Purchases.","page_number":173,"box":{"x":117,"y":197,"width":139,"height":9}},{"id":"1499fc53-c372-4497-9f0f-7ebf46f2136d","block_type":"box","text":"Payment for shares of a Fund may, at the discretion of BlackRock, be made in the","page_number":173,"box":{"x":258,"y":197,"width":620,"height":12}},{"id":"9c9e4ad3-39be-48a4-8e2d-2b51ea6d96f4","block_type":"box","text":"form of securities that are permissible investments for the Fund and that meet the investment objective,","page_number":173,"box":{"x":116,"y":212,"width":772,"height":12}},{"id":"468a53c9-acdd-436d-bdda-67f27aa012c0","block_type":"box","text":"policies and limitations of the Fund as described herein. In connection with an in-kind securities","page_number":173,"box":{"x":117,"y":228,"width":710,"height":12}},{"id":"74970597-07e7-4850-a806-e25d5127da72","block_type":"box","text":"payment, the Fund may require, among other things, that the securities: (i) be valued on the day of","page_number":173,"box":{"x":117,"y":243,"width":736,"height":12}},{"id":"359e77a1-a9c4-4d75-8f9b-77815e914ce3","block_type":"box","text":"purchase in accordance with the pricing methods used by the Fund; (ii) be accompanied by","page_number":173,"box":{"x":117,"y":259,"width":682,"height":12}},{"id":"8a0d1645-1e59-4182-9fd2-1d67d5aec2fc","block_type":"box","text":"satisfactory assurance that the Fund will have good and marketable title to such securities; (iii) not be","page_number":173,"box":{"x":116,"y":274,"width":757,"height":13}},{"id":"f6bc7480-7727-4622-a69b-b7fc9286453c","block_type":"box","text":"subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to the Fund; and","page_number":173,"box":{"x":116,"y":290,"width":760,"height":12}},{"id":"e60dd6da-059e-439f-a5c5-78ed81f4e3cd","block_type":"box","text":"(v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":173,"box":{"x":117,"y":305,"width":766,"height":13}},{"id":"a2cf7caa-7599-4061-ae79-174f4d93d1bd","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become","page_number":173,"box":{"x":116,"y":321,"width":769,"height":12}},{"id":"af8ce368-6e15-45b9-a308-b59de64f295b","block_type":"box","text":"the property of the Fund engaged in the in-kind purchase transaction and must be delivered to the","page_number":173,"box":{"x":116,"y":336,"width":732,"height":13}},{"id":"7bcce828-9e54-4741-94da-b0acc95493f8","block_type":"box","text":"Fund by the investor upon receipt from the issuer. Shares purchased in exchange for securities","page_number":173,"box":{"x":117,"y":352,"width":711,"height":12}},{"id":"f2aa4d08-d717-4875-8fad-60a914279464","block_type":"box","text":"generally cannot be redeemed until the transfer has settled.","page_number":173,"box":{"x":116,"y":367,"width":448,"height":13}},{"id":"4a1eac36-b73f-4c96-92cd-db5a60f27d8d","block_type":"box","text":"Institutional Shares","page_number":173,"box":{"x":117,"y":400,"width":160,"height":9}},{"id":"208b319a-f7f1-460b-a9be-ec708d6692dd","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are","page_number":173,"box":{"x":117,"y":424,"width":720,"height":12}},{"id":"8e68b089-1064-410e-9c18-52488b2beec3","block_type":"box","text":"eligible to purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares","page_number":173,"box":{"x":116,"y":439,"width":737,"height":12}},{"id":"4895ede6-db87-42ea-ad39-3e76553cc631","block_type":"box","text":"should purchase Institutional Shares because they are not subject to any sales charge and have lower","page_number":173,"box":{"x":116,"y":455,"width":765,"height":12}},{"id":"16a9db49-c9b6-41ad-a81d-cd914e22eba0","block_type":"box","text":"ongoing expenses than Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A","page_number":173,"box":{"x":116,"y":470,"width":752,"height":12}},{"id":"f162e4b4-941e-4304-9e1d-32db0de283a2","block_type":"box","text":"Fund may in its discretion waive or modify any minimum investment amount, may reject any order for","page_number":173,"box":{"x":117,"y":486,"width":755,"height":12}},{"id":"26b67109-5648-4dbf-b393-64ab9580124b","block_type":"box","text":"any class of shares and may suspend and resume the sale of shares of any Fund at any time.","page_number":173,"box":{"x":116,"y":501,"width":703,"height":12}},{"id":"492079cf-c4e7-4a04-866c-2bc0739f13a8","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":173,"box":{"x":116,"y":534,"width":269,"height":12}},{"id":"ff360be8-5e1c-414b-9e52-d751b2e393a6","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers","page_number":173,"box":{"x":387,"y":534,"width":499,"height":12}},{"id":"b7df778f-ba83-40e8-8e56-ae55d4066cd4","block_type":"box","text":"of broker-dealers and agents that have established a servicing relationship with the Fund on behalf of","page_number":173,"box":{"x":116,"y":549,"width":757,"height":12}},{"id":"74161449-8960-4260-8bc8-de2a0602f77d","block_type":"box","text":"their customers. These broker-dealers and agents may impose additional or different conditions on the","page_number":173,"box":{"x":116,"y":565,"width":766,"height":12}},{"id":"bd54e642-0bb6-4d71-8e27-0b78e22766ea","block_type":"box","text":"purchase or redemption of Fund shares by their customers and may charge their customers","page_number":173,"box":{"x":117,"y":580,"width":686,"height":12}},{"id":"cf8d1815-09e5-49d1-a5a8-2d5422309237","block_type":"box","text":"transaction, account or other fees on the purchase and redemption of Fund shares. Each broker-dealer","page_number":173,"box":{"x":116,"y":596,"width":771,"height":12}},{"id":"961fa943-fa96-4344-bcc5-1d8bcf1bb358","block_type":"box","text":"or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":173,"box":{"x":116,"y":611,"width":747,"height":12}},{"id":"7f33fe31-ee62-4817-b3b4-b128af64b74d","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders","page_number":173,"box":{"x":117,"y":627,"width":746,"height":12}},{"id":"ae05516f-0368-4898-aea1-264617746c79","block_type":"box","text":"who are customers of such broker-dealers or agents should consult them for information regarding","page_number":173,"box":{"x":116,"y":642,"width":736,"height":12}},{"id":"cdb67b1b-c0ed-47b2-8d4d-0301afade2f4","block_type":"box","text":"these fees and conditions.","page_number":173,"box":{"x":116,"y":658,"width":200,"height":9}},{"id":"abec3719-04f6-4378-a9e3-85801ec76284","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately","page_number":173,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"4e92ee50-a90a-4933-9622-471baa6e011d","block_type":"box","text":"available by 4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may","page_number":173,"box":{"x":116,"y":705,"width":765,"height":13}},{"id":"8a3f0bdd-f3a8-4c76-a3d0-5d3bb3f8beac","block_type":"box","text":"also, in the discretion of certain Funds, be made in the form of securities that are permissible","page_number":173,"box":{"x":116,"y":721,"width":688,"height":12}},{"id":"36f0f1e4-008e-4ebd-a18d-3236f0ef677c","block_type":"box","text":"investments for such Funds. If payment for a purchase order is not received by the prescribed time, an","page_number":173,"box":{"x":117,"y":736,"width":760,"height":13}},{"id":"fc14bb6d-ed60-4c9b-9087-ddc21ef92dd5","block_type":"box","text":"investor may be liable for any resulting losses or expenses incurred by the Fund.","page_number":173,"box":{"x":117,"y":752,"width":597,"height":12}},{"id":"176b2ded-e34c-458e-89a3-4a51bef04fa9","block_type":"box","text":"Certain of the Funds offer Institutional Shares","page_number":173,"box":{"x":117,"y":784,"width":345,"height":10}},{"id":"c2a688b3-7a15-439c-b1cc-e6eec18c9a5f","block_type":"box","text":"as described in each such Fund’s Prospectus. In","page_number":173,"box":{"x":468,"y":785,"width":368,"height":11}},{"id":"13b35bc8-c954-4958-ad15-7468b78a485d","block_type":"box","text":"addition, the following investors may purchase In","page_number":173,"box":{"x":116,"y":800,"width":370,"height":12}},{"id":"2fb0071e-afa7-4f61-932d-7bc6f76d5b72","block_type":"box","text":"stitutional Shares: employees, officers and","page_number":173,"box":{"x":487,"y":800,"width":322,"height":12}},{"id":"e13b98d5-ee1a-4234-8ec2-a5e97e0950ee","block_type":"box","text":"directors/trustees of BlackRock, Inc., BlackRock","page_number":173,"box":{"x":116,"y":815,"width":365,"height":12}},{"id":"2641c986-e00b-4414-8622-925b227222bd","block_type":"box","text":"Funds, Bank of America Corporation (“BofA Corp.”),","page_number":173,"box":{"x":487,"y":815,"width":392,"height":12}},{"id":"c6c35c77-d40c-4164-b6a3-1f7665d49601","block_type":"box","text":"Barclays PLC or their respective affiliates and","page_number":173,"box":{"x":117,"y":831,"width":351,"height":12}},{"id":"0fa75e6a-ff10-4fa4-89f1-f1883dd5192d","block_type":"box","text":"immediate family members of such persons;","page_number":173,"box":{"x":469,"y":831,"width":340,"height":12}},{"id":"9a1f289c-9298-415d-9980-54df78db6b1c","block_type":"box","text":"individuals and “Institutional Investors” with a mi","page_number":173,"box":{"x":117,"y":846,"width":362,"height":10}},{"id":"e4f85118-f72c-4938-b3a6-0d2e42e3c48c","block_type":"box","text":"nimum initial investment of $2 million who may","page_number":173,"box":{"x":482,"y":846,"width":357,"height":12}},{"id":"50c8a6f3-9a8b-4ba7-95f4-2133ad8a757a","block_type":"box","text":"purchase shares of a Fund through a financial inte","page_number":173,"box":{"x":117,"y":862,"width":381,"height":12}},{"id":"b587083f-3fbb-47cc-95fc-909f4d7a36cc","block_type":"box","text":"rmediary that has entered into an agreement with","page_number":173,"box":{"x":499,"y":862,"width":379,"height":12}},{"id":"986dc8fd-c008-4693-93b2-24472b932414","block_type":"box","text":"the Distributor to purchase such shares (“Institut","page_number":173,"box":{"x":116,"y":877,"width":366,"height":12}},{"id":"06ab62e7-fdbd-4ee3-a713-c37ee54d424c","block_type":"box","text":"ional Investors” include, but are not limited to,","page_number":173,"box":{"x":484,"y":878,"width":351,"height":11}},{"id":"2f804183-43af-49bd-bcf7-0ec6604cad21","block_type":"box","text":"II-128","page_number":173,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"0f5cfdc5-9b47-43b1-902a-c6f358472186","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":173,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3ff1d602-6425-47e0-8182-fa24d8012938","block_type":"box","text":"endowments, foundations, family offices, local,","page_number":174,"box":{"x":116,"y":87,"width":353,"height":12}},{"id":"22f0dc08-5586-41f4-9582-6eba0522600f","block_type":"box","text":"city, and state governmental institutions,","page_number":174,"box":{"x":471,"y":87,"width":316,"height":12}},{"id":"cce6844d-cdf2-4f49-b1ba-681b639076e0","block_type":"box","text":"corporations, and insurance company separate a","page_number":174,"box":{"x":116,"y":103,"width":372,"height":12}},{"id":"03177309-671c-471b-a397-4488bf7d2837","block_type":"box","text":"ccounts); employer-sponsored retirement plans","page_number":174,"box":{"x":489,"y":102,"width":363,"height":13}},{"id":"0362b3e3-11d2-4656-89a0-cec84471a030","block_type":"box","text":"(which, for this purpose, do not include SEP I","page_number":174,"box":{"x":117,"y":118,"width":341,"height":12}},{"id":"bb6324d4-6449-4706-bd17-92e601f64646","block_type":"box","text":"RAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":174,"box":{"x":461,"y":118,"width":424,"height":12}},{"id":"f854575f-134b-4399-b802-30157f82f8ad","block_type":"box","text":"college savings plans, collective trust funds, inve","page_number":174,"box":{"x":116,"y":134,"width":370,"height":12}},{"id":"0c90297a-a562-46da-92e9-fc3e5cf733d8","block_type":"box","text":"stment companies or other pooled investment","page_number":174,"box":{"x":487,"y":134,"width":352,"height":11}},{"id":"41f4ac61-06dc-4f62-8a1d-fed80f88e639","block_type":"box","text":"vehicles, unaffiliated thrifts and unaffiliated banks","page_number":174,"box":{"x":116,"y":149,"width":379,"height":11}},{"id":"a83203ea-3c7f-4f12-b77b-3578c0b018da","block_type":"box","text":"and trust companies, each of which may purchase","page_number":174,"box":{"x":496,"y":149,"width":386,"height":12}},{"id":"d7ed0562-b2ae-4141-b227-fe9d37878ecb","block_type":"box","text":"shares of the Fund through a financial intermediar","page_number":174,"box":{"x":116,"y":165,"width":380,"height":12}},{"id":"b8c074be-4cd2-4517-bc6a-53c94722818b","block_type":"box","text":"y that has entered into an agreement with the","page_number":174,"box":{"x":496,"y":165,"width":350,"height":12}},{"id":"abfe4a7f-aa1b-473a-9d21-b0786626d3fa","block_type":"box","text":"Distributor to purchase such shares; clients inve","page_number":174,"box":{"x":117,"y":180,"width":364,"height":12}},{"id":"5e3b9b0d-ab5f-496d-839c-fc082c20fd9d","block_type":"box","text":"sting through a self-direc","page_number":174,"box":{"x":482,"y":180,"width":188,"height":12}},{"id":"b2f9a460-f11f-4eeb-b6c2-e8ae704b3e91","block_type":"box","text":"ted IRA brokerage account","page_number":174,"box":{"x":670,"y":180,"width":209,"height":12}},{"id":"6f7b1b92-c6e3-41c1-a382-2f67e70a31c7","block_type":"box","text":"program sponsored by a retirement plan record-k","page_number":174,"box":{"x":117,"y":196,"width":372,"height":12}},{"id":"b3af7042-a0f5-48ac-ac76-38e6dbc14603","block_type":"box","text":"eeper, provided that such program offers only","page_number":174,"box":{"x":490,"y":196,"width":352,"height":12}},{"id":"1fdbf8e3-f923-441e-bd05-f1fcda0a7b92","block_type":"box","text":"mutual fund options and that the program main","page_number":174,"box":{"x":117,"y":211,"width":354,"height":12}},{"id":"bef557c3-eeca-45b4-96a4-ed9829a16cf5","block_type":"box","text":"tains an account with the Fund on an omnibus basis;","page_number":174,"box":{"x":473,"y":211,"width":405,"height":11}},{"id":"444db297-5dae-41ff-b1d7-b763d317dff2","block_type":"box","text":"clients of financial intermediaries that: (i) char","page_number":174,"box":{"x":116,"y":227,"width":346,"height":12}},{"id":"2dadcde1-6810-42d2-b23e-71afee705438","block_type":"box","text":"ge such clients a fee for advisory, investment","page_number":174,"box":{"x":462,"y":227,"width":348,"height":12}},{"id":"a2ebb2b0-7241-4c57-b1f8-d309b561cff3","block_type":"box","text":"consulting, or similar services or (ii) have ent","page_number":174,"box":{"x":116,"y":242,"width":340,"height":12}},{"id":"0085a5dd-8f7b-49b8-ad9c-edd93958f217","block_type":"box","text":"ered into an agreement with the Distributor to offer","page_number":174,"box":{"x":457,"y":242,"width":388,"height":12}},{"id":"4158328e-9f07-4408-b59c-903d710dfb9c","block_type":"box","text":"Institutional Shares through a no-load program","page_number":174,"box":{"x":117,"y":258,"width":358,"height":12}},{"id":"81d999b0-23af-4a42-9339-2f8380965a3e","block_type":"box","text":"or investment platform, in each case, with no","page_number":174,"box":{"x":476,"y":258,"width":345,"height":11}},{"id":"dd38f1cd-358d-4474-b15a-cb587909ad03","block_type":"box","text":"minimum initial investment; clients investing th","page_number":174,"box":{"x":117,"y":273,"width":350,"height":12}},{"id":"7e89c23e-92c9-473d-bdeb-a1519a294e47","block_type":"box","text":"rough financial intermediaries that have entered into","page_number":174,"box":{"x":469,"y":273,"width":400,"height":12}},{"id":"248bbfdb-c5bc-4693-8767-149782ed66bf","block_type":"box","text":"an agreement with the Distributor to offer such s","page_number":174,"box":{"x":116,"y":289,"width":366,"height":12}},{"id":"5ac9ae42-2d6c-4ff2-921b-7ef9039add40","block_type":"box","text":"hares on a platform that charges a transaction","page_number":174,"box":{"x":484,"y":289,"width":355,"height":12}},{"id":"5a4bd07b-6ede-42cf-b3ab-3dfa55d20641","block_type":"box","text":"based sales commission outside of the Fund, with","page_number":174,"box":{"x":117,"y":304,"width":383,"height":11}},{"id":"ec273574-5e3f-4c32-a9bf-c6d7c72f6207","block_type":"box","text":"a minimum initial investment of $1,000;","page_number":174,"box":{"x":501,"y":303,"width":301,"height":12}},{"id":"370fa244-7c36-479d-b30a-407cc3575583","block_type":"box","text":"tax-qualified accounts for insurance agents that ar","page_number":174,"box":{"x":116,"y":320,"width":381,"height":12}},{"id":"7b85b1f9-1271-4def-854f-09a3f062ff36","block_type":"box","text":"e registered representat","page_number":174,"box":{"x":497,"y":320,"width":182,"height":12}},{"id":"3f13f222-ea5c-49c0-8240-12b248d3e7d9","block_type":"box","text":"ives of an insurance","page_number":174,"box":{"x":681,"y":320,"width":156,"height":9}},{"id":"2011c494-1d28-48a4-9cea-91d8ebe411cb","block_type":"box","text":"company’s broker-dealer that has entered into an agr","page_number":174,"box":{"x":116,"y":335,"width":404,"height":12}},{"id":"0eaae652-6ce4-41bf-b3a2-68ad4cc079f7","block_type":"box","text":"eement with the Distributor to offer Institutional","page_number":174,"box":{"x":521,"y":335,"width":360,"height":10}},{"id":"5a2ad66e-72df-45c6-a352-dd9cded6f1a7","block_type":"box","text":"Shares, and the family members of such persons, wit","page_number":174,"box":{"x":116,"y":351,"width":404,"height":12}},{"id":"23df3705-9f5b-435c-a261-7d0131ec6e84","block_type":"box","text":"h a minimum initial investment of $1,000; trust","page_number":174,"box":{"x":521,"y":350,"width":355,"height":12}},{"id":"adf756a7-40ef-4113-b6cb-abdff0911329","block_type":"box","text":"department clients of Bank of Amer","page_number":174,"box":{"x":116,"y":366,"width":269,"height":12}},{"id":"347be353-6895-4f53-98fa-05b271badc8e","block_type":"box","text":"ica, N.A. and its affiliates for whom they (i) act in a fiduciary","page_number":174,"box":{"x":386,"y":366,"width":455,"height":12}},{"id":"ef1bdd68-92e9-44bd-a2ff-f52afad7588b","block_type":"box","text":"capacity (excluding participant directed employee","page_number":174,"box":{"x":116,"y":382,"width":380,"height":12}},{"id":"25ffda54-e67d-49c8-981c-d50054dbc4e9","block_type":"box","text":"benefit plans), (ii) otherwise have investment","page_number":174,"box":{"x":497,"y":382,"width":345,"height":12}},{"id":"8fc16e4a-079b-438e-860c-d6db50b817f7","block_type":"box","text":"discretion, or (iii) act as custodian for at least","page_number":174,"box":{"x":116,"y":397,"width":346,"height":12}},{"id":"b6ac6479-613c-447d-b58a-df5797c95574","block_type":"box","text":"$2 million in assets; and holders of certain BofA Corp.","page_number":174,"box":{"x":463,"y":396,"width":414,"height":13}},{"id":"37de5eb6-a9fe-4138-b0fe-fd27e4102818","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest","page_number":174,"box":{"x":116,"y":413,"width":401,"height":12}},{"id":"7f6e34bd-9bf7-43f9-af99-b4c2f0729390","block_type":"box","text":"dividends received from such UITs in shares of","page_number":174,"box":{"x":518,"y":413,"width":367,"height":9}},{"id":"00a67ea1-9178-4ee1-ab79-16c7b8d1de95","block_type":"box","text":"a Fund.","page_number":174,"box":{"x":116,"y":428,"width":63,"height":10}},{"id":"541fd950-ff40-4882-bfda-0ed06a426351","block_type":"box","text":"Purchase Privileges of Certain Persons.","page_number":174,"box":{"x":116,"y":457,"width":295,"height":12}},{"id":"ed049220-2caf-4f7d-abbe-7eae00d288d5","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc.,","page_number":174,"box":{"x":413,"y":457,"width":439,"height":12}},{"id":"d11ae7ec-d60c-4e72-b28f-d1d4dfac44d1","block_type":"box","text":"BlackRock Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or","page_number":174,"box":{"x":117,"y":472,"width":733,"height":12}},{"id":"a13f58af-3370-416a-9d93-86646415e891","block_type":"box","text":"other benefit plan for such persons may purchase Institutional Shares at lower investment minimums","page_number":174,"box":{"x":116,"y":488,"width":753,"height":12}},{"id":"9452e893-be58-468e-9d68-853fa5b7d349","block_type":"box","text":"than stated in each Fund’s Prospectus. A Fund realizes economies of scale and reduction of sales","page_number":174,"box":{"x":116,"y":503,"width":735,"height":12}},{"id":"7582ae54-6820-4844-8235-9132ec9a0d19","block_type":"box","text":"related expenses by virtue of the familiarity of these persons with the Fund. Employees, directors, and","page_number":174,"box":{"x":117,"y":519,"width":761,"height":12}},{"id":"f9aa63f8-cdfa-4972-876e-66874c304587","block_type":"box","text":"board members of other funds wishing to purchase shares of a Fund must satisfy the Fund’s suitability","page_number":174,"box":{"x":117,"y":534,"width":764,"height":12}},{"id":"acb5ff18-14dd-4cda-8114-3bc22fa6fa8e","block_type":"box","text":"standards.","page_number":174,"box":{"x":116,"y":550,"width":83,"height":9}},{"id":"8e59c992-88de-4443-8e4f-f0d79c81817d","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":174,"box":{"x":117,"y":579,"width":420,"height":12}},{"id":"99314116-5895-42cd-a3f7-759e17948998","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares.","page_number":174,"box":{"x":117,"y":601,"width":717,"height":12}},{"id":"6861547a-4c43-4829-8bc4-3e32090189d6","block_type":"box","text":"Investor A1 Shares are offered only (i) for purchase by certain employer-sponsored retirement plans","page_number":174,"box":{"x":117,"y":616,"width":748,"height":12}},{"id":"1f2059a1-ed42-45bc-8a12-96bb8957fa7d","block_type":"box","text":"and fee-based programs that have been previously approved by certain Funds, and (ii) to certain","page_number":174,"box":{"x":116,"y":632,"width":723,"height":12}},{"id":"91d1e9fe-87fb-4a16-ac38-6782e66e0dc1","block_type":"box","text":"investors who currently hold Investor A1 Shares for dividend and capital gain reinvestment only. The","page_number":174,"box":{"x":117,"y":647,"width":749,"height":12}},{"id":"4305c40b-7ae7-4a31-9e1c-fc1e1bd2817d","block_type":"box","text":"Investor A1 initial sales charge does not apply to the transactions described in (i) and (ii). For ease of","page_number":174,"box":{"x":117,"y":663,"width":750,"height":12}},{"id":"f2b80e2f-6293-4bc8-aec5-ff2e2dc620ba","block_type":"box","text":"reference, Investor A, Investor A1 and Investor P (discussed below) Shares are sometimes referred to","page_number":174,"box":{"x":117,"y":678,"width":757,"height":12}},{"id":"188e5358-6d6b-4b52-a54d-7c7d1ff4577c","block_type":"box","text":"herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and BlackRock","page_number":174,"box":{"x":117,"y":694,"width":739,"height":12}},{"id":"ae1f0b58-bf84-4f73-b37b-d5fd9ad916b4","block_type":"box","text":"Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":174,"box":{"x":116,"y":709,"width":677,"height":12}},{"id":"c1ba3adb-7909-41a4-b9aa-487be6facda8","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge","page_number":174,"box":{"x":117,"y":738,"width":715,"height":12}},{"id":"b0af8b1c-3de4-477d-aca4-4fcbc0c3afad","block_type":"box","text":"alternative particularly attractive because similar sales charge reductions are not available with respect","page_number":174,"box":{"x":116,"y":754,"width":763,"height":12}},{"id":"cc40e82e-283f-4b38-8673-54f76e22e161","block_type":"box","text":"to the deferred sales charges imposed in connection with investments in Investor C Shares","page_number":174,"box":{"x":116,"y":769,"width":676,"height":12}},{"id":"dcc9ed3d-f73c-4605-b66e-aed35f33d16e","block_type":"box","text":"(sometimes referred to herein as “CDSC shares”). Investors who do not qualify for reduced initial sales","page_number":174,"box":{"x":117,"y":784,"width":761,"height":13}},{"id":"fbf76844-962f-4ad9-956c-c0f9f88a1595","block_type":"box","text":"charges and who expect to maintain their investment for an extended period of time also may elect to","page_number":174,"box":{"x":116,"y":800,"width":752,"height":12}},{"id":"05803ea8-6c12-461b-a377-6549b68d6865","block_type":"box","text":"purchase Investor A Shares, because over time the accumulated ongoing service and distribution fees","page_number":174,"box":{"x":117,"y":815,"width":759,"height":13}},{"id":"836f328a-f725-4de6-baa1-6e96da3ae31d","block_type":"box","text":"on CDSC shares may exceed the front-end load shares’ initial sales charge and service fee. Although","page_number":174,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"f84afdf7-9dd8-4b0e-bfdc-fb2dd6a6e5a6","block_type":"box","text":"some investors who previously purchased Institutional Shares may no longer be eligible to purchase","page_number":174,"box":{"x":116,"y":846,"width":749,"height":13}},{"id":"a5f906d3-4ad4-402d-a640-0f17194bc116","block_type":"box","text":"Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":174,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"e3e85ddf-706d-4388-a42c-0180bb714008","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may","page_number":174,"box":{"x":117,"y":877,"width":768,"height":13}},{"id":"2e01d55f-2f42-4e8d-a8e9-16a0d2203bb6","block_type":"box","text":"II-129","page_number":174,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"3a0400be-e8ea-4985-82d9-f3933de61f2c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":174,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"65830e52-20d0-432a-a20d-02a356d2f61e","block_type":"box","text":"qualify the investor for a reduced initial sales charge on new initial sales charge purchases. In addition,","page_number":175,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"5ded0385-9d77-41a5-995a-a864532c0a90","block_type":"box","text":"the ongoing CDSC shares service and distribution fees will cause CDSC shares to have higher","page_number":175,"box":{"x":116,"y":102,"width":709,"height":13}},{"id":"a5c0adb3-89e8-4d54-99a9-a1fb1508a664","block_type":"box","text":"expense ratios, pay lower dividends and have lower total returns than the initial sales charge shares.","page_number":175,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"b26ec412-6933-4e90-a296-d4a3391a5af5","block_type":"box","text":"The ongoing front-end load shares’ service fees will cause Investor A, Investor A1, Investor P and","page_number":175,"box":{"x":116,"y":134,"width":731,"height":12}},{"id":"7ac2453d-3244-4462-ba2e-f35a367a7e54","block_type":"box","text":"Service Shares to have a higher expense ratio, pay lower dividends and have a lower total return than","page_number":175,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"db8a0c33-96d9-4aba-a642-0caca8bdfc8c","block_type":"box","text":"Institutional Shares.","page_number":175,"box":{"x":117,"y":165,"width":151,"height":9}},{"id":"5937eac0-e8b3-4854-ab93-0eb7728beb7b","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":175,"box":{"x":116,"y":196,"width":770,"height":12}},{"id":"01825688-fc33-4544-95e1-97392106c29e","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares","page_number":175,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"e84f2f10-0eeb-4aca-ba11-9086352f2a9b","block_type":"box","text":"for the periods indicated.","page_number":175,"box":{"x":116,"y":227,"width":189,"height":11}},{"id":"33ecb6ca-0a20-4a5f-936b-1fcbaaa8f048","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":175,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"d0d40e47-9ac0-4fcd-8b72-4145da003d4d","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":175,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"311ebda8-0026-43fc-b219-f3f65f0f24b3","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":175,"box":{"x":116,"y":289,"width":739,"height":12}},{"id":"be1c6df9-2940-464a-8f89-dda10357fed0","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":175,"box":{"x":117,"y":304,"width":710,"height":12}},{"id":"a5cd244a-8c22-4731-8d89-71e527c36029","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":175,"box":{"x":116,"y":320,"width":393,"height":9}},{"id":"fc73ab1a-faaf-4440-b9cd-d33888dcc4b1","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":175,"box":{"x":117,"y":351,"width":327,"height":12}},{"id":"22850f78-3239-461c-991e-bf01d0b569c5","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P","page_number":175,"box":{"x":117,"y":374,"width":715,"height":12}},{"id":"9c8a5107-0d88-4027-a808-bedc36f81df1","block_type":"box","text":"Shares are available for purchase only through registered representatives of an insurance company’s","page_number":175,"box":{"x":116,"y":389,"width":758,"height":12}},{"id":"5fc42884-9c0c-45ad-bc1f-ea9a6b24c4d2","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer such shares and are","page_number":175,"box":{"x":117,"y":405,"width":729,"height":12}},{"id":"58f5f961-7fc6-46ac-b1c8-45d92c1c140b","block_type":"box","text":"subject to an initial sales charge. The ongoing front-end load shares’ service fees will cause Investor P","page_number":175,"box":{"x":116,"y":420,"width":766,"height":12}},{"id":"fb50ae5b-8e55-4fd1-8905-bf0a8de62978","block_type":"box","text":"Shares to have a higher expense ratio, pay lower dividends and have a lower total return than Investor","page_number":175,"box":{"x":116,"y":436,"width":766,"height":12}},{"id":"f7afb533-3026-433f-bd64-ff4a9635e097","block_type":"box","text":"A Shares of the same Fund.","page_number":175,"box":{"x":116,"y":451,"width":214,"height":10}},{"id":"0ad668b2-10c7-4890-be9b-f9b9f21a9427","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":175,"box":{"x":116,"y":482,"width":770,"height":12}},{"id":"07d16d9a-bb5d-4574-a8b1-6bfa670e18a6","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods","page_number":175,"box":{"x":117,"y":498,"width":757,"height":12}},{"id":"5449c296-02c8-48fe-9e05-e9fdc51cabb0","block_type":"box","text":"indicated.","page_number":175,"box":{"x":117,"y":514,"width":75,"height":9}},{"id":"2e9814bd-55ce-4eac-aa9f-d56fb7edee82","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":175,"box":{"x":116,"y":544,"width":759,"height":12}},{"id":"5b7b0d18-5162-41d3-9e2d-04856e206e0d","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":175,"box":{"x":116,"y":560,"width":717,"height":12}},{"id":"fd27f252-9b5e-4108-a297-122c870214d4","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":175,"box":{"x":116,"y":575,"width":739,"height":12}},{"id":"2bb69ce0-8884-4a60-a038-58518c260b5f","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":175,"box":{"x":117,"y":591,"width":710,"height":12}},{"id":"fc071add-15bd-40a9-97d5-1052b182ba1d","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":175,"box":{"x":116,"y":606,"width":393,"height":10}},{"id":"5ed6b3ba-8b71-4e82-ad1c-5c5972f6b5b2","block_type":"box","text":"Reduced Initial Sales Charges","page_number":175,"box":{"x":117,"y":637,"width":244,"height":12}},{"id":"4fadebda-7f69-4369-9955-0fc8ff682170","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the","page_number":175,"box":{"x":117,"y":661,"width":737,"height":12}},{"id":"8e2a7423-5c80-4d2a-a594-452b3d6fc9a5","block_type":"box","text":"investors and/or the reduced sales efforts necessary to obtain their investments. Financial","page_number":175,"box":{"x":117,"y":676,"width":666,"height":12}},{"id":"1eb1d0a7-fd2e-45f6-add1-ec53df66b88a","block_type":"box","text":"intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":175,"box":{"x":117,"y":692,"width":730,"height":12}},{"id":"a6bc9937-706c-4942-beeb-f5a0c71dc6ea","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares","page_number":175,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"37e5ace4-a27d-4175-bd61-26fac6e05e66","block_type":"box","text":"to another class of shares of the same Fund provided that the exchanged shares are not subject to a","page_number":175,"box":{"x":116,"y":723,"width":748,"height":12}},{"id":"6d600940-ac92-4f32-a0f4-f9ea40b6a501","block_type":"box","text":"contingent deferred sales charge and that shareholders meet the eligibility requirements of the new","page_number":175,"box":{"x":116,"y":738,"width":736,"height":12}},{"id":"b56ddd54-a68f-4da2-8658-31b3bf498d30","block_type":"box","text":"share class. Certain sales load reductions and waivers may be available to customers of certain","page_number":175,"box":{"x":116,"y":754,"width":711,"height":12}},{"id":"fbf8647a-53f2-495f-a09b-71927d70bee0","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":175,"box":{"x":116,"y":769,"width":740,"height":12}},{"id":"c619c348-f499-4ea8-8f41-3dbc319f4e66","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":175,"box":{"x":116,"y":785,"width":656,"height":12}},{"id":"147a5418-3c5a-44f3-a01d-7510398f6bf3","block_type":"box","text":"Reinvested Dividends.","page_number":175,"box":{"x":116,"y":816,"width":165,"height":9}},{"id":"2631caf7-27e4-4522-8376-2a613c28cab6","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":175,"box":{"x":289,"y":816,"width":583,"height":12}},{"id":"6c10e927-b376-4338-a8b8-0697a4002fac","block_type":"box","text":"reinvestment of dividends.","page_number":175,"box":{"x":117,"y":831,"width":199,"height":10}},{"id":"65ac62a5-25d0-41ef-ae6d-7649c596ffc9","block_type":"box","text":"Right of Accumulation.","page_number":175,"box":{"x":116,"y":862,"width":166,"height":12}},{"id":"a3d40dc7-6cf4-4910-a42a-549d5df54312","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may","page_number":175,"box":{"x":284,"y":862,"width":585,"height":12}},{"id":"57d0e262-65f0-4639-8d72-550ec9d85422","block_type":"box","text":"be combined with the amount of the current purchase in determining whether an investor qualifies for a","page_number":175,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"9f5f3541-f43b-4774-bee6-b9b85b0bdf4d","block_type":"box","text":"II-130","page_number":175,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"406f0759-2789-472f-a7e5-c39f1f38c7d4","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":175,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"051fa798-7f72-48df-bb3a-cc9f15991db9","block_type":"box","text":"breakpoint and a reduced front-end sales charge: (i) the current value of an investor’s existing Investor","page_number":176,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"018ff8e7-d866-4570-ae79-ff473865a8f7","block_type":"box","text":"A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares in most BlackRock","page_number":176,"box":{"x":116,"y":102,"width":741,"height":12}},{"id":"0bef9c78-854c-415a-a4b1-07d845d431b5","block_type":"box","text":"Funds, (ii) the current value of an investor’s existing shares of certain unlisted closed-end management","page_number":176,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"a81ab9e6-38ad-49ea-9c10-65e0ef34a383","block_type":"box","text":"investment companies sponsored and advised by BlackRock or its affiliates (“Eligible Unlisted","page_number":176,"box":{"x":117,"y":134,"width":699,"height":12}},{"id":"b43f097a-cff4-49f7-9bd1-c84437c6b3cc","block_type":"box","text":"BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock CollegeAdvantage 529","page_number":176,"box":{"x":117,"y":149,"width":717,"height":12}},{"id":"5321e8f2-5f30-4a1a-8196-864cf767ecdb","block_type":"box","text":"Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":176,"box":{"x":117,"y":165,"width":673,"height":12}},{"id":"45ee52b2-9dae-4544-98b4-7beb4db47594","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining","page_number":176,"box":{"x":117,"y":180,"width":741,"height":12}},{"id":"1c17157a-33e4-4e2b-a77d-61e871d859a1","block_type":"box","text":"whether an investor qualifies for a breakpoint and a reduced front-end sales charge, although","page_number":176,"box":{"x":116,"y":196,"width":698,"height":12}},{"id":"ec550518-6da7-43d1-bb44-2b93825c46b3","block_type":"box","text":"customers of the same financial intermediary will be treated similarly. In order to use this right, the","page_number":176,"box":{"x":116,"y":211,"width":732,"height":12}},{"id":"a8c21a46-12b1-4989-b3c1-6403eef6ed77","block_type":"box","text":"investor must alert BlackRock to the existence of any previously purchased shares. Certain funds","page_number":176,"box":{"x":117,"y":227,"width":727,"height":12}},{"id":"d072bc30-d2f4-4d8d-be31-d80b9dcff949","block_type":"box","text":"employ a “passive” management approach and attempt to match the performance of a target index as","page_number":176,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"263e42ee-4e58-4ede-9945-8b8ad89af3e1","block_type":"box","text":"closely as possible before the deduction of Fund expenses (“Index Funds”). Although Investor A","page_number":176,"box":{"x":116,"y":258,"width":717,"height":12}},{"id":"536624c8-c54e-45e2-9ad9-0ecd4f75abd7","block_type":"box","text":"Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":176,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"6ac514f0-0abf-4258-9320-a462de1892bb","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and","page_number":176,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"a7de4fba-1d22-4781-8db8-3351be65f150","block_type":"box","text":"Premier Shares in the Index Funds and BlackRock Short Obligations Fund may be combined with the","page_number":176,"box":{"x":117,"y":304,"width":757,"height":12}},{"id":"9156f91e-cdd1-4b95-9e98-016c9bc03691","block_type":"box","text":"amount of an investor’s current purchase in determining whether an investor qualifies for a breakpoint","page_number":176,"box":{"x":116,"y":320,"width":760,"height":12}},{"id":"4cefdb51-0e44-41e7-baf3-219639448d36","block_type":"box","text":"and a reduced front-end sales charge.","page_number":176,"box":{"x":116,"y":335,"width":289,"height":12}},{"id":"b916bf86-2a2c-4cc1-8ede-b737becb34bc","block_type":"box","text":"Letter of Intent.","page_number":176,"box":{"x":116,"y":361,"width":111,"height":9}},{"id":"94c94100-49ea-4a5d-b27c-4838cf0db7b4","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a","page_number":176,"box":{"x":229,"y":361,"width":649,"height":12}},{"id":"270b798f-aa7c-4907-93df-0beb59cf9d27","block_type":"box","text":"“Letter of Intent” stating the investor’s intention to make one or more of the following investments within","page_number":176,"box":{"x":116,"y":376,"width":770,"height":12}},{"id":"601e8dc6-0cde-490f-bc34-0e29cfc5fc95","block_type":"box","text":"the next 13 months which would, if bought all at once, qualify the investor for a reduced sales charge:","page_number":176,"box":{"x":116,"y":392,"width":758,"height":12}},{"id":"448b0afb-e7db-4ef9-8331-d862a076ae54","block_type":"box","text":"(i) buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier","page_number":176,"box":{"x":117,"y":407,"width":745,"height":12}},{"id":"3f81267c-26ea-4e66-87db-668c597417a3","block_type":"box","text":"Shares, (ii) make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":176,"box":{"x":116,"y":423,"width":759,"height":12}},{"id":"69f1eda2-26cb-4fef-bb44-bff32d9f01b7","block_type":"box","text":"(iii) make an investment through the BlackRock CollegeAdvantage 529 Program in one or more","page_number":176,"box":{"x":117,"y":438,"width":712,"height":12}},{"id":"1c5dd198-19b7-409b-8fba-22719183ed9f","block_type":"box","text":"BlackRock Funds. The initial investment must meet the minimum initial purchase requirement. The","page_number":176,"box":{"x":117,"y":454,"width":736,"height":12}},{"id":"e7564c3b-9f38-4ee5-85c3-dc33fd592241","block_type":"box","text":"13-month Letter of Intent period commences on the day that the Letter of Intent is received by the","page_number":176,"box":{"x":118,"y":469,"width":727,"height":12}},{"id":"3cab3ea8-cf23-483b-a34b-5498687c49a7","block_type":"box","text":"Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":176,"box":{"x":117,"y":485,"width":754,"height":12}},{"id":"03f9e132-8cac-41c1-b875-86c4bcd9a515","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds","page_number":176,"box":{"x":117,"y":500,"width":752,"height":12}},{"id":"a2fd8c8e-1500-4fde-9c67-70352d467a5a","block_type":"box","text":"and the BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of","page_number":176,"box":{"x":116,"y":516,"width":722,"height":12}},{"id":"afbace15-3571-4a76-b4f8-6b58e8cf9687","block_type":"box","text":"commencement that are eligible under the Right of Accumulation may be counted towards the sales","page_number":176,"box":{"x":116,"y":531,"width":747,"height":12}},{"id":"353d1698-2ea1-44e2-ae78-d44e2ae22465","block_type":"box","text":"charge reduction. The investor must notify the Fund of (i) any current holdings in the BlackRock Funds,","page_number":176,"box":{"x":116,"y":547,"width":770,"height":12}},{"id":"405887b9-4cee-4a73-af85-8c0f6897832d","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program","page_number":176,"box":{"x":117,"y":562,"width":759,"height":12}},{"id":"60fcb51e-65cd-41b8-903d-b598bd4820b5","block_type":"box","text":"that should be counted towards the sales charge reduction and (ii) any subsequent purchases that","page_number":176,"box":{"x":116,"y":578,"width":735,"height":12}},{"id":"51a0220c-f0f9-4a21-9680-358d0ade0cc6","block_type":"box","text":"should be counted towards the Letter of Intent. During the term of the Letter of Intent, the Fund will","page_number":176,"box":{"x":116,"y":593,"width":737,"height":12}},{"id":"61530da1-83a7-455c-81ca-f978991ed771","block_type":"box","text":"hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":176,"box":{"x":117,"y":609,"width":765,"height":12}},{"id":"aec49e73-66df-4b30-a0d2-681618af9aef","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the","page_number":176,"box":{"x":116,"y":624,"width":728,"height":13}},{"id":"e9e62293-765a-4cd7-aaac-3bbfefb88a66","block_type":"box","text":"Letter of Intent is not purchased. If the full amount indicated is not purchased within the 13-month","page_number":176,"box":{"x":117,"y":640,"width":726,"height":12}},{"id":"f1f61bad-991e-4a87-9756-b72060696a80","block_type":"box","text":"period, and the investor does not pay the higher sales load within 20 days, the Fund will redeem","page_number":176,"box":{"x":117,"y":656,"width":717,"height":12}},{"id":"24714493-0d56-4d5d-a959-40585c48050f","block_type":"box","text":"enough of the Investor A Shares and/or Investor P Shares, as applicable, held in escrow to pay the","page_number":176,"box":{"x":116,"y":671,"width":735,"height":12}},{"id":"0dcb5726-e031-408f-b798-c92ff8304471","block_type":"box","text":"difference.","page_number":176,"box":{"x":116,"y":686,"width":77,"height":10}},{"id":"4e01c16c-52d5-4f51-9041-4cf4baba3725","block_type":"box","text":"Placement Fees.","page_number":176,"box":{"x":116,"y":712,"width":124,"height":10}},{"id":"04087bff-1f98-45cb-a8b8-ac1d2beb0f2c","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all","page_number":176,"box":{"x":117,"y":733,"width":759,"height":12}},{"id":"ed4735d5-b0c9-482e-9800-aee0123387d0","block_type":"box","text":"Funds, which may depend on the policies, procedures and trading platforms of your financial","page_number":176,"box":{"x":117,"y":748,"width":685,"height":12}},{"id":"d2710301-7fab-481a-bf58-2cdc1fdb116b","block_type":"box","text":"intermediary.","page_number":176,"box":{"x":117,"y":764,"width":94,"height":12}},{"id":"c9d62cd0-2cfa-4410-974a-46fdb4909349","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A","page_number":176,"box":{"x":117,"y":790,"width":712,"height":12}},{"id":"eff37d9f-9079-4b28-818b-dec16fcccb3b","block_type":"box","text":"Shares:","page_number":176,"box":{"x":116,"y":805,"width":56,"height":10}},{"id":"23edf3f1-4e63-4004-ab13-d4aaf49ee1d0","block_type":"box","text":"$1 million but less than $3 million","page_number":176,"box":{"x":150,"y":830,"width":251,"height":12}},{"id":"cb69933a-a92f-4cfa-8669-62336315b0cb","block_type":"box","text":".........","page_number":176,"box":{"x":408,"y":839,"width":74,"height":1}},{"id":"bfc11c6c-d273-4c9f-bd1b-6af96a5ec4f1","block_type":"box","text":"1.00%","page_number":176,"box":{"x":485,"y":831,"width":50,"height":10}},{"id":"89a72de2-a8b2-43f4-92a7-dbe5be61cb90","block_type":"box","text":"$3 million but less than $15 million","page_number":176,"box":{"x":150,"y":846,"width":260,"height":11}},{"id":"ef4042b1-65ee-451c-99f7-9e971c18f887","block_type":"box","text":"........","page_number":176,"box":{"x":417,"y":854,"width":65,"height":2}},{"id":"68377fd4-106d-405b-be66-3cc933d5ab67","block_type":"box","text":"0.50%","page_number":176,"box":{"x":484,"y":846,"width":51,"height":10}},{"id":"b50758f0-eb42-4c04-bd3d-04c701ba3b3c","block_type":"box","text":"$15 million and above","page_number":176,"box":{"x":150,"y":861,"width":168,"height":12}},{"id":"2043c8e9-62bc-4c88-ba60-f9bbe0373400","block_type":"box","text":"...................","page_number":176,"box":{"x":319,"y":870,"width":163,"height":1}},{"id":"d5d0b946-850c-4ac3-b520-b9acd60d5ac9","block_type":"box","text":"0.25%","page_number":176,"box":{"x":484,"y":862,"width":51,"height":10}},{"id":"8e538996-f7a1-42a9-97dc-b086f8e4c69c","block_type":"box","text":"II-131","page_number":176,"box":{"x":479,"y":909,"width":39,"height":9}},{"id":"1ac41634-ab5c-403a-b7f4-4f7da8fcb1b3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":176,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4108c806-f5b6-482a-a288-8e3e7a9c3129","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High","page_number":177,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"d6a264d5-bb8d-4467-9f5b-9cc36dc29cc3","block_type":"box","text":"Income Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income","page_number":177,"box":{"x":117,"y":102,"width":716,"height":13}},{"id":"70f65f00-aaa1-42f2-8b21-c4d43f0d134b","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative","page_number":177,"box":{"x":117,"y":118,"width":764,"height":12}},{"id":"e15ddc4a-ae7b-4f12-8ad0-4065b7479c29","block_type":"box","text":"Value Fund of BlackRock Funds IV and BlackRock Event Driven Equity Fund, the placement fees may","page_number":177,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"eb6d2e11-028f-4c0c-a047-fcb942d2856c","block_type":"box","text":"be up to the following amounts:","page_number":177,"box":{"x":117,"y":149,"width":236,"height":12}},{"id":"05a5391b-3ae0-4930-8300-8ea43e9a36b2","block_type":"box","text":"$250,000 but less than $3 million","page_number":177,"box":{"x":150,"y":179,"width":250,"height":12}},{"id":"19380c9b-572c-437a-9f64-2358a3f60aa2","block_type":"box","text":".........","page_number":177,"box":{"x":408,"y":188,"width":74,"height":1}},{"id":"be728ccb-1656-4bea-8290-f76446251518","block_type":"box","text":"1.00%","page_number":177,"box":{"x":485,"y":180,"width":50,"height":10}},{"id":"abd30b7e-2649-48c4-96e2-d2f46207998f","block_type":"box","text":"$3 million but less than $15 million","page_number":177,"box":{"x":150,"y":195,"width":260,"height":11}},{"id":"ef7bb19d-a0fb-4f07-9c4b-64a3e960443d","block_type":"box","text":"........","page_number":177,"box":{"x":417,"y":204,"width":65,"height":1}},{"id":"5721732f-4cec-42c4-988e-99162fb70a90","block_type":"box","text":"0.50%","page_number":177,"box":{"x":484,"y":196,"width":51,"height":9}},{"id":"efc40d0b-19d7-47db-840d-c3c8b79af03b","block_type":"box","text":"$15 million and above","page_number":177,"box":{"x":150,"y":210,"width":168,"height":12}},{"id":"22413489-69e4-4358-be3d-8afb8430143d","block_type":"box","text":"...................","page_number":177,"box":{"x":319,"y":219,"width":163,"height":1}},{"id":"4d3e2105-462e-4912-a8ac-001c9c76d065","block_type":"box","text":"0.25%","page_number":177,"box":{"x":484,"y":211,"width":51,"height":10}},{"id":"74271a63-9e03-461c-9018-cf7bc2c491f7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds","page_number":177,"box":{"x":116,"y":242,"width":751,"height":12}},{"id":"cb3725fa-2e06-4034-9a72-120bcdffc86e","block_type":"box","text":"IV, BlackRock Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical","page_number":177,"box":{"x":117,"y":258,"width":691,"height":12}},{"id":"564a77a0-9d75-4e7c-9388-a8386d820485","block_type":"box","text":"Opportunities Fund of BlackRock Funds","page_number":177,"box":{"x":116,"y":273,"width":296,"height":12}},{"id":"03f35c9a-fb47-4529-9d7a-af509b3c9b64","block_type":"box","text":"SM","page_number":177,"box":{"x":414,"y":273,"width":15,"height":6}},{"id":"c375e9ae-2c54-4521-9f78-16c8361e2c09","block_type":"box","text":", BlackRock High Yield Portfolio, BlackRock Core Bond","page_number":177,"box":{"x":431,"y":273,"width":414,"height":12}},{"id":"5671d814-d357-4df6-b9d5-3704e29d3445","block_type":"box","text":"Portfolio and BlackRock Sustainable High Yield Bond Fund of BlackRock Funds V, BlackRock","page_number":177,"box":{"x":117,"y":289,"width":702,"height":12}},{"id":"ce906cbb-e76e-4b51-8b8b-643f884f6d48","block_type":"box","text":"Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global Bond Fund,","page_number":177,"box":{"x":116,"y":304,"width":749,"height":12}},{"id":"a6d3065c-2401-48c7-9c81-472c7a4496e5","block_type":"box","text":"Inc., the placement fees may be up to the following amounts:","page_number":177,"box":{"x":117,"y":320,"width":456,"height":12}},{"id":"d545972a-29f0-44eb-9fea-8ba77e55e589","block_type":"box","text":"$1 million but less than $3 million","page_number":177,"box":{"x":150,"y":350,"width":251,"height":11}},{"id":"2344a21f-cf2b-4309-a92f-51e0fb97e2c4","block_type":"box","text":".........","page_number":177,"box":{"x":408,"y":359,"width":74,"height":1}},{"id":"36986960-8507-4c50-ae61-d801bc2a40a8","block_type":"box","text":"0.75%","page_number":177,"box":{"x":484,"y":351,"width":51,"height":9}},{"id":"37b76718-31a4-44e8-8c6c-e2a144a4c1c1","block_type":"box","text":"$3 million but less than $15 million","page_number":177,"box":{"x":150,"y":365,"width":260,"height":12}},{"id":"cabaadf6-f375-43c7-8942-54575b5329c2","block_type":"box","text":"........","page_number":177,"box":{"x":417,"y":374,"width":65,"height":1}},{"id":"d418fa23-d089-4f5c-87ee-d5ef67dd6cf0","block_type":"box","text":"0.50%","page_number":177,"box":{"x":484,"y":366,"width":51,"height":10}},{"id":"211abd28-d921-4fd5-a218-f0f116a046e0","block_type":"box","text":"$15 million and above","page_number":177,"box":{"x":150,"y":381,"width":168,"height":11}},{"id":"2b1045df-f6b4-41f4-8df6-9d8205bf4ad8","block_type":"box","text":"...................","page_number":177,"box":{"x":319,"y":390,"width":163,"height":1}},{"id":"ed3ca95e-c7db-479f-83a6-9f3264c20a73","block_type":"box","text":"0.25%","page_number":177,"box":{"x":484,"y":382,"width":51,"height":9}},{"id":"afc33261-1559-4a23-8d0d-55f01922d800","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock","page_number":177,"box":{"x":116,"y":413,"width":734,"height":12}},{"id":"512e94a8-249d-4684-ba5f-0347afcde814","block_type":"box","text":"Impact Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":177,"box":{"x":117,"y":428,"width":769,"height":12}},{"id":"59378c02-38d4-480c-8e7c-90fb3b0d045c","block_type":"box","text":"$1 million but less than $3 million","page_number":177,"box":{"x":150,"y":458,"width":251,"height":12}},{"id":"c2bfa354-41a9-4ad3-8b06-788369d148dd","block_type":"box","text":".........","page_number":177,"box":{"x":408,"y":467,"width":74,"height":1}},{"id":"2f6f77ac-4fdc-42ae-a494-afb43476f7f4","block_type":"box","text":"0.50%","page_number":177,"box":{"x":484,"y":459,"width":51,"height":10}},{"id":"3d107325-4e15-44d5-be92-07eded6df2af","block_type":"box","text":"$3 million but less than $15 million","page_number":177,"box":{"x":150,"y":474,"width":260,"height":11}},{"id":"200ada44-93fd-4b8e-83ca-ed7dabe93f76","block_type":"box","text":"........","page_number":177,"box":{"x":417,"y":483,"width":65,"height":1}},{"id":"f4978883-7303-46b3-a999-dfb07a87296e","block_type":"box","text":"0.25%","page_number":177,"box":{"x":484,"y":475,"width":51,"height":9}},{"id":"1bb0f852-0c2b-47e2-9f62-00b1a15f251b","block_type":"box","text":"$15 million and above","page_number":177,"box":{"x":150,"y":489,"width":168,"height":12}},{"id":"7eeaf25b-8f61-4d50-8c1b-e4e7f622e32d","block_type":"box","text":"...................","page_number":177,"box":{"x":319,"y":498,"width":163,"height":2}},{"id":"23430f9e-46d2-41c7-9be7-fd245501c3f1","block_type":"box","text":"0.15%","page_number":177,"box":{"x":484,"y":490,"width":51,"height":10}},{"id":"f9167ca7-ee89-4c12-87b8-17eec3174e78","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the","page_number":177,"box":{"x":116,"y":521,"width":737,"height":12}},{"id":"884cbf69-8023-4e4a-8ec6-153e2f735e15","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":177,"box":{"x":117,"y":537,"width":392,"height":12}},{"id":"6e84430c-7058-4ba9-a7dd-9eca20e8eb10","block_type":"box","text":"$250,000 but less than $3 million","page_number":177,"box":{"x":150,"y":567,"width":250,"height":12}},{"id":"d31dd297-9a8f-4819-a30d-8c9e144d7b2b","block_type":"box","text":".........","page_number":177,"box":{"x":408,"y":576,"width":74,"height":1}},{"id":"92268fb6-cbde-43c4-9618-de1a91f52b25","block_type":"box","text":"0.50%","page_number":177,"box":{"x":484,"y":568,"width":51,"height":9}},{"id":"27c3c453-3099-4875-a6ed-9d3215341da7","block_type":"box","text":"$3 million but less than $15 million","page_number":177,"box":{"x":150,"y":582,"width":260,"height":12}},{"id":"bdb1df95-519d-4058-aafb-0df186205e54","block_type":"box","text":"........","page_number":177,"box":{"x":417,"y":591,"width":65,"height":2}},{"id":"9c204749-c684-4b50-b8ba-d9f477640f6e","block_type":"box","text":"0.25%","page_number":177,"box":{"x":484,"y":583,"width":51,"height":10}},{"id":"081aee27-65e9-4755-b05b-15a59db6e66e","block_type":"box","text":"$15 million and above","page_number":177,"box":{"x":150,"y":598,"width":168,"height":11}},{"id":"32c91c2e-5f6e-4c25-b6de-b21ec43bd1b5","block_type":"box","text":"...................","page_number":177,"box":{"x":319,"y":607,"width":163,"height":1}},{"id":"ebcf9a60-1905-44e8-a06b-78228f2ead00","block_type":"box","text":"0.15%","page_number":177,"box":{"x":484,"y":599,"width":51,"height":9}},{"id":"a6e7c6a1-ff13-41d3-a092-3d961792935a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock","page_number":177,"box":{"x":116,"y":630,"width":712,"height":12}},{"id":"0cdda94c-323c-44a6-91cb-789dae7d8c59","block_type":"box","text":"Funds V, the placement fees may be up to the following amounts:","page_number":177,"box":{"x":117,"y":645,"width":492,"height":12}},{"id":"b75938a2-4947-4e85-9693-01008ab1a267","block_type":"box","text":"$1 million but less than $3 million","page_number":177,"box":{"x":150,"y":675,"width":245,"height":12}},{"id":"8f895f5b-0739-48b9-a2cd-6a22a2927b5b","block_type":"box","text":".........","page_number":177,"box":{"x":408,"y":684,"width":74,"height":2}},{"id":"c4c51fbb-8e82-45c9-939f-2f1756ccf0dc","block_type":"box","text":"0.15%","page_number":177,"box":{"x":484,"y":676,"width":46,"height":10}},{"id":"52de76d6-d642-44ef-ae96-017700eb70f8","block_type":"box","text":"$3 million but less than $15 million","page_number":177,"box":{"x":150,"y":691,"width":255,"height":11}},{"id":"94ba63dc-94ea-4f3c-8d3d-d28574f778b6","block_type":"box","text":"........","page_number":177,"box":{"x":417,"y":700,"width":65,"height":1}},{"id":"ea12d99e-086d-4ab7-8aa6-b9a5c837bfc2","block_type":"box","text":"0.10%","page_number":177,"box":{"x":484,"y":692,"width":46,"height":9}},{"id":"3dd9861e-e7ee-4c1e-b3d5-0520ed54f6ad","block_type":"box","text":"$15 million and above","page_number":177,"box":{"x":150,"y":706,"width":162,"height":12}},{"id":"02e22ad6-023e-4ec3-96f0-08b6ed7dda9b","block_type":"box","text":"...................","page_number":177,"box":{"x":319,"y":715,"width":163,"height":2}},{"id":"1a794149-cb64-430c-adf8-fb58f83f29a0","block_type":"box","text":"0.05%","page_number":177,"box":{"x":484,"y":707,"width":46,"height":10}},{"id":"23f2f53e-03c4-462c-9dd3-e8ea6a90fb9a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate","page_number":177,"box":{"x":116,"y":738,"width":761,"height":12}},{"id":"1356e806-b7cd-4594-8521-593cb64d96a8","block_type":"box","text":"Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":177,"box":{"x":117,"y":754,"width":750,"height":12}},{"id":"fa0b98ca-114d-43ea-b568-47ccf1d767da","block_type":"box","text":"BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":177,"box":{"x":117,"y":769,"width":570,"height":12}},{"id":"3a6e887b-0c79-47f2-9772-8f6e5ef10d81","block_type":"box","text":"$500,000 but less than $3 million","page_number":177,"box":{"x":150,"y":799,"width":244,"height":12}},{"id":"571c264b-43f1-4c6b-b3e3-603d542687ee","block_type":"box","text":".........","page_number":177,"box":{"x":408,"y":808,"width":74,"height":2}},{"id":"167ab933-7f3c-44ae-ac46-f119ec6d693f","block_type":"box","text":"0.75%","page_number":177,"box":{"x":484,"y":800,"width":46,"height":10}},{"id":"6dad102e-faeb-4ecb-b878-66dd39fec66c","block_type":"box","text":"$3 million but less than $15 million","page_number":177,"box":{"x":150,"y":815,"width":255,"height":11}},{"id":"0a4aa4cb-a637-4b78-82db-aebf8a84d11d","block_type":"box","text":"........","page_number":177,"box":{"x":417,"y":824,"width":65,"height":1}},{"id":"bf98a5bb-eb6a-41c9-9654-5aebe4da023c","block_type":"box","text":"0.50%","page_number":177,"box":{"x":484,"y":816,"width":46,"height":9}},{"id":"e3ca0d83-a67e-4105-8be7-50334ad60e7a","block_type":"box","text":"$15 million and above","page_number":177,"box":{"x":150,"y":830,"width":168,"height":12}},{"id":"5bc13cd6-791d-48cd-981b-b2334677158a","block_type":"box","text":"...................","page_number":177,"box":{"x":319,"y":839,"width":163,"height":2}},{"id":"13bf0881-27a8-4f0f-ac13-8344d5760f3e","block_type":"box","text":"0.25%","page_number":177,"box":{"x":484,"y":831,"width":51,"height":10}},{"id":"0ea4e224-2640-40d7-aec4-94218775b7a2","block_type":"box","text":"II-132","page_number":177,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b247bacd-1a28-4408-9c1f-cc6f3b120220","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":177,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"567d1719-815d-46f5-9ae3-8343849ed6af","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal","page_number":178,"box":{"x":116,"y":87,"width":734,"height":12}},{"id":"52dd3b79-9934-463f-923b-259f7b98cbac","block_type":"box","text":"Bond Fund, Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the","page_number":178,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"9f84a4bd-3043-4a73-ac17-c7eb773ac777","block_type":"box","text":"following amounts:","page_number":178,"box":{"x":116,"y":118,"width":144,"height":12}},{"id":"5708fe68-df2c-4514-8b78-83a94380fc13","block_type":"box","text":"$250,000 and above","page_number":178,"box":{"x":150,"y":148,"width":157,"height":12}},{"id":"d6809967-a8da-4c71-8bf4-e1b1c1e8131c","block_type":"box","text":"....................","page_number":178,"box":{"x":310,"y":157,"width":172,"height":1}},{"id":"f4aa2d62-66fd-40cc-a637-8a8586a5a269","block_type":"box","text":"0.50%","page_number":178,"box":{"x":484,"y":149,"width":51,"height":10}},{"id":"844eb19f-283e-440c-ada8-dd19e742361b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal","page_number":178,"box":{"x":116,"y":180,"width":734,"height":12}},{"id":"ce86941e-90a8-4c06-b004-bff75b015a4b","block_type":"box","text":"Bond Fund, Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the","page_number":178,"box":{"x":117,"y":196,"width":718,"height":12}},{"id":"86ef03d6-ea8e-4c30-b740-96434159699a","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":178,"box":{"x":117,"y":211,"width":392,"height":12}},{"id":"18d9f8f8-399d-420e-aea5-a92584974e4f","block_type":"box","text":"$100,000 and above","page_number":178,"box":{"x":150,"y":241,"width":157,"height":12}},{"id":"61b00799-f4fe-41f4-b7de-3a63ed158a5d","block_type":"box","text":"....................","page_number":178,"box":{"x":310,"y":250,"width":172,"height":1}},{"id":"c717d13d-43ee-4ff3-814b-941e6473099b","block_type":"box","text":"0.25%","page_number":178,"box":{"x":484,"y":242,"width":51,"height":10}},{"id":"171f34a8-8a83-4499-8b81-9b3f373615ed","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal","page_number":178,"box":{"x":116,"y":273,"width":734,"height":12}},{"id":"35977205-8180-4c19-9259-8d8395a73c0d","block_type":"box","text":"Bond Fund, Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the","page_number":178,"box":{"x":117,"y":289,"width":755,"height":12}},{"id":"91805c23-4568-493d-abf0-f7009ad97674","block_type":"box","text":"following amounts:","page_number":178,"box":{"x":116,"y":304,"width":144,"height":12}},{"id":"f8a7f81a-cbad-45ba-a030-d301af437044","block_type":"box","text":"$250,000 and above","page_number":178,"box":{"x":150,"y":334,"width":157,"height":12}},{"id":"14efdf17-f4f5-4044-97bb-fb12d86d8145","block_type":"box","text":"....................","page_number":178,"box":{"x":310,"y":343,"width":172,"height":1}},{"id":"ca1e1a51-4650-46f1-996d-908ab2fadf7a","block_type":"box","text":"0.25%","page_number":178,"box":{"x":484,"y":335,"width":51,"height":10}},{"id":"b6b27182-3cbf-4990-9e4e-ec504888b988","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":178,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"988cddd1-ae2e-4216-9e53-de43ff16348c","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California","page_number":178,"box":{"x":117,"y":382,"width":736,"height":12}},{"id":"bb81b39d-6b16-4e71-87e0-f05d54746bf4","block_type":"box","text":"Municipal Series Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey","page_number":178,"box":{"x":117,"y":397,"width":741,"height":12}},{"id":"82ba1ba4-33fc-4d78-a0b8-e2c8d140d55d","block_type":"box","text":"Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State","page_number":178,"box":{"x":117,"y":413,"width":733,"height":12}},{"id":"631cdb45-db63-4205-b04e-f822ff179559","block_type":"box","text":"Municipal Series Trust and BlackRock National Municipal Fund of BlackRock Municipal Bond Fund,","page_number":178,"box":{"x":117,"y":428,"width":742,"height":12}},{"id":"ff41f188-83a4-4864-8a8f-64836bfbeebd","block_type":"box","text":"Inc., the placement fees may be up to the following amounts:","page_number":178,"box":{"x":117,"y":444,"width":456,"height":12}},{"id":"cd136aca-d62a-4eb5-87c3-274ecd428684","block_type":"box","text":"$250,000 but less than $4 million","page_number":178,"box":{"x":150,"y":474,"width":250,"height":12}},{"id":"3070108f-cfc3-452d-8b70-fc619084eb06","block_type":"box","text":".........","page_number":178,"box":{"x":408,"y":483,"width":74,"height":1}},{"id":"48082681-38c6-4d51-be73-c7340bae9261","block_type":"box","text":"1.00%","page_number":178,"box":{"x":485,"y":475,"width":50,"height":9}},{"id":"09e93cb6-bbb9-4d7e-9e63-3601f63106e7","block_type":"box","text":"$4 million but less than $10 million","page_number":178,"box":{"x":150,"y":489,"width":260,"height":12}},{"id":"774efe05-ec78-46a6-bf2e-ade9c7733324","block_type":"box","text":"........","page_number":178,"box":{"x":417,"y":498,"width":65,"height":2}},{"id":"a4cc35a1-0adf-4dfe-a73b-255b2ac05d73","block_type":"box","text":"0.50%","page_number":178,"box":{"x":484,"y":490,"width":51,"height":10}},{"id":"8cf38980-db90-4579-8991-df8534992941","block_type":"box","text":"$10 million and above","page_number":178,"box":{"x":150,"y":505,"width":168,"height":11}},{"id":"f7779995-c845-4370-a047-b06200ce785c","block_type":"box","text":"...................","page_number":178,"box":{"x":319,"y":514,"width":163,"height":1}},{"id":"67e737bd-df33-44b1-9746-abebc57206d0","block_type":"box","text":"0.25%","page_number":178,"box":{"x":484,"y":506,"width":51,"height":9}},{"id":"dc21fc27-4cde-46e5-bbea-d52661ae6d99","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased","page_number":178,"box":{"x":116,"y":537,"width":762,"height":12}},{"id":"c1a79579-b5d4-4b72-b06a-4aca274bfcf3","block_type":"box","text":"on or after July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after","page_number":178,"box":{"x":116,"y":552,"width":763,"height":12}},{"id":"4b5f07b0-8e30-4376-b1ae-17c30e3d45cc","block_type":"box","text":"July 1, 2020) of BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and","page_number":178,"box":{"x":116,"y":568,"width":758,"height":12}},{"id":"9b636063-8117-4420-b30c-624e1e644b2f","block_type":"box","text":"BlackRock Balanced Fund, Inc., the placement fees may be up to the following amounts:","page_number":178,"box":{"x":117,"y":583,"width":663,"height":12}},{"id":"eb2519bc-66fd-46a8-9e8f-f3f89b1284e1","block_type":"box","text":"$250,000 but less than $3 million","page_number":178,"box":{"x":150,"y":613,"width":250,"height":12}},{"id":"a92cee58-0b29-45ee-b183-bb00354976f3","block_type":"box","text":".........","page_number":178,"box":{"x":408,"y":622,"width":74,"height":2}},{"id":"6d6c2566-f5c1-4274-a8e2-32498339e832","block_type":"box","text":"0.75%","page_number":178,"box":{"x":484,"y":614,"width":51,"height":10}},{"id":"4b351d66-8a36-464e-94fb-0830d7105aee","block_type":"box","text":"$3 million but less than $15 million","page_number":178,"box":{"x":150,"y":629,"width":260,"height":11}},{"id":"5e87c02a-7d8c-4f09-a877-8086ed13b443","block_type":"box","text":"........","page_number":178,"box":{"x":417,"y":638,"width":65,"height":1}},{"id":"a34135bf-3cfb-46b6-b6ff-90a8ea548e12","block_type":"box","text":"0.50%","page_number":178,"box":{"x":484,"y":630,"width":51,"height":9}},{"id":"e42558be-9655-42eb-9601-4aee8fca475f","block_type":"box","text":"$15 million and above","page_number":178,"box":{"x":150,"y":644,"width":168,"height":12}},{"id":"b7ff799b-e935-417c-aac3-e950a28ccdf7","block_type":"box","text":"...................","page_number":178,"box":{"x":319,"y":653,"width":163,"height":2}},{"id":"822bae43-3967-40a4-88b2-82cbf2c65e09","block_type":"box","text":"0.25%","page_number":178,"box":{"x":484,"y":645,"width":51,"height":10}},{"id":"09b49ee1-cc03-401c-8e5f-f0acd73c7a2e","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":178,"box":{"x":116,"y":676,"width":419,"height":12}},{"id":"f5edad00-2bd9-4d76-a0e3-722d44276a46","block_type":"box","text":"®","page_number":178,"box":{"x":536,"y":675,"width":9,"height":7}},{"id":"08b443ed-2137-47ef-82b6-3f25ee56209d","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":178,"box":{"x":551,"y":676,"width":279,"height":11}},{"id":"3026373d-21a2-4076-8050-efe1509ed8a3","block_type":"box","text":"®","page_number":178,"box":{"x":831,"y":675,"width":10,"height":7}},{"id":"b5b24fd8-09b6-48e2-b187-f8ca6f04a616","block_type":"box","text":"Index 2035 Fund, BlackRock LifePath","page_number":178,"box":{"x":117,"y":692,"width":279,"height":11}},{"id":"2935dacc-755b-44e4-95e1-ac5bc0f34ea3","block_type":"box","text":"®","page_number":178,"box":{"x":397,"y":691,"width":9,"height":7}},{"id":"16bc33e2-019a-451d-b3a8-0ad0b024a8ad","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":178,"box":{"x":413,"y":692,"width":279,"height":11}},{"id":"1524a5c5-fe66-4897-9a43-8e546a692ad4","block_type":"box","text":"®","page_number":178,"box":{"x":693,"y":691,"width":9,"height":7}},{"id":"17644f97-6b80-43f3-a574-f26646602fd3","block_type":"box","text":"Index 2045 Fund,","page_number":178,"box":{"x":708,"y":692,"width":128,"height":11}},{"id":"997f754d-35ce-4355-8dd6-b6c21033cccd","block_type":"box","text":"BlackRock LifePath","page_number":178,"box":{"x":117,"y":707,"width":143,"height":10}},{"id":"9e03ce83-f04d-4fd9-a960-0b9e5b02bdf8","block_type":"box","text":"®","page_number":178,"box":{"x":261,"y":706,"width":10,"height":7}},{"id":"e464b653-1479-47d4-8773-39a1feb1096d","block_type":"box","text":"Index 2050 Fund, BlackRock LifePath","page_number":178,"box":{"x":277,"y":707,"width":279,"height":11}},{"id":"e1a5c4ed-1dc4-4c0d-af33-862af3b4390d","block_type":"box","text":"®","page_number":178,"box":{"x":557,"y":706,"width":9,"height":7}},{"id":"99dbd4e2-ee56-4bc9-9332-e76bc2eb3afd","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":178,"box":{"x":573,"y":707,"width":279,"height":11}},{"id":"e32219bc-17f3-4f9a-8af6-805a28f71617","block_type":"box","text":"®","page_number":178,"box":{"x":853,"y":706,"width":9,"height":7}},{"id":"a4ec2940-485d-4b06-b868-4cba0677851a","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":178,"box":{"x":117,"y":723,"width":279,"height":11}},{"id":"0a1b032a-07fe-4048-8ac0-b38dadce80b5","block_type":"box","text":"®","page_number":178,"box":{"x":397,"y":722,"width":9,"height":7}},{"id":"1d6be605-1d18-405e-8aef-1736f24d06f0","block_type":"box","text":"Index 2065 Fund, BlackRock LifePath","page_number":178,"box":{"x":413,"y":723,"width":279,"height":11}},{"id":"a006836b-401d-49d6-b569-846db92d7141","block_type":"box","text":"®","page_number":178,"box":{"x":693,"y":722,"width":9,"height":7}},{"id":"1ced4dee-d756-4922-9bdf-33950a0629fd","block_type":"box","text":"Index 2070 Fund and","page_number":178,"box":{"x":708,"y":723,"width":157,"height":9}},{"id":"3c4960f7-79bc-49c0-a9f2-565da043c268","block_type":"box","text":"BlackRock LifePath","page_number":178,"box":{"x":117,"y":738,"width":143,"height":10}},{"id":"7692c405-2732-470f-a740-814d30e5e40d","block_type":"box","text":"®","page_number":178,"box":{"x":261,"y":737,"width":10,"height":7}},{"id":"2607edce-3e9d-44d0-b73c-dbd5e9be27a4","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III, the placement fees may be up to","page_number":178,"box":{"x":277,"y":738,"width":596,"height":12}},{"id":"27155cd4-85ed-4a60-afd7-f6fb19d8b934","block_type":"box","text":"the following amounts:","page_number":178,"box":{"x":116,"y":754,"width":166,"height":12}},{"id":"069a4147-2cac-4167-8478-2a336ebc853b","block_type":"box","text":"$1,000,000 and above","page_number":178,"box":{"x":150,"y":784,"width":166,"height":12}},{"id":"387f71dd-91c9-4c4e-8bdc-65b38c2fba6a","block_type":"box","text":"..................","page_number":178,"box":{"x":328,"y":793,"width":154,"height":1}},{"id":"733d5816-c563-4637-9bbb-8156733bc5b3","block_type":"box","text":"0.10%","page_number":178,"box":{"x":484,"y":785,"width":46,"height":9}},{"id":"6d742b38-0839-48c2-bf65-5c9f8b0752d7","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":178,"box":{"x":116,"y":816,"width":693,"height":12}},{"id":"e8528bf4-0d21-4cee-a379-194dc935dc72","block_type":"box","text":"SM","page_number":178,"box":{"x":810,"y":816,"width":15,"height":6}},{"id":"8f976335-debf-41b6-a0da-ec68c8207dd2","block_type":"box","text":", the","page_number":178,"box":{"x":828,"y":816,"width":31,"height":11}},{"id":"2213ad1b-13c7-4906-a08c-ac6783c32653","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":178,"box":{"x":117,"y":831,"width":392,"height":12}},{"id":"161631f6-d101-4d6b-bb13-290c0f90de91","block_type":"box","text":"$1,000,000 and above","page_number":178,"box":{"x":150,"y":861,"width":172,"height":12}},{"id":"3294701e-9843-4569-8e17-8e3c87fdf16b","block_type":"box","text":"..................","page_number":178,"box":{"x":328,"y":870,"width":154,"height":2}},{"id":"7b327653-c9de-4746-a713-c8394857b1bc","block_type":"box","text":"0.15%","page_number":178,"box":{"x":484,"y":862,"width":51,"height":10}},{"id":"f69f8843-adce-43be-929b-52ac26d0c58a","block_type":"box","text":"II-133","page_number":178,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"10de5611-9de6-4830-9dbb-c584dd9f171d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":178,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"09148176-4911-41d7-86cb-251c9d268c9f","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund","page_number":179,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"28d0009d-31db-4c94-8adc-298467e2df21","block_type":"box","text":"and iShares Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500","page_number":179,"box":{"x":116,"y":102,"width":770,"height":12}},{"id":"6deb99e6-aa48-428f-9e56-ec8eb15408f9","block_type":"box","text":"Index Fund and iShares U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":179,"box":{"x":117,"y":118,"width":612,"height":12}},{"id":"86ff055d-62ed-488c-97f7-dcb3705e84e1","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":179,"box":{"x":117,"y":149,"width":769,"height":12}},{"id":"bd7138a4-c188-4936-ad07-a5851d0c4f1b","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of","page_number":179,"box":{"x":116,"y":164,"width":716,"height":13}},{"id":"2c8f652f-f608-4699-bab6-547027144cd1","block_type":"box","text":"BlackRock Funds V will result in a placement fee of up to 0.50% on the first $3 million and a placement","page_number":179,"box":{"x":117,"y":179,"width":768,"height":13}},{"id":"db6c2e41-2791-431d-8049-bcf1c98b4f0b","block_type":"box","text":"fee of 0.25% on the final $1 million).","page_number":179,"box":{"x":116,"y":195,"width":272,"height":13}},{"id":"62b26f03-b11c-4316-a917-290065da53a5","block_type":"box","text":"Other.","page_number":179,"box":{"x":117,"y":227,"width":44,"height":9}},{"id":"61bf05e2-4071-4216-b064-2235b25bf86a","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales","page_number":179,"box":{"x":163,"y":227,"width":685,"height":12}},{"id":"39b8654c-877f-4e28-bd48-7d0d2632371c","block_type":"box","text":"charge: (a) certain employer-sponsored retirement plans (for purposes of this waiver, employer","page_number":179,"box":{"x":116,"y":242,"width":710,"height":12}},{"id":"628b6438-697b-4c50-8e1d-16e31ba973c0","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of","page_number":179,"box":{"x":116,"y":258,"width":733,"height":12}},{"id":"9de71270-f73f-4456-9e6a-fb6a10f18a1b","block_type":"box","text":"current investments through certain employer-sponsored retirement plans provided the shares are","page_number":179,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"3be0dfb3-4e41-4add-9c78-acf7d9b2d181","block_type":"box","text":"transferred to Investor A or Investor P, as applicable, shares of the same or another BlackRock Fund","page_number":179,"box":{"x":116,"y":289,"width":754,"height":12}},{"id":"680c7b67-5328-4eb8-9db6-8dff68f0f584","block_type":"box","text":"as either a direct rollover, or subsequent to distribution, the rolled-over proceeds are contributed to a","page_number":179,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"1b1cd013-378f-4881-82d8-634ef2f84d56","block_type":"box","text":"BlackRock IRA through an account directly with the Fund; or purchases by IRA programs that are","page_number":179,"box":{"x":117,"y":320,"width":728,"height":12}},{"id":"50bb75df-5759-444d-aea6-c4ed49bc9ce9","block_type":"box","text":"sponsored by financial intermediary firms provided the financial intermediary firm has entered into a","page_number":179,"box":{"x":116,"y":335,"width":744,"height":12}},{"id":"a29afbaa-14e7-4392-a77c-6755921f356a","block_type":"box","text":"Class A or Investor P NAV agreement, as applicable, with respect to such program with the Distributor;","page_number":179,"box":{"x":117,"y":351,"width":768,"height":12}},{"id":"a695bd0d-98eb-440f-a0f4-dd0bd4905ca7","block_type":"box","text":"(c) insurance company separate accounts; (d) registered investment advisers, trust companies and","page_number":179,"box":{"x":117,"y":366,"width":740,"height":12}},{"id":"b6d7ef66-33dd-4b53-aa38-d20c2cbc18c4","block_type":"box","text":"bank trust departments exercising discretionary investment authority with respect to amounts to be","page_number":179,"box":{"x":117,"y":382,"width":736,"height":12}},{"id":"09cc8dd9-260f-46f3-8628-ab6668ce570e","block_type":"box","text":"invested in a Fund; (e) persons participating in a fee-based program (such as a wrap account) under","page_number":179,"box":{"x":117,"y":397,"width":750,"height":12}},{"id":"3d2ec7f0-71b6-4810-9c59-14049b9f398f","block_type":"box","text":"which they pay advisory fees to a broker-dealer or other financial institution; (f) financial intermediaries","page_number":179,"box":{"x":116,"y":413,"width":764,"height":12}},{"id":"120c04d9-83da-4ebb-97b7-7bc92acb4f69","block_type":"box","text":"who have entered into an agreement with the Distributor and have been approved by the Distributor to","page_number":179,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"c70339da-912d-4d87-92f6-affb01c39b77","block_type":"box","text":"offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":179,"box":{"x":116,"y":444,"width":714,"height":12}},{"id":"a4324540-5dbf-4454-a65f-6fa82c9e83ca","block_type":"box","text":"transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into","page_number":179,"box":{"x":116,"y":459,"width":736,"height":12}},{"id":"be73614c-58d5-4267-b4b7-6a216aa8a8f0","block_type":"box","text":"Roth IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only,","page_number":179,"box":{"x":117,"y":475,"width":753,"height":12}},{"id":"923507ac-b657-4cc6-bd8c-0e4ca8b3abed","block_type":"box","text":"accounts opened directly with a Fund that do not have a financial intermediary associated with the","page_number":179,"box":{"x":116,"y":490,"width":733,"height":12}},{"id":"c5b02a14-135e-4873-9abd-6c0253a1a967","block_type":"box","text":"account; and (i) persons involuntarily liquidated from a Fund, who within 60 days of liquidation buy new","page_number":179,"box":{"x":116,"y":506,"width":769,"height":12}},{"id":"313d5ec9-a17d-409d-9de9-9b418addbccf","block_type":"box","text":"shares of another BlackRock Fund (but only up to the amount that was liquidated). The following","page_number":179,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"6e1707f4-c589-423b-abc0-ba2628cc5403","block_type":"box","text":"persons associated with the Funds, the Fund’s Manager, Sub-Advisers, Transfer Agent, Distributor,","page_number":179,"box":{"x":117,"y":537,"width":743,"height":12}},{"id":"14406127-451e-4eca-af12-cce5f7f134a3","block_type":"box","text":"fund accounting agents, Barclays PLC and their affiliates may buy Investor A or Investor P Shares of","page_number":179,"box":{"x":116,"y":552,"width":752,"height":12}},{"id":"4c401835-3c56-4e66-8585-37d73dd6baa3","block_type":"box","text":"each of the Funds without paying a sales charge to the extent permitted by these firms including:","page_number":179,"box":{"x":116,"y":568,"width":723,"height":12}},{"id":"eb519ab8-0ee9-4e77-a9fe-0164584a196a","block_type":"box","text":"(a) officers, directors and partners; (b) employees and retirees; (c) employees or registered","page_number":179,"box":{"x":117,"y":583,"width":680,"height":12}},{"id":"51756e63-d08e-4b0e-84d5-85b0e8bf0a4d","block_type":"box","text":"representatives of firms who have entered into selling agreements to distribute shares of BlackRock","page_number":179,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"b697fb47-f8a0-4d25-afc3-0310a1140036","block_type":"box","text":"advised funds; (d) immediate family members of such persons (“immediate family members” shall be","page_number":179,"box":{"x":116,"y":614,"width":753,"height":12}},{"id":"55494543-6984-4fae-b17d-9811aff4c395","block_type":"box","text":"defined as the investor, the investor’s spouse or domestic partner, children, parents and siblings); and","page_number":179,"box":{"x":116,"y":630,"width":761,"height":12}},{"id":"b89d01b2-6c14-484a-bd43-c5b36a571b8e","block_type":"box","text":"(e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through","page_number":179,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"46e7f6b3-46c7-4e94-9a7b-fc2156397958","block_type":"box","text":"(d). Investors who qualify for any of these exemptions from the sales charge should purchase","page_number":179,"box":{"x":117,"y":661,"width":692,"height":12}},{"id":"6ac3854d-b3fa-4b6b-8f9b-a546e5311d25","block_type":"box","text":"Investor A or Investor P Shares. In addition, a sales charge waiver may be available for investors","page_number":179,"box":{"x":117,"y":676,"width":719,"height":12}},{"id":"45d5169e-ed0c-43f6-94d3-9502444b0a7b","block_type":"box","text":"exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock","page_number":179,"box":{"x":116,"y":692,"width":730,"height":12}},{"id":"89e94bdc-2902-4097-80d3-2ad7c649ee38","block_type":"box","text":"Fund, or exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another","page_number":179,"box":{"x":117,"y":707,"width":713,"height":12}},{"id":"e25f8727-0171-48ed-bbfd-052f839e786f","block_type":"box","text":"BlackRock Fund, through an intermediary-processed exchange, provided that the investor had","page_number":179,"box":{"x":117,"y":723,"width":699,"height":12}},{"id":"e717d5ed-3239-4820-ba9d-5a17aa14f9cd","block_type":"box","text":"previously paid a sales charge with respect to such shares. The availability of Investor A or Investor P","page_number":179,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"d79f6bfe-a0f0-438a-ba0a-fb7faac255c1","block_type":"box","text":"Shares sales charge waivers may depend upon the policies, procedures and trading platforms of your","page_number":179,"box":{"x":116,"y":754,"width":756,"height":12}},{"id":"1a92da99-cd59-4e2c-acac-475c1a7ea7db","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":179,"box":{"x":116,"y":769,"width":387,"height":12}},{"id":"1a63e7ff-009f-40ea-8519-a82f913f2ecb","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi","page_number":179,"box":{"x":117,"y":799,"width":736,"height":13}},{"id":"877b883b-3708-40dd-bb6d-d98132c70173","block_type":"box","text":"Asset Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock","page_number":179,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"2eb3be89-f36a-4c79-9e98-709dbb856a75","block_type":"box","text":"Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond","page_number":179,"box":{"x":117,"y":831,"width":755,"height":11}},{"id":"5b137f20-58d5-45cc-8add-16b6c552490c","block_type":"box","text":"Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock","page_number":179,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"b64b6150-73d7-4159-b634-28baff57e01e","block_type":"box","text":"Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":179,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"df8c17d2-5a59-46e2-ab10-00d6e7d4ea24","block_type":"box","text":"Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust,","page_number":179,"box":{"x":117,"y":878,"width":693,"height":12}},{"id":"7ed83ead-cacd-47ec-b4db-1c5b82dd99e0","block_type":"box","text":"II-134","page_number":179,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"762bc837-80d9-4033-98e5-3a6932838e0e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":179,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a234f303-fea6-4474-b537-4524e5269930","block_type":"box","text":"BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":180,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"7f20c1b9-05f2-4434-8892-917f37e47f8c","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and","page_number":180,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"ebf65ed3-efab-4a47-8f8f-ee53de6137c7","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust,","page_number":180,"box":{"x":117,"y":118,"width":714,"height":12}},{"id":"7aaeb10c-0164-45bf-b444-828a49e2dcc0","block_type":"box","text":"BlackRock Event Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock","page_number":180,"box":{"x":117,"y":133,"width":770,"height":13}},{"id":"80355c22-fabc-4d70-92ac-b055af989d2f","block_type":"box","text":"Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and","page_number":180,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"1d6f6b11-b864-4624-abe0-8e85b548832c","block_type":"box","text":"BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more in Investor A or","page_number":180,"box":{"x":117,"y":165,"width":742,"height":12}},{"id":"43802b0a-9486-4359-82a4-235177ae23bc","block_type":"box","text":"Investor P Shares, as applicable, you may not pay an initial sales charge. However, if you redeem your","page_number":180,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"cbf7fc2b-ba76-4631-8ede-81e686b14b0f","block_type":"box","text":"Investor A or Investor P Shares, as applicable, within 18 months after purchase (a shorter holding","page_number":180,"box":{"x":117,"y":196,"width":729,"height":12}},{"id":"24ee8940-f709-4e82-9daa-6de1447d83b8","block_type":"box","text":"period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":180,"box":{"x":117,"y":211,"width":663,"height":12}},{"id":"9f66432a-b1e2-42d7-b536-5e9a2e978ee2","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the","page_number":180,"box":{"x":116,"y":242,"width":753,"height":12}},{"id":"c6aad981-1e69-4901-905b-b682bae18160","block_type":"box","text":"Index Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for","page_number":180,"box":{"x":117,"y":258,"width":703,"height":12}},{"id":"8c18052c-2f27-43f5-bf9f-35e5c7821bf1","block_type":"box","text":"Investor A Shares of a portfolio advised by BlackRock or its affiliates where no initial sales charge was","page_number":180,"box":{"x":117,"y":273,"width":763,"height":12}},{"id":"c0111e60-e416-4a12-aaf4-2d3a427c9518","block_type":"box","text":"paid at the time of purchase of such fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of","page_number":180,"box":{"x":117,"y":289,"width":763,"height":12}},{"id":"ab431278-78bf-412a-9420-3418f18d2286","block_type":"box","text":"an investment of $1,000,000 (lesser amounts may apply depending on the Investor A Load-Waived","page_number":180,"box":{"x":116,"y":303,"width":742,"height":13}},{"id":"93c3a093-f8b8-42f1-b612-f8ed2e928b5e","block_type":"box","text":"BlackRock Portfolio) or more. The Investor A Shares deferred sales charge is only charged upon","page_number":180,"box":{"x":117,"y":320,"width":722,"height":12}},{"id":"79a01901-fca8-4ee8-b134-5c721dc73b60","block_type":"box","text":"redemptions of Investor A Shares within 18 months after you originally acquired such Investor A","page_number":180,"box":{"x":117,"y":335,"width":716,"height":12}},{"id":"42938479-8fa1-4915-83f0-fcab8e6b39f5","block_type":"box","text":"Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply","page_number":180,"box":{"x":116,"y":351,"width":708,"height":12}},{"id":"5c0f57c6-04d4-450a-acdb-c103244b4ea1","block_type":"box","text":"depending on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There","page_number":180,"box":{"x":116,"y":366,"width":763,"height":12}},{"id":"67b6bc29-5c8c-44d5-8693-a0e57ac2ad34","block_type":"box","text":"is no deferred sales charge charged on redemptions if you have owned your Investor A Shares for","page_number":180,"box":{"x":117,"y":382,"width":733,"height":12}},{"id":"32234009-43b5-4005-9af3-f3c9967d1b7c","block_type":"box","text":"more than 18 months (or for a shorter holding period, as applicable) (as measured from your original","page_number":180,"box":{"x":117,"y":397,"width":749,"height":12}},{"id":"f5cd9de0-0cdb-44e7-ad4a-32614e140ab2","block_type":"box","text":"purchase of Investor A Shares that you exchanged into Investor A Shares of the Index Fund or","page_number":180,"box":{"x":117,"y":413,"width":707,"height":12}},{"id":"e4d574a6-8836-410b-a2ab-fa45b7ece501","block_type":"box","text":"BlackRock Short Obligations Fund).","page_number":180,"box":{"x":117,"y":428,"width":270,"height":12}},{"id":"0b91abb4-608e-4f78-9237-0e5ff9a95ae8","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection","page_number":180,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"508072b2-a1f5-4596-9254-4b41415686f3","block_type":"box","text":"with: (a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored","page_number":180,"box":{"x":116,"y":475,"width":752,"height":12}},{"id":"53e82b4e-34ea-405f-9efe-867c699a1be4","block_type":"box","text":"retirement plans and rollovers of current investments in a Fund through such plans; (b) exchanges","page_number":180,"box":{"x":117,"y":490,"width":709,"height":12}},{"id":"cc0e91da-7097-4bd7-bc60-45f7b81bcbf9","block_type":"box","text":"described in “Exchange Privilege” below; (c) redemptions made in connection with minimum required","page_number":180,"box":{"x":116,"y":506,"width":730,"height":12}},{"id":"a2826879-89eb-4581-9895-b0db7e4942c3","block_type":"box","text":"distributions from IRA and 403(b)(7) accounts due to the shareholder reaching the applicable age","page_number":180,"box":{"x":116,"y":521,"width":704,"height":12}},{"id":"184946b0-73b9-4c89-b7b1-687bb955a3a9","block_type":"box","text":"triggering such distributions; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":180,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"55ac95a5-9b80-4fa0-bc3e-78e6752ccd0c","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the","page_number":180,"box":{"x":117,"y":552,"width":768,"height":12}},{"id":"2fb88a5c-98ab-4f57-ac57-2a86009cf47c","block_type":"box","text":"receipt of a certified probate settlement (including in connection with the distribution of account assets to a","page_number":180,"box":{"x":117,"y":568,"width":765,"height":12}},{"id":"32c76ab2-c9d8-43e3-80d3-0fb6592d7fea","block_type":"box","text":"beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code)","page_number":180,"box":{"x":117,"y":583,"width":740,"height":12}},{"id":"b3b0e1ec-62f5-4921-bdf5-1ff44e60947a","block_type":"box","text":"subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or","page_number":180,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"b2eed862-32f5-4c00-a97e-40e5789a3402","block_type":"box","text":"Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant to the","page_number":180,"box":{"x":117,"y":614,"width":687,"height":12}},{"id":"18987fc2-5be4-4e84-b4f9-050178d2170f","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon","page_number":180,"box":{"x":116,"y":630,"width":738,"height":12}},{"id":"fdcf1033-7f29-461d-8383-4109abb96d70","block_type":"box","text":"Investment Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can","page_number":180,"box":{"x":117,"y":645,"width":734,"height":12}},{"id":"3b944dbe-a116-4f41-8b3d-88eaabdc10d3","block_type":"box","text":"demonstrate hardship, in the absolute discretion of a Fund.","page_number":180,"box":{"x":116,"y":661,"width":423,"height":12}},{"id":"11b264a5-5b2b-4f29-9c46-fb3a01ed1c4b","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a","page_number":180,"box":{"x":116,"y":692,"width":740,"height":12}},{"id":"89428674-e004-4c7c-8a4d-8b38aeba7099","block_type":"box","text":"placement fee, the Fund may, at its own discretion, waive the CDSC related to purchases of","page_number":180,"box":{"x":117,"y":707,"width":683,"height":12}},{"id":"a51d43af-3fdf-4dda-9263-90a563d601f5","block_type":"box","text":"$1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income","page_number":180,"box":{"x":116,"y":722,"width":745,"height":13}},{"id":"f8a0c315-44d0-457b-b468-e68f9e9a3c3c","block_type":"box","text":"Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative","page_number":180,"box":{"x":117,"y":738,"width":727,"height":12}},{"id":"d1ce928c-504e-4998-86fd-b2d9d77d0af5","block_type":"box","text":"Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc.,","page_number":180,"box":{"x":116,"y":754,"width":719,"height":11}},{"id":"6f82c2f4-0cc2-4120-b760-d740b15bfac4","block_type":"box","text":"BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock Municipal","page_number":180,"box":{"x":117,"y":769,"width":740,"height":12}},{"id":"0f7063b3-acfa-41d5-b8d9-1adf218699cd","block_type":"box","text":"Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":180,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"77576b29-9fff-4706-adaa-2eea71f79e67","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock","page_number":180,"box":{"x":117,"y":800,"width":736,"height":12}},{"id":"0c73771e-3193-41de-8445-582311e24777","block_type":"box","text":"California Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock","page_number":180,"box":{"x":117,"y":816,"width":732,"height":12}},{"id":"a3478098-edbe-41aa-9396-5babf133bb3b","block_type":"box","text":"New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":180,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"7563a343-0f7c-4777-b395-6f912520a1c8","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event","page_number":180,"box":{"x":117,"y":847,"width":762,"height":12}},{"id":"83d57be6-5f53-4828-928f-e387a8407d7b","block_type":"box","text":"Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration","page_number":180,"box":{"x":117,"y":861,"width":742,"height":13}},{"id":"07c4c780-a4f9-4478-af9f-6179d3bdc8b2","block_type":"box","text":"Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock","page_number":180,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"6432d5f5-49b2-477e-8d5f-535638631c82","block_type":"box","text":"II-135","page_number":180,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"7410cbfb-5241-4abe-9a4a-1d8ba0b03c40","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":180,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6285d596-c50a-4114-a68a-da0cb8fea0ed","block_type":"box","text":"Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or Investor P","page_number":181,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"481ae587-99b7-4ca8-a8bb-01faf63c9693","block_type":"box","text":"Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":181,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"5c8e15ef-4037-4fff-a08a-1953e02d6bd7","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":181,"box":{"x":117,"y":118,"width":326,"height":12}},{"id":"2a5794f1-da4f-445e-a0f7-9b732850e129","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons,","page_number":181,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"fff493dc-0a4b-4016-a7f9-9435874a34e8","block_type":"box","text":"are required to transfer investment positions from a foreign registered investment company advised by","page_number":181,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"2031aa36-cfde-4669-a383-6133db2e7c10","block_type":"box","text":"BlackRock or its affiliates to a U.S. registered BlackRock-advised fund.","page_number":181,"box":{"x":117,"y":180,"width":530,"height":12}},{"id":"debe2aba-19e6-4fcb-8a22-59fa1592440f","block_type":"box","text":"Acquisition of Certain Investment Companies.","page_number":181,"box":{"x":115,"y":211,"width":340,"height":12}},{"id":"2079b8cb-495e-451a-a6fb-a7b4995bf5c0","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV","page_number":181,"box":{"x":456,"y":211,"width":432,"height":12}},{"id":"1ac4cf2c-3f82-47fd-a1ac-4bd4099ebd7c","block_type":"box","text":"in connection with the acquisition of the assets of, or merger or consolidation with, a personal holding","page_number":181,"box":{"x":117,"y":227,"width":755,"height":12}},{"id":"16c175d3-fda1-4720-b640-289768895fa5","block_type":"box","text":"company or a public or private investment company.","page_number":181,"box":{"x":116,"y":242,"width":394,"height":12}},{"id":"23de354c-8339-4bc8-bc34-5b1ba35e988a","block_type":"box","text":"Purchases Through Certain Financial Intermediaries.","page_number":181,"box":{"x":116,"y":273,"width":392,"height":12}},{"id":"5365e227-8056-4849-a8d1-c10a1e2fd855","block_type":"box","text":"Reduced sales charges may be applicable for","page_number":181,"box":{"x":509,"y":273,"width":350,"height":12}},{"id":"16da0697-7ee2-4f6a-b73c-bf52feb9d5b2","block_type":"box","text":"purchases of Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers,","page_number":181,"box":{"x":117,"y":289,"width":764,"height":12}},{"id":"717420f3-d2ef-4878-b9f5-1c1822b13f31","block_type":"box","text":"selected securities dealers and other financial intermediaries that meet and adhere to standards","page_number":181,"box":{"x":116,"y":304,"width":717,"height":10}},{"id":"9feb9d8c-fade-4ad0-8c3e-42398058eb97","block_type":"box","text":"established by the Manager from time to time.","page_number":181,"box":{"x":116,"y":320,"width":346,"height":12}},{"id":"ddb4ef09-b921-42fb-8fb7-de9a8b557148","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":181,"box":{"x":117,"y":351,"width":445,"height":12}},{"id":"ce79aae1-87cd-4ba9-9a54-accbb40caea9","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are","page_number":181,"box":{"x":117,"y":374,"width":762,"height":12}},{"id":"d956035c-7c8f-4ce6-a3c4-2861d132589c","block_type":"box","text":"uncertain as to the length of time they intend to hold their assets in a Fund. If you select Investor C","page_number":181,"box":{"x":117,"y":389,"width":736,"height":12}},{"id":"4df73845-43c2-4ae3-b3e0-3398c8eeca8e","block_type":"box","text":"Shares, you do not pay an initial sales charge at the time of purchase. A Fund will not accept a","page_number":181,"box":{"x":116,"y":405,"width":708,"height":12}},{"id":"029473bc-e1c0-4d20-9153-b46dabcca0d1","block_type":"box","text":"purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a","page_number":181,"box":{"x":117,"y":420,"width":732,"height":12}},{"id":"dbb68ac1-4115-4caa-8ec5-563a1138b51c","block_type":"box","text":"lower breakpoint for NAV). Your financial intermediary may set a lower maximum for Investor C","page_number":181,"box":{"x":117,"y":436,"width":711,"height":12}},{"id":"3c0d606e-db95-428c-9034-1780ec93885a","block_type":"box","text":"Shares.","page_number":181,"box":{"x":116,"y":451,"width":62,"height":10}},{"id":"980c2a9a-79ba-4b49-81fe-55ceb96e84f8","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a","page_number":181,"box":{"x":117,"y":482,"width":762,"height":12}},{"id":"1ad6b280-073f-490b-bfe1-5c88ae60bb1d","block_type":"box","text":"financial intermediary associated with the account.","page_number":181,"box":{"x":116,"y":498,"width":379,"height":12}},{"id":"08e25b6e-57c7-4f1c-b711-693c86af4c3a","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":181,"box":{"x":117,"y":529,"width":700,"height":12}},{"id":"d5c13f75-d1f3-477e-9741-8b6569915214","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for","page_number":181,"box":{"x":116,"y":560,"width":771,"height":12}},{"id":"90fda736-222b-4c60-a1e3-2e431acae086","block_type":"box","text":"the reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution","page_number":181,"box":{"x":116,"y":575,"width":767,"height":12}},{"id":"f5eaef0f-9b2f-402f-8a24-743853ada220","block_type":"box","text":"fees; however, these fees potentially may be offset to the extent any return is realized on the additional","page_number":181,"box":{"x":116,"y":591,"width":769,"height":12}},{"id":"d16fd6a1-0193-4f35-952b-4dd74a89b94a","block_type":"box","text":"funds initially invested in CDSC shares.","page_number":181,"box":{"x":116,"y":606,"width":298,"height":12}},{"id":"79c3d548-e5bb-47a8-be4d-dc2df26deb6c","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares","page_number":181,"box":{"x":117,"y":637,"width":758,"height":12}},{"id":"379f9bb8-eef6-4228-be01-e06b38ca4599","block_type":"box","text":"at the time of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid","page_number":181,"box":{"x":116,"y":653,"width":757,"height":12}},{"id":"5e9a978b-cfa5-4d63-a3bd-c1468689d9da","block_type":"box","text":"to the Distributor and are used by the Distributor to defray the expenses of securities dealers or other","page_number":181,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"5ff33a05-3aa6-470d-97cb-891f7260480b","block_type":"box","text":"financial intermediaries related to providing distribution-related services to each Fund in connection","page_number":181,"box":{"x":116,"y":684,"width":735,"height":12}},{"id":"dce5236c-1ab2-4c5e-b7e9-a36be7c233d7","block_type":"box","text":"with the sale of the CDSC shares. The combination of the CDSC and the ongoing distribution fee","page_number":181,"box":{"x":116,"y":699,"width":719,"height":13}},{"id":"d662f3ae-71f0-4c03-98a4-21afc6000989","block_type":"box","text":"facilitates the ability of each Fund to sell the CDSC shares without a sales charge being deducted at","page_number":181,"box":{"x":116,"y":715,"width":743,"height":12}},{"id":"7603ae0e-31ec-49f5-aa7a-2fb9569fbb23","block_type":"box","text":"the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below. Imposition of the","page_number":181,"box":{"x":116,"y":730,"width":742,"height":13}},{"id":"40c556ed-0a61-4b71-bbf2-539b0f97f7c0","block_type":"box","text":"CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":181,"box":{"x":117,"y":746,"width":737,"height":12}},{"id":"7b0ad2ab-7a1a-4007-b74e-ad70216e61f6","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":181,"box":{"x":116,"y":761,"width":642,"height":13}},{"id":"c4f4b2b0-b0f0-4e01-934e-b16db316eb8c","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold","page_number":181,"box":{"x":117,"y":792,"width":750,"height":13}},{"id":"cc1936ab-89f7-49a5-a296-1a4ac470b676","block_type":"box","text":"by them plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a","page_number":181,"box":{"x":117,"y":808,"width":751,"height":12}},{"id":"a0154ee3-dbfa-4f27-92f3-87f913c8e8da","block_type":"box","text":"commission in connection with sales of Investor C Shares to certain employer-sponsored retirement","page_number":181,"box":{"x":116,"y":823,"width":741,"height":13}},{"id":"9aa005e2-2e4e-4102-8c35-98384f42c4e7","block_type":"box","text":"plans sponsored by the Fund, BlackRock or its affiliates, but may receive fees under the Distribution","page_number":181,"box":{"x":117,"y":839,"width":746,"height":12}},{"id":"f2d9950e-4f7a-4a4a-9081-9d71d43ba7fd","block_type":"box","text":"and Service Plan. These commissions and payments may be different than the reallowances,","page_number":181,"box":{"x":116,"y":854,"width":699,"height":13}},{"id":"451ae7b0-7689-4598-b8a7-bf3fcb86a858","block_type":"box","text":"placement fees and commissions paid to dealers in connection with sales of Investor A, Investor A1","page_number":181,"box":{"x":117,"y":870,"width":744,"height":12}},{"id":"a4c14b33-1ece-4991-844c-cb21c337dd4b","block_type":"box","text":"II-136","page_number":181,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"8440195a-2f4a-414e-9144-fe3f682dbf8f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":181,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"bd69f439-2ac8-4224-aa47-6fbd7fe29c2f","block_type":"box","text":"and Investor P Shares. These may depend upon the policies, procedures and trading platforms of your","page_number":182,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"21bb397c-3d3e-4ede-9184-bfbb5020afe5","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":182,"box":{"x":116,"y":102,"width":393,"height":13}},{"id":"e531ce25-518e-4ac1-adf6-f9e541dfbd1a","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective","page_number":182,"box":{"x":117,"y":131,"width":664,"height":12}},{"id":"53bb77ce-5e64-4d18-9bcb-4550f4204164","block_type":"box","text":"November 23, 2020, Investor C Shares held for approximately eight years will be converted into","page_number":182,"box":{"x":117,"y":146,"width":714,"height":12}},{"id":"7847fe04-40eb-43d6-8fce-d7a4f6ea7192","block_type":"box","text":"Investor A Shares, as set forth in each Fund’s Prospectus. In addition, accounts that do not have a","page_number":182,"box":{"x":117,"y":162,"width":736,"height":12}},{"id":"fd931e19-14ca-4ffd-8c0c-c03acacd2d9a","block_type":"box","text":"financial intermediary associated with them are not eligible to hold Investor C Shares, and any Investor","page_number":182,"box":{"x":116,"y":177,"width":768,"height":12}},{"id":"d0a84105-4c59-4a86-b7d5-466aef5f2632","block_type":"box","text":"C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":182,"box":{"x":117,"y":193,"width":635,"height":12}},{"id":"f01291d8-e763-4e71-982b-b65096145098","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":182,"box":{"x":117,"y":221,"width":404,"height":10}},{"id":"a6215769-5554-4b20-a4bd-0a8d38961771","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor","page_number":182,"box":{"x":117,"y":243,"width":763,"height":12}},{"id":"b9e54ea9-61f9-4c58-a1b6-3db4c6afe5ac","block_type":"box","text":"C Shares of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor","page_number":182,"box":{"x":117,"y":259,"width":736,"height":12}},{"id":"c6ec3848-dd82-4b5e-a42a-52d731f8d2b7","block_type":"box","text":"C 8-Year Conversion”). Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the","page_number":182,"box":{"x":117,"y":274,"width":770,"height":12}},{"id":"8220db33-cd19-4159-b837-40a721c100fa","block_type":"box","text":"“Successor Funds”) pursuant to reorganizations which occurred in September 2018. The holding","page_number":182,"box":{"x":116,"y":290,"width":722,"height":12}},{"id":"a7e1e5ea-0132-492e-9382-1cdea5de89f4","block_type":"box","text":"period for Investor C Shares of Successor Funds includes the period such shares were held in the","page_number":182,"box":{"x":117,"y":305,"width":732,"height":12}},{"id":"1008be2d-d642-4c18-92be-f6ae1989cff3","block_type":"box","text":"respective Predecessor Fund. It is the financial intermediary’s responsibility to ensure that the","page_number":182,"box":{"x":117,"y":321,"width":699,"height":12}},{"id":"44353bd3-218d-409e-ac7c-a9aa0dd6b00b","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain financial","page_number":182,"box":{"x":116,"y":336,"width":713,"height":12}},{"id":"ce70d935-1979-4266-8bcf-a90b7e500cb9","block_type":"box","text":"intermediaries, including group retirement recordkeeping platforms, may not have been tracking such","page_number":182,"box":{"x":117,"y":352,"width":755,"height":12}},{"id":"10e0e847-c907-4266-b29c-fadd7b210830","block_type":"box","text":"holding periods and therefore may not be able to process such conversions. In such instances,","page_number":182,"box":{"x":117,"y":367,"width":708,"height":12}},{"id":"c10d21d8-f61e-4cf7-887a-f848dab80351","block_type":"box","text":"Investor C Shares held as of the Effective Date will automatically convert to Investor A Shares","page_number":182,"box":{"x":117,"y":383,"width":702,"height":12}},{"id":"add3dfa1-fa51-489f-a35c-42a9f08fdbb5","block_type":"box","text":"approximately eight years after the Effective Date. If, as of November 23, 2028 (eight years after the","page_number":182,"box":{"x":116,"y":398,"width":749,"height":12}},{"id":"e24d0521-d41c-4c70-af3b-88a979d4fa48","block_type":"box","text":"Effective Date), a financial intermediary has not implemented systems or procedures to track holding","page_number":182,"box":{"x":117,"y":414,"width":751,"height":12}},{"id":"0a17c596-f228-4283-a38d-126fa313758f","block_type":"box","text":"periods commencing from the Effective Date, shareholders holding Investor C Shares through such","page_number":182,"box":{"x":117,"y":429,"width":742,"height":12}},{"id":"1640b297-f24d-44cf-85a8-5e65e2113841","block_type":"box","text":"financial intermediary will no longer be eligible to hold Investor C Shares and any such shares will","page_number":182,"box":{"x":116,"y":445,"width":729,"height":12}},{"id":"d0b5236e-4675-4748-9772-9cbf35bfd5e5","block_type":"box","text":"convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":182,"box":{"x":116,"y":460,"width":597,"height":12}},{"id":"629cf560-734c-4338-86ea-d1d77eb613eb","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to","page_number":182,"box":{"x":117,"y":489,"width":756,"height":12}},{"id":"8f636cf7-70dc-478f-8d00-16840cc0caca","block_type":"box","text":"hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically","page_number":182,"box":{"x":117,"y":504,"width":704,"height":12}},{"id":"d9919bb6-e2f5-41ae-9118-b4bc9b9a93b8","block_type":"box","text":"converted into Investor A Shares (the “Investor C Direct Accounts Conversion” and together with the","page_number":182,"box":{"x":116,"y":520,"width":749,"height":12}},{"id":"62c4877c-84bf-41b9-8810-f1a872bcaf10","block_type":"box","text":"Investor C 8-Year Conversion, the “Investor C Conversions”).","page_number":182,"box":{"x":117,"y":535,"width":459,"height":12}},{"id":"e7201f9e-584a-45b6-bb2f-6c6c8712fe1d","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”)","page_number":182,"box":{"x":116,"y":563,"width":765,"height":13}},{"id":"722efd10-8b01-480a-8cfd-3ea6d23fc84d","block_type":"box","text":"on the basis of the relative NAV of the shares of the two applicable classes on the Investor C","page_number":182,"box":{"x":116,"y":579,"width":694,"height":12}},{"id":"bb456cfe-f756-474d-88e3-a434b6beb694","block_type":"box","text":"Conversion Date, without the imposition of any sales load, fee or other charge. The Investor C","page_number":182,"box":{"x":117,"y":594,"width":702,"height":13}},{"id":"cc003394-df0a-4efe-b1fc-86b3f8fff1e6","block_type":"box","text":"Conversions will not be deemed a purchase or sale of the shares for U.S. federal income tax purposes.","page_number":182,"box":{"x":117,"y":610,"width":770,"height":12}},{"id":"65b5dd28-323c-4e05-8084-5b4f8ff07982","block_type":"box","text":"Shares acquired through reinvestment of dividends on Investor C Shares will also convert","page_number":182,"box":{"x":116,"y":625,"width":670,"height":13}},{"id":"4372f29c-2681-44f4-bc96-44593c2f19d4","block_type":"box","text":"automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C Conversion","page_number":182,"box":{"x":116,"y":641,"width":765,"height":12}},{"id":"511d14e5-1783-4612-a999-b5f08c7a3b19","block_type":"box","text":"Date for dividend reinvestment shares will be calculated taking into account the length of time the","page_number":182,"box":{"x":117,"y":656,"width":726,"height":13}},{"id":"c24508a0-5504-44b0-a7cb-ed59c08b4378","block_type":"box","text":"shares underlying the dividend reinvestment shares were outstanding.","page_number":182,"box":{"x":116,"y":672,"width":520,"height":12}},{"id":"7d27abc9-b74d-4edf-a06e-e7311b8a075b","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":182,"box":{"x":117,"y":700,"width":418,"height":12}},{"id":"578903c8-3a62-4741-8d9c-04ee0567bef5","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC","page_number":182,"box":{"x":117,"y":722,"width":741,"height":12}},{"id":"21c9286d-dfaa-4e05-96a9-ad7f269630af","block_type":"box","text":"charged as a percentage of the dollar amount subject thereto. In determining whether an Investor C","page_number":182,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"35e13b26-e440-4b50-9480-6d0e4f489e92","block_type":"box","text":"Shares CDSC is applicable to a redemption, the calculation will be determined in the manner that","page_number":182,"box":{"x":116,"y":753,"width":722,"height":12}},{"id":"9a387cca-3709-427e-81d7-b146bf9b7e85","block_type":"box","text":"results in the lowest possible rate being charged. The charge will be assessed on an amount equal to","page_number":182,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"af20ddb4-5afb-48f5-9949-fd665f9a5b6a","block_type":"box","text":"the lesser of the proceeds of redemption or the cost of the shares being redeemed. Accordingly, no","page_number":182,"box":{"x":116,"y":784,"width":737,"height":12}},{"id":"7c056aed-6bc3-4485-ad55-af265f7b6743","block_type":"box","text":"CDSC will be imposed on increases in NAV above the initial purchase price of Investor C Shares. In","page_number":182,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"5fc8670e-b1b7-4190-9196-da8579527057","block_type":"box","text":"addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of dividends.","page_number":182,"box":{"x":116,"y":815,"width":759,"height":12}},{"id":"880c88b2-5729-41f3-b6ba-f37247ab942a","block_type":"box","text":"It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":182,"box":{"x":117,"y":831,"width":722,"height":12}},{"id":"6abd8700-db28-4d93-b1f9-40a644debc01","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A","page_number":182,"box":{"x":117,"y":846,"width":745,"height":12}},{"id":"16d52358-1ee8-48cf-a42b-7e1b764a38b6","block_type":"box","text":"transfer of shares from a shareholder’s account to another account will be assumed to be made in the","page_number":182,"box":{"x":116,"y":862,"width":761,"height":9}},{"id":"75eee168-b34e-4e5f-b053-2f1625e167c1","block_type":"box","text":"same order as a redemption.","page_number":182,"box":{"x":116,"y":877,"width":220,"height":12}},{"id":"de3b54cd-61b3-47d8-a77f-b248cf61f032","block_type":"box","text":"II-137","page_number":182,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0c9d8734-28f0-4c47-8a25-5b48f071fbe0","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":182,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"13adefbb-19fc-4c88-8768-2d9b0d55cc51","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":183,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"450d525b-3b0b-4d62-b38b-a0fe1562872f","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods","page_number":183,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"6675d635-f47e-46c1-8c0f-d0b76c480f80","block_type":"box","text":"indicated.","page_number":183,"box":{"x":117,"y":118,"width":75,"height":10}},{"id":"54b7d058-bedb-420f-8900-97f15c5ca1a8","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":183,"box":{"x":117,"y":149,"width":610,"height":12}},{"id":"e6b74605-86ee-47a1-b0cb-3ece74e24f77","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C","page_number":183,"box":{"x":116,"y":172,"width":725,"height":12}},{"id":"a54b9913-1e15-4b1a-94ed-3db9c0fc5af4","block_type":"box","text":"Shares purchased through certain employer-sponsored retirement plans and fee-based programs","page_number":183,"box":{"x":116,"y":188,"width":729,"height":12}},{"id":"40202c43-66d8-4eea-8e62-ac5f65efac4c","block_type":"box","text":"previously approved by certain Funds and rollovers of current investments in the Fund through such","page_number":183,"box":{"x":117,"y":203,"width":745,"height":12}},{"id":"8998729b-8620-48cf-b970-357a0899ed7f","block_type":"box","text":"plans; (2) exchanges described in “Exchange Privilege” below; (3) redemptions made in connection","page_number":183,"box":{"x":117,"y":219,"width":741,"height":12}},{"id":"773094c6-479d-4dfa-969d-583ff89af4bd","block_type":"box","text":"with minimum required distributions due to the shareholder reaching age 72 from IRA and 403(b)(7)","page_number":183,"box":{"x":116,"y":234,"width":744,"height":12}},{"id":"27b3906f-bb46-4a74-b074-8935d29a5091","block_type":"box","text":"accounts; (4) redemptions made with respect to certain retirement plans sponsored by the Fund,","page_number":183,"box":{"x":116,"y":250,"width":721,"height":12}},{"id":"959d7dba-8776-483f-a444-cf82d9319846","block_type":"box","text":"BlackRock or its affiliates; (5) redemptions in connection with a shareholder’s death as long as the","page_number":183,"box":{"x":117,"y":265,"width":732,"height":12}},{"id":"c3e120ee-0056-4c36-b155-2426b310962b","block_type":"box","text":"waiver request is made within one year of death or, if later, reasonably promptly following completion of","page_number":183,"box":{"x":116,"y":281,"width":772,"height":12}},{"id":"d5b729fb-e0dd-431f-b2c6-9d6cabab409c","block_type":"box","text":"probate (including in connection with the distribution of account assets to a beneficiary of the decedent)","page_number":183,"box":{"x":117,"y":296,"width":771,"height":12}},{"id":"b9697e89-b42f-4a87-b412-968ac6a01cf8","block_type":"box","text":"or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":183,"box":{"x":116,"y":312,"width":766,"height":12}},{"id":"60a3075e-8d46-4bcf-ab8e-a856541b3a07","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent","page_number":183,"box":{"x":117,"y":327,"width":770,"height":12}},{"id":"60179156-41ed-4da8-a68e-2c8da725686d","block_type":"box","text":"to the purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low","page_number":183,"box":{"x":116,"y":343,"width":749,"height":12}},{"id":"342ec743-8ad2-42b8-9aec-626d51dd0ae7","block_type":"box","text":"balances as described in “Redemption of Shares” below; (8) redemptions made pursuant to a","page_number":183,"box":{"x":117,"y":358,"width":698,"height":12}},{"id":"271e17c4-5820-4488-bbc9-91afd67e9d7e","block_type":"box","text":"systematic withdrawal plan, subject to the limitations set forth under “Systematic Withdrawal Plan”","page_number":183,"box":{"x":116,"y":374,"width":731,"height":12}},{"id":"a5cba87d-7d92-4b21-9182-06bedd13168c","block_type":"box","text":"below; (9) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company","page_number":183,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"0130bd3b-c778-40a6-883b-852cf5f7804c","block_type":"box","text":"custodial IRA fees; and (10) redemptions when a shareholder can demonstrate hardship, in the","page_number":183,"box":{"x":116,"y":405,"width":712,"height":12}},{"id":"04d3fbd7-78c0-470b-8073-7b1d9fdd80e0","block_type":"box","text":"absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares acquired","page_number":183,"box":{"x":116,"y":420,"width":716,"height":12}},{"id":"fc91cc2b-45b7-41ea-9ca5-7b7e121940de","block_type":"box","text":"through the reinvestment of dividends or distributions.","page_number":183,"box":{"x":116,"y":436,"width":404,"height":12}},{"id":"51436022-6f9b-41cd-873c-2b8456028ebc","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain","page_number":183,"box":{"x":117,"y":467,"width":756,"height":12}},{"id":"7f1a9bcc-9943-4115-b5d5-c75a134b0044","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":183,"box":{"x":116,"y":482,"width":746,"height":12}},{"id":"53e65a79-4ab3-4238-bdbb-ded5c2756287","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":183,"box":{"x":116,"y":498,"width":662,"height":12}},{"id":"8ee5a24c-5489-4e9e-903a-277f9dd54bf1","block_type":"box","text":"Class R Shares","page_number":183,"box":{"x":116,"y":529,"width":127,"height":9}},{"id":"99c0e38b-791d-4628-8602-193f14d16ee3","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R","page_number":183,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"ee539720-2910-4146-8c45-397c57556570","block_type":"box","text":"Shares are available only to certain employer-sponsored retirement plans. Class R Shares are not","page_number":183,"box":{"x":116,"y":568,"width":734,"height":12}},{"id":"c280860b-34bd-48b5-9f67-cf54e1abcc91","block_type":"box","text":"subject to an initial sales charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per","page_number":183,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"3af293e1-f8b8-477a-a54d-e65e12581997","block_type":"box","text":"year and an ongoing service fee of 0.25% per year. Distribution fees are used to support the Fund’s","page_number":183,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"d1788e60-029a-494a-b27a-62a9a77d08e9","block_type":"box","text":"marketing and distribution efforts, such as compensating financial advisers and other financial","page_number":183,"box":{"x":117,"y":614,"width":700,"height":12}},{"id":"57e22b6f-72ff-4027-82ca-b12c9d918acb","block_type":"box","text":"intermediaries, advertising and promotion. Service fees are used to compensate securities dealers and","page_number":183,"box":{"x":117,"y":630,"width":768,"height":12}},{"id":"edc1b693-acfb-407a-aef9-7a39aa5735bc","block_type":"box","text":"other financial intermediaries for service activities.","page_number":183,"box":{"x":116,"y":645,"width":376,"height":10}},{"id":"044d63fb-90c1-4a3b-adf1-9b5c749fd79d","block_type":"box","text":"If Class R Shares are held over time, these","page_number":183,"box":{"x":117,"y":676,"width":319,"height":11}},{"id":"0ec96deb-7f9f-48d8-aa50-14a16ba0d183","block_type":"box","text":"fees may exceed the maximum sales charge that an","page_number":183,"box":{"x":442,"y":676,"width":388,"height":12}},{"id":"2d79a535-6b7e-41d9-9dbe-d435c8abc968","block_type":"box","text":"investor would have paid as a shareholder of one of the other share classes.","page_number":183,"box":{"x":117,"y":692,"width":566,"height":12}},{"id":"8b7767b7-c2f2-40ea-9720-abab46eb99b3","block_type":"box","text":"Class K Shares","page_number":183,"box":{"x":116,"y":723,"width":122,"height":9}},{"id":"b7f7a5e6-dbd4-41e8-b4ae-86643200f1d4","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are","page_number":183,"box":{"x":117,"y":746,"width":761,"height":12}},{"id":"d023dd8a-d275-4685-8009-edbc7fd97284","block_type":"box","text":"available only to (i) certain employee benefit plans, such as health savings accounts, and certain","page_number":183,"box":{"x":116,"y":761,"width":716,"height":13}},{"id":"1572fbee-1a78-4297-adeb-74131c31e766","block_type":"box","text":"employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs)","page_number":183,"box":{"x":116,"y":777,"width":694,"height":12}},{"id":"bc2134b1-fdb9-4b22-83a3-652d2bf8d333","block_type":"box","text":"(collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies","page_number":183,"box":{"x":117,"y":792,"width":765,"height":13}},{"id":"7ddf125b-6e03-447e-83fe-2c922f7da90a","block_type":"box","text":"and other pooled investment vehicles, each of which may purchase shares of the Fund through a","page_number":183,"box":{"x":116,"y":808,"width":720,"height":12}},{"id":"cc723da4-89fa-404f-a395-819f83d89b65","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":183,"box":{"x":116,"y":823,"width":761,"height":13}},{"id":"516f0371-2929-40b3-ada9-72d3ba60dcbc","block_type":"box","text":"(iii) “Institutional Investors,” which include but are not limited to, endowments, foundations, family","page_number":183,"box":{"x":117,"y":839,"width":722,"height":12}},{"id":"aad417d3-5d3f-436b-ae74-6bbb5fd6c16a","block_type":"box","text":"offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":183,"box":{"x":116,"y":854,"width":710,"height":13}},{"id":"54949fbc-1974-43e9-8b60-8f95692512b4","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a","page_number":183,"box":{"x":117,"y":870,"width":735,"height":12}},{"id":"3a868d75-1342-40c6-9604-bacbdbb408c1","block_type":"box","text":"II-138","page_number":183,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"841f57d4-05ba-45c7-b36f-02f70277ea89","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":183,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0e97ff3f-334d-4254-9679-378ed15d3161","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":184,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"4faf8ca8-b91d-4f9f-b9d3-9e209c3e7493","block_type":"box","text":"(iv) clients of private banks that purchase shares of the Fund through a financial intermediary that has","page_number":184,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"fd04bbb3-a17f-49d9-b32c-bb4b72c8977d","block_type":"box","text":"entered into an agreement with the Distributor to sell such shares; (v) fee-based advisory platforms of","page_number":184,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"5dcc6af5-ea85-4cb0-a8a4-135b414babdf","block_type":"box","text":"a financial intermediary that (a) has specifically acknowledged in a written agreement with the","page_number":184,"box":{"x":116,"y":134,"width":699,"height":12}},{"id":"87c18638-052c-4f5e-b3be-0387764cff42","block_type":"box","text":"Distributor and/or its affiliate(s) that the financial intermediary shall offer such shares to fee-based","page_number":184,"box":{"x":117,"y":149,"width":728,"height":12}},{"id":"db5ea296-c96e-424d-b3a1-3ae880e0084e","block_type":"box","text":"advisory clients through an omnibus account held at the Fund or (b) transacts in the Fund’s shares","page_number":184,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"8becd195-f89f-4808-9683-14a020069de4","block_type":"box","text":"through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":184,"box":{"x":116,"y":180,"width":750,"height":12}},{"id":"14eaa98f-2867-416b-b96b-3c95786b1fed","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have","page_number":184,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"a4fffe7f-6384-470c-9930-1697d56ee241","block_type":"box","text":"continually held Class K Shares of the Fund or the respective Predecessor Fund in the same account","page_number":184,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"46c70965-ba95-4524-89b5-2766c15e30cf","block_type":"box","text":"since August 15, 2016. The agreement referenced in (iv) above shall appear in a supplemental","page_number":184,"box":{"x":116,"y":227,"width":709,"height":12}},{"id":"721a4c06-70a5-49ec-8536-e13f79ddcb3e","block_type":"box","text":"agreement to any selling, sub-transfer agent, or distribution and marketing agreement.","page_number":184,"box":{"x":116,"y":242,"width":645,"height":12}},{"id":"e30503c1-8dff-4f36-8a36-9fe61ef3aed8","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":184,"box":{"x":117,"y":271,"width":762,"height":12}},{"id":"b429e871-d935-43e9-b43f-f01e9bc76a76","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly","page_number":184,"box":{"x":117,"y":287,"width":738,"height":12}},{"id":"8a308ac3-2b48-4710-9f10-4853c491bc98","block_type":"box","text":"with BlackRock. Eligible individuals who would like to convert existing holdings to Class K Shares must","page_number":184,"box":{"x":116,"y":302,"width":767,"height":12}},{"id":"34db076f-e942-4513-887e-5385b01eec03","block_type":"box","text":"contact BlackRock.","page_number":184,"box":{"x":116,"y":318,"width":148,"height":9}},{"id":"0a6b35a0-0364-4bac-be5b-c9be188c2d83","block_type":"box","text":"Class G Shares","page_number":184,"box":{"x":116,"y":347,"width":128,"height":10}},{"id":"bb2d71fa-3098-4c0e-8ea2-7f05ed904f02","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible","page_number":184,"box":{"x":117,"y":369,"width":767,"height":13}},{"id":"fec428e1-7d28-4540-a5ec-311d459f9dee","block_type":"box","text":"platforms are those where clients invest in the Fund through a single omnibus account in the name of a","page_number":184,"box":{"x":117,"y":385,"width":770,"height":12}},{"id":"f3ef7b2c-ac43-432f-aede-c1560301ae18","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. For clients investing","page_number":184,"box":{"x":116,"y":400,"width":720,"height":13}},{"id":"8cb4bbda-b96a-487d-8029-1ee17e0476d1","block_type":"box","text":"through such eligible platforms, the Fund does not impose investment minimums on any individual","page_number":184,"box":{"x":116,"y":416,"width":734,"height":12}},{"id":"888e9f9e-4da7-4e0c-bc33-1126b129ca4f","block_type":"box","text":"investor. Financial intermediaries may impose separate eligibility requirements.","page_number":184,"box":{"x":117,"y":432,"width":591,"height":12}},{"id":"15a16dbb-0dae-4d93-b0eb-0c0098c7f042","block_type":"box","text":"Service Shares","page_number":184,"box":{"x":116,"y":461,"width":125,"height":9}},{"id":"9bf673a8-48c8-4d30-a569-28576dab38c9","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain","page_number":184,"box":{"x":117,"y":483,"width":755,"height":12}},{"id":"f0a73093-1219-4ef4-9496-f91999884525","block_type":"box","text":"financial institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain","page_number":184,"box":{"x":116,"y":499,"width":772,"height":12}},{"id":"afe79e22-7013-408e-a4b0-fad6df2f1a74","block_type":"box","text":"persons who were shareholders of the Compass Capital Group of Funds at the time of its combination","page_number":184,"box":{"x":117,"y":514,"width":762,"height":12}},{"id":"862317dd-5243-40ac-8551-ff0c84dc5bf7","block_type":"box","text":"with The PNC","page_number":184,"box":{"x":116,"y":530,"width":103,"height":9}},{"id":"72ed9d2f-db21-4750-bd2b-221020b12885","block_type":"box","text":"®","page_number":184,"box":{"x":219,"y":529,"width":10,"height":7}},{"id":"a81f6e73-bd4a-4ad0-ac7e-8d23430b894c","block_type":"box","text":"Fund in 1996; and (iii) participants in the Capital Directions","page_number":184,"box":{"x":229,"y":530,"width":440,"height":12}},{"id":"adc0b6ad-f881-4a14-80c5-a9c64effca55","block_type":"box","text":"SM","page_number":184,"box":{"x":670,"y":530,"width":15,"height":6}},{"id":"6a25955f-0780-420b-9659-9d68a23a0f7b","block_type":"box","text":"asset allocation program.","page_number":184,"box":{"x":686,"y":530,"width":197,"height":12}},{"id":"9fee5f32-5cb3-4b25-9d2a-db0a21112de7","block_type":"box","text":"Service Shares are not subject to an initial sales charge or a CDSC but are subject to an ongoing","page_number":184,"box":{"x":116,"y":545,"width":727,"height":12}},{"id":"fb1ff55e-873e-4f12-ba58-dc5827ac90ac","block_type":"box","text":"service fee as set forth in the applicable Fund’s Prospectus.","page_number":184,"box":{"x":116,"y":561,"width":449,"height":12}},{"id":"af1e9a19-07a9-42bb-81c7-9f7570062272","block_type":"box","text":"BlackRock Shares","page_number":184,"box":{"x":117,"y":590,"width":150,"height":9}},{"id":"06bcfffe-b75e-4bd4-a96a-51ce05cca22c","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares","page_number":184,"box":{"x":117,"y":612,"width":770,"height":12}},{"id":"2d520ab5-e17d-4206-9a60-400d7eb96e28","block_type":"box","text":"are offered without a sales charge to institutional and individual investors, registered investment","page_number":184,"box":{"x":116,"y":628,"width":715,"height":12}},{"id":"18809dee-719e-4d23-8024-776d0da92f08","block_type":"box","text":"advisers and certain fee-based programs.","page_number":184,"box":{"x":116,"y":643,"width":315,"height":12}},{"id":"ee65aa4e-7e05-4da7-9709-a5efbb9f8df8","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":184,"box":{"x":117,"y":672,"width":382,"height":13}},{"id":"4eeb0cf2-3c3a-45a3-9e27-798182cf8d78","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company","page_number":184,"box":{"x":117,"y":695,"width":764,"height":12}},{"id":"de3e15be-f87d-424a-b084-7a18864d7297","block_type":"box","text":"Act with respect to certain share classes that allows the Fund to pay distribution fees for the sale of its","page_number":184,"box":{"x":116,"y":710,"width":756,"height":12}},{"id":"22877d4f-bad9-412a-8f65-926f637acf43","block_type":"box","text":"shares and shareholder servicing fees for certain services provided to its shareholders.","page_number":184,"box":{"x":116,"y":726,"width":645,"height":12}},{"id":"c1a7ad58-3a74-408b-a95e-37802f5dbb4a","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant","page_number":184,"box":{"x":117,"y":755,"width":725,"height":12}},{"id":"8885d036-9997-4b85-bb34-a364222d4045","block_type":"box","text":"shareholder of BlackRock, fees for distribution and sales support services with respect to Investor A,","page_number":184,"box":{"x":116,"y":771,"width":744,"height":12}},{"id":"584343b0-6540-41f2-939a-9ff8ca6b5742","block_type":"box","text":"Investor A1, Investor C, Investor P, Service and Class R Shares. Currently, as described further below,","page_number":184,"box":{"x":117,"y":786,"width":763,"height":12}},{"id":"33323135-8902-41b1-b747-6e519bece12b","block_type":"box","text":"only Investor C and Class R Shares bear the expense of distribution fees under a Plan.","page_number":184,"box":{"x":116,"y":802,"width":646,"height":12}},{"id":"a9c474c1-e8d1-4c02-b4ae-ea2f18cecd57","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers","page_number":184,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"fdd0fe50-d102-410c-80ff-bc387c84ceaa","block_type":"box","text":"shares of each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales","page_number":184,"box":{"x":116,"y":846,"width":762,"height":12}},{"id":"f0baeeef-e9f5-497e-8935-bd0444bc9deb","block_type":"box","text":"of the shares, but it is not obligated to sell any particular amount of shares. BRIL’s principal business","page_number":184,"box":{"x":116,"y":862,"width":752,"height":12}},{"id":"84911016-3647-4d00-8ff0-eb203bc36904","block_type":"box","text":"address is 50 Hudson Yards, New York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":184,"box":{"x":116,"y":877,"width":635,"height":12}},{"id":"c1c8588b-4396-4ccd-bcb4-60cb25c1758e","block_type":"box","text":"II-139","page_number":184,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"6aa4b729-add9-4c15-a0a2-58ca39484494","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":184,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f1cc5a7e-127c-475a-9f94-8dd7f1e339d6","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":185,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"be912568-9ab8-48a3-8005-c8bab35d244c","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions,","page_number":185,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"09df322e-8621-4321-9711-cbbf6cfc1e03","block_type":"box","text":"insurance companies, retirement plan record-keepers and other financial intermediaries (including","page_number":185,"box":{"x":117,"y":118,"width":731,"height":12}},{"id":"928f8847-3da8-41c6-b455-3afa44488fd5","block_type":"box","text":"BlackRock, BRIL and their affiliates) (collectively, “Service Organizations”) for certain support services","page_number":185,"box":{"x":117,"y":134,"width":761,"height":12}},{"id":"68dd9a49-f80b-4cda-94ac-5d2fe108bf11","block_type":"box","text":"rendered by Service Organizations to their customers (“Customers”) who are the beneficial owners of","page_number":185,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"dfec04f3-5698-4444-af18-af1c6d52701d","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Service and Class R Shares of a Fund. Such services","page_number":185,"box":{"x":117,"y":165,"width":755,"height":11}},{"id":"93c60219-1b33-4678-a033-02a35bc195a9","block_type":"box","text":"are intended to supplement the services provided by the Fund’s Administrators and Transfer Agent to","page_number":185,"box":{"x":116,"y":180,"width":758,"height":12}},{"id":"e6ef6581-4a91-47f5-a76c-4c427542bce7","block_type":"box","text":"the Fund’s shareholders of record.","page_number":185,"box":{"x":116,"y":196,"width":261,"height":9}},{"id":"69f74b2e-29a2-4efd-8ff8-12a0bb198744","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services,","page_number":185,"box":{"x":116,"y":227,"width":728,"height":12}},{"id":"55ea1b4f-0e2b-4c2b-9783-7f9176a5d63e","block_type":"box","text":"which include, but are not limited to: (i) answering Customer inquiries regarding account status and","page_number":185,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"34d26aa6-318e-46cf-aa65-ced7de18a830","block_type":"box","text":"history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be","page_number":185,"box":{"x":117,"y":258,"width":767,"height":12}},{"id":"9069818d-7d29-4e3e-926f-9430d7f69b01","block_type":"box","text":"effected and certain other matters pertaining to the Customers’ investments; and (ii) assisting","page_number":185,"box":{"x":116,"y":273,"width":697,"height":12}},{"id":"6ce4f974-664d-49aa-bcec-2f57a1ae0293","block_type":"box","text":"Customers in designating and changing dividend options, account designations and addresses. The","page_number":185,"box":{"x":117,"y":289,"width":746,"height":12}},{"id":"1c978b18-a027-4abf-8e54-c341b02a9309","block_type":"box","text":"shareholder servicing fees payable pursuant to the Plans are paid to compensate Service","page_number":185,"box":{"x":116,"y":304,"width":670,"height":12}},{"id":"a6f271be-d7fc-4399-bb15-e52f8e2df629","block_type":"box","text":"Organizations for the administration and servicing of shareholder accounts and are not costs which are","page_number":185,"box":{"x":116,"y":320,"width":769,"height":12}},{"id":"491e51be-baa9-4329-a1a5-a541d84a3b3f","block_type":"box","text":"primarily intended to result in the sale of the Fund’s shares.","page_number":185,"box":{"x":117,"y":335,"width":444,"height":12}},{"id":"0cb1f153-1990-4a5a-8ad6-67ce42a345f0","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the","page_number":185,"box":{"x":117,"y":366,"width":746,"height":12}},{"id":"71ad04f5-8ca7-4a71-9959-c7cf2201ae9a","block_type":"box","text":"shares in the applicable share class regardless of the amount of expenses incurred. As a result,","page_number":185,"box":{"x":116,"y":382,"width":716,"height":12}},{"id":"1541c854-9ec3-49a2-a625-3635f73d0639","block_type":"box","text":"payments under the Plans may be more or less than expenses incurred in connection with providing","page_number":185,"box":{"x":117,"y":397,"width":747,"height":12}},{"id":"359f501f-cbc6-4f7e-9603-166e5386b689","block_type":"box","text":"distribution and/or shareholder services with respect to the related class. Information with respect to","page_number":185,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"e2c7d197-7ea8-46aa-8635-c602e5e6765c","block_type":"box","text":"the payments under the Plans and expenses incurred in providing services with respect to the related","page_number":185,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"6b1fb62a-99fb-4889-85a0-9517318118d9","block_type":"box","text":"class is presented to the Directors for their consideration quarterly. Payments under the Plans consist","page_number":185,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"a88ebbd8-76d0-4133-9247-350ab4d390fc","block_type":"box","text":"of the shareholder servicing fees and the distribution fees. Expenses with respect to providing","page_number":185,"box":{"x":116,"y":459,"width":701,"height":12}},{"id":"40ed2a23-3bc7-4eb0-82aa-91130db8f628","block_type":"box","text":"distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":185,"box":{"x":116,"y":475,"width":742,"height":12}},{"id":"7ad7894e-6446-401a-b8d1-0c73e4a8ae39","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction","page_number":185,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"4e4a474a-77ec-4762-b8c0-63de75210f4b","block_type":"box","text":"processing expenses, advertising, sales promotion and marketing expenses. Payments under the","page_number":185,"box":{"x":117,"y":506,"width":728,"height":12}},{"id":"dd28012a-b33c-4db6-a8cf-02444ff1fdd9","block_type":"box","text":"Plans with respect to one class will not be used to finance the expenditures of another class. Sales","page_number":185,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"b1d6f336-7ef4-40a1-8cba-952c85e5a87a","block_type":"box","text":"personnel may receive different compensation for selling different classes of shares.","page_number":185,"box":{"x":117,"y":537,"width":629,"height":12}},{"id":"8726c99f-060c-49fe-a482-b397e88ceb36","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their","page_number":185,"box":{"x":117,"y":568,"width":717,"height":12}},{"id":"be34e434-1ec5-49ee-8894-46322ccc1ed0","block_type":"box","text":"consideration of a Plan, the Directors must consider all factors they deem relevant, including","page_number":185,"box":{"x":116,"y":583,"width":690,"height":12}},{"id":"577489b2-77e4-4607-aa86-7bd7794950f4","block_type":"box","text":"information as to the benefits of the Plan to the Fund and the related class of shareholders. In","page_number":185,"box":{"x":117,"y":599,"width":699,"height":9}},{"id":"3abedbd5-a8e3-4f10-a8cf-56b2b4724c74","block_type":"box","text":"approving a Plan in accordance with Rule 12b-1, the non-interested Directors concluded that there is","page_number":185,"box":{"x":116,"y":614,"width":753,"height":12}},{"id":"550a20ff-d292-4e78-a111-31099d65061e","block_type":"box","text":"reasonable likelihood that the Plan will benefit the Fund and its related class of shareholders. The Plan","page_number":185,"box":{"x":117,"y":630,"width":766,"height":9}},{"id":"4c35d897-6575-4d29-b138-0515ff04b736","block_type":"box","text":"provides, among other things, that: (i) the Board of Directors shall receive quarterly reports regarding","page_number":185,"box":{"x":117,"y":645,"width":752,"height":12}},{"id":"1f9f5e41-845b-4bdb-b4e4-a86fdce9ce99","block_type":"box","text":"the amounts expended under the Plan and the purposes for which such expenditures were made; (ii)","page_number":185,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"5c2278e3-4b29-40fb-b11e-153fef6ab4d3","block_type":"box","text":"the Plan will continue in effect for so long as its continuance is approved at least annually by the Board","page_number":185,"box":{"x":116,"y":676,"width":761,"height":12}},{"id":"5fefd664-d260-45be-b956-edbfca7ed757","block_type":"box","text":"of Directors, including the directors who are not “interested persons” of the Fund (as defined in the","page_number":185,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"49c9cf38-2c32-46b3-b2e8-326b2b85fda3","block_type":"box","text":"Investment Company Act) and who have no direct or indirect financial interest in the operation of the","page_number":185,"box":{"x":117,"y":707,"width":743,"height":12}},{"id":"a03c46dd-4e58-4aae-b4cf-1da15d54d2ba","block_type":"box","text":"Plan or any agreement entered into in connection with the Plan (the “12b-1 Directors”), acting in person","page_number":185,"box":{"x":117,"y":723,"width":765,"height":12}},{"id":"957edd4e-4c78-4257-9863-d8cc4316f38d","block_type":"box","text":"at a meeting called for said purpose in accordance with Rule 12b-1 under the Investment Company","page_number":185,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"b8eb2290-1264-4c85-bae1-b055422a06b5","block_type":"box","text":"Act; (iii) any material amendment thereto must be approved by the Board of Directors, including the","page_number":185,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"7b8389fd-5d37-449f-bfe2-c7547cf5a8f0","block_type":"box","text":"12b-1 Directors, acting in person at a meeting called for said purpose; (iv) any amendment to increase","page_number":185,"box":{"x":118,"y":769,"width":757,"height":12}},{"id":"10911d93-6eec-4a21-9ebb-d4c6aa6faa87","block_type":"box","text":"materially the costs which any class of shares may bear for distribution services pursuant to the Plan","page_number":185,"box":{"x":117,"y":785,"width":745,"height":12}},{"id":"2ce2cee0-21f6-4d34-a801-3f6a1917b5b8","block_type":"box","text":"shall be effective only upon approval by a vote of a majority of the outstanding shares of such class","page_number":185,"box":{"x":116,"y":800,"width":736,"height":12}},{"id":"5d7be7bc-8162-4f9c-b139-63c2b514118e","block_type":"box","text":"and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":185,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"46117642-567e-4c4d-b8b7-61cd66f819fd","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the","page_number":185,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"e1c11c93-af71-485c-9d24-06b1d9bd4e12","block_type":"box","text":"Fund’s Directors who are not “interested persons” of the Fund shall be committed to the discretion of","page_number":185,"box":{"x":117,"y":847,"width":750,"height":12}},{"id":"075c2c1e-a55e-421d-a683-397c047418dc","block_type":"box","text":"the Fund’s non-interested Directors. Rule 12b-1 further requires that each Fund preserve copies of","page_number":185,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"5263952b-f46e-427d-bba6-90a5bb3ed799","block_type":"box","text":"II-140","page_number":185,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"929af8ba-e82f-4542-a33b-903995590062","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":185,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"31936925-0644-4979-9f9f-2507354a620a","block_type":"box","text":"each Plan and any report made pursuant to such Plan for a period of not less than six years from the","page_number":186,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"84c37e54-cc9e-4fb2-a40e-ee01c06fe215","block_type":"box","text":"date of the Plan or such report, the first two years in an easily accessible place.","page_number":186,"box":{"x":116,"y":102,"width":594,"height":13}},{"id":"7fd13070-030b-4e72-b234-79668a32249d","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","page_number":186,"box":{"x":117,"y":132,"width":762,"height":13}},{"id":"f7c5ea10-29e8-4e64-8c70-f4b9e0fd8f98","block_type":"box","text":"the 12b-1 Directors, or by vote of the holders of a majority of the shares of such class.","page_number":186,"box":{"x":116,"y":148,"width":643,"height":12}},{"id":"89bb884e-326e-450e-8859-5b4864e32947","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":186,"box":{"x":116,"y":178,"width":770,"height":12}},{"id":"1688db2e-8749-47c5-8b3f-8d3ef417fadf","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s","page_number":186,"box":{"x":117,"y":193,"width":759,"height":12}},{"id":"155dfc89-c7f3-4355-97dc-9f3e3d16f6f3","block_type":"box","text":"most recent fiscal year.","page_number":186,"box":{"x":117,"y":209,"width":177,"height":12}},{"id":"2be3628c-931c-4039-acdf-49603cdfd44f","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":186,"box":{"x":117,"y":239,"width":439,"height":12}},{"id":"ceee023a-947e-48f8-9d09-f9d00441e202","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority","page_number":186,"box":{"x":116,"y":261,"width":745,"height":13}},{"id":"2421b482-ea7f-475a-811d-a76fc6d41afd","block_type":"box","text":"(“FINRA”) imposes a limitation on certain asset-based sales charges such as the distribution fee borne","page_number":186,"box":{"x":117,"y":277,"width":765,"height":12}},{"id":"eb518c7a-9b3a-4210-9c88-0bdc35f68336","block_type":"box","text":"by Class R Shares, and the distribution fee and the CDSC borne by the Investor C Shares. This","page_number":186,"box":{"x":117,"y":292,"width":715,"height":13}},{"id":"06ef7a6e-f06a-45df-8f7d-4c5ca34f2e6d","block_type":"box","text":"limitation does not apply to the shareholder servicing fee. The maximum sales charge rule is applied","page_number":186,"box":{"x":117,"y":308,"width":748,"height":12}},{"id":"e8fbb633-ee71-4064-af61-bb5dab281a41","block_type":"box","text":"separately to each class and limits the aggregate of distribution fee payments and CDSCs payable by","page_number":186,"box":{"x":116,"y":323,"width":759,"height":13}},{"id":"7f61d489-4538-4379-b89b-40b7ace24286","block_type":"box","text":"a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R Shares, computed separately","page_number":186,"box":{"x":116,"y":339,"width":739,"height":12}},{"id":"024b79b9-8493-41f1-b7e4-3192bb3ce3ea","block_type":"box","text":"(excluding shares issued pursuant to dividend reinvestments and exchanges), plus (2) interest on the","page_number":186,"box":{"x":117,"y":354,"width":756,"height":13}},{"id":"0d11410a-9360-4be7-9233-48211c485a00","block_type":"box","text":"unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the unpaid","page_number":186,"box":{"x":117,"y":370,"width":746,"height":12}},{"id":"08045f38-307b-45d2-956b-356ec44e888f","block_type":"box","text":"balance being the maximum amount payable minus amounts received from the payment of the","page_number":186,"box":{"x":117,"y":385,"width":708,"height":13}},{"id":"0562ba7d-20ce-4c90-b8bc-59fdce7e2c93","block_type":"box","text":"distribution fee and the CDSC). See “Information on Sales Charges and Distribution Related","page_number":186,"box":{"x":116,"y":401,"width":689,"height":12}},{"id":"4cec015a-dea7-4af9-b311-8a0f941b9029","block_type":"box","text":"Expenses” in Part I of each Fund’s SAI for comparative information as of your Fund’s most recent fiscal","page_number":186,"box":{"x":117,"y":416,"width":771,"height":13}},{"id":"f1a2bba0-2739-4405-8f55-1ed52e2eb77d","block_type":"box","text":"year end with respect to, if applicable, the Investor C and Class R Shares of your Fund.","page_number":186,"box":{"x":116,"y":432,"width":654,"height":12}},{"id":"51609f6e-5d2d-4028-9532-6bff23fad78a","block_type":"box","text":"Other Payments by the Fund","page_number":186,"box":{"x":116,"y":462,"width":234,"height":12}},{"id":"053d7516-d183-479a-b9b7-0004b1fef35b","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the","page_number":186,"box":{"x":117,"y":485,"width":770,"height":12}},{"id":"326d992b-ac42-40d8-ab1e-cd88f0f92b79","block_type":"box","text":"Plan and fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into","page_number":186,"box":{"x":117,"y":500,"width":733,"height":12}},{"id":"5f48c7a5-dd01-4b61-84a7-6ccdcf1f9cab","block_type":"box","text":"non-Plan agreements with Service Organizations pursuant to which the Fund will pay a Service","page_number":186,"box":{"x":117,"y":516,"width":711,"height":12}},{"id":"1a062fc3-cdf4-4a83-9438-612444a7214a","block_type":"box","text":"Organization for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/","page_number":186,"box":{"x":116,"y":531,"width":754,"height":12}},{"id":"24d33661-817d-4346-b597-184e2eccba0f","block_type":"box","text":"or shareholder services. These non-Plan payments are generally based on either (1) a percentage of","page_number":186,"box":{"x":116,"y":547,"width":755,"height":12}},{"id":"9b429ba5-72e0-4851-b349-28e433419a0a","block_type":"box","text":"the average daily net assets of Fund shareholders serviced by a Service Organization or (2) a fixed","page_number":186,"box":{"x":116,"y":562,"width":742,"height":12}},{"id":"66c6934c-b9ce-4461-be76-a26bf5c934e0","block_type":"box","text":"dollar amount for each account serviced by a Service Organization. The aggregate amount of these","page_number":186,"box":{"x":116,"y":578,"width":745,"height":12}},{"id":"3d918c06-e4dc-4820-9392-7f4d9f1bde85","block_type":"box","text":"payments may be substantial.","page_number":186,"box":{"x":117,"y":593,"width":226,"height":12}},{"id":"977126ec-cb87-4ccd-b893-3b94baf201da","block_type":"box","text":"Additional Payments by BlackRock","page_number":186,"box":{"x":116,"y":623,"width":286,"height":12}},{"id":"2074c274-0e8f-432b-b32a-9d16f5f92ca6","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively","page_number":186,"box":{"x":117,"y":646,"width":707,"height":12}},{"id":"f9a5a09c-ace9-4d9b-a6aa-a7d35220d517","block_type":"box","text":"as “BlackRock”) may compensate Service Organizations for the sale and distribution of shares of a","page_number":186,"box":{"x":116,"y":661,"width":734,"height":12}},{"id":"8a134ca5-dd86-4284-8820-a399be22f410","block_type":"box","text":"Fund, for services to a Fund and its shareholders and/or for data provision or technology support. A","page_number":186,"box":{"x":117,"y":677,"width":738,"height":12}},{"id":"c066a4fc-ff7d-4dea-bab8-392a5c908bca","block_type":"box","text":"Service Organization may perform these obligations itself or may arrange for a third party to perform","page_number":186,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"c7c29124-d0f1-4e90-9ab2-8566d7408a59","block_type":"box","text":"them. These payments, which are not made pursuant to a Plan or otherwise paid by a Fund, are","page_number":186,"box":{"x":116,"y":708,"width":714,"height":12}},{"id":"fe5be3b1-3a5f-4402-81c4-9c875af149cc","block_type":"box","text":"referred to as “Additional Payments” herein.","page_number":186,"box":{"x":117,"y":723,"width":323,"height":12}},{"id":"d53b7354-77d7-41df-9fe2-043e7f1ffccc","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly","page_number":186,"box":{"x":116,"y":753,"width":737,"height":12}},{"id":"f0ca6a0f-356b-4cc6-9c34-645471288034","block_type":"box","text":"from fees paid by a Fund to BlackRock for various services, such as investment advisory services).","page_number":186,"box":{"x":116,"y":769,"width":735,"height":12}},{"id":"27ebd50e-ccd3-42fa-b856-980b15f63618","block_type":"box","text":"These payments are not an additional charge to a Fund or its shareholders and do not change the","page_number":186,"box":{"x":116,"y":784,"width":728,"height":12}},{"id":"4b75035f-e808-40ef-b5dc-adb38f9d026b","block_type":"box","text":"price paid by shareholders for the purchase of a Fund’s shares or the amount a Fund receives as","page_number":186,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"46e0e370-52b5-4906-8651-25dde55d3be3","block_type":"box","text":"proceeds from such purchases. Additional Payments made to Service Organizations are in addition to","page_number":186,"box":{"x":117,"y":815,"width":755,"height":12}},{"id":"ad391fcc-137f-44a4-8814-a178e0831382","block_type":"box","text":"any distribution or shareholder servicing fees paid under any Plan of any Fund, any sales charges,","page_number":186,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"7d868d9d-074a-4087-9150-44d7129605c6","block_type":"box","text":"commissions or other concessions described in the Prospectuses or this SAI, and any administrative,","page_number":186,"box":{"x":116,"y":846,"width":757,"height":12}},{"id":"df9756d5-cef2-4522-a466-c3fceede7dde","block_type":"box","text":"networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant","page_number":186,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"cb7d18c8-0d17-4ab3-9b9c-7b2c623138e5","block_type":"box","text":"to applicable FINRA regulations, the details of certain of these payments, including the Service","page_number":186,"box":{"x":116,"y":877,"width":708,"height":12}},{"id":"8da2b432-d61b-4a6a-b577-e24e5eca91f0","block_type":"box","text":"II-141","page_number":186,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"ea52f085-2b55-4a87-aceb-9d4296b32c3c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":186,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d8a91040-4fee-4792-8b3d-b73ada29dd7d","block_type":"box","text":"Organizations receiving such payments in connection with the sale and distribution of Fund shares, are","page_number":187,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"f33472de-fcc3-4638-9ad4-d1f87bfb3070","block_type":"box","text":"required to be disclosed. While FINRA regulations limit the sales charges that shareholders may bear,","page_number":187,"box":{"x":117,"y":103,"width":761,"height":12}},{"id":"290a1b8e-dd7b-46ee-b9d9-09f67db5c3f9","block_type":"box","text":"there are no limits with regard to the amounts that BlackRock may pay out of its own assets.","page_number":187,"box":{"x":116,"y":118,"width":690,"height":12}},{"id":"b3e7167f-c3b6-422a-8902-eb436adcf1cb","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of","page_number":187,"box":{"x":116,"y":146,"width":695,"height":12}},{"id":"9d4a8b12-d40b-4502-b4f7-86134f7bc0b9","block_type":"box","text":"Customer accounts maintained by a Service Organization, may be based on a percentage of the value","page_number":187,"box":{"x":117,"y":162,"width":766,"height":12}},{"id":"715f078d-1aab-4bb6-b385-35a1e70b9284","block_type":"box","text":"of shares sold to, or held by, Customers of the Service Organization involved, or may be calculated on","page_number":187,"box":{"x":116,"y":177,"width":764,"height":12}},{"id":"42b271b8-04bb-4ecf-8b0e-07301e7eb85d","block_type":"box","text":"another basis.","page_number":187,"box":{"x":116,"y":193,"width":110,"height":9}},{"id":"aa99980c-4dca-41e8-aaff-267a891803d3","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis.","page_number":187,"box":{"x":117,"y":221,"width":730,"height":12}},{"id":"8af818be-efd3-4318-83e5-872ad13e0cac","block_type":"box","text":"Additional Payments may be different for different Service Organizations, and some Service","page_number":187,"box":{"x":116,"y":237,"width":687,"height":12}},{"id":"1a2e361d-bb81-4d2f-abc2-1d33bbbf8fce","block_type":"box","text":"Organizations may be paid pursuant to more than one of the calculations described above. Not all","page_number":187,"box":{"x":116,"y":252,"width":731,"height":12}},{"id":"f98440d8-5ea5-48af-9ceb-4e7cc2b948a8","block_type":"box","text":"Service Organizations receive Additional Payments. Sales-based payments primarily create incentives","page_number":187,"box":{"x":116,"y":268,"width":766,"height":12}},{"id":"0b5e78df-d3cf-4eb2-a26a-95c0bfcec7f9","block_type":"box","text":"to make new sales of shares of the Fund, and asset-based payments primarily create incentives to","page_number":187,"box":{"x":116,"y":283,"width":737,"height":12}},{"id":"7a02b02d-b2c9-4223-8705-ade199e960bb","block_type":"box","text":"retain previously sold shares of the Fund. The level of payments made to these Service Organizations","page_number":187,"box":{"x":117,"y":299,"width":761,"height":12}},{"id":"a07ffe86-c30d-494e-adb7-5f3781229a81","block_type":"box","text":"in any year will vary and may be limited to specific Funds or share classes. In certain cases, these","page_number":187,"box":{"x":117,"y":314,"width":732,"height":12}},{"id":"563b3f83-f4c1-4bc7-ab44-172083d1bfc1","block_type":"box","text":"payments may be subject to certain minimum payment levels.","page_number":187,"box":{"x":117,"y":330,"width":463,"height":12}},{"id":"aea53b19-48c1-4c28-b867-31169a9a41e6","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be","page_number":187,"box":{"x":116,"y":358,"width":743,"height":12}},{"id":"10b47e97-69a5-4cf2-87e1-cdf183d2397f","block_type":"box","text":"significant to certain Service Organizations. The categories of Additional Payments listed below are not","page_number":187,"box":{"x":116,"y":374,"width":769,"height":12}},{"id":"8b1e514a-eae7-4dfd-a040-93aac776675a","block_type":"box","text":"mutually exclusive. The same Service Organization, or one or more of its affiliates, may receive","page_number":187,"box":{"x":117,"y":389,"width":712,"height":12}},{"id":"cb67caae-a30e-4bd6-a39b-50999f15c6e7","block_type":"box","text":"payments under more than one category of Additional Payments. Such payments may be different for","page_number":187,"box":{"x":117,"y":405,"width":759,"height":12}},{"id":"2c5d23f7-769f-4698-8115-f64effc9807b","block_type":"box","text":"different Service Organizations and for different types of Funds.","page_number":187,"box":{"x":116,"y":420,"width":477,"height":12}},{"id":"2c74319f-ca92-4f78-bb20-41812c5e09cc","block_type":"box","text":"A. Distribution and Marketing Support","page_number":187,"box":{"x":149,"y":448,"width":285,"height":13}},{"id":"d245c615-2886-49fd-9031-69e6b6c4500d","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities.","page_number":187,"box":{"x":116,"y":470,"width":728,"height":12}},{"id":"09dd92c2-48a3-4bd0-8866-bb35824556d0","block_type":"box","text":"These payments may take the form of, among other things, “due diligence” payments for a Service","page_number":187,"box":{"x":116,"y":486,"width":737,"height":12}},{"id":"d407ca77-04d8-4b31-82dc-3a3b9875b404","block_type":"box","text":"Organization’s examination of a Fund; payments for providing extra employee training and information","page_number":187,"box":{"x":116,"y":501,"width":763,"height":13}},{"id":"f228aa6d-31ec-4ca6-97d4-03a1dc777a88","block_type":"box","text":"relating to a Fund; fees for access (in some cases on a preferential basis) to the Service Organization’s","page_number":187,"box":{"x":117,"y":517,"width":771,"height":12}},{"id":"60b66341-8146-4a5e-ba78-4eeb36046865","block_type":"box","text":"registered representatives, salespersons or other personnel, including at sales meetings and","page_number":187,"box":{"x":117,"y":533,"width":692,"height":12}},{"id":"64424bcc-2afa-41e7-9b35-29aa6f31bef9","block_type":"box","text":"conferences; “shelf space” payments for placing the Fund on the Service Organization’s platform(s);","page_number":187,"box":{"x":116,"y":548,"width":747,"height":12}},{"id":"6e5bdd84-d35c-4ed2-97b9-8a8a25531e14","block_type":"box","text":"“listing” fees for the placing of the Fund on a dealer’s list (which may be a preferred or recommended","page_number":187,"box":{"x":116,"y":563,"width":754,"height":13}},{"id":"2c103d89-68bd-4758-8286-0a63a86e03e4","block_type":"box","text":"list) of mutual funds available for purchase by its Customers or in certain sales programs from time to","page_number":187,"box":{"x":117,"y":579,"width":755,"height":12}},{"id":"dc651f80-ad83-4f1b-b6b7-e315c09c1f9c","block_type":"box","text":"time; fees for providing assistance in promoting the sale of the Fund’s shares (which may include","page_number":187,"box":{"x":116,"y":594,"width":725,"height":13}},{"id":"b311ff45-8993-4c40-ada5-02abb7fc24c9","block_type":"box","text":"promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":187,"box":{"x":117,"y":610,"width":761,"height":12}},{"id":"9a422dc1-626a-4a8a-b120-b16eae29b708","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of","page_number":187,"box":{"x":116,"y":625,"width":728,"height":13}},{"id":"eec66ab2-502b-4845-9426-1287027dfe95","block_type":"box","text":"share balances; transaction fees (also referred to as “ticket charges”); and payments for infrastructure","page_number":187,"box":{"x":116,"y":641,"width":761,"height":12}},{"id":"15606d97-54f1-47c4-88cd-4cd0be144f18","block_type":"box","text":"support. These payments normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by","page_number":187,"box":{"x":116,"y":656,"width":757,"height":13}},{"id":"6c991f39-340d-4760-9763-649f260f879d","block_type":"box","text":"that Service Organization, and (b) 0.21% of the assets attributable to that Service Organization","page_number":187,"box":{"x":116,"y":672,"width":703,"height":12}},{"id":"fd4df185-6312-4e3e-9a9c-58d7fe1bd29f","block_type":"box","text":"invested in a Fund.","page_number":187,"box":{"x":117,"y":688,"width":139,"height":9}},{"id":"7469cd11-336a-4f90-aa13-5ad0ab0444b5","block_type":"box","text":"B. Shareholder Services","page_number":187,"box":{"x":150,"y":716,"width":181,"height":9}},{"id":"2cef43a8-8c4c-49b0-abb0-b45b659100bf","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In","page_number":187,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"97a4d531-826c-422e-8245-bb19caed5483","block_type":"box","text":"these situations, a Fund may not maintain accounts in the name of the Customers and Service","page_number":187,"box":{"x":116,"y":753,"width":702,"height":12}},{"id":"57415e7c-21a7-4805-9d54-67c0bd80a7df","block_type":"box","text":"Organizations may perform some of the functions for these Customers’ accounts that the Transfer","page_number":187,"box":{"x":116,"y":769,"width":728,"height":12}},{"id":"7a11b6c9-c95f-4ffc-a442-da3da157bd5b","block_type":"box","text":"Agent would have performed if the accounts had been in the Customers’ names on the Fund’s books.","page_number":187,"box":{"x":116,"y":784,"width":753,"height":12}},{"id":"1fe3b9ce-828d-404a-b575-7c2d0c4578b5","block_type":"box","text":"Such services include sub-accounting services, shareholder servicing and transaction processing","page_number":187,"box":{"x":116,"y":800,"width":722,"height":12}},{"id":"ac0e32a4-e5f9-4d21-b633-7d88875a4a67","block_type":"box","text":"services and are sometimes referred to as “recordkeeping,” “sub-transfer agency,” “sub-accounting,”","page_number":187,"box":{"x":116,"y":815,"width":745,"height":12}},{"id":"c4610f5d-9a19-45cc-b978-eab2d87af5cd","block_type":"box","text":"“networking” and/or “administrative” services. Additional Payments may exceed amounts that would be","page_number":187,"box":{"x":116,"y":831,"width":768,"height":12}},{"id":"4edd6d7c-090c-4f68-b7db-5396f2dc4841","block_type":"box","text":"earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":187,"box":{"x":116,"y":846,"width":758,"height":12}},{"id":"154a45b3-35b1-42f5-b9a0-ddbd3eb465ab","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing","page_number":187,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"e4162da6-91f4-41a2-90d3-bfbe6d3e76d7","block_type":"box","text":"and transaction processing fees paid by a Fund, as applicable.","page_number":187,"box":{"x":116,"y":877,"width":470,"height":12}},{"id":"642552ec-3620-437b-9a28-8d56aa4b365a","block_type":"box","text":"II-142","page_number":187,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"9471c354-e069-4b5e-9d4c-838d93f43bc8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":187,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1700e3ef-154b-42da-b6e4-b73a63591a3b","block_type":"box","text":"C. Data Provision and Technology Support","page_number":188,"box":{"x":151,"y":87,"width":322,"height":12}},{"id":"e188f41c-6afd-4246-af04-0ab72d599e24","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain","page_number":188,"box":{"x":117,"y":109,"width":710,"height":12}},{"id":"9054a755-49f1-4fcd-a105-bf6b69e0eec4","block_type":"box","text":"analytical or other data services relating to the Funds, such as statistical information regarding sales of","page_number":188,"box":{"x":116,"y":124,"width":767,"height":12}},{"id":"781bba56-88fc-4db7-a8bc-e42b4e7c0dc4","block_type":"box","text":"the Funds, or technology support. Such Additional Payments are generally made as a fixed dollar","page_number":188,"box":{"x":116,"y":140,"width":728,"height":12}},{"id":"db956c29-ec44-4efb-a55f-ee41bbc38593","block_type":"box","text":"amount, and not based on assets or sales.","page_number":188,"box":{"x":116,"y":155,"width":322,"height":11}},{"id":"7180296a-7c37-4a2f-b449-e7d508a124bb","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":188,"box":{"x":150,"y":183,"width":427,"height":12}},{"id":"1be9945d-3f33-4730-8159-fb51cd0dbe28","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the","page_number":188,"box":{"x":116,"y":205,"width":746,"height":12}},{"id":"68f7e031-e1f7-4679-8d30-58ddb193938e","block_type":"box","text":"Service Organization’s affiliates, may be receiving one or more types of Additional Payments. This list","page_number":188,"box":{"x":116,"y":220,"width":759,"height":12}},{"id":"a7edb881-ddfd-4f17-973a-0de00dcf7a7a","block_type":"box","text":"may change over time, and BlackRock may pay Service Organizations or their affiliates additional","page_number":188,"box":{"x":117,"y":236,"width":729,"height":12}},{"id":"bfe31e84-4222-4534-b9ea-c5154ded87e3","block_type":"box","text":"types of Additional Payments in the future. Please contact your Service Organization to determine","page_number":188,"box":{"x":116,"y":251,"width":731,"height":12}},{"id":"42b554b8-9300-4106-a083-f7a869d0aa14","block_type":"box","text":"whether it or its affiliate currently may be receiving such payments and to obtain further information","page_number":188,"box":{"x":116,"y":267,"width":739,"height":12}},{"id":"90ae0a50-18eb-4250-9769-53afc41104c9","block_type":"box","text":"regarding any such payments.","page_number":188,"box":{"x":117,"y":282,"width":229,"height":12}},{"id":"c68887ae-1349-4d3e-a11d-35ad10e76421","block_type":"box","text":"&Partners","page_number":188,"box":{"x":116,"y":304,"width":79,"height":10}},{"id":"efa3843f-d855-4e2d-b401-ee5c788fb782","block_type":"box","text":"AccuTech Systems Corporation","page_number":188,"box":{"x":116,"y":320,"width":241,"height":12}},{"id":"77716f92-ce89-4acb-8d23-c1350aec4de5","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":188,"box":{"x":116,"y":335,"width":185,"height":11}},{"id":"87990a98-2012-4118-9410-1c9775619a71","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":188,"box":{"x":116,"y":351,"width":230,"height":12}},{"id":"c66c3905-503a-4ec2-ad83-8725478fe3ff","block_type":"box","text":"Advisor Group, Inc.","page_number":188,"box":{"x":116,"y":366,"width":148,"height":12}},{"id":"8d4561f2-9f84-4d9b-a4ec-9a3f05378d2b","block_type":"box","text":"AE Wealth Management, LLC","page_number":188,"box":{"x":116,"y":382,"width":227,"height":12}},{"id":"79f2fc6c-130e-4faf-b2be-22a762a638b6","block_type":"box","text":"Alight Solutions LLC","page_number":188,"box":{"x":116,"y":397,"width":156,"height":12}},{"id":"8d1205b7-1be7-4885-8df6-1e41ae2d964d","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":188,"box":{"x":116,"y":413,"width":267,"height":11}},{"id":"884d25f5-f768-4efd-b76d-9721cf155490","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":188,"box":{"x":116,"y":428,"width":337,"height":12}},{"id":"12906f12-b64a-40b3-b53c-06afa872e95f","block_type":"box","text":"Allianz Life Insurance Company of North","page_number":188,"box":{"x":116,"y":444,"width":306,"height":12}},{"id":"65fbc500-84ff-448f-8c1a-5af7c4ac02b5","block_type":"box","text":"America","page_number":188,"box":{"x":116,"y":459,"width":66,"height":10}},{"id":"69221bda-61e4-4765-8b81-1c3e84d8424c","block_type":"box","text":"Altruist Financial LLC","page_number":188,"box":{"x":116,"y":475,"width":163,"height":9}},{"id":"daedc1cb-b874-4aea-8489-523620c86f3e","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":188,"box":{"x":116,"y":490,"width":350,"height":12}},{"id":"65e1d17c-d41a-4a83-b460-ba7d2a6d2941","block_type":"box","text":"American General Life Insurance Company","page_number":188,"box":{"x":116,"y":506,"width":327,"height":12}},{"id":"ea255f97-207a-4364-aa91-0cb31bf20247","block_type":"box","text":"American United Life Insurance Company","page_number":188,"box":{"x":116,"y":521,"width":316,"height":12}},{"id":"fba8280d-4baa-43c3-80ab-0c052b0c0de5","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":188,"box":{"x":116,"y":537,"width":321,"height":12}},{"id":"349b5c3b-6ccc-494f-88ae-8e2bc916489a","block_type":"box","text":"Argent Institutional Trust Company","page_number":188,"box":{"x":116,"y":552,"width":264,"height":12}},{"id":"4305db41-4907-4075-be7e-6844e24ca2a6","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":188,"box":{"x":116,"y":568,"width":292,"height":11}},{"id":"27a8ea12-1dd9-4eb5-859c-29f8447f513c","block_type":"box","text":"Ascensus, Inc.","page_number":188,"box":{"x":116,"y":583,"width":114,"height":11}},{"id":"2e00a7e8-d52b-4ab2-b9c1-dd7cf37fdb98","block_type":"box","text":"Atomic Brokerage LLC","page_number":188,"box":{"x":116,"y":599,"width":174,"height":12}},{"id":"1be2d667-b6f7-4fec-8953-78e2bb6834d2","block_type":"box","text":"Avantax Investment Services, LLC","page_number":188,"box":{"x":116,"y":614,"width":262,"height":11}},{"id":"7e0e9170-a8dc-4e95-a164-eb53270b0636","block_type":"box","text":"Bancroft Capital LLC","page_number":188,"box":{"x":117,"y":630,"width":159,"height":12}},{"id":"864a3ca9-99cd-4a0c-9f43-11e089e1039c","block_type":"box","text":"Bank of America, N.A.","page_number":188,"box":{"x":117,"y":645,"width":169,"height":11}},{"id":"2eae923b-0c88-4bc1-bf96-6cb09613f23a","block_type":"box","text":"Bank of New York Mellon","page_number":188,"box":{"x":117,"y":661,"width":187,"height":9}},{"id":"4449371b-e89b-48ac-94c4-dafd4ab573aa","block_type":"box","text":"Barclays Capital Inc.","page_number":188,"box":{"x":117,"y":676,"width":150,"height":12}},{"id":"5dbe8107-8c12-411d-954d-926158c5c81e","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":188,"box":{"x":117,"y":692,"width":312,"height":11}},{"id":"a913394b-6f09-4ad1-ae1f-8a8b14218011","block_type":"box","text":"Benefit Trust Company","page_number":188,"box":{"x":117,"y":707,"width":171,"height":12}},{"id":"1f9232f9-4a6b-498f-83ef-3abdda939a68","block_type":"box","text":"Beta Capital Securities LLC","page_number":188,"box":{"x":117,"y":723,"width":204,"height":12}},{"id":"89c9b275-16a8-4b6b-9b3c-fee61dac2afa","block_type":"box","text":"bfinance US Ltd.","page_number":188,"box":{"x":117,"y":738,"width":122,"height":10}},{"id":"7216a752-d1ed-4010-8c15-410ee886155c","block_type":"box","text":"BlackRock Advisors, LLC","page_number":188,"box":{"x":117,"y":754,"width":187,"height":11}},{"id":"8479c000-a703-4c99-a49c-71f45ccefc01","block_type":"box","text":"BMO Capital Markets Corp.","page_number":188,"box":{"x":117,"y":769,"width":203,"height":12}},{"id":"1323befd-265a-4d9c-917e-dedce04d3775","block_type":"box","text":"BNP Paribas","page_number":188,"box":{"x":117,"y":785,"width":94,"height":9}},{"id":"96759770-a3ca-44ac-a595-d0094a2eb95f","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":188,"box":{"x":117,"y":800,"width":336,"height":10}},{"id":"cf75bca1-aaee-4003-8e85-e8947173c5e1","block_type":"box","text":"BNY Mellon, N.A.","page_number":188,"box":{"x":117,"y":816,"width":128,"height":11}},{"id":"e4903ff7-8fc5-4b47-b76f-bb416012cfe2","block_type":"box","text":"BofA Securities, Inc.","page_number":188,"box":{"x":117,"y":831,"width":155,"height":11}},{"id":"e9bb5273-bda3-472d-80e7-7b5d8ff6fd55","block_type":"box","text":"BOKF, N.A.","page_number":188,"box":{"x":117,"y":847,"width":91,"height":11}},{"id":"d6c10ee2-c88b-4b6b-a4d0-52018255bf4d","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":188,"box":{"x":117,"y":862,"width":280,"height":12}},{"id":"eba5060a-b409-4212-bff0-34149e1e8ed3","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":188,"box":{"x":117,"y":878,"width":327,"height":12}},{"id":"4fa35237-b953-4448-a89f-63ad8cf9bce8","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":188,"box":{"x":521,"y":304,"width":360,"height":12}},{"id":"8f19778b-94c1-41d7-a54c-a7edd3233f8f","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":188,"box":{"x":521,"y":320,"width":240,"height":9}},{"id":"4cea8e50-4e07-41c8-a0c8-e89ec7d64a15","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":188,"box":{"x":521,"y":335,"width":226,"height":12}},{"id":"da03eab5-6a2d-46dc-957a-c06db3637d07","block_type":"box","text":"Capital One, N.A.","page_number":188,"box":{"x":521,"y":351,"width":134,"height":12}},{"id":"417c35b0-eb9f-4bb6-acbf-33dc0a84438a","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":188,"box":{"x":521,"y":366,"width":225,"height":10}},{"id":"9c317b5f-dce9-4892-8c4e-633578a812cf","block_type":"box","text":"Cetera Advisors LLC","page_number":188,"box":{"x":521,"y":382,"width":159,"height":9}},{"id":"77a8be60-b597-4766-b194-38a5477d62c0","block_type":"box","text":"Cetera Financial Group","page_number":188,"box":{"x":521,"y":397,"width":177,"height":12}},{"id":"a024206a-45bc-4aed-91dc-e6e6269935d5","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":188,"box":{"x":521,"y":413,"width":246,"height":12}},{"id":"1a685918-cca8-478a-86be-10814ec0f3be","block_type":"box","text":"Cetera Investment Services LLC","page_number":188,"box":{"x":521,"y":428,"width":246,"height":10}},{"id":"bc36307c-735d-45a1-ae5f-4ab32f14cf3b","block_type":"box","text":"CF Secured, LLC","page_number":188,"box":{"x":521,"y":444,"width":133,"height":11}},{"id":"296f1de7-b6cb-4f2e-8d46-90ef2f9b16ab","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":188,"box":{"x":521,"y":459,"width":209,"height":11}},{"id":"8189188b-00a2-4cec-adba-69d79c1d5733","block_type":"box","text":"Charles Schwab Trust Bank","page_number":188,"box":{"x":521,"y":475,"width":212,"height":9}},{"id":"599186a8-8fa7-40be-a026-6b3b294103ac","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":188,"box":{"x":521,"y":490,"width":259,"height":12}},{"id":"8b5f5e88-572c-42ac-8b47-0949b109a5d3","block_type":"box","text":"CIM Investment Management, Inc.","page_number":188,"box":{"x":521,"y":506,"width":261,"height":12}},{"id":"7fc085b0-702e-4a89-9ac5-cf6836bb8550","block_type":"box","text":"Citco Securities, LLC","page_number":188,"box":{"x":521,"y":521,"width":161,"height":11}},{"id":"a10fc888-720a-4ed2-8855-ce79dedb9dde","block_type":"box","text":"CitiBank, National Association","page_number":188,"box":{"x":521,"y":537,"width":228,"height":11}},{"id":"4d95339c-fc4d-4cae-8968-6ce70d58fc69","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":188,"box":{"x":521,"y":552,"width":225,"height":12}},{"id":"2e9efe6f-f12d-4f03-9204-e1c5f498a225","block_type":"box","text":"Citizens Bank","page_number":188,"box":{"x":521,"y":568,"width":106,"height":9}},{"id":"7f9d085d-f399-4fe8-8cdf-abc3e56ff9bf","block_type":"box","text":"Citizens Business Bank","page_number":188,"box":{"x":521,"y":583,"width":179,"height":10}},{"id":"d18f3e6c-991e-4fcf-bc60-73b71b7dd408","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":188,"box":{"x":521,"y":599,"width":246,"height":12}},{"id":"aa863d22-84e4-4198-981f-76d8f7535ef0","block_type":"box","text":"CMFG Life Insurance Company","page_number":188,"box":{"x":521,"y":614,"width":240,"height":12}},{"id":"9c3010b4-7f72-40df-bb10-7e821a24e05c","block_type":"box","text":"Comerica Bank","page_number":188,"box":{"x":521,"y":630,"width":118,"height":9}},{"id":"0aa811f1-764b-4da7-920c-b17f56d9aff3","block_type":"box","text":"Commonwealth Financial Network","page_number":188,"box":{"x":521,"y":645,"width":259,"height":10}},{"id":"fff44af0-ad9c-4148-8d7e-d5b1f7dee42c","block_type":"box","text":"Computershare Trust Company","page_number":188,"box":{"x":521,"y":661,"width":234,"height":12}},{"id":"1a77bd5e-a20f-4c2b-ad1b-0a0a716dd6a6","block_type":"box","text":"Conduent HR Services, LLC","page_number":188,"box":{"x":521,"y":676,"width":209,"height":11}},{"id":"390aecd9-fe51-4315-ad59-da79c0bf7e51","block_type":"box","text":"Delaware Life Insurance Company","page_number":188,"box":{"x":521,"y":692,"width":257,"height":12}},{"id":"a8677f93-5792-4314-896b-a682fe536e85","block_type":"box","text":"Delaware Trust Company","page_number":188,"box":{"x":521,"y":707,"width":189,"height":12}},{"id":"59dba909-60ed-41a1-b127-92accb67fa31","block_type":"box","text":"Deutsche Bank AG","page_number":188,"box":{"x":521,"y":723,"width":141,"height":9}},{"id":"fe3a6e6b-3f9e-4308-8b03-97478bcda74b","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":188,"box":{"x":521,"y":738,"width":307,"height":12}},{"id":"982b84ce-aea4-459b-9d78-d545e9587f65","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":188,"box":{"x":521,"y":754,"width":241,"height":12}},{"id":"70f305f9-a6ab-492e-b2ed-c8261dde8040","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":188,"box":{"x":521,"y":769,"width":353,"height":11}},{"id":"26d32b5b-ba7c-495e-8ae3-ce2c6532b0f1","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":188,"box":{"x":521,"y":785,"width":235,"height":12}},{"id":"d3514abc-bbe8-4fd7-90ba-cfb66486edd7","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":188,"box":{"x":521,"y":800,"width":212,"height":11}},{"id":"02f11a98-b949-4d7b-b68b-5dd36205a683","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":188,"box":{"x":521,"y":816,"width":315,"height":12}},{"id":"080eb0f3-4d82-43d9-992e-6a3d37c37414","block_type":"box","text":"Company","page_number":188,"box":{"x":521,"y":831,"width":75,"height":12}},{"id":"2f6d1793-1b62-430f-8c8b-a9d4483a8676","block_type":"box","text":"Empower Annuity Insurance Company of","page_number":188,"box":{"x":521,"y":847,"width":309,"height":12}},{"id":"d76c97de-9dad-40bc-9b24-c5de8e395559","block_type":"box","text":"America","page_number":188,"box":{"x":520,"y":862,"width":66,"height":10}},{"id":"18c9ceb5-15d6-4217-a5e4-baf10ea1c776","block_type":"box","text":"II-143","page_number":188,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"57df429a-6f85-4454-91c1-494aa4803c0a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":188,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"61f76720-3ea3-4c28-9b3e-a133308b6a15","block_type":"box","text":"Empower Financial Services, Inc.","page_number":189,"box":{"x":117,"y":87,"width":252,"height":12}},{"id":"bf11ef91-f623-46f1-9513-6073ff3bf448","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":189,"box":{"x":117,"y":102,"width":357,"height":13}},{"id":"21906ee3-f4ad-40b7-99c1-e93b81385a85","block_type":"box","text":"New York","page_number":189,"box":{"x":117,"y":118,"width":76,"height":10}},{"id":"c11c294e-0a6a-4634-924b-1176d8a47d05","block_type":"box","text":"Empower Plan Services, LLC","page_number":189,"box":{"x":117,"y":134,"width":222,"height":11}},{"id":"86e493e0-111e-4d8e-a31d-28e677e727c2","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":189,"box":{"x":117,"y":149,"width":264,"height":12}},{"id":"a3f9ec12-5882-4be7-8768-00048878dfcc","block_type":"box","text":"Equitable Advisors, LLC","page_number":189,"box":{"x":117,"y":165,"width":183,"height":11}},{"id":"3e4296c1-f71a-4fde-8cf4-a4a7aaea069e","block_type":"box","text":"Equitable Life Insurance Company","page_number":189,"box":{"x":117,"y":180,"width":261,"height":12}},{"id":"58b8402c-e2dc-4825-97e2-c9f32db5b490","block_type":"box","text":"E*trade Savings Bank","page_number":189,"box":{"x":117,"y":196,"width":167,"height":12}},{"id":"fd4173b5-0493-46d8-9e89-9f46f565d36b","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":189,"box":{"x":117,"y":211,"width":293,"height":12}},{"id":"1a541aba-793c-4613-a221-ebf0b2f7cc97","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":189,"box":{"x":117,"y":227,"width":244,"height":12}},{"id":"3f744be7-120d-4c1b-92b5-269155465d93","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":189,"box":{"x":117,"y":242,"width":329,"height":12}},{"id":"a5729eab-c845-4f7b-93e2-7e06e868787a","block_type":"box","text":"Company, Inc.","page_number":189,"box":{"x":117,"y":258,"width":112,"height":12}},{"id":"32763752-dc75-44a6-a13b-dc8778455f58","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":189,"box":{"x":117,"y":272,"width":339,"height":13}},{"id":"564f5441-ffa4-441a-98dd-bdfbe8484899","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":189,"box":{"x":117,"y":287,"width":194,"height":11}},{"id":"0787c980-a2c7-490a-b455-0559c5b35bfc","block_type":"box","text":"First Allied Securities, Inc.","page_number":189,"box":{"x":117,"y":302,"width":197,"height":11}},{"id":"bb89e09c-277f-409e-9d44-da369cdc9571","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":189,"box":{"x":117,"y":317,"width":297,"height":12}},{"id":"f8244774-0304-4102-9b1d-b15c4fe4debd","block_type":"box","text":"First Hawaiian Bank","page_number":189,"box":{"x":117,"y":332,"width":153,"height":9}},{"id":"cceb9c7c-514b-44d7-be12-79345d508cee","block_type":"box","text":"First Republic Bank","page_number":189,"box":{"x":117,"y":347,"width":149,"height":12}},{"id":"6280e4bc-e337-4734-9e6f-b76e1dc4a5b3","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":189,"box":{"x":117,"y":362,"width":363,"height":12}},{"id":"4ec64354-7f36-4bf6-a509-a78798cff2d6","block_type":"box","text":"Company of New York","page_number":189,"box":{"x":117,"y":376,"width":172,"height":13}},{"id":"89a420d3-d0ed-4aba-9d8b-da3e1f40b1ac","block_type":"box","text":"First Symetra National Life Insurance Company","page_number":189,"box":{"x":117,"y":391,"width":357,"height":12}},{"id":"b0988e62-aa35-4e0d-900e-c144a4f2f1a7","block_type":"box","text":"of New York","page_number":189,"box":{"x":116,"y":406,"width":96,"height":10}},{"id":"22cd2d51-f0e0-492a-92ad-78b0d4369c72","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":189,"box":{"x":117,"y":421,"width":280,"height":12}},{"id":"69565116-6075-4985-87dd-e4787791faf2","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":189,"box":{"x":117,"y":436,"width":311,"height":12}},{"id":"d9911ec6-83dc-491c-b57a-8c10424c168b","block_type":"box","text":"FNEX Capital, LLC","page_number":189,"box":{"x":117,"y":451,"width":145,"height":12}},{"id":"7863dbeb-b167-44ff-9cb0-278eb36d7a00","block_type":"box","text":"Forethought Life Insurance Company","page_number":189,"box":{"x":117,"y":466,"width":281,"height":12}},{"id":"e8abc1fd-1429-48a7-aa52-e89063dd40f6","block_type":"box","text":"FSC Securities Corporation","page_number":189,"box":{"x":117,"y":480,"width":208,"height":12}},{"id":"5e600a6a-c1db-4da7-930e-74deef2fa30f","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":189,"box":{"x":117,"y":495,"width":357,"height":12}},{"id":"e079ae53-0fd6-4f59-8b34-895afdb2cfe1","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":189,"box":{"x":117,"y":510,"width":360,"height":12}},{"id":"e459c266-30f0-46ec-8a6c-278862091208","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":189,"box":{"x":117,"y":525,"width":242,"height":11}},{"id":"478ddbc2-adb5-401a-8ad9-25883d0260e5","block_type":"box","text":"Goldman Sachs & Co.","page_number":189,"box":{"x":117,"y":540,"width":170,"height":9}},{"id":"7acaa1a3-2d0a-4c27-8bad-8d3777b6f7db","block_type":"box","text":"Great Pacific Securities, LLC","page_number":189,"box":{"x":117,"y":555,"width":219,"height":11}},{"id":"d305f5da-c4e0-4492-81bd-207e31702766","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":189,"box":{"x":117,"y":570,"width":295,"height":12}},{"id":"870a20ad-61a2-4511-864d-f9336fcf23e5","block_type":"box","text":"Hancock Whitney Bank","page_number":189,"box":{"x":117,"y":585,"width":177,"height":12}},{"id":"be28332b-c227-43f9-a454-5ca9421f846a","block_type":"box","text":"Hartford Funds Management Company","page_number":189,"box":{"x":117,"y":599,"width":295,"height":12}},{"id":"5e05cc78-1e75-4be4-a915-850056540e44","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":189,"box":{"x":117,"y":614,"width":345,"height":12}},{"id":"5ca5c8bc-6c69-4681-a02c-64dbcb7cf659","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":189,"box":{"x":117,"y":629,"width":224,"height":11}},{"id":"0c13639c-25c6-441f-93ce-03b93e447d43","block_type":"box","text":"Hightower Securities, Inc.","page_number":189,"box":{"x":117,"y":644,"width":194,"height":12}},{"id":"38d01b21-49c3-4d1d-813f-b5265e557b14","block_type":"box","text":"Hilltop Securities Inc.","page_number":189,"box":{"x":117,"y":659,"width":160,"height":12}},{"id":"063c93f2-0c7f-47f1-89ce-b9b979d84166","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":189,"box":{"x":117,"y":674,"width":168,"height":11}},{"id":"98a76ae7-5000-41b1-a47f-16d7a7dba73b","block_type":"box","text":"Huntington Securities, Inc.","page_number":189,"box":{"x":117,"y":688,"width":194,"height":13}},{"id":"0f4ba2ea-6484-4044-9f13-036bb3c3ec63","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":189,"box":{"x":117,"y":703,"width":257,"height":11}},{"id":"17095d5b-0c7c-4433-b561-0faed05f9ec5","block_type":"box","text":"Integrity Life Insurance Company","page_number":189,"box":{"x":117,"y":718,"width":246,"height":12}},{"id":"94bec07e-f71b-470b-9523-56cc314fe872","block_type":"box","text":"Interactive Brokers, LLC","page_number":189,"box":{"x":117,"y":733,"width":179,"height":11}},{"id":"5e692af7-92b5-4ba8-bba6-5cd4c73ca7bc","block_type":"box","text":"Investment Trust of California","page_number":189,"box":{"x":117,"y":748,"width":218,"height":9}},{"id":"b0a1bf27-3e21-475f-91c4-281a11e4fcb1","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":189,"box":{"x":116,"y":763,"width":306,"height":12}},{"id":"87f450e1-dabd-4b4f-9b1b-77a41337e6d0","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":189,"box":{"x":116,"y":778,"width":204,"height":12}},{"id":"9e915804-6e23-4fdd-bc66-13db307c5a2e","block_type":"box","text":"Jefferies LLC","page_number":189,"box":{"x":116,"y":792,"width":98,"height":10}},{"id":"863cd775-e641-48e9-8732-b404235f332f","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":189,"box":{"x":116,"y":807,"width":322,"height":12}},{"id":"765eb018-4327-437d-a5b2-24b6624e6a8a","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":189,"box":{"x":116,"y":822,"width":342,"height":12}},{"id":"f7eb1946-da34-4db8-9851-c6ef310430e0","block_type":"box","text":"New York","page_number":189,"box":{"x":117,"y":837,"width":76,"height":10}},{"id":"a0b3bd8d-ae0c-4d49-99c6-ea2b318976c4","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":189,"box":{"x":116,"y":852,"width":363,"height":12}},{"id":"896db9d5-9768-40dd-a606-5512d6ad738b","block_type":"box","text":"John Hancock Life Insurance Company of","page_number":189,"box":{"x":520,"y":86,"width":317,"height":12}},{"id":"ddf79286-79bc-46c7-bb94-0d01d207e298","block_type":"box","text":"New York","page_number":189,"box":{"x":521,"y":101,"width":76,"height":10}},{"id":"c233a93d-2104-49ea-8673-56a95b507239","block_type":"box","text":"John Hancock Trust Company","page_number":189,"box":{"x":520,"y":116,"width":231,"height":12}},{"id":"d67b0d04-61c9-4e0b-b8af-960966777e68","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":189,"box":{"x":520,"y":131,"width":220,"height":12}},{"id":"f138cd50-ec6c-4717-a66f-aa2a3d384b6f","block_type":"box","text":"Kestra Investment Services, LLC","page_number":189,"box":{"x":521,"y":146,"width":249,"height":11}},{"id":"859d3017-2e1e-4228-83f1-42039f44b73d","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":189,"box":{"x":521,"y":161,"width":290,"height":12}},{"id":"1ca71eee-9be9-47bc-8b84-82ecbceb6a6b","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":189,"box":{"x":521,"y":175,"width":300,"height":12}},{"id":"f306760f-07fe-4074-9922-c3331dd66549","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":189,"box":{"x":521,"y":190,"width":338,"height":12}},{"id":"e7601fa6-fb60-46ed-84a9-8118709746c0","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":189,"box":{"x":521,"y":205,"width":310,"height":12}},{"id":"5c1b0595-ba68-463e-82ae-b916e2ef5c2c","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":189,"box":{"x":521,"y":220,"width":248,"height":10}},{"id":"f7e96189-29d9-4729-a931-5db04ac99cd5","block_type":"box","text":"Lombard International Life Assurance Company","page_number":189,"box":{"x":521,"y":235,"width":360,"height":12}},{"id":"b5e4cec4-297d-42c7-97ce-d2626ac50cad","block_type":"box","text":"LPL Financial LLC","page_number":189,"box":{"x":521,"y":250,"width":141,"height":9}},{"id":"30b1148d-97e9-4a9a-b1fc-98cefcb1fc0f","block_type":"box","text":"M&T Securities Inc.","page_number":189,"box":{"x":521,"y":265,"width":149,"height":9}},{"id":"3f37bdf5-745a-4446-8f76-5fd854fd37f8","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":189,"box":{"x":521,"y":280,"width":326,"height":12}},{"id":"a1c3ba39-fb83-4104-8cad-49e7a35eed6a","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":189,"box":{"x":521,"y":295,"width":358,"height":12}},{"id":"9f270e9b-94d8-43da-92b4-428e9e91b8ea","block_type":"box","text":"Members Life Insurance Company","page_number":189,"box":{"x":521,"y":311,"width":261,"height":12}},{"id":"43699803-d9be-4498-9085-307536eaf39f","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":189,"box":{"x":521,"y":326,"width":282,"height":12}},{"id":"989422a6-0fdd-4939-8e89-0d5cf6c50d46","block_type":"box","text":"Incorporated","page_number":189,"box":{"x":521,"y":342,"width":98,"height":11}},{"id":"f949fbd2-966b-43c7-a725-47304ef37616","block_type":"box","text":"Metavante Corporation","page_number":189,"box":{"x":521,"y":357,"width":175,"height":12}},{"id":"217b4a0f-6650-4fa5-a184-fbf31bd90258","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":189,"box":{"x":521,"y":373,"width":283,"height":12}},{"id":"66e5b22c-69c7-492c-9104-0eaaeceb66b8","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":189,"box":{"x":521,"y":388,"width":351,"height":12}},{"id":"f52ba32b-2310-4f18-800f-5789a3303111","block_type":"box","text":"Midland Life Insurance Company","page_number":189,"box":{"x":521,"y":404,"width":249,"height":12}},{"id":"a2988c2e-cdcb-475a-84a3-ffd49bfceb59","block_type":"box","text":"Minnesota Life Insurance Company","page_number":189,"box":{"x":521,"y":419,"width":268,"height":12}},{"id":"4476d65a-e856-405b-83b5-bd26b23b0057","block_type":"box","text":"Mischler Financial Group","page_number":189,"box":{"x":521,"y":435,"width":189,"height":12}},{"id":"768b2bbe-26c4-4930-a722-b678b71048de","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":189,"box":{"x":521,"y":450,"width":207,"height":10}},{"id":"fe3d99fc-cb7d-41cb-a8df-b3f686601a99","block_type":"box","text":"MML Distributors, LLC","page_number":189,"box":{"x":521,"y":466,"width":171,"height":11}},{"id":"832de461-e7e1-49d7-89e5-50bad9d8b317","block_type":"box","text":"MML Investors Services, LLC","page_number":189,"box":{"x":521,"y":481,"width":223,"height":11}},{"id":"657d8974-389d-4abe-aa79-95976512f9b1","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":189,"box":{"x":521,"y":497,"width":204,"height":12}},{"id":"e7d0a744-2e78-46db-a27d-730028ea6886","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":189,"box":{"x":521,"y":512,"width":247,"height":12}},{"id":"cbd167c0-5c32-422a-8720-799e93e48393","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":189,"box":{"x":521,"y":528,"width":263,"height":12}},{"id":"d08efaf5-15f7-4e40-a8a0-26d32bfcc90c","block_type":"box","text":"MUFG Union Bank, National Association","page_number":189,"box":{"x":521,"y":543,"width":306,"height":11}},{"id":"c2603bed-4c17-40eb-b96f-aafb26e67a03","block_type":"box","text":"Nassau Life Insurance Company","page_number":189,"box":{"x":521,"y":559,"width":248,"height":12}},{"id":"c2f02360-9544-4bdc-a6f8-1a1fc14fb386","block_type":"box","text":"National Financial Services LLC","page_number":189,"box":{"x":521,"y":574,"width":242,"height":10}},{"id":"56855fbf-2590-4eac-b3bd-28bf7956ffbc","block_type":"box","text":"National Integrity Life Insurance Company","page_number":189,"box":{"x":521,"y":590,"width":317,"height":12}},{"id":"1e4b96f3-a56c-446e-b656-74ff972f8fc5","block_type":"box","text":"National Life Insurance Company","page_number":189,"box":{"x":521,"y":605,"width":252,"height":12}},{"id":"d945824e-a34e-4ae8-8c36-7f63cca2692e","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":189,"box":{"x":521,"y":621,"width":264,"height":11}},{"id":"9df6193b-67e5-403b-b323-c47b24cbd140","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":189,"box":{"x":521,"y":636,"width":255,"height":10}},{"id":"f10ed1fa-c00d-42d0-9c37-d71f4c2a2d49","block_type":"box","text":"Nationwide Retirement Solutions","page_number":189,"box":{"x":521,"y":652,"width":247,"height":9}},{"id":"b3ea4e28-6cd6-48cb-a172-73f94b54bfca","block_type":"box","text":"NCB Federal Savings Bank","page_number":189,"box":{"x":521,"y":667,"width":203,"height":12}},{"id":"68d5bf2b-c624-4a92-b95d-4807a2124c3d","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":189,"box":{"x":521,"y":683,"width":311,"height":12}},{"id":"dce5ff5d-6d16-4bcf-b01a-b7ae413f90a0","block_type":"box","text":"New York Life Insurance and Annuity","page_number":189,"box":{"x":521,"y":698,"width":276,"height":12}},{"id":"fc0a3d33-fc72-4089-9794-4f2002cc781d","block_type":"box","text":"Corporation","page_number":189,"box":{"x":521,"y":714,"width":86,"height":12}},{"id":"08ba6b61-eac5-4fa3-aee0-3709f32fe3b9","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":189,"box":{"x":521,"y":729,"width":253,"height":12}},{"id":"3a195e4f-6aec-414d-ab42-f86afffbe3ff","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":189,"box":{"x":521,"y":745,"width":261,"height":12}},{"id":"e7e41bbb-911b-48c4-acca-0307b7589111","block_type":"box","text":"Northern Trust Company","page_number":189,"box":{"x":521,"y":760,"width":184,"height":12}},{"id":"10357327-ef11-42c3-9ab0-4a673cf0aec4","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":189,"box":{"x":521,"y":776,"width":350,"height":11}},{"id":"bf8afcae-5c43-437c-ba89-445c27b0e456","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":189,"box":{"x":521,"y":791,"width":341,"height":12}},{"id":"d2478c5c-0978-46e0-ba7a-5131b72e37bb","block_type":"box","text":"NYLife Distributors LLC","page_number":189,"box":{"x":521,"y":807,"width":174,"height":9}},{"id":"b64049e3-53dc-4bdb-a4bb-0bf31142aa6f","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":189,"box":{"x":520,"y":822,"width":184,"height":12}},{"id":"48deeb43-7777-4908-b4f4-52d523475aca","block_type":"box","text":"Orion Advisor Services, LLC","page_number":189,"box":{"x":520,"y":838,"width":216,"height":11}},{"id":"ebca26c3-d5d9-4243-a7df-b6e5f4481786","block_type":"box","text":"Osaic Wealth, Inc.","page_number":189,"box":{"x":520,"y":853,"width":141,"height":11}},{"id":"a653fbcf-5315-4d66-9662-8af2bf15d86e","block_type":"box","text":"Pacific Life & Annuity Company","page_number":189,"box":{"x":521,"y":869,"width":238,"height":12}},{"id":"43f03ac5-17c7-4bd2-9387-cae4747d063b","block_type":"box","text":"II-144","page_number":189,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"4d9edf3a-6e5c-4302-b798-df9d5678badc","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":189,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c39451c3-29fb-4993-945f-02b77cf439cf","block_type":"box","text":"Pacific Life Insurance Company","page_number":190,"box":{"x":117,"y":87,"width":240,"height":12}},{"id":"26c262e0-eb79-483d-9d63-e3f9ac465537","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":190,"box":{"x":117,"y":102,"width":234,"height":12}},{"id":"17be2d64-15d4-4073-89d3-21b3744c5336","block_type":"box","text":"Park Avenue Securities LLC","page_number":190,"box":{"x":117,"y":118,"width":214,"height":10}},{"id":"dae5525c-407b-4931-8421-ac72238af8c1","block_type":"box","text":"Penserra Securities LLC","page_number":190,"box":{"x":117,"y":134,"width":186,"height":9}},{"id":"1d227d46-a468-4592-879d-fbb311b4ac79","block_type":"box","text":"Pershing LLC","page_number":190,"box":{"x":117,"y":149,"width":105,"height":12}},{"id":"16aebc4a-aabf-4a11-b92a-72d2b075c6f9","block_type":"box","text":"PFPC Inc.","page_number":190,"box":{"x":117,"y":165,"width":80,"height":9}},{"id":"f5acd27a-41f9-4f24-8b0c-0017d704eca1","block_type":"box","text":"Piper Jaffray & Co.","page_number":190,"box":{"x":117,"y":180,"width":145,"height":12}},{"id":"6cc9013e-650b-4c26-8999-47aae03afa71","block_type":"box","text":"PNC Bank, National Association","page_number":190,"box":{"x":117,"y":196,"width":244,"height":11}},{"id":"7489bc53-0b2c-4366-8991-4cd3efcf9ce1","block_type":"box","text":"PNC Capital Markets LLC","page_number":190,"box":{"x":117,"y":211,"width":196,"height":12}},{"id":"8f7a9bec-ec3d-42a0-9527-7de3a94c07a2","block_type":"box","text":"PNC Investments LLC","page_number":190,"box":{"x":117,"y":227,"width":170,"height":9}},{"id":"23262f17-17f9-4639-b3ec-3d105840bbba","block_type":"box","text":"Principal Bank","page_number":190,"box":{"x":117,"y":242,"width":111,"height":12}},{"id":"d23131a0-fb61-4057-8810-9f6ff2016cf4","block_type":"box","text":"Principal Life Insurance Company","page_number":190,"box":{"x":117,"y":258,"width":255,"height":12}},{"id":"f4901a84-f34b-4d09-bc71-a94129adad0b","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":190,"box":{"x":117,"y":273,"width":359,"height":12}},{"id":"2d2c54f0-57d5-4d31-85f6-f5838b8c2a80","block_type":"box","text":"Protective Life Insurance Company","page_number":190,"box":{"x":117,"y":289,"width":265,"height":12}},{"id":"c2e832ca-58aa-421c-a826-e5abea77306e","block_type":"box","text":"Pruco Life Insurance Company","page_number":190,"box":{"x":117,"y":304,"width":234,"height":12}},{"id":"be246394-a077-4d4e-a64d-4878815905ad","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":190,"box":{"x":117,"y":320,"width":346,"height":12}},{"id":"4a6b1f56-eef2-48c6-b8c8-fcf0a85023fb","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":190,"box":{"x":117,"y":335,"width":279,"height":11}},{"id":"3602c565-bb86-4074-8c1f-6a0dc22e6b69","block_type":"box","text":"Prudential Insurance Company of America","page_number":190,"box":{"x":117,"y":351,"width":320,"height":12}},{"id":"2839e070-788e-4d1b-bee9-dd5aa937e97d","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":190,"box":{"x":117,"y":366,"width":268,"height":12}},{"id":"2d09f4bf-e415-4576-900f-28b928947c29","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":190,"box":{"x":117,"y":382,"width":307,"height":12}},{"id":"10271266-9d1f-409f-83c3-f1b327ecaaa2","block_type":"box","text":"RBC Capital Markets, LLC","page_number":190,"box":{"x":117,"y":397,"width":201,"height":12}},{"id":"93425719-d901-4b3e-af5a-98540864c24f","block_type":"box","text":"Regions Bank","page_number":190,"box":{"x":117,"y":413,"width":108,"height":12}},{"id":"9bb6d3ba-6932-42b2-b8cc-aec9d844608c","block_type":"box","text":"Reliance Trust Company","page_number":190,"box":{"x":117,"y":428,"width":189,"height":12}},{"id":"2240770a-06d0-47f6-863d-13198f7e0107","block_type":"box","text":"Reliastar Life Insurance Company","page_number":190,"box":{"x":117,"y":444,"width":257,"height":12}},{"id":"c3c26373-4efe-48a6-9a5a-c7fdd8fc9a45","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":190,"box":{"x":117,"y":459,"width":353,"height":12}},{"id":"58337152-32bb-4cd8-8f79-cc6dea842774","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":190,"box":{"x":117,"y":475,"width":222,"height":11}},{"id":"33ae6fb9-46ab-4718-a29b-c7c544c728fd","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":190,"box":{"x":117,"y":490,"width":334,"height":10}},{"id":"e7ae88d6-b3ef-4ad3-848d-981f072dfc1a","block_type":"box","text":"RiverSource Life Insurance Company","page_number":190,"box":{"x":117,"y":506,"width":283,"height":12}},{"id":"3bd791d4-2fb8-40f2-abe6-6781e0b1fb05","block_type":"box","text":"SagePoint Financial, Inc.","page_number":190,"box":{"x":116,"y":521,"width":190,"height":12}},{"id":"02efc03b-d040-4b7d-860f-7b0321b0cd3d","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":190,"box":{"x":116,"y":537,"width":278,"height":11}},{"id":"e3063d5e-e812-44d7-9c5e-e4a2df2b4551","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":190,"box":{"x":116,"y":552,"width":229,"height":12}},{"id":"9fa8f291-0997-45cd-ab40-ab1c28ab29bb","block_type":"box","text":"Santander Bank, N.A.","page_number":190,"box":{"x":116,"y":568,"width":167,"height":11}},{"id":"800ff004-92d7-4ce0-8ef1-fa9e546c3ac5","block_type":"box","text":"Saturna Trust Company","page_number":190,"box":{"x":116,"y":583,"width":183,"height":12}},{"id":"1b3b30aa-801a-4e48-be0e-efd870f0706b","block_type":"box","text":"Securities America, Inc.","page_number":190,"box":{"x":116,"y":599,"width":181,"height":11}},{"id":"7a1bc7cd-ff8a-4f53-a304-076d48e34836","block_type":"box","text":"Securities Finance Trust Company","page_number":190,"box":{"x":116,"y":614,"width":262,"height":12}},{"id":"cb06edbc-a04a-4e40-b475-1498bf84ac3f","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":190,"box":{"x":116,"y":630,"width":309,"height":12}},{"id":"b1d37eaa-3146-4f27-bb84-f689533a90a9","block_type":"box","text":"Security Financial Resources, Inc.","page_number":190,"box":{"x":116,"y":645,"width":259,"height":12}},{"id":"eb356e7e-c530-46ab-afb7-3c1eb0c2a32a","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":190,"box":{"x":116,"y":661,"width":325,"height":12}},{"id":"47887e36-a5e0-410c-85ac-08894e51f2fd","block_type":"box","text":"SEI Private Trust Company","page_number":190,"box":{"x":116,"y":676,"width":204,"height":12}},{"id":"30582361-5c0f-4d4d-acb2-a1412a9b1866","block_type":"box","text":"SG Americas Securities, LLC","page_number":190,"box":{"x":116,"y":692,"width":217,"height":11}},{"id":"fd9f88f2-f777-45df-82d0-8382c9a5718e","block_type":"box","text":"Silicon Valley Bank","page_number":190,"box":{"x":116,"y":707,"width":143,"height":12}},{"id":"7d380759-f938-4d6d-90ac-b41c65000f92","block_type":"box","text":"Standard Insurance Company","page_number":190,"box":{"x":116,"y":723,"width":223,"height":12}},{"id":"469f36f3-3b83-4bf6-a5a5-92d744649953","block_type":"box","text":"State Farm Life and Accident Assurance","page_number":190,"box":{"x":116,"y":738,"width":300,"height":10}},{"id":"57f2f9c8-4670-4c5c-89e5-b024d44b2202","block_type":"box","text":"Company","page_number":190,"box":{"x":117,"y":754,"width":71,"height":12}},{"id":"155d4ab2-f3f0-4181-9ddf-f3f52075a137","block_type":"box","text":"State Farm Life Insurance Company","page_number":190,"box":{"x":116,"y":769,"width":270,"height":12}},{"id":"276e0c60-7aa8-46fa-887d-cde19ed11056","block_type":"box","text":"State Farm VP Management Corp.","page_number":190,"box":{"x":116,"y":785,"width":257,"height":12}},{"id":"edb53bde-b568-409f-9a54-926b3db778d3","block_type":"box","text":"State Street Bank and Trust Company","page_number":190,"box":{"x":116,"y":800,"width":284,"height":12}},{"id":"3c14f50e-7998-4f5f-82d5-fe78300a1b19","block_type":"box","text":"State Street Global Markets, LLC","page_number":190,"box":{"x":116,"y":816,"width":246,"height":11}},{"id":"70e614e5-47d9-4ba5-86fc-0116effa8c54","block_type":"box","text":"Stern Brothers & Co.","page_number":190,"box":{"x":116,"y":831,"width":160,"height":10}},{"id":"8eb5e1c0-99e6-4350-a333-6fc626a04091","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":190,"box":{"x":520,"y":87,"width":312,"height":12}},{"id":"d5e0888c-bb86-42ef-88f1-cb9e5afdc879","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":190,"box":{"x":520,"y":102,"width":250,"height":13}},{"id":"95021207-e0e6-4b24-8f86-0cbdda6374ba","block_type":"box","text":"SVB Asset Management","page_number":190,"box":{"x":520,"y":118,"width":188,"height":12}},{"id":"80521956-f546-499d-bff5-48a5a12e7f2b","block_type":"box","text":"Symetra Life Insurance Company","page_number":190,"box":{"x":520,"y":134,"width":254,"height":12}},{"id":"75872657-f369-4db9-99ab-e99c848a96a6","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":190,"box":{"x":520,"y":149,"width":217,"height":12}},{"id":"7f6226c7-35a0-47bc-b5fd-3b3275b17344","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":190,"box":{"x":520,"y":165,"width":341,"height":11}},{"id":"f403d2b3-d767-41c0-973b-e3122758ba75","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":190,"box":{"x":520,"y":180,"width":343,"height":12}},{"id":"ae9f6c5d-545f-471a-93b8-2c2030c99e26","block_type":"box","text":"Company","page_number":190,"box":{"x":521,"y":196,"width":75,"height":12}},{"id":"bfd0bc1f-1c3a-4b45-8e36-bbeb876da2b0","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":190,"box":{"x":520,"y":211,"width":326,"height":12}},{"id":"57973878-b4c0-4230-9faa-e0fa3ebc7ee0","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":190,"box":{"x":520,"y":227,"width":218,"height":12}},{"id":"bcdcf7c8-b5aa-499c-b6d4-eecbc05b25c1","block_type":"box","text":"TD Ameritrade, Inc.","page_number":190,"box":{"x":520,"y":242,"width":150,"height":11}},{"id":"72f18ef8-940f-4559-bd41-75cc1e493083","block_type":"box","text":"TD Prime Services (US) LLC","page_number":190,"box":{"x":520,"y":258,"width":220,"height":12}},{"id":"e5fb24ca-1889-4cfa-b284-75c07ae6d270","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":190,"box":{"x":520,"y":273,"width":356,"height":12}},{"id":"d8024751-69b4-4a88-b860-4c29055a1417","block_type":"box","text":"America","page_number":190,"box":{"x":520,"y":289,"width":66,"height":9}},{"id":"bf168d26-3e17-4c8f-9286-8ae667120c01","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":190,"box":{"x":520,"y":304,"width":240,"height":12}},{"id":"07fc220b-958d-419d-ad7b-f7f877105676","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":190,"box":{"x":520,"y":320,"width":366,"height":12}},{"id":"36dedd0c-a55f-483a-a71a-d40a8d5aaa69","block_type":"box","text":"Transamerica Life Insurance Company","page_number":190,"box":{"x":520,"y":335,"width":294,"height":12}},{"id":"1fa58148-ef58-48d1-b50a-b4de62e12f3e","block_type":"box","text":"Treasury Brokerage","page_number":190,"box":{"x":520,"y":351,"width":153,"height":12}},{"id":"bd347ef6-eba5-45dd-a067-b0c347a33749","block_type":"box","text":"Triad Advisors, LLC","page_number":190,"box":{"x":520,"y":366,"width":152,"height":11}},{"id":"f727a8af-9e79-49ff-bb6b-08fa6da1145e","block_type":"box","text":"Truist Bank","page_number":190,"box":{"x":520,"y":382,"width":90,"height":9}},{"id":"967d648d-ef3e-439a-a970-992dabb45c8e","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":190,"box":{"x":521,"y":397,"width":236,"height":12}},{"id":"54ea176d-95c3-4b68-b342-4d1eec81c01a","block_type":"box","text":"U.S. Bank, National Association","page_number":190,"box":{"x":521,"y":413,"width":241,"height":11}},{"id":"5db9461c-bbaf-4096-ad51-814aff77d841","block_type":"box","text":"UBATCO & Co.","page_number":190,"box":{"x":521,"y":428,"width":120,"height":10}},{"id":"3b5cab46-86fc-4789-9e38-2e2fdb197868","block_type":"box","text":"UBS Financial Services, Inc.","page_number":190,"box":{"x":521,"y":444,"width":216,"height":11}},{"id":"cb1c859a-dd27-410f-8b76-42d24d63d24c","block_type":"box","text":"UBS Securities LLC","page_number":190,"box":{"x":521,"y":459,"width":152,"height":10}},{"id":"fbf86274-ee5a-4b2c-908e-ba4db87085a3","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":190,"box":{"x":521,"y":475,"width":217,"height":11}},{"id":"d2ef06e0-d41b-446d-a31b-03a41851017c","block_type":"box","text":"UMB Bank, National Association","page_number":190,"box":{"x":521,"y":490,"width":246,"height":11}},{"id":"9c2e654e-cc9c-410c-95d7-f136324eafc9","block_type":"box","text":"United States Life Insurance Company in the","page_number":190,"box":{"x":521,"y":506,"width":337,"height":12}},{"id":"40816879-4688-4e45-8126-89dcb4e08b4d","block_type":"box","text":"City of New York","page_number":190,"box":{"x":521,"y":521,"width":129,"height":12}},{"id":"f35de570-2799-49c3-8616-71aff3a304fa","block_type":"box","text":"VALIC Retirement Services Company","page_number":190,"box":{"x":520,"y":537,"width":286,"height":12}},{"id":"3c3549ac-b7ed-4f9c-b2c1-6a3c343de2e1","block_type":"box","text":"Vanguard Group, Inc.","page_number":190,"box":{"x":520,"y":552,"width":165,"height":12}},{"id":"c9b2e64b-b843-4c95-8a4d-b3ba67ee96d4","block_type":"box","text":"Vanguard Marketing Corporation","page_number":190,"box":{"x":520,"y":568,"width":249,"height":12}},{"id":"b5629486-6c2c-4aed-9efc-4467a64b814b","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":190,"box":{"x":520,"y":583,"width":220,"height":12}},{"id":"7ad96a97-d120-4ca7-92dc-3cbc885cb88d","block_type":"box","text":"Voya Financial Partners, LLC","page_number":190,"box":{"x":520,"y":599,"width":223,"height":12}},{"id":"dd503f2a-212d-4c75-9f1a-d7a02e406496","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":190,"box":{"x":520,"y":614,"width":280,"height":12}},{"id":"705b15ef-3eea-4871-b779-400b32c7e011","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":190,"box":{"x":520,"y":630,"width":292,"height":12}},{"id":"d7ff65f1-a400-412a-b20a-378949d9e403","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":190,"box":{"x":520,"y":645,"width":260,"height":12}},{"id":"acbcbc09-8f46-42df-8769-ee46d8b43c0d","block_type":"box","text":"Voya Retirement Insurance and Annuity","page_number":190,"box":{"x":520,"y":661,"width":297,"height":12}},{"id":"331a3eca-83a0-4ce5-954e-31b2331c4d8f","block_type":"box","text":"Company","page_number":190,"box":{"x":521,"y":676,"width":71,"height":12}},{"id":"af83efe3-739c-45f7-8d75-67bae936ea0a","block_type":"box","text":"Waddell & Reed, Inc.","page_number":190,"box":{"x":520,"y":692,"width":156,"height":11}},{"id":"456604ce-aa45-421e-9536-5110687b381f","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":190,"box":{"x":520,"y":707,"width":198,"height":12}},{"id":"eb2d8b62-7de0-4e8c-9247-390d38fd749b","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":190,"box":{"x":520,"y":723,"width":337,"height":12}},{"id":"f1667bdc-e4ea-450a-9a5a-4bf44f6a5c0a","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":190,"box":{"x":520,"y":738,"width":173,"height":12}},{"id":"c0101ff2-131d-4f11-b060-4a312dad55d0","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":190,"box":{"x":520,"y":754,"width":266,"height":12}},{"id":"2f166309-1571-4dbb-a00f-f303a4f22f8e","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":190,"box":{"x":520,"y":769,"width":225,"height":12}},{"id":"dfab09a1-f2a7-494c-8397-1e1ca5440b26","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":190,"box":{"x":520,"y":785,"width":208,"height":12}},{"id":"f25572cd-4e1d-4bf0-90d9-011b85f288c6","block_type":"box","text":"Wilmington Trust, National Association","page_number":190,"box":{"x":520,"y":800,"width":287,"height":12}},{"id":"ad62627a-d2db-45eb-ac5b-3e7cf837dd09","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":190,"box":{"x":520,"y":816,"width":253,"height":12}},{"id":"7a9aabb5-85df-4f48-92c1-2885ae895bfb","block_type":"box","text":"ZB, National Association","page_number":190,"box":{"x":520,"y":831,"width":188,"height":11}},{"id":"1b45e0d8-17fc-4cfb-a988-2a3df2f42eb5","block_type":"box","text":"II-145","page_number":190,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"137e7474-b3a7-4d32-aad8-09129fecb4f8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":190,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"de16c824-69cf-4019-a86f-e710923292b3","block_type":"box","text":"E. Sponsorship and Other Incentive Payments and Services","page_number":191,"box":{"x":150,"y":87,"width":451,"height":12}},{"id":"92a94240-9d74-4f6e-bdfd-9afdc1747fe6","block_type":"box","text":"In addition to the Additional Payments described above, BlackRock may contribute to various other","page_number":191,"box":{"x":117,"y":110,"width":739,"height":12}},{"id":"a9c2990a-ad6f-48cc-8822-373e95b6c145","block_type":"box","text":"incentive arrangements to promote the sale of shares, including hosting proprietary and financially","page_number":191,"box":{"x":117,"y":126,"width":732,"height":12}},{"id":"e6f3cb1e-32cb-4842-8477-b62e2b834317","block_type":"box","text":"sponsoring Service Organizations’ training and educational seminars, conferences, meetings or","page_number":191,"box":{"x":116,"y":141,"width":714,"height":12}},{"id":"30d516f2-6bfd-4e41-9091-cd6c0eeb1ae5","block_type":"box","text":"events. BlackRock may also pay for the travel, meal, lodging and other expenses of Service","page_number":191,"box":{"x":116,"y":157,"width":687,"height":12}},{"id":"fcfcbf09-1156-4abf-a8e6-4bfabccd6e0a","block_type":"box","text":"Organizations and their salespersons or other personnel in connection with educational and sales","page_number":191,"box":{"x":116,"y":172,"width":729,"height":12}},{"id":"a57ab62c-46d0-4da4-a95b-38f4f1eced14","block_type":"box","text":"promotional programs. This compensation is not included in, and is made in addition to, the Additional","page_number":191,"box":{"x":117,"y":188,"width":760,"height":12}},{"id":"40bafffe-6e90-4116-869c-f7cacfb55de7","block_type":"box","text":"Payments described above. These payments may be made directly to the Service Organizations or","page_number":191,"box":{"x":117,"y":203,"width":741,"height":12}},{"id":"8c0e63f4-219d-4f2c-a13d-1e6a49f1585d","block_type":"box","text":"their affiliates, or to a third party vendor, and may vary depending upon the nature of the event or the","page_number":191,"box":{"x":116,"y":219,"width":753,"height":12}},{"id":"62dd389c-d313-4c4e-8004-1613d381579b","block_type":"box","text":"relationship and are subject to applicable laws and regulations, including the rules of applicable self","page_number":191,"box":{"x":117,"y":234,"width":741,"height":12}},{"id":"d5cfba32-170c-421e-8036-7e8a2b5a1a5c","block_type":"box","text":"regulatory organizations, such as FINRA. BlackRock may pay Service Organizations additional types","page_number":191,"box":{"x":117,"y":250,"width":753,"height":12}},{"id":"9c009d4f-a855-4291-9a3f-981d9e416d1d","block_type":"box","text":"of incentive compensation in the future to the extent not prohibited by applicable laws or regulations.","page_number":191,"box":{"x":116,"y":265,"width":749,"height":12}},{"id":"3c2ebd0b-4fb2-4412-9380-07cdd6157363","block_type":"box","text":"Separately, BlackRock has developed proprietary tools, calculators and related interactive or digital","page_number":191,"box":{"x":116,"y":296,"width":741,"height":12}},{"id":"cda71849-81cb-4cee-abcb-654109fed3a6","block_type":"box","text":"content that is made available through the www.BlackRock.com website at no additional cost to","page_number":191,"box":{"x":116,"y":312,"width":713,"height":12}},{"id":"1ce92893-e767-4ade-b895-a5692982a351","block_type":"box","text":"Service Organizations. BlackRock configures these tools and calculators and localizes the content for","page_number":191,"box":{"x":116,"y":327,"width":758,"height":12}},{"id":"29db09f1-b29b-4fb0-b47d-569132ac12f9","block_type":"box","text":"Service Organizations as part of its customary digital marketing support and promotion of the Funds or","page_number":191,"box":{"x":116,"y":343,"width":766,"height":12}},{"id":"401c7852-fb79-4c0e-9ca6-cbe5546615ef","block_type":"box","text":"other BlackRock funds, iShares ETFs and other exchange-traded products.","page_number":191,"box":{"x":116,"y":358,"width":565,"height":12}},{"id":"28fdc606-fbd6-42a3-af36-14df8bc84ea2","block_type":"box","text":"F. Conflicts","page_number":191,"box":{"x":150,"y":389,"width":88,"height":10}},{"id":"a40be0db-54ef-4722-ac0b-69d39ed51f4a","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":191,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"55b2bb53-d06b-4cac-8681-bea1cf89fff4","block_type":"box","text":"arrangements may be an important factor in the Service Organization’s willingness to support the sale","page_number":191,"box":{"x":116,"y":428,"width":761,"height":12}},{"id":"d7e0db55-1881-450c-90ee-7b3a8401cce9","block_type":"box","text":"of a Fund and/or particular share class through its distribution system or to perform services with","page_number":191,"box":{"x":116,"y":444,"width":721,"height":12}},{"id":"37bf2473-f43b-43e4-8a53-614939baa865","block_type":"box","text":"respect to such Fund. Additional Payments and other incentive arrangements may also be important","page_number":191,"box":{"x":117,"y":459,"width":749,"height":12}},{"id":"e163a3e3-2651-455c-b9de-e0bbaa7e8c99","block_type":"box","text":"factors in the Service Organization’s willingness to recommend the BlackRock Fund complex in","page_number":191,"box":{"x":116,"y":475,"width":712,"height":12}},{"id":"5ec0865d-63e6-4e22-aa1f-f85f6dfee949","block_type":"box","text":"general.","page_number":191,"box":{"x":116,"y":490,"width":65,"height":12}},{"id":"bed5f018-fed2-4e9c-9fdc-be8333e548bc","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote","page_number":191,"box":{"x":117,"y":521,"width":770,"height":12}},{"id":"358a891b-417c-4b5a-b424-7328b77ce39a","block_type":"box","text":"the sale of Fund shares to Customers of Service Organizations and the retention of those investments","page_number":191,"box":{"x":116,"y":537,"width":763,"height":12}},{"id":"44fab6b1-aa89-45a0-970e-406ec995be91","block_type":"box","text":"by such Customers. To the extent Service Organizations sell more shares of a Fund or retain shares of","page_number":191,"box":{"x":117,"y":552,"width":769,"height":12}},{"id":"d9bca737-fef1-4d09-bc89-23c1ac31257e","block_type":"box","text":"a Fund in their Customers’ accounts, BlackRock benefits from the incremental management and other","page_number":191,"box":{"x":116,"y":568,"width":763,"height":12}},{"id":"175f9091-ae68-4f41-ad4e-481a15d4308a","block_type":"box","text":"fees paid by the Fund with respect to those assets.","page_number":191,"box":{"x":116,"y":583,"width":383,"height":12}},{"id":"ba1f827c-3bbe-428f-9a66-8b55441521e2","block_type":"box","text":"Service Organizations may have financial incentives for recommending a particular Fund, share class","page_number":191,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"70378b1e-c181-4e85-860d-097dad6a6dae","block_type":"box","text":"or fund complex over another. Service Organizations may charge their Customers additional fees in","page_number":191,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"75ef845b-f9e4-4dd9-950d-270711ccb0aa","block_type":"box","text":"connection with the purchase or redemption of Fund shares or for account-related services which are","page_number":191,"box":{"x":116,"y":645,"width":756,"height":12}},{"id":"170ecb66-0c80-4aca-b147-60b953cfdfb7","block_type":"box","text":"in addition to the sales and other charges described in the Fund’s Prospectus and this SAI. Such","page_number":191,"box":{"x":117,"y":661,"width":716,"height":12}},{"id":"37b17566-ae1e-44bd-a284-e0c745e56ead","block_type":"box","text":"charges may vary among Service Organizations but in all cases will be retained by the Service","page_number":191,"box":{"x":116,"y":676,"width":702,"height":12}},{"id":"3448a330-9174-4e98-b72b-cd333340741d","block_type":"box","text":"Organization and will not be remitted to a Fund or BlackRock.","page_number":191,"box":{"x":116,"y":692,"width":456,"height":12}},{"id":"0c5755ce-3120-4f7c-858e-a859bec6efce","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations","page_number":191,"box":{"x":116,"y":723,"width":742,"height":12}},{"id":"bcf795ed-d490-4309-a4c3-2c7a038f0347","block_type":"box","text":"from a Service Organization to purchase or sell shares of a Fund and when considering which share","page_number":191,"box":{"x":116,"y":738,"width":744,"height":12}},{"id":"fae4de42-6093-4f9d-8477-bc6c60837068","block_type":"box","text":"class is most appropriate.","page_number":191,"box":{"x":116,"y":754,"width":189,"height":12}},{"id":"981f85d0-8403-4b7b-957b-593240c494c1","block_type":"box","text":"You should consult with your Service Organization, and review","page_number":191,"box":{"x":311,"y":754,"width":505,"height":12}},{"id":"b9ae1a22-849c-4f63-a6ed-d6938a968eb0","block_type":"box","text":"carefully any disclosure by the Service Organization, as to compensation received by it or its","page_number":191,"box":{"x":116,"y":769,"width":743,"height":12}},{"id":"d3cfbe4a-8880-4cc9-88bf-5b2370c7302e","block_type":"box","text":"affiliates and for more information about the payments described above.","page_number":191,"box":{"x":116,"y":785,"width":578,"height":12}},{"id":"765eb5f3-7f55-4eef-b485-d73eec4ffcfa","block_type":"box","text":"R","page_number":191,"box":{"x":411,"y":831,"width":10,"height":10}},{"id":"14e5f0af-3c7f-4547-9a65-fab99ed339c5","block_type":"box","text":"EDEMPTION","page_number":191,"box":{"x":422,"y":834,"width":79,"height":7}},{"id":"4f025820-72ec-47c7-b7bf-3f4c29955215","block_type":"box","text":"OF","page_number":191,"box":{"x":508,"y":834,"width":17,"height":7}},{"id":"d11e2809-f37b-4e51-8f4d-31d8ab6b8cbb","block_type":"box","text":"S","page_number":191,"box":{"x":526,"y":831,"width":15,"height":10}},{"id":"f128df16-b7e9-4d07-a3d3-299d46ee305c","block_type":"box","text":"HARES","page_number":191,"box":{"x":543,"y":834,"width":46,"height":7}},{"id":"b7875e54-9f78-4252-afb0-2e6fd4826f1a","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each","page_number":191,"box":{"x":116,"y":862,"width":738,"height":12}},{"id":"b27eef62-8ba6-43e3-be87-422131ceca94","block_type":"box","text":"Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances (valued","page_number":191,"box":{"x":117,"y":878,"width":763,"height":12}},{"id":"eeddaf86-3a2d-4012-beb9-1ed696e600fa","block_type":"box","text":"II-146","page_number":191,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"69ef72e5-5c8e-44ed-b30c-8da076bcd073","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":191,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6602b682-fd86-4533-8cc3-4bc42fffcd10","block_type":"box","text":"in the same way as they would be valued for purposes of computing a Fund’s NAV), in order to protect","page_number":192,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"f84b68e2-8aa9-4079-94bf-ddbec092c8af","block_type":"box","text":"the interests of remaining shareholders, or to accommodate a request by a particular shareholder that","page_number":192,"box":{"x":116,"y":102,"width":761,"height":13}},{"id":"c4afe582-06c8-4f1d-a36c-620dab5f979a","block_type":"box","text":"does not adversely affect the interest of the remaining shareholders, by delivery of securities and other","page_number":192,"box":{"x":116,"y":118,"width":767,"height":12}},{"id":"cb90a6ac-0f79-479e-bb74-cbb7405d99e9","block_type":"box","text":"assets selected from the Fund’s portfolio holdings at its discretion. In-kind payment means payment","page_number":192,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"5dab0cca-e517-46a4-a4e9-35f435866f58","block_type":"box","text":"will be made in portfolio securities and other assets rather than cash. If this occurs, the redeeming","page_number":192,"box":{"x":116,"y":149,"width":733,"height":12}},{"id":"1fd2280f-0b2a-408f-b8bd-efd151f5044d","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to convert the securities and other assets","page_number":192,"box":{"x":116,"y":165,"width":766,"height":12}},{"id":"f756802b-79a7-4ecb-96b2-ad9527e1541f","block_type":"box","text":"to cash. In an in-kind redemption, a pro rata portion of a Fund’s portfolio holdings will generally be","page_number":192,"box":{"x":116,"y":180,"width":730,"height":12}},{"id":"2b9d301f-76dc-4927-99da-be0d895e9b6c","block_type":"box","text":"distributed to the redeeming shareholder, but an Index Fund may, under certain circumstances, deviate","page_number":192,"box":{"x":116,"y":196,"width":772,"height":12}},{"id":"dd39076c-b74e-4cdb-8f37-64da37318ee2","block_type":"box","text":"from pro rata redemption if the securities and other assets to be distributed are deemed to be a fair","page_number":192,"box":{"x":116,"y":211,"width":739,"height":12}},{"id":"9a4093bd-51f6-45b8-925a-b099223a84a4","block_type":"box","text":"representation of portfolio holdings and the interests of the remaining shareholders in the Index Fund","page_number":192,"box":{"x":117,"y":227,"width":753,"height":12}},{"id":"96883133-f55d-41b1-a5f8-f582a76dc035","block_type":"box","text":"are not diluted. Each Fund has elected, however, to be governed by Rule 18f-1 under the Investment","page_number":192,"box":{"x":116,"y":242,"width":755,"height":12}},{"id":"e34b6b9c-d0de-4b5d-a82f-a147a3f049c1","block_type":"box","text":"Company Act so that the Fund is obligated to redeem its shares solely in cash up to the lesser of","page_number":192,"box":{"x":117,"y":258,"width":722,"height":12}},{"id":"3ab865a0-ae1c-4800-bedb-bba2064c503e","block_type":"box","text":"$250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The redemption","page_number":192,"box":{"x":116,"y":272,"width":761,"height":13}},{"id":"cad43c55-ff2d-4188-b5cc-0a592b6d394c","block_type":"box","text":"price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":192,"box":{"x":117,"y":289,"width":758,"height":12}},{"id":"52ccaf67-d3f5-47f5-a27d-539fe49888bd","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","page_number":192,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"f0062a99-1035-4a21-840c-90e672265632","block_type":"box","text":"of purchase, depending in part on the market value of the securities held by the Fund at such time.","page_number":192,"box":{"x":116,"y":320,"width":737,"height":12}},{"id":"39e71f1c-0b0d-4e38-ac9b-375d25f869a3","block_type":"box","text":"Except for any CDSC that may be applicable, there will be no redemption charge if your redemption","page_number":192,"box":{"x":117,"y":335,"width":743,"height":12}},{"id":"7ae58e1e-86aa-4803-a371-f5355f0736b6","block_type":"box","text":"request is sent directly to the Transfer Agent. If you are liquidating your holdings you will receive all","page_number":192,"box":{"x":117,"y":351,"width":739,"height":12}},{"id":"1d2c5961-b7e3-47f4-b47a-97eb6baef0fb","block_type":"box","text":"dividends reinvested through the date of redemption.","page_number":192,"box":{"x":116,"y":366,"width":397,"height":12}},{"id":"a399117b-51ef-4699-821f-340c460370ba","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more","page_number":192,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"061d882d-4726-44b5-87d0-31bd382ac387","block_type":"box","text":"than seven days only (i) for any period during which trading on the NYSE is restricted as determined by","page_number":192,"box":{"x":116,"y":413,"width":772,"height":12}},{"id":"4b2f7c18-2a4b-438a-b46f-864bbaffbdcb","block_type":"box","text":"the Commission or during which the NYSE is closed (other than customary weekend and holiday","page_number":192,"box":{"x":116,"y":428,"width":724,"height":12}},{"id":"a4657d7f-83db-4e8b-b95b-9b0a695f62d3","block_type":"box","text":"closings), (ii) for any period during which an emergency exists, as defined by the Commission, as a","page_number":192,"box":{"x":116,"y":444,"width":741,"height":12}},{"id":"2c144a33-8f4e-4d49-a1ea-b2b393dbeaff","block_type":"box","text":"result of which disposal of portfolio securities or determination of the NAV of a Fund is not reasonably","page_number":192,"box":{"x":117,"y":459,"width":757,"height":12}},{"id":"5b19fe61-e465-47ad-af78-d07d9e82da7a","block_type":"box","text":"practicable, or (iii) for such other periods as the Commission may by order permit for the protection of","page_number":192,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"d59143bf-6097-4e22-a192-119545ca3cf2","block_type":"box","text":"shareholders of the Fund. (A Fund may also suspend or postpone the recordation of the transfer of its","page_number":192,"box":{"x":116,"y":490,"width":761,"height":12}},{"id":"96514723-133b-4db8-a284-b4ce8b41deeb","block_type":"box","text":"shares upon the occurrence of any of the foregoing conditions.)","page_number":192,"box":{"x":116,"y":506,"width":476,"height":12}},{"id":"f6c315af-d748-451a-ac7b-c3b64f89c5fb","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint","page_number":192,"box":{"x":117,"y":537,"width":703,"height":12}},{"id":"998fa432-28d0-49d1-a6f3-a0c2994a1607","block_type":"box","text":"committed line of credit with a syndicate of banks that is intended to provide the Fund with a temporary","page_number":192,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"5a44c9b1-e204-4f51-8dde-e18591276807","block_type":"box","text":"source of cash to be used to meet redemption requests from shareholders in extraordinary or","page_number":192,"box":{"x":116,"y":568,"width":697,"height":12}},{"id":"092ee55e-8777-4efe-a688-5ba9e2344ffb","block_type":"box","text":"emergency circumstances.","page_number":192,"box":{"x":116,"y":583,"width":205,"height":12}},{"id":"f34bd670-1a02-4e20-8342-d4f8503750db","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of","page_number":192,"box":{"x":117,"y":614,"width":766,"height":12}},{"id":"90e19b83-988e-456b-9e80-da3c4ebe9643","block_type":"box","text":"the failure of a shareholder to make full payment for shares purchased by the shareholder or to collect","page_number":192,"box":{"x":116,"y":630,"width":763,"height":12}},{"id":"83a4c641-8881-4553-a466-5c3ad5a9f315","block_type":"box","text":"any charge relating to a transaction effected for the benefit of a shareholder. Each Fund reserves the","page_number":192,"box":{"x":116,"y":645,"width":754,"height":12}},{"id":"05da41b4-0b53-4429-b9dd-33e101c38c3e","block_type":"box","text":"express right to redeem shares of the Fund involuntarily at any time if the Fund’s Board of Directors","page_number":192,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"996a0cb1-d5d4-4b7f-ba8e-42ff1d9a252c","block_type":"box","text":"determines, in its sole discretion, that failure to do so may have adverse consequences to the holders","page_number":192,"box":{"x":116,"y":676,"width":753,"height":12}},{"id":"3ca6dcce-a480-480c-b97f-b5f9ccbc2a53","block_type":"box","text":"of shares in the Fund. Upon such redemption the holders of shares so redeemed shall have no further","page_number":192,"box":{"x":116,"y":692,"width":759,"height":12}},{"id":"a274e9d2-3e0a-43ee-adbf-eef0da1f1dee","block_type":"box","text":"right with respect thereto other than to receive payment of the redemption price.","page_number":192,"box":{"x":117,"y":707,"width":591,"height":12}},{"id":"c3ecf570-86a0-4d47-99e6-5b263f1fbc46","block_type":"box","text":"Redemption","page_number":192,"box":{"x":117,"y":738,"width":95,"height":12}},{"id":"9b23e88f-0054-45e3-ae0b-5e9d9f05ec3e","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":192,"box":{"x":117,"y":761,"width":504,"height":12}},{"id":"f865a3e7-8a3c-4b59-b1d4-d78ac13de51a","block_type":"box","text":"Redeem by Telephone","page_number":192,"box":{"x":117,"y":785,"width":177,"height":12}},{"id":"68455e52-c797-47ea-9bdd-57a45c947900","block_type":"box","text":": You may sell Investor Shares, excluding Investor P Shares, held at","page_number":192,"box":{"x":296,"y":785,"width":505,"height":12}},{"id":"b1407ead-f192-4c8f-b88d-ffb1d256570e","block_type":"box","text":"BlackRock by telephone request if certain conditions are met and if the amount being sold is less than","page_number":192,"box":{"x":117,"y":800,"width":754,"height":12}},{"id":"d853fe62-f5d2-424a-b3c2-763d4422bb6e","block_type":"box","text":"(i) $100,000 for payments by check or (ii) $250,000 for payments through the Automated Clearing","page_number":192,"box":{"x":117,"y":815,"width":724,"height":13}},{"id":"59a66047-83e2-4860-8d88-f7465de4853a","block_type":"box","text":"House Network (“ACH”) or wire transfer. Certain redemption requests, such as those in excess of","page_number":192,"box":{"x":117,"y":831,"width":727,"height":12}},{"id":"9e150ef7-be66-4ec7-9a15-5566f62cb1e5","block_type":"box","text":"these amounts, and those where (i) the Fund does not have verified banking information on file; or","page_number":192,"box":{"x":116,"y":847,"width":734,"height":12}},{"id":"7bbd6af9-59b5-442d-b50e-c75fb07f6981","block_type":"box","text":"(ii) the proceeds are not paid to the record owner at the record address, must be in writing with a","page_number":192,"box":{"x":117,"y":862,"width":720,"height":12}},{"id":"25453632-2c68-473a-8d5e-4b76d4717d68","block_type":"box","text":"medallion signature guarantee provided by any “eligible guarantor institution” as defined in","page_number":192,"box":{"x":117,"y":878,"width":674,"height":12}},{"id":"4473e442-61f7-4714-b702-51349738f8e3","block_type":"box","text":"II-147","page_number":192,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1d481ec3-ca94-4a81-bbb2-5c2dfa5d0f26","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":192,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7bc80d0f-76cd-48ac-9d9a-8070f47f56a9","block_type":"box","text":"Rule 17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and","page_number":193,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"b13a2012-c964-47d2-8611-2af466f628de","block_type":"box","text":"validity may be verified by the Transfer Agent through the use of industry publications. For Institutional","page_number":193,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"27613737-f35b-4ca9-9b5e-29c31e265810","block_type":"box","text":"Shares, certain redemption requests may require written instructions with a medallion signature","page_number":193,"box":{"x":116,"y":118,"width":713,"height":12}},{"id":"5ae0e58a-ef62-4263-b3a0-288d35abe9c3","block_type":"box","text":"guarantee. Call (800) 441-7762 for details. You can obtain a medallion signature guarantee stamp from","page_number":193,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"9651ae89-18c6-4a36-aca5-df7ac0280a16","block_type":"box","text":"a bank, securities dealer, securities broker, credit union, savings and loan association, national","page_number":193,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"bc445db2-f888-4d89-8bdc-8dd8c5e15411","block_type":"box","text":"securities exchange or registered securities association. The three recognized medallion programs are","page_number":193,"box":{"x":116,"y":165,"width":767,"height":12}},{"id":"674f0d23-1b0f-40e3-a790-ff6be95ff452","block_type":"box","text":"Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New York","page_number":193,"box":{"x":116,"y":180,"width":736,"height":12}},{"id":"5b2958b1-29e0-4ede-9139-e75ecab9573f","block_type":"box","text":"Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of","page_number":193,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"a3fe116c-f5f1-4ad4-b1dc-1d0596446637","block_type":"box","text":"these programs will not be accepted. A notary public seal will not be acceptable. Generally, a properly","page_number":193,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"5078fb91-8401-4e89-8195-8d9b91059318","block_type":"box","text":"signed written request with any required signature guarantee is all that is required for a redemption. In","page_number":193,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"a9081614-28c4-4c6f-b882-ed29b7d86aad","block_type":"box","text":"some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":193,"box":{"x":116,"y":242,"width":719,"height":12}},{"id":"8666fd3a-bc12-4117-89b2-903247f2dd6b","block_type":"box","text":"authority is required by the Transfer Agent in the event redemption is requested by a corporation,","page_number":193,"box":{"x":116,"y":258,"width":726,"height":12}},{"id":"a201cc73-bc34-48a1-8c90-bb48582bd4d4","block_type":"box","text":"partnership, trust, fiduciary, executor or administrator.","page_number":193,"box":{"x":117,"y":273,"width":402,"height":12}},{"id":"5edad9b9-ace6-4e31-8c22-2aec944df0c6","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the","page_number":193,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"9b2a5cff-4906-4a02-9dbd-3c9edf6c7d92","block_type":"box","text":"Fund may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its","page_number":193,"box":{"x":117,"y":320,"width":709,"height":12}},{"id":"af45310f-5f57-4a09-8a2a-98c999164a4b","block_type":"box","text":"Administrators and the Distributor will employ reasonable procedures to confirm that instructions","page_number":193,"box":{"x":116,"y":335,"width":719,"height":12}},{"id":"c009289b-111a-456b-9fd3-3c102f6d0cce","block_type":"box","text":"communicated by telephone are genuine. Telephone redemption requests will not be honored if: (i) the","page_number":193,"box":{"x":116,"y":351,"width":767,"height":12}},{"id":"3ce3e4a7-7fb5-4b8c-8035-d993ca60e6be","block_type":"box","text":"accountholder is deceased, (ii) the proceeds are to be sent to someone other than the shareholder of","page_number":193,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"8bd771ff-e24d-4d8b-a373-7ada91c3d6da","block_type":"box","text":"record, (iii) a Fund does not have verified information on file, (iv) the request is by an individual other","page_number":193,"box":{"x":117,"y":382,"width":749,"height":12}},{"id":"fab8e209-ae0e-4332-b167-97a8c557e7e4","block_type":"box","text":"than the accountholder of record, (v) the account is held by joint tenants who are divorced, (vi) the","page_number":193,"box":{"x":116,"y":397,"width":733,"height":12}},{"id":"5a4d3ecf-3c1f-4d14-94c0-eddc5f5db789","block_type":"box","text":"address on the account has changed within the last 30 days or share certificates have been issued on","page_number":193,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"4b28cc4a-e40c-4145-af53-de6cee65877f","block_type":"box","text":"the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the","page_number":193,"box":{"x":116,"y":428,"width":752,"height":12}},{"id":"48cdb04f-04a8-43cb-88e0-10bf45e9ac10","block_type":"box","text":"name and address registered on the account and the social security number registered on the account.","page_number":193,"box":{"x":117,"y":444,"width":770,"height":12}},{"id":"b749f5ea-f6af-4624-bc3d-248e62e7a5dc","block_type":"box","text":"The Fund and its service providers will not be liable for any loss, liability, cost or expense for acting","page_number":193,"box":{"x":116,"y":459,"width":739,"height":12}},{"id":"a20975ca-8b63-40c1-8972-545b10fc31bc","block_type":"box","text":"upon telephone instructions that are reasonably believed to be genuine in accordance with such","page_number":193,"box":{"x":117,"y":475,"width":716,"height":12}},{"id":"70293e71-6944-41bd-8b9c-0c153ac92e45","block_type":"box","text":"procedures. Before telephone requests will be honored, signature approval from all shareholders of","page_number":193,"box":{"x":117,"y":490,"width":741,"height":12}},{"id":"adabaaf6-d34b-4411-8f8d-f77b49bbd263","block_type":"box","text":"record on the account must be obtained. The Fund may refuse a telephone redemption request if it","page_number":193,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"3426d613-08e3-45c6-942a-cbc7c14505db","block_type":"box","text":"believes it is advisable to do so. During periods of substantial economic or market change, telephone","page_number":193,"box":{"x":117,"y":521,"width":754,"height":12}},{"id":"5e9fa153-7aa7-47c3-8c84-5c337706b9ae","block_type":"box","text":"redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":193,"box":{"x":117,"y":537,"width":691,"height":12}},{"id":"0a97908b-b3f4-4f12-8f68-7957930a94ba","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day","page_number":193,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"d8409b8c-1e22-468a-837a-7c07eb246be0","block_type":"box","text":"will be priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern","page_number":193,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"de70ffd0-e44b-49db-8fc7-b5f7d87cb92a","block_type":"box","text":"time) on a business day, payment for redeemed Institutional Shares will normally be wired in Federal","page_number":193,"box":{"x":116,"y":599,"width":753,"height":12}},{"id":"698b2976-0480-4a06-8f3d-3b88a792fd49","block_type":"box","text":"Funds on the next business day. If the Federal Reserve Bank of Philadelphia is not open on the","page_number":193,"box":{"x":117,"y":614,"width":713,"height":12}},{"id":"b109df11-bda6-4014-a82c-4f6b660880a6","block_type":"box","text":"business day following receipt of the redemption order, the redemption order will be accepted and","page_number":193,"box":{"x":117,"y":630,"width":729,"height":12}},{"id":"b58b3641-9417-43b3-a1a6-812fec9acb8b","block_type":"box","text":"processed the next succeeding business day when the Federal Reserve Bank of Philadelphia is open,","page_number":193,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"895d7755-75ca-4fdd-a411-5f88da25c7b2","block_type":"box","text":"provided that the Fund’s custodian is also open for business.","page_number":193,"box":{"x":117,"y":661,"width":449,"height":12}},{"id":"11b90a36-2adc-4d54-acc7-ea0e7ccf76ab","block_type":"box","text":"Redeem by VRU","page_number":193,"box":{"x":117,"y":692,"width":127,"height":12}},{"id":"c7ab5119-217a-4509-91b6-c1fabf0fd3d5","block_type":"box","text":": Investor class shares, excluding Investor P Shares, may also be redeemed by use","page_number":193,"box":{"x":247,"y":692,"width":620,"height":12}},{"id":"bf7018bd-2145-4ff2-82ca-d465a511041c","block_type":"box","text":"of a Fund’s automated voice response unit service (“VRU”). Payment for Investor class shares","page_number":193,"box":{"x":116,"y":707,"width":700,"height":12}},{"id":"a101d0fe-d454-4d54-875c-85692fb48a4f","block_type":"box","text":"redeemed by VRU may be made for non-retirement accounts in amounts up to $25,000, either through","page_number":193,"box":{"x":117,"y":722,"width":761,"height":13}},{"id":"a74e3796-fdd9-4549-9beb-d4d2188368b3","block_type":"box","text":"check, ACH or wire.","page_number":193,"box":{"x":116,"y":738,"width":147,"height":11}},{"id":"e7700076-21a2-4805-837e-a6f9a4c84f5d","block_type":"box","text":"Redeem by Internet:","page_number":193,"box":{"x":117,"y":769,"width":159,"height":12}},{"id":"c2129ad5-4d74-4262-a0fc-c57fd3a8f947","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging","page_number":193,"box":{"x":283,"y":769,"width":595,"height":12}},{"id":"4a2d3d9e-07fe-4f24-a7de-3f5328a17c22","block_type":"box","text":"onto the BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent","page_number":193,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"154c1f17-3a3c-45e1-ae81-eedb3094661c","block_type":"box","text":"via check, ACH or wire to the bank account of record. Payment for shares redeemed by Internet may","page_number":193,"box":{"x":116,"y":800,"width":749,"height":12}},{"id":"6d1834d3-bb5f-4f75-a61d-5bf533c3cb0b","block_type":"box","text":"be made for non-retirement accounts up to $100,000 per account per day, either through check, ACH","page_number":193,"box":{"x":117,"y":815,"width":751,"height":13}},{"id":"b2befacd-3db7-4509-9632-bf1ded1ad3eb","block_type":"box","text":"or wire. Different maximums may apply to certain institutional investors.","page_number":193,"box":{"x":116,"y":831,"width":535,"height":12}},{"id":"f91c0baf-8669-496a-b5eb-f5e0d535ead8","block_type":"box","text":"Redeem in Writing:","page_number":193,"box":{"x":117,"y":862,"width":157,"height":12}},{"id":"f51f5073-4e2f-4baa-ba90-5ea364ec1bcb","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without","page_number":193,"box":{"x":275,"y":862,"width":599,"height":12}},{"id":"7a90538b-8e46-4fb9-8a58-1093ab6749ef","block_type":"box","text":"charge by writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption","page_number":193,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"36b8984f-074f-46b3-afaa-72ea4400632b","block_type":"box","text":"II-148","page_number":193,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a08c1f5f-64f1-4efb-953f-e0335ee3c766","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":193,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ec5f51b3-82b5-421d-a6c0-d85a647f7b0b","block_type":"box","text":"requests delivered other than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn","page_number":194,"box":{"x":117,"y":87,"width":729,"height":12}},{"id":"6a868c82-d783-4151-acae-19493db3966c","block_type":"box","text":"Avenue, Suite 102, Pittsburgh, Pennsylvania 15222. If you hold share certificates issued by your Fund,","page_number":194,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"4d90571f-2710-4a2f-87b0-668a0783c373","block_type":"box","text":"the letter must be accompanied by certificates for the shares. All shareholders on the account must","page_number":194,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"b44cbecc-6072-4b51-b777-b0448e219f0e","block_type":"box","text":"sign the letter. A medallion signature guarantee will generally be required but may be waived in certain","page_number":194,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"224a0d0d-d351-4241-bbbe-3264bec96b58","block_type":"box","text":"limited circumstances. You can obtain a medallion signature guarantee stamp from a bank, securities","page_number":194,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"9f39d638-f454-40d9-b7eb-989201c2d421","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association, national securities exchange or","page_number":194,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"127efd40-11db-4c68-ad28-04966c9b1585","block_type":"box","text":"registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":194,"box":{"x":117,"y":180,"width":696,"height":12}},{"id":"aa770776-ec4b-4259-9ba3-da2425e8689a","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check,","page_number":194,"box":{"x":116,"y":196,"width":749,"height":12}},{"id":"c5b11982-8041-4091-9af5-960bfe4fb5f4","block_type":"box","text":"ACH or wire to the bank account of record.","page_number":194,"box":{"x":116,"y":211,"width":323,"height":10}},{"id":"68e424c3-4768-4a0e-9607-f24658940b66","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock","page_number":194,"box":{"x":116,"y":239,"width":754,"height":12}},{"id":"8c406861-9cec-4c27-8188-c53ea4972fcd","block_type":"box","text":"Shares may be made in the manner and amounts described in the Prospectuses.","page_number":194,"box":{"x":117,"y":254,"width":608,"height":13}},{"id":"2a56bada-8377-45c8-93bc-0bba9771a0b9","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":194,"box":{"x":116,"y":282,"width":707,"height":12}},{"id":"3ffda6b5-55ae-43b5-a560-491cebdfed06","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one","page_number":194,"box":{"x":117,"y":310,"width":740,"height":12}},{"id":"5365b6ec-6348-4852-900d-1bcbdfde5ecd","block_type":"box","text":"business day of receipt of the proper notice of redemption. A Fund may delay the mailing of a","page_number":194,"box":{"x":117,"y":326,"width":697,"height":12}},{"id":"5ac17595-e035-4f12-9a56-bd290614d0b2","block_type":"box","text":"redemption check until good payment (that is, cash, Federal funds or certified check drawn on a U.S.","page_number":194,"box":{"x":117,"y":341,"width":753,"height":12}},{"id":"ae6f4300-7dc6-4801-845b-75c17290582c","block_type":"box","text":"bank) has been collected for the purchase of Fund shares, which delay will usually not exceed 10","page_number":194,"box":{"x":117,"y":357,"width":726,"height":12}},{"id":"bbbd51c3-05c0-43cd-b28e-ad7fa9cb6508","block_type":"box","text":"days. If your account is held directly with the Transfer Agent and contains a fractional share balance","page_number":194,"box":{"x":116,"y":372,"width":747,"height":12}},{"id":"d1453d30-8790-4ba1-87b6-9f27245da6f1","block_type":"box","text":"following a redemption, the fractional share balance will be automatically redeemed by the Fund.","page_number":194,"box":{"x":116,"y":388,"width":722,"height":12}},{"id":"0db7eb72-5cef-4d68-b020-a1ecf9628e3d","block_type":"box","text":"Note on Low Balance Accounts.","page_number":194,"box":{"x":117,"y":416,"width":242,"height":9}},{"id":"f8024100-ca12-42c6-b130-93f4da536dc4","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":194,"box":{"x":360,"y":416,"width":527,"height":12}},{"id":"35052c0e-1592-4016-8010-6314f2ad1be3","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account","page_number":194,"box":{"x":117,"y":430,"width":735,"height":13}},{"id":"d2fc6d54-7907-4b92-aa31-6b6faf3af2b7","block_type":"box","text":"(“Fund Minimum”), and may redeem the shares in your account if the NAV of those shares in your","page_number":194,"box":{"x":117,"y":447,"width":731,"height":12}},{"id":"40cef398-b04b-467e-a677-ea6f788a36a8","block_type":"box","text":"account falls below $500 for any reason, including market fluctuation.","page_number":194,"box":{"x":116,"y":461,"width":519,"height":13}},{"id":"7dd0808f-fc81-4a49-81f2-953d2c21b0b2","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund","page_number":194,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"78d4e16f-7c8b-4d40-922c-42aabc1b20a2","block_type":"box","text":"makes any involuntary redemption. This notification will provide you with a 90 calendar day period to","page_number":194,"box":{"x":117,"y":506,"width":749,"height":12}},{"id":"2535e32b-fcc6-4d71-bc99-7e02b555631c","block_type":"box","text":"make an additional investment in order to bring the value of your account to at least $500 before the","page_number":194,"box":{"x":117,"y":520,"width":747,"height":13}},{"id":"63263536-9968-4236-b7da-9e8389fa2875","block_type":"box","text":"Fund makes an involuntary redemption. This involuntary redemption will not charge any deferred sales","page_number":194,"box":{"x":117,"y":537,"width":766,"height":12}},{"id":"cf925a7e-47c1-4f95-8151-dfc37908836e","block_type":"box","text":"charge, and may not apply to accounts of certain employer-sponsored retirement plans (not including","page_number":194,"box":{"x":116,"y":552,"width":756,"height":12}},{"id":"c9de4f1f-23f8-4a96-9e7c-4133144d2cb4","block_type":"box","text":"IRAs), qualified state tuition plan (529 Plan) accounts, and select fee-based programs at your financial","page_number":194,"box":{"x":117,"y":568,"width":763,"height":12}},{"id":"a589f353-b242-4460-b2b2-aeaabf047c16","block_type":"box","text":"intermediary.","page_number":194,"box":{"x":117,"y":583,"width":101,"height":12}},{"id":"5eb9c4a2-6d62-4efe-aab5-49f5146d84e6","block_type":"box","text":"Repurchase","page_number":194,"box":{"x":117,"y":611,"width":100,"height":12}},{"id":"8826d667-5bc7-4015-88f4-41ddc32135e2","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers.","page_number":194,"box":{"x":116,"y":633,"width":729,"height":12}},{"id":"331229bd-1c9f-4537-a459-1177007550d7","block_type":"box","text":"Shares will be priced at the NAV of the Fund next determined after receipt of the repurchase order by a","page_number":194,"box":{"x":116,"y":648,"width":771,"height":12}},{"id":"6a9e626e-e8a9-478f-a455-44067a62fe2a","block_type":"box","text":"Selling Dealer that has been authorized by the Distributor by contract to accept such orders. As to","page_number":194,"box":{"x":116,"y":664,"width":726,"height":12}},{"id":"5aa91f82-c163-49d0-b7bf-a42d5601941e","block_type":"box","text":"repurchase orders received by Selling Dealers prior to the close of business on the NYSE (generally,","page_number":194,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"c6b5c7ae-343c-4737-b753-01332b9efb9d","block_type":"box","text":"the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed, which includes orders","page_number":194,"box":{"x":116,"y":695,"width":726,"height":12}},{"id":"834493c2-b723-4d59-8900-5b5989a8b484","block_type":"box","text":"received after the close of business on the previous day, the repurchase price is the NAV determined","page_number":194,"box":{"x":117,"y":710,"width":749,"height":12}},{"id":"c5bbb204-ea01-4e98-8322-a4117da46803","block_type":"box","text":"as of the close of business on the NYSE on that day. If the orders for repurchase are not received by","page_number":194,"box":{"x":116,"y":726,"width":749,"height":12}},{"id":"819b7a55-c49d-4f40-93c2-99e40d89a260","block_type":"box","text":"the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":194,"box":{"x":116,"y":741,"width":760,"height":12}},{"id":"f429d67a-8b8f-42c7-a34d-70ec8054320b","block_type":"box","text":"next business day.","page_number":194,"box":{"x":117,"y":757,"width":137,"height":12}},{"id":"eb54b0e9-3058-4c7f-ab27-49b4de960dd2","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund","page_number":194,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"042a5bd7-702a-420e-9e96-bc2c02f6e1ae","block_type":"box","text":"(other than any applicable CDSC or redemption fee). However, Selling Dealers may charge a","page_number":194,"box":{"x":117,"y":800,"width":691,"height":12}},{"id":"d9c449d5-cd98-4afc-b3e3-c0b2ef7aa991","block_type":"box","text":"processing fee in connection with such transactions. In addition, securities firms that do not have","page_number":194,"box":{"x":117,"y":816,"width":716,"height":12}},{"id":"73423576-3b90-46f8-8313-05786ce493af","block_type":"box","text":"selected dealer agreements with the Distributor may impose a transaction charge for transmitting the","page_number":194,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"fdea2c4c-26e4-428a-8d4a-a0eb2b50b492","block_type":"box","text":"notice of repurchase to the Fund. Each Fund reserves the right to reject any order for repurchase. A","page_number":194,"box":{"x":117,"y":847,"width":746,"height":12}},{"id":"5cbfed33-23db-470e-ac75-f3fe163e8ca6","block_type":"box","text":"shareholder whose order for repurchase is rejected by a Fund, however, may redeem shares as set","page_number":194,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"828dd08e-4056-4396-99e8-29b86ea09762","block_type":"box","text":"out above.","page_number":194,"box":{"x":116,"y":878,"width":83,"height":9}},{"id":"8c3ddddb-477f-473d-9621-2c7ed540a9b9","block_type":"box","text":"II-149","page_number":194,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"83619e94-43ef-4387-9980-c00e8d0f12b8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":194,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"48aba334-cc8e-4fe6-8356-56a7b6f3d981","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":195,"box":{"x":117,"y":87,"width":484,"height":12}},{"id":"17cd8cd8-3f55-441b-92ef-a507f7bad56c","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable,","page_number":195,"box":{"x":117,"y":110,"width":691,"height":12}},{"id":"4cd89f30-2339-44d3-9c07-69bad41c7faa","block_type":"box","text":"shareholders may reinvest all or a portion of their redemption proceeds (after paying any applicable","page_number":195,"box":{"x":116,"y":126,"width":743,"height":12}},{"id":"c6bd8c43-89a7-4c2d-8378-ce9f5d063282","block_type":"box","text":"CDSC) in Investor A or Investor P Shares of the same or another BlackRock fund without paying a","page_number":195,"box":{"x":117,"y":141,"width":735,"height":12}},{"id":"db568081-710a-4390-99cd-20ff811cb598","block_type":"box","text":"front-end sales charge. This right may be exercised within 90 days of the redemption, provided that the","page_number":195,"box":{"x":116,"y":157,"width":769,"height":12}},{"id":"6672cfc1-937a-4de2-a0ad-688c78b55111","block_type":"box","text":"Investor A or Investor P Shares, as applicable, of that fund is currently open to new investors or the","page_number":195,"box":{"x":117,"y":172,"width":741,"height":12}},{"id":"3d583961-e0a7-4721-80f0-c6ecaaa1e6bb","block_type":"box","text":"shareholder has a current account in that closed fund. Shares will be purchased at the NAV calculated","page_number":195,"box":{"x":116,"y":188,"width":765,"height":12}},{"id":"398346fb-26af-4fab-a178-f03e2808fb82","block_type":"box","text":"at the close of trading on the day the request is received in good order. To exercise this privilege, the","page_number":195,"box":{"x":116,"y":203,"width":754,"height":12}},{"id":"9919674c-9e5f-4ca9-96d1-c4db8b6d4cd6","block_type":"box","text":"Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":195,"box":{"x":116,"y":219,"width":714,"height":12}},{"id":"262bfa8e-9839-4b44-8b7e-44543d3d8be6","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the","page_number":195,"box":{"x":117,"y":234,"width":767,"height":12}},{"id":"02808500-6bda-4c76-a460-6858f43a7908","block_type":"box","text":"tax consequences of exercising this reinstatement privilege.","page_number":195,"box":{"x":116,"y":250,"width":449,"height":12}},{"id":"fa9a15b2-0a9a-4279-8c15-961afdb7e369","block_type":"box","text":"S","page_number":195,"box":{"x":409,"y":296,"width":9,"height":10}},{"id":"7a801f6c-910f-40b8-bb42-bb3079281d37","block_type":"box","text":"HAREHOLDER","page_number":195,"box":{"x":420,"y":299,"width":95,"height":7}},{"id":"477d347a-146a-403d-8622-f4d2da39a6be","block_type":"box","text":"S","page_number":195,"box":{"x":515,"y":296,"width":16,"height":10}},{"id":"990710c4-986f-432c-83db-39cad4ba5003","block_type":"box","text":"ERVICES","page_number":195,"box":{"x":532,"y":299,"width":59,"height":7}},{"id":"8261240d-c75c-4894-a031-126021e7e944","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to","page_number":195,"box":{"x":117,"y":327,"width":714,"height":12}},{"id":"50997465-56b8-4888-9d2a-2726cb632ec1","block_type":"box","text":"facilitate investment in its shares. You can obtain more information about these services from each","page_number":195,"box":{"x":116,"y":343,"width":738,"height":9}},{"id":"aee380ea-0565-48f0-90e3-b41b4dfc79a4","block_type":"box","text":"Fund by calling the telephone number on the cover page, or from the Distributor, your financial adviser,","page_number":195,"box":{"x":117,"y":358,"width":769,"height":12}},{"id":"e5c9a0f6-ac27-40d6-9a44-fd701b5cf927","block_type":"box","text":"your selected securities dealer or other financial intermediary. Certain of these services are available","page_number":195,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"495c9d88-99e8-49a4-b7a6-3adb36620c25","block_type":"box","text":"only to U.S. investors.","page_number":195,"box":{"x":116,"y":389,"width":168,"height":12}},{"id":"9968e655-4527-46b5-b208-3cb8c7375147","block_type":"box","text":"Investment Account","page_number":195,"box":{"x":117,"y":420,"width":164,"height":10}},{"id":"20369ccd-ec06-4b11-84b1-6322dac43f3f","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive","page_number":195,"box":{"x":117,"y":444,"width":698,"height":12}},{"id":"bc4f5f5f-1e84-49fc-8052-e6a5395f177e","block_type":"box","text":"statements, at least quarterly, from the Transfer Agent. These statements will serve as confirmations","page_number":195,"box":{"x":116,"y":459,"width":752,"height":12}},{"id":"09f95e55-537b-45a6-ae6c-dd3ee302b7a6","block_type":"box","text":"for automatic investment purchases and the reinvestment of dividends. The statements also will show","page_number":195,"box":{"x":116,"y":475,"width":760,"height":12}},{"id":"e4274877-0c50-4116-909f-230b68f26be3","block_type":"box","text":"any other activity in your Investment Account since the last statement. You also will receive separate","page_number":195,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"02ba8060-374c-410e-a96a-45283640a83c","block_type":"box","text":"confirmations for each purchase or sale transaction other than automatic investment purchases and","page_number":195,"box":{"x":116,"y":506,"width":746,"height":12}},{"id":"942de3c0-223a-45af-9998-daa1a8c1db07","block_type":"box","text":"the reinvestment of dividends. If your Investment Account is held at the Transfer Agent you may make","page_number":195,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"3a07d5db-b3d6-4125-a1a4-4de5a6c1feb9","block_type":"box","text":"additions to it at any time by mailing a check directly to the Transfer Agent. Each Fund limits purchases","page_number":195,"box":{"x":116,"y":537,"width":771,"height":12}},{"id":"86ef03d2-92aa-4a2a-9f14-4e4dd353b034","block_type":"box","text":"by personal check to $500,000 per trade. You may also maintain an account through a selected","page_number":195,"box":{"x":117,"y":551,"width":715,"height":13}},{"id":"f69a8eb4-5662-4abb-8ab5-d93968a09211","block_type":"box","text":"securities dealer or other financial intermediary. If you transfer shares out of an account maintained","page_number":195,"box":{"x":116,"y":568,"width":742,"height":12}},{"id":"697c8b6c-6448-43bc-b9b8-458f2a1f5e14","block_type":"box","text":"with a selected securities dealer or other financial intermediary, an Investment Account in your name","page_number":195,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"5884269e-7b46-457b-a9d9-2bfd3b18a214","block_type":"box","text":"may be opened automatically at the Transfer Agent.","page_number":195,"box":{"x":117,"y":599,"width":390,"height":12}},{"id":"37ad6374-901c-4166-b601-bc6ba53f8752","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to","page_number":195,"box":{"x":116,"y":630,"width":723,"height":12}},{"id":"edb3511b-3a5e-444b-b273-18c7ae68929e","block_type":"box","text":"another securities dealer or other financial intermediary that has entered into an agreement with the","page_number":195,"box":{"x":116,"y":645,"width":745,"height":12}},{"id":"021d11c5-05f2-4abe-a303-32d35fdb7e30","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the transferred shares. All future","page_number":195,"box":{"x":117,"y":661,"width":727,"height":12}},{"id":"c941f112-fbfe-4fb3-846f-76f3dbcb44dd","block_type":"box","text":"trading of these assets must be coordinated by the new firm. If you wish to transfer your shares to a","page_number":195,"box":{"x":116,"y":676,"width":740,"height":12}},{"id":"0776da24-ae4a-4d0b-aaeb-ca16aebef06f","block_type":"box","text":"securities dealer or other financial intermediary that has not entered into an agreement with the","page_number":195,"box":{"x":116,"y":692,"width":706,"height":12}},{"id":"42f46f8d-620c-41a5-8e25-79c831e50228","block_type":"box","text":"Distributor, you must either (i) redeem your shares, paying any applicable CDSC or (ii) continue to","page_number":195,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"45e355fd-55a8-470a-8f04-5a5a931d5411","block_type":"box","text":"maintain an Investment Account at the Transfer Agent for those shares. You also may request that the","page_number":195,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"9b5e7a2b-3660-45b0-8b45-b57dd02b9da3","block_type":"box","text":"new securities dealer or other financial intermediary maintain the shares in an account at the Transfer","page_number":195,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"bdb52685-b035-4587-ad91-ea81021c8587","block_type":"box","text":"Agent registered in the name of the securities dealer or other financial intermediary for your benefit","page_number":195,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"7b67e509-805b-4362-99fe-64a3bb1a2c46","block_type":"box","text":"whether the securities dealer or other financial intermediary has entered into a selected dealer","page_number":195,"box":{"x":116,"y":769,"width":700,"height":12}},{"id":"0aa5cddf-90af-4eb2-bbbd-254b6bd2a9a7","block_type":"box","text":"agreement or not. In the interest of economy and convenience and because of the operating","page_number":195,"box":{"x":116,"y":785,"width":685,"height":12}},{"id":"e6863571-1e70-4b38-bccf-1d17f630b2e2","block_type":"box","text":"procedures of each Fund, share certificates will not be issued physically. Shares are maintained by","page_number":195,"box":{"x":117,"y":800,"width":734,"height":12}},{"id":"99fb0c77-70eb-4414-b6b0-d66cce2a8898","block_type":"box","text":"each Fund on its register maintained by the Transfer Agent and the holders thereof will have the same","page_number":195,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"76d0da9e-02c1-42fe-b149-79bad93f3748","block_type":"box","text":"rights and ownership with respect to such shares as if certificates had been issued.","page_number":195,"box":{"x":117,"y":831,"width":621,"height":12}},{"id":"0b483bdb-f244-4476-beb4-57ff3c8a1611","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement","page_number":195,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"df40d652-0bf1-4e04-a601-84cad3eb00d3","block_type":"box","text":"account, from one selected securities dealer to another securities dealer or other financial","page_number":195,"box":{"x":116,"y":878,"width":671,"height":11}},{"id":"79fa7450-e0a2-405f-b7aa-7d2b50a664ca","block_type":"box","text":"II-150","page_number":195,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"f1972f71-dd18-4e8e-882e-7d7be73d9aaf","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":195,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9606ab52-de36-4458-8f67-c73b4cd4594e","block_type":"box","text":"intermediary, you should be aware that if the new firm will not take delivery of shares of the Fund, you","page_number":196,"box":{"x":117,"y":87,"width":759,"height":12}},{"id":"21f2feee-61e8-4af2-88da-b1076b0f62d9","block_type":"box","text":"must either redeem the shares (paying any applicable CDSC) so that the cash proceeds can be","page_number":196,"box":{"x":117,"y":102,"width":714,"height":13}},{"id":"92e6f90d-25db-4e0c-8ea4-f5b6f1878d16","block_type":"box","text":"transferred to the account at the new firm, or you must continue to maintain a retirement account at the","page_number":196,"box":{"x":116,"y":118,"width":770,"height":12}},{"id":"2f66c77b-eb3e-472b-908d-6b732a4e6212","block_type":"box","text":"original selected securities dealer for those shares.","page_number":196,"box":{"x":116,"y":134,"width":383,"height":12}},{"id":"fc39e52c-3327-4c15-896c-b180f2d70e8e","block_type":"box","text":"Exchange Privilege","page_number":196,"box":{"x":117,"y":165,"width":158,"height":12}},{"id":"0ce724c4-37e4-4137-8ac1-585ce2c731b5","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G","page_number":196,"box":{"x":117,"y":192,"width":763,"height":11}},{"id":"f9319a27-f28e-46a3-b16a-7d72030fe55f","block_type":"box","text":"Shares of each Fund have an exchange privilege with certain other Funds. However, Investor A1","page_number":196,"box":{"x":116,"y":207,"width":725,"height":12}},{"id":"2f061362-cc12-454b-be66-da98676aae4d","block_type":"box","text":"Shares may only exchange out. The minimum amount for exchanges of Investor class shares is","page_number":196,"box":{"x":116,"y":223,"width":717,"height":12}},{"id":"5fe3f308-d63b-459c-ad90-db00613eb570","block_type":"box","text":"$1,000, although you may exchange less than $1,000 if you already have an account in the Fund into","page_number":196,"box":{"x":116,"y":237,"width":758,"height":13}},{"id":"1de72fa7-a483-473e-b443-e15d7846b608","block_type":"box","text":"which you are exchanging. You may only exchange into a share class and a Fund that are open to new","page_number":196,"box":{"x":116,"y":254,"width":772,"height":12}},{"id":"841844bf-ee6d-4ab7-a82d-a4696c7bd4e7","block_type":"box","text":"investors or in which you have a current account if the class or fund is closed to new investors. Before","page_number":196,"box":{"x":117,"y":269,"width":761,"height":12}},{"id":"06646b2e-6d7d-43c4-b903-970aa9886346","block_type":"box","text":"effecting an exchange, you should obtain a currently effective prospectus of the fund into which you","page_number":196,"box":{"x":116,"y":285,"width":744,"height":12}},{"id":"a43ebf45-f7a1-4b91-af30-b2b590089a59","block_type":"box","text":"wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":196,"box":{"x":116,"y":300,"width":754,"height":12}},{"id":"ed494098-fde9-49ca-a24b-680a541406ed","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":196,"box":{"x":116,"y":316,"width":630,"height":12}},{"id":"b085fa42-211d-4d7c-9a53-7c98ee032378","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":196,"box":{"x":116,"y":347,"width":689,"height":13}},{"id":"44b00091-84c4-44c6-b729-95140c48cc9e","block_type":"box","text":"Institutional Shares are exchangeable with Institutional Shares of other Funds. Investor A and Investor","page_number":196,"box":{"x":117,"y":363,"width":763,"height":12}},{"id":"65ca0f36-12ed-4b55-ae99-e9e12f158c78","block_type":"box","text":"A1 Shares are exchangeable for Investor A Shares of other Funds to the extent such shares are","page_number":196,"box":{"x":116,"y":378,"width":719,"height":13}},{"id":"28c7279f-fc7c-4bb8-acc9-d5d5668b8160","block_type":"box","text":"offered by your financial intermediary. Investor P Shares are exchangeable for Investor P Shares of","page_number":196,"box":{"x":116,"y":394,"width":744,"height":12}},{"id":"39a459ab-5be0-43e5-8b5e-b0e0d84653d3","block_type":"box","text":"other Funds, to the extent such shares are offered by your financial intermediary. Class K Shares are","page_number":196,"box":{"x":116,"y":409,"width":756,"height":13}},{"id":"830d702f-5eec-4172-8723-914547348b9e","block_type":"box","text":"exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable for Class G","page_number":196,"box":{"x":116,"y":425,"width":722,"height":12}},{"id":"7976ad18-a423-4027-92a9-20cf272c27d4","block_type":"box","text":"Shares of other Funds.","page_number":196,"box":{"x":116,"y":440,"width":176,"height":10}},{"id":"c83eedc8-b295-4377-bb08-1a6c7692ae40","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of","page_number":196,"box":{"x":117,"y":472,"width":764,"height":12}},{"id":"4ccd193a-6c41-4155-bf73-94c9aab9dbf3","block_type":"box","text":"a money market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of","page_number":196,"box":{"x":116,"y":488,"width":748,"height":12}},{"id":"624318a9-5e46-4862-9913-fdf412b67551","block_type":"box","text":"Investor A or Investor A1 Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares","page_number":196,"box":{"x":117,"y":503,"width":754,"height":12}},{"id":"e3df0dae-2869-414c-9d06-dd8df406d0dd","block_type":"box","text":"of a second fund, or for shares of a money market fund (“new Investor A Shares”) are effected on the","page_number":196,"box":{"x":116,"y":519,"width":756,"height":12}},{"id":"26851545-453c-48b7-a0df-ab4789b718e5","block_type":"box","text":"basis of relative NAV per share. Exchanges of Investor P Shares outstanding for Investor P Shares of","page_number":196,"box":{"x":117,"y":534,"width":759,"height":12}},{"id":"1ec01180-876e-458c-aabd-b9a2979e59b0","block_type":"box","text":"a second fund are effected on the basis of relative NAV per share. Exchanges of Class K Shares","page_number":196,"box":{"x":116,"y":550,"width":724,"height":12}},{"id":"30dd314b-8085-483e-b4cd-2d066b9cdf2f","block_type":"box","text":"outstanding for Class K Shares of a second fund, or","page_number":196,"box":{"x":116,"y":565,"width":390,"height":12}},{"id":"fb47a8ca-2df8-488c-b6d5-225827b932e4","block_type":"box","text":"for shares of a money market fund are effected on","page_number":196,"box":{"x":506,"y":565,"width":378,"height":12}},{"id":"2463c2b4-8168-433d-9450-ee9185e5edca","block_type":"box","text":"the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class G Shares of a","page_number":196,"box":{"x":116,"y":581,"width":770,"height":12}},{"id":"9605ebcd-5499-4c5f-8e0d-ff7a5a8692f0","block_type":"box","text":"second fund are effected on the basis of relative NAV per share.","page_number":196,"box":{"x":116,"y":596,"width":483,"height":12}},{"id":"2e790c6d-f8c3-4cae-866d-c8170baa7a2c","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":196,"box":{"x":116,"y":628,"width":250,"height":12}},{"id":"586a46cc-0eca-43ca-a116-90a8c3e49573","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding","page_number":196,"box":{"x":367,"y":628,"width":495,"height":12}},{"id":"1763ed3c-af91-4477-aed2-1b513207a0bb","block_type":"box","text":"(“outstanding Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund","page_number":196,"box":{"x":117,"y":644,"width":758,"height":12}},{"id":"81adcfe7-6afe-41b5-a5db-e8681f09124a","block_type":"box","text":"(“new Investor C Shares”) or for shares of a money market fund (“new money market fund Shares”) on","page_number":196,"box":{"x":117,"y":659,"width":766,"height":12}},{"id":"dad9f78e-49e0-4216-99f4-740e4e1eeb78","block_type":"box","text":"the basis of relative NAV per share, without the payment of any CDSC. Certain Funds impose different","page_number":196,"box":{"x":116,"y":675,"width":762,"height":12}},{"id":"733b643e-1015-44f4-8328-863dc150555c","block_type":"box","text":"CDSC schedules. For purposes of computing the CDSC upon redemption of new Investor C Shares or","page_number":196,"box":{"x":117,"y":690,"width":761,"height":12}},{"id":"a1edb373-ea93-40f7-98c4-1de809574074","block_type":"box","text":"new money market fund Shares, as applicable, the time you held both the exchanged Investor C","page_number":196,"box":{"x":117,"y":706,"width":715,"height":12}},{"id":"6d06e7b7-046a-48ce-a4d1-d3ce10de257b","block_type":"box","text":"Shares and the new Investor C Shares or new money market fund Shares will count towards the","page_number":196,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"a401b400-0814-4b43-a0b3-c49a0aa8b1ee","block_type":"box","text":"holding period of the new Investor C Shares or new money market fund Shares.","page_number":196,"box":{"x":117,"y":737,"width":591,"height":12}},{"id":"768458d7-513a-4cca-bcbf-60b88f42a7ce","block_type":"box","text":"Exchanges of Service Shares.","page_number":196,"box":{"x":116,"y":768,"width":223,"height":12}},{"id":"b21fe06f-ea5c-409e-b034-1f9e561df8dd","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are","page_number":196,"box":{"x":347,"y":768,"width":530,"height":12}},{"id":"b6f23b3c-78e5-4ba2-ac8f-02630a832880","block_type":"box","text":"covered by selected dealer agreements with the Distributor.","page_number":196,"box":{"x":116,"y":784,"width":442,"height":12}},{"id":"1e68ce05-7173-451d-9ff7-807f0447310a","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":196,"box":{"x":116,"y":816,"width":356,"height":12}},{"id":"40618172-9fc6-4370-9f6e-50314be2f3ab","block_type":"box","text":"You may exchange any class of Investor class shares,","page_number":196,"box":{"x":478,"y":816,"width":404,"height":12}},{"id":"af4a2d77-ac92-482e-9046-b7b7a16d157e","block_type":"box","text":"excluding Investor P Shares, for shares of an affiliated money market fund. If you exchange into","page_number":196,"box":{"x":116,"y":831,"width":717,"height":12}},{"id":"8bda279e-b52d-4e80-9fd6-2abf5d68fc7a","block_type":"box","text":"BlackRock Summit Cash Reserves Fund (“Summit”), a series of BlackRock Financial Institutions","page_number":196,"box":{"x":117,"y":847,"width":720,"height":12}},{"id":"459efd41-4f49-46b7-80d8-b9129252b28a","block_type":"box","text":"Series Trust, you will receive one of two classes of shares: exchanges of Investor A, Investor A1 and","page_number":196,"box":{"x":116,"y":862,"width":753,"height":12}},{"id":"4af901c7-a72e-4c1b-b4b3-2c3b9fca66e8","block_type":"box","text":"Institutional Shares of a Fund will receive Investor A Shares of Summit and exchanges of Investor C","page_number":196,"box":{"x":117,"y":878,"width":747,"height":12}},{"id":"d2138711-dab1-447b-8e4d-50b5679845be","block_type":"box","text":"II-151","page_number":196,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"1ec76752-8dd1-4f8a-baff-96ad1abdab14","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":196,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c697e480-ace7-4806-a411-32b6a5c7b45b","block_type":"box","text":"Shares of a Fund will receive Investor C Shares of Summit. You may exchange Investor A Shares of","page_number":197,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"4b1d3c26-67e7-4d5d-b3bd-20c019261bd8","block_type":"box","text":"Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to hold such shares.","page_number":197,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"f5f27f4c-0e05-4c0a-b1dc-27450ad9346f","block_type":"box","text":"You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":197,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"98f7ba0d-7229-4101-8e74-a865bcf1a32a","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count","page_number":197,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"f915ff35-ee1c-4cd0-9e6f-7f29b71bbf49","block_type":"box","text":"toward satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C","page_number":197,"box":{"x":116,"y":149,"width":752,"height":12}},{"id":"342485fa-20bf-4121-988a-3c0b610f01ec","block_type":"box","text":"Shares of Summit are subject to a distribution fee at an annual rate of 0.75% of average daily net","page_number":197,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"f70dd484-cde5-4582-95f1-cb942bd88bff","block_type":"box","text":"assets of such Investor C Shares. Exchanges of Investor C Shares of a money market fund other than","page_number":197,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"baf1c4f7-90ba-4a1a-83bb-59ad09ff55be","block_type":"box","text":"Summit for Investor C Shares of a Fund will be exercised at NAV. However, a CDSC may be charged","page_number":197,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"92c144fc-05c2-4cae-9690-7931d9e87a24","block_type":"box","text":"in connection with any subsequent redemption of the Investor C Shares of the Fund received in the","page_number":197,"box":{"x":117,"y":211,"width":740,"height":12}},{"id":"c5fd4058-bf82-4e54-ba38-92eef8e13e15","block_type":"box","text":"exchange. In determining the holding period for calculating the CDSC payable on redemption of","page_number":197,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"4ad9d61e-af44-42ba-8eb0-3ef8f9a3526e","block_type":"box","text":"Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":197,"box":{"x":117,"y":242,"width":759,"height":12}},{"id":"b8435319-4c7d-403c-9e6b-bc9174389329","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired","page_number":197,"box":{"x":117,"y":258,"width":761,"height":12}},{"id":"fb443ae5-b313-465f-abd5-fe6deafbac44","block_type":"box","text":"through exchange.","page_number":197,"box":{"x":116,"y":273,"width":144,"height":12}},{"id":"490b097f-6f9b-4f2f-aa81-0494bae374af","block_type":"box","text":"Exchanges by Participants in Certain Programs.","page_number":197,"box":{"x":116,"y":304,"width":362,"height":12}},{"id":"97d05d4f-b7a7-4f17-bd5f-815694d6174c","block_type":"box","text":"The exchange privilege may be modified with respect","page_number":197,"box":{"x":478,"y":304,"width":401,"height":12}},{"id":"c9e2424c-75bb-416e-822c-fe7be0ace398","block_type":"box","text":"to certain participants in mutual fund advisory programs and other fee-based programs sponsored by","page_number":197,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"4c8431aa-c4a7-4001-9d56-9359f20ab63f","block_type":"box","text":"the Manager, an affiliate of the Manager, or selected securities dealers or other financial intermediaries","page_number":197,"box":{"x":116,"y":335,"width":770,"height":12}},{"id":"a594b892-2e67-40ab-8f8e-39652b712f79","block_type":"box","text":"that have an agreement with the Distributor. See “Fee-Based Programs” below.","page_number":197,"box":{"x":116,"y":351,"width":595,"height":12}},{"id":"8e6a0093-2fdf-4dde-9bd0-2378acdd15c9","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":197,"box":{"x":116,"y":382,"width":269,"height":12}},{"id":"b4506180-04f4-40b3-a19b-cb19083b97b9","block_type":"box","text":"To exercise the exchange privilege, you should contact your","page_number":197,"box":{"x":385,"y":382,"width":452,"height":12}},{"id":"8f45bfe9-f6ad-434e-a36d-46e80a2428c4","block_type":"box","text":"financial adviser or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold","page_number":197,"box":{"x":116,"y":397,"width":758,"height":12}},{"id":"1c89b6c7-8826-41d9-942e-2dc420096b46","block_type":"box","text":"share certificates, you may exercise the exchange privilege by wire through your securities dealer or","page_number":197,"box":{"x":116,"y":413,"width":749,"height":12}},{"id":"48faa13f-1852-4855-adac-c098b09eca53","block_type":"box","text":"other financial intermediary. Each Fund reserves the right to require a properly completed exchange","page_number":197,"box":{"x":116,"y":428,"width":747,"height":12}},{"id":"c039c6e9-8462-48be-a9b6-2f897fb73ec0","block_type":"box","text":"application.","page_number":197,"box":{"x":116,"y":444,"width":89,"height":12}},{"id":"ac65d402-147f-4505-88b4-31be48ee88b5","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/","page_number":197,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"04a935c3-8583-40cb-84b6-98e25fa53bbd","block_type":"box","text":"o the Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429.","page_number":197,"box":{"x":116,"y":490,"width":771,"height":12}},{"id":"55cdb3c5-6119-4e10-af28-877c123e6002","block_type":"box","text":"Shareholders are automatically provided with telephone exchange privileges when opening an","page_number":197,"box":{"x":116,"y":506,"width":705,"height":12}},{"id":"d03b028b-0299-47a0-b7ec-c11cf6d6b257","block_type":"box","text":"account, unless they indicate on the Application that they do not wish to use this privilege. To add this","page_number":197,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"fda8befe-f9bb-413a-97ca-70f820902828","block_type":"box","text":"feature to an existing account that previously did not provide this option, a Telephone Exchange","page_number":197,"box":{"x":116,"y":537,"width":716,"height":12}},{"id":"f9d906d4-6c86-4bfe-a89d-feef0610a176","block_type":"box","text":"Authorization Form must be filed with the Transfer Agent. This form is available from the Transfer","page_number":197,"box":{"x":116,"y":552,"width":727,"height":12}},{"id":"1f13533a-2cc6-4c13-a708-e9d6355d0b14","block_type":"box","text":"Agent. Once this election has been made, the shareholder may simply contact the Fund by telephone","page_number":197,"box":{"x":116,"y":568,"width":759,"height":12}},{"id":"785df16b-35bd-4cc1-a232-c33f1642cb78","block_type":"box","text":"at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":197,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"7dbd2886-f678-4b42-948b-645636e712b0","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange","page_number":197,"box":{"x":116,"y":599,"width":736,"height":12}},{"id":"a5bead1f-a922-49a8-8715-de7bc70238ae","block_type":"box","text":"requests to the Transfer Agent in writing.","page_number":197,"box":{"x":117,"y":614,"width":307,"height":12}},{"id":"2c7b98eb-43b7-4a56-967e-eef388e54247","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares","page_number":197,"box":{"x":117,"y":645,"width":760,"height":12}},{"id":"0fd494b1-1fb6-48a2-9feb-89d0cf6b668c","block_type":"box","text":"are being acquired, a new account will be established with the same registration, dividend and capital","page_number":197,"box":{"x":116,"y":661,"width":751,"height":12}},{"id":"142676c4-a113-4205-8082-c16c97bcbdc6","block_type":"box","text":"gain options and broker of record as the account from which shares are exchanged, unless otherwise","page_number":197,"box":{"x":116,"y":676,"width":752,"height":12}},{"id":"18b74fdf-4dc1-45d3-b4ed-6999867aa698","block_type":"box","text":"specified in writing by the shareholder with all signatures guaranteed by an eligible guarantor institution","page_number":197,"box":{"x":116,"y":692,"width":764,"height":12}},{"id":"e483f62f-23a5-4168-938b-3dd6511ac60f","block_type":"box","text":"as defined below. In order to participate in the Automatic Investment Program or establish a","page_number":197,"box":{"x":116,"y":707,"width":680,"height":12}},{"id":"f3f12ec2-3f3e-426b-909d-f34f8dbeccfa","block_type":"box","text":"Systematic Withdrawal Plan for the new account, however, an exchanging shareholder must file a","page_number":197,"box":{"x":116,"y":723,"width":726,"height":12}},{"id":"fd479641-4d20-4e4e-ae65-483b7f0467e2","block_type":"box","text":"specific written request.","page_number":197,"box":{"x":116,"y":738,"width":174,"height":12}},{"id":"b6033c51-e901-414b-90be-9e4851109e99","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment","page_number":197,"box":{"x":116,"y":769,"width":686,"height":12}},{"id":"8377cd5a-7afe-4ff4-a434-e096fdb7dfab","block_type":"box","text":"requirement, and must be legally available for sale in the state of the investor’s residence. For U.S.","page_number":197,"box":{"x":117,"y":785,"width":732,"height":12}},{"id":"1366462b-d353-44d6-a1b8-0878fa1062ce","block_type":"box","text":"federal income tax purposes, a share exchange is a taxable event and, accordingly, a capital gain or","page_number":197,"box":{"x":116,"y":800,"width":746,"height":12}},{"id":"b9c43144-d290-4e26-88b9-737ef38dd5e7","block_type":"box","text":"loss may be realized. Before making an exchange request, shareholders should consult a tax or other","page_number":197,"box":{"x":117,"y":816,"width":755,"height":12}},{"id":"6d7b8aaa-34b2-4cb1-83dc-85d3e3a77485","block_type":"box","text":"financial adviser and should consider the investment objective, policies and restrictions of the","page_number":197,"box":{"x":116,"y":831,"width":697,"height":12}},{"id":"aceb9785-1595-47ff-bda8-231db44196ef","block_type":"box","text":"investment portfolio into which the shareholder is making an exchange. Brokers may charge a fee for","page_number":197,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"508c42c1-9e8d-4b1a-9199-c57a57802144","block_type":"box","text":"handling exchanges.","page_number":197,"box":{"x":117,"y":862,"width":158,"height":12}},{"id":"94510b3f-15d1-41c2-a292-b5d5a3e1e774","block_type":"box","text":"II-152","page_number":197,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c5ce9b80-7074-4956-831a-d2d5d7baa31c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":197,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a4d2eb16-c5aa-45f3-b8e8-7e99c0706851","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice","page_number":198,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"b66ef67d-1798-4ee5-bec4-d5a892a00d83","block_type":"box","text":"will be given to shareholders of any material modification or termination except where notice is not","page_number":198,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"b9c26525-4502-4f4d-98c8-c30ef4df0abe","block_type":"box","text":"required. The Funds reserve the right to reject any telephone exchange request. Telephone exchanges","page_number":198,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"a03f56a5-b24d-49f1-88f3-77d05f87aa4f","block_type":"box","text":"may be subject to limitations as to amount or frequency, and to other restrictions that may be","page_number":198,"box":{"x":117,"y":134,"width":693,"height":12}},{"id":"10d15e17-434e-46db-b059-011e2aad0c9c","block_type":"box","text":"established from time to time to ensure that exchanges do not operate to the disadvantage of any","page_number":198,"box":{"x":116,"y":149,"width":729,"height":12}},{"id":"3902ee37-ed4b-4880-9889-8087f4319da8","block_type":"box","text":"portfolio or its shareholders.","page_number":198,"box":{"x":117,"y":165,"width":211,"height":11}},{"id":"3019005c-f443-4d67-919f-af8d6ee4629a","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":198,"box":{"x":116,"y":194,"width":770,"height":12}},{"id":"7866bb6a-a889-460b-b149-1eb5f67c9b98","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for","page_number":198,"box":{"x":116,"y":210,"width":766,"height":12}},{"id":"7bba2c8f-7d81-49d3-96f0-5973f2eb30bb","block_type":"box","text":"any loss, liability, cost or expense for acting upon telephone instructions reasonably believed to be","page_number":198,"box":{"x":116,"y":225,"width":735,"height":12}},{"id":"2d12c37c-91ac-4581-bb4b-5708695cde8b","block_type":"box","text":"genuine in accordance with such procedures. By use of the exchange privilege, the investor authorizes","page_number":198,"box":{"x":116,"y":241,"width":769,"height":12}},{"id":"c7833310-d14c-487c-8923-d8818da2c98e","block_type":"box","text":"the Fund’s Transfer Agent to act on telephonic or written exchange instructions from any person","page_number":198,"box":{"x":116,"y":256,"width":718,"height":12}},{"id":"b630817e-1d7a-4362-bda2-c0b2f24183ff","block_type":"box","text":"representing himself to be the investor and believed by the Fund’s Transfer Agent to be genuine. The","page_number":198,"box":{"x":117,"y":272,"width":756,"height":12}},{"id":"8cb155d1-8827-4719-8c26-93ae1636dc5f","block_type":"box","text":"records of the Fund’s Transfer Agent pertaining to such instructions are binding. The exchange","page_number":198,"box":{"x":117,"y":287,"width":709,"height":12}},{"id":"aa8e9e8b-e452-46dc-bf0a-4dc46fc0c93e","block_type":"box","text":"privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders. The","page_number":198,"box":{"x":117,"y":303,"width":768,"height":12}},{"id":"53bdc48d-78f0-40e7-bcd0-943544bb4c97","block_type":"box","text":"exchange privilege is only available in states where the exchange may legally be made.","page_number":198,"box":{"x":116,"y":318,"width":655,"height":12}},{"id":"42d1ccdd-dfdf-4034-b1d2-b6f51e8c80e6","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange","page_number":198,"box":{"x":117,"y":348,"width":723,"height":12}},{"id":"9b191f64-17aa-4280-9beb-c6516fb8d9f8","block_type":"box","text":"privilege. Certain Funds may suspend the continuous offering of their shares to the general public at","page_number":198,"box":{"x":117,"y":363,"width":747,"height":12}},{"id":"eff1f2fc-6fd7-4509-930f-ad4ba3857873","block_type":"box","text":"any time and may resume such offering from time to time. The exchange privilege is available only to","page_number":198,"box":{"x":116,"y":379,"width":755,"height":12}},{"id":"b98228e9-744e-4589-bd90-3e0c1a494dbc","block_type":"box","text":"U.S. shareholders in states where the exchange legally may be made. The exchange privilege may be","page_number":198,"box":{"x":117,"y":394,"width":764,"height":12}},{"id":"f82419e4-bc1f-4004-9452-ba9bbd48f2af","block_type":"box","text":"applicable to other new mutual funds whose shares may be distributed by the Distributor.","page_number":198,"box":{"x":116,"y":410,"width":666,"height":12}},{"id":"e5ae5e03-4052-431c-94f9-84d8a362d5c6","block_type":"box","text":"Participation in Fee-Based Programs","page_number":198,"box":{"x":117,"y":439,"width":298,"height":12}},{"id":"f17ec06e-812f-4c4f-881d-9da6ead7fb2e","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or","page_number":198,"box":{"x":117,"y":462,"width":747,"height":12}},{"id":"b8242c83-d1cc-4bf0-8c60-643ebfdff48a","block_type":"box","text":"selected securities dealers or other financial intermediaries that have agreements with the Distributor","page_number":198,"box":{"x":116,"y":477,"width":754,"height":12}},{"id":"90b37a93-5be9-4728-8cc6-8a19eef10d3e","block_type":"box","text":"or in certain fee-based programs in which BlackRock participates, you may be able to buy Institutional","page_number":198,"box":{"x":116,"y":493,"width":761,"height":12}},{"id":"6779a8a6-2d97-44a5-b2f9-288f85758c34","block_type":"box","text":"Shares, including by exchanges from other share classes. Sales charges on the shares being","page_number":198,"box":{"x":116,"y":508,"width":700,"height":12}},{"id":"0e5eb829-9288-4ad6-a3bf-0f30b1730935","block_type":"box","text":"exchanged may be reduced or waived under certain circumstances. You generally cannot transfer","page_number":198,"box":{"x":116,"y":524,"width":733,"height":12}},{"id":"bcd330cf-576a-4f6d-9194-c32d8deadab5","block_type":"box","text":"shares held through a fee-based program into another account. Instead, if you choose to leave the","page_number":198,"box":{"x":116,"y":539,"width":736,"height":12}},{"id":"9e675757-cdc7-4e1a-a34f-c4280f981218","block_type":"box","text":"fee-based program, you may have to redeem your shares held through the program and purchase","page_number":198,"box":{"x":116,"y":555,"width":735,"height":12}},{"id":"5e6e46ea-f214-423e-a90c-10a2682b1b5b","block_type":"box","text":"shares of another class, which may be subject to distribution and service fees. This may be a taxable","page_number":198,"box":{"x":116,"y":570,"width":755,"height":12}},{"id":"eb4f404e-3fbd-4fa0-b451-15df9955f0a7","block_type":"box","text":"event and you may pay any applicable sales charges or redemption fee. Please speak to your financial","page_number":198,"box":{"x":116,"y":586,"width":769,"height":12}},{"id":"63db754e-1f3a-484d-b6aa-b3fb23ae0d23","block_type":"box","text":"intermediary for information about specific policies and procedures applicable to your account.","page_number":198,"box":{"x":117,"y":601,"width":703,"height":13}},{"id":"69ae2b20-a398-4e4b-a626-59eb491715e3","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can","page_number":198,"box":{"x":117,"y":631,"width":749,"height":12}},{"id":"da9fb3a1-7663-4d42-8e28-7c82e7ecfe7f","block_type":"box","text":"be held in an account. In certain circumstances, when a shareholder chooses to continue to hold the","page_number":198,"box":{"x":117,"y":647,"width":749,"height":11}},{"id":"b47864d5-52a5-42ec-aed1-4858e2bc2925","block_type":"box","text":"shares, whatever share class was held in the program can be held after termination. Shares that have","page_number":198,"box":{"x":116,"y":662,"width":756,"height":12}},{"id":"02e92a18-6c6a-4401-9e68-b2cb4a988dd0","block_type":"box","text":"been held for less than specified periods within the program may be subject to a fee upon redemption.","page_number":198,"box":{"x":117,"y":677,"width":756,"height":13}},{"id":"1e712026-07fd-43f2-9db8-9a05ea62e196","block_type":"box","text":"Shareholders that held Investor A or Institutional Shares in the program may be eligible to purchase","page_number":198,"box":{"x":116,"y":693,"width":739,"height":12}},{"id":"bec6103c-5c4b-4d50-b7dc-375a324cec88","block_type":"box","text":"additional shares of the respective share class of a Fund, but may be subject to upfront sales charges","page_number":198,"box":{"x":116,"y":709,"width":755,"height":12}},{"id":"2670d504-5241-4da2-be93-c29fa33897c1","block_type":"box","text":"with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted only if you","page_number":198,"box":{"x":116,"y":724,"width":762,"height":12}},{"id":"a9aee4bd-bd99-4d67-9c60-2155ebb7be21","block_type":"box","text":"have an existing position at the time of purchase or are otherwise eligible to purchase Institutional","page_number":198,"box":{"x":117,"y":740,"width":723,"height":12}},{"id":"fbf5336e-b30f-49bc-982b-409a448c099a","block_type":"box","text":"Shares. Please speak to your financial intermediary for more information.","page_number":198,"box":{"x":116,"y":755,"width":542,"height":12}},{"id":"217ba6b2-9531-4029-9fb3-3b0f9df9085b","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to","page_number":198,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"912c30b0-a03f-45c8-92ec-e6448ddadff6","block_type":"box","text":"leaving a fee-based program or upon termination of the fee-based program) or otherwise in","page_number":198,"box":{"x":117,"y":800,"width":675,"height":12}},{"id":"f31d6f4b-baf1-4d7f-a3b6-c3ee0fa11119","block_type":"box","text":"accordance with the financial intermediary’s policies and procedures, exchange the share class held in","page_number":198,"box":{"x":116,"y":816,"width":761,"height":12}},{"id":"5bb06993-1969-47f6-8a06-a35386f0b96d","block_type":"box","text":"the program for another share class of the same fund, provided that the exchanged shares are not","page_number":198,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"52305e83-82a2-44d3-9898-42e37068b896","block_type":"box","text":"subject to a sales charge and the shareholder meets the eligibility requirements of the new share class.","page_number":198,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"79aed66c-1c2f-442b-98f3-05f6e678546d","block_type":"box","text":"Please speak to your financial intermediary for information about specific policies and procedures","page_number":198,"box":{"x":117,"y":862,"width":726,"height":12}},{"id":"a7b6894d-f2c6-42d9-882c-1ef197cfff83","block_type":"box","text":"applicable to your account.","page_number":198,"box":{"x":116,"y":878,"width":205,"height":12}},{"id":"20100f84-2c48-445d-9c71-a607df4b56dc","block_type":"box","text":"II-153","page_number":198,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"8decac6b-0caf-4a08-a646-561f8bee1181","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":198,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4c3f1818-4d4a-4426-b060-0b3ed962f3b5","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions","page_number":199,"box":{"x":117,"y":87,"width":757,"height":12}},{"id":"a56bbd6d-a67e-46e9-94f1-93fc4d5d659e","block_type":"box","text":"are included in the client agreement for each fee-based program and are available from your financial","page_number":199,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"f6a6a740-b1d4-4e3c-8a00-041c3d622ad3","block_type":"box","text":"professional, selected securities dealer or other financial intermediary. Please speak to your financial","page_number":199,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"a068d516-378e-4980-9669-f76c23f96439","block_type":"box","text":"intermediary for more information.","page_number":199,"box":{"x":117,"y":134,"width":256,"height":12}},{"id":"f232730b-6c04-4fc8-845f-89db76a2f4f0","block_type":"box","text":"Retirement and Education Savings Plans","page_number":199,"box":{"x":117,"y":165,"width":331,"height":12}},{"id":"e3c14e44-dbed-4455-bac6-e029242d55bf","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from","page_number":199,"box":{"x":117,"y":188,"width":739,"height":12}},{"id":"2c7f0579-c508-4852-86a0-ddfedd5b9853","block_type":"box","text":"your financial intermediary. Under these plans, investments may be made in a Fund (other than a","page_number":199,"box":{"x":116,"y":203,"width":728,"height":12}},{"id":"7470b13a-5974-4531-959f-d1e4530eb93f","block_type":"box","text":"Municipal Fund) and certain of the other mutual funds sponsored by the Manager or its affiliates as well","page_number":199,"box":{"x":117,"y":219,"width":771,"height":12}},{"id":"0ba5db0c-64da-4a18-b35e-2729963c45bf","block_type":"box","text":"as in other securities. There may be fees associated with investing through these plans. Information","page_number":199,"box":{"x":116,"y":234,"width":745,"height":12}},{"id":"67373103-3ff0-4fae-92ff-b27164bb9f86","block_type":"box","text":"with respect to these plans is available on request from your financial intermediary.","page_number":199,"box":{"x":116,"y":250,"width":620,"height":12}},{"id":"83309ace-a6b5-470f-b096-21833dff0dc3","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until","page_number":199,"box":{"x":117,"y":281,"width":749,"height":12}},{"id":"345c75c5-7f36-4a7e-911e-17df289ca25b","block_type":"box","text":"distributed from the plans and, in the case of Roth IRAs and education savings plans, may be exempt","page_number":199,"box":{"x":116,"y":296,"width":759,"height":12}},{"id":"80472c7f-e63a-4f1a-b2bc-b5ce9f1a2c10","block_type":"box","text":"from taxation when distributed as well. Investors considering participation in any retirement or","page_number":199,"box":{"x":116,"y":312,"width":699,"height":12}},{"id":"d2057db1-6ccd-45b1-90de-fee9d021534f","block_type":"box","text":"education savings plan should review specific tax laws relating to the plan and should consult their","page_number":199,"box":{"x":116,"y":327,"width":735,"height":12}},{"id":"0c38e93c-5046-4682-9e4f-cf46b195c689","block_type":"box","text":"attorneys or tax advisors with respect to the establishment and maintenance of any such plan.","page_number":199,"box":{"x":116,"y":343,"width":704,"height":12}},{"id":"5e7cbf3f-4c04-480d-9d03-86f44ef7ee93","block_type":"box","text":"Automatic Investment Plans","page_number":199,"box":{"x":116,"y":374,"width":230,"height":9}},{"id":"7aa7deff-028a-4bd5-b4eb-61b2eadf3ba0","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the","page_number":199,"box":{"x":117,"y":397,"width":734,"height":10}},{"id":"76d0cfc5-77c0-437e-9669-318db2e26927","block_type":"box","text":"Compass Capital Group of Funds at the time of its combination with The PNC","page_number":199,"box":{"x":117,"y":413,"width":575,"height":12}},{"id":"33ac6f7b-ba25-46d2-be2c-848bd20250be","block_type":"box","text":"®","page_number":199,"box":{"x":693,"y":412,"width":9,"height":7}},{"id":"6abd07bb-9eee-4a40-8a3b-9188f6e5c224","block_type":"box","text":"Fund in 1996 may","page_number":199,"box":{"x":702,"y":413,"width":144,"height":12}},{"id":"e792efcb-9a3b-4d86-909f-f150efe3182c","block_type":"box","text":"arrange for periodic investments in that Fund through automatic deductions from a checking or savings","page_number":199,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"a0efe426-e3bf-471f-8c54-1f12302354c6","block_type":"box","text":"account. The minimum pre-authorized investment amount is $50. If you buy shares of a Fund through","page_number":199,"box":{"x":116,"y":443,"width":760,"height":13}},{"id":"dee5e789-b4c5-4551-a574-a743058562f8","block_type":"box","text":"certain accounts, no minimum charge to your bank account is required. Contact your financial adviser","page_number":199,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"60e749a5-738e-4263-927d-1147038017da","block_type":"box","text":"or other financial intermediary for more information.","page_number":199,"box":{"x":116,"y":475,"width":386,"height":12}},{"id":"21307605-6cfc-4c1d-a5b8-28c4009fa237","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":199,"box":{"x":116,"y":506,"width":318,"height":9}},{"id":"2b900883-3840-4115-bc22-559e06a2f538","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if","page_number":199,"box":{"x":117,"y":529,"width":758,"height":12}},{"id":"f59de988-cdbc-4442-8408-32bcbacce46f","block_type":"box","text":"any, to shareholders. All distributions are automatically reinvested at NAV in the form of additional full","page_number":199,"box":{"x":116,"y":544,"width":758,"height":12}},{"id":"6636f053-fbcd-49de-adbe-f076d01589fe","block_type":"box","text":"and fractional shares of the same class of shares of the relevant Fund unless a shareholder elects","page_number":199,"box":{"x":116,"y":560,"width":734,"height":9}},{"id":"45874463-7421-44b3-94a2-6e5836ef352e","block_type":"box","text":"otherwise or as otherwise set forth in a Fund’s prospectus. Such election, or any revocation thereof,","page_number":199,"box":{"x":116,"y":575,"width":746,"height":12}},{"id":"da3e89a0-e28d-4b9c-8202-d8eda3bb32f8","block_type":"box","text":"must be made in writing to the Transfer Agent, and will become effective with respect to dividends paid","page_number":199,"box":{"x":117,"y":591,"width":767,"height":12}},{"id":"843d50f2-2f47-4266-bc48-14b440deb708","block_type":"box","text":"after its receipt by the Transfer Agent.","page_number":199,"box":{"x":116,"y":606,"width":286,"height":12}},{"id":"45f28fef-82f5-441c-ab13-d79d895a4f14","block_type":"box","text":"Systematic Withdrawal Plans","page_number":199,"box":{"x":116,"y":637,"width":237,"height":12}},{"id":"39ccc44a-2010-4b47-92ac-14b76c9ada7e","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan","page_number":199,"box":{"x":116,"y":661,"width":747,"height":12}},{"id":"c4addb52-369b-4401-a2f6-887b2db014a7","block_type":"box","text":"(“SWP”). Upon commencement of the SWP, the account must have a current value of $10,000 or more","page_number":199,"box":{"x":117,"y":675,"width":765,"height":13}},{"id":"a6fecfd1-4b60-4c82-8e26-3de34ea071e0","block_type":"box","text":"in a Fund. Shareholders may elect to receive automatic cash payments of $50 or more at any interval.","page_number":199,"box":{"x":117,"y":691,"width":755,"height":13}},{"id":"14380455-cf66-4c15-910b-7fe5c4c70a53","block_type":"box","text":"You may choose any day for the withdrawal. If no day is specified, the withdrawals will be processed","page_number":199,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"d1d10308-dc58-40b6-a3ef-e5f6196d59a1","block_type":"box","text":"on the 25th day of the month or, if such day is not a business day, on the prior business day and are","page_number":199,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"1e4c4370-48c9-4e79-bd47-65a79983e349","block_type":"box","text":"paid promptly thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal","page_number":199,"box":{"x":117,"y":738,"width":736,"height":12}},{"id":"d62f98ee-4056-4f2d-97b6-5ef7b76d4cef","block_type":"box","text":"Plan Application Form which may be obtained by visiting our website at www.blackrock.com.","page_number":199,"box":{"x":117,"y":754,"width":685,"height":12}},{"id":"89df1b99-b433-4b18-bf16-84c269fea2b0","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the","page_number":199,"box":{"x":116,"y":785,"width":757,"height":12}},{"id":"ed48a1f9-cbd9-4774-87f3-2246bb61ada7","block_type":"box","text":"account will be depleted. To participate in the SWP, shareholders must have their dividends","page_number":199,"box":{"x":116,"y":800,"width":681,"height":12}},{"id":"0e879f0d-22de-44c8-8ad5-9519fcce9e61","block_type":"box","text":"automatically reinvested. Shareholders may change or cancel the SWP at any time, upon written","page_number":199,"box":{"x":116,"y":816,"width":717,"height":12}},{"id":"70b4772d-cc5a-4b35-93b6-3826bf89d491","block_type":"box","text":"notice to the Fund, or by calling the Fund at (800) 441-7762. Purchases of additional Investor A or","page_number":199,"box":{"x":117,"y":831,"width":731,"height":12}},{"id":"afc7781b-c306-43e3-8e89-c78822aabb32","block_type":"box","text":"Investor P Shares of the Fund concurrently with withdrawals may be disadvantageous to investors","page_number":199,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"adf79351-8cfa-4faa-8d3e-4520bda82189","block_type":"box","text":"because of the sales charges involved and, therefore, are discouraged. No CDSC will be assessed on","page_number":199,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"a6164067-afd6-4ddc-8540-d212251fa619","block_type":"box","text":"redemptions of Investor C Shares made through the SWP that do not exceed 12% of the original","page_number":199,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"613da0c0-66d9-4a61-b8ee-0dae1980f7f7","block_type":"box","text":"II-154","page_number":199,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"56db61ae-039d-4efe-ab2b-7f021da6de35","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":199,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"52e5bce5-de5a-4d83-8d92-f93c1399398a","block_type":"box","text":"investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP","page_number":200,"box":{"x":117,"y":87,"width":680,"height":12}},{"id":"4c25e039-3921-497e-978e-29625b647091","block_type":"box","text":"redemptions of Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly),","page_number":200,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"8cedf582-93d7-43e3-b20e-cebe5a5adae1","block_type":"box","text":"3% (quarterly) and 6% (semi-annually), respectively, of an account’s NAV on the redemption date.","page_number":200,"box":{"x":116,"y":118,"width":734,"height":12}},{"id":"dc3ba778-c2f7-4032-b724-86436173db64","block_type":"box","text":"SWP redemptions of Investor C Shares in excess of this limit are still subject to the applicable CDSC.","page_number":200,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"854bed7f-caf5-43c2-8989-a57f7fcad6a6","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above","page_number":200,"box":{"x":117,"y":164,"width":754,"height":12}},{"id":"d7646455-a46b-45dd-8916-70d5cb5f1dca","block_type":"box","text":"(see “How to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,”","page_number":200,"box":{"x":117,"y":180,"width":752,"height":12}},{"id":"b79574ed-b6cb-447e-9ca2-dd1675f4f444","block_type":"box","text":"as applicable, in the Fund’s Prospectus) and the SWP at the same time.","page_number":200,"box":{"x":116,"y":195,"width":540,"height":12}},{"id":"3f5711a1-649a-4f53-a656-b13b24d9c7cc","block_type":"box","text":"Dividend Allocation Plan","page_number":200,"box":{"x":117,"y":226,"width":201,"height":9}},{"id":"f61b3e1d-11d6-412e-8d90-e8f3f9b68e75","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and","page_number":200,"box":{"x":116,"y":252,"width":771,"height":11}},{"id":"0dfb1858-3988-47d1-922d-6212f5658536","block_type":"box","text":"any other distributions from any Eligible Fund (which means funds so designated by the Distributor","page_number":200,"box":{"x":116,"y":267,"width":737,"height":12}},{"id":"4b4f9c2f-0174-4254-b32c-70afd79208e4","block_type":"box","text":"from time to time) automatically invested at NAV in one other such Eligible Fund designated by the","page_number":200,"box":{"x":116,"y":282,"width":737,"height":13}},{"id":"a012fc7e-2949-49d2-b14b-45494943ebc2","block_type":"box","text":"shareholder, provided the account into which the dividends and distributions are directed is initially","page_number":200,"box":{"x":116,"y":298,"width":735,"height":12}},{"id":"880a77a2-944a-4015-ba32-c3874d9cf04a","block_type":"box","text":"funded with the requisite minimum amount.","page_number":200,"box":{"x":116,"y":313,"width":325,"height":12}},{"id":"0e8a4f91-e066-4b61-b65c-b7112d16f3fb","block_type":"box","text":"P","page_number":200,"box":{"x":428,"y":359,"width":9,"height":10}},{"id":"ae244bf5-8a0c-4e8a-9fba-cc2ee95fed6a","block_type":"box","text":"RICING","page_number":200,"box":{"x":439,"y":362,"width":45,"height":7}},{"id":"5ef3f45c-c4ba-4990-81e6-9c2837e3a6e3","block_type":"box","text":"OF","page_number":200,"box":{"x":491,"y":362,"width":17,"height":7}},{"id":"ea02e99c-5191-4e61-bbb2-b969aacd7ac2","block_type":"box","text":"S","page_number":200,"box":{"x":509,"y":359,"width":15,"height":10}},{"id":"5480baf3-ed89-4d13-b99c-aa6bf17b9530","block_type":"box","text":"HARES","page_number":200,"box":{"x":526,"y":362,"width":46,"height":7}},{"id":"50366651-2876-4aa5-ba58-6e1abd8da724","block_type":"box","text":"Determination of Net Asset Value","page_number":200,"box":{"x":117,"y":390,"width":269,"height":10}},{"id":"8de8cee3-62c7-437e-a891-3169afd3872a","block_type":"box","text":"Valuation of Shares.","page_number":200,"box":{"x":116,"y":413,"width":160,"height":10}},{"id":"9622de4d-960d-42a6-9498-4ef8e7dd5c01","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the","page_number":200,"box":{"x":278,"y":413,"width":602,"height":12}},{"id":"6e6fcfc2-628d-4861-ae15-4a2ff2d3a330","block_type":"box","text":"close of regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day","page_number":200,"box":{"x":116,"y":429,"width":752,"height":12}},{"id":"7ac97096-4418-4a88-9497-75ff68d5537c","block_type":"box","text":"the NYSE is open. Valuation of assets held by a Fund is as follows:","page_number":200,"box":{"x":116,"y":444,"width":505,"height":12}},{"id":"b13e4b43-4d8b-4a73-9dcd-ac813b4689cf","block_type":"box","text":"Equity Investments.","page_number":200,"box":{"x":117,"y":475,"width":157,"height":12}},{"id":"fcbb8291-2a87-4e67-b974-310224380a23","block_type":"box","text":"Equity securities traded on a recognized securities exchange (e.g., NYSE), on","page_number":200,"box":{"x":275,"y":475,"width":589,"height":12}},{"id":"c0ba8a21-2dd2-487c-8443-ec7171c86308","block_type":"box","text":"separate trading boards of a securities exchange or through a market system that provides","page_number":200,"box":{"x":116,"y":490,"width":679,"height":12}},{"id":"cb12f78a-7f3f-4f4d-9180-d6fff658d44e","block_type":"box","text":"contemporaneous transaction pricing information (each, an “Exchange”) are valued using information","page_number":200,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"dd38f363-4b4a-4cd2-a698-1096b81b526a","block_type":"box","text":"obtained via independent pricing services, generally at the Exchange closing price or if an Exchange","page_number":200,"box":{"x":116,"y":521,"width":751,"height":12}},{"id":"93f9b7f1-aa7a-45e8-8eff-75b353c71540","block_type":"box","text":"closing price is not available, the last traded price on that Exchange prior to the time as of which the","page_number":200,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"0d7ee3ab-d42f-4445-9f08-ee2f4199b034","block_type":"box","text":"assets or liabilities are valued. However, under certain circumstances, other means of determining","page_number":200,"box":{"x":116,"y":552,"width":734,"height":12}},{"id":"a8d3facc-9aef-4aa6-879f-625ebf991805","block_type":"box","text":"current market value may be used. If an equity security is traded on more than one Exchange, the","page_number":200,"box":{"x":116,"y":568,"width":732,"height":12}},{"id":"9ca7edb3-1ffe-486b-a3a8-4d24918d2e55","block_type":"box","text":"current market value of the security where it is primarily traded generally will be used. In the event that","page_number":200,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"bf34a70e-b098-4e11-9945-7cfba42607ff","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","page_number":200,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"31c5f401-860f-4340-bcd7-e5ec357489d6","block_type":"box","text":"security, the last bid (long positions) or ask (short positions) price, if available, will be used as the value","page_number":200,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"f36fefff-2c6a-418d-b187-0cfbf002f50b","block_type":"box","text":"of such security. If a Fund holds both long and short positions in the same security, the last bid price","page_number":200,"box":{"x":116,"y":630,"width":748,"height":12}},{"id":"660f16ae-ef33-4ad9-8bd3-e90d3c82df49","block_type":"box","text":"will be applied to securities held long and the last ask price will be applied to securities sold short. If no","page_number":200,"box":{"x":116,"y":645,"width":766,"height":12}},{"id":"60482ee7-ef9c-4999-87fe-71f2fccdc25f","block_type":"box","text":"bid or ask price is available on a day on which a Fund values such security, the prior day’s price will be","page_number":200,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"3e8619c0-edd8-441d-b452-86db4d83cac4","block_type":"box","text":"used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of the","page_number":200,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"ad1d5e01-e4c7-43af-9ede-305d87817041","block_type":"box","text":"security, in which case such asset would be treated as a Fair Value Asset (as defined below).","page_number":200,"box":{"x":116,"y":692,"width":692,"height":12}},{"id":"5a1c7400-286b-447b-a6d7-70c88310cb5d","block_type":"box","text":"Fixed-Income Investments.","page_number":200,"box":{"x":117,"y":723,"width":214,"height":9}},{"id":"1fd8d9a5-904f-4ae8-9585-2d16355cc0eb","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by","page_number":200,"box":{"x":338,"y":723,"width":544,"height":12}},{"id":"7164bd4a-d907-4f62-91a7-4112d3e975d9","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party","page_number":200,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"d5d5f2a5-3049-4d83-94a0-d46bcd0a4577","block_type":"box","text":"pricing services, each in accordance with the Valuation Procedures. The pricing services may use","page_number":200,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"e8dedf63-1769-4053-be27-45dc024fb079","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data","page_number":200,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"3a8c13cf-f534-47c7-9308-e99389ff7632","block_type":"box","text":"(e.g., recent representative bids and offers), credit quality information, perceived market movements,","page_number":200,"box":{"x":117,"y":785,"width":746,"height":12}},{"id":"aa8debe6-d768-4c2a-9e29-5f502e758eee","block_type":"box","text":"news, and other relevant information and by other methods, which may include consideration of: yields","page_number":200,"box":{"x":117,"y":800,"width":761,"height":12}},{"id":"9fcfe670-1d98-4b7b-abd3-7574886b4fed","block_type":"box","text":"or prices of securities of comparable quality, coupon, maturity and type; indications as to values from","page_number":200,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"34686366-8b4a-49ca-aaef-e4f2c0252b8c","block_type":"box","text":"dealers; general market conditions; and/or other factors and assumptions. Pricing services generally","page_number":200,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"32dff638-16c1-497c-8402-dded080f02c1","block_type":"box","text":"value fixed-income securities assuming orderly transactions of an institutional round lot size, but the","page_number":200,"box":{"x":116,"y":847,"width":745,"height":12}},{"id":"31f80111-473b-4789-9b34-389a1cf1c923","block_type":"box","text":"Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain","page_number":200,"box":{"x":117,"y":862,"width":752,"height":12}},{"id":"bcc621f7-1763-4e1d-9b10-59b585c818e4","block_type":"box","text":"asset classes may trade at lower prices than institutional round lots, and the value ultimately realized","page_number":200,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"7f17d410-1e6a-4cc7-97c3-fe48137614f9","block_type":"box","text":"II-155","page_number":200,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d49d04de-d9f2-4729-8283-686ec472e7b5","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":200,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c16e881e-5f67-4e87-bb25-5559f8072cc0","block_type":"box","text":"when the securities are sold could differ from the prices used by a Fund. The amortized cost method of","page_number":201,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"495fe526-77ce-4bad-abf6-d6f7e4ced98f","block_type":"box","text":"valuation may be used with respect to debt obligations with 60 days or less remaining to maturity","page_number":201,"box":{"x":116,"y":103,"width":723,"height":12}},{"id":"7f4ee681-8bf6-46e8-8a83-a8981ec1eda0","block_type":"box","text":"unless such method does not represent fair value. Certain fixed-income investments, including asset","page_number":201,"box":{"x":117,"y":118,"width":750,"height":12}},{"id":"13589d18-0a88-4fc3-8582-bfb5a2d60a93","block_type":"box","text":"backed and mortgage related securities, may be valued based on valuation models that consider the","page_number":201,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"33e9bcf7-2bd6-402c-b42f-acdb7096a054","block_type":"box","text":"estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an","page_number":201,"box":{"x":116,"y":149,"width":715,"height":12}},{"id":"d342d361-02da-435b-9d0b-e48ebe1a19b1","block_type":"box","text":"estimated tranche specific spread to the benchmark yield based on the unique attributes of the","page_number":201,"box":{"x":116,"y":165,"width":707,"height":12}},{"id":"9bc5237f-5aec-4028-91e1-414dc5a611f0","block_type":"box","text":"tranche.","page_number":201,"box":{"x":116,"y":180,"width":65,"height":10}},{"id":"995a1740-2a9a-4efe-a83a-5fe51cce9cc0","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":201,"box":{"x":116,"y":211,"width":379,"height":12}},{"id":"8eecf9d0-1a1d-496c-bf23-530c66f72b65","block_type":"box","text":"Exchange-traded equity options (except ETF","page_number":201,"box":{"x":497,"y":211,"width":342,"height":12}},{"id":"9d0858d9-1409-4c1f-9626-8092701b25da","block_type":"box","text":"options, equity index options or those that are customized) for which market quotations are readily","page_number":201,"box":{"x":116,"y":227,"width":733,"height":12}},{"id":"dfe64cf9-03fb-4a56-bb04-8a596a737b33","block_type":"box","text":"available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board","page_number":201,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"41f1aa5a-b5c3-41cb-aab7-eb1ecf57f317","block_type":"box","text":"of trade on which such options are traded. In the event that there is no mean price available for an","page_number":201,"box":{"x":116,"y":258,"width":734,"height":11}},{"id":"f89a07a2-d1e7-4122-b3f9-7196e3426421","block_type":"box","text":"exchange-traded equity option held by a Fund on a day on which the Fund values such option, the last","page_number":201,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"de44ae9c-f491-4173-a091-c0ffda718dbf","block_type":"box","text":"bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If","page_number":201,"box":{"x":117,"y":289,"width":771,"height":12}},{"id":"049fc428-8e37-4374-8e6d-006230f76ba6","block_type":"box","text":"no bid or ask price is available on a day on which a Fund values such option, the prior day’s price will","page_number":201,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"0fbe6ddf-d265-4667-80f5-4c62112126fe","block_type":"box","text":"be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":201,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"e2929ccd-dad9-41b2-b5c9-e21079412185","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange","page_number":201,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"148eeeb0-e05d-42e3-9482-e4d84f2e6fb1","block_type":"box","text":"traded equity options, ETF options, equity index options and OTC derivatives, may be valued using a","page_number":201,"box":{"x":116,"y":351,"width":755,"height":12}},{"id":"8bb6684c-80a6-4968-923e-9ee41d4273ff","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures","page_number":201,"box":{"x":117,"y":366,"width":703,"height":12}},{"id":"a3ca7914-17fc-40c3-8116-64a9434c9905","block_type":"box","text":"contracts and options thereon, which are traded on exchanges, are valued at their last sale price or","page_number":201,"box":{"x":116,"y":382,"width":741,"height":12}},{"id":"3098f3f9-0c58-4e48-9abe-2375539af8e8","block_type":"box","text":"settle price as of the close of such exchanges. Swap agreements and other derivatives are generally","page_number":201,"box":{"x":116,"y":397,"width":752,"height":12}},{"id":"31e3c964-079a-4915-b109-a074657530d2","block_type":"box","text":"valued daily based upon quotations from market makers or by a pricing service in accordance with the","page_number":201,"box":{"x":116,"y":413,"width":763,"height":12}},{"id":"7481d620-11fa-4b2c-b0b0-6eca54f05d38","block_type":"box","text":"Valuation Procedures.","page_number":201,"box":{"x":116,"y":428,"width":170,"height":10}},{"id":"8baa5b60-9b8d-4337-918e-5d1fa57f3790","block_type":"box","text":"Underlying Funds.","page_number":201,"box":{"x":117,"y":459,"width":145,"height":12}},{"id":"4ce60056-4599-4906-9bd1-47a7adca9d80","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued","page_number":201,"box":{"x":263,"y":459,"width":609,"height":12}},{"id":"3955196d-1ec0-4577-a5e7-cb3a512ddbf7","block_type":"box","text":"at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their","page_number":201,"box":{"x":116,"y":475,"width":755,"height":12}},{"id":"364dbcab-f548-42c3-a652-d48b96af919f","block_type":"box","text":"most recent closing price.","page_number":201,"box":{"x":117,"y":490,"width":194,"height":12}},{"id":"7c4ed733-4aa3-4a03-9513-255c02b1663b","block_type":"box","text":"General Valuation Information.","page_number":201,"box":{"x":116,"y":521,"width":244,"height":10}},{"id":"67cbcd7f-75ea-4111-a080-7d20fa05fa7f","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker","page_number":201,"box":{"x":361,"y":521,"width":520,"height":12}},{"id":"bdbdcd80-22c3-4db7-bd6d-7201039c5770","block_type":"box","text":"dealers or market makers to value each Fund’s securities and other assets and liabilities are based on","page_number":201,"box":{"x":116,"y":537,"width":764,"height":9}},{"id":"c54fa443-fb34-4370-8a87-7e837d2af18a","block_type":"box","text":"information available at the time the Fund values its assets and liabilities. In the event that a pricing","page_number":201,"box":{"x":117,"y":552,"width":740,"height":12}},{"id":"fc378596-dbaa-4441-8a8b-e25273a864f2","block_type":"box","text":"service quotation is revised or updated subsequent to the day on which the Fund valued such security,","page_number":201,"box":{"x":116,"y":568,"width":767,"height":12}},{"id":"06a37a8d-d83e-4901-91e6-fe3ad1d608bb","block_type":"box","text":"the revised pricing service quotation generally will be applied prospectively. Such determination will be","page_number":201,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"966ce3ab-432a-4d26-887f-de80af53be1f","block_type":"box","text":"made considering pertinent facts and circumstances surrounding the revision.","page_number":201,"box":{"x":117,"y":599,"width":581,"height":12}},{"id":"bbb20cd6-746e-4292-8c8e-a95a87d3848d","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third","page_number":201,"box":{"x":117,"y":622,"width":723,"height":12}},{"id":"7c3b64ba-faf6-4501-97a7-1bcd765a1588","block_type":"box","text":"party pricing services, which may use, without limitation, evaluated pricing methods that take into","page_number":201,"box":{"x":117,"y":638,"width":723,"height":11}},{"id":"311926e4-e7e0-4e3f-ae04-8a33252e86d0","block_type":"box","text":"consideration market indexes, matrices, yield curves and other specified inputs and assumptions. This","page_number":201,"box":{"x":116,"y":653,"width":764,"height":12}},{"id":"bd786515-5f16-4742-952c-00c2a7180557","block_type":"box","text":"may result in the assets being valued at a price different from the price that would have been","page_number":201,"box":{"x":117,"y":668,"width":687,"height":12}},{"id":"697378d7-95b0-4d2f-838d-ade7790ac0a1","block_type":"box","text":"determined had the evaluated pricing method not been used. The price the Fund could receive upon","page_number":201,"box":{"x":116,"y":684,"width":744,"height":12}},{"id":"6304addb-5966-424c-b301-d67069da9458","block_type":"box","text":"the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment,","page_number":201,"box":{"x":116,"y":699,"width":742,"height":13}},{"id":"daf0efbb-70df-430a-a14a-9dc0a8ac13de","block_type":"box","text":"particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":201,"box":{"x":117,"y":715,"width":718,"height":12}},{"id":"32e0df41-8c2a-49b2-a6ec-3ed0ecb494c2","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received","page_number":201,"box":{"x":117,"y":731,"width":724,"height":12}},{"id":"1daaf2ee-5b64-4bad-8014-096e57a3fb2b","block_type":"box","text":"upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":201,"box":{"x":117,"y":746,"width":747,"height":12}},{"id":"96173030-9264-4ee5-9a48-fc6613ed2d6b","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The","page_number":201,"box":{"x":117,"y":761,"width":758,"height":13}},{"id":"a67df9aa-b1b7-4c89-a01a-1258a4d24352","block_type":"box","text":"Fund’s ability to value its investment may also be impacted by technological issues and/or errors by","page_number":201,"box":{"x":117,"y":777,"width":738,"height":12}},{"id":"90715921-2a02-4ec8-a8ea-8e138d158a6a","block_type":"box","text":"pricing services or other third-party service providers.","page_number":201,"box":{"x":117,"y":793,"width":393,"height":12}},{"id":"6b6bb98f-9129-4c47-8eb1-fd07a7fb4302","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security","page_number":201,"box":{"x":117,"y":823,"width":761,"height":13}},{"id":"5ca0d659-d891-4038-a91a-709f7e194a2c","block_type":"box","text":"which is deemed not to be representative of the fair market value of such security, the security will be","page_number":201,"box":{"x":116,"y":839,"width":756,"height":12}},{"id":"cee41bd6-28d3-40cc-9e65-29e1c49b678e","block_type":"box","text":"valued by, under the direction of or in accordance with a method approved by BlackRock, the Fund’s","page_number":201,"box":{"x":116,"y":854,"width":752,"height":13}},{"id":"fc332aa2-2294-4348-8358-63a7b52b2d80","block_type":"box","text":"valuation designee, as reflecting fair value. All other assets and liabilities (including securities for which","page_number":201,"box":{"x":116,"y":870,"width":767,"height":12}},{"id":"0cdc358a-970f-4e9e-9073-d53e9b0a8deb","block_type":"box","text":"II-156","page_number":201,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"78dcc0f4-6bfd-413e-b04e-581ee62d06d0","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":201,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3af9ebef-f421-4186-aab4-2fd0fc05a6e0","block_type":"box","text":"market quotations are not readily available) held by a Fund (including restricted securities and private","page_number":202,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"b18c6f8b-bdbb-4cbe-9eb4-2f508d2a8f56","block_type":"box","text":"market investments, as applicable) are valued at fair value as determined in good faith by BlackRock","page_number":202,"box":{"x":117,"y":102,"width":752,"height":13}},{"id":"1f8ee978-979c-4b25-8659-d81ce37f6a3e","block_type":"box","text":"pursuant to the Valuation Procedures. Any assets and liabilities which are denominated in a foreign","page_number":202,"box":{"x":117,"y":118,"width":740,"height":12}},{"id":"4bc1a527-6bdf-49cb-8f49-68f9f08ffff1","block_type":"box","text":"currency are translated into U.S. dollars at the prevailing market rates.","page_number":202,"box":{"x":116,"y":134,"width":527,"height":12}},{"id":"2ae90c27-9ba2-4c19-9722-f158408661e7","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets","page_number":202,"box":{"x":117,"y":165,"width":754,"height":12}},{"id":"ff3f902c-9903-4827-8a58-1e739d31326c","block_type":"box","text":"on days on which a Fund’s NAV is not calculated. In","page_number":202,"box":{"x":116,"y":180,"width":392,"height":12}},{"id":"3d3bd10f-fa45-4e32-b3af-fbb08a85e672","block_type":"box","text":"such cases, the NAV of a Fund’s shares may be","page_number":202,"box":{"x":508,"y":180,"width":364,"height":12}},{"id":"fc24646e-bd16-4b14-9b31-f3b17cf4055a","block_type":"box","text":"significantly affected on days when investors can neither purchase nor redeem shares of the Fund.","page_number":202,"box":{"x":116,"y":196,"width":739,"height":12}},{"id":"914f8f6d-1f7c-4eb5-87af-99efd7cc1c89","block_type":"box","text":"Fair Value.","page_number":202,"box":{"x":117,"y":227,"width":83,"height":9}},{"id":"0ece4382-1e01-4b06-850c-8020ed381392","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be","page_number":202,"box":{"x":201,"y":227,"width":639,"height":12}},{"id":"b7604bb0-42f9-42b7-a9ae-a0bd4f916124","block_type":"box","text":"unreliable, a Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are","page_number":202,"box":{"x":117,"y":242,"width":749,"height":12}},{"id":"c6b1013d-d646-4f65-9f73-e10ba6365478","block_type":"box","text":"valued by BlackRock in accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the","page_number":202,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"53237ec8-a8aa-4c9e-828c-fe5a3f8f58e1","block_type":"box","text":"Investment Company Act, the Board of Directors has designated BlackRock as the valuation designee","page_number":202,"box":{"x":117,"y":273,"width":763,"height":12}},{"id":"0f1d707b-6fe8-4435-ac27-86112b1febcb","block_type":"box","text":"for the respective Funds for which it serves as investment adviser. BlackRock may reasonably","page_number":202,"box":{"x":116,"y":289,"width":704,"height":12}},{"id":"1b6b0e17-34ac-4023-bf0c-77c496db334d","block_type":"box","text":"conclude that a market quotation is not readily available or is unreliable if, among other things, a","page_number":202,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"cb25dae3-bc5e-47e3-a7c7-2b909b9536e1","block_type":"box","text":"security or other asset or liability does not have a price source due to its complete lack of trading, if","page_number":202,"box":{"x":116,"y":320,"width":739,"height":12}},{"id":"441bd552-e221-4d84-854d-4ae5603ade81","block_type":"box","text":"BlackRock believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it","page_number":202,"box":{"x":117,"y":335,"width":770,"height":12}},{"id":"df938f55-b507-484f-a50c-36f0812c11c5","block_type":"box","text":"varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":202,"box":{"x":116,"y":351,"width":765,"height":12}},{"id":"827465f6-5edf-44ff-81b4-89a9e6b2bdbf","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or","page_number":202,"box":{"x":116,"y":366,"width":735,"height":12}},{"id":"a6e9b4ea-9696-40ca-864a-ad6e6b526547","block_type":"box","text":"liability is only thinly traded or due to the occurrence of a significant event subsequent to the most","page_number":202,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"f0e3a0a1-afb4-4c7c-aa2a-2937f485ec94","block_type":"box","text":"recent market quotation. For this purpose, a “significant event” is deemed to occur if BlackRock","page_number":202,"box":{"x":117,"y":397,"width":711,"height":12}},{"id":"b01ccc61-5155-411c-b2e9-87350153125e","block_type":"box","text":"determines, in its reasonable business judgment, that an event has occurred after the close of trading","page_number":202,"box":{"x":116,"y":413,"width":759,"height":12}},{"id":"905d6241-5edd-4c1e-b613-7c68cbf77db6","block_type":"box","text":"for an asset or liability but prior to or at the time of pricing a Fund’s assets or liabilities, is likely to cause","page_number":202,"box":{"x":116,"y":428,"width":771,"height":12}},{"id":"eaab2547-7c47-4b52-a041-7224bc0aa95d","block_type":"box","text":"a material change to the last exchange closing price or closing market price of one or more assets held","page_number":202,"box":{"x":116,"y":444,"width":770,"height":12}},{"id":"39caae62-09da-49bc-88f4-3afa65f6842e","block_type":"box","text":"by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the primary","page_number":202,"box":{"x":117,"y":459,"width":709,"height":12}},{"id":"bf88b362-82e5-4c58-8438-3513d89620d3","block_type":"box","text":"exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued","page_number":202,"box":{"x":116,"y":475,"width":748,"height":12}},{"id":"073ce08e-2259-4738-a206-8609d59e6637","block_type":"box","text":"using the prior day’s price, provided that BlackRock is not aware of any significant event or other","page_number":202,"box":{"x":117,"y":490,"width":720,"height":12}},{"id":"5d926b6d-f130-4d49-a9b5-6b83ebd63e15","block_type":"box","text":"information that would cause such price to no longer reflect the fair value of the asset or liability, in","page_number":202,"box":{"x":117,"y":506,"width":733,"height":12}},{"id":"2f66dc98-756c-4518-8d6f-b7d53354e5a2","block_type":"box","text":"which case such asset or liability would be treated as a Fair Value Asset. For certain foreign assets, a","page_number":202,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"90eb23b6-d07d-487e-9a3a-487c0bc4f266","block_type":"box","text":"third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a","page_number":202,"box":{"x":116,"y":537,"width":733,"height":12}},{"id":"648987d9-f39e-4534-9d01-5baa5f50f0f3","block_type":"box","text":"proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":202,"box":{"x":117,"y":552,"width":767,"height":12}},{"id":"918b20ea-44d1-4a96-aa21-bb468455ebf2","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S.","page_number":202,"box":{"x":117,"y":568,"width":723,"height":12}},{"id":"3009ef2e-e8c4-420f-bd83-7799b5d5d0cd","block_type":"box","text":"markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":202,"box":{"x":117,"y":583,"width":756,"height":12}},{"id":"c3ae0a05-7e5b-499a-84ad-66d69474711f","block_type":"box","text":"pricing time.","page_number":202,"box":{"x":117,"y":599,"width":94,"height":12}},{"id":"b1488771-6847-419b-94e0-3bbebaaeb511","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by","page_number":202,"box":{"x":117,"y":630,"width":714,"height":12}},{"id":"72cc517b-0943-4030-b228-00a793960abe","block_type":"box","text":"investment type and significant inputs used in the fair valuation of Fund assets or liabilities. In addition,","page_number":202,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"48abff62-ced7-40c0-b8a5-2a6d978b71cf","block_type":"box","text":"the Funds’ accounting agent assists BlackRock by periodically endeavoring to confirm the prices it","page_number":202,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"1748496f-fc01-4986-80c3-f116e9c14696","block_type":"box","text":"receives from all third-party pricing services, index providers and broker-dealers. BlackRock regularly","page_number":202,"box":{"x":117,"y":676,"width":750,"height":12}},{"id":"0061f8de-47b3-4980-883d-3c232ec17293","block_type":"box","text":"evaluates the values assigned to the securities and other assets and liabilities of the Funds.","page_number":202,"box":{"x":116,"y":692,"width":679,"height":12}},{"id":"0011e336-a64c-477b-904f-f6b0b05c8338","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a","page_number":202,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"f092f676-8981-495d-becf-98f46ddd2fbf","block_type":"box","text":"Fund might reasonably expect to receive from the current sale of that asset or liability in an","page_number":202,"box":{"x":117,"y":738,"width":672,"height":12}},{"id":"a3b68ef4-e4b8-437b-a83f-0bbfd061d018","block_type":"box","text":"arm’s-length transaction on the date on which the asset or liability is being valued, and does not seek","page_number":202,"box":{"x":116,"y":754,"width":751,"height":12}},{"id":"886c27a5-8d13-4ae2-9986-7313b47dc726","block_type":"box","text":"to determine the price a Fund might reasonably expect to receive for selling an asset or liability at a","page_number":202,"box":{"x":116,"y":769,"width":736,"height":12}},{"id":"924f6c3f-7368-4211-be1b-c6bba52db0bd","block_type":"box","text":"later time or if it holds the asset or liability to maturity. Fair value determinations will be based upon all","page_number":202,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"85d8692e-7038-4a94-af7c-340a786c44f2","block_type":"box","text":"available factors that BlackRock deems relevant at the time of the determination, and may be based on","page_number":202,"box":{"x":116,"y":800,"width":765,"height":12}},{"id":"4f8ee097-94dc-4d51-8de8-ae5424f3d8ca","block_type":"box","text":"analytical values determined by BlackRock using proprietary or third-party valuation models.","page_number":202,"box":{"x":116,"y":816,"width":683,"height":12}},{"id":"6252841d-8bfb-48e3-a1a4-ec0fa0b08054","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining","page_number":202,"box":{"x":117,"y":847,"width":764,"height":12}},{"id":"e154d2f4-9de6-4838-b5f7-f312c44e082d","block_type":"box","text":"the fair value of an investment, one or more fair value methodologies may be used (depending on","page_number":202,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"81ddf3c1-3d7d-41a7-9ad4-592c88fd920f","block_type":"box","text":"certain factors, including the asset type). For example, the investment may be initially priced based on","page_number":202,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"401acaea-3b41-4131-84c6-a8ba525ef232","block_type":"box","text":"II-157","page_number":202,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"7bdf0ca2-99c1-4cde-b19f-5e115bbd8752","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":202,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f7f37704-3342-4d5d-bfec-f9c6fc4ac2f0","block_type":"box","text":"the original cost of the investment or, alternatively, using proprietary or third-party models that may rely","page_number":203,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"af326fee-1da0-43e5-b636-9df598d15f57","block_type":"box","text":"upon one or more unobservable inputs. Prices of actual, executed or historical transactions in the","page_number":203,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"5e4ef445-555f-4930-b192-0d6929e4fa8c","block_type":"box","text":"relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":203,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"629760db-a3ab-4905-b826-478cdefc0b66","block_type":"box","text":"experienced in the valuation of similar instruments, may also be used as a basis for establishing the","page_number":203,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"3585fcd4-0e4a-408d-8561-dce751535107","block_type":"box","text":"fair value of an investment.","page_number":203,"box":{"x":116,"y":149,"width":206,"height":10}},{"id":"4e643ddd-ca00-43d6-bb01-2991dbe09599","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those","page_number":203,"box":{"x":116,"y":178,"width":738,"height":13}},{"id":"bd189aad-666d-48d6-b2d6-614c80d772a5","block_type":"box","text":"assets or liabilities could have been sold during the period in which the particular fair values were used","page_number":203,"box":{"x":116,"y":194,"width":767,"height":12}},{"id":"2fabe63d-8c2c-4d5e-ac62-5f7c259cefd2","block_type":"box","text":"in determining a Fund’s NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time","page_number":203,"box":{"x":117,"y":209,"width":752,"height":13}},{"id":"98f42e55-6b91-472e-ae1d-56b1bb63ab4a","block_type":"box","text":"when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the","page_number":203,"box":{"x":116,"y":225,"width":742,"height":12}},{"id":"c7b05c5d-caaf-47e1-9ed4-df1d9677a0fb","block_type":"box","text":"economic interest of existing shareholders.","page_number":203,"box":{"x":116,"y":240,"width":323,"height":13}},{"id":"25236ccb-cfa6-4d07-ae7c-71339f2855c8","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting","page_number":203,"box":{"x":117,"y":270,"width":749,"height":12}},{"id":"94e1e3ae-3ca6-4d9b-adbb-1b728bf5077a","block_type":"box","text":"principles generally accepted in the United States of America (“US GAAP”), follow the requirements for","page_number":203,"box":{"x":117,"y":285,"width":767,"height":13}},{"id":"5841db90-8e01-4376-9c6f-b72a0fe37678","block_type":"box","text":"valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic","page_number":203,"box":{"x":116,"y":301,"width":753,"height":12}},{"id":"3fe986dc-d5f7-48d0-b329-f3e13bf470ab","block_type":"box","text":"820, “Fair Value Measurements and Disclosures” (“ASC 820”), which defines and establishes a","page_number":203,"box":{"x":116,"y":316,"width":712,"height":13}},{"id":"49952cba-3448-463c-857b-c8426c6e2b06","block_type":"box","text":"framework for measuring fair value under US GAAP and expands financial statement disclosure","page_number":203,"box":{"x":116,"y":332,"width":717,"height":12}},{"id":"53c55f68-4022-448b-9a43-463048cb7790","block_type":"box","text":"requirements relating to fair value measurements.","page_number":203,"box":{"x":117,"y":347,"width":374,"height":13}},{"id":"65e4d484-411b-4b66-8cbb-7c1c5a4b9209","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they","page_number":203,"box":{"x":117,"y":377,"width":747,"height":12}},{"id":"5ce929a0-2c2b-494e-9478-beb18ecc9bdc","block_type":"box","text":"invest are evolving. Such changes may adversely affect a Fund. For example, the evolution of rules","page_number":203,"box":{"x":117,"y":392,"width":743,"height":13}},{"id":"c22da831-93cb-41a9-927d-72c177ba9bbe","block_type":"box","text":"governing the determination of the fair market value of assets or liabilities, to the extent such rules","page_number":203,"box":{"x":116,"y":408,"width":733,"height":12}},{"id":"95f51d99-886f-4959-9b63-c210d8bf9a02","block_type":"box","text":"become more stringent, would tend to increase the cost and/or reduce the availability of third-party","page_number":203,"box":{"x":117,"y":423,"width":735,"height":13}},{"id":"f2764f5b-7bb7-4852-ac48-da14ef02c0d7","block_type":"box","text":"determinations of fair market value. This may in turn increase the costs associated with selling assets","page_number":203,"box":{"x":116,"y":439,"width":758,"height":12}},{"id":"3bdd3384-dfe9-49f5-bf9b-a83387e543b6","block_type":"box","text":"or affect their liquidity due to a Fund’s inability to obtain a third-party determination of fair market value.","page_number":203,"box":{"x":116,"y":454,"width":768,"height":13}},{"id":"8b14e57a-a51b-4a52-ae6e-8903ecd9ea30","block_type":"box","text":"Computation of Offering Price Per Share","page_number":203,"box":{"x":116,"y":484,"width":328,"height":12}},{"id":"6cb9988a-39c3-4b9b-989e-4a4c7a0ffdf2","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the","page_number":203,"box":{"x":116,"y":506,"width":710,"height":12}},{"id":"495fbc8a-cfca-481a-8f52-b5a6bbe1d8d4","block_type":"box","text":"computation of the offering price for shares of your Fund.","page_number":203,"box":{"x":116,"y":522,"width":429,"height":12}},{"id":"972e812b-0d47-43d2-abb6-2bb88d220521","block_type":"box","text":"P","page_number":203,"box":{"x":337,"y":565,"width":10,"height":10}},{"id":"8c47d1ab-7b25-4b3e-984f-b3020b94c7d2","block_type":"box","text":"ORTFOLIO","page_number":203,"box":{"x":348,"y":568,"width":69,"height":7}},{"id":"93bd7a63-ccf2-472d-879f-f03ce9435cf6","block_type":"box","text":"T","page_number":203,"box":{"x":418,"y":565,"width":14,"height":10}},{"id":"25ab9bb5-3fca-4f58-8457-7897159b8abb","block_type":"box","text":"RANSACTIONS","page_number":203,"box":{"x":434,"y":568,"width":98,"height":7}},{"id":"9ed66287-8b7e-4567-9433-7b3109903fac","block_type":"box","text":"AND","page_number":203,"box":{"x":538,"y":568,"width":28,"height":7}},{"id":"1ed0b78c-c66a-40e8-92cb-0fde77c682ad","block_type":"box","text":"B","page_number":203,"box":{"x":567,"y":565,"width":16,"height":10}},{"id":"adcf5c75-504b-4373-82d4-f703326f6d90","block_type":"box","text":"ROKERAGE","page_number":203,"box":{"x":585,"y":568,"width":77,"height":7}},{"id":"f5405a5d-f4d6-446f-845d-4e3ff3a9130a","block_type":"box","text":"Transactions in Portfolio Securities","page_number":203,"box":{"x":116,"y":595,"width":288,"height":9}},{"id":"a3f9daf9-3707-4550-97fd-ea555734ce2d","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the","page_number":203,"box":{"x":116,"y":617,"width":738,"height":12}},{"id":"088c65d9-00a3-414a-81b3-52d454c8c1cb","block_type":"box","text":"execution of a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not","page_number":203,"box":{"x":116,"y":633,"width":718,"height":12}},{"id":"d55a9771-0a80-4c77-a6b7-bbe93b4ed4fb","block_type":"box","text":"execute transactions through any particular broker or dealer, but seeks to obtain the best net results for","page_number":203,"box":{"x":116,"y":648,"width":772,"height":12}},{"id":"bbd74f8f-e3ca-4923-baa6-535aec12dc90","block_type":"box","text":"the Fund, taking into account certain factors set out below. While BlackRock generally seeks","page_number":203,"box":{"x":116,"y":664,"width":687,"height":12}},{"id":"5d1476a9-6c86-499e-8f59-4bdca17cc091","block_type":"box","text":"reasonable trade execution costs, a Fund does not necessarily pay the lowest spread or commission","page_number":203,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"cd436286-4467-421d-b4d0-0100ba846576","block_type":"box","text":"available, and payment of the lowest commission or spread is not necessarily consistent with obtaining","page_number":203,"box":{"x":116,"y":695,"width":762,"height":12}},{"id":"e0d0668f-3e31-4228-8a11-dda5fc7d4d5c","block_type":"box","text":"the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":203,"box":{"x":116,"y":710,"width":708,"height":12}},{"id":"56bb8c7a-f617-4243-8a0c-fba55a69808a","block_type":"box","text":"BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":203,"box":{"x":117,"y":726,"width":692,"height":12}},{"id":"17a76083-d67f-4d8d-97f0-5adac442b341","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund","page_number":203,"box":{"x":117,"y":741,"width":752,"height":12}},{"id":"e682510b-6ca1-4640-bdba-887f8bbd8550","block_type":"box","text":"to pay a higher commission than other brokers would charge if BlackRock determines in good faith that","page_number":203,"box":{"x":116,"y":757,"width":765,"height":12}},{"id":"71cb9848-a6a7-4575-b287-4906694df627","block_type":"box","text":"the commission is reasonable in relation to the services provided.","page_number":203,"box":{"x":116,"y":772,"width":485,"height":12}},{"id":"4be2eeb5-8c68-42dd-8938-6ef008b79818","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial","page_number":203,"box":{"x":117,"y":802,"width":733,"height":12}},{"id":"2156b5b3-37e6-4ee2-ad47-e334d1a2b289","block_type":"box","text":"interests of a Master Portfolio, it is expected that all transactions in portfolio securities will be entered","page_number":203,"box":{"x":117,"y":817,"width":745,"height":12}},{"id":"8f7c9961-2578-4c64-9c91-6b14c3e2ad8e","block_type":"box","text":"into by the Master Portfolio.","page_number":203,"box":{"x":117,"y":833,"width":208,"height":12}},{"id":"ef77feda-364f-4e09-bf5d-558ff65ad3a6","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to","page_number":203,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"fdfcd927-4ee8-42e6-9dcf-fcb3c89aaa2f","block_type":"box","text":"obtain the best price and most favorable execution for a Fund, taking into account a variety of factors","page_number":203,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"6875836b-f39a-4294-82ba-9425ce2bf42b","block_type":"box","text":"II-158","page_number":203,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"30439a6e-2e75-4699-a08b-1d1d3aab675b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":203,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e255e500-1a1f-48b5-9437-90cfcd2831a2","block_type":"box","text":"including: (i) the size, nature and character of the security or instrument being traded and the markets","page_number":204,"box":{"x":117,"y":87,"width":758,"height":12}},{"id":"ada91449-f01b-4250-9ddd-203af220a520","block_type":"box","text":"in which it is purchased or sold; (ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of","page_number":204,"box":{"x":117,"y":102,"width":764,"height":13}},{"id":"7bf82036-4273-4c36-96b3-9ed4a5380f3f","block_type":"box","text":"the expected commission rates and spreads currently available; (iv) the activity existing and expected","page_number":204,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"124e864b-eee8-41b1-8526-64ac6ce917fa","block_type":"box","text":"in the market for the particular security or instrument, including any anticipated execution difficulties;","page_number":204,"box":{"x":117,"y":134,"width":746,"height":12}},{"id":"1695312f-fe5e-40a6-bb93-c7c977cd685b","block_type":"box","text":"(v) the full range of brokerage services provided; (vi) the broker’s or dealer’s capital; (vii) the quality of","page_number":204,"box":{"x":117,"y":149,"width":759,"height":12}},{"id":"509fe348-80d6-4c77-8d0a-7da5d2cc46b5","block_type":"box","text":"research and research services provided; (viii) the reasonableness of the commission, dealer spread","page_number":204,"box":{"x":117,"y":165,"width":752,"height":12}},{"id":"ef3cdc40-0571-4be8-9109-ef5fff36a92d","block_type":"box","text":"or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual or apparent","page_number":204,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"0e788ec1-3dc3-477e-9357-dd19b52d56ed","block_type":"box","text":"operational problems of a broker or dealer.","page_number":204,"box":{"x":116,"y":196,"width":323,"height":11}},{"id":"4fc9230e-bd05-488e-9f04-7ad44ec141ea","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain","page_number":204,"box":{"x":116,"y":227,"width":723,"height":12}},{"id":"7a2c4a51-a51b-453f-9a22-6a749344fa27","block_type":"box","text":"circumstances to cause an account to pay a broker or dealer a commission for effecting a transaction","page_number":204,"box":{"x":116,"y":242,"width":757,"height":12}},{"id":"777dd65b-9afe-4739-9d17-2dda7604d729","block_type":"box","text":"that exceeds the amount another broker or dealer would have charged for effecting the same","page_number":204,"box":{"x":116,"y":258,"width":696,"height":12}},{"id":"c949c15f-585b-43da-a74b-5b7846482730","block_type":"box","text":"transaction in recognition of the value of brokerage and research services provided by that broker or","page_number":204,"box":{"x":116,"y":273,"width":748,"height":12}},{"id":"acb9b815-ce0a-47f4-bb3e-ec893011ff30","block_type":"box","text":"dealer. This includes commissions paid on riskless principal transactions under certain conditions.","page_number":204,"box":{"x":116,"y":289,"width":732,"height":12}},{"id":"6b0af6e8-5c19-4a5a-b38b-3bf3346fa8ad","block_type":"box","text":"Brokerage and research services include: (1) furnishing advice as to the value of securities, including","page_number":204,"box":{"x":117,"y":304,"width":754,"height":12}},{"id":"2fd492c1-dc5d-4fd1-ab77-c3090d18e27e","block_type":"box","text":"pricing and appraisal advice, credit analysis, risk measurement analysis, performance and other","page_number":204,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"e3434f03-64f5-441a-9986-b6cb8dbe7956","block_type":"box","text":"analysis, as well as the advisability of investing in, purchasing or selling securities, and the availability","page_number":204,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"e4a65796-9c95-4dcc-9b14-bd41387dc873","block_type":"box","text":"of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning","page_number":204,"box":{"x":116,"y":351,"width":725,"height":12}},{"id":"d9c0b769-281c-4b58-9cc3-ae42298d8d81","block_type":"box","text":"issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of","page_number":204,"box":{"x":117,"y":366,"width":757,"height":12}},{"id":"2ba8e308-f2fd-4836-86a6-65a194d3f250","block_type":"box","text":"accounts; and (3) effecting securities transactions and performing functions incidental to securities","page_number":204,"box":{"x":116,"y":382,"width":734,"height":12}},{"id":"6c168996-783c-4b92-8d9b-fd2fe64cf562","block_type":"box","text":"transactions (such as clearance, settlement, and custody). BlackRock believes that access to","page_number":204,"box":{"x":116,"y":397,"width":698,"height":12}},{"id":"23152d01-7afe-4d86-af1c-65c184c6d766","block_type":"box","text":"independent investment research is beneficial to its investment decision-making processes and,","page_number":204,"box":{"x":117,"y":413,"width":716,"height":12}},{"id":"c915c3fa-30ae-4905-839d-33741b1e6b81","block_type":"box","text":"therefore, to the Funds.","page_number":204,"box":{"x":116,"y":428,"width":180,"height":11}},{"id":"3008a87f-8192-4e91-81df-3dd8382d54db","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements","page_number":204,"box":{"x":117,"y":459,"width":739,"height":12}},{"id":"21cd9dbd-9bbb-4994-9f3f-2d46800cab90","block_type":"box","text":"under which BlackRock may execute transactions through a broker-dealer and request that the broker","page_number":204,"box":{"x":117,"y":475,"width":762,"height":12}},{"id":"4945b7c0-a274-4cd2-8b2c-960090fd86bb","block_type":"box","text":"dealer allocate a portion of the commissions or commission credits to another firm that provides","page_number":204,"box":{"x":116,"y":490,"width":715,"height":12}},{"id":"398fe593-a44a-4c99-98f2-57aa5cb8d712","block_type":"box","text":"research to BlackRock. BlackRock believes that research services obtained through soft dollar or","page_number":204,"box":{"x":117,"y":506,"width":725,"height":12}},{"id":"7e2d3381-86ae-439f-8fab-4b1c47fdded3","block_type":"box","text":"commission sharing arrangements enhance its investment decision-making capabilities, thereby","page_number":204,"box":{"x":116,"y":521,"width":718,"height":12}},{"id":"3ee08664-2c29-4e91-ae8e-e83e6b934b03","block_type":"box","text":"increasing the prospects for higher investment returns. BlackRock will engage only in soft dollar or","page_number":204,"box":{"x":117,"y":537,"width":733,"height":12}},{"id":"3c4fb8c4-6bff-4338-b5b6-79967cc5653b","block_type":"box","text":"commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":204,"box":{"x":116,"y":552,"width":744,"height":12}},{"id":"a520a576-b9f8-455b-ba68-3df09db3cfaa","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers,","page_number":204,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"12c552e5-b9d2-402f-aa70-e02b330e8f8d","block_type":"box","text":"including BIL, pay for any research out of their own resources and not through soft dollars or","page_number":204,"box":{"x":117,"y":583,"width":689,"height":12}},{"id":"088a1941-012d-478e-b59b-d1f3e36cea18","block_type":"box","text":"commission sharing arrangements. BlackRock regularly evaluates the soft dollar products and services","page_number":204,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"398995a4-4b1c-4d68-b53a-96551a58eb71","block_type":"box","text":"utilized, as well as the overall soft dollar and commission sharing arrangements to ensure that trades","page_number":204,"box":{"x":117,"y":614,"width":753,"height":12}},{"id":"4058e797-4a16-4cad-8826-b8139b8fde24","block_type":"box","text":"are executed by firms that are regarded as best able to execute trades for client accounts, while at the","page_number":204,"box":{"x":116,"y":630,"width":764,"height":12}},{"id":"19a1324b-aa1b-4ef3-b029-22b683eb8181","block_type":"box","text":"same time providing access to the research and other services BlackRock views as impactful to its","page_number":204,"box":{"x":116,"y":645,"width":737,"height":12}},{"id":"4b21ecf7-54b3-4675-94d7-299d45c556b1","block_type":"box","text":"trading results.","page_number":204,"box":{"x":116,"y":661,"width":109,"height":12}},{"id":"abc008fc-2292-4173-bb29-422be79a6e96","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including","page_number":204,"box":{"x":117,"y":692,"width":752,"height":12}},{"id":"2f6cf992-efd0-40f5-9a75-a9cc2e05a3bc","block_type":"box","text":"research (whether prepared by the broker-dealer or prepared by a third-party and provided to","page_number":204,"box":{"x":117,"y":707,"width":691,"height":12}},{"id":"283c53e3-f929-4a9f-b04f-753b8d8251f6","block_type":"box","text":"BlackRock by the broker-dealer) and execution or brokerage services within applicable rules and","page_number":204,"box":{"x":117,"y":723,"width":716,"height":12}},{"id":"7507181a-8c4e-4619-a577-bbbc30b0b29a","block_type":"box","text":"BlackRock’s policies to the extent that such permitted services do not compromise BlackRock’s ability","page_number":204,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"14ba59d8-ef54-4674-889f-019be36b95b0","block_type":"box","text":"to seek to obtain best execution. In this regard, the portfolio management investment and/or trading","page_number":204,"box":{"x":116,"y":754,"width":738,"height":12}},{"id":"c690be09-abb6-402d-9557-ea3a8d505ca4","block_type":"box","text":"teams may consider a variety of factors, including the degree to which the broker-dealer: (a) provides","page_number":204,"box":{"x":116,"y":769,"width":751,"height":12}},{"id":"66e31b19-e852-4e3c-9a34-955454dd7ebf","block_type":"box","text":"access to company management; (b) provides access to their analysts; (c) provides meaningful/","page_number":204,"box":{"x":116,"y":785,"width":714,"height":12}},{"id":"0935582d-7767-49e4-ae8f-3726b34afdec","block_type":"box","text":"insightful research notes on companies or other potential investments; (d) facilitates calls on which","page_number":204,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"037ec77d-a003-43e4-b2ee-f819e317d995","block_type":"box","text":"meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":204,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"6b91093c-23de-485c-bea8-8bb09bd76af8","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are","page_number":204,"box":{"x":116,"y":831,"width":729,"height":12}},{"id":"94bbd2f1-e218-4690-9109-0625b6de09c1","block_type":"box","text":"discussed; or (f) provides research tools such as market data, financial analysis, and other third-party","page_number":204,"box":{"x":116,"y":847,"width":757,"height":12}},{"id":"50bcafae-ebff-4746-a797-ee3c6ef6cd7e","block_type":"box","text":"related research and brokerage tools that aid in the investment process.","page_number":204,"box":{"x":117,"y":862,"width":539,"height":12}},{"id":"2adf5a41-0162-4429-b1ad-6ad85337539b","block_type":"box","text":"II-159","page_number":204,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"3842e1f9-f88a-410e-b3fa-e1cd7373e3e3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":204,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"70598656-6da5-4415-a1ac-8d4697502331","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with","page_number":205,"box":{"x":117,"y":87,"width":751,"height":12}},{"id":"329f6114-2466-4738-be8c-78f3dc18ebd8","block_type":"box","text":"Fund commissions may be in written form or through direct contact with individuals and may include","page_number":205,"box":{"x":117,"y":102,"width":745,"height":13}},{"id":"10c9b202-93f0-4de1-8ce2-7cdb866f0bd6","block_type":"box","text":"information as to particular companies or industries and securities or groups of securities, as well as","page_number":205,"box":{"x":117,"y":118,"width":746,"height":12}},{"id":"5f9f6d6b-5f63-43cf-8463-c9a5547e6509","block_type":"box","text":"market, economic, or institutional advice and statistical information, political developments and","page_number":205,"box":{"x":117,"y":134,"width":705,"height":11}},{"id":"2c5d8283-9b9e-4b78-89e2-c70ea50ed704","block_type":"box","text":"technical market information that assists in the valuation of investments. Except as noted immediately","page_number":205,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"2081ce0b-a43a-47ba-b600-8dfe2e3ac171","block_type":"box","text":"below, research services furnished by brokers may be used in servicing some or all client accounts","page_number":205,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"2ae2b8aa-b21d-4315-bef8-80ee834fc525","block_type":"box","text":"and not all services may be used in connection with the Fund or account that paid commissions to the","page_number":205,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"e6939e5b-4b0a-46fb-8385-ad25ba7b9b08","block_type":"box","text":"broker providing such services. In some cases, research information received from brokers by mutual","page_number":205,"box":{"x":117,"y":196,"width":757,"height":12}},{"id":"6cb183b5-77b8-4ae8-8abe-9474ef0082ca","block_type":"box","text":"fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":205,"box":{"x":116,"y":211,"width":699,"height":12}},{"id":"6576b0e6-5126-46f4-b6e0-2c0e5aaf6af1","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment","page_number":205,"box":{"x":117,"y":227,"width":708,"height":12}},{"id":"25b5961c-ea30-4f85-9a0e-bac27daf7a88","block_type":"box","text":"advisory or other fees paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt","page_number":205,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"40c3975e-3c29-4bd6-88d6-61391fbf63c8","block_type":"box","text":"of research services. In some cases, BlackRock may receive a service from a broker that has both a","page_number":205,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"8e332030-ab97-4789-b3f9-5f31f6bc646a","block_type":"box","text":"“research” and a “non-research” use. When this occurs BlackRock makes a good faith allocation,","page_number":205,"box":{"x":116,"y":273,"width":725,"height":12}},{"id":"88cddfb9-058c-4182-933a-042a24647ac7","block_type":"box","text":"under all the circumstances, between the research and non-research uses of the service. The","page_number":205,"box":{"x":117,"y":289,"width":700,"height":11}},{"id":"b9d177ac-8ac2-4dd3-8320-26a1080960f4","block_type":"box","text":"percentage of the service that is used for research purposes may be paid for with client commissions,","page_number":205,"box":{"x":117,"y":304,"width":758,"height":12}},{"id":"71ec2da3-2e05-4f6d-92fa-dbb690122e39","block_type":"box","text":"while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":205,"box":{"x":116,"y":320,"width":701,"height":12}},{"id":"d1a46b78-8a7d-4fbe-9279-e8dff8e3dc83","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of","page_number":205,"box":{"x":117,"y":335,"width":736,"height":12}},{"id":"d8a9b9f5-2c75-4c3d-bb4f-84753f354bc0","block_type":"box","text":"interest, but BlackRock believes that its allocation procedures are reasonably designed to ensure that it","page_number":205,"box":{"x":117,"y":351,"width":771,"height":12}},{"id":"a85845fa-7ab3-45a5-963f-7898d72b42d9","block_type":"box","text":"appropriately allocates the anticipated use of such services to their research and non-research uses.","page_number":205,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"9d4a8d1d-e16e-4bc1-8d4d-a84d3ecf316e","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay","page_number":205,"box":{"x":117,"y":397,"width":748,"height":12}},{"id":"90ed4a32-1d99-4942-b046-0de6a41e1ea7","block_type":"box","text":"for research from brokers. Investment managers in the EU are required to either pay for research out","page_number":205,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"3a117c82-b166-40ec-b581-0197615145b0","block_type":"box","text":"of their own profit and loss or agree with clients to have research costs paid by clients through","page_number":205,"box":{"x":116,"y":428,"width":702,"height":12}},{"id":"60cb6d6e-804e-4935-bdcd-29e55a418622","block_type":"box","text":"research payment accounts that are directly funded or funded by a specific client research charge","page_number":205,"box":{"x":117,"y":444,"width":730,"height":12}},{"id":"4cf62ef7-f7ea-4529-8de5-d2223bd74896","block_type":"box","text":"collected alongside execution commissions, provided that the payments for research are unbundled","page_number":205,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"a6061a89-7098-41c4-88bd-51c125dc7b48","block_type":"box","text":"from the payments for execution. BIL will pay for any research out of its own resources and not through","page_number":205,"box":{"x":116,"y":475,"width":771,"height":12}},{"id":"8623935c-0c33-4372-bb9c-0097a5f0ce66","block_type":"box","text":"soft dollars or commission sharing arrangements.","page_number":205,"box":{"x":116,"y":490,"width":372,"height":12}},{"id":"f8e93ca0-de47-4dfa-8a2e-c0705547eceb","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio","page_number":205,"box":{"x":117,"y":521,"width":740,"height":12}},{"id":"dd4b7167-7c33-42e3-9565-a482c6eca4a8","block_type":"box","text":"with respect to the Feeder Fund (or affiliated persons of such persons), will be made in accordance","page_number":205,"box":{"x":116,"y":537,"width":741,"height":12}},{"id":"6930e99e-c6a9-4be4-a405-db0c504ae05e","block_type":"box","text":"with Rule 17e-1 under the Investment Company Act. Subject to policies established by the Board of","page_number":205,"box":{"x":116,"y":552,"width":743,"height":12}},{"id":"f9465c9c-966f-40a0-9ca9-b561ca06facf","block_type":"box","text":"Directors of the Master Portfolio, BlackRock is primarily responsible for the execution of the Master","page_number":205,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"1d297316-c07b-4e21-8a28-8b8c7db39aa3","block_type":"box","text":"Portfolio’s portfolio transactions and the allocation of brokerage.","page_number":205,"box":{"x":117,"y":583,"width":478,"height":12}},{"id":"b22f9888-6a92-47a9-9960-a9cd2f262e16","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these","page_number":205,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"da263c9a-3a2c-45d1-87e0-afa84493f5d6","block_type":"box","text":"situations, the broker may be a member of the selling group that will, in addition to selling securities,","page_number":205,"box":{"x":116,"y":630,"width":746,"height":12}},{"id":"91196a80-a8a1-4c1d-a9da-da53896fc8e3","block_type":"box","text":"provide BlackRock with research services. FINRA has adopted rules expressly permitting these types","page_number":205,"box":{"x":117,"y":645,"width":757,"height":12}},{"id":"56d8948f-f6bf-4021-85f2-cc0b344d78b0","block_type":"box","text":"of arrangements under certain circumstances. Generally, the broker will provide research “credits” in","page_number":205,"box":{"x":116,"y":661,"width":744,"height":12}},{"id":"772801de-b249-4d45-a5e5-904f38064661","block_type":"box","text":"these situations at a rate that is higher than that available for typical secondary market transactions.","page_number":205,"box":{"x":116,"y":676,"width":739,"height":12}},{"id":"bc5f6f29-210a-48ee-9a43-dc99ed6d2545","block_type":"box","text":"These arrangements may not fall within the safe harbor of Section 28(e).","page_number":205,"box":{"x":116,"y":692,"width":538,"height":12}},{"id":"13335c9d-9b69-42d4-93cb-2aaec58bef4f","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection","page_number":205,"box":{"x":117,"y":723,"width":756,"height":9}},{"id":"1f78649f-8780-4ef1-b038-63b860dddd02","block_type":"box","text":"of brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular","page_number":205,"box":{"x":116,"y":738,"width":756,"height":12}},{"id":"bb80b6d9-8a1f-4e23-b5f3-c6bb21d99e82","block_type":"box","text":"broker or dealer sells shares of the mutual funds advised by BlackRock neither qualifies nor","page_number":205,"box":{"x":117,"y":754,"width":680,"height":12}},{"id":"19f05b25-14d1-47d1-be6c-b183833e9f94","block_type":"box","text":"disqualifies such broker or dealer to execute transactions for those mutual funds.","page_number":205,"box":{"x":116,"y":769,"width":599,"height":12}},{"id":"c67aabeb-a972-4fc2-949e-f956f1eccc3b","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be","page_number":205,"box":{"x":117,"y":800,"width":721,"height":12}},{"id":"638824f9-61a8-46f3-9f69-01f39165eef4","block_type":"box","text":"conducted primarily on the principal stock exchanges of the applicable country. Foreign equity","page_number":205,"box":{"x":116,"y":816,"width":697,"height":12}},{"id":"fe75d8d4-8d9e-42cc-a53f-d5e93cfb1afe","block_type":"box","text":"securities may be held by a Fund in the form of depositary receipts, or other securities convertible into","page_number":205,"box":{"x":116,"y":831,"width":762,"height":12}},{"id":"a1ee149e-96bc-4b1a-9ca9-7a762aa798de","block_type":"box","text":"foreign equity securities. Depositary receipts may be listed on stock exchanges, or traded in OTC","page_number":205,"box":{"x":116,"y":847,"width":727,"height":12}},{"id":"5c7020c7-dc4d-4365-bd4b-6d4a672ea8e0","block_type":"box","text":"markets in the United States or Europe, as the case may be. American Depositary Receipts, like other","page_number":205,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"217c587a-db3f-4ca7-afc1-f5af20e042be","block_type":"box","text":"securities traded in the United States, will be subject to negotiated commission rates. Because the","page_number":205,"box":{"x":116,"y":878,"width":734,"height":12}},{"id":"812eaafa-cf66-48aa-98a2-8ae57f0152b5","block_type":"box","text":"II-160","page_number":205,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"bc290497-1743-4bed-81e9-9a00d5981693","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":205,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"317751ae-dd0f-4d1d-ba6d-5f30395dee60","block_type":"box","text":"shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund intends to manage its","page_number":206,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"24b9637f-19ee-406b-9860-ab47829c9470","block_type":"box","text":"portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the extent","page_number":206,"box":{"x":117,"y":102,"width":725,"height":13}},{"id":"7d6e3f9d-1e69-403b-947c-a9e6a718b435","block_type":"box","text":"necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":206,"box":{"x":117,"y":118,"width":730,"height":12}},{"id":"e171ce5e-64f3-4358-8ea7-82293d7140d5","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":206,"box":{"x":116,"y":134,"width":561,"height":12}},{"id":"b8406ae1-9864-43b8-9cf0-395de059ebdb","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the","page_number":206,"box":{"x":116,"y":165,"width":366,"height":12}},{"id":"7451d677-fa56-46ee-83f8-3e0c81a1f232","block_type":"box","text":"SAI for information about the brokerage commissions","page_number":206,"box":{"x":482,"y":165,"width":392,"height":12}},{"id":"0dbadc8a-14e4-4305-a0ee-39cc5cc3559f","block_type":"box","text":"paid by your Fund, including commissions paid to a","page_number":206,"box":{"x":117,"y":180,"width":371,"height":12}},{"id":"2a6cb5e5-ee37-4bcb-a9ff-926cb856f042","block_type":"box","text":"ffiliates, if any, for the periods indicated.","page_number":206,"box":{"x":489,"y":180,"width":293,"height":12}},{"id":"c1c1055d-6542-4d76-a29b-09ddf4f28fc1","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with","page_number":206,"box":{"x":117,"y":211,"width":753,"height":12}},{"id":"395f5e89-787c-474f-bbba-0e14e194bfb5","block_type":"box","text":"the dealers who make a market in the particular securities, except in those circumstances in which","page_number":206,"box":{"x":116,"y":227,"width":735,"height":11}},{"id":"9195984e-9b41-4c16-b018-081dabd6fa1a","block_type":"box","text":"better prices and execution are available elsewhere. Under the Investment Company Act, persons","page_number":206,"box":{"x":117,"y":242,"width":732,"height":12}},{"id":"dc161727-c501-4bac-82e7-063498e521ec","block_type":"box","text":"affiliated with a Fund and persons who are affiliated with such affiliated persons are prohibited from","page_number":206,"box":{"x":116,"y":258,"width":741,"height":11}},{"id":"0e50f0e0-d0ff-4019-8a62-d7af7b2d0a16","block_type":"box","text":"dealing with the Fund as principal in the purchase and sale of securities unless a permissive order","page_number":206,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"8d3fb1cd-3162-47f5-92b4-7c112816c68c","block_type":"box","text":"allowing such transactions is obtained from the Commission. Since transactions in the OTC market","page_number":206,"box":{"x":116,"y":289,"width":740,"height":12}},{"id":"4bc0f491-a3a6-452c-92ff-8ee4c1fe5b74","block_type":"box","text":"usually involve transactions with the dealers acting as principal for their own accounts, the Funds will","page_number":206,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"1e4272bd-7ad8-4745-8d3b-3c0faaa378d0","block_type":"box","text":"not deal with affiliated persons in connection with such transactions. However, an affiliated person of a","page_number":206,"box":{"x":117,"y":320,"width":764,"height":12}},{"id":"d399f2db-d058-46dd-acab-ee6f7a74cd33","block_type":"box","text":"Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":206,"box":{"x":117,"y":335,"width":769,"height":12}},{"id":"4cf73cc1-b95a-4dc6-a249-5623a75704e6","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared","page_number":206,"box":{"x":116,"y":351,"width":762,"height":12}},{"id":"7e212caf-f590-44d6-95f7-5ee55f3537eb","block_type":"box","text":"to the fee or commission received by non-affiliated brokers in connection with comparable transactions.","page_number":206,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"f49e9e9a-975b-4c4c-8e78-6edfa8fd3737","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government","page_number":206,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"bdd85d46-1364-4592-b472-7741a2c78622","block_type":"box","text":"Securities, are normally traded on a “net” basis without a stated commission, through dealers acting for","page_number":206,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"def5c8ff-f51d-48d5-ad81-80a0247974fd","block_type":"box","text":"their own account and not as brokers. The Funds will primarily engage in transactions with these","page_number":206,"box":{"x":116,"y":428,"width":721,"height":12}},{"id":"80a8233d-1890-4197-94fc-7a4b27500a68","block_type":"box","text":"dealers or deal directly with the issuer unless a better price or execution could be obtained by using a","page_number":206,"box":{"x":116,"y":444,"width":757,"height":12}},{"id":"d550005e-bc10-4926-81e3-ee0c998e921b","block_type":"box","text":"broker. Prices paid to a dealer with respect to both foreign and domestic securities will generally","page_number":206,"box":{"x":117,"y":459,"width":716,"height":12}},{"id":"810093d9-6d90-435e-be12-6693d4eff95b","block_type":"box","text":"include a “spread,” which is the difference between the prices at which the dealer is willing to purchase","page_number":206,"box":{"x":117,"y":475,"width":766,"height":12}},{"id":"08d15737-5bc1-414a-870b-3a00f028dc25","block_type":"box","text":"and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":206,"box":{"x":116,"y":490,"width":596,"height":12}},{"id":"6aeb4700-fb49-46c5-a6e5-75c20343a448","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers.","page_number":206,"box":{"x":117,"y":521,"width":756,"height":12}},{"id":"56a49741-0106-4b34-a442-7696cb7dc948","block_type":"box","text":"The Funds do not currently expect to incur any brokerage commission expense on such transactions","page_number":206,"box":{"x":116,"y":537,"width":753,"height":12}},{"id":"6dbdddb9-042c-40d4-bdc1-a4edfc4b8c16","block_type":"box","text":"because money market instruments are generally traded on a “net” basis with dealers acting as","page_number":206,"box":{"x":117,"y":552,"width":712,"height":12}},{"id":"21d5f0d5-a7a0-4a2b-9fd3-d5ac1dc0cf65","block_type":"box","text":"principal for their own accounts without a stated commission. The price of the security, however,","page_number":206,"box":{"x":117,"y":568,"width":718,"height":12}},{"id":"56eb4a2f-0783-4fc8-ac8e-302351dfb976","block_type":"box","text":"usually includes a profit to the dealer. Each money market fund intends to purchase only securities with","page_number":206,"box":{"x":117,"y":583,"width":771,"height":12}},{"id":"59e3f239-457e-4bf6-a3bb-eb635ccf2acc","block_type":"box","text":"remaining maturities of 397 days or less as determined in accordance with the rules of the","page_number":206,"box":{"x":117,"y":599,"width":672,"height":12}},{"id":"35c5dc78-8512-4b9f-b00f-ffdfc32820f5","block_type":"box","text":"Commission. As a result, the portfolio turnover rates of a money market fund will be relatively high.","page_number":206,"box":{"x":117,"y":614,"width":736,"height":12}},{"id":"81fc8e38-4ae2-4401-ab2b-c846952ad02c","block_type":"box","text":"However, because brokerage commissions will not normally be paid with respect to investments made","page_number":206,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"c3e6e17b-de90-4aed-b37c-2d558c3bc5f4","block_type":"box","text":"by a money market fund, the turnover rates should","page_number":206,"box":{"x":117,"y":645,"width":380,"height":12}},{"id":"c5764968-b063-402e-a7f9-d9d766912609","block_type":"box","text":"not adversely affect the Fund’s NAVs or net","page_number":206,"box":{"x":498,"y":645,"width":328,"height":12}},{"id":"57beb331-c4fa-4173-894b-883514f1ed90","block_type":"box","text":"income.","page_number":206,"box":{"x":117,"y":661,"width":56,"height":9}},{"id":"c2a6e9b8-b52b-4839-9b07-4910daaafc73","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the","page_number":206,"box":{"x":116,"y":692,"width":689,"height":12}},{"id":"3b8ce2ac-340f-4091-bfac-81bc49012c2e","block_type":"box","text":"underwriter, generally referred to as the underwriter’s concession or discount. When offered securities","page_number":206,"box":{"x":117,"y":707,"width":756,"height":12}},{"id":"0d828edc-9d54-4fa7-a006-fca8a408e7bb","block_type":"box","text":"are purchased or sold directly from or to an issuer, no commissions or discounts are paid except where","page_number":206,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"4b649fb9-ff05-4979-bd0f-bf72811cc74e","block_type":"box","text":"required by local markets.","page_number":206,"box":{"x":117,"y":738,"width":190,"height":12}},{"id":"1f19a05e-4a89-4e5b-8e95-2f8e7fe9e38a","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or","page_number":206,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"0a1bfcec-9ff0-4664-a236-e76510c8c574","block_type":"box","text":"dealers selling commercial paper to consider the repurchase of such securities from a Fund prior to","page_number":206,"box":{"x":116,"y":785,"width":736,"height":12}},{"id":"e71c2463-d54a-434d-beaf-087ed87059d1","block_type":"box","text":"maturity at their original cost plus interest (sometimes adjusted to reflect the actual maturity of the","page_number":206,"box":{"x":117,"y":800,"width":723,"height":12}},{"id":"0bf70a09-7fe8-401c-b755-1c3f3d603b64","block_type":"box","text":"securities), if it believes that a Fund’s anticipated need for liquidity makes such action desirable. Any","page_number":206,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"1eed045f-5537-49eb-ad74-c8214b959354","block_type":"box","text":"such repurchase prior to maturity reduces the possibility that a Fund would incur a capital loss in","page_number":206,"box":{"x":116,"y":831,"width":720,"height":12}},{"id":"70f95c1c-6c96-4974-81e9-96b4f0f36e04","block_type":"box","text":"liquidating commercial paper, especially if interest rates have risen since acquisition of such","page_number":206,"box":{"x":117,"y":847,"width":685,"height":12}},{"id":"9ab6405b-f34a-4ea7-a1da-16786989aa22","block_type":"box","text":"commercial paper.","page_number":206,"box":{"x":116,"y":862,"width":143,"height":12}},{"id":"a6f925b1-1761-4ac3-a624-d3dc9a23de3e","block_type":"box","text":"II-161","page_number":206,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"eef11fcf-08dc-4bfe-822a-50ee6b47945f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":206,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"14b96a1a-8e09-4a47-aac5-f907e9b77ff0","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or","page_number":207,"box":{"x":117,"y":87,"width":744,"height":12}},{"id":"ef439ad7-6bab-4b98-92ce-5c5a2159da77","block_type":"box","text":"sub-advisers are made independently of each other in light of differing conditions. BlackRock allocates","page_number":207,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"f0f690db-9315-4d19-89ae-e24f27cefd18","block_type":"box","text":"investments among client accounts in a fair and equitable manner over time. A variety of factors will be","page_number":207,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"96128391-e06a-4bdd-85e6-ac4527b8d003","block_type":"box","text":"considered in making such allocations. These factors include: (i) investment objectives or strategies for","page_number":207,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"c6cefbaf-843b-49b8-8e73-71eaadcdbead","block_type":"box","text":"particular accounts, including sector, industry, country or region and capitalization weightings, (ii) tax","page_number":207,"box":{"x":117,"y":149,"width":749,"height":12}},{"id":"b2315b12-119a-4178-a8fe-4fb897428e1b","block_type":"box","text":"considerations of an account, (iii) risk or investment concentration parameters for an account,","page_number":207,"box":{"x":116,"y":165,"width":699,"height":12}},{"id":"2862ba1e-4e60-4255-bb98-2fb0281c3b23","block_type":"box","text":"(iv) supply or demand for a security at a given price level, (v) size of available investment, (vi) cash","page_number":207,"box":{"x":117,"y":180,"width":737,"height":12}},{"id":"f1d9fb7a-d9d2-4771-886c-20e154d1bec9","block_type":"box","text":"availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum","page_number":207,"box":{"x":116,"y":196,"width":690,"height":12}},{"id":"216ae3b0-558a-4647-af4f-fcf4f88ee9bb","block_type":"box","text":"investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":207,"box":{"x":117,"y":211,"width":717,"height":12}},{"id":"ba681cae-e347-4d43-a971-3fe9b963437c","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client","page_number":207,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"7ce41ae9-e582-4e12-8f27-f8fdbb9f656f","block_type":"box","text":"account over another based on any of the following considerations: (i) to favor one client account at the","page_number":207,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"159518dc-0d76-439e-b26c-bf36c066192c","block_type":"box","text":"expense of another, (ii) to generate higher fees paid by one client account over another or to produce","page_number":207,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"05bc2c5e-6d79-4c96-8a92-adceda991f0d","block_type":"box","text":"greater performance compensation to BlackRock, (iii) to develop or enhance a relationship with a client","page_number":207,"box":{"x":116,"y":273,"width":770,"height":12}},{"id":"f68a472f-de9d-48cf-8281-d870515567da","block_type":"box","text":"or prospective client, (iv) to compensate a client for past services or benefits rendered to BlackRock or","page_number":207,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"d43bd9b7-688f-4ba2-97a5-aa1cc4da18ad","block_type":"box","text":"to induce future services or benefits to be rendered to BlackRock, or (v) to manage or equalize","page_number":207,"box":{"x":116,"y":304,"width":707,"height":12}},{"id":"1f9e1f84-720f-444d-bd42-df0b7f023899","block_type":"box","text":"investment performance among different client accounts.","page_number":207,"box":{"x":117,"y":320,"width":426,"height":12}},{"id":"76e51c59-ca2c-4f50-b541-b0d141b3c8b6","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment","page_number":207,"box":{"x":117,"y":351,"width":702,"height":12}},{"id":"fc4f2b66-9693-4473-b7ae-0d81609da2d4","block_type":"box","text":"mandate on a pro rata basis. All allocations of equity securities will be subject, where relevant, to share","page_number":207,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"88ecd09a-8649-4b95-bd77-5fcea6055de5","block_type":"box","text":"minimums established for accounts and compliance constraints.","page_number":207,"box":{"x":117,"y":382,"width":479,"height":12}},{"id":"5c5db051-02fc-4d65-80f0-d85f57f98f64","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":207,"box":{"x":117,"y":413,"width":768,"height":12}},{"id":"b69d48a8-ce03-4e45-b66e-1f26991ae16a","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less","page_number":207,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"91f23787-1120-42ce-bebf-a674298c69a4","block_type":"box","text":"than the amount of securities the accounts would otherwise take. In order to allocate these investments","page_number":207,"box":{"x":116,"y":444,"width":772,"height":9}},{"id":"00685c73-e173-4feb-9ad6-83a9042a0974","block_type":"box","text":"fairly and equitably among client accounts over time, each portfolio manager or a member of his or her","page_number":207,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"e9ae97ac-c431-4637-b945-ed4548a2330e","block_type":"box","text":"respective investment team will indicate to BlackRock’s trading desk their level of interest in a","page_number":207,"box":{"x":117,"y":475,"width":697,"height":12}},{"id":"434ed5fc-dbe1-42ff-8cf3-176276cbb139","block_type":"box","text":"particular offering with respect to eligible client accounts for which that team is responsible. Initial","page_number":207,"box":{"x":117,"y":490,"width":723,"height":12}},{"id":"ba61a12f-6fc0-46a8-9937-a37b2f10c042","block_type":"box","text":"public offerings of U.S. equity securities will be identified as eligible for particular client accounts that","page_number":207,"box":{"x":117,"y":506,"width":748,"height":12}},{"id":"a2755795-f7f3-4131-85b1-ffb2ba3ed93b","block_type":"box","text":"are managed by portfolio teams who have indicated interest in the offering based on market","page_number":207,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"df12d4b3-f6b9-4909-abc4-43e88b718ec1","block_type":"box","text":"capitalization of the issuer of the security and the investment mandate of the client account and in the","page_number":207,"box":{"x":116,"y":537,"width":758,"height":12}},{"id":"d0424771-3a0d-49b5-a3d6-b6146a589caf","block_type":"box","text":"case of international equity securities, the country where the offering is taking place and the investment","page_number":207,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"8f08d6d9-2390-4735-a4d3-83848610f9af","block_type":"box","text":"mandate of the client account. Generally, shares received during the initial public offering will be","page_number":207,"box":{"x":117,"y":568,"width":716,"height":12}},{"id":"36a6477c-3f8f-446c-ab69-b442486ef274","block_type":"box","text":"allocated among participating client accounts within each investment mandate on a pro rata basis. In","page_number":207,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"ac5051c4-e5d9-423b-b2ca-b43379aec95f","block_type":"box","text":"situations where supply is too limited to be allocated among all accounts for which the investment is","page_number":207,"box":{"x":116,"y":599,"width":744,"height":12}},{"id":"211bc045-3f3c-4ead-b803-6d1f8078f010","block_type":"box","text":"eligible, portfolio managers may rotate such investment opportunities among one or more accounts so","page_number":207,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"3c904343-077f-48b0-b7df-affd0d25aacb","block_type":"box","text":"long as the rotation system provides for fair access for all client accounts over time. Other allocation","page_number":207,"box":{"x":117,"y":630,"width":746,"height":12}},{"id":"3e0cea22-bdbb-43cd-810e-8169909c5f66","block_type":"box","text":"methodologies that are considered by BlackRock to be fair and equitable to clients may be used as","page_number":207,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"a84b1353-f2ae-4fa3-9b1e-03e4bdf992b0","block_type":"box","text":"well.","page_number":207,"box":{"x":116,"y":661,"width":32,"height":9}},{"id":"82e5fd4e-b9fb-4fe2-8d23-d454155af235","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy","page_number":207,"box":{"x":117,"y":692,"width":760,"height":12}},{"id":"faa702d7-f2c4-4d4b-bd4b-5ec16e69498b","block_type":"box","text":"and sell the same securities at the same time for different clients based on the particular investment","page_number":207,"box":{"x":116,"y":707,"width":741,"height":12}},{"id":"e9b172bc-b41d-478a-b170-330d5c876956","block_type":"box","text":"objective, guidelines and strategies of those accounts. For example, BlackRock may decide that it may","page_number":207,"box":{"x":116,"y":723,"width":763,"height":12}},{"id":"1171a66a-99f1-49c8-a432-8f32e2fdecb6","block_type":"box","text":"be entirely appropriate for a growth fund to sell a security at the same time a value fund is buying that","page_number":207,"box":{"x":117,"y":738,"width":752,"height":12}},{"id":"c13c55fa-1f0a-4da6-be02-e6b3f5bc5bcc","block_type":"box","text":"security. To the extent that transactions on behalf of more than one client of BlackRock or its affiliates","page_number":207,"box":{"x":116,"y":754,"width":754,"height":12}},{"id":"1c95833c-0550-42e3-b786-1cdac5ae2689","block_type":"box","text":"during the same period may increase the demand for securities being purchased or the supply of","page_number":207,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"aec7038f-2372-46f0-a9c2-480043473dec","block_type":"box","text":"securities being sold, there may be an adverse effect on price. For example, sales of a security by","page_number":207,"box":{"x":116,"y":785,"width":728,"height":12}},{"id":"3a3275aa-254b-4e6a-b137-87052f2bace2","block_type":"box","text":"BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":207,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"89324b4e-7bd6-49c5-b7e7-c99891468106","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of","page_number":207,"box":{"x":116,"y":816,"width":701,"height":12}},{"id":"f84a497a-8624-4e64-b2dc-37baef66fad3","block_type":"box","text":"securities arise for consideration at or about the same time that would involve a Fund or other clients or","page_number":207,"box":{"x":116,"y":831,"width":772,"height":10}},{"id":"98bfde78-206f-46eb-b54b-3dce7961be9b","block_type":"box","text":"funds for which BlackRock or an affiliate act as investment manager, transactions in such securities will","page_number":207,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"d9981f00-8555-4832-bd31-5fecf7d9abb2","block_type":"box","text":"be made, insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":207,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"39c62a54-9913-4b1f-92b2-6bbc934f13dc","block_type":"box","text":"II-162","page_number":207,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"116d50b0-f37b-44f5-9aa0-fedbc9129f95","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":207,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"de84ed65-6123-4f5d-8b73-2a498ee275d8","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":208,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"9af784c6-2e57-45d0-943a-703576b8fc28","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":208,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"7f3875f4-827f-478b-9bb4-224b5b157475","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or","page_number":208,"box":{"x":116,"y":118,"width":733,"height":12}},{"id":"7a406ff4-b3f0-428f-8348-a8bdf186046b","block_type":"box","text":"investment team will be aggregated in a single order if the trader believes the aggregated trade would","page_number":208,"box":{"x":117,"y":134,"width":758,"height":12}},{"id":"5d65b41b-3a4d-4efe-a7b3-35fadc409a31","block_type":"box","text":"provide each client with an opportunity to achieve a more favorable execution at a potentially lower","page_number":208,"box":{"x":117,"y":149,"width":737,"height":12}},{"id":"4328df6c-9ed2-4e36-8928-6709e00f658d","block_type":"box","text":"execution cost. The costs associated with an aggregated order will be shared pro rata among the","page_number":208,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"c7fa6ee8-db80-49be-97a2-f10fa48b0fbb","block_type":"box","text":"clients in the aggregated order. Generally, if an order for a particular portfolio manager or management","page_number":208,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"4d216da5-755b-44a1-9e6d-2be8e7dd6c7c","block_type":"box","text":"team is filled at several different prices through multiple trades, all accounts participating in the order","page_number":208,"box":{"x":116,"y":196,"width":750,"height":12}},{"id":"5ff3a6ce-14ce-490e-832f-bac07137eacc","block_type":"box","text":"will receive the average price except in the case of certain international markets where average pricing","page_number":208,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"1e94c6fc-ec67-424e-a733-d2da818212a3","block_type":"box","text":"is not permitted. While in some cases this practice could have a detrimental effect upon the price or","page_number":208,"box":{"x":117,"y":227,"width":742,"height":11}},{"id":"2ee6df25-229a-49b7-ae7b-183b2651c819","block_type":"box","text":"value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":208,"box":{"x":116,"y":242,"width":747,"height":12}},{"id":"6a6a405d-fe72-4219-8a52-add4f63c6647","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period","page_number":208,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"6f340967-1178-463b-8ccc-e1f377600ad4","block_type":"box","text":"may increase the demand for securities being purchased or the supply of securities being sold, causing","page_number":208,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"b7b76291-804c-48fc-9427-d9b45232d620","block_type":"box","text":"an adverse effect on price. The trader will give the aggregated order to the broker-dealer that the trader","page_number":208,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"63752742-f16d-4bae-92b8-14a443c6b7be","block_type":"box","text":"has identified as being able to provide the best execution of the order. Orders for purchase or sale of","page_number":208,"box":{"x":117,"y":304,"width":751,"height":12}},{"id":"942fb643-8735-4997-a0e8-373ff7e58239","block_type":"box","text":"securities will be placed within a reasonable amount of time of the order receipt and aggregated orders","page_number":208,"box":{"x":116,"y":320,"width":768,"height":12}},{"id":"fb04bfaa-cf75-4c38-a8c5-accbc11607b4","block_type":"box","text":"will be kept aggregated only long enough to execute the order.","page_number":208,"box":{"x":116,"y":335,"width":469,"height":12}},{"id":"f3889a85-0874-4761-9ca1-7a00f67ba930","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to","page_number":208,"box":{"x":116,"y":366,"width":765,"height":12}},{"id":"948eb526-0bf4-4a38-bfb6-b8ff58f53365","block_type":"box","text":"such securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment","page_number":208,"box":{"x":116,"y":382,"width":709,"height":12}},{"id":"30e9ff62-780c-427b-a0c8-4e3185cb3d74","block_type":"box","text":"Company Act) thereof is a member except pursuant to procedures adopted by the Board of Directors in","page_number":208,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"49b7b6cb-c580-48d4-9f70-23107430a038","block_type":"box","text":"accordance with Rule 10f-3 under the Investment Company Act. In no instance will portfolio securities","page_number":208,"box":{"x":116,"y":413,"width":759,"height":12}},{"id":"d26c8b5f-1a97-424e-a80d-7e2d283b61d4","block_type":"box","text":"be purchased from or sold to BlackRock, BRIL or any affiliated person of the foregoing entities except","page_number":208,"box":{"x":117,"y":428,"width":758,"height":12}},{"id":"3aafa830-282c-4849-9a60-072c965c165c","block_type":"box","text":"as permitted by Commission exemptive order or by applicable law.","page_number":208,"box":{"x":116,"y":444,"width":499,"height":12}},{"id":"6d9a7842-914a-4890-9212-37eb33b0f917","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment","page_number":208,"box":{"x":116,"y":475,"width":731,"height":12}},{"id":"b704443d-da07-4acd-92ee-92a16538a8f0","block_type":"box","text":"companies, clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio","page_number":208,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"ad7cdbd3-3e5f-4010-825a-783567c3d33f","block_type":"box","text":"securities of a Fund and one or more other accounts managed or advised by BlackRock are","page_number":208,"box":{"x":116,"y":506,"width":687,"height":12}},{"id":"59751a0d-5b01-4777-966f-ea21a2c15deb","block_type":"box","text":"considered at or about the same time, transactions in such securities are allocated among the Fund","page_number":208,"box":{"x":116,"y":521,"width":745,"height":12}},{"id":"418046ac-15e4-4c7c-be08-31e11e248be2","block_type":"box","text":"and the other accounts in a manner deemed equitable to all by BlackRock. In some cases, this","page_number":208,"box":{"x":116,"y":537,"width":708,"height":12}},{"id":"8badffd9-1352-437c-9f3a-5a6456447ab1","block_type":"box","text":"procedure could have a detrimental effect on the price or volume of the security as far as a Fund is","page_number":208,"box":{"x":117,"y":552,"width":737,"height":12}},{"id":"37b609bc-a11a-443b-9b2b-7f9ecd2a64ca","block_type":"box","text":"concerned. However, in other cases, it is possible that the ability to participate in volume transactions","page_number":208,"box":{"x":116,"y":568,"width":756,"height":12}},{"id":"f7573ac3-8233-41ba-bf87-bc714b328196","block_type":"box","text":"and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":208,"box":{"x":116,"y":583,"width":760,"height":12}},{"id":"aca22047-a7c2-4a11-9eef-3d2ca04b9a14","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from","page_number":208,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"737ba7cd-9360-48cd-ae37-e7877b461865","block_type":"box","text":"time to time, effect trades on behalf of and for the","page_number":208,"box":{"x":116,"y":614,"width":372,"height":11}},{"id":"574c8457-d739-4560-921b-ac1f8c7e3052","block_type":"box","text":"account of a Fund with brokers or dealers that are","page_number":208,"box":{"x":488,"y":614,"width":376,"height":10}},{"id":"4915b1de-0a2d-4159-9839-991f731e341a","block_type":"box","text":"affiliated with BFA, in conformity with the Investment Company Act and Commission rules and","page_number":208,"box":{"x":116,"y":630,"width":703,"height":12}},{"id":"d93ccc05-32b0-4280-85dc-e9c5f69f3b1b","block_type":"box","text":"regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be","page_number":208,"box":{"x":117,"y":645,"width":733,"height":12}},{"id":"ccb7e521-27c7-4b3a-aa99-f3a2c53708de","block_type":"box","text":"reasonable and fair compared to the commissions charged by other brokers or dealers in comparable","page_number":208,"box":{"x":117,"y":661,"width":752,"height":12}},{"id":"050f496a-b2af-46eb-a194-efdc1d8bb276","block_type":"box","text":"transactions. A Fund will not deal with affiliates in principal transactions unless permitted by applicable","page_number":208,"box":{"x":116,"y":676,"width":759,"height":12}},{"id":"a0959470-c869-4b57-9e6e-a067444d27fa","block_type":"box","text":"Commission rules or regulations, or by Commission exemptive order.","page_number":208,"box":{"x":117,"y":692,"width":512,"height":12}},{"id":"a800bf66-be7a-414c-a29e-70f666d68a9e","block_type":"box","text":"Portfolio Turnover","page_number":208,"box":{"x":117,"y":723,"width":146,"height":9}},{"id":"238508bc-bf19-4a15-ae55-991905ba6cec","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of","page_number":208,"box":{"x":116,"y":746,"width":761,"height":12}},{"id":"0a5070c0-6ece-4105-92f5-d9cecce40b4b","block_type":"box","text":"portfolio securities (exclusive of purchases or sales of U.S. Government Securities and all other","page_number":208,"box":{"x":117,"y":761,"width":708,"height":13}},{"id":"e6124009-aa9b-46ee-a444-4b7f3b5ad392","block_type":"box","text":"securities whose maturities at the time of acquisition were one year or less) by the monthly average","page_number":208,"box":{"x":116,"y":777,"width":738,"height":12}},{"id":"41333e0a-5b6e-4295-abe7-6d5bb674dfc9","block_type":"box","text":"value of the securities in the portfolio during the year. A high rate of portfolio turnover results in certain","page_number":208,"box":{"x":116,"y":792,"width":757,"height":13}},{"id":"1f897ad2-449c-4689-93fc-4a9c5e12b01c","block_type":"box","text":"tax consequences, such as increased capital gain dividends and/or ordinary income dividends, and in","page_number":208,"box":{"x":116,"y":808,"width":752,"height":12}},{"id":"926d14f3-61fd-4474-a0ae-cffaf45f1edd","block_type":"box","text":"correspondingly greater transaction costs in the form of dealer spreads and brokerage commissions,","page_number":208,"box":{"x":116,"y":823,"width":745,"height":13}},{"id":"89bf924b-8901-4eb6-a24c-c2bd45037db9","block_type":"box","text":"which are borne directly by a Fund.","page_number":208,"box":{"x":116,"y":839,"width":266,"height":12}},{"id":"f6232afb-f7f4-4a17-9eaa-5cfb2ec1e470","block_type":"box","text":"II-163","page_number":208,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"215aebbf-b3e1-410c-a7ae-619168d21844","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":208,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"dc11c699-2665-49b7-8c9b-3c98db32ec70","block_type":"box","text":"D","page_number":209,"box":{"x":419,"y":87,"width":10,"height":9}},{"id":"fe4028b8-805d-4374-83eb-e85babf7f236","block_type":"box","text":"IVIDENDS","page_number":209,"box":{"x":431,"y":89,"width":63,"height":8}},{"id":"a66aded8-3c3d-4978-b340-58a831ba5b90","block_type":"box","text":"AND","page_number":209,"box":{"x":499,"y":89,"width":29,"height":7}},{"id":"63c59782-e96e-47f4-ad92-56e4cea692a5","block_type":"box","text":"T","page_number":209,"box":{"x":529,"y":87,"width":14,"height":9}},{"id":"7446bba0-1c43-4d33-9b75-17477be4a065","block_type":"box","text":"AXES","page_number":209,"box":{"x":544,"y":89,"width":36,"height":8}},{"id":"70f1971d-8580-4865-9c45-ca6882c79d96","block_type":"box","text":"Dividends","page_number":209,"box":{"x":117,"y":118,"width":84,"height":10}},{"id":"b09ce37a-bf8f-4026-9dd8-bc828908c1ee","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from","page_number":209,"box":{"x":117,"y":141,"width":739,"height":12}},{"id":"270b2f2e-66ca-44cb-85be-ecfdbd14fa56","block_type":"box","text":"such net investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends","page_number":209,"box":{"x":116,"y":157,"width":755,"height":12}},{"id":"ab13daa4-084e-4fd5-b3cd-aed402670419","block_type":"box","text":"to distribute all net realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to","page_number":209,"box":{"x":116,"y":172,"width":751,"height":12}},{"id":"d7849a9f-8125-4892-a594-aeae287c8b32","block_type":"box","text":"time, a Fund may declare a special distribution at or about the end of the calendar year in order to","page_number":209,"box":{"x":116,"y":188,"width":732,"height":12}},{"id":"39fc70c6-3b4e-45ca-a5dc-9d35f7a65145","block_type":"box","text":"comply with U.S. federal tax requirements that certain percentages of its ordinary income and capital","page_number":209,"box":{"x":116,"y":203,"width":752,"height":12}},{"id":"b055bf2b-a8b6-4559-893a-30add952bd02","block_type":"box","text":"gains be distributed during the year. If, in any fiscal year, a Fund has net income from certain foreign","page_number":209,"box":{"x":116,"y":219,"width":751,"height":12}},{"id":"5a96cfd4-f995-42af-8296-21ee8a4ac543","block_type":"box","text":"currency transactions, such income will be distributed at least annually.","page_number":209,"box":{"x":116,"y":234,"width":533,"height":12}},{"id":"9c697d60-477e-42fa-b90b-6636ca9c6706","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares","page_number":209,"box":{"x":117,"y":265,"width":753,"height":12}},{"id":"205fd237-22dc-463f-a0b7-654387436974","block_type":"box","text":"of each Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.”","page_number":209,"box":{"x":116,"y":281,"width":745,"height":12}},{"id":"3f468d02-3900-4f19-bccb-fc42751f908d","block_type":"box","text":"Shareholders may also elect in writing to receive any such dividends in cash. Dividends are taxable to","page_number":209,"box":{"x":116,"y":296,"width":761,"height":12}},{"id":"a194619a-7904-4da8-9d79-8c04fe7cd055","block_type":"box","text":"shareholders, as discussed below, whether they are reinvested in shares of the Fund or received in","page_number":209,"box":{"x":116,"y":312,"width":743,"height":12}},{"id":"752fef83-9306-4f37-ad25-21b98650d350","block_type":"box","text":"cash. The per share dividends on front-end load shares, CDSC shares and Service Shares will be","page_number":209,"box":{"x":116,"y":327,"width":732,"height":12}},{"id":"20b57705-f438-4d57-abab-6245c51e1a84","block_type":"box","text":"lower than the per share dividends on Institutional Shares as a result of the service, distribution and","page_number":209,"box":{"x":117,"y":343,"width":743,"height":12}},{"id":"c5d8f169-7acb-4632-a78f-4979fbb4d157","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares, the service fees applicable to front-end load","page_number":209,"box":{"x":117,"y":358,"width":749,"height":12}},{"id":"99535226-bcdf-441d-a320-5eeda1284571","block_type":"box","text":"shares and Service Shares, and the service and distribution fees applicable to Class R Shares.","page_number":209,"box":{"x":116,"y":374,"width":711,"height":12}},{"id":"269ae442-0fc1-44b5-a1d1-6fd828b98e6a","block_type":"box","text":"Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per","page_number":209,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"e8d0100b-9ec9-407b-a66a-1472040669bd","block_type":"box","text":"share dividends on front-end load shares and Service Shares as a result of the distribution fees and","page_number":209,"box":{"x":116,"y":405,"width":745,"height":9}},{"id":"6eb3b220-9765-4a47-8fbb-d49739729f24","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares and the distribution fees applicable to Class R","page_number":209,"box":{"x":117,"y":420,"width":760,"height":12}},{"id":"8813c236-ae5e-4c19-aff2-e7e6f56a1496","block_type":"box","text":"Shares, and the per share dividends on CDSC shares will be lower than the per share dividends on","page_number":209,"box":{"x":116,"y":436,"width":742,"height":12}},{"id":"346e75e7-553c-4232-98cd-3407ac8b44f7","block_type":"box","text":"Class R Shares as a result of the higher distribution fees and higher transfer agency fees applicable to","page_number":209,"box":{"x":117,"y":451,"width":764,"height":12}},{"id":"f0913725-224c-4237-9cd3-de8facad3a19","block_type":"box","text":"CDSC shares.","page_number":209,"box":{"x":117,"y":467,"width":111,"height":9}},{"id":"f93eec54-e6cd-41ba-b128-a2a411959fb0","block_type":"box","text":"Taxes","page_number":209,"box":{"x":116,"y":498,"width":52,"height":9}},{"id":"dfa53470-23af-43c2-9eca-715dd4584f79","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":209,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"1ab43e9b-c58b-4fc7-89be-a7d9d6de1a77","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not","page_number":209,"box":{"x":116,"y":537,"width":763,"height":12}},{"id":"95b52695-8a8f-4f5b-8a5e-3a37960e825d","block_type":"box","text":"be subject to U.S. federal income tax on the part of its investment company taxable income and net","page_number":209,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"387f8fd2-7400-472e-8fd7-f8556654a66f","block_type":"box","text":"realized capital gains that it distributes to its shareholders in years in which it distributes at least 90% of","page_number":209,"box":{"x":117,"y":568,"width":770,"height":12}},{"id":"dd9ec991-2900-45dd-9b7b-3009a4bb8315","block_type":"box","text":"its investment company taxable income and at least 90% of its net tax-exempt interest income, if any,","page_number":209,"box":{"x":117,"y":583,"width":757,"height":12}},{"id":"b39eac11-489c-42be-bc70-f7419a7421ba","block_type":"box","text":"for the year. To qualify as a regulated investment company, a Fund must meet certain requirements","page_number":209,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"bcc36cb7-c59a-447a-bfe3-d154af780a19","block_type":"box","text":"regarding the source of its income and the composition and diversification of its assets. See Part II,","page_number":209,"box":{"x":117,"y":614,"width":739,"height":12}},{"id":"aa786e2b-b798-460e-97e9-4b8c6ba87b07","block_type":"box","text":"“Investment Risks and Considerations — Investment Restrictions (All Funds)” for a discussion of the","page_number":209,"box":{"x":116,"y":630,"width":749,"height":12}},{"id":"b3b5d417-b2fe-4c49-9b61-6d4136389e2a","block_type":"box","text":"asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the underlying","page_number":209,"box":{"x":116,"y":645,"width":769,"height":12}},{"id":"10bd369f-16de-4811-9a70-7f54e154b452","block_type":"box","text":"assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":209,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"a7c8a7b3-72b4-4dc1-b8f2-ab95be95b00d","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment","page_number":209,"box":{"x":117,"y":676,"width":678,"height":12}},{"id":"41c71517-a6cf-4e20-8221-dc22d7519a82","block_type":"box","text":"companies.","page_number":209,"box":{"x":116,"y":692,"width":84,"height":12}},{"id":"165909cf-7f89-4948-ba52-6ea64490ea27","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","page_number":209,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"1ec892bb-0356-4796-a087-76fa1a93ee8d","block_type":"box","text":"above or a failure to diversify its holdings in the manner described above by paying a tax, by disposing","page_number":209,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"3d06e973-8668-4d7e-8215-e365a3265769","block_type":"box","text":"of certain assets, or by paying a tax and disposing of","page_number":209,"box":{"x":116,"y":754,"width":392,"height":12}},{"id":"c4bf20ad-7e66-491c-afc0-4a85e0ea7062","block_type":"box","text":"assets. If, in any taxable year, a Fund fails one of","page_number":209,"box":{"x":513,"y":754,"width":366,"height":12}},{"id":"63906847-1959-4fa9-9b06-453becbe1f20","block_type":"box","text":"these tests and does not timely cure the failure, the Fund will be taxed in the same manner as an","page_number":209,"box":{"x":116,"y":769,"width":719,"height":12}},{"id":"43ab8a9a-f68d-439a-bbe4-2bb7abfde2bc","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by the Fund in","page_number":209,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"70eb4599-bae1-4a67-96df-e701979e5561","block_type":"box","text":"computing its taxable income. Although in general the passive loss rules of the Code do not apply to","page_number":209,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"43d166f5-8c04-4680-be5f-9851663a5109","block_type":"box","text":"regulated investment companies, such rules do apply to a regulated investment company with respect","page_number":209,"box":{"x":117,"y":816,"width":756,"height":12}},{"id":"840a8dc8-20b4-4aff-8298-e87381011d1c","block_type":"box","text":"to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s investments in","page_number":209,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"eda1334a-3a2a-4380-9c27-68bee16600c4","block_type":"box","text":"partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject to","page_number":209,"box":{"x":117,"y":847,"width":767,"height":12}},{"id":"dd6ca977-4c0e-4f73-9f74-da6ea449b018","block_type":"box","text":"state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":209,"box":{"x":116,"y":862,"width":526,"height":12}},{"id":"444d264a-711e-4865-961a-9649b5b4b198","block_type":"box","text":"II-164","page_number":209,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"3d0524f7-95df-40f6-9d8d-bff98980330d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":209,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b9f06d29-052e-4221-b53d-0a84309e019b","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a","page_number":210,"box":{"x":117,"y":87,"width":738,"height":12}},{"id":"8871f5b6-e319-4581-9377-66f3e36d8f4f","block_type":"box","text":"Fund fails to qualify as a regulated investment company under the Code, notwithstanding the","page_number":210,"box":{"x":117,"y":102,"width":694,"height":13}},{"id":"6687bd97-1bf5-4208-8787-7eaa6eb18e79","block_type":"box","text":"availability of certain relief provisions, such Fund would be taxed in the same manner as an ordinary","page_number":210,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"45410835-25d5-40ce-86ee-1c06f4bed436","block_type":"box","text":"corporation and all distributions from earnings and profits (as determined under U.S. federal income","page_number":210,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"373b5833-591e-45cd-b5e0-a73b17b53cd0","block_type":"box","text":"tax principles) to its shareholders would be taxable as ordinary dividend income eligible for taxation at","page_number":210,"box":{"x":116,"y":149,"width":759,"height":12}},{"id":"10036835-5a0b-4e77-ad51-69fe1c3c0519","block_type":"box","text":"a reduced tax rate for non-corporate shareholders and the dividends-received deduction for corporate","page_number":210,"box":{"x":116,"y":165,"width":760,"height":11}},{"id":"babda567-742a-4a3b-9263-ec426ea7efa0","block_type":"box","text":"shareholders. However, a Municipal Fund’s distributions derived from income on tax-exempt","page_number":210,"box":{"x":116,"y":180,"width":690,"height":12}},{"id":"dfaeb4ad-c7bd-4d8d-b8eb-bff9e477dd28","block_type":"box","text":"obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that","page_number":210,"box":{"x":116,"y":196,"width":771,"height":12}},{"id":"35e28f45-cb1c-4548-a225-74ce490f6152","block_type":"box","text":"is a series of a regulated investment company that consists of multiple series is treated as a separate","page_number":210,"box":{"x":117,"y":211,"width":756,"height":12}},{"id":"2225260c-5076-499c-a1f2-8fec042658c2","block_type":"box","text":"corporation for U.S. federal income tax purposes, and therefore is considered to be a separate entity in","page_number":210,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"941c0de7-1542-445b-b507-4d7d7c512116","block_type":"box","text":"determining its treatment under the rules for regulated investment companies. Losses in one series of","page_number":210,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"2d1b2473-e66a-41f8-a514-d7ffc9ec1143","block_type":"box","text":"a regulated investment company do not offset gains in another, and the requirements (other than","page_number":210,"box":{"x":116,"y":258,"width":724,"height":12}},{"id":"11564e77-9820-4ccf-a412-9cabe9cc92bd","block_type":"box","text":"certain organizational requirements) for qualifying for regulated investment company status will be","page_number":210,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"2ea42d24-fdca-4880-bf87-389b282a7c02","block_type":"box","text":"determined at the level of the individual series. In the following discussion, the term “Fund” means","page_number":210,"box":{"x":116,"y":289,"width":731,"height":12}},{"id":"ff7c77c4-720b-4633-95b7-9e123add9703","block_type":"box","text":"each individual series, if applicable.","page_number":210,"box":{"x":116,"y":304,"width":268,"height":12}},{"id":"93bb0c19-33d9-4e21-99a5-aaf5212ad833","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent","page_number":210,"box":{"x":116,"y":335,"width":772,"height":12}},{"id":"35e62faf-15ea-4e34-b70d-053d4c1a790b","block_type":"box","text":"the regulated investment company does not distribute, during each calendar year, at least 98% of its","page_number":210,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"123c3990-18e7-4828-8b6c-55aa7c07764e","block_type":"box","text":"ordinary income, determined on a calendar year basis, and at least 98.2% of its capital gain net","page_number":210,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"7daaca9b-acc5-4e53-9c33-e2a20ae60e46","block_type":"box","text":"income, determined, in general, as if the regulated investment company’s taxable year ended on","page_number":210,"box":{"x":117,"y":382,"width":720,"height":12}},{"id":"381a2107-27f1-481b-9c54-e611b337caaa","block_type":"box","text":"October 31, plus certain undistributed amounts from the previous years. While each Fund intends to","page_number":210,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"c1eb1c78-41f7-4067-8625-49b189bea9ae","block_type":"box","text":"distribute its income and capital gains in the manner necessary to avoid imposition of the 4% excise","page_number":210,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"ba805a37-4da9-4205-abde-6048f22dec19","block_type":"box","text":"tax, there can be no assurance that a sufficient amount of the Fund’s taxable income and capital gains","page_number":210,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"b2d4a918-416c-4206-ada9-54580448c888","block_type":"box","text":"will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for the","page_number":210,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"512d7f76-3aa7-4209-9bed-57136c74d712","block_type":"box","text":"tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":210,"box":{"x":116,"y":459,"width":666,"height":12}},{"id":"d0314084-202d-4b3a-9960-8856122462c7","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year,","page_number":210,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"a6a237d8-cfee-43cf-9daa-93d3703c001d","block_type":"box","text":"until they have been reduced to zero. In the event that the Fund were to experience an ownership","page_number":210,"box":{"x":117,"y":506,"width":729,"height":12}},{"id":"53bb8b32-4775-44e9-b09a-f5c29c630c3c","block_type":"box","text":"change as defined under the Code, the Fund’s loss carryforwards and other favorable tax attributes of","page_number":210,"box":{"x":116,"y":521,"width":761,"height":12}},{"id":"b6dc698c-b77e-42d1-8288-f2a1b87aea30","block_type":"box","text":"the Fund, if any, may be subject to limitation.","page_number":210,"box":{"x":116,"y":537,"width":338,"height":12}},{"id":"7e3f0902-3d4b-4e39-ac9d-56adbe08fca5","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain","page_number":210,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"ae36db1d-318c-4456-89b2-b5a05d50e92a","block_type":"box","text":"over net long-term capital loss (together referred to as “ordinary income dividends”) are taxable to","page_number":210,"box":{"x":116,"y":583,"width":730,"height":12}},{"id":"fbc087bc-153d-4626-9a7a-479549d3716c","block_type":"box","text":"shareholders as ordinary income. Distributions made from an excess of net long-term capital gain over","page_number":210,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"9c19286d-9b9a-4532-a3d1-f85489344e2d","block_type":"box","text":"net short-term capital loss (including gains or losses from certain transactions in futures and options)","page_number":210,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"cb9fd442-dcb9-4111-a573-957d69ca8f45","block_type":"box","text":"(“capital gain dividends”) are taxable to shareholders as long-term capital gains, regardless of the","page_number":210,"box":{"x":117,"y":630,"width":727,"height":12}},{"id":"eb0c9e8d-0898-4a0a-9202-73f28a71b82a","block_type":"box","text":"length of time the shareholder has owned Fund shares. Distributions paid by a Fund that are reported","page_number":210,"box":{"x":117,"y":645,"width":758,"height":12}},{"id":"a321b581-c717-4283-9f2c-0054dde4083a","block_type":"box","text":"as exempt-interest dividends will not be subject to regular U.S. federal income tax. Certain dividend","page_number":210,"box":{"x":116,"y":661,"width":737,"height":12}},{"id":"05147fc6-5aab-46b0-8690-4832a9bf6888","block_type":"box","text":"income and long-term capital gains are eligible for taxation at a reduced rate that applies to","page_number":210,"box":{"x":117,"y":676,"width":675,"height":12}},{"id":"0dc9b506-ddb7-4126-8d03-3be6e46785e3","block_type":"box","text":"non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":210,"box":{"x":117,"y":692,"width":744,"height":12}},{"id":"d0c8f5a0-b2d1-4989-855d-4c53de8a1196","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate","page_number":210,"box":{"x":116,"y":707,"width":693,"height":12}},{"id":"77cf2386-8d99-4cbf-a770-43c407e63a06","block_type":"box","text":"shareholder may be taxable to such shareholder at long-term capital gain rates provided the","page_number":210,"box":{"x":116,"y":723,"width":683,"height":12}},{"id":"7e4b9f8a-4c66-4c82-9891-04de71309c53","block_type":"box","text":"shareholder has held the shares on which the dividend was paid for at least 61 days during the","page_number":210,"box":{"x":116,"y":738,"width":704,"height":12}},{"id":"5dcf451d-8a8c-4f43-a472-cee67076d294","block_type":"box","text":"121-day period that begins on the date that is 60 days before the date on which the shares become","page_number":210,"box":{"x":118,"y":754,"width":736,"height":12}},{"id":"3305b45c-623d-45bf-a524-ab9018217795","block_type":"box","text":"ex-dividend with respect to such dividend (or, in the case of certain accumulated dividends with respect","page_number":210,"box":{"x":116,"y":769,"width":767,"height":12}},{"id":"915b3250-c98b-49bd-b678-663e5ed4da47","block_type":"box","text":"to preferred stocks, the shareholder has held the shares on which the dividend was paid for at least","page_number":210,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"e206241e-9295-4ac7-9f2a-87a187b6accf","block_type":"box","text":"91 days during the 181-day period that begins on the date that is 90 days before the date on which the","page_number":210,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"361556ad-e7ad-4763-a327-4a9c58bae9cf","block_type":"box","text":"shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s","page_number":210,"box":{"x":116,"y":816,"width":678,"height":12}},{"id":"4de07168-6e82-4a32-8727-d8f70bbb2db4","block_type":"box","text":"distributions are derived from income on debt securities, certain types of preferred stock treated as","page_number":210,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"02bebcdf-e669-4a0a-ab7c-9b76e524d853","block_type":"box","text":"debt for U.S. federal income tax purposes and short-term capital gains, such distributions will not","page_number":210,"box":{"x":116,"y":847,"width":723,"height":12}},{"id":"981f1071-4113-4dc3-af3a-59e290cd5352","block_type":"box","text":"constitute “qualified dividend income.” In addition, distributions that are derived from securities lending","page_number":210,"box":{"x":116,"y":862,"width":762,"height":12}},{"id":"8f7f6a3a-4af4-4fda-9eca-4b18dc3616cb","block_type":"box","text":"income, such as substitute dividend payments, will not constitute “qualified dividend income.”","page_number":210,"box":{"x":117,"y":878,"width":694,"height":12}},{"id":"2ccae10a-8617-4b54-96f1-d1a0852d12f2","block_type":"box","text":"II-165","page_number":210,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"76d85f08-1cde-4647-8198-7ecef6845955","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":210,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3b254d75-400e-48ed-af60-af87e8bc31a5","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and","page_number":211,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"e0662f9f-e5c0-4f9d-a273-f5e70ce6b66a","block_type":"box","text":"redemption proceeds) of certain individuals, trusts and estates.","page_number":211,"box":{"x":117,"y":102,"width":471,"height":13}},{"id":"0e1b2d5f-d7c7-4493-a625-549fc663fc52","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses)","page_number":211,"box":{"x":116,"y":134,"width":759,"height":12}},{"id":"048a7bdd-5319-48eb-a5a3-e42d45fe1a6a","block_type":"box","text":"is not subject to the 90% distribution requirement for taxation as a regulated investment company,","page_number":211,"box":{"x":117,"y":149,"width":731,"height":12}},{"id":"b455e8e7-241c-44ed-a19f-ffc02e2f3d39","block_type":"box","text":"described above. If a Fund retains net capital gain, it is subject to tax on that gain, and may designate","page_number":211,"box":{"x":116,"y":165,"width":760,"height":12}},{"id":"fab62aeb-6c51-43fc-b93c-6af69f1601aa","block_type":"box","text":"the retained amount as undistributed capital gain in a written statement furnished to its shareholders,","page_number":211,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"17316571-bc1a-44e7-8be8-534145474c80","block_type":"box","text":"who will be required to include in income, as long-term capital gain, their proportionate shares of such","page_number":211,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"f8a582d2-fecc-4447-a34e-3084e930edd2","block_type":"box","text":"undistributed net capital gain, will be deemed to have paid and may claim as a credit against their U.S.","page_number":211,"box":{"x":117,"y":211,"width":765,"height":12}},{"id":"220c0d2c-0e88-4e59-96ae-7642b5bcca98","block_type":"box","text":"federal income tax liability (and as a refund to the extent it exceeds that liability) their proportionate","page_number":211,"box":{"x":116,"y":227,"width":737,"height":12}},{"id":"02793199-5ecb-4191-a4a3-d76837533b9c","block_type":"box","text":"shares of the tax paid by the Fund on that gain, and shall increase the tax basis of their shares in the","page_number":211,"box":{"x":116,"y":242,"width":753,"height":12}},{"id":"f6a3b271-16a1-45d1-822e-ad8aa05f7c97","block_type":"box","text":"Fund by the excess of the amount included in income over the amount allowed as a credit against their","page_number":211,"box":{"x":117,"y":258,"width":768,"height":12}},{"id":"0e7ca1e8-8ce9-4082-862b-f4296df2caad","block_type":"box","text":"taxes.","page_number":211,"box":{"x":116,"y":273,"width":49,"height":10}},{"id":"612826e4-bbff-4aeb-af78-ba8776ed6dfb","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the","page_number":211,"box":{"x":117,"y":304,"width":745,"height":12}},{"id":"fe05b576-af40-427c-ba62-170062928c62","block_type":"box","text":"adjusted tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will","page_number":211,"box":{"x":116,"y":320,"width":713,"height":12}},{"id":"cd8a0c9b-0461-4e16-bdc0-bbfce88cb176","block_type":"box","text":"constitute capital gains to such holder (assuming the shares are held as a capital asset). Distributions","page_number":211,"box":{"x":116,"y":335,"width":759,"height":12}},{"id":"7a40ca15-5f42-4464-8740-c94d3e031ef7","block_type":"box","text":"in excess of a Fund’s minimum distribution requirements (or taxable income) but not in excess of a","page_number":211,"box":{"x":117,"y":351,"width":736,"height":12}},{"id":"da1751d4-b781-42f1-b6c4-e7656b7550ed","block_type":"box","text":"Fund’s earnings and profits will be taxable to shareholders and will not constitute nontaxable returns of","page_number":211,"box":{"x":117,"y":366,"width":766,"height":12}},{"id":"dc35eadd-7b81-4bfb-a5b4-7c1036eb42e9","block_type":"box","text":"capital. In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and profits are","page_number":211,"box":{"x":116,"y":382,"width":724,"height":12}},{"id":"9d8aa184-9be4-4ee0-a654-0d7942e5b966","block_type":"box","text":"allocated first to distributions made on or before December 31 of the taxable year, and then to","page_number":211,"box":{"x":116,"y":397,"width":702,"height":12}},{"id":"b4ed6f19-1a9a-437c-9bb9-62d87929b227","block_type":"box","text":"distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of Fund","page_number":211,"box":{"x":116,"y":413,"width":766,"height":12}},{"id":"d31f2d24-3929-4261-9c21-0d45b7378eec","block_type":"box","text":"shares held for six months or less will be treated as long-term capital loss to the extent of any capital","page_number":211,"box":{"x":116,"y":428,"width":751,"height":12}},{"id":"b3492496-296f-47e7-b7d2-b1ffd0eaeae5","block_type":"box","text":"gain dividends received by the shareholder.","page_number":211,"box":{"x":116,"y":444,"width":329,"height":12}},{"id":"4a8238d4-8768-49ec-9f21-329f55445e2d","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in","page_number":211,"box":{"x":116,"y":475,"width":755,"height":12}},{"id":"7a69786c-9179-41fb-ac73-361a92d9f81e","block_type":"box","text":"additional shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains,","page_number":211,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"3236b61d-f580-42b1-9f19-ba307ec624ba","block_type":"box","text":"generally will not be eligible for the dividends received deduction allowed to corporations under the","page_number":211,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"87fdb686-192e-49ec-8bf2-9eaa844b603b","block_type":"box","text":"Code. If a Fund pays a dividend in January that was declared in the previous October, November or","page_number":211,"box":{"x":117,"y":521,"width":745,"height":12}},{"id":"9b7546ed-72e5-4525-bc89-eee8701148a2","block_type":"box","text":"December to shareholders of record on a specified date in one of such months, then such dividend","page_number":211,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"dcef1b08-81d1-46aa-a587-6d617c7dcf8d","block_type":"box","text":"will be treated for tax purposes as being paid by the Fund and received by its shareholders on","page_number":211,"box":{"x":116,"y":552,"width":702,"height":12}},{"id":"e0c95273-97a3-43f5-98e7-9df92525dfc4","block_type":"box","text":"December 31 of the year in which the dividend was declared. In the case of a Fund with a","page_number":211,"box":{"x":117,"y":568,"width":670,"height":12}},{"id":"67aa37b4-95cc-42a9-9ceb-e7f4084872b2","block_type":"box","text":"non-calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable","page_number":211,"box":{"x":117,"y":583,"width":767,"height":12}},{"id":"d551d485-c9ec-4768-8ade-da07339933ce","block_type":"box","text":"year, then the Fund will reduce the amounts reported as capital gains. Where possible, such reduction","page_number":211,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"1ca49e8c-5144-43f2-9fca-5af8763ad2c6","block_type":"box","text":"will first be allocated to dividends made after December 31 of such taxable year. A Fund may elect to","page_number":211,"box":{"x":116,"y":614,"width":755,"height":12}},{"id":"93747982-48a4-43d0-b213-9dad2dc9fe13","block_type":"box","text":"defer recognizing, until the following taxable year, certain net capital losses arising after October 31 of","page_number":211,"box":{"x":116,"y":630,"width":761,"height":12}},{"id":"2b0b1ebc-9f0d-4df2-b0d5-3c77fae86f27","block_type":"box","text":"the current taxable year, and certain net ordinary losses arising after October 31 and/or December 31","page_number":211,"box":{"x":116,"y":645,"width":759,"height":12}},{"id":"e64537bd-f116-4813-979e-8b736532c8c4","block_type":"box","text":"of the current taxable year. This may have the effect of increasing the amount of dividends otherwise","page_number":211,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"f253eb69-44bc-4122-8553-866abda94caf","block_type":"box","text":"includible in the shareholder’s income with respect to the current taxable year.","page_number":211,"box":{"x":117,"y":676,"width":577,"height":12}},{"id":"78eaaaf0-56f2-4772-80bc-a6103eae0e0d","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares.","page_number":211,"box":{"x":117,"y":707,"width":753,"height":12}},{"id":"f92c96a4-ed78-4f76-9941-88ecf01b9eb0","block_type":"box","text":"A shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the","page_number":211,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"9c50347e-3080-4455-98a7-67d905ebd446","block_type":"box","text":"shareholder’s tax basis in the converted Investor C Shares and the holding period of the acquired","page_number":211,"box":{"x":116,"y":738,"width":722,"height":12}},{"id":"5684f5d6-0885-4f15-afe9-efe949bab42e","block_type":"box","text":"Investor A Shares will include the holding period for the converted Investor C Shares.","page_number":211,"box":{"x":117,"y":754,"width":631,"height":12}},{"id":"fb24c677-6153-4d0f-8210-39c88c62364f","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a","page_number":211,"box":{"x":117,"y":785,"width":754,"height":12}},{"id":"9b6cb19a-8578-4f78-8794-03bc32421dc4","block_type":"box","text":"Fund, but on or before January 31 of the following year, then the loss that the shareholder recognizes","page_number":211,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"ba62f3cd-e45e-4e78-abfd-79c65a62291c","block_type":"box","text":"on the exchange will be reduced (or the gain increased) to the extent any sales charge paid on the","page_number":211,"box":{"x":116,"y":816,"width":731,"height":12}},{"id":"145008fb-01cd-4ca5-b9d7-c376200ec7cf","block_type":"box","text":"exchanged shares reduces any sales charge the shareholder would have owed upon the purchase of","page_number":211,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"eef7ad85-7c1c-4942-b8d3-04a24312efcc","block_type":"box","text":"the new shares in the absence of the exchange privilege. Instead, such sales charge will be treated as","page_number":211,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"3e28a396-f883-4d48-9d1a-6c32fa47a542","block_type":"box","text":"an amount paid for the new shares.","page_number":211,"box":{"x":116,"y":862,"width":268,"height":12}},{"id":"7604da8c-1da4-497a-ab75-2e66cf5b3761","block_type":"box","text":"II-166","page_number":211,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"5841d130-ac82-41eb-88f0-7beab29e1ae3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":211,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3eff5a1a-d249-4d84-9403-4a33256533db","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially","page_number":212,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"399bd6b9-ce0d-4f2a-ba86-d3596e74bfdd","block_type":"box","text":"identical shares are acquired (whether through the automatic reinvestment of dividends or otherwise)","page_number":212,"box":{"x":117,"y":102,"width":754,"height":13}},{"id":"e8d849a6-428b-4a73-ae0d-e5fe4e869e13","block_type":"box","text":"within a 61-day period beginning 30 days before and ending 30 days after the date on which the","page_number":212,"box":{"x":116,"y":118,"width":717,"height":12}},{"id":"5e23e876-2336-4ea2-a00f-662396e9bc04","block_type":"box","text":"shares are sold or exchanged. In such case, the basis of the shares acquired will be adjusted to reflect","page_number":212,"box":{"x":116,"y":134,"width":767,"height":12}},{"id":"17679910-fe11-4bfd-939c-e66526912912","block_type":"box","text":"the disallowed loss.","page_number":212,"box":{"x":116,"y":149,"width":150,"height":10}},{"id":"269da2c6-7d16-40b6-a31f-6bd13cab3924","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis","page_number":212,"box":{"x":116,"y":176,"width":716,"height":12}},{"id":"c507271f-7824-477c-b23c-dc7661cb3100","block_type":"box","text":"information for shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after","page_number":212,"box":{"x":117,"y":192,"width":744,"height":12}},{"id":"747b45da-0f60-49e7-9bb2-6425c64db5f2","block_type":"box","text":"that date. This information includes the adjusted cost basis of the shares, the gross proceeds from","page_number":212,"box":{"x":116,"y":207,"width":734,"height":12}},{"id":"0272286b-7875-4dbf-a842-04eb9a096b8a","block_type":"box","text":"disposition, and whether the gain or loss is long-term or short-term. The adjusted cost basis of shares","page_number":212,"box":{"x":116,"y":223,"width":759,"height":12}},{"id":"27853b34-f4a3-4f50-b471-b85076bfbbd3","block_type":"box","text":"will be based on the default cost basis reporting method selected by the Fund, unless a shareholder,","page_number":212,"box":{"x":116,"y":238,"width":751,"height":12}},{"id":"69a42f26-f088-4173-9fe7-8e26bfa0aea9","block_type":"box","text":"before the sale or redemption, informs the Fund that it has selected a different IRS-accepted method","page_number":212,"box":{"x":117,"y":254,"width":751,"height":12}},{"id":"7b49ec8a-5fb1-4db4-86e1-7242d7bfd9dc","block_type":"box","text":"offered by the Fund. These requirements, however, will not apply for investments through an IRA or","page_number":212,"box":{"x":116,"y":269,"width":745,"height":12}},{"id":"c6a6c0c2-5a8f-41c1-a464-49bfc8ca729a","block_type":"box","text":"other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":212,"box":{"x":116,"y":285,"width":744,"height":12}},{"id":"1f45e4bf-9e1a-4960-abd2-3359bf30e324","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost","page_number":212,"box":{"x":116,"y":300,"width":734,"height":11}},{"id":"d21231a0-40aa-4e29-ae36-b1c340b7481a","block_type":"box","text":"basis reporting requirements apply to them. For shares of a Fund acquired before January 1, 2012,","page_number":212,"box":{"x":117,"y":316,"width":740,"height":12}},{"id":"756b0edf-167f-4a40-89a6-f3830f175436","block_type":"box","text":"these new requirements will not apply, but the Fund will continue to report to the IRS the gross","page_number":212,"box":{"x":116,"y":331,"width":706,"height":12}},{"id":"493b7e32-4919-41b6-be21-722f084b27d3","block_type":"box","text":"proceeds received by a shareholder from the sale or redemption of such shares.","page_number":212,"box":{"x":117,"y":347,"width":600,"height":12}},{"id":"39b590b7-f6f6-4256-bd87-a1732e37c206","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts","page_number":212,"box":{"x":117,"y":374,"width":756,"height":12}},{"id":"eaa485a3-af97-4d64-8488-f982e53f45b9","block_type":"box","text":"and swap agreements. The U.S. federal income tax treatment of a derivative contract may not be as","page_number":212,"box":{"x":116,"y":389,"width":749,"height":12}},{"id":"67b4b756-1da0-46d3-8713-f024ead6381f","block_type":"box","text":"favorable as a direct investment in the underlying security and may adversely affect the timing,","page_number":212,"box":{"x":116,"y":405,"width":707,"height":12}},{"id":"575976fc-bbee-414b-b55b-8010f4689964","block_type":"box","text":"character and amount of income the Fund realizes from its investments. As a result, a larger portion of","page_number":212,"box":{"x":116,"y":420,"width":764,"height":12}},{"id":"5a0add86-8d94-40ea-b055-c9dcb97ecb85","block_type":"box","text":"the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition,","page_number":212,"box":{"x":116,"y":436,"width":717,"height":12}},{"id":"13c1e2b0-a339-40b3-8be7-78e1b741978b","block_type":"box","text":"section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4%","page_number":212,"box":{"x":116,"y":451,"width":742,"height":12}},{"id":"61e453a6-3708-4b40-ad8e-52e29feee417","block_type":"box","text":"excise tax, certain other dates as prescribed under the Code) are generally “marked-to-market,” such","page_number":212,"box":{"x":116,"y":467,"width":756,"height":12}},{"id":"56629e49-5153-4b83-99f9-2ea49e9003f9","block_type":"box","text":"that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":212,"box":{"x":116,"y":482,"width":755,"height":12}},{"id":"9c25b7a4-ec47-41d5-88ce-f1861d31ebb7","block_type":"box","text":"considered 60% long-term and 40% short-term capital gain or loss), which may increase the amount","page_number":212,"box":{"x":116,"y":498,"width":749,"height":12}},{"id":"049d9a8d-54ac-4c73-b162-69a0ed90b7f3","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax","page_number":212,"box":{"x":116,"y":514,"width":762,"height":11}},{"id":"c4360480-a1d0-46b1-a738-43e52afbf015","block_type":"box","text":"treatment of certain derivative contracts, such as swap agreements, is unsettled and may be subject to","page_number":212,"box":{"x":116,"y":529,"width":768,"height":12}},{"id":"9432fe47-4c21-43de-896d-3b037a910e04","block_type":"box","text":"future legislation, regulation or administrative pronouncements issued by the IRS. If such future","page_number":212,"box":{"x":116,"y":544,"width":712,"height":12}},{"id":"50668b5b-58d8-42d4-980f-5e1a4de065b0","block_type":"box","text":"guidance limits the Fund’s ability to use derivatives, the Fund may have to find other ways of achieving","page_number":212,"box":{"x":116,"y":560,"width":767,"height":12}},{"id":"163dd0ea-0cce-4d06-ba95-4275f9a61cab","block_type":"box","text":"its investment objectives.","page_number":212,"box":{"x":117,"y":576,"width":191,"height":11}},{"id":"d17af71e-914a-4735-9a50-abf77a09ca1f","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional","page_number":212,"box":{"x":117,"y":602,"width":716,"height":13}},{"id":"c19f1803-fc93-4ff6-9283-0bf3275edd2a","block_type":"box","text":"principal contracts rather than as section 1256 contracts. This can affect the type of income earned by","page_number":212,"box":{"x":117,"y":618,"width":762,"height":12}},{"id":"683579e7-efa1-45a7-87f0-3c622db31da4","block_type":"box","text":"such swap agreements since all the income on a notional principal contract may be ordinary income,","page_number":212,"box":{"x":116,"y":634,"width":752,"height":12}},{"id":"e9d744fd-8153-4793-80e8-cc76d3931a85","block_type":"box","text":"whereas 40% of the gain on a section 1256 contract is treated as short-term capital gain taxed at","page_number":212,"box":{"x":116,"y":649,"width":724,"height":12}},{"id":"bd89ae31-37b8-4502-8bfb-4742498d2062","block_type":"box","text":"ordinary rates and 60% is treated as long-term capital gain taxed at more favorable rates when","page_number":212,"box":{"x":116,"y":665,"width":703,"height":12}},{"id":"58023462-f8a3-441d-b43c-a707c467d381","block_type":"box","text":"distributed to shareholders. The rest is long-term capital gain, which may be taxable at more favorable","page_number":212,"box":{"x":116,"y":680,"width":758,"height":12}},{"id":"389c3a1e-f5a4-4fb2-ad2f-afe5a6987148","block_type":"box","text":"rates than ordinary income. Proposed regulations interpret what types of swap agreements are to be","page_number":212,"box":{"x":117,"y":696,"width":745,"height":12}},{"id":"57c36a29-1471-4038-8d74-4858d3847f83","block_type":"box","text":"treated as notional principal contracts rather than as section 1256 contracts. When finalized, these","page_number":212,"box":{"x":116,"y":711,"width":730,"height":12}},{"id":"afd306ec-2161-4127-8a17-f4864ec3ac6e","block_type":"box","text":"regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":212,"box":{"x":117,"y":727,"width":751,"height":12}},{"id":"71e07ac0-08ef-43e6-a7ab-ccffbd6548cb","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":212,"box":{"x":116,"y":742,"width":718,"height":12}},{"id":"f3e91a09-364e-4d67-99ba-eed2277da07d","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are","page_number":212,"box":{"x":117,"y":769,"width":714,"height":12}},{"id":"cc4fcc29-44b4-4f33-927b-cac9ab4c95ef","block_type":"box","text":"issued at a discount or provide for deferred interest. Even though a Fund receives no actual interest","page_number":212,"box":{"x":117,"y":785,"width":740,"height":12}},{"id":"c49420cc-59a6-42bd-8e99-33b03f4d991b","block_type":"box","text":"payments on these securities, it will be deemed to receive income equal, generally, to a portion of the","page_number":212,"box":{"x":117,"y":800,"width":751,"height":12}},{"id":"9aa9ae81-e820-494c-a576-480d90bf42cd","block_type":"box","text":"excess of the stated redemption price of the securities over their issue price (“original issue discount”)","page_number":212,"box":{"x":116,"y":816,"width":754,"height":12}},{"id":"56c00fe1-c863-4ea7-9f0e-b6d6106806e4","block_type":"box","text":"each year that the securities are held. Since the original issue discount income earned by a Fund in a","page_number":212,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"d62d4cbc-c22e-4ed0-b1f8-a87463c77d41","block_type":"box","text":"taxable year may not be represented by cash income, the Fund may have to dispose of securities,","page_number":212,"box":{"x":116,"y":847,"width":734,"height":12}},{"id":"50bd0036-4d89-4bc9-82a3-cfbe078cd4de","block_type":"box","text":"which it might otherwise have continued to hold, or borrow to generate cash in order to satisfy its","page_number":212,"box":{"x":116,"y":862,"width":722,"height":12}},{"id":"0f23ddbf-aadc-4329-ba12-a380a820501b","block_type":"box","text":"distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign currency","page_number":212,"box":{"x":116,"y":878,"width":737,"height":12}},{"id":"d36cfa56-a26e-4cb9-812f-bbc42a86f6c3","block_type":"box","text":"II-167","page_number":212,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1dc37127-9b24-435a-b78f-6a221ab14364","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":212,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"be0a6fa1-8411-40f3-ad6b-aab2b8440a3d","block_type":"box","text":"denominated or referenced debt securities, certain asset-backed securities and contingent payment","page_number":213,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"3e1f3039-680c-47b5-88e8-e03c71b8ccaf","block_type":"box","text":"and inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of","page_number":213,"box":{"x":116,"y":102,"width":720,"height":13}},{"id":"17da850d-7ff0-4f94-a17f-f662ef56cd2d","block_type":"box","text":"income, including the recognition of taxable income in excess of cash generated by such investments.","page_number":213,"box":{"x":117,"y":118,"width":761,"height":12}},{"id":"96b70a84-2439-403e-8311-a4191eb8fe23","block_type":"box","text":"Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or","page_number":213,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"e8d8c98b-e5ca-4b13-88cd-6dc22fd74dcf","block_type":"box","text":"certain foreign currency options, futures contracts or forward contracts (or similar instruments) may","page_number":213,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"de9654eb-716d-44de-8412-cd24678ba1a2","block_type":"box","text":"give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the","page_number":213,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"188debbe-1c8a-4c43-a3cd-88f54db28fd8","block_type":"box","text":"value of the foreign currency concerned. Any such net gains could require a larger dividend toward the","page_number":213,"box":{"x":116,"y":180,"width":766,"height":12}},{"id":"705716ea-2c56-492a-89b3-526d7478af96","block_type":"box","text":"end of the calendar year. Any such net losses will generally reduce and potentially require the","page_number":213,"box":{"x":116,"y":196,"width":700,"height":12}},{"id":"e7708405-5ce2-4580-bb3b-3b7261dd0114","block_type":"box","text":"recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":213,"box":{"x":117,"y":211,"width":698,"height":12}},{"id":"6ef0d5e9-b0a1-4974-83c5-dd18367dd37b","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as","page_number":213,"box":{"x":116,"y":227,"width":753,"height":9}},{"id":"7f9a784e-d02a-45de-94ad-1ca1165359a5","block_type":"box","text":"ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset","page_number":213,"box":{"x":116,"y":242,"width":746,"height":12}},{"id":"da35ea2f-6fe8-4ac9-b30f-354cec77f222","block_type":"box","text":"income or gains earned in subsequent taxable years.","page_number":213,"box":{"x":117,"y":258,"width":398,"height":12}},{"id":"eae462ab-ec47-48fd-9c5f-d66b049759e4","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other","page_number":213,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"60476b4b-8d16-424e-be27-e0398fa7444b","block_type":"box","text":"than pass-through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S.","page_number":213,"box":{"x":116,"y":304,"width":771,"height":12}},{"id":"ecc10591-c72e-4006-a4d3-7069cc1b279b","block_type":"box","text":"withholding tax under existing provisions of the Code applicable to foreign individuals and entities","page_number":213,"box":{"x":116,"y":320,"width":726,"height":12}},{"id":"bd967340-388a-4525-bd8b-215885929e3d","block_type":"box","text":"unless a reduced rate of withholding or a withholding exemption is provided under applicable treaty","page_number":213,"box":{"x":117,"y":335,"width":738,"height":12}},{"id":"2229d999-d44b-430d-bd85-f21f760d85b8","block_type":"box","text":"law. Capital gain dividends paid to shareholders that are nonresident aliens or foreign entities, if and to","page_number":213,"box":{"x":117,"y":351,"width":766,"height":12}},{"id":"93e689e8-6563-4f8f-95e8-7a02e95b8e9f","block_type":"box","text":"the extent properly reported as capital gain dividends, generally will not be subject to a 30%","page_number":213,"box":{"x":116,"y":366,"width":685,"height":12}},{"id":"fc57db31-5681-4efa-acd8-f8456dd0beef","block_type":"box","text":"withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":213,"box":{"x":116,"y":382,"width":699,"height":12}},{"id":"5cc63bd4-fdcb-4a7d-9132-f1e846627cbd","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original","page_number":213,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"718b99a7-c02d-4521-beb9-c74a0f6054be","block_type":"box","text":"issue discount and market discount) and paid to shareholders who are nonresident aliens or foreign","page_number":213,"box":{"x":117,"y":413,"width":743,"height":12}},{"id":"63f2308f-3588-4dc1-b8ed-4ca7170e2c65","block_type":"box","text":"entities, if and to the extent properly reported as “short-term capital gain dividends” or “interest-related","page_number":213,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"07052ecf-0018-4001-bd14-fad433cb0a2f","block_type":"box","text":"dividends”, respectively, generally will not be subject to U.S. withholding tax. Where possible, the","page_number":213,"box":{"x":116,"y":444,"width":725,"height":12}},{"id":"a9da7e6c-392b-468a-a4d7-756cf8b0b372","block_type":"box","text":"Funds intend to report such dividends as interest-related dividends or short-term capital gain dividends.","page_number":213,"box":{"x":117,"y":459,"width":771,"height":12}},{"id":"88783189-441c-4ed2-afe1-ed7c995bf42a","block_type":"box","text":"However, depending on its circumstances, a Fund may report all, some or none of its potentially","page_number":213,"box":{"x":117,"y":475,"width":716,"height":12}},{"id":"b9a3c610-b841-4fbb-a22d-cbf4e0d18a7c","block_type":"box","text":"eligible dividends as interest-related or as short-term capital gain dividends, and/or treat such","page_number":213,"box":{"x":116,"y":490,"width":697,"height":12}},{"id":"5072d0ba-1b73-4d25-9fb9-2fceff5785cf","block_type":"box","text":"dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":213,"box":{"x":116,"y":506,"width":743,"height":12}},{"id":"2399281f-cdeb-45fe-8217-2b544505ed27","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification","page_number":213,"box":{"x":116,"y":521,"width":712,"height":12}},{"id":"1b828549-488d-4f07-93b8-38b2d224dd5a","block_type":"box","text":"requirements relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS","page_number":213,"box":{"x":117,"y":537,"width":757,"height":12}},{"id":"7de7b7ad-219e-4188-ad1b-49cc4ea098df","block_type":"box","text":"Form W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the","page_number":213,"box":{"x":117,"y":552,"width":693,"height":12}},{"id":"3dfeb67a-4f5a-43d1-8543-62b6ddba0190","block_type":"box","text":"intermediary may withhold even if the Fund reports the payment as an interest-related or short-term","page_number":213,"box":{"x":117,"y":568,"width":743,"height":12}},{"id":"f80d18a8-c21f-4eb8-a295-22a116fc4eb4","block_type":"box","text":"capital gain dividend. Foreign shareholders should contact their intermediaries with respect to the","page_number":213,"box":{"x":116,"y":583,"width":727,"height":12}},{"id":"47aaf36a-9522-40f1-a3d0-0425db2f8cb2","block_type":"box","text":"application of these rules to their accounts. It is not possible to predict what portion, if any, of a Fund’s","page_number":213,"box":{"x":116,"y":599,"width":762,"height":12}},{"id":"07bf6afa-6202-4d8a-857c-cec12da9a2a4","block_type":"box","text":"distributions will be reported as interest-related dividends or short-term capital gain dividends under","page_number":213,"box":{"x":116,"y":614,"width":742,"height":12}},{"id":"26954acc-084e-44d1-8e1f-4c416e3b797a","block_type":"box","text":"these rules.","page_number":213,"box":{"x":116,"y":630,"width":91,"height":9}},{"id":"f994a7fb-1677-4880-9111-f872043fed61","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S.","page_number":213,"box":{"x":117,"y":661,"width":737,"height":12}},{"id":"ea27e320-2d91-4d9b-812f-c1bd33b8d3c3","block_type":"box","text":"real property interests” (as defined in the Code and Treasury regulations) at any time during the five","page_number":213,"box":{"x":117,"y":676,"width":745,"height":12}},{"id":"3a625d1e-d7d0-412c-a847-0839e3b33e3f","block_type":"box","text":"year period ending on the date of the distributions, to the extent the distributions are attributable to","page_number":213,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"19b9d0b0-f153-4263-a6a7-8b2cb7d1c336","block_type":"box","text":"gains from sales or exchanges of U.S. real property interests (including shares in certain “U.S. real","page_number":213,"box":{"x":116,"y":707,"width":731,"height":12}},{"id":"e2c22044-72eb-4fb7-99b6-a1bf010025a1","block_type":"box","text":"property holding corporations” such as certain REITs, although exceptions may apply if any class of","page_number":213,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"a355a2d7-0bf4-4f49-9854-cb85f3a2620c","block_type":"box","text":"stock of such a corporation is regularly traded on an established securities market and the Fund has","page_number":213,"box":{"x":116,"y":738,"width":743,"height":12}},{"id":"d8434fcc-a6f8-403b-910e-bb5356f21c02","block_type":"box","text":"held no more than 5% of such class of stock at all times during the five-year period ending on the date","page_number":213,"box":{"x":117,"y":754,"width":757,"height":12}},{"id":"d50e18dd-7da0-4449-bd88-242f3c6fdb72","block_type":"box","text":"of the distributions), generally must be treated by such foreign shareholders as income effectively","page_number":213,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"72076f96-f222-49c4-b33e-9f39e937cc99","block_type":"box","text":"connected to a trade or business within the United States, which is generally subject to tax at the","page_number":213,"box":{"x":116,"y":785,"width":718,"height":12}},{"id":"09e44e15-4eb3-4121-9957-f846406915d9","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that","page_number":213,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"54f11175-cf9f-4d58-b83f-425f640b1236","block_type":"box","text":"held no more than 5% of any class of stock of the Fund at all times during the previous one-year period","page_number":213,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"c72955d3-7d22-40cb-adec-f2244ece8ae0","block_type":"box","text":"ending on the date of the distributions. Such distributions will be subject to U.S. income and","page_number":213,"box":{"x":116,"y":831,"width":685,"height":12}},{"id":"696cc98a-cc28-4b61-819a-2e7e7306cd20","block_type":"box","text":"withholding tax and generally will require a foreign shareholder to file a U.S. federal income tax return.","page_number":213,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"ae579e1a-93df-4fa8-82ec-65e4c3bb8eb2","block_type":"box","text":"If the foreign shareholder held no more than 5% of any class of stock of the Fund at all times during the","page_number":213,"box":{"x":117,"y":862,"width":771,"height":12}},{"id":"79bf870b-20f0-4258-8152-5ab06a8d3a4a","block_type":"box","text":"previous one-year period ending on the date of the distributions, the distributions will be taxable as","page_number":213,"box":{"x":117,"y":878,"width":735,"height":12}},{"id":"ce391a65-2b32-4680-b9c7-ae2b5d9be74e","block_type":"box","text":"II-168","page_number":213,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"94c84f09-ddd2-4ca7-a935-2c0dcb7e3d74","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":213,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1926aab0-23af-419b-9662-0bbcf0ca7b22","block_type":"box","text":"ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition, sales or","page_number":214,"box":{"x":116,"y":87,"width":711,"height":12}},{"id":"7f1a41b0-fcf0-4792-9961-9ded9737a52d","block_type":"box","text":"redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to","page_number":214,"box":{"x":117,"y":102,"width":758,"height":13}},{"id":"e80666ed-6735-42c9-ad0d-486df1b0a152","block_type":"box","text":"U.S. income and withholding tax and generally will require the foreign shareholder to file a U.S. federal","page_number":214,"box":{"x":117,"y":118,"width":765,"height":12}},{"id":"c890447f-431b-476b-80b0-0755b8c93361","block_type":"box","text":"income tax return, although exceptions may apply if more than 50% of the value of the Fund’s shares","page_number":214,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"a2966fb6-3845-48c0-9222-696717419514","block_type":"box","text":"are held by U.S. shareholders or the foreign shareholder selling or redeeming the shares has held no","page_number":214,"box":{"x":116,"y":149,"width":756,"height":12}},{"id":"bcadbab1-8ffe-420c-ac25-4703c640c05d","block_type":"box","text":"more than 5% of any class of stock of the Fund at all times during the five-year period ending on the","page_number":214,"box":{"x":117,"y":165,"width":747,"height":12}},{"id":"0e1ef15d-c295-441b-addf-97e33e99d221","block_type":"box","text":"date of the sale or redemption.","page_number":214,"box":{"x":116,"y":180,"width":233,"height":12}},{"id":"45e9073b-0c90-43a0-aa7b-8ffc612dd8f3","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions","page_number":214,"box":{"x":117,"y":211,"width":762,"height":12}},{"id":"1a6ad632-b155-4d4c-a660-c3a96a3f12f7","block_type":"box","text":"and other distributions made in the form of U.S. real property interests (including shares in certain","page_number":214,"box":{"x":116,"y":227,"width":730,"height":12}},{"id":"df2ef108-bef8-4cbd-a380-b638a748f635","block_type":"box","text":"“U.S. real property holding corporations”, although exceptions may apply if any class of stock of such a","page_number":214,"box":{"x":116,"y":242,"width":768,"height":12}},{"id":"1f13129d-9bc7-4b11-8701-3d26a909b5ed","block_type":"box","text":"corporation is regularly traded on an established securities market and the Fund has held no more than","page_number":214,"box":{"x":116,"y":258,"width":772,"height":12}},{"id":"6cd794dd-dce0-4b2a-be4a-25505d41584e","block_type":"box","text":"5% of such class of stock at all times during the five-year period ending on the date of the distribution)","page_number":214,"box":{"x":116,"y":273,"width":762,"height":12}},{"id":"00cb76c2-e19f-4af2-808c-eb8e05b997da","block_type":"box","text":"generally will cause the Fund to recognize a portion of any unrecognized gain in the U.S. real property","page_number":214,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"e7a40867-69db-44fc-8991-368f6be88dbf","block_type":"box","text":"interests equal to the product of (i) the excess of fair market value of such U.S. real property interests","page_number":214,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"2a95b07b-7efd-410f-bc91-afb69689c32b","block_type":"box","text":"over the Fund’s adjusted bases in such interests and (ii) the greatest foreign ownership percentage of","page_number":214,"box":{"x":116,"y":320,"width":759,"height":12}},{"id":"3b17a9cf-90a5-44fe-b6c0-0f0614cdb5f3","block_type":"box","text":"the Fund during the five-year period ending on the date of distribution.","page_number":214,"box":{"x":116,"y":335,"width":525,"height":12}},{"id":"ea12efb8-f375-44cb-a9e7-55b4cec50aed","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the","page_number":214,"box":{"x":116,"y":366,"width":760,"height":12}},{"id":"74f5bc10-e346-4ba7-8928-fc608dfdfbb9","block_type":"box","text":"tax filing and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":214,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"ff5ef99d-4424-42df-b3d0-8aafd3456865","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":214,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"76ca4cf2-c880-4c9f-b9c1-f915cfaf54f9","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":214,"box":{"x":116,"y":428,"width":598,"height":12}},{"id":"835c311b-149d-428a-bab8-89ab6fa16559","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other","page_number":214,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"42f0795f-36d8-4380-94d4-e812522e1fb8","block_type":"box","text":"income items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other","page_number":214,"box":{"x":117,"y":475,"width":763,"height":12}},{"id":"0c2aedb8-f820-4be1-828c-1da4d36aa0b8","block_type":"box","text":"foreign entities. To avoid withholding, foreign financial institutions and investment funds will generally","page_number":214,"box":{"x":116,"y":490,"width":753,"height":12}},{"id":"723007ac-6af8-4dd3-85fb-3308b4e07dbc","block_type":"box","text":"either need to (a) collect and report to the IRS detailed information identifying their U.S. accounts and","page_number":214,"box":{"x":116,"y":506,"width":758,"height":12}},{"id":"1fdb31e1-dc78-4446-969f-0f9320aff6e8","block_type":"box","text":"U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold","page_number":214,"box":{"x":117,"y":521,"width":763,"height":12}},{"id":"7f72a6a5-c4fe-4aab-9061-35f558dc895b","block_type":"box","text":"tax on certain payments made to noncomplying foreign entities and account holders or (b) if an","page_number":214,"box":{"x":116,"y":537,"width":709,"height":12}},{"id":"356d66dd-9297-49f2-8964-00f214b34835","block_type":"box","text":"intergovernmental agreement is entered into and implementing legislation is adopted, comply with the","page_number":214,"box":{"x":117,"y":552,"width":758,"height":12}},{"id":"e110a19a-0698-46cf-bc7c-dfffe3638b8c","block_type":"box","text":"agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":214,"box":{"x":116,"y":568,"width":695,"height":12}},{"id":"14e7f76a-6e1a-4d7b-b97d-5858425cc962","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":214,"box":{"x":117,"y":583,"width":650,"height":12}},{"id":"157e62f5-0040-47ad-8661-7f68d26e2d4d","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on","page_number":214,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"79cb79ee-f560-478c-a965-956036517b2f","block_type":"box","text":"ordinary income dividends, capital gain dividends and redemption payments (“backup withholding”).","page_number":214,"box":{"x":116,"y":630,"width":744,"height":12}},{"id":"73e81a9d-fcf5-4324-ac17-ab01e6541179","block_type":"box","text":"Generally, shareholders subject to backup withholding will be non-corporate shareholders for whom no","page_number":214,"box":{"x":117,"y":645,"width":767,"height":12}},{"id":"c62bbda2-8b1f-4ca8-9334-9a509c4967f4","block_type":"box","text":"certified taxpayer identification number is on file with the Fund or who, to the Fund’s knowledge, have","page_number":214,"box":{"x":116,"y":661,"width":752,"height":12}},{"id":"2a0aacb0-d7c7-4867-8adb-f2cb5986b1ad","block_type":"box","text":"furnished an incorrect number. When establishing an account, an investor must certify under penalty of","page_number":214,"box":{"x":116,"y":676,"width":766,"height":12}},{"id":"cd2d0c89-d673-4262-9f01-c17782604a42","block_type":"box","text":"perjury that such number is correct and that such investor is not otherwise subject to backup","page_number":214,"box":{"x":117,"y":692,"width":684,"height":12}},{"id":"9204537e-21f1-4c58-8448-168aef31d62d","block_type":"box","text":"withholding. Backup withholding is not an additional tax. Any amount withheld generally may be","page_number":214,"box":{"x":116,"y":707,"width":708,"height":12}},{"id":"4bbef116-6706-411a-840c-2df647347b7c","block_type":"box","text":"allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that","page_number":214,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"66258ffd-a40e-4ec9-b00f-6806d68d7863","block_type":"box","text":"the required information is timely forwarded to the IRS.","page_number":214,"box":{"x":116,"y":738,"width":405,"height":12}},{"id":"e4c63ba8-40aa-4bca-83af-d8c93ec21b19","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","page_number":214,"box":{"x":117,"y":768,"width":739,"height":13}},{"id":"1389c56f-a43f-4d33-94c8-559780852743","block_type":"box","text":"taxable year or $4 million in any combination of taxable years for an individual shareholder or","page_number":214,"box":{"x":116,"y":784,"width":691,"height":13}},{"id":"99c14b38-7d2d-4f85-8fe7-e00c9da64e50","block_type":"box","text":"$10 million in any single taxable year or $20 million in any combination of taxable years for a corporate","page_number":214,"box":{"x":116,"y":799,"width":762,"height":13}},{"id":"edec7176-81a2-4e17-a712-267f6342cd20","block_type":"box","text":"shareholder in any single taxable year, the shareholder must file a disclosure statement on IRS Form","page_number":214,"box":{"x":116,"y":816,"width":749,"height":12}},{"id":"0f815d5b-ecbd-4db2-b49a-8b8ac2436133","block_type":"box","text":"8886 with the IRS. Direct shareholders of portfolio securities are in many cases exempted. That a loss","page_number":214,"box":{"x":116,"y":831,"width":763,"height":12}},{"id":"45044382-6735-43d5-8823-7cd5434b6e34","block_type":"box","text":"is reportable under these regulations does not affect the legal determination of whether the taxpayer’s","page_number":214,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"6dc954a0-c5a3-4415-8f0d-4f02a5c2c17f","block_type":"box","text":"treatment of the loss is proper. Shareholders should consult their tax advisors to determine the","page_number":214,"box":{"x":116,"y":862,"width":707,"height":12}},{"id":"eb5f7046-569f-49b7-acb6-e5593f181109","block_type":"box","text":"applicability of these regulations in light of their individual circumstances.","page_number":214,"box":{"x":116,"y":878,"width":544,"height":12}},{"id":"fc23742e-2507-40d0-99ed-5ad2ae55583a","block_type":"box","text":"II-169","page_number":214,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"5f84210c-02a1-4752-908d-508f74920372","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":214,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8cc3c759-b853-47a9-a470-721764d1dc19","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits,","page_number":215,"box":{"x":117,"y":87,"width":740,"height":12}},{"id":"a611a172-04cd-47f5-86c6-f073384433c0","block_type":"box","text":"taxable mortgage pools or other investments may cause the Fund to report some or all of its","page_number":215,"box":{"x":116,"y":102,"width":689,"height":13}},{"id":"604de642-44af-4eba-9211-ed5179702a46","block_type":"box","text":"distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion income may:","page_number":215,"box":{"x":116,"y":118,"width":760,"height":12}},{"id":"d8f39d02-3f5a-4395-afce-d40e20b6b3a6","block_type":"box","text":"(i) constitute taxable income, as unrelated business taxable income (“UBTI”) for those shareholders","page_number":215,"box":{"x":117,"y":134,"width":742,"height":12}},{"id":"42bdc360-5ed6-40e0-8319-5fda9dc9e6d7","block_type":"box","text":"who would otherwise be tax-exempt such as individual retirement accounts, 401(k) accounts, Keogh","page_number":215,"box":{"x":116,"y":149,"width":749,"height":12}},{"id":"5f8f4abe-6029-4a01-9ffa-e415b8c1e215","block_type":"box","text":"plans, pension plans and certain charitable entities; (ii) not be offset by otherwise allowable deductions","page_number":215,"box":{"x":117,"y":165,"width":766,"height":12}},{"id":"d498f7e0-2855-471c-bce0-ed49165567c8","block_type":"box","text":"for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders even from","page_number":215,"box":{"x":116,"y":180,"width":758,"height":12}},{"id":"ee3d3dcd-0d8d-4bf7-b40b-6cc81a20fdfc","block_type":"box","text":"tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified organizations,”","page_number":215,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"4c1b6064-e469-47e3-bf4e-3327b564a0dc","block_type":"box","text":"as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":215,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"e9d548a7-56da-469d-a1b7-f638b231b94a","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so.","page_number":215,"box":{"x":116,"y":227,"width":771,"height":12}},{"id":"82751d05-0ac2-41ed-adad-fb66126861c6","block_type":"box","text":"Because information about a REIT’s investments may be inadequate or inaccurate, or because a REIT","page_number":215,"box":{"x":117,"y":242,"width":767,"height":12}},{"id":"0e3435d0-b7d6-4512-a9c6-d587cffa441d","block_type":"box","text":"may change its investment program, the Fund may not be successful in avoiding the consequences","page_number":215,"box":{"x":117,"y":258,"width":744,"height":12}},{"id":"c7a39302-f522-421a-8bd6-80126361ba65","block_type":"box","text":"described above. Avoidance of investments in REITs that generate excess inclusion income may","page_number":215,"box":{"x":116,"y":273,"width":725,"height":12}},{"id":"163fa792-09fb-4923-a5c5-b81c4e855c77","block_type":"box","text":"require the Fund to forego otherwise attractive investment opportunities.","page_number":215,"box":{"x":117,"y":289,"width":540,"height":12}},{"id":"74ff81d6-2d9b-48ed-9bc8-5868be127ae9","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and","page_number":215,"box":{"x":117,"y":320,"width":756,"height":12}},{"id":"84312075-f2e8-40f3-9cdf-59359019dabb","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain foreign countries and the","page_number":215,"box":{"x":116,"y":335,"width":753,"height":12}},{"id":"46634977-ed7b-4f61-87e4-a23046487e58","block_type":"box","text":"United States may reduce or eliminate such taxes. Shareholders of a Fund more than 50% by value of","page_number":215,"box":{"x":117,"y":351,"width":764,"height":12}},{"id":"6d9d68af-4c98-4375-a2a1-babe9fec2432","block_type":"box","text":"the assets of which at the close of a taxable year are foreign securities may be able to claim U.S.","page_number":215,"box":{"x":116,"y":366,"width":725,"height":12}},{"id":"bde65349-1fd9-406a-9787-f0dbfec4a283","block_type":"box","text":"foreign tax credits with respect to such foreign taxes paid by the Fund, subject to certain requirements","page_number":215,"box":{"x":116,"y":382,"width":762,"height":12}},{"id":"f86799b9-76ba-4304-98d2-47ea711ce0ec","block_type":"box","text":"and limitations contained in the Code. For example, certain retirement accounts and certain tax-exempt","page_number":215,"box":{"x":116,"y":397,"width":772,"height":12}},{"id":"438355cd-8d44-4c31-ab49-cfdce712d24a","block_type":"box","text":"organizations cannot claim foreign tax credits on investments in foreign securities held in a Fund. In","page_number":215,"box":{"x":116,"y":413,"width":743,"height":12}},{"id":"feee7b23-7b38-4865-8a1b-c32d07b77314","block_type":"box","text":"addition, a foreign tax credit may be claimed with respect to withholding tax on payments with respect","page_number":215,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"08a3b473-84ef-4c7f-b80a-2108e730faa3","block_type":"box","text":"to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":215,"box":{"x":116,"y":444,"width":724,"height":12}},{"id":"dd834223-49dd-456d-9bb2-f34b3f5ea99d","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it","page_number":215,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"a4ff4b59-0d03-4e77-a5d5-35d7dce9a5e2","block_type":"box","text":"will not be able to “pass through” to shareholders the ability to claim a credit or a deduction for the","page_number":215,"box":{"x":116,"y":475,"width":731,"height":12}},{"id":"9bdd4c73-b502-4ca1-8494-d9b295eb30ef","block_type":"box","text":"related foreign taxes paid by the Fund. Further, to the extent that a Fund engages in securities lending","page_number":215,"box":{"x":117,"y":490,"width":763,"height":12}},{"id":"39170ee1-2977-40ee-b712-fbb56a9f0a36","block_type":"box","text":"with respect to a security paying income subject to foreign taxes, it may not be able to pass through to","page_number":215,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"4004c1e6-f98f-4e0c-9c16-b32f21bc5a0c","block_type":"box","text":"its shareholders the ability to take a foreign tax credit for those taxes. If a Fund satisfies the applicable","page_number":215,"box":{"x":117,"y":521,"width":762,"height":12}},{"id":"4e080fea-5acb-432a-a855-f37295239fcd","block_type":"box","text":"requirements, such Fund will be eligible to file an election with the IRS pursuant to which shareholders","page_number":215,"box":{"x":117,"y":537,"width":763,"height":12}},{"id":"bf872b3a-48bf-425e-91c5-432bb86c0e23","block_type":"box","text":"of the Fund will be required to include their proportionate shares of such foreign taxes in their U.S.","page_number":215,"box":{"x":116,"y":552,"width":733,"height":12}},{"id":"816cbfff-3223-4d4e-975c-4127d3f69854","block_type":"box","text":"income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":215,"box":{"x":117,"y":568,"width":718,"height":12}},{"id":"496edde4-07f4-4fdd-837b-f32b08e8f277","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as","page_number":215,"box":{"x":116,"y":583,"width":738,"height":12}},{"id":"9e92f124-7527-44f0-8d1d-7720c2facee0","block_type":"box","text":"foreign tax credits against their U.S. income taxes. No deductions for foreign taxes, however, may be","page_number":215,"box":{"x":116,"y":599,"width":755,"height":12}},{"id":"cee4f8c5-0e48-4357-9001-1279087e3c1c","block_type":"box","text":"claimed by noncorporate shareholders who do not itemize deductions. A shareholder that is a","page_number":215,"box":{"x":116,"y":614,"width":699,"height":12}},{"id":"d5ac069b-eb77-4c1a-a41a-a837d0d3255b","block_type":"box","text":"nonresident alien individual or a foreign corporation may be subject to U.S. withholding tax on the","page_number":215,"box":{"x":117,"y":630,"width":726,"height":12}},{"id":"2439a8e2-c57d-4e1c-aa51-7da343c7032f","block_type":"box","text":"income resulting from a Fund’s election described in this paragraph but may not be able to claim a","page_number":215,"box":{"x":117,"y":645,"width":733,"height":12}},{"id":"19554d35-ad20-4915-9fcc-619d4de9760b","block_type":"box","text":"credit or deduction against such U.S. tax for the foreign taxes treated as having been paid by such","page_number":215,"box":{"x":116,"y":661,"width":730,"height":12}},{"id":"96ed8d51-bea4-4d16-9441-dacf7e56bd48","block_type":"box","text":"shareholder. A Fund will report annually to its shareholders the amount per share of such foreign taxes","page_number":215,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"f69818f1-9e61-4917-8bb6-1db333c6f93f","block_type":"box","text":"and other information needed to claim the foreign tax credit.","page_number":215,"box":{"x":116,"y":692,"width":443,"height":12}},{"id":"b4e37c57-5683-4dcd-b025-6d738aa453f3","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may,","page_number":215,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"ce0e2fea-dfef-4319-ad15-d301b2a30f66","block_type":"box","text":"among other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or","page_number":215,"box":{"x":116,"y":738,"width":722,"height":12}},{"id":"53484ea2-d26c-49ec-af59-ed52b37386b2","block_type":"box","text":"otherwise limit the allowance of certain losses or deductions, and (c) accelerate the recognition of","page_number":215,"box":{"x":116,"y":754,"width":724,"height":12}},{"id":"fde2a9c4-04ec-4c0a-90b4-4a02fb0340f7","block_type":"box","text":"income without a corresponding receipt of cash (with which to make the necessary distributions to","page_number":215,"box":{"x":117,"y":769,"width":725,"height":12}},{"id":"b4c30fb0-93cf-47f9-a2e7-68040ca85f41","block_type":"box","text":"satisfy distribution requirements applicable to regulated investment companies). Operation of these","page_number":215,"box":{"x":116,"y":785,"width":736,"height":12}},{"id":"2cba1235-98a0-4a31-90d4-883243a7019c","block_type":"box","text":"rules could, therefore, affect the character, amount and timing of distributions to shareholders. Special","page_number":215,"box":{"x":117,"y":800,"width":756,"height":12}},{"id":"db2d0459-0a60-4019-8ada-1003cc6a3359","block_type":"box","text":"tax rules also may require a Fund to mark-to-market certain types of positions in its portfolio (","page_number":215,"box":{"x":116,"y":816,"width":691,"height":12}},{"id":"611ae8b3-8ee9-4b63-af82-b78ddea8fce2","block_type":"box","text":"i.e.","page_number":215,"box":{"x":808,"y":816,"width":20,"height":9}},{"id":"62f2805b-e65a-4a79-8979-3ff68762ba73","block_type":"box","text":", treat","page_number":215,"box":{"x":831,"y":816,"width":42,"height":11}},{"id":"2d29d034-45c2-464c-9f7d-c6dbb260a252","block_type":"box","text":"them as sold on the last day of the taxable year), and may result in the recognition of income without a","page_number":215,"box":{"x":116,"y":831,"width":765,"height":12}},{"id":"fe6f7588-4ee1-4bfd-872c-e075914c5375","block_type":"box","text":"corresponding receipt of cash. Funds engaging in transactions affected by these provisions intend to","page_number":215,"box":{"x":116,"y":847,"width":751,"height":12}},{"id":"fc40575d-099f-4df1-b50d-74927befedf0","block_type":"box","text":"monitor their transactions, make appropriate tax elections and make appropriate entries in their books","page_number":215,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"9d34b3c5-2783-4ab5-8ae3-3e2294d05766","block_type":"box","text":"II-170","page_number":215,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"581cd564-e921-4f85-a71d-f025c810fee3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":215,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"4e59a9d1-8ff5-4d46-bff2-61d0fb04b713","block_type":"box","text":"and records to lessen the effect of these tax rules and avoid any possible disqualification from the","page_number":216,"box":{"x":116,"y":87,"width":730,"height":12}},{"id":"d7fd96dc-ce3f-47d5-b811-e60582317a08","block_type":"box","text":"special treatment afforded regulated investment companies under the Code.","page_number":216,"box":{"x":116,"y":102,"width":571,"height":13}},{"id":"50605e2b-3b35-4ced-beb6-6fd96673363d","block_type":"box","text":"Certain of a Fund’s investments in derivative instruments and foreign currency-denominated","page_number":216,"box":{"x":117,"y":130,"width":687,"height":13}},{"id":"e8d2261d-1a1f-4773-a023-d315c1f2abf6","block_type":"box","text":"instruments, and any of the Fund’s transactions in foreign currencies and hedging activities, are likely","page_number":216,"box":{"x":117,"y":146,"width":756,"height":12}},{"id":"282e4991-f793-4b53-a7b6-bf1db7f3e73b","block_type":"box","text":"to produce a difference between its book income and the sum of its taxable income and net tax-exempt","page_number":216,"box":{"x":116,"y":161,"width":771,"height":12}},{"id":"2867566e-e2fc-4cc7-b04f-8f698a143397","block_type":"box","text":"income (if any). If such a difference arises, and the Fund’s book income is less than the sum of its","page_number":216,"box":{"x":117,"y":177,"width":730,"height":12}},{"id":"561f7ea2-b388-466f-a17b-7d732a6862f7","block_type":"box","text":"taxable income and net tax-exempt income, the Fund could be required to make distributions","page_number":216,"box":{"x":116,"y":193,"width":695,"height":11}},{"id":"66c695d8-a199-4b4f-8cc6-5d1afaa50fb8","block_type":"box","text":"exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an","page_number":216,"box":{"x":116,"y":208,"width":727,"height":12}},{"id":"5ff8b184-a63a-4278-8807-c5a4338b3684","block_type":"box","text":"entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":216,"box":{"x":116,"y":223,"width":754,"height":13}},{"id":"b5338db2-0f9b-4201-9198-723f2ead924e","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax","page_number":216,"box":{"x":117,"y":239,"width":721,"height":12}},{"id":"10f53b7b-35cc-454c-b729-996dd6eaf660","block_type":"box","text":"exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the","page_number":216,"box":{"x":116,"y":254,"width":761,"height":13}},{"id":"e87a12e1-665f-4d10-b5cf-b8342848110f","block_type":"box","text":"extent of the Fund’s remaining earnings and profits (including earnings and profits arising from tax","page_number":216,"box":{"x":116,"y":270,"width":733,"height":12}},{"id":"fd9845d0-abcc-41f9-a181-5733f1e1efcb","block_type":"box","text":"exempt income), (ii) thereafter, as a return of capital to the extent of the recipient’s basis in its shares,","page_number":216,"box":{"x":116,"y":285,"width":759,"height":13}},{"id":"33aed9a6-c323-4f94-b8f4-6f8304b56e06","block_type":"box","text":"and (iii) thereafter as gain from the sale or exchange of a capital asset.","page_number":216,"box":{"x":116,"y":301,"width":530,"height":12}},{"id":"bcfd6298-f282-4dfa-bac8-26d00d0a33b2","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s","page_number":216,"box":{"x":117,"y":329,"width":361,"height":12}},{"id":"e5c67a43-8826-4107-8304-61ca72498b47","block_type":"box","text":"realized losses on sales of shares of underlying funds","page_number":216,"box":{"x":479,"y":329,"width":403,"height":12}},{"id":"b212781b-f3df-4f9b-9077-51489b52f2bc","block_type":"box","text":"may be indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains","page_number":216,"box":{"x":117,"y":344,"width":749,"height":12}},{"id":"8c096509-ad12-4578-b357-271459bd886f","block_type":"box","text":"by underlying funds will be recognized as ordinary income by the Fund and would not be offset by the","page_number":216,"box":{"x":117,"y":360,"width":757,"height":12}},{"id":"2dac10de-a396-478d-bffa-490f7a20178b","block_type":"box","text":"Fund’s capital loss carryforwards, if any. Capital loss carryforwards of underlying funds, if any, would","page_number":216,"box":{"x":117,"y":375,"width":751,"height":12}},{"id":"bcda8888-a0ae-4f28-95bd-e0a8005a3e85","block_type":"box","text":"not offset net capital gains of the Fund. Each of these effects is caused by the Fund’s expected","page_number":216,"box":{"x":117,"y":391,"width":710,"height":12}},{"id":"546ba1ed-e6db-46b2-b9c2-725750c3c46f","block_type":"box","text":"investment in the underlying funds and may result in distributions to Fund shareholders being of higher","page_number":216,"box":{"x":117,"y":406,"width":766,"height":12}},{"id":"dfffd692-24ec-4b95-a9f7-d34ca39b7f0f","block_type":"box","text":"magnitudes and less likely to qualify for lower capital gain tax rates than if the Fund were to invest","page_number":216,"box":{"x":117,"y":422,"width":730,"height":12}},{"id":"f3eaaf6b-a444-47f8-80d3-4ea42abbb46c","block_type":"box","text":"otherwise.","page_number":216,"box":{"x":116,"y":438,"width":81,"height":9}},{"id":"a76fa5d1-6714-4488-89ac-a6c8520ce9a7","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":216,"box":{"x":116,"y":465,"width":765,"height":12}},{"id":"f7cff9fe-b8d1-4606-b581-21728ee24760","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of","page_number":216,"box":{"x":116,"y":481,"width":758,"height":12}},{"id":"80eca11c-f6dd-4d38-8dbe-a96e445c5b90","block_type":"box","text":"its net income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the","page_number":216,"box":{"x":117,"y":496,"width":752,"height":12}},{"id":"313cd1f9-c18e-4338-88be-9cea8f0728d2","block_type":"box","text":"Fund will be required to report all of the Subsidiary’s net income as ordinary income regardless of","page_number":216,"box":{"x":117,"y":512,"width":726,"height":12}},{"id":"00801f6c-6a9c-444f-979a-a2b6eaf595bf","block_type":"box","text":"whether that income would be treated differently (for example, as capital gain) at the Subsidiary level","page_number":216,"box":{"x":116,"y":527,"width":753,"height":12}},{"id":"b5e84916-b37f-4c3e-a460-75802ab74ce0","block_type":"box","text":"and regardless of whether that income is distributed to the Fund. (Previously taxed income will not,","page_number":216,"box":{"x":116,"y":543,"width":738,"height":12}},{"id":"5bdfb032-4a35-488a-9963-0991832d5101","block_type":"box","text":"however, be taxable again when distributed.) If a net loss is realized by the Subsidiary in any taxable","page_number":216,"box":{"x":117,"y":558,"width":751,"height":12}},{"id":"497850e3-78f7-4c4b-af3d-23ef692832d0","block_type":"box","text":"year, the loss will generally not be available to offset the Fund’s other income. It is not expected that","page_number":216,"box":{"x":116,"y":574,"width":747,"height":12}},{"id":"3b38b7e6-5bd8-4783-85a3-2e8c842b508f","block_type":"box","text":"the Subsidiary will be subject to an entity-level federal tax.","page_number":216,"box":{"x":116,"y":589,"width":436,"height":12}},{"id":"3830468e-ce65-4c3a-b6a6-9d72bbcf5d0b","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under","page_number":216,"box":{"x":117,"y":617,"width":750,"height":12}},{"id":"ef5b709a-c64c-40c2-b0f6-79e2f34fd08d","block_type":"box","text":"foreign law, the Fund will generally be treated as owning shares in a passive foreign investment","page_number":216,"box":{"x":116,"y":633,"width":714,"height":12}},{"id":"d96df747-d009-40bf-8b73-2f9754ca6dca","block_type":"box","text":"company (“PFIC”) for U.S. federal income tax purposes. A Fund may be subject to U.S. federal income","page_number":216,"box":{"x":116,"y":648,"width":769,"height":12}},{"id":"53576c84-c0db-4e87-b6e4-3b57b0b16e9a","block_type":"box","text":"tax, and interest charges (at the rate applicable to tax underpayments) on tax liability treated as having","page_number":216,"box":{"x":116,"y":664,"width":761,"height":12}},{"id":"0d7b2a25-1926-4f97-b1d7-7a0ccd7df753","block_type":"box","text":"been deferred with respect to certain distributions from such a company and on gain from the","page_number":216,"box":{"x":117,"y":679,"width":691,"height":12}},{"id":"40ec582c-079e-499a-9315-5f7bc93b41d8","block_type":"box","text":"disposition of the shares of such a company (collectively referred to as “excess distributions”), even if","page_number":216,"box":{"x":116,"y":695,"width":752,"height":12}},{"id":"85dd88f3-d0bf-4682-b103-bbaf38bd82ae","block_type":"box","text":"such excess distributions are paid by the Fund as a dividend to its shareholders. However, a Fund may","page_number":216,"box":{"x":116,"y":710,"width":766,"height":12}},{"id":"4e70c5ad-3466-4912-99d3-0f41b34df7d0","block_type":"box","text":"elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":216,"box":{"x":116,"y":726,"width":753,"height":12}},{"id":"3f13080c-7343-4c42-a614-8d34b4ab9d78","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable","page_number":216,"box":{"x":117,"y":741,"width":734,"height":12}},{"id":"a8bcc226-4286-431c-bb1c-1a41ddbfd7a2","block_type":"box","text":"years, unless revoked with consent from the IRS. Under this election, a Fund would recognize as","page_number":216,"box":{"x":116,"y":757,"width":719,"height":12}},{"id":"715a4be5-e997-4061-a360-0410b3c10833","block_type":"box","text":"ordinary income any increase in the value of its shares as of the close of the taxable year over their","page_number":216,"box":{"x":116,"y":772,"width":737,"height":12}},{"id":"45fadeb8-df08-4733-81ea-9b60f1d6c790","block_type":"box","text":"adjusted tax basis and as ordinary loss any decrease in such value, but only to the extent of previously","page_number":216,"box":{"x":116,"y":788,"width":763,"height":12}},{"id":"a032067f-0133-4438-ba33-5b49b5b2082a","block_type":"box","text":"recognized “mark-to-market” gains. By making the mark-to-market election, a Fund could avoid","page_number":216,"box":{"x":117,"y":803,"width":704,"height":12}},{"id":"aaaab0e0-4815-48c0-84f3-c2d64d515166","block_type":"box","text":"imposition of the interest charge with respect to excess distributions from PFICs, but in any particular","page_number":216,"box":{"x":117,"y":819,"width":749,"height":12}},{"id":"b7ff0b97-aa85-4b76-b828-752beeac8693","block_type":"box","text":"year might be required to recognize income in excess of the distributions it received from PFICs.","page_number":216,"box":{"x":116,"y":834,"width":720,"height":12}},{"id":"1b8600dc-f4ff-43f5-ad44-70fd09e56494","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","page_number":216,"box":{"x":117,"y":862,"width":746,"height":12}},{"id":"cf53074e-1d06-4b20-b6c2-ba95e2c7dc6a","block_type":"box","text":"Code, in lieu of the foregoing requirements, the Fund would be required to include in income each year","page_number":216,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"93aab5f7-8dc7-4e21-9733-8b02d8fac463","block_type":"box","text":"II-171","page_number":216,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"dafb9555-11e1-49d8-8df0-3336200f2c0f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":216,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0a3746a6-2d45-493f-bf4b-560fd07201e6","block_type":"box","text":"a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not","page_number":217,"box":{"x":116,"y":87,"width":712,"height":12}},{"id":"3041109b-9b37-47b0-8b6f-ee0af9d7c313","block_type":"box","text":"distributed to the Fund, and such amounts would be subject to the 90% and excise tax distribution","page_number":217,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"45f72bb3-9c4f-4f52-b9ee-0a47bd2508ff","block_type":"box","text":"requirements described above. In order to make this election, the Fund would be required to obtain","page_number":217,"box":{"x":117,"y":118,"width":739,"height":12}},{"id":"dde44a1b-b61b-45dd-9d55-05e0b8b20141","block_type":"box","text":"certain annual information from the PFICs in which it invests, which may be difficult or impossible to","page_number":217,"box":{"x":116,"y":134,"width":743,"height":12}},{"id":"3303b503-21d0-44b6-9393-3f52f24e6e1e","block_type":"box","text":"obtain.","page_number":217,"box":{"x":116,"y":149,"width":55,"height":10}},{"id":"a2cb2b47-3376-401e-aef5-c14c9ad7eda7","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer","page_number":217,"box":{"x":117,"y":179,"width":434,"height":12}},{"id":"19ca15b7-ab4f-4eb7-989e-099892760a94","block_type":"box","text":"all or a portion of its net capital loss (or if","page_number":217,"box":{"x":552,"y":179,"width":305,"height":12}},{"id":"aaf444f2-42ff-48a0-89bf-1ccfeb3faa48","block_type":"box","text":"there is no net capital loss, any net long-term or short-term capital loss) realized after October and its","page_number":217,"box":{"x":116,"y":194,"width":755,"height":12}},{"id":"84b0b7ba-de61-466f-a381-14df4a31e624","block_type":"box","text":"late-year ordinary loss (defined as the sum of the excess of post-October foreign currency and PFIC","page_number":217,"box":{"x":117,"y":210,"width":748,"height":12}},{"id":"3518a5da-9a5e-42f7-b870-8f82f4425825","block_type":"box","text":"losses over post-October foreign currency and PFIC gains plus the excess of post-December ordinary","page_number":217,"box":{"x":117,"y":225,"width":761,"height":12}},{"id":"b76286c7-445c-4b94-9e0c-767165792613","block_type":"box","text":"losses over post-December ordinary income) until the next taxable year in computing its investment","page_number":217,"box":{"x":117,"y":241,"width":743,"height":12}},{"id":"0b4e663d-5628-4ac8-9355-dfc04b657444","block_type":"box","text":"company taxable income and net capital gain, which will defer the recognition of such realized losses.","page_number":217,"box":{"x":116,"y":256,"width":759,"height":12}},{"id":"e31645f0-f1bd-4bdc-9abc-44aac7729305","block_type":"box","text":"Such deferrals and other rules regarding gains and losses realized after October (or December) may","page_number":217,"box":{"x":116,"y":272,"width":752,"height":12}},{"id":"f8560108-048d-42de-9030-90dbe0fe7fbd","block_type":"box","text":"affect the tax character of shareholder distributions.","page_number":217,"box":{"x":116,"y":287,"width":387,"height":10}},{"id":"c902c8a7-2011-43df-96e9-d75d084af2ad","block_type":"box","text":"Municipal Funds","page_number":217,"box":{"x":116,"y":317,"width":127,"height":12}},{"id":"7de09a84-903a-46e8-87f9-6253cee7cc9f","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in","page_number":217,"box":{"x":117,"y":339,"width":650,"height":12}},{"id":"16b32738-c07c-4f96-a454-d975e12616ac","block_type":"box","text":"Section 852(b)(5) of the Code. Under such section if, at the close of each quarter of a Fund’s taxable","page_number":217,"box":{"x":116,"y":355,"width":753,"height":12}},{"id":"53eebed4-431e-421e-af46-faeb7be03534","block_type":"box","text":"year, at least 50% of the value of the Fund’s total assets consists of obligations exempt from U.S.","page_number":217,"box":{"x":116,"y":370,"width":728,"height":12}},{"id":"1a1c8d3f-d578-40bf-a7c4-a50ca1c8594a","block_type":"box","text":"federal income tax (“tax-exempt obligations”) under Section 103(a) of the Code (relating generally to","page_number":217,"box":{"x":116,"y":386,"width":748,"height":12}},{"id":"81aad3b7-58cf-4b9a-b51e-b11537fcbc4c","block_type":"box","text":"obligations of a state or local governmental unit), the Fund shall be qualified to pay exempt-interest","page_number":217,"box":{"x":116,"y":401,"width":739,"height":12}},{"id":"23483410-0734-4e69-b901-b55bfb6c51dd","block_type":"box","text":"dividends to holders of all outstanding classes of its shares (together the “shareholders”). Exempt","page_number":217,"box":{"x":116,"y":417,"width":728,"height":12}},{"id":"fef6ee2f-592f-423e-ac88-d4cc87e4f49e","block_type":"box","text":"interest dividends are dividends or any part thereof paid by a Fund that are attributable to interest on","page_number":217,"box":{"x":117,"y":432,"width":749,"height":12}},{"id":"29c202cd-703f-48b0-9b2e-37c5f6804954","block_type":"box","text":"tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":217,"box":{"x":116,"y":448,"width":740,"height":12}},{"id":"aa5c478a-fd4f-4544-9950-cb20e2c3720a","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference","page_number":217,"box":{"x":117,"y":463,"width":727,"height":12}},{"id":"94fdf340-7cc2-4134-838c-dd5519e98c41","block_type":"box","text":"items discussed below) among the Fund’s shareholders according to a method (that it believes is","page_number":217,"box":{"x":117,"y":479,"width":725,"height":12}},{"id":"eb2c593d-251e-43a1-991d-8793e67ad332","block_type":"box","text":"consistent with the Commission rule permitting the issuance and sale of multiple classes of shares)","page_number":217,"box":{"x":116,"y":494,"width":741,"height":12}},{"id":"9e121d37-4ec5-42b1-af70-ab3135720fcd","block_type":"box","text":"that is based upon the gross income that is allocable to each class of shareholders during the taxable","page_number":217,"box":{"x":116,"y":510,"width":758,"height":12}},{"id":"aab06d49-b05a-4017-aaca-a22e3deff3b8","block_type":"box","text":"year, or such other method as the IRS may prescribe.","page_number":217,"box":{"x":116,"y":525,"width":404,"height":12}},{"id":"3d56967e-15ef-4f47-b88b-e18804e9089c","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal","page_number":217,"box":{"x":117,"y":555,"width":714,"height":12}},{"id":"acb7e150-104f-4406-8397-be68d592f492","block_type":"box","text":"income tax purposes. Exempt-interest dividends are included, however, in determining the portion, if","page_number":217,"box":{"x":117,"y":570,"width":748,"height":12}},{"id":"3b2138e4-b32b-47c1-80be-5369a4abca65","block_type":"box","text":"any, of a person’s social security and railroad retirement benefits subject to U.S. federal income taxes.","page_number":217,"box":{"x":116,"y":586,"width":764,"height":12}},{"id":"65d3bcb0-da80-4c30-bbd9-8520958647d4","block_type":"box","text":"Interest on indebtedness incurred or continued to purchase or carry shares of a regulated investment","page_number":217,"box":{"x":117,"y":601,"width":754,"height":13}},{"id":"55fd5832-fc15-400b-a6cf-448b0982859e","block_type":"box","text":"company paying exempt-interest dividends, such as the Fund, will not be deductible by the investor for","page_number":217,"box":{"x":116,"y":617,"width":766,"height":12}},{"id":"f3669db5-7ed0-48d1-b647-22e6cc61ab5c","block_type":"box","text":"U.S. federal income tax purposes to the extent attributable to exempt-interest dividends. Shareholders","page_number":217,"box":{"x":117,"y":632,"width":762,"height":12}},{"id":"2169c7a2-c3a9-416c-8873-854b81b62c17","block_type":"box","text":"are advised to consult their tax advisors with respect to whether exempt-interest dividends retain the","page_number":217,"box":{"x":116,"y":648,"width":749,"height":12}},{"id":"542f2d46-79fd-457c-a36d-3194ade7cc79","block_type":"box","text":"exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial user” or","page_number":217,"box":{"x":116,"y":663,"width":717,"height":13}},{"id":"5980609d-ceeb-4704-831d-5e67f396b8b1","block_type":"box","text":"“related person” under Code Section 147(a) with respect to property financed with the proceeds of an","page_number":217,"box":{"x":116,"y":679,"width":751,"height":12}},{"id":"3c632a27-4dc0-4c8d-b5f0-1474ffc2b640","block_type":"box","text":"issue of PABs, if any, held by a Fund.","page_number":217,"box":{"x":117,"y":694,"width":277,"height":13}},{"id":"7ac8066f-58f1-4ff3-9c44-8ffd4aca56de","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned","page_number":217,"box":{"x":116,"y":724,"width":745,"height":12}},{"id":"632d5bdc-bc2f-48e5-b127-c0db4c5a37dd","block_type":"box","text":"out by the Fund will not be considered exempt interest, and distributions by the Fund of such substitute","page_number":217,"box":{"x":116,"y":740,"width":764,"height":12}},{"id":"e0ffb76f-fb4e-4e33-ba4e-72498141b886","block_type":"box","text":"payments will not constitute exempt-interest dividends.","page_number":217,"box":{"x":117,"y":755,"width":404,"height":12}},{"id":"42a253b9-dcb8-4f17-a55b-ec00d42f5533","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a","page_number":217,"box":{"x":117,"y":785,"width":722,"height":12}},{"id":"2052f3a9-701f-4f0f-942a-878fda42da14","block_type":"box","text":"holder’s shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":217,"box":{"x":117,"y":800,"width":733,"height":12}},{"id":"df23d03d-a03e-4a54-9232-3fae35188a10","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Any loss upon the sale or exchange of","page_number":217,"box":{"x":116,"y":816,"width":753,"height":12}},{"id":"e68cf887-a51a-4042-a6dc-990c68c86423","block_type":"box","text":"Fund shares held for six months or less will be disallowed to the extent of any exempt-interest","page_number":217,"box":{"x":117,"y":831,"width":700,"height":12}},{"id":"a9d6faa7-2f84-4a87-aec9-65182d729194","block_type":"box","text":"dividends received by the shareholder. In addition, any such loss that is not disallowed under the rule","page_number":217,"box":{"x":116,"y":847,"width":756,"height":12}},{"id":"00fee48e-b4f6-46f8-9762-a0ac25ef17f7","block_type":"box","text":"stated above will be treated as long-term capital loss to the extent of any capital gain dividends","page_number":217,"box":{"x":116,"y":862,"width":709,"height":12}},{"id":"06e28b19-e0a8-4957-a761-3b253b5675b3","block_type":"box","text":"received by the shareholder.","page_number":217,"box":{"x":117,"y":878,"width":216,"height":12}},{"id":"da384704-32a1-427e-ada4-884309442c60","block_type":"box","text":"II-172","page_number":217,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0183145c-334c-4220-8396-247a8cb1aa10","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":217,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d3531207-6663-4ace-a445-d61679b83d4f","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a","page_number":218,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"30f8f5b2-38c7-40ce-9599-b9ba16363d30","block_type":"box","text":"market discount will be treated as ordinary income rather than capital gain. This rule may increase the","page_number":218,"box":{"x":117,"y":103,"width":760,"height":12}},{"id":"8c16931e-122a-4233-a4d8-9512b097f9af","block_type":"box","text":"amount of ordinary income dividends received by shareholders.","page_number":218,"box":{"x":116,"y":118,"width":477,"height":12}},{"id":"eeaebfd3-0bef-4ac4-9d14-18b7b57b5e0a","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a","page_number":218,"box":{"x":116,"y":149,"width":763,"height":12}},{"id":"c3b11347-bd23-4901-bef5-c41dad7a89ae","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if","page_number":218,"box":{"x":117,"y":165,"width":737,"height":12}},{"id":"ad41f767-8b74-4984-95a2-63b98a072c3d","block_type":"box","text":"issued with original issue discount. Absent an election by the Fund to include the market discount in","page_number":218,"box":{"x":117,"y":180,"width":744,"height":12}},{"id":"c17074fa-7e40-4fe8-a5ab-9b0632b3d914","block_type":"box","text":"income as it accrues, gain on the Fund’s disposition of such an obligation will be treated as ordinary","page_number":218,"box":{"x":117,"y":196,"width":744,"height":12}},{"id":"9b83e339-8cb4-4d65-bf55-73e4a0f29b8e","block_type":"box","text":"income rather than capital gain to the extent of the accrued market discount.","page_number":218,"box":{"x":117,"y":211,"width":571,"height":12}},{"id":"32eee44d-9ccf-4390-a15c-5d4c9d991bc5","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative","page_number":218,"box":{"x":116,"y":242,"width":763,"height":12}},{"id":"e71014ea-779f-4eff-8c77-5d37bb7ab809","block_type":"box","text":"minimum tax. The alternative minimum tax applies to interest received on certain “PABs” issued after","page_number":218,"box":{"x":117,"y":258,"width":753,"height":11}},{"id":"4dac8f40-2cf2-4731-b3fd-18904de7f69a","block_type":"box","text":"August 7, 1986. PABs are bonds that, although tax-exempt, are used for purposes other than those","page_number":218,"box":{"x":116,"y":273,"width":743,"height":12}},{"id":"52a68173-a45a-4392-80f3-4b1fafc8d902","block_type":"box","text":"generally performed by governmental units and that benefit non-governmental entities (","page_number":218,"box":{"x":116,"y":289,"width":648,"height":12}},{"id":"2eee653e-1921-4bbf-aeb1-7aff0b0f6b0a","block_type":"box","text":"e.g.","page_number":218,"box":{"x":765,"y":291,"width":26,"height":10}},{"id":"7342b592-c511-483f-95dd-5ad6c059d57c","block_type":"box","text":", bonds","page_number":218,"box":{"x":794,"y":289,"width":58,"height":11}},{"id":"b5f3e3a0-1e79-4ae2-b538-9022c63bdce9","block_type":"box","text":"used for industrial development or housing purposes). Income received on such bonds is classified as","page_number":218,"box":{"x":117,"y":304,"width":760,"height":12}},{"id":"6abde265-5064-4d51-9f11-335a1bc69b05","block_type":"box","text":"an item of “tax preference,” which could subject certain investors in such bonds, including shareholders","page_number":218,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"4e8f5eca-6bfc-4504-87d5-7b840a0a58b3","block_type":"box","text":"of a Fund, to a federal alternative minimum tax. A Fund will purchase such “PABs” and will report to","page_number":218,"box":{"x":116,"y":335,"width":744,"height":12}},{"id":"9edd0371-2996-4ac4-beb8-cd9cf20caeaf","block_type":"box","text":"shareholders after the close of the calendar year the portion of the Fund’s dividends declared during","page_number":218,"box":{"x":116,"y":351,"width":748,"height":12}},{"id":"38c7ca71-6a29-4abb-8c1f-4408d292da82","block_type":"box","text":"the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":218,"box":{"x":116,"y":366,"width":651,"height":12}},{"id":"08109481-a9ab-4e28-84f0-5d45359be955","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules","page_number":218,"box":{"x":117,"y":397,"width":768,"height":12}},{"id":"c70c23fe-4c6b-4b47-9283-6618053fbf09","block_type":"box","text":"governing the taxation of interest rate swaps are not entirely clear and may require a Fund to treat","page_number":218,"box":{"x":116,"y":413,"width":733,"height":12}},{"id":"8b7b943d-9acc-4994-b7fe-877629a0bcbd","block_type":"box","text":"payments received under such arrangements as ordinary income and to amortize payments made","page_number":218,"box":{"x":117,"y":428,"width":733,"height":12}},{"id":"de172cd7-0911-4c39-9f93-afd1313e439a","block_type":"box","text":"under certain circumstances. Because payments received by a Fund in connection with swap","page_number":218,"box":{"x":117,"y":444,"width":697,"height":12}},{"id":"b9bc6b67-397f-488e-a760-c563876ca628","block_type":"box","text":"transactions will be taxable rather than tax-exempt and because swap payments made by a Fund will","page_number":218,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"9ca5b41d-aaf3-4cd3-9d20-96199679606f","block_type":"box","text":"offset both taxable and tax-exempt gross income proportionately, they may result in increased taxable","page_number":218,"box":{"x":116,"y":475,"width":762,"height":12}},{"id":"0dfd37fd-addd-4eea-8cb5-6be9ecb3ab95","block_type":"box","text":"distributions to shareholders.","page_number":218,"box":{"x":116,"y":490,"width":220,"height":10}},{"id":"946053d1-e950-4ec4-a557-3e70733afee2","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in","page_number":218,"box":{"x":117,"y":521,"width":721,"height":12}},{"id":"b4bf80fd-f7d9-4c02-9565-235a0fd420c3","block_type":"box","text":"BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund,","page_number":218,"box":{"x":117,"y":537,"width":731,"height":12}},{"id":"0114ef82-5b99-461c-b991-88d06a1e2e5e","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund and BlackRock Pennsylvania Municipal Bond","page_number":218,"box":{"x":117,"y":552,"width":725,"height":12}},{"id":"00bdfa7a-1d1c-4684-9e55-7b878b3d46d3","block_type":"box","text":"Fund, as well as information on economic conditions within each applicable state.","page_number":218,"box":{"x":117,"y":568,"width":608,"height":12}},{"id":"86c4ba88-b143-4d7d-b8d5-370461d6ac92","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master","page_number":218,"box":{"x":117,"y":599,"width":723,"height":12}},{"id":"473c5577-672a-4c84-84df-1e834b9f2066","block_type":"box","text":"Portfolio in which it has invested for purposes of satisfying various qualification requirements of the","page_number":218,"box":{"x":117,"y":614,"width":737,"height":12}},{"id":"326ea987-4fa6-4860-995a-5ef6815b4c33","block_type":"box","text":"Code applicable to regulated investment companies. Each Master Portfolio is classified either as a","page_number":218,"box":{"x":117,"y":630,"width":734,"height":12}},{"id":"6435af57-55e2-4d04-8c22-0d985aefce46","block_type":"box","text":"partnership or a separate disregarded entity (depending on the particular Master Portfolio) for U.S.","page_number":218,"box":{"x":117,"y":645,"width":734,"height":12}},{"id":"126b12a0-a008-4028-965e-6d3261ca7c8c","block_type":"box","text":"federal income tax purposes. If applicable tax provisions were to change the classification of a Master","page_number":218,"box":{"x":116,"y":661,"width":755,"height":12}},{"id":"f789875c-b5eb-4239-a7bb-e189a7b9a208","block_type":"box","text":"Portfolio, then the Board of Directors of a Feeder Fund would determine, in its discretion, the","page_number":218,"box":{"x":117,"y":676,"width":686,"height":11}},{"id":"cf8ef567-4911-4440-859d-a668e58be431","block_type":"box","text":"appropriate course of action for the Feeder Fund. One possible course of action would be to withdraw","page_number":218,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"0d3c2113-0231-4009-bc33-92fc475d41c8","block_type":"box","text":"the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to","page_number":218,"box":{"x":116,"y":707,"width":717,"height":12}},{"id":"0256f333-295f-460e-9613-eae4ef0cf417","block_type":"box","text":"manage the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder","page_number":218,"box":{"x":117,"y":723,"width":758,"height":12}},{"id":"cfc8118e-4f52-43b4-aed9-59f8d618df42","block_type":"box","text":"Fund.","page_number":218,"box":{"x":117,"y":738,"width":40,"height":10}},{"id":"4661abec-1e30-48e6-9d34-68fc11d99db7","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states","page_number":218,"box":{"x":116,"y":769,"width":764,"height":12}},{"id":"589ce8e0-3fba-496e-a7ed-35cb8953c3d0","block_type":"box","text":"exempt from state income taxation dividends paid by regulated investment companies that are derived","page_number":218,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"26e7060c-b219-4957-a9c2-11ad0b393216","block_type":"box","text":"from interest on U.S. government obligations. State law varies as to whether dividend income","page_number":218,"box":{"x":116,"y":800,"width":693,"height":12}},{"id":"d6353737-50bc-4c92-a9e4-3291f8b9173f","block_type":"box","text":"attributable to U.S. government obligations is exempt from state income tax.","page_number":218,"box":{"x":116,"y":816,"width":563,"height":12}},{"id":"c456ebe9-96fd-4026-8c54-8e912a74160a","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to","page_number":218,"box":{"x":116,"y":847,"width":747,"height":12}},{"id":"9bbb0215-5c4d-4141-af1d-7b05a45c2bfe","block_type":"box","text":"federal, foreign, state or local taxes with respect to their Fund. Foreign investors should consider","page_number":218,"box":{"x":116,"y":862,"width":721,"height":12}},{"id":"5e02c970-41d1-449f-8c86-ba443b73ab66","block_type":"box","text":"applicable foreign taxes in their evaluation of an investment in a Fund.","page_number":218,"box":{"x":116,"y":878,"width":525,"height":12}},{"id":"fc989cbb-8478-41bf-811e-62837caec032","block_type":"box","text":"II-173","page_number":218,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"e6009250-ab93-400e-b645-3160c14beb30","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":218,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b60e41d8-6093-4469-9f28-d9460943a6c7","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and","page_number":219,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"fdc92db0-ed26-4e00-8001-ebbd78e4c969","block_type":"box","text":"the regulations issued thereunder as in effect on the date of this SAI. Future legislative or","page_number":219,"box":{"x":116,"y":102,"width":667,"height":13}},{"id":"27a4507a-9150-46b0-ad3c-ba56542c16bb","block_type":"box","text":"administrative changes or court decisions may significantly change the conclusions expressed in this","page_number":219,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"7c5d6cc2-4dc3-40b4-8537-f45588aeb5cb","block_type":"box","text":"discussion, and any such changes or decisions may have a retroactive effect.","page_number":219,"box":{"x":116,"y":134,"width":581,"height":12}},{"id":"8300cb38-965a-4a3d-9cef-395e9a873f0c","block_type":"box","text":"P","page_number":219,"box":{"x":424,"y":180,"width":9,"height":9}},{"id":"3c5f9dcd-8c8d-4017-945c-3fd3373d2077","block_type":"box","text":"ERFORMANCE","page_number":219,"box":{"x":435,"y":182,"width":96,"height":8}},{"id":"3018de4b-4200-4dba-a95a-e74cbb2c7f19","block_type":"box","text":"D","page_number":219,"box":{"x":531,"y":180,"width":17,"height":9}},{"id":"eba0a4d2-eb09-40af-91ec-25c1a1f8e423","block_type":"box","text":"ATA","page_number":219,"box":{"x":548,"y":182,"width":28,"height":7}},{"id":"8525c9ba-75aa-4008-b1ef-0250ae7561e4","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":219,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"75d7679d-a7ef-447a-a6c6-98347a905048","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or","page_number":219,"box":{"x":116,"y":227,"width":723,"height":12}},{"id":"bd74fc37-2046-451d-b397-699198271527","block_type":"box","text":"prospective shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s","page_number":219,"box":{"x":117,"y":242,"width":713,"height":12}},{"id":"eddf3d53-da52-4387-8ba9-a993487c428f","block_type":"box","text":"historical performance and is not intended to indicate future performance. Average annual total return","page_number":219,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"05c8d596-3f2b-42ab-9830-96193331ad37","block_type":"box","text":"is determined separately for each class of shares in accordance with a formula specified by the","page_number":219,"box":{"x":117,"y":273,"width":710,"height":12}},{"id":"203cbcfe-4e38-4dea-a9a1-70297a0d78ae","block_type":"box","text":"Commission.","page_number":219,"box":{"x":117,"y":289,"width":101,"height":9}},{"id":"30aedffd-1a1e-46b0-bd51-d704349107fa","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding","page_number":219,"box":{"x":116,"y":320,"width":767,"height":12}},{"id":"bf27104a-52a7-44a5-8951-be9b4e5a5b19","block_type":"box","text":"the average annual compounded rates of return (based on net investment income and any realized","page_number":219,"box":{"x":116,"y":335,"width":741,"height":12}},{"id":"58f69fab-51ef-40f8-9112-4caeb513e177","block_type":"box","text":"and unrealized capital gains or losses on portfolio investments over such periods) that would equate","page_number":219,"box":{"x":116,"y":351,"width":748,"height":12}},{"id":"cca162d4-3e04-442d-a6aa-303332c6945e","block_type":"box","text":"the initial amount invested to the redeemable value of such investment at the end of each period.","page_number":219,"box":{"x":116,"y":366,"width":725,"height":12}},{"id":"f0c49742-bc62-4041-b6a5-68e1f4f85897","block_type":"box","text":"Average annual total return before taxes is computed assuming all dividends are reinvested and taking","page_number":219,"box":{"x":116,"y":382,"width":768,"height":12}},{"id":"99744b22-dde4-4abd-b0b8-b8eb0c4ec8ef","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":219,"box":{"x":117,"y":397,"width":762,"height":12}},{"id":"a3c61d3d-70e1-496b-a810-d5eef4200dda","block_type":"box","text":"in the case of front-end load shares, and the CDSC that would be applicable to a complete redemption","page_number":219,"box":{"x":117,"y":413,"width":765,"height":12}},{"id":"3e0301c1-d85e-43d3-a56d-b808f80ee552","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares, but does not take into","page_number":219,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"1b6f4eef-693a-4d64-97e1-1671c5df5cd8","block_type":"box","text":"account taxes payable on dividends or on redemption.","page_number":219,"box":{"x":116,"y":444,"width":408,"height":12}},{"id":"e8e5a937-7ca1-431a-8467-a97b0aaac63a","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are","page_number":219,"box":{"x":116,"y":475,"width":715,"height":12}},{"id":"d431ba76-f630-40c4-8d62-e757b0e2cbe9","block_type":"box","text":"computed by finding the average annual compounded rates of return that would equate the initial","page_number":219,"box":{"x":116,"y":490,"width":724,"height":12}},{"id":"046dbd4f-bfd8-4a30-bd5f-0b6a825ba9bb","block_type":"box","text":"amount invested to the ending value of such investment at the end of each period assuming payment","page_number":219,"box":{"x":116,"y":506,"width":757,"height":12}},{"id":"139044ce-6cde-43c8-95e0-eaa66c104b8c","block_type":"box","text":"of taxes on dividends received during such period. Average annual total return after taxes on dividends","page_number":219,"box":{"x":116,"y":521,"width":769,"height":12}},{"id":"3925f9e5-cef0-4e4e-b43f-61449028c019","block_type":"box","text":"is computed assuming all dividends, less the taxes due on such dividends, are reinvested and taking","page_number":219,"box":{"x":117,"y":537,"width":751,"height":12}},{"id":"a5219f0a-dec5-4a9b-a3fd-2e7e0723b5a8","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":219,"box":{"x":117,"y":552,"width":762,"height":12}},{"id":"c785ca92-4ed6-4b70-bc50-89f9611f1be0","block_type":"box","text":"in the case of front-end load shares and the CDSC that would be applicable to a complete redemption","page_number":219,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"4615571f-1925-43ae-922f-2f7fcf86ce6c","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares. The taxes due on","page_number":219,"box":{"x":116,"y":583,"width":733,"height":12}},{"id":"c9ad7662-746a-41c0-b2a9-c19e7ed55533","block_type":"box","text":"dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal","page_number":219,"box":{"x":116,"y":599,"width":732,"height":12}},{"id":"9a433cf8-1993-403b-b397-356ba147e0ae","block_type":"box","text":"individual income tax rates in effect on the reinvestment date for that dividend. The rates used","page_number":219,"box":{"x":117,"y":614,"width":702,"height":10}},{"id":"42852220-9759-46ca-b59e-b640a7745979","block_type":"box","text":"correspond to the tax character (including eligibility for the maximum 20% tax rate applicable to","page_number":219,"box":{"x":116,"y":630,"width":711,"height":12}},{"id":"b0249812-f9f6-4797-9b4e-c657c1572778","block_type":"box","text":"qualified dividend income) of each dividend. The taxable amount and tax character of each dividend","page_number":219,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"93a6f06d-df74-4e82-8692-bdf995fa972d","block_type":"box","text":"are specified by each Fund on the dividend declaration date, but may be adjusted to reflect subsequent","page_number":219,"box":{"x":116,"y":661,"width":767,"height":12}},{"id":"77846cb2-2f90-4460-98d4-e778dbe2ed77","block_type":"box","text":"recharacterizations of distributions. The applicable tax rates may vary over the measurement period.","page_number":219,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"f1c4ef6a-42ec-456b-ab19-1447d20714b9","block_type":"box","text":"The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign credits, are","page_number":219,"box":{"x":116,"y":692,"width":766,"height":12}},{"id":"7fcaf4ab-b6ad-4b70-84f1-c94cd017a1d5","block_type":"box","text":"taken into account according to U.S. federal tax law. The ending value is determined assuming","page_number":219,"box":{"x":116,"y":707,"width":703,"height":12}},{"id":"107174a5-7e9f-43d6-9e36-f7f589947354","block_type":"box","text":"complete redemption at the end of the applicable periods with no tax consequences associated with","page_number":219,"box":{"x":116,"y":723,"width":740,"height":12}},{"id":"55f4bd06-ece6-445b-b702-7e1280161612","block_type":"box","text":"such redemption.","page_number":219,"box":{"x":116,"y":738,"width":127,"height":12}},{"id":"4d8d8792-19f7-4c3b-b1a8-228341883e2d","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the","page_number":219,"box":{"x":116,"y":769,"width":709,"height":12}},{"id":"bc27a9cd-dc27-4cd6-b0b3-3af7a62b740f","block_type":"box","text":"specified periods are computed by finding the average annual compounded rates of return that would","page_number":219,"box":{"x":116,"y":785,"width":751,"height":12}},{"id":"bf14171f-ff4e-4710-9d64-e9d07b13dd9d","block_type":"box","text":"equate the initial amount invested to the ending value of such investment at the end of each period","page_number":219,"box":{"x":116,"y":800,"width":732,"height":12}},{"id":"4a232c2e-a826-4974-a378-867e47aabe1c","block_type":"box","text":"assuming payment of taxes on dividends received during such period as well as on complete","page_number":219,"box":{"x":116,"y":816,"width":690,"height":12}},{"id":"3331af83-3840-44ac-903c-ffbca43587f1","block_type":"box","text":"redemption. Average annual total return after taxes on distributions and redemption is computed","page_number":219,"box":{"x":117,"y":831,"width":718,"height":12}},{"id":"93e9bd92-c84f-4fbf-b20c-aeea1caef66b","block_type":"box","text":"assuming all dividends, less the taxes due on such dividends, are reinvested and taking into account","page_number":219,"box":{"x":116,"y":847,"width":752,"height":12}},{"id":"6f2a4b40-30f8-44fd-afe1-988fb59ab81a","block_type":"box","text":"all applicable recurring and nonrecurring expenses, including the maximum sales charge in the case of","page_number":219,"box":{"x":116,"y":862,"width":768,"height":12}},{"id":"98f575ab-5724-402d-882c-dcc128adda71","block_type":"box","text":"front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":219,"box":{"x":116,"y":878,"width":703,"height":12}},{"id":"a55aa2a8-1401-4bd3-8e8a-ab9648ccf155","block_type":"box","text":"II-174","page_number":219,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"8395519c-4dce-4b7d-9af0-0accbc4fa3b4","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":219,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"19e16ddc-2a19-4fa3-93f4-47966533c2d3","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes","page_number":220,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"e98fa7ed-d999-49e7-8ca1-8973f7b507af","block_type":"box","text":"of shares, complete redemption and payment of taxes due on such redemption. The ending value is","page_number":220,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"f0f1bd7c-4019-41be-b274-794e01bf659f","block_type":"box","text":"determined assuming complete redemption at the end of the applicable periods, subtracting capital","page_number":220,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"c78bf6d4-1e9e-43ab-be2c-325cb540f16f","block_type":"box","text":"gains taxes resulting from the redemption and adding the presumed tax benefit from capital losses","page_number":220,"box":{"x":116,"y":134,"width":735,"height":12}},{"id":"c500220f-0910-4e18-bf31-66928c8870c1","block_type":"box","text":"resulting from redemption. The taxes due on dividends and on the deemed redemption are calculated","page_number":220,"box":{"x":117,"y":149,"width":758,"height":12}},{"id":"56545fbb-8dd7-4b36-85ac-da74979bd35b","block_type":"box","text":"by applying the highest applicable marginal U.S. federal individual income tax rates in effect on the","page_number":220,"box":{"x":117,"y":165,"width":737,"height":12}},{"id":"4a92f4a6-531c-4452-be7a-7b7ebd0193d3","block_type":"box","text":"reinvestment and/or the redemption date. The rates used correspond to the tax character (including","page_number":220,"box":{"x":117,"y":180,"width":743,"height":12}},{"id":"8d645ed9-adfa-4531-94ee-f7a96d75b724","block_type":"box","text":"eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each component of","page_number":220,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"6bc1fecc-8488-4c0b-a9db-e4b430809653","block_type":"box","text":"each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":220,"box":{"x":116,"y":211,"width":673,"height":12}},{"id":"bbbce178-9e97-4579-a6c3-e3cad2891b59","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such","page_number":220,"box":{"x":117,"y":227,"width":767,"height":11}},{"id":"6b2c315b-3944-4384-9b1c-40e98ec58561","block_type":"box","text":"as foreign tax credits, are taken into account according to federal law.","page_number":220,"box":{"x":116,"y":242,"width":522,"height":12}},{"id":"ded76a5d-f0e1-4479-bb62-5d701ad00614","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":220,"box":{"x":116,"y":273,"width":760,"height":12}},{"id":"e0e242b0-bc7d-4f08-8476-56d297c75d40","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of","page_number":220,"box":{"x":117,"y":289,"width":766,"height":12}},{"id":"04d89df5-2ecd-4d3d-8222-0dc670d1e416","block_type":"box","text":"$1,000 or some other amount, for various periods other than those noted in Part I of each Fund’s SAI.","page_number":220,"box":{"x":116,"y":303,"width":761,"height":13}},{"id":"6b8e2b47-87eb-4620-8aa9-d5f36398e2c1","block_type":"box","text":"Such data will be computed as described above, except that (1) as required by the periods of the","page_number":220,"box":{"x":116,"y":320,"width":724,"height":12}},{"id":"e9d760b8-2f3c-4c01-b549-7119b4993a3d","block_type":"box","text":"quotations, actual annual, annualized or aggregate data, rather than average annual data, may be","page_number":220,"box":{"x":116,"y":335,"width":733,"height":12}},{"id":"92cbfd8b-41d9-4636-8785-b62d0ba8d488","block_type":"box","text":"quoted and (2) the maximum applicable sales charges will not be included with respect to annual or","page_number":220,"box":{"x":116,"y":351,"width":743,"height":12}},{"id":"6467cefd-241d-4e73-9371-78fe54935b88","block_type":"box","text":"annualized rates of return calculations. Aside from the impact on the performance data calculations of","page_number":220,"box":{"x":116,"y":366,"width":760,"height":12}},{"id":"a6387020-f56b-42c7-a4f4-71e7278d51ff","block_type":"box","text":"including or excluding the maximum applicable sales charges, actual annual or annualized total return","page_number":220,"box":{"x":117,"y":382,"width":760,"height":12}},{"id":"6714ea15-e308-468b-bdc6-40065c7e685b","block_type":"box","text":"data generally will be lower than average annual total return data since the average rates of return","page_number":220,"box":{"x":116,"y":397,"width":734,"height":12}},{"id":"2d930bc7-520f-4ba6-a284-4fed899f77c5","block_type":"box","text":"reflect compounding of return; aggregate total return data generally will be higher than average annual","page_number":220,"box":{"x":117,"y":413,"width":764,"height":12}},{"id":"146635c3-4e16-4956-b947-974ac4146fd4","block_type":"box","text":"total return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":220,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"b8ceec6e-fda8-48bb-93eb-2c66fae1aa40","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on","page_number":220,"box":{"x":116,"y":459,"width":748,"height":12}},{"id":"537c9a61-68d6-43d9-9642-14193602be40","block_type":"box","text":"the yield of each security earned during the period by (b) the average daily number of shares","page_number":220,"box":{"x":116,"y":475,"width":694,"height":12}},{"id":"07e7eec9-5572-49a0-96f4-e000314defd2","block_type":"box","text":"outstanding during the period that were entitled to receive dividends multiplied by the maximum","page_number":220,"box":{"x":116,"y":490,"width":712,"height":12}},{"id":"88b1372e-e4d5-4f28-a212-911cd72b8ba5","block_type":"box","text":"offering price per share on the last day of the period. Tax equivalent yield quotations will be computed","page_number":220,"box":{"x":116,"y":506,"width":760,"height":12}},{"id":"7e63523f-32e6-47fa-ad1d-d06d984dcde8","block_type":"box","text":"by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one minus a stated tax rate and","page_number":220,"box":{"x":117,"y":521,"width":723,"height":12}},{"id":"1b46ae91-ad9b-43de-b42f-ba6f58ef2ac5","block_type":"box","text":"adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":220,"box":{"x":116,"y":537,"width":580,"height":12}},{"id":"03d5256e-b68f-4537-9cd1-e21827b15524","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s","page_number":220,"box":{"x":116,"y":568,"width":728,"height":12}},{"id":"a577d9e2-3592-4e8a-ac3f-706edc2489ca","block_type":"box","text":"portfolio, a Fund’s operating expenses and the amount of realized and unrealized net capital gains or","page_number":220,"box":{"x":117,"y":583,"width":754,"height":12}},{"id":"54d5f353-4b9c-4ade-8a97-0085ca912d43","block_type":"box","text":"losses during the period. The value of an investment in a Fund will fluctuate and an investor’s shares,","page_number":220,"box":{"x":117,"y":599,"width":756,"height":12}},{"id":"8ccad0b7-b715-4c2a-9178-860e18ab3967","block_type":"box","text":"when redeemed, may be worth more or less than their original cost.","page_number":220,"box":{"x":116,"y":614,"width":507,"height":12}},{"id":"76fd174f-74e4-463b-81b3-3bd087d0634c","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","page_number":220,"box":{"x":117,"y":645,"width":750,"height":12}},{"id":"523245f3-cf6f-4f4a-90ba-d9e9fa644d98","block_type":"box","text":"CDSC in the case of CDSC shares applicable to certain investors, as described under “Purchase of","page_number":220,"box":{"x":117,"y":661,"width":738,"height":12}},{"id":"9af50344-d0c5-4884-be17-d270f258d060","block_type":"box","text":"Shares” and “Redemption of Shares,” respectively, the total return data quoted by a Fund in","page_number":220,"box":{"x":116,"y":676,"width":681,"height":12}},{"id":"0da72ffd-4944-4ecb-8226-0f893ce69e18","block_type":"box","text":"advertisements directed to such investors may take into account the reduced, and not the maximum,","page_number":220,"box":{"x":116,"y":692,"width":746,"height":12}},{"id":"1f0252ff-78e5-4773-82c9-2acd0f9e832c","block_type":"box","text":"sales charge or may take into account the CDSC waiver and, therefore, may reflect greater total return","page_number":220,"box":{"x":116,"y":707,"width":761,"height":12}},{"id":"87a2433f-e7ac-41ec-b6a5-ff9f8eacbb5a","block_type":"box","text":"since, due to the reduced sales charges or the waiver of sales charges, a lower amount of expenses is","page_number":220,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"6a2d13fa-04b9-4485-b891-f14755056090","block_type":"box","text":"deducted.","page_number":220,"box":{"x":116,"y":738,"width":72,"height":10}},{"id":"6308005d-7744-4644-ac58-7a0a7a858223","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark","page_number":220,"box":{"x":116,"y":769,"width":731,"height":12}},{"id":"96089a58-ee5e-4e97-ac50-e08b6b952ebb","block_type":"box","text":"index indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average,","page_number":220,"box":{"x":117,"y":785,"width":758,"height":12}},{"id":"d2e770d8-ebb6-4079-b6ae-7dcbdd6aa495","block_type":"box","text":"or to other published indices, or to performance data published by Lipper Inc., Morningstar, Inc.","page_number":220,"box":{"x":116,"y":800,"width":706,"height":12}},{"id":"e898b333-a8ed-4920-a730-88c4bb20a5b0","block_type":"box","text":"(“Morningstar”),","page_number":220,"box":{"x":117,"y":816,"width":113,"height":12}},{"id":"6d8b227d-eed0-4b9d-9914-3119e8d230b7","block_type":"box","text":"Money Magazine, U.S. News & World Report, BusinessWeek, Forbes Magazine,","page_number":220,"box":{"x":237,"y":816,"width":600,"height":12}},{"id":"b44a9a8b-e874-4925-a070-7f1be0ef4427","block_type":"box","text":"Fortune Magazine","page_number":220,"box":{"x":116,"y":831,"width":140,"height":12}},{"id":"f31bfa3d-50fd-4432-9c22-d4827e74e806","block_type":"box","text":"or other industry publications. When comparing its performance to a market index, a","page_number":220,"box":{"x":257,"y":831,"width":629,"height":12}},{"id":"d415b233-31b2-49b4-a885-da82d0104012","block_type":"box","text":"Fund may refer to various statistical measures derived from the historical performance of a Fund and","page_number":220,"box":{"x":117,"y":847,"width":753,"height":12}},{"id":"ea7bf5c2-c321-4f8e-a8cd-71ffd4825b08","block_type":"box","text":"the index, such as standard deviation and beta. As with other performance data, performance","page_number":220,"box":{"x":116,"y":862,"width":700,"height":12}},{"id":"ebbc46a0-3402-4a6d-9519-bb6807e2e88d","block_type":"box","text":"comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":220,"box":{"x":116,"y":878,"width":717,"height":12}},{"id":"7521cc8e-9e30-41c6-97e5-a399dd94e310","block_type":"box","text":"II-175","page_number":220,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"396f9d8f-10a4-4730-ba76-d8804db832ef","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":220,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f03fbc99-072b-49a7-b280-3a06b01f95a6","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted","page_number":221,"box":{"x":117,"y":87,"width":701,"height":12}},{"id":"b885fd87-f949-421e-aa78-ed44a21229b3","block_type":"box","text":"performance ratings assigned by Morningstar in advertising or supplemental sales literature. From time","page_number":221,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"bc6a9c1c-a1ef-406c-9e58-79e2ac78bb7d","block_type":"box","text":"to time a Fund may quote in advertisements or other materials other applicable measures of Fund","page_number":221,"box":{"x":116,"y":118,"width":732,"height":12}},{"id":"52b2a03e-7b2f-4a8e-a197-3d07f1a9e90c","block_type":"box","text":"performance and may also make reference to awards that may be given to the Manager. Certain","page_number":221,"box":{"x":117,"y":134,"width":721,"height":12}},{"id":"ad8cee46-be83-41f8-8390-db5ceb0162f0","block_type":"box","text":"Funds may also compare their performance to composite indices developed by Fund management.","page_number":221,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"19fe40e3-217f-4fce-9e9d-570f3197c6df","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to","page_number":221,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"6d832c9c-e8fe-466e-96fd-98b48a983627","block_type":"box","text":"achieve its investment objectives. This may include information about past, current or possible","page_number":221,"box":{"x":116,"y":196,"width":704,"height":12}},{"id":"6584fc0c-f058-4458-937e-687afbd9bdb6","block_type":"box","text":"economic, market, political or other conditions, descriptive information or general principles of investing","page_number":221,"box":{"x":116,"y":211,"width":770,"height":12}},{"id":"24e02e4b-a709-4c04-9f57-0bd622e52a9c","block_type":"box","text":"such as asset allocation, diversification and risk tolerance, discussion of a Fund’s portfolio composition,","page_number":221,"box":{"x":116,"y":227,"width":771,"height":11}},{"id":"055ce539-e4d5-4739-99ec-3c1f2b1e8392","block_type":"box","text":"investment philosophy, strategy or investment techniques, comparisons of the Fund’s performance or","page_number":221,"box":{"x":117,"y":242,"width":757,"height":12}},{"id":"dea11fbe-130f-4d7d-9d45-b5b1992999a4","block_type":"box","text":"portfolio composition to that of other funds or types of investments, indices relevant to the comparison","page_number":221,"box":{"x":117,"y":258,"width":760,"height":12}},{"id":"b324961a-72c4-4395-a92e-2bc2804d52b7","block_type":"box","text":"being made, or to a hypothetical or model portfolio. A Fund may also quote various measures of","page_number":221,"box":{"x":117,"y":273,"width":716,"height":12}},{"id":"7dfd6f40-e9ff-4cc5-bdf5-7ea0f77a1e4e","block_type":"box","text":"volatility and benchmark correlation in advertising and other materials, and may compare these","page_number":221,"box":{"x":116,"y":289,"width":711,"height":12}},{"id":"0ad1bd75-1b7e-4701-9c34-56794f056819","block_type":"box","text":"measures to those of other funds or types of investments.","page_number":221,"box":{"x":117,"y":304,"width":432,"height":12}},{"id":"9b657b58-b66d-487b-96f7-9a374231ce91","block_type":"box","text":"P","page_number":221,"box":{"x":342,"y":351,"width":10,"height":9}},{"id":"bba3680a-deba-4de4-bcda-cd58b5315736","block_type":"box","text":"ROXY","page_number":221,"box":{"x":353,"y":353,"width":38,"height":7}},{"id":"d296685f-4e07-427f-83c5-39793b931e06","block_type":"box","text":"Y V","page_number":221,"box":{"x":391,"y":351,"width":16,"height":9}},{"id":"06ac7f84-bb98-4cfe-8287-045c58a7be12","block_type":"box","text":"OTING","page_number":221,"box":{"x":407,"y":353,"width":42,"height":7}},{"id":"9d6dadf3-3044-44fe-bed4-4852a299f853","block_type":"box","text":"P","page_number":221,"box":{"x":450,"y":351,"width":15,"height":9}},{"id":"8978d6f7-6778-4c66-a9b2-4e8c2b8b473b","block_type":"box","text":"OLICIES","page_number":221,"box":{"x":467,"y":353,"width":53,"height":7}},{"id":"8972d33d-35a8-4851-b174-60464894d165","block_type":"box","text":"AND","page_number":221,"box":{"x":525,"y":353,"width":29,"height":7}},{"id":"7075aa0f-1a83-4c0b-89fa-a8a65cb0e81a","block_type":"box","text":"P","page_number":221,"box":{"x":555,"y":351,"width":15,"height":9}},{"id":"de67860d-a6a4-461e-9479-3f7f362336c4","block_type":"box","text":"ROCEDURES","page_number":221,"box":{"x":572,"y":353,"width":85,"height":7}},{"id":"3ad5934b-167f-4197-8354-ffa9d82cd622","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the","page_number":221,"box":{"x":116,"y":382,"width":768,"height":12}},{"id":"ea90fc81-969a-47cf-8128-ca2c7eee7a4f","block_type":"box","text":"Manager pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the","page_number":221,"box":{"x":117,"y":397,"width":749,"height":12}},{"id":"43c8416b-ed0b-4ea2-bc82-a0b758ddec5c","block_type":"box","text":"“Active Fund Proxy Voting Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy","page_number":221,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"751ef39c-c206-4914-9e92-351978983e25","block_type":"box","text":"Voting Policy, with respect to certain other Funds, as applicable. Please refer to Part I of this SAI,","page_number":221,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"834a1716-df9c-49c3-86d8-4af341cdd8e2","block_type":"box","text":"which discloses the policy applicable to each Fund.","page_number":221,"box":{"x":116,"y":444,"width":385,"height":12}},{"id":"7963b0c0-7151-47ed-8f86-b6ec00101ba4","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the","page_number":221,"box":{"x":116,"y":475,"width":756,"height":12}},{"id":"11b4e5d6-017c-4e2f-a31d-5625da251090","block_type":"box","text":"BlackRock Active Investment Stewardship — Global Engagement and Voting Guidelines (the “BAIS","page_number":221,"box":{"x":117,"y":490,"width":744,"height":12}},{"id":"51bf813a-cc6e-4a7c-83a3-b9f3a7b5b8d2","block_type":"box","text":"Guidelines”). Certain of such Funds, as listed within the Active Fund Proxy Voting Policy and as","page_number":221,"box":{"x":117,"y":506,"width":713,"height":12}},{"id":"67367e5a-0c0b-487b-9371-ab8749f8975f","block_type":"box","text":"disclosed in Part I of this SAI, follow supplemental guidelines within the BAIS Guidelines that are","page_number":221,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"57dfc465-e532-46d2-b7e1-d998af93accc","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":221,"box":{"x":116,"y":537,"width":724,"height":12}},{"id":"336fdc64-9986-46e9-b3c1-af50015f13ad","block_type":"box","text":"Stewardship Guidelines”).","page_number":221,"box":{"x":116,"y":552,"width":197,"height":12}},{"id":"d8795103-14e0-4300-8ea4-3ed6a4396dcf","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has","page_number":221,"box":{"x":116,"y":583,"width":709,"height":12}},{"id":"cd001da2-8b27-4a41-ac0c-daf3f61ea685","block_type":"box","text":"adopted the BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the","page_number":221,"box":{"x":116,"y":599,"width":743,"height":12}},{"id":"583779a2-b12b-4ca8-832c-242aa65aad85","block_type":"box","text":"Global Principles for Benchmark Policies, regional voting guidelines, and engagement priorities, which","page_number":221,"box":{"x":117,"y":614,"width":762,"height":12}},{"id":"58dc4348-856b-4091-a50c-8add06a6d73b","block_type":"box","text":"are each available upon request. In addition, certain of such Funds, as listed within the Index Equity","page_number":221,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"90eabe2d-18eb-4cc9-90d0-aa29987a4e89","block_type":"box","text":"Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental guidelines that are","page_number":221,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"7d6a962e-6a70-48a5-bfd1-a399bf164706","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BIS Climate and Decarbonization","page_number":221,"box":{"x":116,"y":661,"width":707,"height":12}},{"id":"d82485a2-08ad-4e91-94f7-451b44d9147a","block_type":"box","text":"Stewardship Guidelines”).","page_number":221,"box":{"x":116,"y":676,"width":191,"height":12}},{"id":"6780b079-f353-4334-a0de-bdea8f64b10e","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy","page_number":221,"box":{"x":117,"y":707,"width":765,"height":12}},{"id":"5dba8e0b-dd2e-4366-8a7c-4429c308aad2","block_type":"box","text":"when voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy","page_number":221,"box":{"x":116,"y":723,"width":759,"height":12}},{"id":"13c2d5ba-76d4-443a-9d77-f944905489f3","block_type":"box","text":"when voting proxies on investments the underlying fund holds. Therefore, the Fund may use the Active","page_number":221,"box":{"x":116,"y":738,"width":764,"height":12}},{"id":"3d64db11-1950-426f-a390-f9addc02f47f","block_type":"box","text":"Fund Proxy Voting Policy while an underlying fund may use the Index Equity Fund Proxy Voting Policy,","page_number":221,"box":{"x":117,"y":754,"width":762,"height":12}},{"id":"fe344586-4efa-4fc3-afc1-b83e33678013","block_type":"box","text":"and the opposite is also true.","page_number":221,"box":{"x":116,"y":769,"width":213,"height":12}},{"id":"72e7477e-5167-4b67-a64a-ea605533901c","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS","page_number":221,"box":{"x":117,"y":800,"width":711,"height":12}},{"id":"abb3c4d4-f43b-426e-8168-73b8f2f6a092","block_type":"box","text":"Guidelines, the Global Principles for Benchmark Policies and the BIS Climate and Decarbonization","page_number":221,"box":{"x":117,"y":816,"width":731,"height":12}},{"id":"c622d9c1-6c50-45ae-8e74-4412f256100d","block_type":"box","text":"Stewardship Guidelines are attached as Appendix B to this SAI. Only those guidelines that are","page_number":221,"box":{"x":116,"y":831,"width":706,"height":12}},{"id":"5d749e3e-bcbb-427a-9362-453edf0e7ed8","block_type":"box","text":"applicable to a particular Fund pursuant to the Active Fund Proxy Voting Policy or the Index Equity","page_number":221,"box":{"x":116,"y":847,"width":735,"height":12}},{"id":"b6d7d789-dcd2-4a8f-9f12-c6f12bea8a1a","block_type":"box","text":"Fund Proxy Voting Policy are considered to form a part of the Fund’s SAI.","page_number":221,"box":{"x":117,"y":862,"width":551,"height":12}},{"id":"0d54cc35-90f0-4fcf-89fa-9dedfc8c3868","block_type":"box","text":"II-176","page_number":221,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"366f079b-c2ca-4ace-ac0d-5a0e1677fdcf","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":221,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fc34b11c-2e0f-4704-8a35-b978fe5239d9","block_type":"box","text":"Information on how each Fund voted proxies relating to portfolio securities during the most","page_number":222,"box":{"x":117,"y":87,"width":645,"height":12}},{"id":"76622c99-bf95-4f73-94ff-3c6b8a0d51e9","block_type":"box","text":"recent 12-month period ended June 30 is available without","page_number":222,"box":{"x":117,"y":103,"width":416,"height":11}},{"id":"d933ed30-ff2b-47ce-bf07-118235461d08","block_type":"box","text":"t charge, (i) at www.blackrock.com/proxyrecords","page_number":222,"box":{"x":532,"y":102,"width":344,"height":13}},{"id":"b98353f6-04f2-43b2-9fdc-48cf2b04b66f","block_type":"box","text":"and (ii) on the Commission’s website at http://www.sec.gov.","page_number":222,"box":{"x":116,"y":118,"width":428,"height":12}},{"id":"f71577b5-82ea-4e21-82bf-f180d444c25b","block_type":"box","text":"G","page_number":222,"box":{"x":415,"y":165,"width":11,"height":9}},{"id":"16f7e031-cb46-4713-9940-89b7728a2f72","block_type":"box","text":"ENERAL","page_number":222,"box":{"x":428,"y":167,"width":55,"height":7}},{"id":"4164ba07-d52a-4f8e-9bbc-c5488ee53e77","block_type":"box","text":"I","page_number":222,"box":{"x":483,"y":165,"width":8,"height":9}},{"id":"b95f941c-320c-4445-9215-5f221c600534","block_type":"box","text":"NFORMATION","page_number":222,"box":{"x":494,"y":167,"width":90,"height":7}},{"id":"4f6a1083-3342-4141-ab31-efb44cd3da19","block_type":"box","text":"Description of Shares","page_number":222,"box":{"x":117,"y":196,"width":177,"height":11}},{"id":"b45c7074-db42-4706-8e89-67516a9ecb00","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for","page_number":222,"box":{"x":116,"y":219,"width":706,"height":9}},{"id":"72fa6c28-2eae-4149-bb9d-bd9a2a4852e2","block_type":"box","text":"fractional shares held in the election of Directors and generally on other matters submitted to the vote","page_number":222,"box":{"x":116,"y":234,"width":758,"height":12}},{"id":"5d034f5e-9d09-4383-95d6-e4340e3edeb1","block_type":"box","text":"of shareholders of the Fund. Shareholders of a class that bears distribution and/or service expenses","page_number":222,"box":{"x":116,"y":250,"width":748,"height":12}},{"id":"e32edb2d-3809-45c5-9086-201d5607a01a","block_type":"box","text":"have exclusive voting rights with respect to matters relating to such distribution and service","page_number":222,"box":{"x":117,"y":265,"width":679,"height":12}},{"id":"fed53a8c-d667-4efb-a497-5abdbee3ac66","block_type":"box","text":"expenditures. Voting rights are not cumulative, so that the holders of more than 50% of the shares","page_number":222,"box":{"x":116,"y":281,"width":734,"height":12}},{"id":"3b4001f4-f3d2-44a5-9f55-4b74778ed4f6","block_type":"box","text":"voting in the election of Directors can, if they choose to do so, elect all the Directors of a Fund, in which","page_number":222,"box":{"x":116,"y":296,"width":771,"height":12}},{"id":"f0bf07fc-1b64-4fc9-b18d-f454ce2ca292","block_type":"box","text":"event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":222,"box":{"x":116,"y":312,"width":693,"height":12}},{"id":"7ef2878b-07d1-4d5b-9cf4-b8e0371fae0f","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment","page_number":222,"box":{"x":117,"y":343,"width":698,"height":12}},{"id":"699bb481-a366-48e4-96bd-38affd3ad289","block_type":"box","text":"Company Act does not require shareholders to act upon any of the following matters: (i) election of","page_number":222,"box":{"x":117,"y":358,"width":736,"height":12}},{"id":"a01424be-35ac-41aa-80e3-6d2af07ba956","block_type":"box","text":"Directors; (ii) approval of a management agreement; (iii) approval of a distribution agreement; and","page_number":222,"box":{"x":117,"y":374,"width":732,"height":12}},{"id":"44384b54-ed90-4020-86af-1994c7d204b2","block_type":"box","text":"(iv) ratification of selection of independent accountants. Shares issued are fully paid and","page_number":222,"box":{"x":117,"y":389,"width":658,"height":12}},{"id":"2296cfd0-9e40-4a7e-b5f6-9b827b74e913","block_type":"box","text":"non-assessable and have no preemptive rights. Redemption and conversion rights are discussed","page_number":222,"box":{"x":117,"y":405,"width":726,"height":12}},{"id":"3d96ee31-c307-43cc-bdcd-58845cf46a3c","block_type":"box","text":"elsewhere herein and in each Fund’s Prospectus. Each share of each class of Common Stock is","page_number":222,"box":{"x":116,"y":420,"width":721,"height":12}},{"id":"46100164-bc6a-4ad8-882b-e8808d50e143","block_type":"box","text":"entitled to participate equally in dividends and distributions declared by a Fund and in the net assets of","page_number":222,"box":{"x":116,"y":436,"width":766,"height":12}},{"id":"93e158fb-a7d9-40b2-9122-65f8a047148c","block_type":"box","text":"the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":222,"box":{"x":116,"y":451,"width":608,"height":12}},{"id":"b2a5d9c9-f573-4f90-9f06-566a08e9d4cf","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting","page_number":222,"box":{"x":117,"y":482,"width":762,"height":12}},{"id":"832c26e0-fe0a-49ce-aa36-b40fdbfb1e04","block_type":"box","text":"of shareholders be held upon the written request of a minimum percentage of the outstanding shares","page_number":222,"box":{"x":116,"y":498,"width":754,"height":12}},{"id":"cc8601f6-bad1-4b8b-b370-b56f6a5e878b","block_type":"box","text":"of the Fund entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":222,"box":{"x":116,"y":513,"width":663,"height":12}},{"id":"e9d3fccc-a395-499b-9630-5fba16beb40f","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":222,"box":{"x":117,"y":544,"width":738,"height":12}},{"id":"6607c47d-24e3-4650-81a3-3780e88a5059","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for","page_number":222,"box":{"x":116,"y":560,"width":772,"height":12}},{"id":"960ede82-6838-4d4f-9638-9112589f05bb","block_type":"box","text":"its obligations. However, the Declaration of Trust establishing a trust, a copy of which for each","page_number":222,"box":{"x":117,"y":575,"width":701,"height":12}},{"id":"9cec889e-a9e4-4b0a-abba-9d3d77d103ec","block_type":"box","text":"applicable Fund, together with all amendments thereto (the “Declaration of Trust”), is on file in the","page_number":222,"box":{"x":116,"y":591,"width":729,"height":12}},{"id":"89fbb52a-7a08-4ad5-9ca8-4ffbcba50625","block_type":"box","text":"office of the Secretary of the Commonwealth of Massachusetts, contains an express disclaimer of","page_number":222,"box":{"x":116,"y":606,"width":731,"height":12}},{"id":"e442bcc9-bffb-4732-bc6f-97fdc68d01e2","block_type":"box","text":"shareholder liability for acts or obligations of the trust and provides for indemnification and","page_number":222,"box":{"x":116,"y":622,"width":672,"height":12}},{"id":"7b744a96-82d4-4172-b5ca-e6eafe71678b","block_type":"box","text":"reimbursement of expenses out of the trust property for any shareholder held personally liable for the","page_number":222,"box":{"x":117,"y":637,"width":754,"height":12}},{"id":"b781e281-3bff-4cdc-9ad5-2d6232901b39","block_type":"box","text":"obligations of the trust. The Declaration of Trust also provides that a trust may maintain appropriate","page_number":222,"box":{"x":116,"y":653,"width":742,"height":12}},{"id":"0bf52734-a587-454f-b5c4-5cedb53ac89b","block_type":"box","text":"insurance (for example, fidelity bond and errors and omissions insurance) for the protection of the trust,","page_number":222,"box":{"x":117,"y":668,"width":765,"height":12}},{"id":"81d76d02-edfa-40ac-a380-33ba113cd8c7","block_type":"box","text":"its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":222,"box":{"x":117,"y":684,"width":740,"height":12}},{"id":"2033eac1-977e-4b0a-8bad-30a2bfb1476a","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to","page_number":222,"box":{"x":116,"y":699,"width":740,"height":13}},{"id":"00c97d12-46cc-49bf-9604-64e3e8fbc374","block_type":"box","text":"circumstances in which both inadequate insurance existed and the trust itself was unable to meet its","page_number":222,"box":{"x":116,"y":715,"width":743,"height":12}},{"id":"45966f42-243e-42f5-be70-c77ecd4aee82","block_type":"box","text":"obligations.","page_number":222,"box":{"x":116,"y":731,"width":83,"height":12}},{"id":"8b1e3b79-4899-4088-8384-23e0107b915b","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":222,"box":{"x":117,"y":761,"width":428,"height":13}},{"id":"6d939648-f4cc-4b80-853a-d724d35a7975","block_type":"box","text":"Additional Information","page_number":222,"box":{"x":116,"y":792,"width":178,"height":10}},{"id":"40eb608d-02f9-427f-8feb-88c2066fbd1c","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock”","page_number":222,"box":{"x":117,"y":816,"width":742,"height":12}},{"id":"8b655802-e3fc-4f64-bca8-046097e29ca8","block_type":"box","text":"name and has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the","page_number":222,"box":{"x":117,"y":831,"width":746,"height":12}},{"id":"9ac5347a-8553-4cff-8229-f857fcab1592","block_type":"box","text":"Fund ceases to retain BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as","page_number":222,"box":{"x":117,"y":847,"width":709,"height":12}},{"id":"be564b66-7641-4fbd-b64a-09690c1ff586","block_type":"box","text":"investment adviser and (ii) to grant the use of such name to any other company.","page_number":222,"box":{"x":117,"y":862,"width":599,"height":12}},{"id":"12d03dff-fc53-4c53-b99e-4928ffd85383","block_type":"box","text":"II-177","page_number":222,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"620ceeb1-0516-4b3f-9d30-042fff2f69e3","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":222,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"414865d0-83aa-4428-a4ce-dd5f519f95c3","block_type":"box","text":"Appendix A","page_number":223,"box":{"x":453,"y":87,"width":98,"height":12}},{"id":"ae4f86de-995e-43bc-afe5-efca64b99fe4","block_type":"box","text":"Description of Bond Ratings","page_number":223,"box":{"x":387,"y":118,"width":231,"height":12}},{"id":"e4aaf282-2a72-4d09-9f90-4422f1206ee0","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating","page_number":223,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"e99af7bf-c97c-4ab9-823c-c26890bb4dbb","block_type":"box","text":"agency designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC.","page_number":223,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"7a60bc20-1fea-4263-b164-633fa58744e5","block_type":"box","text":"While NRSROs may from time to time revise such ratings, they undertake no obligation to do so, and","page_number":223,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"5a151a94-78da-4963-b68f-2860a3983ca8","block_type":"box","text":"the ratings given to securities at issuance do not necessarily represent ratings which would be given to","page_number":223,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"a39f9b13-076f-4ecb-8872-4dc9f0fe8dfc","block_type":"box","text":"these securities on a particular subsequent date.","page_number":223,"box":{"x":116,"y":211,"width":366,"height":12}},{"id":"5946b792-2afe-4a04-9bfb-480b56d87cf4","block_type":"box","text":"NRSROs may rate specific investments (e.g., bonds), issuers (e.g., corporations, governments and","page_number":223,"box":{"x":117,"y":242,"width":740,"height":12}},{"id":"6547fb2b-f2f5-418d-aa36-90a40a56320a","block_type":"box","text":"financial institutions) and/or programs (e.g., commercial paper programs). However, certain types of","page_number":223,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"eb6621a8-bd1a-4fb1-9178-17062cb239a2","block_type":"box","text":"investments may not be rated by NRSROs, such as certain government/sovereign obligations, US","page_number":223,"box":{"x":117,"y":273,"width":732,"height":12}},{"id":"b3d93cff-aef8-4582-b168-57fb0f952bdf","block_type":"box","text":"agency securities, commercial paper, time deposits at financial institutions, and derivative instruments","page_number":223,"box":{"x":116,"y":289,"width":761,"height":12}},{"id":"a786df46-36b4-409a-8e23-739baa88167a","block_type":"box","text":"such as credit default swaps. For these types of investments, as well as US Treasury securities (some","page_number":223,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"b2e8b008-e182-446c-979b-8035a1129164","block_type":"box","text":"of which are not rated), where a NRSRO has not rated the specific investment but has rated the","page_number":223,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"c9fc8a2c-5671-49cb-aa8e-c73cf7d32d19","block_type":"box","text":"investment’s issuer, program, financial institution or underlying reference asset, BlackRock Advisors,","page_number":223,"box":{"x":117,"y":335,"width":751,"height":12}},{"id":"0f1cbf9e-dae6-4b34-b331-0d702d395ffc","block_type":"box","text":"LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider the investment","page_number":223,"box":{"x":117,"y":351,"width":766,"height":12}},{"id":"fe407665-f6bf-4f12-884b-fdafa269abaf","block_type":"box","text":"to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":223,"box":{"x":116,"y":366,"width":736,"height":12}},{"id":"b133bf0b-8be2-4b3a-8c2c-a0fe1c074c17","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings","page_number":223,"box":{"x":116,"y":382,"width":754,"height":12}},{"id":"5bd29b16-48a0-411c-93da-824ec923a235","block_type":"box","text":"for the same security (e.g., “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider","page_number":223,"box":{"x":116,"y":397,"width":770,"height":12}},{"id":"42e5f1e3-08cc-4640-9790-f7ff1954dcb8","block_type":"box","text":"the security to have the highest of the multiple ratings.","page_number":223,"box":{"x":116,"y":413,"width":407,"height":12}},{"id":"577e170e-448f-412d-a484-71af563004b7","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial","page_number":223,"box":{"x":117,"y":444,"width":722,"height":12}},{"id":"4825d1df-4b43-42f4-b685-d349625a43c9","block_type":"box","text":"offering. Preliminary prospectuses or term sheets for new issue securities may include an expected","page_number":223,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"6c1213f2-dfac-4a37-b787-34903c778c9d","block_type":"box","text":"rating for the security (as determined by the underwriter and/or issuer) or a NRSRO rating for the","page_number":223,"box":{"x":117,"y":475,"width":723,"height":12}},{"id":"fe3f9ce9-6024-44ea-81c2-9f6895e26323","block_type":"box","text":"issuer of the security. If applicable, when deciding whether to purchase a new issue security that has","page_number":223,"box":{"x":117,"y":490,"width":752,"height":12}},{"id":"186c16bc-9df5-4174-bc31-540ff14770ff","block_type":"box","text":"not yet been rated by a NRSRO, BlackRock may attribute an expected rating to the security based on:","page_number":223,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"d4880934-ede0-4447-83c9-ffe7be61620b","block_type":"box","text":"(i) the expected rating of the security set forth in the preliminary prospectus or term sheet for the","page_number":223,"box":{"x":117,"y":521,"width":718,"height":12}},{"id":"fe3a2e45-442b-4124-ac30-101b19709625","block_type":"box","text":"security; (ii) the NRSRO’s rating for the issuer of the security set forth in the preliminary prospectus or","page_number":223,"box":{"x":116,"y":537,"width":760,"height":12}},{"id":"ed56a5bc-0748-4ddc-a111-0e765b24e3cc","block_type":"box","text":"term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a prior issuance","page_number":223,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"0bddaed5-7b8a-44dd-9140-e08c8ea49920","block_type":"box","text":"having a similar structure or the same sponsor.","page_number":223,"box":{"x":117,"y":568,"width":353,"height":12}},{"id":"5ace3733-dc90-4923-81a6-304ebb8d9140","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit","page_number":223,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"04c93114-86cc-4470-a861-371e0c77a08c","block_type":"box","text":"ratings eligibility criteria as part of its index methodology, the fund may purchase any security within the","page_number":223,"box":{"x":117,"y":614,"width":771,"height":12}},{"id":"1cedb699-1293-4af7-972c-0d8b693100d0","block_type":"box","text":"index, such security having been determined by the index provider as meeting its credit ratings","page_number":223,"box":{"x":117,"y":630,"width":707,"height":12}},{"id":"1c04e25f-67f5-462c-8555-f626740c1f00","block_type":"box","text":"eligibility criteria. The credit ratings practices of an index provider may differ from BlackRock’s","page_number":223,"box":{"x":116,"y":645,"width":701,"height":12}},{"id":"854236c8-2488-46ad-be3d-26ffd17d142c","block_type":"box","text":"practices, as described above. Further, the fund may invest, directly or indirectly, in securities that are","page_number":223,"box":{"x":117,"y":661,"width":754,"height":12}},{"id":"93bc9516-8f94-4650-a9bb-07b575cf5b25","block_type":"box","text":"not rated by a rating agency or securities with a credit rating that differs from the credit rating specified","page_number":223,"box":{"x":117,"y":676,"width":757,"height":12}},{"id":"1c4ec6df-d241-46f2-8a16-29a517b54518","block_type":"box","text":"in its index methodology in various circumstances, including where a security is downgraded but not","page_number":223,"box":{"x":117,"y":692,"width":741,"height":12}},{"id":"838a914d-a089-4003-828e-38dc5f4fd189","block_type":"box","text":"yet removed from an index, following the removal of a security from an index prior to its sale by the","page_number":223,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"ee29d309-e4c3-4c9c-8093-a7610898fb0d","block_type":"box","text":"fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the","page_number":223,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"412dcd8b-a9cf-4c2c-93c5-f4c241464190","block_type":"box","text":"fund.","page_number":223,"box":{"x":116,"y":738,"width":36,"height":10}},{"id":"9d7535fa-b026-4fea-bbbc-b0574b5175fb","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to","page_number":223,"box":{"x":117,"y":769,"width":757,"height":12}},{"id":"5f9bd3b0-a7b2-447d-88d2-986ea24401aa","block_type":"box","text":"pay interest or repay principal which are similar to the risks of lower-rated speculative bonds.","page_number":223,"box":{"x":117,"y":785,"width":686,"height":12}},{"id":"2eb97f41-4c49-430f-9c5a-66f22397f084","block_type":"box","text":"Evaluation of these securities is dependent on BlackRock’s judgment, analysis and experience in the","page_number":223,"box":{"x":117,"y":800,"width":747,"height":12}},{"id":"9a9e60d3-95a1-46f8-8c3e-4fe3a14a88bf","block_type":"box","text":"evaluation of such securities.","page_number":223,"box":{"x":116,"y":816,"width":214,"height":9}},{"id":"c670aabd-204e-4605-abea-d7772497193c","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the","page_number":223,"box":{"x":117,"y":847,"width":745,"height":12}},{"id":"f20dd3d5-6451-478c-a2ce-562df03c917b","block_type":"box","text":"effect of recent developments on the issuer’s ability to make interest and principal payments or on the","page_number":223,"box":{"x":116,"y":862,"width":760,"height":12}},{"id":"783d26af-a31f-4ed6-b0e6-07da09e76f83","block_type":"box","text":"likelihood of default.","page_number":223,"box":{"x":117,"y":878,"width":152,"height":9}},{"id":"65f053b6-eb94-4c5b-93f0-68444007e8a3","block_type":"box","text":"A-1","page_number":223,"box":{"x":486,"y":909,"width":24,"height":9}},{"id":"bb748b66-85f4-484a-9659-d0c0a90a3583","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":223,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c5124a7c-b038-4b1b-84d6-de29a63189ea","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global","page_number":224,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"af429d4f-9b57-4c08-b781-3b0d8a5bf3e0","block_type":"box","text":"Ratings and Fitch.","page_number":224,"box":{"x":117,"y":103,"width":139,"height":12}},{"id":"f3c6eeec-a0e1-49fa-9c84-4ee8da15ceb1","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":224,"box":{"x":116,"y":134,"width":674,"height":12}},{"id":"8ed86a7d-e74b-4472-83f6-16b0493d8195","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":224,"box":{"x":116,"y":165,"width":677,"height":12}},{"id":"bc7abee1-e040-4f87-a9d8-81595d1dcb48","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking","page_number":224,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"5d1ad8e6-3bf0-41f8-a66e-513bb8b3b1e4","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial","page_number":224,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"47dbb365-5bdf-4e63-8b3c-8323681b5502","block_type":"box","text":"institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody’s","page_number":224,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"6b1b9ce9-efca-4e3a-b401-66350f65d292","block_type":"box","text":"defines credit risk as the risk that an entity may not meet its contractual financial obligations as they","page_number":224,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"768ee099-89e3-4c49-8026-7d414f5cd2b6","block_type":"box","text":"come due and any estimated financial loss in the event of default or impairment. The contractual","page_number":224,"box":{"x":116,"y":258,"width":720,"height":12}},{"id":"db7e7ca3-c701-4d88-96d4-d287396df721","block_type":"box","text":"financial obligations addressed by Moody’s ratings are those that call for, without regard to","page_number":224,"box":{"x":116,"y":273,"width":676,"height":12}},{"id":"41bfd4b2-b5f6-4530-84a4-61fa8e0da6e5","block_type":"box","text":"enforceability, the payment of an ascertainable amount, which may vary based upon standard sources","page_number":224,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"97eeca14-fe80-4f13-b2c3-196a12c7fb68","block_type":"box","text":"of variation (e.g., floating interest rates), by an ascertainable date. Moody’s rating addresses the","page_number":224,"box":{"x":116,"y":304,"width":719,"height":12}},{"id":"0663d30b-bf18-46e6-b625-32d041826745","block_type":"box","text":"issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s","page_number":224,"box":{"x":117,"y":320,"width":738,"height":12}},{"id":"d53bfb67-3f07-4380-b2c4-c3ccef491ce9","block_type":"box","text":"ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g.,","page_number":224,"box":{"x":117,"y":335,"width":765,"height":12}},{"id":"013f960b-60f4-4eb3-bd7e-217cc3cdc98f","block_type":"box","text":"equity indexed), absent an express statement to the contrary in a press release accompanying an","page_number":224,"box":{"x":116,"y":351,"width":731,"height":12}},{"id":"f85f8e3a-c4b2-452d-b594-1e2d80c9e914","block_type":"box","text":"initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of one","page_number":224,"box":{"x":117,"y":366,"width":745,"height":12}},{"id":"2c6cfdbc-261e-4a21-8523-ba4d97ca48b5","block_type":"box","text":"year or more and reflect both on the likelihood of a default or impairment on contractual financial","page_number":224,"box":{"x":116,"y":382,"width":719,"height":12}},{"id":"2804901c-e021-4ff6-92c3-ed9d2e9178b7","block_type":"box","text":"obligations and the expected financial loss suffered in the event of default or impairment. Short-term","page_number":224,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"be5ce75d-7cc2-4f1a-aefa-17c654ba69af","block_type":"box","text":"ratings are assigned for obligations with an original maturity of thirteen months or less and reflect both","page_number":224,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"70b7fbae-3ba7-4735-8d98-c6533ff9f708","block_type":"box","text":"on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":224,"box":{"x":116,"y":428,"width":717,"height":12}},{"id":"0775257b-c1b7-462c-9b55-f7bd35b6aaba","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":224,"box":{"x":116,"y":444,"width":755,"height":12}},{"id":"99a3b36f-e031-4ba5-bf9f-ef17e0118738","block_type":"box","text":"and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made","page_number":224,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"bd14530b-7f9d-47ac-9d24-e0760b7c9a95","block_type":"box","text":"publicly available although private and unpublished ratings may also be assigned.","page_number":224,"box":{"x":117,"y":475,"width":610,"height":12}},{"id":"1e27c46f-d48b-41ed-93d9-8ccc3bef49e9","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial","page_number":224,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"b997f42b-1fa6-45f0-8f2e-0cf9bef80f54","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to","page_number":224,"box":{"x":116,"y":521,"width":769,"height":12}},{"id":"ece75851-c1e0-46c0-bed8-0e671635a5d8","block_type":"box","text":"all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any","page_number":224,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"ec8fbca0-662c-42ff-82ef-5b09867571fb","block_type":"box","text":"presumption that such ratings and fundamental ratings at the same letter grade level will behave the","page_number":224,"box":{"x":117,"y":552,"width":747,"height":12}},{"id":"14e10d07-7d0b-4381-bc2e-c4b8126f6ac2","block_type":"box","text":"same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated","page_number":224,"box":{"x":116,"y":568,"width":751,"height":12}},{"id":"cb2171d9-89e6-4533-a6d5-26de834c4948","block_type":"box","text":"structured finance and fundamental securities may have different risk characteristics. Through its","page_number":224,"box":{"x":116,"y":583,"width":724,"height":12}},{"id":"7b49f645-bf6c-458f-be0e-c4e29a88909e","block_type":"box","text":"current methodologies, however, Moody’s aspires to achieve broad expected equivalence in structured","page_number":224,"box":{"x":116,"y":599,"width":769,"height":12}},{"id":"32e429fb-0028-4ac3-a2b3-d8e28046d9c5","block_type":"box","text":"finance and fundamental rating performance when measured over a long period of time.","page_number":224,"box":{"x":116,"y":614,"width":658,"height":12}},{"id":"1f57eded-c279-4a1f-b171-0612a8e0ff32","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":224,"box":{"x":117,"y":645,"width":445,"height":12}},{"id":"3e55ccdf-9886-4431-bf71-27e8f189635d","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of","page_number":224,"box":{"x":116,"y":676,"width":726,"height":12}},{"id":"8816ed83-e237-471b-b7ba-084e8197830b","block_type":"box","text":"credit risk.","page_number":224,"box":{"x":175,"y":692,"width":75,"height":9}},{"id":"432b867b-58bd-40df-b07d-eaa31a8d68c3","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":224,"box":{"x":116,"y":715,"width":731,"height":12}},{"id":"130bacc7-6bf8-46e7-829e-196ab1ff1d1a","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":224,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"cb80e868-2c53-4a8c-af06-c461a87c654b","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and","page_number":224,"box":{"x":117,"y":761,"width":753,"height":13}},{"id":"da6310bc-3d92-406f-9dfd-d768174a5df2","block_type":"box","text":"as such may possess certain speculative characteristics.","page_number":224,"box":{"x":175,"y":777,"width":420,"height":12}},{"id":"08dd57b1-a134-479f-8d80-6682c9f16e31","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":224,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"716c18e7-0c71-4938-a55c-da42348ffc38","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":224,"box":{"x":117,"y":823,"width":660,"height":13}},{"id":"26007a16-a1bb-4301-a418-46d65a6c40ba","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very","page_number":224,"box":{"x":117,"y":847,"width":741,"height":12}},{"id":"112afc0b-6a2f-4e73-aa26-497132a6dfff","block_type":"box","text":"high credit risk.","page_number":224,"box":{"x":176,"y":862,"width":116,"height":12}},{"id":"e31a5003-e561-4ec8-8e7d-d65c8b8c7917","block_type":"box","text":"A-2","page_number":224,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"940031f2-e866-44eb-ba4d-cbfd55072b00","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":224,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"24ea3a72-34ae-4714-b8e0-d74b528b75fc","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":225,"box":{"x":117,"y":87,"width":748,"height":12}},{"id":"9e5e826a-a638-460d-be01-9ce156a58e32","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":225,"box":{"x":176,"y":102,"width":339,"height":13}},{"id":"027f79db-fa03-42e9-8d8a-4d152ad320b8","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for","page_number":225,"box":{"x":117,"y":126,"width":726,"height":12}},{"id":"d243e827-e410-4f01-89ac-bf2fa7d054f0","block_type":"box","text":"recovery of principal or interest.","page_number":225,"box":{"x":176,"y":141,"width":238,"height":12}},{"id":"a94e5676-def6-4465-b644-98292d195838","block_type":"box","text":"Note","page_number":225,"box":{"x":117,"y":172,"width":34,"height":10}},{"id":"cd37ff60-038e-4fa0-a64e-f957e6f70182","block_type":"box","text":": Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa","page_number":225,"box":{"x":153,"y":172,"width":709,"height":12}},{"id":"af72e6af-dbd5-4658-ba47-c4aebb563cb5","block_type":"box","text":"through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating","page_number":225,"box":{"x":116,"y":188,"width":745,"height":12}},{"id":"9d4aa0c6-9e98-44f4-a87f-ed74629d4b5a","block_type":"box","text":"category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the","page_number":225,"box":{"x":116,"y":203,"width":741,"height":12}},{"id":"47acfd75-82f9-4d99-a32e-8e19b3623d5b","block_type":"box","text":"lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of","page_number":225,"box":{"x":117,"y":219,"width":751,"height":12}},{"id":"fafacb74-0758-439a-bc3a-741dfa8b754a","block_type":"box","text":"hybrid securities issued by banks, insurers, finance companies, and securities firms.","page_number":225,"box":{"x":117,"y":234,"width":628,"height":12}},{"id":"350f286d-03cb-4751-a385-91fd54f30dfa","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal","page_number":225,"box":{"x":117,"y":265,"width":737,"height":12}},{"id":"7092e831-f2b4-4b6e-b7ba-110c7b3e7dc6","block_type":"box","text":"payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may","page_number":225,"box":{"x":117,"y":281,"width":765,"height":12}},{"id":"57132c94-2d50-43a6-aa62-4568de9200eb","block_type":"box","text":"also be subject to contractually allowable write-downs of principal that could result in impairment.","page_number":225,"box":{"x":116,"y":296,"width":724,"height":12}},{"id":"4819ae9a-b0e6-44cd-8699-ead6158ccbc0","block_type":"box","text":"Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an","page_number":225,"box":{"x":116,"y":312,"width":744,"height":12}},{"id":"237558bc-88f4-4ef6-b7a3-a1fbf512f9ab","block_type":"box","text":"expression of the relative credit risk associated with that security.","page_number":225,"box":{"x":116,"y":327,"width":488,"height":12}},{"id":"aa49fa9b-ed3b-4f3a-8aac-af548e515e8a","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":225,"box":{"x":117,"y":358,"width":448,"height":12}},{"id":"f531b488-7a7d-4fa7-a3da-73b804ad784f","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":225,"box":{"x":117,"y":389,"width":616,"height":12}},{"id":"91f44cf4-519c-4f77-a295-3986cd4aa9ed","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":225,"box":{"x":117,"y":413,"width":602,"height":12}},{"id":"723efb5c-4f43-4f8b-a59a-522ecd8fde75","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":225,"box":{"x":117,"y":436,"width":646,"height":12}},{"id":"0791b7aa-ffb5-477a-892e-f6bcc19acb0e","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":225,"box":{"x":117,"y":459,"width":737,"height":12}},{"id":"085a7668-54ce-471e-b693-7499af223487","block_type":"box","text":"categories.","page_number":225,"box":{"x":175,"y":475,"width":87,"height":12}},{"id":"b6257616-9cc7-48a3-a9f5-e20ff3128010","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":225,"box":{"x":117,"y":506,"width":707,"height":12}},{"id":"f87e0f14-cff4-4660-b2a6-d432c6180298","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":225,"box":{"x":117,"y":537,"width":439,"height":12}},{"id":"bf745b2b-7b8c-47b7-8da3-c08e87582121","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S.","page_number":225,"box":{"x":117,"y":568,"width":681,"height":12}},{"id":"8b2ddd27-3d30-4789-a49c-0aa10709b110","block_type":"box","text":"municipalities and nonprofits. These commercial paper programs may be backed by external letters of","page_number":225,"box":{"x":117,"y":583,"width":761,"height":12}},{"id":"90829bb0-51ed-4f36-828f-23bc0dc1a8d7","block_type":"box","text":"credit or liquidity facilities, or by an issuer’s self-liquidity.","page_number":225,"box":{"x":116,"y":599,"width":420,"height":12}},{"id":"893d4df7-9e7f-47c3-910e-98eac63772e2","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":225,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"626e889c-06e3-434e-a079-d1794c5482b6","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales","page_number":225,"box":{"x":117,"y":645,"width":708,"height":12}},{"id":"83b338ff-ff1f-4dc8-aeeb-3afba724be4e","block_type":"box","text":"discussed below.","page_number":225,"box":{"x":116,"y":661,"width":126,"height":9}},{"id":"c95ecc2b-3813-4697-b073-34e6b181496b","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain","page_number":225,"box":{"x":117,"y":692,"width":738,"height":12}},{"id":"1662adb3-6dcd-4af7-91f4-ed69ad69fe38","block_type":"box","text":"other short-term obligations, which typically mature in three years or less. Under certain circumstances,","page_number":225,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"e8704903-71d5-4c5f-aa6b-64faee2637a5","block_type":"box","text":"Moody’s uses the MIG scale for bond anticipation notes with maturities of up to five years.","page_number":225,"box":{"x":117,"y":723,"width":665,"height":12}},{"id":"6cb43309-30ec-462e-b8ce-3ff0956b914c","block_type":"box","text":"MIG Scale","page_number":225,"box":{"x":117,"y":754,"width":77,"height":9}},{"id":"c5908353-d6a0-4671-b01f-0e498fe01fab","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":225,"box":{"x":117,"y":785,"width":760,"height":12}},{"id":"3714b4be-0483-437f-b48a-6efd9c5da6a6","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market","page_number":225,"box":{"x":175,"y":800,"width":703,"height":12}},{"id":"ebf43c9b-8b86-4c2b-beae-d89fa72701fa","block_type":"box","text":"for refinancing.","page_number":225,"box":{"x":175,"y":816,"width":110,"height":12}},{"id":"e1eb02f0-fa36-46c3-aaa5-22ebcc288787","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":225,"box":{"x":117,"y":839,"width":771,"height":12}},{"id":"a9dd8337-752e-4de1-8a8c-7c5117f6074d","block_type":"box","text":"large as in the preceding group.","page_number":225,"box":{"x":176,"y":855,"width":240,"height":12}},{"id":"85eea17c-0614-4323-ade2-05513e9220e8","block_type":"box","text":"A-3","page_number":225,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"27bef5a2-81bd-4881-97a5-bb07512b83e0","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":225,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"57860a3c-c6a8-4cc7-bd84-663ee115dbcb","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":226,"box":{"x":117,"y":87,"width":753,"height":12}},{"id":"efcb0abc-8bd1-46d7-b153-1fd27fcebb50","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":226,"box":{"x":176,"y":102,"width":582,"height":13}},{"id":"13fc93e2-fa95-4d46-ac93-29730728f670","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category","page_number":226,"box":{"x":116,"y":126,"width":741,"height":12}},{"id":"a387550c-45e7-4f54-9941-e474b29eeda0","block_type":"box","text":"may lack sufficient margins of protection.","page_number":226,"box":{"x":176,"y":141,"width":307,"height":12}},{"id":"fdf5c068-9899-4052-aa3b-eb6bd5f02da1","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":226,"box":{"x":117,"y":172,"width":415,"height":12}},{"id":"14960198-70ae-4294-b69c-86d749325322","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The","page_number":226,"box":{"x":117,"y":203,"width":749,"height":12}},{"id":"a592c978-9fd0-4aaf-ba53-712205229ba0","block_type":"box","text":"components are a long-term rating and a short-term demand obligation rating. The long-term rating","page_number":226,"box":{"x":116,"y":219,"width":740,"height":12}},{"id":"38b0844c-1d49-42e6-92c3-02e99f5011eb","block_type":"box","text":"addresses the issuer’s ability to meet scheduled principal and interest payments. The short-term","page_number":226,"box":{"x":116,"y":234,"width":719,"height":12}},{"id":"1fce098a-e994-4207-983c-02d5277dd3e4","block_type":"box","text":"demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments","page_number":226,"box":{"x":116,"y":250,"width":759,"height":12}},{"id":"2971bf43-39d5-4636-98c7-f23f87549f54","block_type":"box","text":"associated with the purchase-price-upon-demand feature (“demand feature”) of the VRDO. The short","page_number":226,"box":{"x":116,"y":265,"width":756,"height":12}},{"id":"982277d9-b768-47bb-925b-281ad9f90cdc","block_type":"box","text":"term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input","page_number":226,"box":{"x":116,"y":281,"width":770,"height":12}},{"id":"b2356b36-eb53-44f3-aa18-79c273923044","block_type":"box","text":"the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the","page_number":226,"box":{"x":116,"y":296,"width":740,"height":12}},{"id":"92f8ed96-fca8-4e48-8775-f29bdcacbd73","block_type":"box","text":"underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand","page_number":226,"box":{"x":117,"y":312,"width":768,"height":12}},{"id":"e767e9f0-1c9d-4603-a367-7978e4b2ebb4","block_type":"box","text":"obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk","page_number":226,"box":{"x":116,"y":327,"width":760,"height":12}},{"id":"6add5899-316a-4440-8178-2a1454dae3bc","block_type":"box","text":"that external liquidity support will terminate if the issuer’s long-term rating drops below investment","page_number":226,"box":{"x":116,"y":343,"width":729,"height":12}},{"id":"305ba356-3ef2-4693-81d6-0b29faa9604f","block_type":"box","text":"grade.","page_number":226,"box":{"x":116,"y":358,"width":52,"height":12}},{"id":"45324c60-dcfa-4eb6-8a85-66447a81aaf7","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand","page_number":226,"box":{"x":117,"y":389,"width":771,"height":12}},{"id":"10d36941-e9e0-4a35-b46c-a52bd10529d7","block_type":"box","text":"feature is less than every three years. If the frequency of the demand feature is less than three years","page_number":226,"box":{"x":116,"y":405,"width":753,"height":12}},{"id":"3e97120c-b3db-43c8-9b3b-5a925c433800","block_type":"box","text":"but the purchase price is payable only with remarketing proceeds, the short-term demand obligation","page_number":226,"box":{"x":117,"y":420,"width":745,"height":12}},{"id":"488de53a-667d-476a-bb5b-7267a4cb82e9","block_type":"box","text":"rating is “NR”.","page_number":226,"box":{"x":117,"y":436,"width":107,"height":12}},{"id":"a8b3a152-61fe-4cb1-a3ca-080195e116f4","block_type":"box","text":"VMIG Scale","page_number":226,"box":{"x":116,"y":467,"width":94,"height":9}},{"id":"469eafd5-d8e9-4c51-b768-eefa604dc087","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the","page_number":226,"box":{"x":116,"y":498,"width":713,"height":12}},{"id":"00a38996-51de-4ce7-b565-7754d5a63c85","block_type":"box","text":"superior short-term credit strength of the liquidity provider and structural and legal protections","page_number":226,"box":{"x":184,"y":513,"width":697,"height":12}},{"id":"8cda833d-9b3e-4043-9127-286c01e7982f","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":226,"box":{"x":183,"y":529,"width":481,"height":12}},{"id":"41cf9ded-a2f1-449b-aab8-1462669144b6","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short","page_number":226,"box":{"x":116,"y":552,"width":766,"height":12}},{"id":"2970a2dd-87f8-40c3-aa3d-815f721c63aa","block_type":"box","text":"term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":226,"box":{"x":183,"y":568,"width":679,"height":12}},{"id":"f34af309-29d8-4d2c-a3e9-ca6d8284b4f9","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":226,"box":{"x":183,"y":583,"width":392,"height":12}},{"id":"2ccce553-780e-49d9-8d0f-038f0da5b227","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":226,"box":{"x":116,"y":606,"width":738,"height":12}},{"id":"a9f8b836-2ed9-4831-afe1-090ee45cda5f","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal","page_number":226,"box":{"x":184,"y":622,"width":635,"height":12}},{"id":"92a1a365-1d38-4c5a-aa2c-1664f6339642","block_type":"box","text":"protections that ensure the timely payment of purchase price upon demand.","page_number":226,"box":{"x":184,"y":637,"width":567,"height":12}},{"id":"04f615a6-5d75-4c7c-84b9-5cb1cac62638","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this","page_number":226,"box":{"x":116,"y":661,"width":720,"height":12}},{"id":"4e771c14-21ea-4cfa-8682-fe4cf956de78","block_type":"box","text":"category may be supported by a liquidity provider that does not have a sufficiently strong","page_number":226,"box":{"x":184,"y":676,"width":657,"height":12}},{"id":"c27b5faa-fcfb-4306-bcb6-0dd3c5084837","block_type":"box","text":"short-term rating or may lack the structural or legal protections necessary to ensure the timely","page_number":226,"box":{"x":184,"y":692,"width":695,"height":12}},{"id":"56192cb5-aa4c-4fbe-8c56-4973a843d33a","block_type":"box","text":"payment of purchase price upon demand.","page_number":226,"box":{"x":184,"y":707,"width":308,"height":12}},{"id":"57343bac-c42b-4f8f-92e8-3bb2c18eb83c","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":226,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"4fb9fb53-b0b1-481f-a4b3-eca9b383cc28","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with","page_number":226,"box":{"x":116,"y":769,"width":737,"height":12}},{"id":"bd0837b9-92c6-495d-b8ef-b98f44b5efe8","block_type":"box","text":"respect to a specific financial obligation, a specific class of financial obligations, or a specific financial","page_number":226,"box":{"x":117,"y":785,"width":748,"height":12}},{"id":"c4504e7d-8de7-4241-baee-377fb59cce76","block_type":"box","text":"program (including ratings on medium-term note programs and commercial paper programs). It takes","page_number":226,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"43724fd3-01ec-4b4c-b4c2-019855a7587a","block_type":"box","text":"into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement","page_number":226,"box":{"x":117,"y":816,"width":744,"height":12}},{"id":"844b6593-2408-4e12-885b-781c70161fe7","block_type":"box","text":"on the obligation and takes into account the currency in which the obligation is denominated. The","page_number":226,"box":{"x":116,"y":831,"width":726,"height":12}},{"id":"853b557a-5a94-4f24-afa0-26daeb33ab8d","block_type":"box","text":"opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments","page_number":226,"box":{"x":116,"y":847,"width":759,"height":12}},{"id":"d23533e5-2910-40d3-82ca-909440b09f00","block_type":"box","text":"as they come due, and this opinion may assess terms, such as collateral security and subordination,","page_number":226,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"6c9c85bf-05de-4a67-a3e7-a6d77c4950dc","block_type":"box","text":"which could affect ultimate payment in the event of default.","page_number":226,"box":{"x":116,"y":878,"width":441,"height":12}},{"id":"f9ffc5da-31c1-48e8-966f-4e364eb084df","block_type":"box","text":"A-4","page_number":226,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"3fe5d2d5-76a8-409e-9ff5-241a192df89d","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":226,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c7900c20-39d0-4c49-84eb-bb26c2184e3e","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally","page_number":227,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"308f76b8-a027-4803-821c-a6afcc10f02e","block_type":"box","text":"assigned to those obligations considered short-term in the relevant market, typically with an original","page_number":227,"box":{"x":116,"y":103,"width":743,"height":12}},{"id":"39293243-7d81-411e-97cf-86ff6d36461a","block_type":"box","text":"maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the","page_number":227,"box":{"x":117,"y":118,"width":708,"height":12}},{"id":"5ae5bd65-9b9a-4cf6-a722-54576ceb8798","block_type":"box","text":"creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically","page_number":227,"box":{"x":116,"y":134,"width":771,"height":12}},{"id":"99e79749-6e15-4509-b18c-6d50de1bc63d","block_type":"box","text":"assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days.","page_number":227,"box":{"x":116,"y":149,"width":772,"height":12}},{"id":"37b434d6-bb74-46f0-b216-1bbd91f0a1fd","block_type":"box","text":"However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on","page_number":227,"box":{"x":117,"y":165,"width":758,"height":12}},{"id":"5560ff74-7d68-422b-9ff5-845fdd9316fe","block_type":"box","text":"market practices. Medium-term notes are assigned long-term ratings.","page_number":227,"box":{"x":117,"y":180,"width":518,"height":12}},{"id":"2aaae045-03e4-4038-a8ea-286c9eed011e","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":227,"box":{"x":117,"y":211,"width":750,"height":12}},{"id":"2b7fc90c-1f32-4d51-a68c-c8dc92818fa4","block_type":"box","text":"• The likelihood of payment—the capacity and willingness of the obligor to meet its financial","page_number":227,"box":{"x":150,"y":242,"width":706,"height":12}},{"id":"9754b122-d5d7-40c9-9718-f667979cd964","block_type":"box","text":"commitments on an obligation in accordance with the terms of the obligation;","page_number":227,"box":{"x":184,"y":258,"width":575,"height":12}},{"id":"cf12dab1-9a3f-490f-aa75-2e5e39397299","block_type":"box","text":"• The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":227,"box":{"x":150,"y":281,"width":692,"height":12}},{"id":"2c97ad88-16d3-4175-a1bf-c6ecd9215f0f","block_type":"box","text":"• The protection afforded by, and relative position of, the financial obligation in the event of a","page_number":227,"box":{"x":150,"y":304,"width":712,"height":12}},{"id":"acac1299-19f1-484c-8701-e4f3237048d8","block_type":"box","text":"bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws","page_number":227,"box":{"x":184,"y":320,"width":704,"height":12}},{"id":"16aa04c3-257e-48bd-8052-fffa25e81e0d","block_type":"box","text":"affecting creditors’ rights.","page_number":227,"box":{"x":184,"y":335,"width":191,"height":12}},{"id":"afa0b6e9-2ce7-4c5d-adc0-d72bb2457860","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority","page_number":227,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"b4ba671a-74eb-410d-853d-46bbb8d5fb72","block_type":"box","text":"or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior","page_number":227,"box":{"x":116,"y":382,"width":728,"height":12}},{"id":"a4c063f6-5f7d-4107-8447-9af6d8c9f741","block_type":"box","text":"obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply","page_number":227,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"6e9b81fe-67d6-4b9e-b8fe-25f214215882","block_type":"box","text":"when an entity has both senior and subordinated obligations, secured and unsecured obligations, or","page_number":227,"box":{"x":116,"y":413,"width":747,"height":12}},{"id":"d8faa0bc-4a86-4ebd-a743-36325510b4a6","block_type":"box","text":"operating company and holding company obligations.)","page_number":227,"box":{"x":116,"y":428,"width":407,"height":12}},{"id":"4059783c-951b-4c58-8e33-dd976f44d129","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":227,"box":{"x":117,"y":459,"width":265,"height":12}},{"id":"58dbc627-c426-4426-9643-cdcb54fa72f8","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to","page_number":227,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"88d9a6a5-b091-4c0a-a594-63b8004b9f55","block_type":"box","text":"meet its financial commitments on the obligation is extremely strong.","page_number":227,"box":{"x":192,"y":506,"width":513,"height":12}},{"id":"a540aefd-cf79-453d-bdee-4137b56ee4ac","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree.","page_number":227,"box":{"x":116,"y":529,"width":734,"height":12}},{"id":"e5032835-27cc-4938-8114-14422ab2460f","block_type":"box","text":"The obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":227,"box":{"x":191,"y":544,"width":659,"height":12}},{"id":"7cfd0180-b32b-4293-9a6b-e77e25fc5949","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":227,"box":{"x":116,"y":568,"width":744,"height":12}},{"id":"9c284f83-dcef-48c2-9b7e-c6f55043cbe1","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories.","page_number":227,"box":{"x":192,"y":583,"width":624,"height":12}},{"id":"596cc808-9ca3-4658-9b7c-8307dc5f408b","block_type":"box","text":"However, the obligor’s capacity to meet its financial commitments on the obligation is still","page_number":227,"box":{"x":192,"y":599,"width":664,"height":12}},{"id":"6bacfa6c-97d9-4e4a-b666-152664f4d3c8","block_type":"box","text":"strong.","page_number":227,"box":{"x":191,"y":614,"width":56,"height":12}},{"id":"e5e32d12-58cf-4eda-a49d-cb94338fed2b","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse","page_number":227,"box":{"x":117,"y":637,"width":715,"height":12}},{"id":"a7960351-dc1b-42bd-8485-870aeabe189e","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken the obligor’s","page_number":227,"box":{"x":192,"y":653,"width":652,"height":12}},{"id":"baa3b2e1-bc8c-498b-b09c-a6e73716abb5","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":227,"box":{"x":192,"y":668,"width":446,"height":12}},{"id":"4028e039-3804-499c-bd6d-477e7acd9d39","block_type":"box","text":"BB, B,","page_number":227,"box":{"x":117,"y":692,"width":45,"height":11}},{"id":"d4e2d161-76d0-496a-91c1-c35b7cc04015","block_type":"box","text":"CCC,","page_number":227,"box":{"x":117,"y":707,"width":38,"height":11}},{"id":"0aa361f2-8621-493b-8354-9835c8b5887d","block_type":"box","text":"CC,","page_number":227,"box":{"x":117,"y":723,"width":26,"height":11}},{"id":"b37e1bd6-3406-4f84-9651-a229f39ff800","block_type":"box","text":"and C","page_number":227,"box":{"x":116,"y":738,"width":44,"height":10}},{"id":"cd834a52-352f-4d85-9de1-555f55f60840","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant","page_number":227,"box":{"x":192,"y":692,"width":602,"height":12}},{"id":"801f9f57-a344-4812-8343-9c4eb9879908","block_type":"box","text":"speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the","page_number":227,"box":{"x":191,"y":707,"width":625,"height":12}},{"id":"5df5f142-1bef-4e16-a6dc-0035e95e6b3e","block_type":"box","text":"highest. While such obligations will likely have some quality and protective characteristics,","page_number":227,"box":{"x":192,"y":723,"width":666,"height":12}},{"id":"dcc9b372-47c7-4181-9c2b-0d51cba41d89","block_type":"box","text":"these may be outweighed by large uncertainties or major exposure to adverse conditions.","page_number":227,"box":{"x":191,"y":738,"width":664,"height":12}},{"id":"bd90c4f2-906e-41f3-be4d-27e81770d2a9","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues.","page_number":227,"box":{"x":117,"y":761,"width":723,"height":13}},{"id":"41623b1b-fd08-429b-920d-de27d60b31d5","block_type":"box","text":"However, it faces major ongoing uncertainties or exposure to adverse business, financial,","page_number":227,"box":{"x":192,"y":777,"width":662,"height":12}},{"id":"e465f775-f902-4fff-abc1-eea235d5e12d","block_type":"box","text":"or economic conditions that could lead to the obligor’s inadequate capacity to meet its","page_number":227,"box":{"x":192,"y":793,"width":635,"height":12}},{"id":"0c7e265e-cc38-4a04-8f66-79671eb9d783","block_type":"box","text":"financial commitments on the obligation.","page_number":227,"box":{"x":191,"y":808,"width":298,"height":12}},{"id":"d4412aae-9fbc-462b-9bea-bfd648783406","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but","page_number":227,"box":{"x":117,"y":831,"width":733,"height":12}},{"id":"1185b8e2-290e-4dde-b948-4cb6f8e5c314","block_type":"box","text":"the obligor currently has the capacity to meet its financial commitments on the obligation.","page_number":227,"box":{"x":191,"y":847,"width":665,"height":12}},{"id":"4ca9b6c2-de5b-4850-9af9-fee4a4be7b36","block_type":"box","text":"Adverse business, financial, or economic conditions will likely impair the obligor’s capacity","page_number":227,"box":{"x":191,"y":862,"width":672,"height":12}},{"id":"9d8cf86a-3ea9-4e68-9455-be65015910fa","block_type":"box","text":"or willingness to meet its financial commitments on the obligation.","page_number":227,"box":{"x":192,"y":878,"width":491,"height":12}},{"id":"b552390b-cf86-4a28-bcb3-aeb2badec29c","block_type":"box","text":"A-5","page_number":227,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"bd97f710-68e3-4d5f-936a-26e23c7fb946","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":227,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1238d2f3-6b49-4040-a4eb-1cdadeeb2342","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon","page_number":228,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"273eb8b5-d94e-4c1e-9fef-7c6a944a5590","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":228,"box":{"x":191,"y":102,"width":667,"height":13}},{"id":"f579f0a4-5da0-4d25-a274-a4e0667ed750","block_type":"box","text":"commitments on the obligation. In the event of adverse business, financial, or economic","page_number":228,"box":{"x":192,"y":118,"width":656,"height":12}},{"id":"90a5ee6b-368e-4567-9f5f-755d26039c1b","block_type":"box","text":"conditions, the obligor is not likely to have the capacity to meet its financial commitments","page_number":228,"box":{"x":192,"y":134,"width":662,"height":12}},{"id":"812300eb-83ad-4206-9b58-97ef7a4ab2e1","block_type":"box","text":"on the obligation.","page_number":228,"box":{"x":192,"y":149,"width":132,"height":12}},{"id":"cb9229e6-7e14-4822-a09f-968f907c94dc","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is","page_number":228,"box":{"x":117,"y":172,"width":727,"height":12}},{"id":"21a142a2-f428-4298-a2c5-a27c22de65a1","block_type":"box","text":"used when a default has not yet occurred but S&P expects default to be a virtual certainty,","page_number":228,"box":{"x":192,"y":188,"width":675,"height":12}},{"id":"a6aed773-a26c-43ec-8d94-8d853df527eb","block_type":"box","text":"regardless of the anticipated time to default.","page_number":228,"box":{"x":192,"y":203,"width":330,"height":12}},{"id":"a653dda9-4b67-489c-9e3c-0fe22b815ef3","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is","page_number":228,"box":{"x":117,"y":227,"width":735,"height":12}},{"id":"bf8210ca-3c26-46ec-b8f3-80a5282308b8","block_type":"box","text":"expected to have lower relative seniority or lower ultimate recovery compared with","page_number":228,"box":{"x":192,"y":242,"width":615,"height":12}},{"id":"8a6e4ccc-447c-42c4-bbb9-3627c797fd91","block_type":"box","text":"obligations that are rated higher.","page_number":228,"box":{"x":192,"y":258,"width":245,"height":12}},{"id":"56ac07aa-e895-4af8-ad52-f817c955a243","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":228,"box":{"x":117,"y":281,"width":717,"height":12}},{"id":"5e913611-4f02-43a2-8ac0-25c077d477af","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not","page_number":228,"box":{"x":192,"y":296,"width":678,"height":12}},{"id":"4f5df5fb-41a5-4daa-a43e-806c269f2cd8","block_type":"box","text":"made on the date due, unless S&P believes that such payments will be made within five","page_number":228,"box":{"x":192,"y":312,"width":657,"height":12}},{"id":"b1d6e6b9-f00f-4e24-a4bf-ec80049851b5","block_type":"box","text":"business days in the absence of a stated grace period or within the earlier of the stated","page_number":228,"box":{"x":192,"y":327,"width":650,"height":12}},{"id":"e9b8d1c8-36e0-4143-a7a8-98145a971784","block_type":"box","text":"grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a","page_number":228,"box":{"x":191,"y":343,"width":630,"height":12}},{"id":"dc26efc1-6520-4812-9e9f-2fe6ee450112","block_type":"box","text":"bankruptcy petition or the taking of similar action and where default on an obligation is a","page_number":228,"box":{"x":192,"y":358,"width":657,"height":12}},{"id":"ab915055-c7da-4706-99a0-edb03bc559bd","block_type":"box","text":"virtual certainty, for example due to automatic stay provisions. A rating on an obligation is","page_number":228,"box":{"x":191,"y":374,"width":668,"height":12}},{"id":"16331aa1-1113-4a4f-ba6f-30874c48a9c9","block_type":"box","text":"lowered to ‘D’ if it is subject to a distressed debt restructuring.","page_number":228,"box":{"x":192,"y":389,"width":461,"height":12}},{"id":"b87db6bd-c471-48aa-993f-634f0dae83b9","block_type":"box","text":"* Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing","page_number":228,"box":{"x":143,"y":418,"width":705,"height":9}},{"id":"e7e65c4d-a98d-4afa-9314-601d516b44a6","block_type":"box","text":"within the rating categories.","page_number":228,"box":{"x":170,"y":431,"width":162,"height":9}},{"id":"2fb4e412-0017-4b9c-9044-5d241f63c962","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":228,"box":{"x":116,"y":458,"width":263,"height":12}},{"id":"6bc89471-22dc-4469-bf1d-8b60e9388d3c","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s","page_number":228,"box":{"x":116,"y":487,"width":715,"height":12}},{"id":"caed92dd-4611-4219-9814-9a4e6237ecdd","block_type":"box","text":"capacity to meet its financial commitments on the obligation is strong. Within this category,","page_number":228,"box":{"x":175,"y":502,"width":677,"height":12}},{"id":"c6b14b5e-8941-4edc-8584-e92f748dd2ae","block_type":"box","text":"certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity","page_number":228,"box":{"x":175,"y":518,"width":708,"height":12}},{"id":"6c4ab0b2-cebc-46ec-9846-58dc9bd0625c","block_type":"box","text":"to meet its financial commitments on these obligations is extremely strong.","page_number":228,"box":{"x":175,"y":533,"width":558,"height":12}},{"id":"04b2bcb3-39a4-4f15-bcc2-e25f292ff6d5","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of","page_number":228,"box":{"x":116,"y":556,"width":729,"height":12}},{"id":"a29071a9-5e3b-4bc1-b3b6-0fbd12801176","block_type":"box","text":"changes in circumstances and economic conditions than obligations in higher rating","page_number":228,"box":{"x":175,"y":571,"width":626,"height":12}},{"id":"48fd6417-9b89-47f4-aedf-1ad03da2c14b","block_type":"box","text":"categories. However, the obligor’s capacity to meet its financial commitments on the obligation","page_number":228,"box":{"x":175,"y":587,"width":706,"height":12}},{"id":"30ceab77-5a6f-4381-9b9a-a1cb54681bcb","block_type":"box","text":"is satisfactory.","page_number":228,"box":{"x":176,"y":602,"width":110,"height":12}},{"id":"34333657-249a-4b21-be5a-41885f586662","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":228,"box":{"x":116,"y":624,"width":764,"height":13}},{"id":"ba64e1ac-991e-455f-8d17-3976758e7b0f","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s","page_number":228,"box":{"x":175,"y":640,"width":648,"height":12}},{"id":"b4f7b906-2882-447e-9043-3c0cd9c9d299","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":228,"box":{"x":175,"y":655,"width":453,"height":13}},{"id":"3af7f637-237e-427c-95b2-b341ffc40720","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":228,"box":{"x":117,"y":678,"width":719,"height":12}},{"id":"48b2124f-48e3-4b94-8b4e-2e141eeabb6a","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments;","page_number":228,"box":{"x":175,"y":693,"width":653,"height":12}},{"id":"8eefe610-8507-4b8a-bc8d-a43d4836cb07","block_type":"box","text":"however, it faces major ongoing uncertainties that could lead to the obligor’s inadequate","page_number":228,"box":{"x":176,"y":709,"width":652,"height":12}},{"id":"89300fd7-f5b2-4194-b9db-f1782aca5149","block_type":"box","text":"capacity to meet its financial commitments.","page_number":228,"box":{"x":175,"y":724,"width":318,"height":12}},{"id":"da216015-dfe3-4146-b1d5-67c205454a99","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":228,"box":{"x":117,"y":747,"width":754,"height":12}},{"id":"4204bfc3-c976-4bae-be67-6d00a4d69262","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":228,"box":{"x":175,"y":762,"width":661,"height":12}},{"id":"cff73bf0-e1fa-4550-892a-2fee8fb860df","block_type":"box","text":"commitments on the obligation.","page_number":228,"box":{"x":175,"y":778,"width":231,"height":12}},{"id":"468ee0f5-60e6-4201-af42-953dca35d572","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For","page_number":228,"box":{"x":117,"y":800,"width":684,"height":12}},{"id":"f4e69994-9c19-4a57-8c30-632e465c1ae2","block_type":"box","text":"non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation","page_number":228,"box":{"x":176,"y":815,"width":699,"height":12}},{"id":"cf7ad97c-5788-41f2-93e9-9d627273da56","block_type":"box","text":"are not made on the date due, unless S&P believes that such payments will be made within","page_number":228,"box":{"x":175,"y":831,"width":684,"height":12}},{"id":"2c98cddc-ba1e-48b8-8632-4daf7e52f6d3","block_type":"box","text":"any stated grace period. However, any stated grace period longer than five business days will","page_number":228,"box":{"x":175,"y":846,"width":700,"height":12}},{"id":"6b90ac96-c610-4623-95b1-bdaf3b135c70","block_type":"box","text":"be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy","page_number":228,"box":{"x":176,"y":862,"width":711,"height":12}},{"id":"c5a24a4b-370f-4724-a804-2fd53154957a","block_type":"box","text":"petition or the taking of a similar action and where default on an obligation is a virtual certainty,","page_number":228,"box":{"x":176,"y":877,"width":706,"height":12}},{"id":"60d33f92-8881-4afb-b1d4-dcb769c1ee21","block_type":"box","text":"A-6","page_number":228,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"ba8dfe9b-627c-45f2-850c-2549d1dcd306","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":228,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"09b4e551-f4c7-48a9-9785-3ec0f0639cfe","block_type":"box","text":"for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is","page_number":229,"box":{"x":175,"y":87,"width":695,"height":12}},{"id":"f3219362-8db7-4733-95e8-e64f659d3bbc","block_type":"box","text":"subject to a distressed debt restructuring.","page_number":229,"box":{"x":175,"y":103,"width":312,"height":12}},{"id":"86744f0e-d722-4d76-92cb-e9f5d8d9fe0f","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":229,"box":{"x":117,"y":134,"width":456,"height":12}},{"id":"344c384f-d3ad-4dca-972c-47e0d0688bc6","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access","page_number":229,"box":{"x":116,"y":165,"width":766,"height":12}},{"id":"a81b58dc-1e2f-4f2d-8883-54d3c0b2944f","block_type":"box","text":"risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with","page_number":229,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"6d363eef-94fb-48d1-b168-f7af5b1c63b8","block_type":"box","text":"an original maturity of more than three years will most likely receive a long-term debt rating. In","page_number":229,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"9bea07df-7f1f-47f1-9fc1-4439e318b2f9","block_type":"box","text":"determining which type of rating, if any, to assign, S&P’s analysis will review the following","page_number":229,"box":{"x":116,"y":211,"width":668,"height":12}},{"id":"b6f91f61-52a3-465f-a623-959906c33a4c","block_type":"box","text":"considerations:","page_number":229,"box":{"x":116,"y":227,"width":118,"height":9}},{"id":"dbf8917a-3648-4082-96bd-b1497f59e12c","block_type":"box","text":"• Amortization schedule—the larger the final maturity relative to other maturities, the more likely","page_number":229,"box":{"x":150,"y":258,"width":736,"height":12}},{"id":"860a2713-66a7-49a1-b585-912d38d8e625","block_type":"box","text":"it will be treated as a note; and","page_number":229,"box":{"x":184,"y":273,"width":232,"height":11}},{"id":"fd5da2ae-b0fc-4a0e-af9b-f525711bb3b2","block_type":"box","text":"• Source of payment—the more dependent the issue is on the market for its refinancing, the","page_number":229,"box":{"x":150,"y":296,"width":709,"height":12}},{"id":"f8f020c5-bb0f-4d28-a8e5-a669bd79535e","block_type":"box","text":"more likely it will be treated as a note.","page_number":229,"box":{"x":184,"y":312,"width":284,"height":12}},{"id":"7fb83bb2-fdf2-4149-8f8b-3befbe33f0d3","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":229,"box":{"x":116,"y":343,"width":470,"height":12}},{"id":"82021856-0717-4d00-bb10-957186254b8c","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":229,"box":{"x":116,"y":374,"width":740,"height":12}},{"id":"265b370d-07b5-4c3f-9c73-e68e3a822d5e","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":229,"box":{"x":175,"y":389,"width":445,"height":12}},{"id":"e90200e8-2b4b-4f0e-96c5-d269d1529df5","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial","page_number":229,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"fb7996f6-0868-4161-9a2f-e94e1d1d4ee8","block_type":"box","text":"and economic changes over the term of the notes.","page_number":229,"box":{"x":175,"y":428,"width":379,"height":12}},{"id":"fe1ddfb4-064b-4dda-b8e1-bb9a8a19e707","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":229,"box":{"x":116,"y":451,"width":432,"height":12}},{"id":"70f25da2-1c04-4fea-a512-a6b6b1ab9e1c","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":229,"box":{"x":117,"y":475,"width":699,"height":12}},{"id":"a265cb91-cfc2-45c1-8f8d-45e7bd889fa2","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where","page_number":229,"box":{"x":176,"y":490,"width":670,"height":12}},{"id":"daf5ab78-1da7-4b14-a80b-fea6e4fccd40","block_type":"box","text":"default on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":229,"box":{"x":175,"y":506,"width":674,"height":12}},{"id":"478f668c-9707-481f-8ad6-f87bb115174d","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":229,"box":{"x":117,"y":537,"width":498,"height":12}},{"id":"4fb931d7-30d5-4491-86cf-a2adc1f0d5ea","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings,","page_number":229,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"32448d22-223a-4b33-bc9d-526db364f41b","block_type":"box","text":"but the agency also publishes ratings, scores and other relative opinions relating to financial or","page_number":229,"box":{"x":117,"y":583,"width":706,"height":12}},{"id":"5e07b52b-8a93-4733-8d62-2d7e363321c6","block_type":"box","text":"operational strength. For example, Fitch also provides specialized ratings of servicers of residential","page_number":229,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"fb5fd6c0-08b3-4cca-abe6-032abddcbf65","block_type":"box","text":"and commercial mortgages, asset managers and funds. In each case, users should refer to the","page_number":229,"box":{"x":116,"y":614,"width":711,"height":12}},{"id":"2f186cc9-688e-4d62-b03c-5ee0bd83b951","block_type":"box","text":"definitions of each individual scale for guidance on the dimensions of risk covered in each assessment.","page_number":229,"box":{"x":116,"y":630,"width":769,"height":12}},{"id":"461e664e-4d91-4fa9-a619-bb0fea0b2de3","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet","page_number":229,"box":{"x":117,"y":661,"width":702,"height":12}},{"id":"ccf22bc6-af88-47ba-9aba-484715c8aad9","block_type":"box","text":"financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims","page_number":229,"box":{"x":116,"y":676,"width":756,"height":12}},{"id":"d7e17cc1-4c2c-4e06-bb68-15a5fd0278ab","block_type":"box","text":"or counterparty obligations. Credit ratings relating to securities and obligations of an issuer can include","page_number":229,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"f0818dbe-efe4-463e-9eb4-5426140fe52e","block_type":"box","text":"a recovery expectation. Credit ratings are used by investors as indications of the likelihood of receiving","page_number":229,"box":{"x":116,"y":707,"width":761,"height":12}},{"id":"fa38acd9-c7d8-4276-b55c-4a40faf88bb6","block_type":"box","text":"the money owed to them in accordance with the terms on which they invested. The agency’s credit","page_number":229,"box":{"x":116,"y":723,"width":733,"height":12}},{"id":"1b706ecb-b58d-4f25-ae20-f52d55a1c0c9","block_type":"box","text":"ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance","page_number":229,"box":{"x":117,"y":738,"width":763,"height":12}},{"id":"3ce8da3d-ad9e-4e9d-8adb-f81b2bbfda8a","block_type":"box","text":"entities (including supranational and sub-national entities) and the securities or other obligations they","page_number":229,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"36551e98-90fb-4bbd-9721-b85ba6e410c9","block_type":"box","text":"issue, as well as structured finance securities backed by receivables or other financial assets.","page_number":229,"box":{"x":117,"y":769,"width":692,"height":12}},{"id":"5a52f93b-5516-4cea-ac39-63e919a0ab4c","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as","page_number":229,"box":{"x":116,"y":800,"width":718,"height":12}},{"id":"07eb7957-4e74-4977-85f7-567ab27f45cc","block_type":"box","text":"shorthand to describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative","page_number":229,"box":{"x":116,"y":816,"width":732,"height":12}},{"id":"ee6e7a09-582c-4615-8784-1de8107fb0e8","block_type":"box","text":"grade). The terms investment grade and speculative grade are market conventions and do not imply","page_number":229,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"9ec3bc8b-d5c8-432f-a0b7-3c460c1108f9","block_type":"box","text":"any recommendation or endorsement of a specific security for investment purposes. Investment grade","page_number":229,"box":{"x":116,"y":847,"width":764,"height":12}},{"id":"c9fd9de3-2e49-4d41-8e03-d9bfe92485ab","block_type":"box","text":"categories indicate relatively low to moderate credit risk, while ratings in the speculative categories","page_number":229,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"1eb163e4-cad9-442a-b847-02213f4311e7","block_type":"box","text":"either signal a higher level of credit risk or that a default has already occurred.","page_number":229,"box":{"x":116,"y":878,"width":584,"height":12}},{"id":"652c6442-0eaf-489f-a6b6-5fd5b5853ea7","block_type":"box","text":"A-7","page_number":229,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"c5612af9-4773-4db1-9d33-bd5bb8b3667f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":229,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"036d7ce0-efbc-4e58-ae76-b5f9ac93eae2","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not","page_number":230,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"77121cd7-dab5-435f-bd77-9ed0d1f67959","block_type":"box","text":"and have not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":230,"box":{"x":116,"y":102,"width":603,"height":13}},{"id":"e060c6df-0324-44a2-9a3b-345621d027d9","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk","page_number":230,"box":{"x":117,"y":132,"width":770,"height":12}},{"id":"831a2a21-8c6e-461c-8016-1364e0c4a427","block_type":"box","text":"and are not predictive of a specific frequency of default or loss. For information about the historical","page_number":230,"box":{"x":116,"y":147,"width":735,"height":12}},{"id":"5ddb5c40-7758-4f8e-81c3-e2cea35f4e0a","block_type":"box","text":"performance of ratings please refer to Fitch’s Ratings Transition and Default studies which detail the","page_number":230,"box":{"x":117,"y":163,"width":747,"height":12}},{"id":"b876a83b-75bf-4a81-ab2d-33c25d8f83e9","block_type":"box","text":"historical default rates and their meaning. The European Securities and Markets Authority also","page_number":230,"box":{"x":117,"y":178,"width":705,"height":12}},{"id":"65f1726e-1d10-4b1d-bc8e-b0954ae549ed","block_type":"box","text":"maintains a central repository of historical default rates.","page_number":230,"box":{"x":117,"y":194,"width":415,"height":12}},{"id":"73a7226a-eabe-4828-a1f3-833bfc27f89a","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not","page_number":230,"box":{"x":117,"y":223,"width":756,"height":12}},{"id":"7ce3d991-4f54-4e7b-959c-83837af51924","block_type":"box","text":"deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity","page_number":230,"box":{"x":116,"y":239,"width":747,"height":12}},{"id":"e8578b96-275e-4343-bc85-29a98777b79a","block_type":"box","text":"and other market considerations. However, in terms of payment obligation on the rated liability, market","page_number":230,"box":{"x":116,"y":254,"width":765,"height":12}},{"id":"00fb7cd3-339d-4022-8e3b-d08892591355","block_type":"box","text":"risk may be considered to the extent that it influences the ability of an issuer to pay upon a","page_number":230,"box":{"x":117,"y":270,"width":674,"height":12}},{"id":"c16b8b3c-de71-4c02-b69d-38b8d2087020","block_type":"box","text":"commitment.","page_number":230,"box":{"x":116,"y":285,"width":101,"height":10}},{"id":"5c395c7f-4ff7-44a6-b8ba-d07bd8e98f54","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other","page_number":230,"box":{"x":117,"y":314,"width":709,"height":12}},{"id":"760481c6-ffa2-4c4d-a30f-59275bd6a7d6","block_type":"box","text":"conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked","page_number":230,"box":{"x":116,"y":330,"width":731,"height":12}},{"id":"24e81c8c-4631-4be6-aefc-79eca3ccf003","block_type":"box","text":"bonds).","page_number":230,"box":{"x":117,"y":345,"width":59,"height":12}},{"id":"a1147340-a4b9-4023-99c2-eb051efb7676","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency","page_number":230,"box":{"x":117,"y":375,"width":725,"height":12}},{"id":"659a4b30-c770-4182-971e-89fd420fccdf","block_type":"box","text":"typically rates to the likelihood of non-payment or default in accordance with the terms of that","page_number":230,"box":{"x":116,"y":390,"width":695,"height":12}},{"id":"8fe780cb-8c78-455b-82bc-8f5e8f947960","block_type":"box","text":"instrument’s documentation. In limited cases, Fitch may include additional considerations (i.e. rate to a","page_number":230,"box":{"x":117,"y":406,"width":764,"height":12}},{"id":"50235ffe-e2bf-4e74-a790-912f0d53e240","block_type":"box","text":"higher or lower standard than that implied in the obligation’s documentation).","page_number":230,"box":{"x":117,"y":421,"width":573,"height":12}},{"id":"decbaf9c-ac6c-460f-826f-da86b3aea459","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or","page_number":230,"box":{"x":116,"y":450,"width":719,"height":12}},{"id":"99ae685e-6f5f-4880-a927-94e0012f4f40","block_type":"box","text":"certain note issuance programs or for private ratings. In this case the rating is not published, but only","page_number":230,"box":{"x":116,"y":466,"width":753,"height":12}},{"id":"ca05ad94-518a-4a94-affa-dcd5d910cd44","block_type":"box","text":"provided to the issuer or its agents in the form of a rating letter.","page_number":230,"box":{"x":117,"y":481,"width":472,"height":12}},{"id":"15fb6ba5-038e-46cd-99e5-abe151325b4b","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope,","page_number":230,"box":{"x":116,"y":511,"width":702,"height":12}},{"id":"76971a26-cb7f-40f9-91e9-2df6eb7d8f06","block_type":"box","text":"including interest strips and return of principal or in other forms of opinions such as credit opinions or","page_number":230,"box":{"x":117,"y":526,"width":751,"height":12}},{"id":"ad7e9bab-522a-4f8d-ae69-23463476f076","block_type":"box","text":"rating assessment services. Credit opinions are either a notch- or category-specific view using the","page_number":230,"box":{"x":117,"y":542,"width":731,"height":12}},{"id":"37a2131d-212d-431c-9baf-478a4d677025","block_type":"box","text":"primary rating scale and omit one or more characteristics of a full rating or meet them to a different","page_number":230,"box":{"x":117,"y":557,"width":736,"height":12}},{"id":"82a13abf-69d9-4e20-86a2-7a6e751a3a27","block_type":"box","text":"standard. Credit opinions will be indicated using a lower case letter symbol combined with either an ‘*’","page_number":230,"box":{"x":116,"y":573,"width":760,"height":12}},{"id":"726d5a9f-753d-4a13-a960-46f3a7f30816","block_type":"box","text":"(e.g. ‘bbb+*’) or (cat) suffix to denote the opinion status. Credit opinions will be point-in-time typically","page_number":230,"box":{"x":117,"y":588,"width":748,"height":12}},{"id":"96af5ea8-09a9-4ece-af75-e4d9568e276f","block_type":"box","text":"but may be monitored if the analytical group believes information will be sufficiently available. Rating","page_number":230,"box":{"x":117,"y":604,"width":748,"height":12}},{"id":"8081d8bf-95a0-4b58-9103-89037158f68d","block_type":"box","text":"assessment services are a notch-specific view using the primary rating scale of how an existing or","page_number":230,"box":{"x":116,"y":619,"width":733,"height":12}},{"id":"ce2bda4a-fe00-4645-be8d-dbedce517b5a","block_type":"box","text":"potential rating may be changed by a given set of hypothetical circumstances. While credit opinions","page_number":230,"box":{"x":117,"y":635,"width":742,"height":12}},{"id":"afdd1683-a1fa-4875-8581-e802f9931f50","block_type":"box","text":"and rating assessment services are point-in-time and are not monitored, they may have a directional","page_number":230,"box":{"x":116,"y":650,"width":750,"height":12}},{"id":"14b17ec8-8ec3-45bd-9768-95aff694387a","block_type":"box","text":"watch or outlook assigned, which can signify the trajectory of the credit profile.","page_number":230,"box":{"x":116,"y":666,"width":579,"height":12}},{"id":"6a2653eb-0e66-46bb-9b89-af28c0dcc406","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":230,"box":{"x":117,"y":695,"width":629,"height":12}},{"id":"f2d3d5e9-d15c-4b43-9665-66ba18882c33","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative","page_number":230,"box":{"x":117,"y":724,"width":677,"height":12}},{"id":"c2082aad-0fd7-4231-bbdb-969820c8e11a","block_type":"box","text":"vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a","page_number":230,"box":{"x":116,"y":740,"width":746,"height":12}},{"id":"327835b6-d25c-4588-8873-8787d0be9a66","block_type":"box","text":"measure of recovery given default on that liability is also included in the rating assessment. This","page_number":230,"box":{"x":117,"y":755,"width":711,"height":12}},{"id":"a5f9f09a-679c-4a79-8fe0-ca61feccd316","block_type":"box","text":"notably applies to covered bonds ratings, which incorporate both an indication of the probability of","page_number":230,"box":{"x":117,"y":771,"width":725,"height":12}},{"id":"33f91b46-c143-47f9-9dc0-1fa8ac7499e3","block_type":"box","text":"default and of the recovery given a default of this debt instrument. On the contrary, Ratings of","page_number":230,"box":{"x":116,"y":786,"width":695,"height":12}},{"id":"bf95cabc-20fb-419c-8c82-6e0ce80b35c1","block_type":"box","text":"debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":230,"box":{"x":116,"y":802,"width":636,"height":12}},{"id":"1e34994a-b5a7-4ae2-86d5-7a4bf4ccfa30","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average","page_number":230,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"463509f8-fded-4c9a-a373-7f481f898aa3","block_type":"box","text":"recovery. Individual obligations can be assigned ratings higher, lower, or the same as that entity’s","page_number":230,"box":{"x":117,"y":847,"width":728,"height":12}},{"id":"69c7071d-ea3a-4946-82e7-81ef91904405","block_type":"box","text":"issuer rating or issuer default rating (“IDR”), based on their relative ranking, relative vulnerability to","page_number":230,"box":{"x":117,"y":862,"width":733,"height":12}},{"id":"6dc4a0f7-f50d-4c81-a45b-8b4d73c68002","block_type":"box","text":"default or based on explicit Recovery Ratings.","page_number":230,"box":{"x":116,"y":877,"width":347,"height":13}},{"id":"3b604914-a729-4cb3-818a-d1149093f487","block_type":"box","text":"A-8","page_number":230,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"e107a4b5-fb4f-4b1d-a9eb-550f56f62267","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":230,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b09c7b28-8bb3-46cf-99d3-767b034d65ba","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower,","page_number":231,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"20203056-ab10-482f-912e-cf29307c4e59","block_type":"box","text":"or the same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an","page_number":231,"box":{"x":116,"y":102,"width":766,"height":13}},{"id":"f8c7d13f-c4da-4138-9663-61949a666312","block_type":"box","text":"IDR. At the lower end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to","page_number":231,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"8270d77e-6aab-4e50-b31b-ddb323c75fba","block_type":"box","text":"complement issuer and obligation ratings.","page_number":231,"box":{"x":116,"y":134,"width":315,"height":12}},{"id":"160328a4-71af-4116-b355-f04376cd8c94","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":231,"box":{"x":117,"y":165,"width":412,"height":12}},{"id":"a414b8fd-e196-4012-b427-cfa6480fbb5d","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are","page_number":231,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"e4289fcf-fa2e-4bef-8fd5-21d4a0c61739","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments.","page_number":231,"box":{"x":175,"y":211,"width":700,"height":12}},{"id":"7395cab1-8acb-4415-8fd6-2dc0d3324e88","block_type":"box","text":"This capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":231,"box":{"x":175,"y":227,"width":586,"height":12}},{"id":"9d9c2bf0-c267-4fee-a942-86aa9c6232c8","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate","page_number":231,"box":{"x":116,"y":250,"width":765,"height":12}},{"id":"1d668731-406b-4805-90d0-fcbed57b333c","block_type":"box","text":"very strong capacity for payment of financial commitments. This capacity is not significantly","page_number":231,"box":{"x":175,"y":265,"width":682,"height":12}},{"id":"34cf2d4b-697c-417b-a5d6-ab39d4b809ad","block_type":"box","text":"vulnerable to foreseeable events.","page_number":231,"box":{"x":175,"y":281,"width":252,"height":9}},{"id":"fa16a65a-b36a-4990-8a1b-42d84a476ae3","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment","page_number":231,"box":{"x":116,"y":304,"width":767,"height":12}},{"id":"84902250-f45c-43ea-8b86-709f9a5f2627","block_type":"box","text":"of financial commitments is considered strong. This capacity may, nevertheless, be more","page_number":231,"box":{"x":175,"y":320,"width":665,"height":12}},{"id":"cbd23cef-8e95-4d2a-a944-cfda441dce0e","block_type":"box","text":"vulnerable to adverse business or economic conditions than is the case for higher ratings.","page_number":231,"box":{"x":175,"y":335,"width":671,"height":12}},{"id":"ee1546a3-636a-40a9-a89e-52851ac895c1","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low.","page_number":231,"box":{"x":117,"y":358,"width":739,"height":12}},{"id":"364a0725-91f6-4852-9e9e-3ee405284aa0","block_type":"box","text":"The capacity for payment of financial commitments is considered adequate, but adverse","page_number":231,"box":{"x":175,"y":374,"width":659,"height":12}},{"id":"97563755-a0d3-455a-ac9a-2a32ac5cee7c","block_type":"box","text":"business or economic conditions are more likely to impair this capacity.","page_number":231,"box":{"x":176,"y":389,"width":532,"height":12}},{"id":"46e715a5-8b35-4913-a8c1-7e7068d3bac0","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event","page_number":231,"box":{"x":117,"y":413,"width":769,"height":12}},{"id":"11e3abb9-3ada-45f5-adc2-3325340b7f39","block_type":"box","text":"of adverse changes in business or economic conditions over time; however, business or","page_number":231,"box":{"x":175,"y":428,"width":659,"height":12}},{"id":"65e1b0a1-1dbb-4aa2-8459-0acaaaffddd9","block_type":"box","text":"financial alternatives may be available to allow financial commitments to be met.","page_number":231,"box":{"x":175,"y":444,"width":600,"height":12}},{"id":"e2f13fab-afcd-4348-806e-451a90933f18","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":231,"box":{"x":117,"y":467,"width":603,"height":12}},{"id":"00c852d9-4d45-4094-b55b-be47d0181ec5","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":231,"box":{"x":117,"y":490,"width":681,"height":12}},{"id":"4df26687-35be-4d41-9e30-e970a1f63fbf","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":231,"box":{"x":117,"y":513,"width":675,"height":12}},{"id":"f7144817-4821-4a14-9de9-5f64644201ef","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":231,"box":{"x":117,"y":537,"width":746,"height":12}},{"id":"198a6ba4-1db3-4e1e-9691-b93787f7a55f","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating","page_number":231,"box":{"x":116,"y":568,"width":765,"height":12}},{"id":"71023375-2a62-4fbf-9536-a2ff5ba7e537","block_type":"box","text":"to denote relative status within major rating categories.","page_number":231,"box":{"x":116,"y":583,"width":411,"height":12}},{"id":"eee040ed-58ce-430e-a005-4569e19ecda9","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a","page_number":231,"box":{"x":117,"y":614,"width":755,"height":12}},{"id":"1f688b02-c8ad-49cd-b402-dff059dcf5d6","block_type":"box","text":"rating level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For","page_number":231,"box":{"x":117,"y":630,"width":745,"height":12}},{"id":"713944e9-745b-4a5a-9e99-bc4d553bc7e0","block_type":"box","text":"the short-term rating category of ‘F1’, a ‘+’ may be appended.","page_number":231,"box":{"x":116,"y":645,"width":461,"height":12}},{"id":"33fb9b52-187d-450d-943f-6d4369b6f53b","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":231,"box":{"x":117,"y":676,"width":629,"height":12}},{"id":"3b74ed44-03e4-4154-b38b-52c37335df9f","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of","page_number":231,"box":{"x":116,"y":707,"width":760,"height":12}},{"id":"6e871408-6c90-42c8-abc6-a396b1d269d6","block_type":"box","text":"the rated entity and relates to the capacity to meet financial obligations in accordance with the","page_number":231,"box":{"x":116,"y":723,"width":696,"height":12}},{"id":"15a350cb-df8c-4d8f-909d-356075b63873","block_type":"box","text":"documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss","page_number":231,"box":{"x":116,"y":738,"width":748,"height":12}},{"id":"6834e98e-e46a-4992-94c3-fdf1fbd865ad","block_type":"box","text":"severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as “short term”","page_number":231,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"6968808c-af19-417f-b2e5-beff60e2d70a","block_type":"box","text":"based on market convention. Typically, this means up to 13 months for corporate, sovereign, and","page_number":231,"box":{"x":117,"y":769,"width":720,"height":12}},{"id":"67144823-d447-471c-8031-d5c2e0282270","block_type":"box","text":"structured obligations and up to 36 months for obligations in U.S. public finance markets.","page_number":231,"box":{"x":116,"y":785,"width":658,"height":12}},{"id":"9cbbd9dd-8fd8-4832-94fe-3a16186e15a5","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":231,"box":{"x":117,"y":816,"width":283,"height":12}},{"id":"d1148552-a51b-4431-b51f-8e79c02b5199","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment","page_number":231,"box":{"x":117,"y":847,"width":765,"height":12}},{"id":"23158643-47fa-45b8-a7c4-32c49f0454d0","block_type":"box","text":"of financial commitments; may have an added “+” to denote any exceptionally strong credit","page_number":231,"box":{"x":175,"y":862,"width":679,"height":12}},{"id":"55bcdb1c-ac6c-4e77-ba33-ac4c18677ea3","block_type":"box","text":"feature.","page_number":231,"box":{"x":175,"y":878,"width":61,"height":9}},{"id":"255be475-6b6f-47a6-852b-705136a4e242","block_type":"box","text":"A-9","page_number":231,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"d380ab37-2128-448d-831d-4c99ab16cb7a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":231,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"198f9df4-ce49-4355-8665-0455bd84a875","block_type":"box","text":"F2 Good Short-Term Credit Quality.","page_number":232,"box":{"x":117,"y":87,"width":299,"height":12}},{"id":"173d1da1-17a9-41a4-a595-55dfcfa93f08","block_type":"box","text":"Good intrinsic capacity for timely payment of financial","page_number":232,"box":{"x":423,"y":87,"width":400,"height":12}},{"id":"5ce7fd31-61aa-470b-b9a2-42dc42f423a1","block_type":"box","text":"commitments.","page_number":232,"box":{"x":175,"y":103,"width":109,"height":9}},{"id":"acb6f90c-16a1-4eda-adde-e0da1fc8839b","block_type":"box","text":"F3 Fair Short-Term Credit Quality.","page_number":232,"box":{"x":117,"y":126,"width":286,"height":12}},{"id":"3ae8891b-d0db-4ba8-8658-5ccedbb9582d","block_type":"box","text":"The intrinsic capacity for timely payment of financial","page_number":232,"box":{"x":410,"y":126,"width":389,"height":12}},{"id":"11b78803-e56c-4b15-9a95-64bcafe6d63a","block_type":"box","text":"commitments is adequate.","page_number":232,"box":{"x":175,"y":141,"width":201,"height":12}},{"id":"928903d6-f747-4141-a0a1-3a1626cec3d1","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":232,"box":{"x":117,"y":165,"width":707,"height":12}},{"id":"94bd8e1c-a751-46a5-bdbb-d5ac096da9bd","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":232,"box":{"x":175,"y":180,"width":671,"height":12}},{"id":"53599e12-7f4b-4983-bc06-7e35ac4a9d27","block_type":"box","text":"economic conditions.","page_number":232,"box":{"x":175,"y":196,"width":161,"height":9}},{"id":"824fa6c6-c290-42c0-90d6-d1e640970de3","block_type":"box","text":"C High Short-Term Default Risk.","page_number":232,"box":{"x":117,"y":219,"width":281,"height":12}},{"id":"7845baf3-1f3c-41ff-8750-24594a411ee9","block_type":"box","text":"Default is a real possibility.","page_number":232,"box":{"x":405,"y":219,"width":203,"height":12}},{"id":"d5165b77-2c5d-4f23-9668-1d3a1d6fdcda","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":232,"box":{"x":117,"y":242,"width":705,"height":12}},{"id":"2fe91f8a-66db-49f3-9ffd-0c3d820ee9b7","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to","page_number":232,"box":{"x":175,"y":258,"width":697,"height":12}},{"id":"c5e6b8a2-2dbd-4a57-8420-711b60c6bce7","block_type":"box","text":"entity ratings only.","page_number":232,"box":{"x":175,"y":273,"width":140,"height":12}},{"id":"cc86814d-82de-45d9-a099-cddc880cb12f","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":232,"box":{"x":117,"y":296,"width":721,"height":12}},{"id":"fdc6f9f9-5f57-401b-a267-225ca1703b17","block_type":"box","text":"obligation.","page_number":232,"box":{"x":175,"y":312,"width":81,"height":12}},{"id":"dab0522d-4b38-4e5f-b579-1eb56cd173d5","block_type":"box","text":"A-10","page_number":232,"box":{"x":482,"y":909,"width":35,"height":9}},{"id":"6139808e-3d60-4a2f-86ea-8577b2c54568","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":232,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f36bba74-ce55-4f32-b9c0-39fbb8a1cb86","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":233,"box":{"x":380,"y":87,"width":508,"height":12}},{"id":"0d7cfd31-57d6-452a-89d6-1ee60253a10a","block_type":"box","text":"Appendix B","page_number":233,"box":{"x":453,"y":118,"width":98,"height":11}},{"id":"106a3b5a-d328-49fd-a03d-d0f069fec71d","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":233,"box":{"x":230,"y":148,"width":544,"height":12}},{"id":"973f134d-1ce1-4def-a8a3-0ed623083184","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":233,"box":{"x":229,"y":178,"width":547,"height":12}},{"id":"ea780eaa-d107-40f7-a304-bc2ceddbd559","block_type":"box","text":"Effective Date: January 1, 2025","page_number":233,"box":{"x":383,"y":209,"width":239,"height":12}},{"id":"ba07b43a-2aeb-4773-888e-f7e04c8125b5","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":233,"box":{"x":116,"y":247,"width":566,"height":12}},{"id":"bed10360-6d07-49d5-8f1c-c273d4183838","block_type":"box","text":"‘","page_number":233,"box":{"x":116,"y":276,"width":16,"height":12}},{"id":"c356196a-ec8d-4eaa-b3e4-eaa13d991fd8","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":233,"box":{"x":132,"y":277,"width":444,"height":12}},{"id":"be3a76f3-879d-486e-8f81-bf5990d6100f","block_type":"box","text":"È","page_number":233,"box":{"x":116,"y":292,"width":16,"height":12}},{"id":"d6d6afc9-a244-492a-a0ff-07d24f1ab4a0","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":233,"box":{"x":132,"y":293,"width":663,"height":12}},{"id":"dd3f546c-88c1-444a-b8e1-07ee386ff5ae","block_type":"box","text":"‘","page_number":233,"box":{"x":116,"y":307,"width":16,"height":12}},{"id":"3bdc344c-b2ea-436b-8131-d9b570d5d3bb","block_type":"box","text":"Money Market Funds","page_number":233,"box":{"x":132,"y":308,"width":180,"height":12}},{"id":"affbb567-ffc8-4911-bdec-1b200b18b0a6","block_type":"box","text":"‘","page_number":233,"box":{"x":116,"y":323,"width":16,"height":12}},{"id":"bab713ba-31e3-40dc-b49f-61afd2d24a1a","block_type":"box","text":"Closed-End Funds","page_number":233,"box":{"x":132,"y":324,"width":161,"height":9}},{"id":"d261b5ee-dafd-4dc6-858a-04898f450209","block_type":"box","text":"‘","page_number":233,"box":{"x":116,"y":338,"width":16,"height":12}},{"id":"eb0f2f4d-c7a4-4d64-83e2-67c5fcb5aee8","block_type":"box","text":"Other","page_number":233,"box":{"x":132,"y":339,"width":64,"height":10}},{"id":"5d377aa9-8b9a-45d2-b7dc-471f796a354b","block_type":"box","text":"Objective and Scope","page_number":233,"box":{"x":116,"y":369,"width":170,"height":13}},{"id":"9a66875b-ddeb-42aa-8a8b-f309745b24c3","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":233,"box":{"x":116,"y":400,"width":675,"height":12}},{"id":"2ddd30fa-218b-4e1c-aac6-c7a6b47eb3b5","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":233,"box":{"x":117,"y":430,"width":396,"height":12}},{"id":"91dcbadc-338c-4106-aadf-9107d99fcf52","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":233,"box":{"x":116,"y":461,"width":730,"height":12}},{"id":"bc4cefb8-8a7c-41e0-8618-5bfb5d62b491","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the","page_number":233,"box":{"x":117,"y":476,"width":743,"height":12}},{"id":"f1f05f52-9d9d-4006-99a3-b50c5451a31b","block_type":"box","text":"oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in","page_number":233,"box":{"x":116,"y":492,"width":765,"height":12}},{"id":"151ee2e2-3281-43d1-a917-a0294be4f434","block_type":"box","text":"the best interests of the Funds and their shareholders to delegate the responsibility to vote proxies to","page_number":233,"box":{"x":116,"y":507,"width":754,"height":12}},{"id":"5513f28e-e765-4a17-af78-8c076aae8c9d","block_type":"box","text":"BlackRock, subject to the principles outlined in this Policy, as part of BlackRock’s authority to manage,","page_number":233,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"b6a3fbda-ce9c-4d2b-b89c-f1715a021381","block_type":"box","text":"acquire and dispose of account assets, all as contemplated by the Funds’ respective investment","page_number":233,"box":{"x":116,"y":538,"width":718,"height":12}},{"id":"7bc3cc32-6030-4caf-b212-0f39f33d4a27","block_type":"box","text":"management agreements.","page_number":233,"box":{"x":117,"y":554,"width":200,"height":12}},{"id":"11f4a23b-f1fb-4dd9-a1ed-b6943aaf2e3a","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":233,"box":{"x":117,"y":584,"width":766,"height":12}},{"id":"883e61c4-e47d-49dc-bdbe-e216f5b1aa15","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed","page_number":233,"box":{"x":117,"y":600,"width":768,"height":12}},{"id":"f2d1a301-0527-4876-924e-ddb6e143e3b2","block_type":"box","text":"income index Funds managed by BlackRock. The Guidelines include “climate and decarbonization”","page_number":233,"box":{"x":117,"y":615,"width":741,"height":12}},{"id":"a86f5938-527b-4733-8acd-1b5f004e902b","block_type":"box","text":"guidelines which apply to the Funds listed in Appendix A, if any.","page_number":233,"box":{"x":116,"y":631,"width":477,"height":12}},{"id":"bb6bab5b-e734-4978-a56e-65d4cf539992","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy","page_number":233,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"fa3bd03b-8bf4-4f06-bb88-71931c0eb2fa","block_type":"box","text":"issues in respect of securities held by each such Fund (or may refrain from voting) in accordance with","page_number":233,"box":{"x":117,"y":677,"width":753,"height":12}},{"id":"dae3f9be-a800-465f-8b13-342c4dc92572","block_type":"box","text":"the Guidelines.","page_number":233,"box":{"x":116,"y":692,"width":110,"height":10}},{"id":"ccceead9-5eca-40e0-ac88-bc9726e62d13","block_type":"box","text":"Conflicts Management","page_number":233,"box":{"x":116,"y":723,"width":179,"height":12}},{"id":"d8a19509-de46-4ae7-a86e-dc57f477d34c","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to","page_number":233,"box":{"x":117,"y":753,"width":729,"height":12}},{"id":"d7c40a3a-4215-4b50-bd01-f28c40f47b0c","block_type":"box","text":"prevent undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of","page_number":233,"box":{"x":117,"y":769,"width":714,"height":12}},{"id":"76cb2c29-7eaf-4385-aa7c-5f7b077cacc9","block_type":"box","text":"interest in the exercise of proxy voting responsibilities. Potential material conflicts, and the resultant","page_number":233,"box":{"x":117,"y":784,"width":736,"height":12}},{"id":"e8d0777b-ba18-4e16-9cc8-ec432dca8a00","block_type":"box","text":"potential for undue influence, might be due to a relationship between the investee company (or any","page_number":233,"box":{"x":117,"y":800,"width":734,"height":12}},{"id":"2afa31cb-fb2c-486f-b57c-a408fe2589a0","block_type":"box","text":"shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or employees,","page_number":233,"box":{"x":116,"y":815,"width":752,"height":12}},{"id":"160b6955-f35b-43e3-b7b2-5cbe7e974d79","block_type":"box","text":"or a Fund or a Fund’s affiliates. BlackRock has taken certain steps to mitigate potential conflicts, which","page_number":233,"box":{"x":116,"y":831,"width":767,"height":12}},{"id":"ac0442b4-2e02-4f71-990f-e637a6958ae1","block_type":"box","text":"are outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":233,"box":{"x":116,"y":846,"width":719,"height":12}},{"id":"6b523a97-8f66-4f24-b96a-6bc44d41abdf","block_type":"box","text":"BlackRock","page_number":233,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"e43b7d66-34f4-46a5-a050-068eab5e3efd","block_type":"box","text":"Public Page 1 of 3","page_number":233,"box":{"x":488,"y":878,"width":400,"height":12}},{"id":"687f03a7-846f-4ea4-aaae-198f8e9c8144","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":233,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f079ca56-4a0b-4403-a613-83de473ba75d","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":234,"box":{"x":380,"y":87,"width":508,"height":12}},{"id":"ba022af4-cda3-4141-a5a1-5c9c31c5d483","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":234,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"b9d28a46-82dd-483a-845e-c6227f261379","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy","page_number":234,"box":{"x":116,"y":134,"width":709,"height":12}},{"id":"28470d54-9368-45b1-97b5-1a49e1daa08c","block_type":"box","text":"regulatory compliance requirements, or as may be otherwise required by applicable law.","page_number":234,"box":{"x":117,"y":149,"width":658,"height":12}},{"id":"bf7ddeb0-3613-43f7-936a-7cfa56554935","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be","page_number":234,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"0a46e9f5-73b4-4597-8071-42485ac286c6","block_type":"box","text":"voted and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary","page_number":234,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"b492c24e-0335-4624-b42e-9a6fbe0914de","block_type":"box","text":"responsibility to act in clients’ financial interests. The Guidelines set forth BlackRock’s approach to","page_number":234,"box":{"x":117,"y":211,"width":733,"height":12}},{"id":"e126a2ab-88f4-405f-94d6-4ad05027affc","block_type":"box","text":"recalling securities on loan in connection with proxy voting.","page_number":234,"box":{"x":117,"y":227,"width":440,"height":12}},{"id":"09238199-c50f-45b1-ac24-9ac852bd1272","block_type":"box","text":"Reports to the Board","page_number":234,"box":{"x":117,"y":258,"width":171,"height":11}},{"id":"8668baae-5390-41d4-a6bb-feb627f83053","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process","page_number":234,"box":{"x":117,"y":289,"width":767,"height":12}},{"id":"a032bc11-f835-4fe2-97f1-975a02d442c1","block_type":"box","text":"as applicable to the Funds covered by this policy in the preceding year together with a representation","page_number":234,"box":{"x":116,"y":304,"width":756,"height":12}},{"id":"026eae05-b9b7-42af-99cb-27e21beca1e6","block_type":"box","text":"that all votes were in accordance with the Guidelines and (2) any material changes to the Guidelines,","page_number":234,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"184d801b-ea8c-4c15-bd9c-b0229f732d9d","block_type":"box","text":"including material changes to conflicts management practices, that have not previously been reported.","page_number":234,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"ec822124-9ced-4799-a556-bc4ae56c6bbe","block_type":"box","text":"BlackRock","page_number":234,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"c5510db9-24a8-479f-aac0-0c732b38ce5a","block_type":"box","text":"Public Page 2 of 3","page_number":234,"box":{"x":488,"y":878,"width":400,"height":12}},{"id":"30cde529-82c9-4e1a-b191-9fc9cd858087","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":234,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ead8d909-5e7b-42a8-9466-3aeca2bff46f","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":235,"box":{"x":380,"y":87,"width":508,"height":12}},{"id":"d02f4f3b-54b4-4c18-a1d3-06b07fe46fdf","block_type":"box","text":"Appendix A","page_number":235,"box":{"x":116,"y":118,"width":98,"height":12}},{"id":"375554c0-11cb-4ef0-841f-bc5809cc85c9","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":235,"box":{"x":117,"y":149,"width":379,"height":10}},{"id":"0a358796-39db-425e-a856-2da50d690ac9","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":235,"box":{"x":117,"y":165,"width":450,"height":9}},{"id":"10fd9fd1-39a8-44d2-9655-1369ecb01081","block_type":"box","text":"BlackRock","page_number":235,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"1977f578-1e01-4023-b66f-765ccd1ef429","block_type":"box","text":"Public Page 3 of 3","page_number":235,"box":{"x":488,"y":878,"width":400,"height":12}},{"id":"43dd66d1-5ddf-4f6d-ab87-f80e508a41f2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":235,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9632114d-ff04-47ed-b963-84db2743e709","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":236,"box":{"x":331,"y":87,"width":343,"height":12}},{"id":"3cb3392b-e3b5-417c-8cca-312f0548541c","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":236,"box":{"x":330,"y":118,"width":344,"height":12}},{"id":"141a9a54-ed12-41f9-a6f8-9951b49400a8","block_type":"box","text":"Effective as of January 2026","page_number":236,"box":{"x":388,"y":149,"width":229,"height":12}},{"id":"a3694543-c5c6-429e-a076-ef79958ce878","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":236,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ab98e188-2ab5-4836-960a-b7624e3de427","block_type":"box","text":"Contents","page_number":237,"box":{"x":117,"y":88,"width":107,"height":14}},{"id":"d324d26d-55b6-4400-9c13-e9cf88c3c146","block_type":"box","text":"Overview","page_number":237,"box":{"x":117,"y":116,"width":88,"height":12}},{"id":"fb1aee25-f53e-4181-804f-65a76d9b4ae9","block_type":"box","text":"............................................................","page_number":237,"box":{"x":210,"y":126,"width":633,"height":1}},{"id":"7da3cf7b-3fc2-4b1d-8183-dbed691d31d9","block_type":"box","text":"3","page_number":237,"box":{"x":865,"y":118,"width":13,"height":10}},{"id":"00c1b5dd-5fbd-416b-b67d-21c89fffefb3","block_type":"box","text":"Introduction to BlackRock","page_number":237,"box":{"x":118,"y":142,"width":232,"height":11}},{"id":"fd0b7f78-0d03-401d-bf93-20b1c8881215","block_type":"box","text":"..............................................","page_number":237,"box":{"x":360,"y":152,"width":483,"height":1}},{"id":"3a9a1034-d995-433e-ba81-d4c26d84740f","block_type":"box","text":"4","page_number":237,"box":{"x":864,"y":144,"width":14,"height":9}},{"id":"52825865-d880-4076-bfa0-58366a54999a","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":237,"box":{"x":116,"y":168,"width":440,"height":14}},{"id":"1ab6fd8a-987e-4f10-8f30-2c28775f2cb9","block_type":"box","text":"...........................","page_number":237,"box":{"x":563,"y":178,"width":280,"height":1}},{"id":"f11588cd-06ff-42b1-8e49-fb6dbb31de89","block_type":"box","text":"4","page_number":237,"box":{"x":864,"y":170,"width":14,"height":9}},{"id":"3af0b3e6-6bdc-4048-a12c-fba5e2c1233b","block_type":"box","text":"Our approach to stewardship within active equities","page_number":237,"box":{"x":117,"y":194,"width":454,"height":14}},{"id":"fc4d410f-d72f-4e8b-94b3-29ff854eaaa4","block_type":"box","text":"..........................","page_number":237,"box":{"x":573,"y":203,"width":270,"height":2}},{"id":"98a4bbe6-2a98-444c-b799-14b0a29018e4","block_type":"box","text":"5","page_number":237,"box":{"x":865,"y":196,"width":13,"height":9}},{"id":"c3f48456-9581-472a-a2eb-5e2c898fd095","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":237,"box":{"x":117,"y":219,"width":439,"height":15}},{"id":"2d1147f2-1bc5-405c-b6ed-5abba97324b1","block_type":"box","text":"...........................","page_number":237,"box":{"x":563,"y":229,"width":280,"height":2}},{"id":"84808b04-bac8-4006-a184-5771a6883ccf","block_type":"box","text":"5","page_number":237,"box":{"x":865,"y":222,"width":13,"height":9}},{"id":"a5691cce-bef6-4071-84a8-cc482674d36c","block_type":"box","text":"Boards of Directors","page_number":237,"box":{"x":117,"y":245,"width":177,"height":12}},{"id":"d298d913-4f57-4b9c-b3ee-3124285796c0","block_type":"box","text":"....................................................","page_number":237,"box":{"x":295,"y":255,"width":548,"height":2}},{"id":"a72def89-26b1-49e5-be79-19ec7fab3126","block_type":"box","text":"5","page_number":237,"box":{"x":865,"y":247,"width":13,"height":10}},{"id":"1dcf0541-6721-4069-913f-7cf00bca8533","block_type":"box","text":"Executive compensation","page_number":237,"box":{"x":117,"y":271,"width":223,"height":15}},{"id":"62b603f2-ea13-4f8d-93ca-9423ef37299e","block_type":"box","text":"...............................................","page_number":237,"box":{"x":349,"y":281,"width":494,"height":1}},{"id":"940c4e0b-5431-4843-9e7d-f423b53cfe81","block_type":"box","text":"9","page_number":237,"box":{"x":865,"y":273,"width":13,"height":10}},{"id":"87132673-fd27-4c55-9913-26f1021d617e","block_type":"box","text":"Non-executive director compensation","page_number":237,"box":{"x":117,"y":297,"width":337,"height":14}},{"id":"5b736cb4-2997-4a18-a5b1-0a540c8a938b","block_type":"box","text":".....................................","page_number":237,"box":{"x":456,"y":307,"width":387,"height":1}},{"id":"6bb12204-47e0-467f-a7fb-7f2a76313596","block_type":"box","text":"10","page_number":237,"box":{"x":856,"y":299,"width":22,"height":9}},{"id":"6f6201cf-66f9-4fa7-a193-8ec706b8d6f6","block_type":"box","text":"Capital structure","page_number":237,"box":{"x":117,"y":323,"width":151,"height":14}},{"id":"1b6ed244-1eb8-42af-aefb-c0dd29241b58","block_type":"box","text":"......................................................","page_number":237,"box":{"x":274,"y":333,"width":569,"height":1}},{"id":"39bc1dba-9f4a-4d50-b41a-ee288843ced9","block_type":"box","text":"10","page_number":237,"box":{"x":856,"y":325,"width":22,"height":9}},{"id":"beebb565-c786-45e7-86a1-07bb600eb342","block_type":"box","text":"Transactions and special situations","page_number":237,"box":{"x":116,"y":349,"width":319,"height":14}},{"id":"6c40301d-a0ce-435c-9ea1-a7d604056db7","block_type":"box","text":"......................................","page_number":237,"box":{"x":445,"y":358,"width":398,"height":2}},{"id":"48f5be05-79a3-4b54-9af0-bc277000754c","block_type":"box","text":"11","page_number":237,"box":{"x":856,"y":351,"width":22,"height":9}},{"id":"a294db1d-e2d5-4783-b8a4-4598324e6b2c","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":237,"box":{"x":117,"y":375,"width":434,"height":14}},{"id":"aad2e8a8-6fdd-490d-8a6b-7e418cf75164","block_type":"box","text":"............................","page_number":237,"box":{"x":552,"y":384,"width":291,"height":2}},{"id":"aa87a884-d085-42cf-802c-e7321467c0a1","block_type":"box","text":"12","page_number":237,"box":{"x":856,"y":377,"width":22,"height":9}},{"id":"4b72c57f-ce59-492f-9974-f40c4a310ea8","block_type":"box","text":"Shareholder rights and protections","page_number":237,"box":{"x":117,"y":400,"width":313,"height":15}},{"id":"e83f3b4c-3d56-489b-831d-489c62d08b31","block_type":"box","text":".......................................","page_number":237,"box":{"x":434,"y":410,"width":409,"height":2}},{"id":"6cedc632-fd78-40b3-b4df-508fcfcf6626","block_type":"box","text":"13","page_number":237,"box":{"x":856,"y":402,"width":22,"height":10}},{"id":"7c14d595-e7cb-41b4-9c48-aedbf43e0cfa","block_type":"box","text":"Shareholder proposals","page_number":237,"box":{"x":117,"y":426,"width":207,"height":15}},{"id":"90570691-ee0c-4485-875c-b3ee35f27151","block_type":"box","text":".................................................","page_number":237,"box":{"x":327,"y":436,"width":516,"height":1}},{"id":"ab569abf-0ea1-4bdc-bd3a-5456f262a9fe","block_type":"box","text":"14","page_number":237,"box":{"x":856,"y":428,"width":22,"height":9}},{"id":"87ef4853-a5cc-4b26-b541-0f435f974149","block_type":"box","text":"Corporate political activities","page_number":237,"box":{"x":117,"y":452,"width":250,"height":14}},{"id":"2c30a785-1a4c-4be4-86a5-3d67817b8b95","block_type":"box","text":".............................................","page_number":237,"box":{"x":370,"y":462,"width":473,"height":1}},{"id":"95775ff1-72bc-4f84-a5f6-70139c3facb9","block_type":"box","text":"15","page_number":237,"box":{"x":856,"y":454,"width":22,"height":9}},{"id":"e18c9f44-7fcc-479d-9485-30ba12be2728","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":237,"box":{"x":117,"y":478,"width":473,"height":14}},{"id":"8dc210c1-7b65-4167-8de1-45f40f8ef8d5","block_type":"box","text":"........................","page_number":237,"box":{"x":595,"y":488,"width":248,"height":1}},{"id":"53523236-91a9-4cd3-b58e-1373ea63b7fb","block_type":"box","text":"15","page_number":237,"box":{"x":856,"y":480,"width":22,"height":9}},{"id":"84f21c15-0740-4545-866f-c941788ef657","block_type":"box","text":"Key stakeholders","page_number":237,"box":{"x":117,"y":504,"width":159,"height":14}},{"id":"806ca393-8a01-4411-b1e0-3af4f8c31adb","block_type":"box","text":".....................................................","page_number":237,"box":{"x":285,"y":513,"width":558,"height":2}},{"id":"9759fb17-e436-4d9b-8d35-690bea77095e","block_type":"box","text":"16","page_number":237,"box":{"x":856,"y":506,"width":22,"height":9}},{"id":"39b16e29-da8b-4678-8b2d-105c2842495e","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":237,"box":{"x":117,"y":530,"width":458,"height":14}},{"id":"56227dd8-39f8-4b78-9ac6-3487ebe0e1e5","block_type":"box","text":".........................","page_number":237,"box":{"x":584,"y":539,"width":259,"height":2}},{"id":"7cd4d0e9-f5ee-4832-8297-d4e2259e3b05","block_type":"box","text":"16","page_number":237,"box":{"x":856,"y":532,"width":22,"height":9}},{"id":"6094ced9-20c3-4045-bdac-032613257c72","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship","page_number":237,"box":{"x":116,"y":555,"width":657,"height":15}},{"id":"0013c6b6-9851-4aec-81a4-1265419d8837","block_type":"box","text":"responsibilities","page_number":237,"box":{"x":137,"y":574,"width":137,"height":14}},{"id":"95811bcc-3c83-4981-98ca-79abb2a86c97","block_type":"box","text":".....................................................","page_number":237,"box":{"x":285,"y":583,"width":558,"height":2}},{"id":"f63253b8-5b65-4dc9-94c9-7da1cd13c745","block_type":"box","text":"17","page_number":237,"box":{"x":856,"y":575,"width":22,"height":10}},{"id":"d14a96ee-d521-4fb6-b02a-1cdf4b0bd346","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":237,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"afc206da-24d6-475f-8f6a-7b476d235c4b","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":237,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"74490bee-e850-4d39-b7c8-2c1a090633db","block_type":"box","text":"2","page_number":237,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"c49c61a8-a16c-4238-8fd8-2487aa5a6865","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":237,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7057b880-6b23-4df5-8827-f7454014511a","block_type":"box","text":"OVERVIEW","page_number":238,"box":{"x":455,"y":87,"width":95,"height":10}},{"id":"cb88dda4-61c1-42ba-9654-61cd9ad392bc","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS)","page_number":238,"box":{"x":116,"y":118,"width":764,"height":12}},{"id":"bf0763cf-80cb-46ab-ab67-0b323483abbc","block_type":"box","text":"views corporate governance matters that are commonly put to a shareholder vote, or on which","page_number":238,"box":{"x":116,"y":134,"width":706,"height":12}},{"id":"d22665dd-6f45-4a8e-b478-514f70df79cb","block_type":"box","text":"investors engage with issuers.","page_number":238,"box":{"x":117,"y":149,"width":223,"height":12}},{"id":"b48c488b-47ba-4dcd-b5b6-2250a113bd01","block_type":"box","text":"1","page_number":238,"box":{"x":342,"y":149,"width":3,"height":6}},{"id":"e5332ace-a772-456e-989e-b91d14af094f","block_type":"box","text":"BAIS works in partnership with BlackRock’s investment teams,","page_number":238,"box":{"x":347,"y":149,"width":475,"height":12}},{"id":"6947a7a3-38cb-40ff-80c5-e5beffad4191","block_type":"box","text":"excluding index equity","page_number":238,"box":{"x":116,"y":165,"width":165,"height":12}},{"id":"8a45f25b-ec67-441a-ade8-ffa19e5a13f5","block_type":"box","text":"2","page_number":238,"box":{"x":281,"y":165,"width":6,"height":6}},{"id":"cdfbf7a7-c4d7-4c70-bc1f-bc692f173162","block_type":"box","text":", providing expertise on investment stewardship and engaging with companies","page_number":238,"box":{"x":289,"y":165,"width":585,"height":12}},{"id":"c8b60d14-95f6-4046-bd46-5c93f94db8e7","block_type":"box","text":"alongside and on behalf of those teams when appropriate. The team is responsible for establishing","page_number":238,"box":{"x":116,"y":180,"width":739,"height":12}},{"id":"d742b001-62a1-4dcc-bc41-063149c3c758","block_type":"box","text":"voting guidelines for the active equity platform, providing vote recommendations and operationalizing","page_number":238,"box":{"x":116,"y":196,"width":754,"height":12}},{"id":"dda416b4-cc67-44db-bebc-c625c491aedc","block_type":"box","text":"voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock’s","page_number":238,"box":{"x":116,"y":211,"width":724,"height":12}},{"id":"0dcc6264-c340-4427-9ed3-9bf75ee7cefd","block_type":"box","text":"active portfolio managers. It applies to active equity holdings in BlackRock’s fundamental equity,","page_number":238,"box":{"x":116,"y":227,"width":719,"height":12}},{"id":"884aeea7-0efa-457a-a3d7-111efbe2194b","block_type":"box","text":"systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s","page_number":238,"box":{"x":116,"y":242,"width":737,"height":12}},{"id":"01da7f78-7f39-4d0e-9b5d-0907fda50100","block_type":"box","text":"index and active fixed income strategies, to the extent those strategies hold voting securities or","page_number":238,"box":{"x":117,"y":258,"width":709,"height":12}},{"id":"31737d15-61bd-439d-bb6e-7d56d5981791","block_type":"box","text":"conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":238,"box":{"x":116,"y":273,"width":742,"height":12}},{"id":"71f34d7a-feb9-45f1-b6aa-5ddc73263e81","block_type":"box","text":"discretion as to how they integrate these guidelines within their investment processes in light of their","page_number":238,"box":{"x":116,"y":289,"width":748,"height":12}},{"id":"9760b248-fef7-41d4-931f-e40b59f50e65","block_type":"box","text":"clients’ or funds’ investment objectives. There are separate, independently developed principles and","page_number":238,"box":{"x":116,"y":304,"width":748,"height":12}},{"id":"9964713a-ff56-476e-82ed-4d9fe9604990","block_type":"box","text":"voting policies that are applied to BlackRock’s index equity investments by a distinct and independent","page_number":238,"box":{"x":116,"y":320,"width":758,"height":12}},{"id":"dfef197b-8954-491d-8598-0ad7621b3fb1","block_type":"box","text":"function, BlackRock Investment Stewardship.","page_number":238,"box":{"x":116,"y":335,"width":341,"height":12}},{"id":"e16152f7-6041-4484-b3ee-34235016110b","block_type":"box","text":"1","page_number":238,"box":{"x":144,"y":787,"width":2,"height":4}},{"id":"9d51aa68-1a17-4c60-875c-5655dada3908","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":238,"box":{"x":170,"y":787,"width":653,"height":9}},{"id":"59635c8e-62fa-43b1-aa7f-275c29c83463","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":238,"box":{"x":170,"y":799,"width":685,"height":10}},{"id":"fb23734c-7add-43e2-97d8-aa32df5c54a4","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or","page_number":238,"box":{"x":170,"y":812,"width":709,"height":10}},{"id":"85740506-0ec6-4b3d-84b6-4adcc79153c7","block_type":"box","text":"conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":238,"box":{"x":170,"y":825,"width":676,"height":10}},{"id":"2a4e4c0b-ea06-4b99-afae-113b93681bdf","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":238,"box":{"x":171,"y":838,"width":631,"height":10}},{"id":"3ddc84a0-03ff-481c-a7f3-41629a472b32","block_type":"box","text":"2","page_number":238,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"de516690-ab44-40f7-9683-358ff4f33472","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a","page_number":238,"box":{"x":171,"y":854,"width":709,"height":9}},{"id":"07149d27-a219-4982-acb2-5e6a6f8afdb0","block_type":"box","text":"strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a result,","page_number":238,"box":{"x":170,"y":867,"width":692,"height":9}},{"id":"a07911fa-e33a-4505-85ad-5adb5d16ca0b","block_type":"box","text":"there are two stewardship teams, which operate independently of one another and have separate voting policies.","page_number":238,"box":{"x":170,"y":880,"width":669,"height":9}},{"id":"3d6ad41d-f33c-46fc-9d60-2a4ef295898b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":238,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"0a6006bc-bdeb-4f9b-8b02-99890871bb87","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":238,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"90a89fd8-c3ab-4d40-99d1-23557426d258","block_type":"box","text":"3","page_number":238,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"5c40f06e-86ae-4c89-8003-111a21a500ff","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":238,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d92e3cc1-1e7c-42bf-b2ba-3bb8a1fdde07","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":239,"box":{"x":366,"y":87,"width":273,"height":10}},{"id":"c7c1bd0a-e195-4b9e-91a8-859c170f98a4","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its","page_number":239,"box":{"x":117,"y":117,"width":741,"height":12}},{"id":"e5f1307b-6aa5-4d83-b428-e44f9440ebc3","block_type":"box","text":"own – it belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio","page_number":239,"box":{"x":116,"y":133,"width":749,"height":12}},{"id":"653eca17-11f7-47b7-8723-dc195308e2d6","block_type":"box","text":"construction decisions. As a fiduciary, BlackRock invests on clients’ behalf to help them meet their","page_number":239,"box":{"x":116,"y":148,"width":733,"height":12}},{"id":"1da9e943-85bb-444e-90c2-f721d171b35d","block_type":"box","text":"investment objectives. The firm does this by understanding clients’ long-term investment objectives","page_number":239,"box":{"x":117,"y":164,"width":739,"height":12}},{"id":"0327624e-1b70-4940-8f8e-f5133ffd071d","block_type":"box","text":"and offering choice on how and where they wish to invest their money. BlackRock then helps clients","page_number":239,"box":{"x":116,"y":179,"width":747,"height":12}},{"id":"9e351188-557e-47ec-9d15-eacdd132f344","block_type":"box","text":"seek the best risk-adjusted returns based on those choices, underpinning this work with research, data","page_number":239,"box":{"x":116,"y":195,"width":768,"height":12}},{"id":"1d17ef07-d94d-4b41-a25a-58b16e7a79ac","block_type":"box","text":"and analytics.","page_number":239,"box":{"x":116,"y":210,"width":107,"height":12}},{"id":"6fb0a197-15a6-4496-a7d8-635dadcab500","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our","page_number":239,"box":{"x":116,"y":241,"width":748,"height":12}},{"id":"c33ac6a2-49c8-42f1-93b5-72a1b6bea64a","block_type":"box","text":"clients. As stewards of our clients’ assets, we engage with companies to discuss the corporate","page_number":239,"box":{"x":116,"y":256,"width":706,"height":12}},{"id":"49203272-f014-4d50-bc1b-04a3e0cc6fea","block_type":"box","text":"governance and business practices that, in our experience, support companies in delivering durable,","page_number":239,"box":{"x":116,"y":272,"width":751,"height":12}},{"id":"c4fd2c68-166e-439a-aafb-18207700727f","block_type":"box","text":"risk-adjusted financial returns over time. We are committed to building strong relationships through","page_number":239,"box":{"x":117,"y":287,"width":736,"height":12}},{"id":"1770c907-7fc9-448a-90c9-b7ddd304e791","block_type":"box","text":"constructive, ongoing dialogue with the boards and executive management of the companies in which","page_number":239,"box":{"x":116,"y":303,"width":760,"height":12}},{"id":"824a4e15-31c6-4c2e-8e40-0276142e80f2","block_type":"box","text":"our clients are invested.","page_number":239,"box":{"x":116,"y":318,"width":182,"height":10}},{"id":"1820508a-bb49-4e3b-ac32-1a2fed8a18ff","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":239,"box":{"x":259,"y":356,"width":486,"height":9}},{"id":"c96d9e9c-4296-426f-9b08-9faad03c6542","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management","page_number":239,"box":{"x":117,"y":386,"width":764,"height":12}},{"id":"0923fc4c-26cb-4540-9f2a-3d08f6f5d323","block_type":"box","text":"Group and manages BlackRock’s stewardship engagement and voting on behalf of clients invested in","page_number":239,"box":{"x":117,"y":402,"width":758,"height":12}},{"id":"3f18689f-7830-449f-958b-a2649eeaad0e","block_type":"box","text":"active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income","page_number":239,"box":{"x":116,"y":417,"width":755,"height":12}},{"id":"b687857c-63c5-4826-b785-32b577ebf263","block_type":"box","text":"strategies, where appropriate. Our activities are informed by these Global Engagement and Voting","page_number":239,"box":{"x":116,"y":433,"width":735,"height":12}},{"id":"43b45b01-3878-4a8b-8b45-5cce3af5d7c2","block_type":"box","text":"Guidelines (the “Guidelines”) and insights from active investment analysts and portfolio managers, with","page_number":239,"box":{"x":117,"y":448,"width":768,"height":12}},{"id":"01c3cc31-cb81-4cbd-8946-5e14c1619d2c","block_type":"box","text":"whom we work closely in engaging companies and voting at shareholder meetings.","page_number":239,"box":{"x":116,"y":464,"width":622,"height":12}},{"id":"efa55bc1-952c-4dfd-b6ad-70f24085cc55","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within","page_number":239,"box":{"x":117,"y":494,"width":680,"height":12}},{"id":"d5409df9-6704-4931-9fdd-ae0ad40a3f05","block_type":"box","text":"fundamental active investing.","page_number":239,"box":{"x":116,"y":509,"width":215,"height":13}},{"id":"770d3bf2-2524-4e70-bb76-4a06620ec2e6","block_type":"box","text":"3","page_number":239,"box":{"x":333,"y":510,"width":5,"height":6}},{"id":"6d18a8ad-450b-42de-85bf-561516c85579","block_type":"box","text":"Through direct dialogue with company leadership, we seek to","page_number":239,"box":{"x":339,"y":510,"width":466,"height":12}},{"id":"36c7ccf3-bd30-4552-93e5-cbcb153bab87","block_type":"box","text":"understand their businesses and how they manage risks and opportunities to deliver durable, risk","page_number":239,"box":{"x":117,"y":525,"width":727,"height":12}},{"id":"1cce60af-ed6d-4a55-b71e-4dea27389d79","block_type":"box","text":"adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or","page_number":239,"box":{"x":116,"y":540,"width":716,"height":13}},{"id":"16f71f5d-715f-41a5-8f2a-55dbda1ec7b3","block_type":"box","text":"independently on material corporate governance matters. Our discussions focus on topics relevant to a","page_number":239,"box":{"x":117,"y":556,"width":769,"height":12}},{"id":"fbcc3755-dafc-40aa-93ac-1d98fff7d028","block_type":"box","text":"company’s success over time, including governance and leadership, corporate strategy, capital","page_number":239,"box":{"x":116,"y":572,"width":711,"height":12}},{"id":"8655390e-271f-4454-a5c2-45e5451eee26","block_type":"box","text":"structure and financial performance, operations and material sustainability-related risks, as well as","page_number":239,"box":{"x":116,"y":587,"width":734,"height":12}},{"id":"569e57b3-884e-42db-842a-3dab55fa6411","block_type":"box","text":"macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are","page_number":239,"box":{"x":117,"y":603,"width":717,"height":12}},{"id":"b8f8846d-42c3-42a5-97e1-4cd06c633e9d","block_type":"box","text":"generally supportive of management teams that have a track record of financial value creation. We aim","page_number":239,"box":{"x":116,"y":618,"width":770,"height":12}},{"id":"76b5ba45-71a0-4f42-a5a3-bd3562820cc6","block_type":"box","text":"to build and maintain strong relationships with company leadership based on open dialogue and","page_number":239,"box":{"x":116,"y":634,"width":717,"height":12}},{"id":"7a6a3137-64f5-4534-be3b-39df8e3f5a51","block_type":"box","text":"mutual respect.","page_number":239,"box":{"x":117,"y":649,"width":118,"height":12}},{"id":"25491187-604c-4bd6-bf60-1c932fb73f55","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the","page_number":239,"box":{"x":117,"y":679,"width":744,"height":12}},{"id":"82945193-414e-45c9-b43a-c5a76729a35e","block_type":"box","text":"latitude each portfolio manager has to make independent voting decisions on their holdings. For","page_number":239,"box":{"x":117,"y":695,"width":711,"height":12}},{"id":"a18c35e5-2bba-4186-bf49-e8db1804bafc","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance","page_number":239,"box":{"x":116,"y":710,"width":732,"height":12}},{"id":"e3de367f-865c-4081-bb8f-69144791fc4d","block_type":"box","text":"with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":239,"box":{"x":116,"y":726,"width":751,"height":12}},{"id":"bdb7c7e9-fd12-4839-b6c3-5ee19c3b4d91","block_type":"box","text":"who may determine to vote differently based on each portfolio’s investment objectives and strategy.","page_number":239,"box":{"x":116,"y":741,"width":737,"height":12}},{"id":"1006f542-2080-4ef0-b8f6-e282710b9d86","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":239,"box":{"x":116,"y":772,"width":749,"height":12}},{"id":"98d1fcd3-0d84-40a6-b3a9-5ccc92795fac","block_type":"box","text":"management teams and board directors","page_number":239,"box":{"x":117,"y":787,"width":297,"height":12}},{"id":"6f875f61-9745-4a95-82a3-fd96ec95dd0a","block_type":"box","text":"4","page_number":239,"box":{"x":414,"y":787,"width":6,"height":6}},{"id":"14af18bb-4889-4160-a41e-c9cafe4516ff","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We","page_number":239,"box":{"x":424,"y":787,"width":456,"height":12}},{"id":"d4b4e241-e51e-476b-ac7d-f6b48c5bf32d","block_type":"box","text":"3","page_number":239,"box":{"x":143,"y":812,"width":4,"height":5}},{"id":"66b997f8-7ad0-4d5f-b679-d7fab65dcfb0","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":239,"box":{"x":170,"y":812,"width":660,"height":10}},{"id":"f9a609a2-1c6b-4c2d-baf6-a9dd9a606b03","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":239,"box":{"x":170,"y":825,"width":695,"height":10}},{"id":"8f721a1f-5a1c-4b59-b550-09e969f55560","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":239,"box":{"x":170,"y":838,"width":707,"height":10}},{"id":"a7d153eb-09b3-4bd1-8f3b-daba1f4f8fca","block_type":"box","text":"of changing or influencing control of the company.","page_number":239,"box":{"x":170,"y":851,"width":295,"height":10}},{"id":"2da60bf9-6b58-4b15-9008-5600617e2a08","block_type":"box","text":"4","page_number":239,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"152ad1ae-8eda-49a8-96e6-ad77f0e18ae8","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory boards","page_number":239,"box":{"x":171,"y":866,"width":710,"height":10}},{"id":"db7ff105-d7bd-4a38-9ccf-752d2f1119fd","block_type":"box","text":"and their members, where relevant.","page_number":239,"box":{"x":170,"y":879,"width":210,"height":9}},{"id":"de31bd54-7a69-42a6-bdcc-7067124ab446","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":239,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"220fc380-8f32-4465-981f-44faa90e710e","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":239,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"02f34eb8-a591-488e-bf49-abb41264f9e8","block_type":"box","text":"4","page_number":239,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"8f86b179-6597-4cb6-be1b-22129b3f4ba8","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":239,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"15ae1b8d-eaa3-4d75-8678-0b3f549451ea","block_type":"box","text":"recognize that accepted corporate governance norms can differ across markets, and believe these","page_number":240,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"aa7db64c-ec1d-4138-bde3-4b97daf0e51c","block_type":"box","text":"guidelines represent globally applicable elements of governance that support a company’s ability to","page_number":240,"box":{"x":116,"y":102,"width":741,"height":13}},{"id":"7a3a942d-3a4f-4aaf-a89b-21fee1783a18","block_type":"box","text":"manage material risks and opportunities and deliver financial returns to investors. Generally, we","page_number":240,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"596350b9-6a97-4ef8-b987-6ba2b07fef63","block_type":"box","text":"believe companies should observe accepted corporate governance norms within their local markets or,","page_number":240,"box":{"x":117,"y":134,"width":768,"height":12}},{"id":"29969e36-811b-4d29-afe9-2bb4c530be02","block_type":"box","text":"particularly in markets without well-established norms, aspire to widely recognized international best","page_number":240,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"a7a9b029-3f14-45f0-b651-bb77aeb07a27","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a","page_number":240,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"fc111bff-5b28-4d54-9f86-f998a2895f79","block_type":"box","text":"company’s strategy or its implementation. We look to companies to provide disclosures that explain","page_number":240,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"ccac29f9-ae5e-4a9d-9282-004f9a7a7466","block_type":"box","text":"how their approach to corporate governance best aligns with the financial interests of their investors.","page_number":240,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"9c38f966-4f1c-4010-b9ab-b1409f36530e","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":240,"box":{"x":246,"y":234,"width":513,"height":11}},{"id":"3ea117c2-b580-4ed0-a3b3-9cfaaeb2bf63","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":240,"box":{"x":116,"y":265,"width":713,"height":12}},{"id":"383ffa76-d303-48ee-8862-57ce8fd168d7","block_type":"box","text":"corporate governance. The voting rights attached to clients’ holdings are an important mechanism for","page_number":240,"box":{"x":116,"y":281,"width":756,"height":12}},{"id":"3286f974-989c-4714-abb1-767f882554c4","block_type":"box","text":"investors to express support for, or concern about, a company’s performance. As a fiduciary,","page_number":240,"box":{"x":117,"y":296,"width":692,"height":12}},{"id":"be4b0a62-d1bb-4390-9371-badc9cde7e83","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have","page_number":240,"box":{"x":117,"y":312,"width":720,"height":12}},{"id":"1bbdfd19-6444-43b0-bd9c-ca8d3560d8e4","block_type":"box","text":"delegated voting authority to us, in a manner consistent with BlackRock’s contractual arrangements","page_number":240,"box":{"x":116,"y":327,"width":743,"height":12}},{"id":"e7aa60ce-5511-4c45-a66d-edbcb0980530","block_type":"box","text":"with clients and funds.","page_number":240,"box":{"x":116,"y":343,"width":170,"height":9}},{"id":"f64a057e-7439-4e94-9f6a-15bc9592049f","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As","page_number":240,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"fcb112ce-d354-44da-a680-9c1e984a7ccb","block_type":"box","text":"indicated below, we may vote against management recommendations when we have concerns about","page_number":240,"box":{"x":117,"y":389,"width":755,"height":12}},{"id":"09fb5d4a-e6d1-49a3-b7ef-e4325fdea56a","block_type":"box","text":"how companies are serving the financial interests of our clients as their shareholders. BAIS takes a","page_number":240,"box":{"x":117,"y":405,"width":740,"height":12}},{"id":"8e1b7158-c301-414b-8540-f81ef4381815","block_type":"box","text":"globally consistent approach to voting but considers the different corporate governance regulations and","page_number":240,"box":{"x":116,"y":420,"width":772,"height":12}},{"id":"4bf5f326-ea8f-4c7c-aef2-8f9446b5faf0","block_type":"box","text":"norms across markets. Votes are determined on a case-by-case basis, in the context of a company’s","page_number":240,"box":{"x":117,"y":436,"width":753,"height":12}},{"id":"55ef3803-f0f5-49dc-978b-e8e58e3d7e88","block_type":"box","text":"situation and the investment mandate we have from clients. Please see page 19 for more information","page_number":240,"box":{"x":116,"y":451,"width":756,"height":12}},{"id":"6be324be-f12d-4a0a-9bc8-39d52896f7d9","block_type":"box","text":"about how we fulfill and oversee our investment stewardship responsibilities for BlackRock’s non-index","page_number":240,"box":{"x":116,"y":467,"width":768,"height":12}},{"id":"1f418b30-3663-448b-a2dc-74b63f947908","block_type":"box","text":"equity strategies.","page_number":240,"box":{"x":116,"y":482,"width":125,"height":12}},{"id":"bc6d5c81-b844-45fe-9add-c7fae2ce7513","block_type":"box","text":"5","page_number":240,"box":{"x":243,"y":483,"width":6,"height":6}},{"id":"33ae2a4f-197c-406b-afb8-56ea7471b70b","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":240,"box":{"x":257,"y":521,"width":490,"height":10}},{"id":"6557dafc-15c1-46de-b94c-0978fd4328f6","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer","page_number":240,"box":{"x":116,"y":552,"width":695,"height":12}},{"id":"3338e706-ede5-4cc8-af37-66129eb78887","block_type":"box","text":"engagement is a component of fixed income investment strategies at BlackRock, particularly for those","page_number":240,"box":{"x":116,"y":568,"width":762,"height":12}},{"id":"a1a4a28a-0123-4868-a2e3-49d4b7e7aa14","block_type":"box","text":"with sustainability objectives in addition to financial objectives. Most corporate governance-related","page_number":240,"box":{"x":116,"y":583,"width":732,"height":12}},{"id":"2e5af5fc-4ca0-4517-bad2-8e7dd861b13e","block_type":"box","text":"fixed income engagements are undertaken in conjunction with the active investment stewardship team,","page_number":240,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"984946bf-4a08-43d8-b996-c7388746d95e","block_type":"box","text":"and often active equity investors. In addition to the topics listed below, engagement with fixed income","page_number":240,"box":{"x":116,"y":614,"width":757,"height":12}},{"id":"f17efc30-5c8e-485a-8c2f-1f2dc88a3b93","block_type":"box","text":"investment teams may help inform an issuer’s approach to structuring specialist issuances and the","page_number":240,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"d4244fdf-3f52-483d-8ff4-98db9c5c92c3","block_type":"box","text":"standard terms and information in bond documentation.","page_number":240,"box":{"x":116,"y":645,"width":417,"height":10}},{"id":"14360142-ba39-4e00-a562-f96ac37ba96a","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":240,"box":{"x":398,"y":684,"width":203,"height":9}},{"id":"862755da-2422-4f08-a552-127c47543797","block_type":"box","text":"Roles and responsibilities","page_number":240,"box":{"x":117,"y":715,"width":207,"height":12}},{"id":"8097db90-db59-4399-8e43-e00f6367de28","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board","page_number":240,"box":{"x":116,"y":746,"width":764,"height":12}},{"id":"b6ba5dd1-ed1d-4e01-be10-81df9179711d","block_type":"box","text":"of directors that is able to advise and supervise management in an independent and objective","page_number":240,"box":{"x":116,"y":761,"width":695,"height":13}},{"id":"ec6ff8b3-de20-45b5-99da-1c2e7254a07a","block_type":"box","text":"manner.","page_number":240,"box":{"x":117,"y":779,"width":59,"height":7}},{"id":"8e8163d3-c06c-4333-bcb0-79f24078503f","block_type":"box","text":"6","page_number":240,"box":{"x":178,"y":777,"width":5,"height":6}},{"id":"619b5f0d-44ed-4c8d-bb4e-7f175e3e794b","block_type":"box","text":"5","page_number":240,"box":{"x":143,"y":826,"width":4,"height":4}},{"id":"2afc5b9d-8b07-4c33-b158-b9a0d3da53b5","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":240,"box":{"x":171,"y":825,"width":685,"height":10}},{"id":"9cc1b9a0-6410-41b2-b04a-ce24164932fc","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":240,"box":{"x":170,"y":838,"width":678,"height":10}},{"id":"dd63d8ba-d2f1-40eb-a878-a8de8648d4b6","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":240,"box":{"x":170,"y":851,"width":458,"height":10}},{"id":"c478dfb1-ea2f-4b52-b957-c3f0a2521887","block_type":"box","text":"6","page_number":240,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"a7892947-df66-41fa-9db0-ec2da3394594","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles","page_number":240,"box":{"x":170,"y":867,"width":706,"height":9}},{"id":"81b2db71-06a9-4a87-bd7d-54b2189530f0","block_type":"box","text":"of the US Business Roundtable as examples.","page_number":240,"box":{"x":170,"y":880,"width":268,"height":9}},{"id":"f34db1ec-faa1-467f-bcc5-3078726efc07","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":240,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"36e114c5-a7aa-43b3-a11f-cd1d60715d3b","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":240,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"86f1ee36-f20a-4aa8-a697-6058f4a60143","block_type":"box","text":"5","page_number":240,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"a46e6589-3882-4237-a419-953656984006","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":240,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a85421d5-a495-45e9-8360-02a0d949b92d","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment","page_number":241,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"542a6a46-532a-4979-be1b-0decb8f073f0","block_type":"box","text":"and realization of a company’s strategy, purpose and culture. These constructs are interdependent","page_number":241,"box":{"x":116,"y":102,"width":738,"height":13}},{"id":"e11a187d-bf87-478e-a00b-a107ac7acf11","block_type":"box","text":"and, when aligned, can better position a company to be resilient in the face of a changing business","page_number":241,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"6163be48-6b87-403a-a61c-08df0a48e9d5","block_type":"box","text":"environment, help reduce the risks of corporate or employee misconduct, and attract and retain the","page_number":241,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"a913bfe4-6ac3-433d-8f55-18c83add3175","block_type":"box","text":"caliber of workers necessary to deliver financial performance over time.","page_number":241,"box":{"x":116,"y":149,"width":535,"height":12}},{"id":"bb04232a-8060-4b16-8432-7922700553eb","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies","page_number":241,"box":{"x":117,"y":178,"width":754,"height":12}},{"id":"65b00c2c-7c6a-4f12-a403-76417aadbdff","block_type":"box","text":"and procedures are in place to help management meet its strategic objectives within an agreed risk","page_number":241,"box":{"x":116,"y":194,"width":742,"height":12}},{"id":"ffb0118a-0556-4fb1-9263-6fde368031b4","block_type":"box","text":"tolerance.","page_number":241,"box":{"x":116,"y":210,"width":78,"height":9}},{"id":"05a34cbf-4879-4a64-81bb-5312acf7341f","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the","page_number":241,"box":{"x":116,"y":239,"width":739,"height":12}},{"id":"b4573441-aa79-44ff-8ccf-92a40bf3d209","block_type":"box","text":"chief executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the","page_number":241,"box":{"x":116,"y":254,"width":704,"height":12}},{"id":"2c19d844-be15-4198-b0e0-2c9fa4a99922","block_type":"box","text":"performance of the CEO and other key executives, determining executive compensation, ensuring a","page_number":241,"box":{"x":117,"y":270,"width":747,"height":12}},{"id":"af4b7e70-244f-4e83-a37f-8f51befa1153","block_type":"box","text":"rigorous audit, overseeing strategy execution and risk management and engaging with shareholders,","page_number":241,"box":{"x":117,"y":285,"width":753,"height":12}},{"id":"04928282-d02b-40cd-899e-e66a770747b3","block_type":"box","text":"and other stakeholders, as necessary.","page_number":241,"box":{"x":116,"y":301,"width":289,"height":12}},{"id":"df930571-4d17-4e7e-81ae-30fdfc361775","block_type":"box","text":"Composition and effectiveness","page_number":241,"box":{"x":116,"y":330,"width":253,"height":12}},{"id":"90d90421-c754-4629-995f-c3f438ba4a13","block_type":"box","text":"Appointment process","page_number":241,"box":{"x":116,"y":359,"width":177,"height":12}},{"id":"5c03dced-93c2-4ebf-bc9c-33497a607268","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to","page_number":241,"box":{"x":116,"y":389,"width":708,"height":12}},{"id":"34c0db2b-371d-4030-832d-5630ff53ddcd","block_type":"box","text":"ensuring the board is composed of directors with the appropriate mix of skills and experience.","page_number":241,"box":{"x":116,"y":404,"width":700,"height":12}},{"id":"baf3211e-bfd6-40ca-bab9-a23a7263c082","block_type":"box","text":"Generally, the board or a sub-committee determines the general criteria given the company’s","page_number":241,"box":{"x":117,"y":420,"width":695,"height":12}},{"id":"1639b259-529e-48bd-a132-4b8c6d445d5a","block_type":"box","text":"circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role","page_number":241,"box":{"x":116,"y":435,"width":767,"height":12}},{"id":"181c548f-1d37-4baa-8ebb-e269973b6f62","block_type":"box","text":"being filled (e.g., financial expertise, industry track record). To inform the process, we encourage","page_number":241,"box":{"x":117,"y":451,"width":721,"height":12}},{"id":"09fc9b7c-6d98-4de8-b28a-098ed4b6dbad","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether","page_number":241,"box":{"x":116,"y":466,"width":764,"height":12}},{"id":"b8beb94c-1ddc-4b2f-8f71-28957e517611","block_type":"box","text":"the skills and experience of a director candidate would be additive. We welcome disclosures that","page_number":241,"box":{"x":116,"y":482,"width":722,"height":12}},{"id":"6f334f83-9d88-4df1-aea1-cf0cd04f7299","block_type":"box","text":"explain how the board considered different skills and experience to ensure that the directors","page_number":241,"box":{"x":116,"y":497,"width":687,"height":12}},{"id":"a1394a0b-f8cb-404f-a1ba-54acffd8d45b","block_type":"box","text":"collectively can be effective in fulfilling their responsibilities. We assess a company’s board","page_number":241,"box":{"x":116,"y":513,"width":678,"height":12}},{"id":"2eef7fce-f141-4dcb-8cea-d9efd5f497ba","block_type":"box","text":"composition against that of its peer group and local market requirements.","page_number":241,"box":{"x":116,"y":528,"width":548,"height":12}},{"id":"14a70c4b-0598-4095-996d-3b8848d02771","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any","page_number":241,"box":{"x":116,"y":558,"width":714,"height":12}},{"id":"7744f6a7-35ee-4d66-a450-f0fe43e3b69d","block_type":"box","text":"particular board composition in our engagements or voting but seek to understand how well placed a","page_number":241,"box":{"x":117,"y":573,"width":751,"height":12}},{"id":"712facc5-3f6b-4bd3-834b-666cce6730f2","block_type":"box","text":"board is to act in investors’ interests. We may vote against the election of the most senior independent","page_number":241,"box":{"x":117,"y":589,"width":764,"height":12}},{"id":"44801289-eb3c-4885-9383-f0013ec8adb4","block_type":"box","text":"director, or the chair of the relevant committee, where a company has not demonstrated it has an","page_number":241,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"2efcc00e-0355-4be3-8b50-a3376015236e","block_type":"box","text":"appointment process that results in a high functioning board with the appropriate complement of skills","page_number":241,"box":{"x":116,"y":620,"width":759,"height":12}},{"id":"948576a1-d94b-4ba7-beec-3e453eab7309","block_type":"box","text":"and experience amongst the directors to support strong financial performance over time. We may vote","page_number":241,"box":{"x":116,"y":635,"width":764,"height":12}},{"id":"2117a310-d20b-479c-a729-818a1da4edc9","block_type":"box","text":"against newly nominated directors who do not seem to have the appropriate skills or experience to","page_number":241,"box":{"x":116,"y":651,"width":736,"height":12}},{"id":"8f1c4616-efbc-4589-acae-cf26744ef0ab","block_type":"box","text":"contribute to the board’s effectiveness.","page_number":241,"box":{"x":116,"y":666,"width":286,"height":10}},{"id":"ae4518a0-cad4-45f0-a4f5-dbced74411f1","block_type":"box","text":"Independence","page_number":241,"box":{"x":116,"y":696,"width":113,"height":11}},{"id":"a2e3a0e0-b2cf-4245-85ed-fe378a47b6cc","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g.,","page_number":241,"box":{"x":117,"y":725,"width":700,"height":12}},{"id":"e27299e2-5d74-41f1-a4e7-5b2244fb2303","block_type":"box","text":"government or employees) is of paramount importance to the protection of the interests of minority","page_number":241,"box":{"x":116,"y":740,"width":732,"height":12}},{"id":"14fc29ad-5180-47fe-955e-9e8ae6bf4285","block_type":"box","text":"shareholders such as BlackRock’s clients. We consider it good practice for at least half the directors to","page_number":241,"box":{"x":116,"y":756,"width":761,"height":12}},{"id":"70c4178a-55de-44a9-8cab-824bc11b1f14","block_type":"box","text":"be independent and free from conflicts of interest or undue influence.","page_number":241,"box":{"x":117,"y":771,"width":510,"height":12}},{"id":"8c005b2d-3a1a-4f43-915f-8c56504466f1","block_type":"box","text":"7","page_number":241,"box":{"x":629,"y":771,"width":5,"height":6}},{"id":"2ef8d9a3-9d1f-49ac-8872-b111dfd69bc2","block_type":"box","text":"This also helps to ensure that","page_number":241,"box":{"x":640,"y":771,"width":219,"height":12}},{"id":"dbd53283-d167-4613-8fc5-e5bc4f0f5328","block_type":"box","text":"board committees are composed of a sufficient number of independent directors. Companies domiciled","page_number":241,"box":{"x":117,"y":787,"width":764,"height":12}},{"id":"bef63ae7-1a2b-4dce-b346-9684aa5ec856","block_type":"box","text":"in markets with a higher threshold for board independence should meet those local requirements.","page_number":241,"box":{"x":117,"y":802,"width":720,"height":12}},{"id":"57bd1aea-cde1-4d0e-9d67-cfc791fe5c51","block_type":"box","text":"7","page_number":241,"box":{"x":143,"y":828,"width":4,"height":4}},{"id":"cecebf64-3830-43d2-b2b8-c1576a1c667b","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":241,"box":{"x":170,"y":827,"width":659,"height":10}},{"id":"101ff32e-8dbd-45d0-8f02-986c72ec7513","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":241,"box":{"x":170,"y":840,"width":659,"height":10}},{"id":"0d8488d4-9dbd-40f6-928c-792a1d55c3f7","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or","page_number":241,"box":{"x":170,"y":853,"width":702,"height":10}},{"id":"5bc6adce-1d47-4c68-b041-f447712b7065","block_type":"box","text":"could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":241,"box":{"x":170,"y":866,"width":703,"height":10}},{"id":"509290ca-7ca0-4620-ae3b-e7bd79259b92","block_type":"box","text":"and shareholders.","page_number":241,"box":{"x":170,"y":879,"width":106,"height":8}},{"id":"5f60605b-7ab3-46c3-be0f-19d0613b25d7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":241,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"a63dc2a8-3af2-49d8-9f47-1b49382c358b","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":241,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"eb686e76-1a19-45d7-a92d-55e68637d735","block_type":"box","text":"6","page_number":241,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"95b65151-4866-49fb-8a53-0e39ff489f7f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":241,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ff19ce97-58a8-4f85-a6d2-1fde69d0023f","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient","page_number":242,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"f9c132cb-b127-46da-80b2-717c0c02786c","block_type":"box","text":"balance of independence. We may also vote against the election of the chair of the committee","page_number":242,"box":{"x":117,"y":102,"width":701,"height":13}},{"id":"a73dd4d6-a69d-4227-a860-b379a222bfb1","block_type":"box","text":"responsible for board composition if this is a perennial issue.","page_number":242,"box":{"x":117,"y":118,"width":453,"height":12}},{"id":"bec97582-b5bc-4995-9bcb-997f4a7c0aa1","block_type":"box","text":"Independent board leadership","page_number":242,"box":{"x":116,"y":149,"width":245,"height":12}},{"id":"e573f185-c10a-457b-b068-6beeb18a6756","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to","page_number":242,"box":{"x":117,"y":180,"width":718,"height":12}},{"id":"b8a36210-bf2b-4b52-a614-119e637827fc","block_type":"box","text":"independent board leadership. One is a non-executive, independent chair of the board who is","page_number":242,"box":{"x":117,"y":196,"width":697,"height":11}},{"id":"3001a3d4-1b51-46f7-a219-527f736aca0a","block_type":"box","text":"responsible for leading the board in the effective exercise of its duties. The other is a lead or senior","page_number":242,"box":{"x":117,"y":211,"width":738,"height":12}},{"id":"13ddf5c4-3e19-4ef1-8a1b-68ee30b1a411","block_type":"box","text":"independent director, who is responsible for coordinating with the other non-executive directors and","page_number":242,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"de8f258a-0b9c-4df0-a503-01390eecfd15","block_type":"box","text":"working closely with the executive chair on the board agenda and other board procedures. In this case,","page_number":242,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"c2a9b3f5-ab16-4933-af12-d8e861a87c88","block_type":"box","text":"the executive chair and the lead independent director work together to ensure the board is effectively","page_number":242,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"7391ae25-3d9f-47f5-8611-aeebfacca2ca","block_type":"box","text":"fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a","page_number":242,"box":{"x":116,"y":273,"width":723,"height":12}},{"id":"7ad6f893-b017-4e6b-a156-6687bf702b06","block_type":"box","text":"relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":242,"box":{"x":117,"y":289,"width":727,"height":12}},{"id":"4d037ca2-f764-4af0-a4a0-2febea0dca48","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board","page_number":242,"box":{"x":116,"y":304,"width":691,"height":12}},{"id":"adf9af00-772a-471e-830d-fa30f814c27d","block_type":"box","text":"leadership model and how it serves the interests of shareholders.","page_number":242,"box":{"x":117,"y":320,"width":489,"height":12}},{"id":"4f2fa8f8-e4bf-4f83-ad55-649acb2b6392","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if","page_number":242,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"d4386401-5516-4494-ae55-31e62140312f","block_type":"box","text":"there is not an identified independent leader of the board with clear responsibilities for board","page_number":242,"box":{"x":116,"y":366,"width":689,"height":12}},{"id":"53477410-85e0-4449-b215-2bddec385a3a","block_type":"box","text":"performance. We may vote against the most senior independent director if the board has a policy of","page_number":242,"box":{"x":117,"y":382,"width":744,"height":12}},{"id":"2849bd17-a0f9-4c42-9347-190d2cdeb5dd","block_type":"box","text":"not engaging with shareholders.","page_number":242,"box":{"x":117,"y":397,"width":242,"height":12}},{"id":"aca145a4-20f8-465a-b62e-4531e6bf4fe5","block_type":"box","text":"Tenure and succession","page_number":242,"box":{"x":118,"y":428,"width":189,"height":10}},{"id":"b5108986-da67-4fbd-a09a-e29380c04460","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be","page_number":242,"box":{"x":117,"y":459,"width":745,"height":12}},{"id":"e481882c-af96-49a3-86af-b0e52c493127","block_type":"box","text":"expected to serve, in line with market norms where those exist. We find it helpful when companies","page_number":242,"box":{"x":116,"y":475,"width":733,"height":12}},{"id":"c8fd46ac-2391-4b89-a399-9dd886150f9e","block_type":"box","text":"disclose their approach to director tenure particularly around the contributions of directors who have","page_number":242,"box":{"x":116,"y":490,"width":745,"height":12}},{"id":"763f1242-6fef-497f-8390-1d714c4f4702","block_type":"box","text":"served for longer periods than typically provided for under local practice. In our experience, long","page_number":242,"box":{"x":116,"y":506,"width":718,"height":12}},{"id":"77a3bec3-f7aa-4fea-8bf2-d7e2e60be797","block_type":"box","text":"serving directors could become less independent given their long-term relationship with management","page_number":242,"box":{"x":116,"y":521,"width":755,"height":12}},{"id":"73967386-51de-4cb2-8c9c-e60e00eaaee2","block_type":"box","text":"and involvement in past board decisions.","page_number":242,"box":{"x":116,"y":537,"width":308,"height":12}},{"id":"2d5c1d6f-ffef-468c-a6f8-89fe7ceae981","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances","page_number":242,"box":{"x":116,"y":568,"width":756,"height":12}},{"id":"ae42e15b-9184-472c-a3e0-eec1dd4d1e33","block_type":"box","text":"renewal through the regular introduction of directors with fresh perspectives and expertise with","page_number":242,"box":{"x":117,"y":583,"width":705,"height":12}},{"id":"72ed20b6-8400-4cfd-b875-f018cd17077a","block_type":"box","text":"continuity through the retention of directors with long-term knowledge of the board and company.","page_number":242,"box":{"x":116,"y":599,"width":724,"height":12}},{"id":"1aa4f0a5-56ca-491f-b2d1-a2c3f4f9434d","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate","page_number":242,"box":{"x":117,"y":630,"width":680,"height":12}},{"id":"43efffbd-d997-4045-b7b4-f5d328cd98bd","block_type":"box","text":"governance best practices, we may vote against the election of the chair of the committee responsible","page_number":242,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"507c93d0-99fe-4950-907b-5b0d6668ab61","block_type":"box","text":"for board composition if a company does not clearly disclose its approach to director tenure and board","page_number":242,"box":{"x":116,"y":661,"width":757,"height":12}},{"id":"c8a599f0-815f-42a2-929e-c3258523c824","block_type":"box","text":"renewal. We may vote against the election of directors who have served for more years than is typical","page_number":242,"box":{"x":117,"y":676,"width":754,"height":12}},{"id":"27e98580-5d18-4882-96f1-5f69a2ed02b5","block_type":"box","text":"in markets with specific guidance, where the case for their continued service is not evident.","page_number":242,"box":{"x":117,"y":692,"width":673,"height":12}},{"id":"a4382b0b-c293-4a62-82bc-ff371d85a3b1","block_type":"box","text":"Capacity","page_number":242,"box":{"x":117,"y":723,"width":70,"height":12}},{"id":"6161ed66-7968-4f3c-8d1e-632a9cb88816","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our","page_number":242,"box":{"x":116,"y":754,"width":753,"height":12}},{"id":"9bc03172-791d-429e-8ea3-8402f1e94f08","block_type":"box","text":"view, an effective board will assess the ability of its members to maintain an appropriate focus on","page_number":242,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"da895433-f423-46d1-a7da-6faad103c60b","block_type":"box","text":"board matters and the company taking into consideration competing responsibilities. We recognize that","page_number":242,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"44f70ad9-783b-4813-9a5a-0f7ffb7441e8","block_type":"box","text":"board leadership roles vary across markets in responsibilities and required time commitment but note","page_number":242,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"12c48516-f80f-4b1e-8e12-fb979f7abe60","block_type":"box","text":"that they are generally more intensive than a standard directorship. We will take local norms and","page_number":242,"box":{"x":116,"y":816,"width":715,"height":12}},{"id":"d4f2db2e-dda9-4cac-b2d2-3d14ae8e1fc8","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":242,"box":{"x":117,"y":831,"width":628,"height":12}},{"id":"de183cf5-7a45-4938-b917-27ab0f475c39","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively","page_number":242,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"18adc28f-f7b2-43c3-a39d-6d16010f3442","block_type":"box","text":"fulfil their duties to the board and company.","page_number":242,"box":{"x":116,"y":878,"width":326,"height":12}},{"id":"716fc608-9586-4e7c-a87f-684a93c35afd","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":242,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"a3122668-c50c-472c-84d4-8b4b9b252cf5","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":242,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"7e44dcbe-3836-4c25-9c21-05b8619715a7","block_type":"box","text":"7","page_number":242,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"e07134dd-e490-47f4-bb55-e9f65125ecaf","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":242,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"882d3db9-3e04-495e-b0ad-a237f8947f84","block_type":"box","text":"Director elections","page_number":243,"box":{"x":116,"y":87,"width":147,"height":10}},{"id":"4f22e2b4-93fa-4292-8bf9-bc51570cac79","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A","page_number":243,"box":{"x":117,"y":116,"width":720,"height":13}},{"id":"6902d0d4-d43c-452f-a2bb-5d149c0be985","block_type":"box","text":"classified board structure","page_number":243,"box":{"x":116,"y":132,"width":186,"height":10}},{"id":"fbd56553-817b-4f3c-a59b-828636ba06ba","block_type":"box","text":"8","page_number":243,"box":{"x":303,"y":132,"width":5,"height":6}},{"id":"00d73130-5a8e-45e4-ade3-d5218a3b0057","block_type":"box","text":"may be justified by a company when it needs consistency and stability","page_number":243,"box":{"x":309,"y":132,"width":530,"height":12}},{"id":"0f6eba38-47b2-402a-8a2b-d2d5028295b3","block_type":"box","text":"during a time of transition, or on the basis of its business model (e.g., a non-operating company such","page_number":243,"box":{"x":116,"y":147,"width":754,"height":13}},{"id":"71feba0f-4201-4ad6-8fba-2c0c900b6039","block_type":"box","text":"as closed-end funds).","page_number":243,"box":{"x":116,"y":163,"width":165,"height":12}},{"id":"569cff59-a95d-4a86-9ee9-f677a6b6966b","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in","page_number":243,"box":{"x":116,"y":192,"width":746,"height":13}},{"id":"a88e73aa-d6d6-4e9a-85a4-b7295072d5e3","block_type":"box","text":"bundled slates. We look to companies to provide sufficient information on each director standing for","page_number":243,"box":{"x":117,"y":208,"width":743,"height":12}},{"id":"a543696b-f85e-4b0b-8412-d2d09b0e72fd","block_type":"box","text":"election so that shareholders can assess their capabilities and suitability. We will generally not support","page_number":243,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"099e7cfd-4b5d-444f-b6ee-28c8e4f15618","block_type":"box","text":"the election of directors whose names and biographical details have not been disclosed sufficiently in","page_number":243,"box":{"x":116,"y":239,"width":755,"height":12}},{"id":"a18ebba0-8c7e-48db-acdd-a8e8982cfd7b","block_type":"box","text":"advance of the shareholder meeting.","page_number":243,"box":{"x":116,"y":254,"width":278,"height":13}},{"id":"083fb28e-aa22-400b-ab3d-d9d30119a9af","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at","page_number":243,"box":{"x":117,"y":284,"width":746,"height":12}},{"id":"5fd00dd7-fd12-4dcf-ba59-fc0fccb18803","block_type":"box","text":"the shareholder meeting. Where a company’s practices differ, we look to the board to provide a","page_number":243,"box":{"x":116,"y":299,"width":712,"height":13}},{"id":"d95f57b1-00ef-40d0-87bc-6950196851ea","block_type":"box","text":"detailed explanation as to how its approach best serves investors’ interests.","page_number":243,"box":{"x":116,"y":315,"width":567,"height":12}},{"id":"a06aaeb2-491c-43a0-b27e-5113f096e492","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of","page_number":243,"box":{"x":116,"y":344,"width":710,"height":12}},{"id":"d9c56bb1-0071-40f9-8e53-b3594f4795e7","block_type":"box","text":"directors and/or a simple majority vote standard for director elections. We may vote against all the","page_number":243,"box":{"x":116,"y":360,"width":732,"height":12}},{"id":"758fe0db-3998-46f7-8e22-9ae6b7399a3b","block_type":"box","text":"directors standing for election as part of a single slate if we have concerns about the profile or","page_number":243,"box":{"x":116,"y":375,"width":701,"height":12}},{"id":"32a25c1b-d129-4d4a-bd36-1ed70857e296","block_type":"box","text":"performance of an individual director.","page_number":243,"box":{"x":117,"y":391,"width":280,"height":12}},{"id":"c981c9a8-dee7-47d1-8641-7fd4ac1fdac5","block_type":"box","text":"Committees","page_number":243,"box":{"x":117,"y":420,"width":100,"height":10}},{"id":"c3cc35ce-60f4-4088-966e-2c78275aaf53","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and","page_number":243,"box":{"x":117,"y":450,"width":757,"height":12}},{"id":"4f220a6b-a2d0-43f3-82f4-214ede03e25f","block_type":"box","text":"risk, governance and human capital, and executive compensation, amongst other matters. We do not","page_number":243,"box":{"x":117,"y":465,"width":756,"height":12}},{"id":"39f8112c-67e6-43ee-bf9f-44c95a56d7cc","block_type":"box","text":"prescribe to companies what committees they should establish, but we seek to understand the board’s","page_number":243,"box":{"x":117,"y":481,"width":765,"height":12}},{"id":"29a73073-896b-4cee-b46e-4e761f8189f6","block_type":"box","text":"rationale for the committee structure it determines is appropriate. We note that, in some markets,","page_number":243,"box":{"x":117,"y":496,"width":723,"height":12}},{"id":"9c770c59-dce5-4094-b935-d5e209c0b54f","block_type":"box","text":"regulation requires such committees. The responsibilities of each committee should be clear, and the","page_number":243,"box":{"x":117,"y":512,"width":754,"height":12}},{"id":"e310fe4a-98f1-4c1a-bee5-fe6b088518aa","block_type":"box","text":"board should ensure that all critical matters are assigned either to the full board or to one of the","page_number":243,"box":{"x":117,"y":527,"width":711,"height":12}},{"id":"5a77ab0e-9a7c-4ea3-9ba8-842420477fb7","block_type":"box","text":"committees. It is helpful to investor understanding when the board discloses the structure,","page_number":243,"box":{"x":116,"y":543,"width":672,"height":12}},{"id":"f945f4bc-a5f3-40ee-a635-027b39b38ea1","block_type":"box","text":"membership, proportion of independent directors, and responsibilities of each committee. The","page_number":243,"box":{"x":117,"y":558,"width":700,"height":12}},{"id":"d874c24c-d796-4724-83a9-32ebaf04e805","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":243,"box":{"x":117,"y":574,"width":662,"height":12}},{"id":"27de5655-a211-4bc5-82e7-35b6f25a7f82","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management","page_number":243,"box":{"x":117,"y":596,"width":752,"height":12}},{"id":"b8db72d3-0fe4-430c-a4aa-c757a5a73ef1","block_type":"box","text":"and compliance with legal and regulatory requirements; may also play an oversight role in relation","page_number":243,"box":{"x":150,"y":612,"width":731,"height":12}},{"id":"d0299755-a6fe-452c-bcbc-604add2ad8df","block_type":"box","text":"to the internal audit function and whistleblowing mechanisms.","page_number":243,"box":{"x":150,"y":627,"width":460,"height":12}},{"id":"ed4b7b09-3322-4b11-ad4b-4f3ed6026805","block_type":"box","text":"• Nominating, governance and human capital – oversight responsibilities for corporate governance","page_number":243,"box":{"x":117,"y":650,"width":756,"height":12}},{"id":"f60229b8-62e0-41b0-8d1f-c0a12fd231e0","block_type":"box","text":"principles and practices of the company, including the periodic review of board performance;","page_number":243,"box":{"x":150,"y":665,"width":684,"height":12}},{"id":"b2f42818-c296-4017-83c6-092527b3c367","block_type":"box","text":"responsibility for succession planning for CEO and key board roles, as well as the director","page_number":243,"box":{"x":150,"y":681,"width":667,"height":12}},{"id":"7b4f20ea-5c80-4cf7-b9c8-e3c746544dca","block_type":"box","text":"appointment process; may also have oversight responsibilities for human capital management","page_number":243,"box":{"x":150,"y":696,"width":698,"height":12}},{"id":"eeb31817-a677-488a-91ee-caf7a5403f84","block_type":"box","text":"strategies, including corporate culture and purpose.","page_number":243,"box":{"x":150,"y":712,"width":381,"height":12}},{"id":"4be59a8c-21c3-4df3-a82e-6596ffeac1f4","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and","page_number":243,"box":{"x":117,"y":734,"width":749,"height":12}},{"id":"be8bc200-a087-4e7b-883c-963121443485","block_type":"box","text":"other executive officers, approves annual awards and payments under the policies; may also have","page_number":243,"box":{"x":150,"y":750,"width":730,"height":12}},{"id":"5fc15c8a-6f5d-4556-9e54-715f80e7ad51","block_type":"box","text":"oversight responsibilities for firm-wide compensation policies.","page_number":243,"box":{"x":150,"y":765,"width":453,"height":12}},{"id":"373bc4b3-8e21-4b24-99c0-e7be1ef9095d","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee","page_number":243,"box":{"x":116,"y":795,"width":760,"height":12}},{"id":"31401cd2-6f96-47a8-88ac-cd66e54a0fd5","block_type":"box","text":"members to convey concerns about how a committee has undertaken its responsibilities. We may vote","page_number":243,"box":{"x":117,"y":810,"width":762,"height":12}},{"id":"6e6a541e-9747-4f30-9ed5-30326e46675a","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed","page_number":243,"box":{"x":116,"y":826,"width":702,"height":12}},{"id":"6f318b3c-dadf-42db-80d8-4f142be3394a","block_type":"box","text":"approach to board committees.","page_number":243,"box":{"x":116,"y":841,"width":236,"height":12}},{"id":"6718f5f4-1c21-4f48-92e9-3a84b1b7d2d4","block_type":"box","text":"8","page_number":243,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"03511b50-ac78-4582-9f2a-d582bf1b113e","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":243,"box":{"x":170,"y":866,"width":673,"height":10}},{"id":"86e3fe7c-310f-43f8-a838-c856a339882e","block_type":"box","text":"directors stands for election in any one year.","page_number":243,"box":{"x":170,"y":879,"width":262,"height":10}},{"id":"9972db79-a2d7-4e46-a6bc-bd35eaf0d0af","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":243,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"835f7b9f-6257-4d6b-9ecd-e3db4a449d09","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":243,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"a31149ba-841a-4b70-915b-fcf2486c625f","block_type":"box","text":"8","page_number":243,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"d580cdfc-89c3-4171-8ac0-8ae2ef91e35b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":243,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c4c9391a-1090-4dfb-9ee9-561d3abd2f98","block_type":"box","text":"Board and director evaluation","page_number":244,"box":{"x":116,"y":87,"width":243,"height":10}},{"id":"82fb717a-4ae5-4aa5-874d-bd36b158e559","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the","page_number":244,"box":{"x":116,"y":119,"width":729,"height":12}},{"id":"08c9d9d6-5202-4d28-8b78-d1c82d0a5570","block_type":"box","text":"board, the committees, the chair and individual directors. Periodically, this review could be undertaken","page_number":244,"box":{"x":117,"y":134,"width":762,"height":12}},{"id":"b3e99cb3-9a2b-4c8e-9a11-bb5f0e5951d0","block_type":"box","text":"by an independent third party able to bring objective perspectives to the board on governance and","page_number":244,"box":{"x":117,"y":150,"width":732,"height":12}},{"id":"054893c3-7b4a-433f-8489-bb48f5b8626b","block_type":"box","text":"performance. We encourage companies to disclose their approach to and the objectives of","page_number":244,"box":{"x":117,"y":165,"width":677,"height":12}},{"id":"2fb93473-654a-4443-ba82-3f584b717108","block_type":"box","text":"evaluations, including any changes made to the board’s approach as a result.","page_number":244,"box":{"x":116,"y":181,"width":581,"height":12}},{"id":"72a406e2-3917-4120-9281-1563535318e3","block_type":"box","text":"Access to independent advice","page_number":244,"box":{"x":116,"y":213,"width":246,"height":11}},{"id":"8fc7964a-67bb-456f-b4f0-d8aa9a25aef5","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they","page_number":244,"box":{"x":116,"y":244,"width":723,"height":12}},{"id":"5f8ed6e2-93e0-47f4-b921-e9ad5f3e854e","block_type":"box","text":"should have access to independent advice. In certain circumstances, it may be helpful to boards to","page_number":244,"box":{"x":116,"y":260,"width":738,"height":12}},{"id":"f22a45c7-9e13-4c23-903a-d81e1887150b","block_type":"box","text":"retain independent third parties to advise on critical matters. These might include new industry","page_number":244,"box":{"x":117,"y":275,"width":703,"height":12}},{"id":"4f20ab3c-175f-4bca-92c2-d444f006ebcf","block_type":"box","text":"developments such as emergent and disruptive technology, operating events with material","page_number":244,"box":{"x":116,"y":291,"width":676,"height":12}},{"id":"3ec4ee81-df19-4677-b211-0a92ae6b1af0","block_type":"box","text":"consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":244,"box":{"x":116,"y":306,"width":735,"height":12}},{"id":"2dccf2f5-f501-46d9-9bd3-1f45f7329760","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit,","page_number":244,"box":{"x":116,"y":322,"width":713,"height":12}},{"id":"335273bc-9546-4104-8a5b-6f8299ad3649","block_type":"box","text":"compensation and succession planning.","page_number":244,"box":{"x":116,"y":337,"width":303,"height":12}},{"id":"548d38f4-614d-4b6a-acfc-59ac6ac9b741","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":244,"box":{"x":382,"y":369,"width":241,"height":9}},{"id":"c478b8d5-699e-4bc4-8f04-380815f1d42b","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to","page_number":244,"box":{"x":117,"y":401,"width":760,"height":12}},{"id":"80c2e926-98fb-4e76-add2-ece3527d8a33","block_type":"box","text":"recruit, retain and reward the caliber of executive management necessary to lead and operate the","page_number":244,"box":{"x":117,"y":416,"width":730,"height":12}},{"id":"1a2e935a-7f8b-4716-adae-dfbec5edf6a9","block_type":"box","text":"company to deliver superior financial returns over time. We focus on alignment between variable pay","page_number":244,"box":{"x":116,"y":432,"width":753,"height":12}},{"id":"b73c40fc-f647-48b0-8da3-1ef5fb856a98","block_type":"box","text":"and a company’s financial performance.","page_number":244,"box":{"x":116,"y":447,"width":302,"height":12}},{"id":"493e9c54-0b6b-45fa-9df4-d0d069709024","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus","page_number":244,"box":{"x":117,"y":479,"width":751,"height":12}},{"id":"e993cb14-2364-4e48-a76c-62313fa58b65","block_type":"box","text":"that rewards performance against short-term metrics, incentives—most often share-based- that reward","page_number":244,"box":{"x":116,"y":494,"width":768,"height":12}},{"id":"a755595a-39c4-4ae9-a690-560f47000cf6","block_type":"box","text":"performance against long-term metrics, and pensions and benefits. In our observation, base salary,","page_number":244,"box":{"x":117,"y":510,"width":742,"height":12}},{"id":"2c7a1c95-d9f1-4339-a299-3f3661d3e5cb","block_type":"box","text":"pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and","page_number":244,"box":{"x":117,"y":525,"width":769,"height":12}},{"id":"0be46bba-1c83-47a3-9a2e-be0446b1e323","block_type":"box","text":"share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long","page_number":244,"box":{"x":116,"y":541,"width":744,"height":12}},{"id":"cb5ee516-9d25-45f4-aa2a-204320a91c17","block_type":"box","text":"term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":244,"box":{"x":116,"y":557,"width":629,"height":11}},{"id":"705716cd-9db2-4b4a-b07a-74f51685faa7","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a","page_number":244,"box":{"x":117,"y":588,"width":693,"height":12}},{"id":"d6f46f9c-7947-4be5-80aa-29f710a1c153","block_type":"box","text":"company’s approach to executive compensation on a case-by-case basis. We rely on companies","page_number":244,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"8e79b20f-5227-4a48-83b1-2e240bef267c","block_type":"box","text":"providing sufficient quantitative and qualitative information in their disclosures to enable shareholders","page_number":244,"box":{"x":117,"y":619,"width":754,"height":12}},{"id":"6faffc72-7a0d-497a-a50d-608b09b69705","block_type":"box","text":"to understand the compensation arrangements and assess the alignment with investors’ interests.","page_number":244,"box":{"x":116,"y":635,"width":732,"height":12}},{"id":"236d146b-3242-4816-be80-0238945e6792","block_type":"box","text":"Features we look for in compensation arrangements include:","page_number":244,"box":{"x":117,"y":650,"width":454,"height":12}},{"id":"02ec0b2e-fdfc-46d8-b0b5-70515c3ab150","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in","page_number":244,"box":{"x":117,"y":682,"width":739,"height":12}},{"id":"e9475817-3ebb-4c40-ae05-fad6459cf3a7","block_type":"box","text":"the context of the company’s size, sector and market.","page_number":244,"box":{"x":150,"y":697,"width":396,"height":12}},{"id":"b102d27c-f9bc-4177-8128-bcd530ab5a72","block_type":"box","text":"• Variable pay subject to performance metrics that are closely linked to the company’s short- and","page_number":244,"box":{"x":117,"y":721,"width":739,"height":12}},{"id":"6f9c0ffd-d181-4136-8462-712c92025c7b","block_type":"box","text":"long-term strategic objectives.","page_number":244,"box":{"x":150,"y":737,"width":222,"height":12}},{"id":"6e8752a3-8997-40f6-b647-61fe6945b1bc","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":244,"box":{"x":117,"y":760,"width":667,"height":12}},{"id":"1758f727-93a4-4b94-b0dd-534788f75190","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific","page_number":244,"box":{"x":117,"y":784,"width":682,"height":12}},{"id":"b503e80e-b5d1-4e29-82d1-7f1c7dce3a59","block_type":"box","text":"instruments (cash and equity awards) that promotes pay program durability and seldom","page_number":244,"box":{"x":150,"y":799,"width":649,"height":12}},{"id":"1cf23caf-e0de-4ac4-83e3-5e1edd912e41","block_type":"box","text":"necessitates one-off, discretionary payments.","page_number":244,"box":{"x":150,"y":815,"width":336,"height":12}},{"id":"2e23ab76-09cb-4f65-8e27-94887cbd78a8","block_type":"box","text":"• Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":244,"box":{"x":117,"y":838,"width":720,"height":12}},{"id":"c4ab2487-4f18-437a-a2db-f87a41050f5c","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly,","page_number":244,"box":{"x":117,"y":862,"width":683,"height":12}},{"id":"937099fc-cf0f-4068-8a61-47fd7411df97","block_type":"box","text":"responsibly and transparently.","page_number":244,"box":{"x":150,"y":877,"width":228,"height":12}},{"id":"7978fe34-86e5-4e2e-bdd7-a22fc00156db","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":244,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"46ecb0a5-d195-4b1a-bab8-c39b1dc34192","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":244,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"9ff2937c-03b8-459c-81c7-d799c222411e","block_type":"box","text":"9","page_number":244,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"f44cbdf6-7ddf-4ea6-bcc2-7978f34dec7c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":244,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"59227077-1387-4aaa-a917-8df6d8ddaa14","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful","page_number":245,"box":{"x":117,"y":87,"width":720,"height":12}},{"id":"46caccf5-7e2a-4ddb-9189-c88c9fd74b8d","block_type":"box","text":"shareholding in the company within a defined time period, as determined by the board or relevant","page_number":245,"box":{"x":150,"y":102,"width":727,"height":13}},{"id":"f025060f-9d43-4d7b-a43d-ad009752c4dc","block_type":"box","text":"board committee.","page_number":245,"box":{"x":150,"y":118,"width":134,"height":10}},{"id":"4fe4611e-ba4c-4981-b9c2-2bb5ec228546","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and","page_number":245,"box":{"x":117,"y":142,"width":681,"height":12}},{"id":"6ebbef23-8998-4ccd-93d3-6261403ceb2a","block_type":"box","text":"shareholders.","page_number":245,"box":{"x":150,"y":157,"width":106,"height":10}},{"id":"d9f57aa9-70a5-43e8-a216-ec46e54d23e8","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable","page_number":245,"box":{"x":117,"y":181,"width":671,"height":12}},{"id":"86f83ded-f0dd-4c69-8565-864cc4c0ba74","block_type":"box","text":"compensation from individuals whose awards were based on fraudulent activities, misstated","page_number":245,"box":{"x":150,"y":196,"width":688,"height":12}},{"id":"6004fec7-9f99-4750-abc5-334b96ca5946","block_type":"box","text":"financial reports, or executive misconduct.","page_number":245,"box":{"x":149,"y":212,"width":318,"height":12}},{"id":"906d716d-bd21-43d1-97ee-dceb0cb76be5","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is","page_number":245,"box":{"x":117,"y":235,"width":709,"height":12}},{"id":"d234e0c2-ea84-4a56-839e-2b217367fc24","block_type":"box","text":"contractual.","page_number":245,"box":{"x":150,"y":251,"width":91,"height":9}},{"id":"f7b6b8d0-4b1b-406c-959b-ac1fb42d35b5","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or","page_number":245,"box":{"x":116,"y":282,"width":757,"height":12}},{"id":"b8422c5e-31c4-4223-a0e0-3f6ab52dfb16","block_type":"box","text":"plans, or approve the compensation report where we do not see alignment between executive","page_number":245,"box":{"x":117,"y":298,"width":701,"height":12}},{"id":"94c16890-8dfd-4ee4-b025-e42d93c09d71","block_type":"box","text":"compensation arrangements and our clients’ financial interests. When there is not an alternative, or","page_number":245,"box":{"x":116,"y":313,"width":742,"height":12}},{"id":"b65340e5-f1b8-42fc-aad9-ebe4c2442aa2","block_type":"box","text":"where there have been multi-year issues with compensation misaligned with performance, we may","page_number":245,"box":{"x":116,"y":329,"width":738,"height":12}},{"id":"19cfab08-b870-4a41-9d5c-9e1a17822be7","block_type":"box","text":"vote against the election of the chair of the responsible committee, or the most senior independent","page_number":245,"box":{"x":116,"y":344,"width":735,"height":12}},{"id":"bce54419-4440-419f-b393-377d1b9cc08e","block_type":"box","text":"director.","page_number":245,"box":{"x":116,"y":360,"width":65,"height":9}},{"id":"8b91e4fd-3c45-43aa-826c-8b5adb292e67","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":245,"box":{"x":314,"y":399,"width":377,"height":10}},{"id":"a784694d-fdc6-4597-a073-307acf2a6448","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a","page_number":245,"box":{"x":117,"y":431,"width":712,"height":12}},{"id":"feecd540-ca69-4254-bf56-b9057ac75cb5","block_type":"box","text":"combination of the two. Some companies also pay additional fees for service on board committees or","page_number":245,"box":{"x":116,"y":446,"width":757,"height":13}},{"id":"ef4f1eab-cdf8-44a7-a9f6-a68691469512","block_type":"box","text":"in board leadership roles. We do not support non-executive directors participating in performance","page_number":245,"box":{"x":117,"y":462,"width":726,"height":12}},{"id":"5b425bf3-869f-4622-9d95-e0de62f46a9e","block_type":"box","text":"based incentive plans as doing so may create a conflict of interest and undermine their independence","page_number":245,"box":{"x":117,"y":477,"width":759,"height":13}},{"id":"28c757f5-5fc3-41fb-a15e-24b4dd7bfb71","block_type":"box","text":"from management, whom they oversee.","page_number":245,"box":{"x":116,"y":493,"width":301,"height":12}},{"id":"7e92ce18-5eac-473e-9fc7-a7dabc0c4759","block_type":"box","text":"CAPITAL STRUCTURE","page_number":245,"box":{"x":410,"y":533,"width":185,"height":9}},{"id":"c2c1f874-4395-4bf7-ad49-e1a3b027afbd","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that","page_number":245,"box":{"x":117,"y":564,"width":765,"height":12}},{"id":"c11bb69a-0602-4bf7-a4f2-4cdf294a63e3","block_type":"box","text":"achieves appropriate capital allocation in support of long-term financial resilience.","page_number":245,"box":{"x":116,"y":580,"width":610,"height":12}},{"id":"97f6f311-21b9-4e21-8ea5-52a91f62120b","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why","page_number":245,"box":{"x":116,"y":611,"width":743,"height":12}},{"id":"cbdfac57-8be2-441c-97cb-631ec16182e6","block_type":"box","text":"they view these practices to be aligned with shareholders’ interests. We may vote against management","page_number":245,"box":{"x":116,"y":627,"width":772,"height":12}},{"id":"5ccce7d2-b618-452c-a326-20a5ddff175b","block_type":"box","text":"proposals seeking capital-related authorities, or the election of the most senior independent director, if","page_number":245,"box":{"x":117,"y":642,"width":761,"height":12}},{"id":"cfbe4a0a-446f-42da-a605-4c6bcc5416ff","block_type":"box","text":"we have concerns about a company’s approach. We may also support a shareholder proposal seeking","page_number":245,"box":{"x":116,"y":658,"width":768,"height":12}},{"id":"333aa6a4-f62e-4659-a09f-698f252d8cac","block_type":"box","text":"conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":245,"box":{"x":116,"y":673,"width":649,"height":12}},{"id":"f5ce9ab4-6d14-49ab-b6cc-5516efe39653","block_type":"box","text":"Share","page_number":245,"box":{"x":116,"y":705,"width":46,"height":9}},{"id":"ca337b77-152b-4fe3-a956-470ba5efd6c0","block_type":"box","text":"issuance","page_number":245,"box":{"x":168,"y":705,"width":71,"height":9}},{"id":"4efdeb42-55bd-43db-b823-fe9def175548","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will","page_number":245,"box":{"x":116,"y":736,"width":735,"height":13}},{"id":"81f92471-a9f9-402c-97cd-22561807bf81","block_type":"box","text":"generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent","page_number":245,"box":{"x":116,"y":752,"width":763,"height":12}},{"id":"42310afa-f247-4cb5-ba51-79d1823ee221","block_type":"box","text":"pre-emptive rights. We consider it good practice for companies to seek regular approval of these","page_number":245,"box":{"x":117,"y":767,"width":715,"height":13}},{"id":"2288b75b-b52c-4cc2-b13d-c82cc2617506","block_type":"box","text":"authorities to allow shareholders to take into consideration how prior authorities were used, as well as","page_number":245,"box":{"x":116,"y":783,"width":754,"height":12}},{"id":"93ad5213-3234-4f54-8911-a4bc1b28cefa","block_type":"box","text":"the current circumstances of the company and the market environment.","page_number":245,"box":{"x":116,"y":798,"width":530,"height":13}},{"id":"d019c4b1-0850-4959-bc75-b36e9c95cd77","block_type":"box","text":"Share buybacks","page_number":245,"box":{"x":116,"y":830,"width":133,"height":12}},{"id":"cc908714-922e-4dc3-81da-6703a4b0ddcb","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management","page_number":245,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"96764256-9698-4ff7-a3f0-09261fd19e9f","block_type":"box","text":"strategy and management’s determination of the appropriate balance between investment that","page_number":245,"box":{"x":116,"y":877,"width":706,"height":12}},{"id":"b6a50f7e-4dfa-452c-bf45-a6fc38c2e7c5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":245,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"dab656c2-80fd-45ff-b487-49d1f0cd1e22","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":245,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"123dfa78-db38-4c27-b284-4a9359bddebb","block_type":"box","text":"10","page_number":245,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"be941c97-f72c-4ab3-9847-2ad52065ae43","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":245,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2f8985a5-a52b-45d1-affc-1ea5ccb36144","block_type":"box","text":"supports the long-term growth of the company and returning cash to investors. We also take into","page_number":246,"box":{"x":116,"y":87,"width":721,"height":12}},{"id":"777ae2c5-3383-4953-93fb-d71cbb5646ec","block_type":"box","text":"consideration the effect of a buyback program on the company’s balance sheet and executive","page_number":246,"box":{"x":116,"y":102,"width":701,"height":13}},{"id":"99050e34-8daf-42d7-acdc-b2cb04b20af6","block_type":"box","text":"compensation arrangements and the price at which shares are repurchased relative to market price.","page_number":246,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"b6ee9b4f-b73d-4ed3-a481-1f695ca9aa90","block_type":"box","text":"We consider it good practice for companies to seek regular approval of these authorities to allow","page_number":246,"box":{"x":116,"y":134,"width":721,"height":12}},{"id":"ced184c8-0ce3-4336-a8d7-a97c74447cae","block_type":"box","text":"shareholders to take into consideration how prior authorities were used, as well as the current","page_number":246,"box":{"x":116,"y":149,"width":700,"height":12}},{"id":"ede08fbc-ec93-4b07-bbfb-678650a0f9ce","block_type":"box","text":"circumstances of the company and the market environment.","page_number":246,"box":{"x":116,"y":165,"width":451,"height":12}},{"id":"782b862d-c230-4a84-8d78-a9a00a156013","block_type":"box","text":"Dividends","page_number":246,"box":{"x":117,"y":193,"width":84,"height":10}},{"id":"dc904530-c870-4837-a45b-7d3448f24f07","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further","page_number":246,"box":{"x":116,"y":222,"width":752,"height":12}},{"id":"f63b6a8d-c97c-4877-b4cd-cdf7fe509e0f","block_type":"box","text":"clarification where a proposed dividend appears out of line with the company’s financial position.","page_number":246,"box":{"x":116,"y":238,"width":720,"height":12}},{"id":"6acc7d66-926d-4d81-96ba-36ae9d9ad992","block_type":"box","text":"Differentiated voting rights","page_number":246,"box":{"x":117,"y":266,"width":219,"height":12}},{"id":"b2f5a194-f8d4-4314-b9a4-ad6e91a88914","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same","page_number":246,"box":{"x":116,"y":295,"width":710,"height":12}},{"id":"48c37cbe-5d05-47ea-a302-ec0a4e4751da","block_type":"box","text":"economic exposure. Certain companies, particularly those new to public markets, could make the case","page_number":246,"box":{"x":116,"y":311,"width":768,"height":12}},{"id":"c1a0f1d9-203b-4fdf-a46e-7ba10e3aa25d","block_type":"box","text":"to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage","page_number":246,"box":{"x":116,"y":326,"width":755,"height":12}},{"id":"633c7d35-5bdc-475e-a5e0-fc0e1ce3de81","block_type":"box","text":"companies to evaluate and seek approval for their capital structure on a periodic basis.","page_number":246,"box":{"x":116,"y":342,"width":650,"height":11}},{"id":"3d47565d-fbc6-46c9-adc4-12cbba165936","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":246,"box":{"x":320,"y":377,"width":364,"height":9}},{"id":"b630475e-a4fe-47f2-a39b-b340701bc910","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own","page_number":246,"box":{"x":116,"y":406,"width":712,"height":12}},{"id":"21d8acc9-1efc-4337-8edd-87e1a929c054","block_type":"box","text":"detailed analyses of proposals.","page_number":246,"box":{"x":116,"y":421,"width":235,"height":12}},{"id":"6a5942b2-5550-49c9-97de-810097841627","block_type":"box","text":"Mergers and acquisitions","page_number":246,"box":{"x":117,"y":457,"width":206,"height":12}},{"id":"0a22436f-f561-4df9-9896-e5dc0048a8f2","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as","page_number":246,"box":{"x":116,"y":485,"width":745,"height":12}},{"id":"b1a8d7e5-aa7a-4b66-9f94-90463b0d7185","block_type":"box","text":"minority shareholders. Management should provide an assessment of the proposed transaction’s","page_number":246,"box":{"x":117,"y":501,"width":725,"height":12}},{"id":"917d918b-4a17-4ee9-84ea-4de5125cf41b","block_type":"box","text":"strategic and financial rationale, along with its execution and operational risks. We review each","page_number":246,"box":{"x":116,"y":516,"width":709,"height":12}},{"id":"89e303de-aed7-473e-8332-0dffb2bfd221","block_type":"box","text":"transaction independently based on these factors and the degree to which the transaction enhances","page_number":246,"box":{"x":116,"y":532,"width":748,"height":12}},{"id":"5c25eb85-cd78-4148-9f6f-e4d1b7ce6449","block_type":"box","text":"shareholder value. The board might consider establishing an ad hoc transaction committee to","page_number":246,"box":{"x":116,"y":547,"width":699,"height":12}},{"id":"b025e05e-fe41-48fe-bda1-33c594e51b00","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its","page_number":246,"box":{"x":117,"y":563,"width":757,"height":12}},{"id":"93d9f034-4d91-4628-b767-0cb771d19093","block_type":"box","text":"recommendation to shareholders.","page_number":246,"box":{"x":117,"y":578,"width":254,"height":10}},{"id":"8ec6e859-ebbd-4ded-9df5-4bc25f7a1f57","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial","page_number":246,"box":{"x":116,"y":607,"width":703,"height":12}},{"id":"fe320091-1243-4617-9a9b-27d9837ce01d","block_type":"box","text":"interests.","page_number":246,"box":{"x":117,"y":623,"width":72,"height":9}},{"id":"94b35fc0-5d89-420d-bb32-a99688d3aa76","block_type":"box","text":"Anti-takeover defenses","page_number":246,"box":{"x":116,"y":651,"width":190,"height":10}},{"id":"9c8549ff-4dee-40b5-b94a-06a26898b01f","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":246,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"dfc44e05-fa79-409e-b2a9-7d880e3b19b2","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered","page_number":246,"box":{"x":116,"y":696,"width":726,"height":12}},{"id":"757baa84-2a15-4f73-835a-04114a16fb39","block_type":"box","text":"long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a","page_number":246,"box":{"x":117,"y":711,"width":746,"height":12}},{"id":"cb68effa-f108-4145-8b8a-9020d9f11ff6","block_type":"box","text":"takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly,","page_number":246,"box":{"x":116,"y":727,"width":754,"height":12}},{"id":"d55228ad-ec94-4b98-a437-f1d27ef4d232","block_type":"box","text":"management could make the case to use a poison pill to block a shareholder activism campaign that","page_number":246,"box":{"x":117,"y":742,"width":746,"height":12}},{"id":"395bcb46-3b2e-45af-b836-5e88b7de412c","block_type":"box","text":"may be counter to the interests of other investors. Defense mechanisms introduced in these","page_number":246,"box":{"x":117,"y":758,"width":681,"height":12}},{"id":"f8882ff3-0405-47bb-9d42-030cfd348534","block_type":"box","text":"circumstances should be limited in term and threshold, and also be closely monitored by the","page_number":246,"box":{"x":116,"y":773,"width":683,"height":12}},{"id":"69ea0cfa-e219-4600-a5e0-81c1bc43c1d5","block_type":"box","text":"independent members of the board. We consider it good practice for companies to put to a shareholder","page_number":246,"box":{"x":117,"y":789,"width":766,"height":12}},{"id":"c81d17a5-055c-48c7-91c1-575b24ce874a","block_type":"box","text":"vote any mechanisms expected to be in place for more than 12 months.","page_number":246,"box":{"x":116,"y":804,"width":532,"height":12}},{"id":"a20ec464-e09a-469a-b107-6ec3aa857e96","block_type":"box","text":"Shareholder activism","page_number":246,"box":{"x":116,"y":833,"width":175,"height":9}},{"id":"c3e8397b-7112-4fdf-8bd5-9af786ef550a","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to","page_number":246,"box":{"x":116,"y":862,"width":732,"height":12}},{"id":"5976f177-09fe-4e4d-ad23-0117e0772a76","block_type":"box","text":"understand their analysis and objectives, once they have publicly disclosed their campaign. We may","page_number":246,"box":{"x":117,"y":877,"width":748,"height":12}},{"id":"63697d6e-9375-419a-8015-20ea3c517bf5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":246,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"025b4a32-25b0-4d80-a993-aa2ccbb32a91","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":246,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"879409f9-7cda-4262-9b11-d15bae6fbecb","block_type":"box","text":"11","page_number":246,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"dfc37dfe-8ea2-471f-884a-8be7541c53b7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":246,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"13e34504-daf8-4d24-8f3a-dbe7505d1507","block_type":"box","text":"also engage with company management and possibly board members, especially those the activist","page_number":247,"box":{"x":116,"y":87,"width":741,"height":12}},{"id":"b01ae881-0d4a-45cb-9d3d-38870949c0cd","block_type":"box","text":"may be seeking to replace. In our assessment, we evaluate various factors, including the concerns","page_number":247,"box":{"x":117,"y":102,"width":737,"height":13}},{"id":"4c47432c-2a2d-4f44-af4b-9e4ab758bc75","block_type":"box","text":"raised by the activist and the case for change; the quality of both the activist’s and management’s","page_number":247,"box":{"x":117,"y":118,"width":728,"height":12}},{"id":"7fdb3f13-fd73-4e69-ae71-f04c2562cdd6","block_type":"box","text":"plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":247,"box":{"x":117,"y":134,"width":723,"height":12}},{"id":"e1e8d7a5-5468-43fb-ae1a-b8577fb860b2","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":247,"box":{"x":116,"y":149,"width":610,"height":12}},{"id":"bbfc4fc8-e443-464a-b244-d459ce2aca13","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent","page_number":247,"box":{"x":116,"y":181,"width":728,"height":12}},{"id":"f21dd126-1cd5-4a80-aa6b-427b1ca8dd64","block_type":"box","text":"judgment, or the relevant portfolio manager has determined that there is a case for change to enhance","page_number":247,"box":{"x":115,"y":196,"width":767,"height":12}},{"id":"b33f986f-738b-42f0-9582-1cf13bf7c6ea","block_type":"box","text":"shareholder value, or if the incumbent board members do not demonstrate the relevant skills and","page_number":247,"box":{"x":116,"y":212,"width":725,"height":11}},{"id":"cf35a079-7377-48a0-8817-be2ab0588fca","block_type":"box","text":"expertise or have a poor track record of protecting shareholders’ interests.","page_number":247,"box":{"x":116,"y":227,"width":556,"height":12}},{"id":"e15df3f1-dfb8-46d6-bfdb-0aae2c86a31a","block_type":"box","text":"Significant shareholders and related party transactions","page_number":247,"box":{"x":116,"y":259,"width":446,"height":12}},{"id":"385275c5-c9fb-4e91-bed1-79c116c6f4c3","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":247,"box":{"x":117,"y":291,"width":768,"height":12}},{"id":"432b6e0e-095d-4ad1-9feb-d37b25199470","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":247,"box":{"x":117,"y":306,"width":534,"height":12}},{"id":"b7fe99c0-4ed6-41e4-ac0d-64c7b7f24204","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or","page_number":247,"box":{"x":116,"y":338,"width":751,"height":12}},{"id":"e7f18a6a-ce0f-47fd-9050-10b69e5f8e11","block_type":"box","text":"companies affiliated with the public company, to be disclosed in detail and conducted on terms similar","page_number":247,"box":{"x":116,"y":354,"width":760,"height":12}},{"id":"16af7e20-9aa9-4633-ab88-fcb052210aae","block_type":"box","text":"to what would objectively have been agreed with a non-related party. In our view, such transactions","page_number":247,"box":{"x":116,"y":369,"width":743,"height":12}},{"id":"96e1a89b-411f-454e-b635-90edcdba8381","block_type":"box","text":"should be reviewed and approved by the independent members of the board, and if voted on, only","page_number":247,"box":{"x":116,"y":385,"width":734,"height":12}},{"id":"d79878b3-30b3-4817-b7ce-47a868c92ed7","block_type":"box","text":"disinterested shareholders should vote.","page_number":247,"box":{"x":116,"y":400,"width":297,"height":10}},{"id":"0b4eb6f0-1757-4ffb-96ca-de1302b0b1f9","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":247,"box":{"x":257,"y":440,"width":490,"height":12}},{"id":"c641d15f-15b8-43db-b949-acb054ca7848","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s","page_number":247,"box":{"x":117,"y":472,"width":742,"height":12}},{"id":"b55261c3-394f-4274-a30b-0c6c4d4ba1f6","block_type":"box","text":"strategy, its implementation and financial performance, as well as to assess the quality of management","page_number":247,"box":{"x":116,"y":487,"width":770,"height":12}},{"id":"3a861fca-82a6-4e12-b347-3dccef9ed327","block_type":"box","text":"and operations and potential for the company to create shareholder value over time. We consider it","page_number":247,"box":{"x":116,"y":503,"width":741,"height":12}},{"id":"cfd1cbf4-9a48-44f2-a835-128d9b1b2224","block_type":"box","text":"good practice for the board to oversee corporate reporting and the policies and procedures","page_number":247,"box":{"x":116,"y":518,"width":679,"height":12}},{"id":"7934b207-b50b-4e24-834b-1e851102e09d","block_type":"box","text":"underpinning the internal audit function and external audit.","page_number":247,"box":{"x":117,"y":534,"width":436,"height":12}},{"id":"4b8c5f73-ec49-4e6b-9bf7-019186840480","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other","page_number":247,"box":{"x":116,"y":566,"width":734,"height":12}},{"id":"4fb78003-c916-4210-a7fd-cfa2fd1159f2","block_type":"box","text":"stakeholders, on its financial performance and position. It should provide an accurate and balanced","page_number":247,"box":{"x":116,"y":581,"width":742,"height":12}},{"id":"8a27be37-5538-4abb-b790-1c2e02a42128","block_type":"box","text":"assessment of the risks and opportunities the company faces in realizing its long-term strategy.","page_number":247,"box":{"x":116,"y":597,"width":712,"height":12}},{"id":"65daf53f-e26b-40dd-a69d-50e1497171aa","block_type":"box","text":"Accordingly, the assumptions made by management and reviewed by the auditor in preparing the","page_number":247,"box":{"x":116,"y":612,"width":729,"height":12}},{"id":"fdb51a68-ab97-41ee-aabc-dafcedf3ff3e","block_type":"box","text":"financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":247,"box":{"x":116,"y":628,"width":744,"height":12}},{"id":"ce3cde12-cda1-4b53-8e62-df05c75fe7a6","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted","page_number":247,"box":{"x":116,"y":643,"width":755,"height":12}},{"id":"68b65562-8be4-46b4-8abe-46fac6e848a6","block_type":"box","text":"accounting principles should be explained in detail and justified. Accounting restatements should be","page_number":247,"box":{"x":116,"y":659,"width":745,"height":12}},{"id":"dac1537c-4cf3-4742-8f4b-63d489a88d31","block_type":"box","text":"explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":247,"box":{"x":116,"y":674,"width":631,"height":12}},{"id":"4b9f125f-b896-40bc-ac5b-8d8c99c409cd","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":247,"box":{"x":117,"y":706,"width":763,"height":12}},{"id":"8374eeca-cd83-4876-82b5-5954c845be1c","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction,","page_number":247,"box":{"x":117,"y":721,"width":731,"height":13}},{"id":"fd65b040-8788-4d55-ab9b-a67a02501a39","block_type":"box","text":"non-financial information, internal control frameworks and Enterprise Risk Management systems. In","page_number":247,"box":{"x":117,"y":737,"width":737,"height":12}},{"id":"38972b11-0ed9-4aa3-bec0-1621012030af","block_type":"box","text":"our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":247,"box":{"x":116,"y":752,"width":725,"height":13}},{"id":"06a64226-7024-47e6-98d4-c76837a16f3e","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders. Audit committees","page_number":247,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"64c00f44-edfd-4868-868c-20bd534ce4ce","block_type":"box","text":"should have a procedure in place for assessing the independence of the auditor and the quality of the","page_number":247,"box":{"x":116,"y":784,"width":753,"height":12}},{"id":"5b89ed69-f023-4f74-aca8-2eb66f10977a","block_type":"box","text":"external audit process annually.","page_number":247,"box":{"x":116,"y":799,"width":235,"height":12}},{"id":"50c6d81b-bec4-4e24-833b-1c41509cad8a","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to","page_number":247,"box":{"x":116,"y":831,"width":771,"height":12}},{"id":"13228bdb-8a4f-42c0-95ed-5c4669350bf8","block_type":"box","text":"how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when","page_number":247,"box":{"x":117,"y":846,"width":758,"height":12}},{"id":"5bda7d73-2fb9-41fd-8398-c2ea571bb349","block_type":"box","text":"companies provide robust, standardized disclosures on their material sustainability-related risks and","page_number":247,"box":{"x":116,"y":862,"width":747,"height":12}},{"id":"bac03211-0e31-402a-a406-716978def77c","block_type":"box","text":"opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet","page_number":247,"box":{"x":116,"y":877,"width":743,"height":12}},{"id":"902c99ad-9799-42f3-bc7b-ba6e04e849da","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":247,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"58611881-1f9f-4366-bb4e-a45e6324e3a4","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":247,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"fd9623a7-c8e8-4ced-b0f1-0a698789924a","block_type":"box","text":"12","page_number":247,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"b60e400e-67ea-4e3e-93ce-f45776f12756","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":247,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"06ef3fa9-27a0-4da3-a4ba-725ec441029c","block_type":"box","text":"these objectives through its reporting standards, which may be helpful to companies in preparing such","page_number":248,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"10f35049-6ce4-4aa1-a19f-2df382ede7a3","block_type":"box","text":"reports.","page_number":248,"box":{"x":117,"y":103,"width":54,"height":11}},{"id":"62102ff1-7734-46d2-8158-1a1e4819eee7","block_type":"box","text":"9","page_number":248,"box":{"x":173,"y":103,"width":5,"height":6}},{"id":"909ed900-17ad-40bb-a944-613aa922b02c","block_type":"box","text":"However, we do not mandate any specific disclosure framework, and note that companies in","page_number":248,"box":{"x":179,"y":102,"width":696,"height":13}},{"id":"21de3b29-3d30-49b5-a4df-d7c98dcbd009","block_type":"box","text":"certain jurisdictions are subject to mandatory reporting requirements under standards specified by","page_number":248,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"d3b07528-e9c2-4b58-a175-d56865fad383","block_type":"box","text":"policy makers.","page_number":248,"box":{"x":117,"y":134,"width":105,"height":12}},{"id":"786b82d0-65a4-42b0-b083-0374f1de666e","block_type":"box","text":"10","page_number":248,"box":{"x":224,"y":134,"width":11,"height":6}},{"id":"c6fbf6be-247e-43a4-935d-73358ec03c6d","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":248,"box":{"x":117,"y":161,"width":765,"height":12}},{"id":"053d4c1d-f89c-40be-9568-60c2c2ec6786","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for","page_number":248,"box":{"x":116,"y":176,"width":759,"height":12}},{"id":"8175bd1e-248c-4075-b65e-aa179bce7e96","block_type":"box","text":"employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior","page_number":248,"box":{"x":116,"y":192,"width":738,"height":12}},{"id":"127c56fc-828f-4d92-aaa7-012071c34f98","block_type":"box","text":"management and the board are aware of potential misconduct or breaches in risk management and","page_number":248,"box":{"x":117,"y":207,"width":745,"height":12}},{"id":"2a4f197f-10d7-4ef0-bdb2-e7191e2cd8e8","block_type":"box","text":"internal control processes.","page_number":248,"box":{"x":117,"y":223,"width":200,"height":12}},{"id":"58b51b18-9d72-43a4-a991-5d5d6dbb4ee6","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in","page_number":248,"box":{"x":116,"y":250,"width":748,"height":12}},{"id":"f9824df0-4e7d-40ae-bf7a-8c6d05e88260","block_type":"box","text":"the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope","page_number":248,"box":{"x":116,"y":266,"width":752,"height":12}},{"id":"89d2207d-ed35-45d7-980e-047bb2997567","block_type":"box","text":"and focus of the audit, as well as any critical audit matters identified and how these were resolved. A","page_number":248,"box":{"x":116,"y":281,"width":751,"height":12}},{"id":"69725202-b5ad-4407-a0a3-8baf8c0f3744","block_type":"box","text":"comprehensive and effective audit is time and resource intensive, and the audit fee should be","page_number":248,"box":{"x":116,"y":297,"width":700,"height":12}},{"id":"3976da2d-6b1c-4c9a-9ab2-9be6e48a1f77","block_type":"box","text":"commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a","page_number":248,"box":{"x":116,"y":312,"width":771,"height":12}},{"id":"5138f0b3-732d-4e0b-801d-e93c40dc46ed","block_type":"box","text":"degree that may prompt concerns about the independence of the audit. The audit committee should","page_number":248,"box":{"x":116,"y":328,"width":746,"height":12}},{"id":"000ad0f1-a76b-44b5-bf10-90190fb12b74","block_type":"box","text":"explain its position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":248,"box":{"x":116,"y":343,"width":728,"height":12}},{"id":"20a41f46-8ffb-45aa-a0b7-57d4a11af9e8","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or","page_number":248,"box":{"x":116,"y":370,"width":740,"height":12}},{"id":"2fbc3ad1-a842-4e34-a07c-7eab12fd7829","block_type":"box","text":"there are material misstatements in financial reports. In markets where relevant, we may vote against a","page_number":248,"box":{"x":116,"y":386,"width":771,"height":12}},{"id":"2e87e87b-237f-4c55-8578-c1eb20b6ee46","block_type":"box","text":"proposal to approve the financial statements or the discharge of the board when we are concerned","page_number":248,"box":{"x":117,"y":401,"width":737,"height":12}},{"id":"c352e029-fb96-49f3-a54d-bce318e4d742","block_type":"box","text":"about the quality of corporate reporting or the audit. We may vote against proposals to appoint the","page_number":248,"box":{"x":116,"y":417,"width":734,"height":12}},{"id":"ed482e9b-ebd1-48ff-9afd-646aae1af6fb","block_type":"box","text":"auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor’s","page_number":248,"box":{"x":116,"y":432,"width":702,"height":12}},{"id":"767d970a-6569-4129-abcc-667bdb2c64a8","block_type":"box","text":"independence, the quality of the audit, or there are material misstatements in financial reports and the","page_number":248,"box":{"x":117,"y":448,"width":760,"height":12}},{"id":"0e74d434-f9d4-42c7-a5d2-8f9b99c4e9cb","block_type":"box","text":"board has not established reasonable remediation plans.","page_number":248,"box":{"x":117,"y":464,"width":426,"height":11}},{"id":"b4009bcf-ceb3-4aa1-bbb6-7d744b52976a","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":248,"box":{"x":318,"y":496,"width":369,"height":10}},{"id":"4fa628e1-0a97-4425-9719-7b8c88b1275f","block_type":"box","text":"General shareholder meetings","page_number":248,"box":{"x":116,"y":524,"width":247,"height":12}},{"id":"6deb008a-b51a-4aab-b749-49982d53deb3","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine","page_number":248,"box":{"x":117,"y":551,"width":768,"height":12}},{"id":"4581d36e-487c-41ae-bcd7-2047132592b6","block_type":"box","text":"items of business are discussed and voted on by shareholders in attendance or submitting proxy votes.","page_number":248,"box":{"x":117,"y":567,"width":771,"height":12}},{"id":"bafa8c32-ce88-4bc7-835b-ed9c4e783a79","block_type":"box","text":"Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so","page_number":248,"box":{"x":117,"y":582,"width":742,"height":12}},{"id":"3bc4a6de-098d-48f3-8b3a-fcfbab8931ae","block_type":"box","text":"that shareholders can take them into consideration in their voting decisions. Many companies offer","page_number":248,"box":{"x":116,"y":598,"width":736,"height":12}},{"id":"506c1864-ed10-4f44-b076-2660b1d96a5f","block_type":"box","text":"shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit","page_number":248,"box":{"x":116,"y":613,"width":758,"height":12}},{"id":"07c06fee-c076-42e7-9f52-aa3c33fb0ba1","block_type":"box","text":"the rights of shareholders to participate as they would during an in-person meeting.","page_number":248,"box":{"x":116,"y":629,"width":622,"height":12}},{"id":"49b82dad-b1e9-48f0-a25f-13187765d4e7","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are","page_number":248,"box":{"x":116,"y":656,"width":757,"height":12}},{"id":"dc1343b8-33a2-4dc9-b01a-8337f6ad8e56","block_type":"box","text":"not provided in a timely manner or do not provide sufficient information for us to make an informed","page_number":248,"box":{"x":117,"y":671,"width":728,"height":12}},{"id":"dae953c3-fd6f-4c0d-99da-9535a9b6e501","block_type":"box","text":"voting decision. We may vote against directors if the format of the shareholder meeting does not","page_number":248,"box":{"x":116,"y":687,"width":715,"height":12}},{"id":"c0d7c977-88c4-476f-8d80-d95d2f03c8f6","block_type":"box","text":"accommodate reasonable shareholder participation.","page_number":248,"box":{"x":116,"y":702,"width":385,"height":12}},{"id":"75376f4b-52df-4298-a260-6fb4ceed58f9","block_type":"box","text":"Bylaw amendments","page_number":248,"box":{"x":117,"y":730,"width":155,"height":12}},{"id":"60ec5909-f100-467d-bad4-30d40d9541b0","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally","page_number":248,"box":{"x":116,"y":757,"width":748,"height":12}},{"id":"0bfd4252-d8f2-46e0-b5ad-dd32316c57cd","block_type":"box","text":"support those that are aligned with the interests of minority shareholders. Any material changes to the","page_number":248,"box":{"x":116,"y":772,"width":755,"height":12}},{"id":"276c068f-d8cc-4455-a56f-06fa86bb6ac1","block_type":"box","text":"bylaws should be explained in detail and put to a shareholder vote.","page_number":248,"box":{"x":117,"y":788,"width":494,"height":12}},{"id":"2376df68-5996-4361-97d0-52960a08dca0","block_type":"box","text":"9","page_number":248,"box":{"x":143,"y":813,"width":4,"height":5}},{"id":"acda6a1a-5107-401d-b05d-2d74dd533052","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":248,"box":{"x":170,"y":813,"width":666,"height":10}},{"id":"b4255cee-b952-418e-866b-3aff4f2a2305","block_type":"box","text":"Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 “General","page_number":248,"box":{"x":171,"y":826,"width":641,"height":8}},{"id":"57c108b4-9a58-466b-a43a-4d58933b6cf2","block_type":"box","text":"Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.”","page_number":248,"box":{"x":171,"y":839,"width":672,"height":9}},{"id":"577da13b-fdf1-412b-8040-15fe464dbfc2","block_type":"box","text":"10","page_number":248,"box":{"x":144,"y":854,"width":8,"height":5}},{"id":"f9b237ab-8bea-41ab-a669-cb6a5398a295","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles","page_number":248,"box":{"x":170,"y":854,"width":705,"height":9}},{"id":"aabe4416-6d61-4b4d-87a9-9c2ae2582945","block_type":"box","text":"issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company","page_number":248,"box":{"x":170,"y":867,"width":615,"height":9}},{"id":"0d0e669a-1815-4856-85a9-38103604e26f","block_type":"box","text":"reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en","page_number":248,"box":{"x":170,"y":880,"width":468,"height":9}},{"id":"d76be283-5320-4079-8628-af7d1883d898","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":248,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"063c98fe-05b3-41df-acd0-0183a5a8f661","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":248,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"3cd2ba90-38d9-403b-af63-1d3be32f6cae","block_type":"box","text":"13","page_number":248,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"0b99ba06-a5ac-4e5f-8daf-0a0f038d2126","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":248,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"105c9765-4696-4912-b471-227309d735bf","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce","page_number":249,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"c8ef4d37-528e-46e2-b38b-b69a659fcb7c","block_type":"box","text":"additional burdens. We may vote against directors if material changes are made to the bylaws without","page_number":249,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"ddcf0174-4228-4076-837d-74ba0040041f","block_type":"box","text":"shareholder approval.","page_number":249,"box":{"x":116,"y":118,"width":167,"height":12}},{"id":"2f33401d-6022-44f1-be82-0d37ce395ce3","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":249,"box":{"x":117,"y":150,"width":688,"height":12}},{"id":"f4095140-5908-44a8-b36c-2e25fa811906","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to call a special meeting of","page_number":249,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"d89822fc-166f-4c1b-a569-b6a27c3d93ab","block_type":"box","text":"shareholders. The shareholding required to exercise this right should balance its utility with the cost to","page_number":249,"box":{"x":116,"y":181,"width":761,"height":12}},{"id":"b6de376d-7f67-475f-bed3-7fe69a306722","block_type":"box","text":"the company of holding special meetings.","page_number":249,"box":{"x":116,"y":196,"width":313,"height":12}},{"id":"fd24fb82-ed3f-4212-9466-f8951730f89d","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":249,"box":{"x":117,"y":228,"width":688,"height":12}},{"id":"55b107d0-9ea0-4899-bb85-fb6c2f49c277","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to nominate directors to the","page_number":249,"box":{"x":117,"y":243,"width":710,"height":12}},{"id":"8a6e0e2a-1338-41bd-9a54-7785854c331d","block_type":"box","text":"company’s board. The threshold for this right should be set so that shareholders can exercise it without","page_number":249,"box":{"x":116,"y":259,"width":770,"height":12}},{"id":"4818217f-b1c8-4d40-811f-14f40b5c468f","block_type":"box","text":"being unduly disruptive to the board’s own nomination process.","page_number":249,"box":{"x":117,"y":274,"width":473,"height":12}},{"id":"e1c1e3bf-5040-4cb6-9c58-dfade7852cc3","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability","page_number":249,"box":{"x":116,"y":306,"width":728,"height":12}},{"id":"eedba660-cc0d-460b-b7a4-595e7b8963cb","block_type":"box","text":"mechanisms. We may vote for a shareholder proposal seeking the addition of either of these","page_number":249,"box":{"x":117,"y":321,"width":691,"height":12}},{"id":"164b9883-2216-4d50-aeb5-e09a6d3d9d39","block_type":"box","text":"provisions to a company’s bylaws.","page_number":249,"box":{"x":117,"y":337,"width":258,"height":12}},{"id":"b14ac1fa-4c2c-458a-a0a5-abf2b536a7aa","block_type":"box","text":"Change of domicile","page_number":249,"box":{"x":116,"y":368,"width":160,"height":12}},{"id":"b5182008-d8b7-4889-93a3-56ef6f21fd4c","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the","page_number":249,"box":{"x":116,"y":400,"width":722,"height":12}},{"id":"2d8e8cb3-74b9-401f-a404-d9cd8f5f8a72","block_type":"box","text":"rationale for doing so is consistent with the company’s long-term strategy and business model and the","page_number":249,"box":{"x":117,"y":415,"width":761,"height":12}},{"id":"ea2dc831-18ec-45d8-a039-dce1d31412e7","block_type":"box","text":"related costs are immaterial.","page_number":249,"box":{"x":117,"y":431,"width":215,"height":9}},{"id":"4a4a6de6-ff76-4d79-b497-02a89451917f","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem","page_number":249,"box":{"x":116,"y":462,"width":757,"height":12}},{"id":"201edf1c-5f98-4e3e-9bec-1fbd38270ac4","block_type":"box","text":"aligned with our clients’ financial interests.","page_number":249,"box":{"x":116,"y":478,"width":318,"height":12}},{"id":"33e03236-cf96-4bb9-b869-0f1f40e6b409","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":249,"box":{"x":116,"y":509,"width":504,"height":12}},{"id":"58155cbe-7bf9-4a9e-b4d6-cf8419c8d4ea","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and","page_number":249,"box":{"x":117,"y":541,"width":762,"height":12}},{"id":"4cb1d900-d504-4fc3-b3c8-4a0c441189eb","block_type":"box","text":"explained in the context of long-term strategy and business dynamics. Such changes may significantly","page_number":249,"box":{"x":116,"y":556,"width":764,"height":12}},{"id":"fd5b34b5-cf80-4c6a-974a-ae0f44562578","block_type":"box","text":"alter an investor’s views on the suitability of a company for their investment strategy or portfolio.","page_number":249,"box":{"x":116,"y":572,"width":716,"height":12}},{"id":"d7e16e45-9300-4b22-9022-12a770066543","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its","page_number":249,"box":{"x":116,"y":603,"width":743,"height":12}},{"id":"9b1d4403-c05b-45d9-a610-67907520d445","block_type":"box","text":"business if the board has not provided a credible argument for change.","page_number":249,"box":{"x":117,"y":619,"width":530,"height":12}},{"id":"042f62f7-fbcb-4fda-81eb-9fe8d17ec95d","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":249,"box":{"x":380,"y":658,"width":244,"height":10}},{"id":"8a979b80-65b4-401b-9cd4-4c793cb2ce9c","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals","page_number":249,"box":{"x":116,"y":690,"width":750,"height":12}},{"id":"9986ea2c-f476-422c-b1f9-7b6dc323e511","block_type":"box","text":"to the general shareholder meeting asking a company to take a particular course of action subject to","page_number":249,"box":{"x":116,"y":705,"width":744,"height":13}},{"id":"2d58b281-2ba5-4795-a720-52bd4875e1c6","block_type":"box","text":"the proposal being supported by a majority of votes cast at the meeting. The topics raised can address","page_number":249,"box":{"x":116,"y":721,"width":762,"height":12}},{"id":"f30e5b0a-bbf4-4d3a-87ff-5ab6cf7e2000","block_type":"box","text":"a range of matters that may be relevant to a company’s business.","page_number":249,"box":{"x":116,"y":736,"width":486,"height":13}},{"id":"8429e9a6-9859-4ae1-95ca-f72963b2aea7","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":249,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"fbb76817-6ff1-43c7-a5b4-11638e8eb87c","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with","page_number":249,"box":{"x":116,"y":784,"width":691,"height":12}},{"id":"0dc7bbc9-4f7a-4424-9b04-f6f7838d5efd","block_type":"box","text":"shareholders’ interests, and what impact the proposal being acted upon might have on financial","page_number":249,"box":{"x":116,"y":799,"width":708,"height":12}},{"id":"bebc4a55-3b43-489c-9f81-7778728b345c","block_type":"box","text":"performance.","page_number":249,"box":{"x":117,"y":814,"width":96,"height":12}},{"id":"4eb2e200-49b2-446a-8501-9921d07a7add","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or","page_number":249,"box":{"x":116,"y":846,"width":711,"height":12}},{"id":"9015d9e7-de6b-4b38-a45e-53ce40190c61","block_type":"box","text":"performance is to engage to understand the apparent difference in perspective. If we are concerned a","page_number":249,"box":{"x":117,"y":861,"width":760,"height":13}},{"id":"7bb52b33-12ce-41b9-af91-dfef39ae7ec1","block_type":"box","text":"company is not acting in shareholders’ financial interests, we may vote against the election of directors.","page_number":249,"box":{"x":116,"y":877,"width":772,"height":12}},{"id":"b82679ec-401f-482a-a448-062e85900caf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":249,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"40b1ea31-79c6-4657-b35b-33484406bcc3","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":249,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"57f25c0a-e7ef-4cf2-bdd5-4936bf14d7d4","block_type":"box","text":"14","page_number":249,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"1e2dc08e-58dd-492b-a94f-bf831a8f997b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":249,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0e0e75e9-32f9-451f-ae37-26d582fd4962","block_type":"box","text":"We may support a relevant shareholder proposal if doing so is aligned with our clients’ financial","page_number":250,"box":{"x":116,"y":87,"width":712,"height":12}},{"id":"d7f0b5f1-95a5-488c-92e2-454ea05fa55e","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company,","page_number":250,"box":{"x":117,"y":103,"width":760,"height":12}},{"id":"899a6488-87f7-40b2-b11a-dfa2bbd1173f","block_type":"box","text":"seek to alter a company’s strategy or direct its operations, or are unrelated to how a company","page_number":250,"box":{"x":116,"y":118,"width":700,"height":12}},{"id":"a5eacda9-3405-4126-b60f-3fe1cbd44ba7","block_type":"box","text":"manages risk or generates financial returns.","page_number":250,"box":{"x":117,"y":134,"width":331,"height":12}},{"id":"c12deba7-2307-4808-9f71-cb6b28a20fb2","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place","page_number":250,"box":{"x":117,"y":164,"width":737,"height":12}},{"id":"56ea0cdb-b7bf-4bf6-b08d-294f2c0e6219","block_type":"box","text":"restrictions and limitations on how we can interact with the companies in which we invest on behalf of","page_number":250,"box":{"x":117,"y":180,"width":755,"height":12}},{"id":"066210b8-4b8a-4a6d-83b9-f6ed8eed92c7","block_type":"box","text":"our clients, including our ability to submit shareholder proposals. We do not submit shareholder","page_number":250,"box":{"x":116,"y":195,"width":712,"height":12}},{"id":"5f436279-24fc-4828-aa98-3c94e1a2669d","block_type":"box","text":"proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":250,"box":{"x":117,"y":211,"width":770,"height":12}},{"id":"8955b70a-711e-4e51-9f31-30c575cb1c3d","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":250,"box":{"x":351,"y":249,"width":302,"height":10}},{"id":"0de776e6-bb90-42dd-b477-793cc257c87a","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the","page_number":250,"box":{"x":116,"y":280,"width":733,"height":12}},{"id":"8b7b4e82-4adf-47e6-9e6a-ee581851bcca","block_type":"box","text":"jurisdictions in which they engage. When a corporation reports material financial risk related to policy","page_number":250,"box":{"x":115,"y":295,"width":754,"height":12}},{"id":"c5bb0fb3-752e-4524-960a-2d40654ed436","block_type":"box","text":"and or regulatory changes, BAIS may seek to understand how it is addressing the material risk","page_number":250,"box":{"x":116,"y":311,"width":708,"height":12}},{"id":"e7a955e2-5dce-4ead-8148-35e54535fa50","block_type":"box","text":"identified. We seek to understand how companies engage in corporate political activities and ensure","page_number":250,"box":{"x":117,"y":326,"width":748,"height":12}},{"id":"58181a75-f208-4481-8ffd-18e19660ed6e","block_type":"box","text":"that their participation is consistent with their public statements on policy matters material to the","page_number":250,"box":{"x":116,"y":342,"width":714,"height":12}},{"id":"1b2fa477-0402-4e7c-b4d1-5c24db05200c","block_type":"box","text":"company’s long-term strategy. The board should be aware of the approach taken by management on","page_number":250,"box":{"x":116,"y":357,"width":756,"height":12}},{"id":"2224b675-b1f6-481e-b9d5-7e605f03696f","block_type":"box","text":"corporate political activities as there can be reputational risks arising from inconsistencies between a","page_number":250,"box":{"x":116,"y":373,"width":752,"height":12}},{"id":"8a8fa38c-f5c5-4e96-9236-ad66fe12b65f","block_type":"box","text":"company’s policy engagement and stated policy positions. Companies should, as a minimum, meet all","page_number":250,"box":{"x":116,"y":388,"width":764,"height":12}},{"id":"ddbdc18f-5e25-4608-bfb6-04823838ec6a","block_type":"box","text":"regulatory disclosure requirements on political activities. We may engage a company where we would","page_number":250,"box":{"x":117,"y":404,"width":759,"height":12}},{"id":"40aa5d94-0be6-4cfc-93e6-8a71774abe71","block_type":"box","text":"like to better understand its approach to policy engagement, where relevant.","page_number":250,"box":{"x":117,"y":419,"width":569,"height":12}},{"id":"d2fd7dfd-c5bb-4cd8-86cc-0028e9939f88","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their","page_number":250,"box":{"x":116,"y":450,"width":737,"height":12}},{"id":"4264fb3d-4319-4001-ad37-afa5064d0a5c","block_type":"box","text":"policy priorities and the policy positions of the trade associations of which they are active members and","page_number":250,"box":{"x":117,"y":465,"width":770,"height":13}},{"id":"216a9f81-4cba-435f-956e-143e7b431621","block_type":"box","text":"any engagements undertaken by trade associations on behalf of members.","page_number":250,"box":{"x":116,"y":481,"width":562,"height":12}},{"id":"81fa467a-fe28-4119-ab9a-35650112d4fa","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s","page_number":250,"box":{"x":116,"y":512,"width":712,"height":12}},{"id":"ac510586-62f5-41e3-b25d-778e07c096b6","block_type":"box","text":"disclosures are insufficient to address the material risk it has identified.","page_number":250,"box":{"x":116,"y":527,"width":530,"height":10}},{"id":"7f3ac89b-9746-4470-a4db-1d4d21355d0a","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":250,"box":{"x":223,"y":565,"width":559,"height":10}},{"id":"8f78c300-f5bb-4fbf-b502-4201c95afebe","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their","page_number":250,"box":{"x":116,"y":596,"width":751,"height":12}},{"id":"68b19220-0013-4ea8-a96d-73f7bd931881","block_type":"box","text":"business operations. In our experience, sustainability-related factors","page_number":250,"box":{"x":117,"y":612,"width":505,"height":12}},{"id":"63379549-c83d-420a-838b-962a27c8a6af","block_type":"box","text":"11","page_number":250,"box":{"x":624,"y":612,"width":9,"height":6}},{"id":"562f1683-f02d-4c2d-a6f8-3b7027f9319f","block_type":"box","text":"that are relevant to a company’s","page_number":250,"box":{"x":635,"y":612,"width":249,"height":12}},{"id":"3688ddba-7fbf-4b85-a301-f4f0156059a4","block_type":"box","text":"business or material to its financial performance, are generally operational considerations embedded","page_number":250,"box":{"x":117,"y":627,"width":752,"height":12}},{"id":"523909a6-ca8c-4876-8986-a01307c8d24d","block_type":"box","text":"into day-to-day management systems. Certain sustainability issues may also inform long-term strategic","page_number":250,"box":{"x":117,"y":643,"width":769,"height":12}},{"id":"387b4098-3d68-4925-ba42-0d448094df32","block_type":"box","text":"planning, for example, investing in product innovation in anticipation of changing consumer demand or","page_number":250,"box":{"x":117,"y":658,"width":763,"height":12}},{"id":"d9e408a2-a1c2-4584-92f0-d90fa6f42b9c","block_type":"box","text":"adapting supply chains in response to changing regulatory requirements.","page_number":250,"box":{"x":116,"y":674,"width":540,"height":12}},{"id":"14105399-d79c-4a9e-a5fd-d9adce73a394","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business","page_number":250,"box":{"x":116,"y":704,"width":763,"height":12}},{"id":"a03e77ef-ac1b-41ed-9ee3-6378aa4216c8","block_type":"box","text":"relevant will vary by company business model, sector, key markets, and time horizon, amongst other","page_number":250,"box":{"x":117,"y":720,"width":747,"height":12}},{"id":"f7180af2-dfe1-42a9-b0f4-fad8a933e05d","block_type":"box","text":"considerations. From company disclosures and our engagement, we aim to understand how","page_number":250,"box":{"x":116,"y":735,"width":684,"height":12}},{"id":"f9d9b3bd-24d8-409a-aead-7f31b5264b1c","block_type":"box","text":"management is identifying, assessing and integrating material sustainability-related risks and","page_number":250,"box":{"x":117,"y":751,"width":688,"height":12}},{"id":"acf800a9-8aeb-4b56-8441-1f7c48a45d61","block_type":"box","text":"11","page_number":250,"box":{"x":144,"y":776,"width":7,"height":5}},{"id":"e1a01aab-772e-401e-886e-ea65b63695ad","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":250,"box":{"x":171,"y":776,"width":691,"height":10}},{"id":"064a5378-e87b-4bf6-941e-6792de654875","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":250,"box":{"x":170,"y":789,"width":686,"height":10}},{"id":"0b208c3c-c02c-453c-8589-85324bac28e1","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":250,"box":{"x":170,"y":802,"width":682,"height":9}},{"id":"d9e47bdc-6228-4055-9b40-dd308b0afaf7","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":250,"box":{"x":170,"y":815,"width":683,"height":9}},{"id":"ac37331c-347a-4e6f-b1ea-4a0d683362b8","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively","page_number":250,"box":{"x":170,"y":828,"width":708,"height":9}},{"id":"93e7a295-a069-4e34-bd37-f532ec032904","block_type":"box","text":"evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is","page_number":250,"box":{"x":170,"y":841,"width":707,"height":9}},{"id":"6cfb22f2-13be-4278-a31c-b3be384f9f99","block_type":"box","text":"the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk","page_number":250,"box":{"x":170,"y":853,"width":658,"height":10}},{"id":"c1a4603b-9fc8-4411-ba5b-b1d8a68489cc","block_type":"box","text":"oversight of business-relevant and material sustainability-related considerations is a component of a sound governance","page_number":250,"box":{"x":170,"y":866,"width":708,"height":10}},{"id":"63065914-2535-4032-bfd8-b4643da63106","block_type":"box","text":"framework.","page_number":250,"box":{"x":170,"y":879,"width":65,"height":8}},{"id":"6797634b-7fca-4413-9f78-11f3d4fad80d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":250,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"99bac750-72ef-41ea-add5-f6db8e518ddb","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":250,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"3c20d740-79fd-41c7-b5be-b2cf3354dcd7","block_type":"box","text":"15","page_number":250,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"9809226c-1671-480e-bd9c-659ad6b2d409","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":250,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"1a7f3f38-f08a-4475-bde3-2d60b4d2b00c","block_type":"box","text":"opportunities into their business decision-making and practices. Doing so helps us undertake a more","page_number":251,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"9929fcd4-9317-472a-af2e-0c1d88714cac","block_type":"box","text":"holistic assessment of a company’s potential financial performance and the likely risk-adjusted returns","page_number":251,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"ce1d73c1-1883-43f5-a9d2-a15ae8d7401f","block_type":"box","text":"of an investment.","page_number":251,"box":{"x":116,"y":118,"width":133,"height":10}},{"id":"395e9d27-668c-4e0c-9caf-4a7a4148bf1d","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about","page_number":251,"box":{"x":116,"y":145,"width":753,"height":12}},{"id":"678596a2-99a3-46a2-94ef-011c1e7ef206","block_type":"box","text":"how a company is managing or disclosing its approach to material sustainability-related risks that may","page_number":251,"box":{"x":117,"y":161,"width":761,"height":12}},{"id":"2998256a-11f5-4c8b-8c49-e25949231eef","block_type":"box","text":"impact financial returns.","page_number":251,"box":{"x":117,"y":176,"width":181,"height":12}},{"id":"1c46bfc5-46b0-440b-a335-9075aff87ccd","block_type":"box","text":"KEY STAKEHOLDERS","page_number":251,"box":{"x":412,"y":209,"width":182,"height":10}},{"id":"d73a3063-94b2-4b0e-950d-5d825fa89ce4","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various","page_number":251,"box":{"x":117,"y":236,"width":727,"height":12}},{"id":"24680323-5aec-4211-880c-e21293dc7d9d","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key","page_number":251,"box":{"x":117,"y":252,"width":766,"height":12}},{"id":"0d94326c-1141-4be2-a8a7-3495b32cb51d","block_type":"box","text":"stakeholders based on what is material to their business and long-term financial performance. For","page_number":251,"box":{"x":116,"y":267,"width":731,"height":12}},{"id":"34f84b6e-e688-4a04-ba76-b3636bb5c178","block_type":"box","text":"many companies, key stakeholders include employees, business partners (such as suppliers and","page_number":251,"box":{"x":117,"y":283,"width":726,"height":12}},{"id":"eae5814e-3a49-4c85-8548-b86f163d6593","block_type":"box","text":"distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":251,"box":{"x":116,"y":298,"width":687,"height":12}},{"id":"749ca20e-a88b-4a8a-ba9c-4564fb903f8d","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our","page_number":251,"box":{"x":117,"y":314,"width":730,"height":12}},{"id":"5b94da20-0b60-4c56-bf77-eeca6bdc13d2","block_type":"box","text":"experience, more likely to be financially resilient over time.","page_number":251,"box":{"x":116,"y":329,"width":438,"height":12}},{"id":"0fe1c7e4-d830-4863-9836-6e33e238ccc7","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":251,"box":{"x":246,"y":362,"width":513,"height":10}},{"id":"23222679-9ae9-4048-9b2f-28a6c8df37c7","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial","page_number":251,"box":{"x":117,"y":389,"width":737,"height":12}},{"id":"578f449e-064e-43cb-a543-4a87f44ca467","block_type":"box","text":"objectives. Consistent with the objectives of those investment strategies, our stewardship activity in","page_number":251,"box":{"x":116,"y":405,"width":741,"height":12}},{"id":"f51f75a5-831e-41e3-95f1-1790a1239827","block_type":"box","text":"relation to the holdings in those funds differs in some respects from BAIS’ benchmark guidelines, which","page_number":251,"box":{"x":117,"y":420,"width":771,"height":12}},{"id":"8a9dd8d7-c037-46a3-b22e-7c28f5f5ec48","block_type":"box","text":"are described above. Specifically, for those funds’ holdings, we look to investee companies to","page_number":251,"box":{"x":116,"y":436,"width":699,"height":12}},{"id":"fe03a78d-d2ab-45fd-b056-341e679911f1","block_type":"box","text":"demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":251,"box":{"x":116,"y":451,"width":742,"height":12}},{"id":"9d044d86-4a92-40ad-8c7d-233167e7b4ac","block_type":"box","text":"would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C","page_number":251,"box":{"x":116,"y":467,"width":759,"height":12}},{"id":"72f89bb7-e0a3-4aa8-ad8e-2a6155fcd82e","block_type":"box","text":"above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock","page_number":251,"box":{"x":116,"y":482,"width":771,"height":12}},{"id":"645bf230-e5a4-4c06-9c2e-84540f106f2f","block_type":"box","text":"to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":251,"box":{"x":116,"y":498,"width":698,"height":12}},{"id":"9186c30d-e83e-46fe-acb4-4fb6ae74900f","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable","page_number":251,"box":{"x":116,"y":514,"width":770,"height":11}},{"id":"85ab55c9-bc72-46a6-984c-7478e862c8f5","block_type":"box","text":"fund board or client.","page_number":251,"box":{"x":116,"y":529,"width":153,"height":9}},{"id":"047566e9-b88a-4cb3-a413-9b792bde9e3a","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services","page_number":251,"box":{"x":116,"y":556,"width":766,"height":12}},{"id":"3e3b9efb-12da-4141-8ba9-101f3187867b","block_type":"box","text":"that contribute to real world decarbonization or have a carbon intensive business model and face","page_number":251,"box":{"x":116,"y":571,"width":724,"height":10}},{"id":"7a6254cc-7458-4727-a0cd-a3862cfd1edb","block_type":"box","text":"outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3","page_number":251,"box":{"x":116,"y":587,"width":754,"height":12}},{"id":"f1417d92-1dc0-484a-a1ca-bf49e445e247","block_type":"box","text":"greenhouse gas emissions. These companies should provide disclosures that set out their","page_number":251,"box":{"x":116,"y":603,"width":675,"height":12}},{"id":"36e1fba1-4e71-4b5c-9d09-f2448293a4ed","block_type":"box","text":"governance, strategy, risk management processes and metrics and targets relevant to","page_number":251,"box":{"x":116,"y":618,"width":646,"height":12}},{"id":"9b5cee79-1937-4a8e-9395-1c8efebd4da1","block_type":"box","text":"decarbonization. It is helpful to investors’ understanding when these disclosures include an explanation","page_number":251,"box":{"x":116,"y":634,"width":770,"height":12}},{"id":"414fd7dc-f998-42af-8d18-a3026287ee86","block_type":"box","text":"of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its","page_number":251,"box":{"x":116,"y":649,"width":760,"height":12}},{"id":"5f2819c2-4a59-45a0-ac21-4c5ba6b67b22","block_type":"box","text":"scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for","page_number":251,"box":{"x":116,"y":665,"width":735,"height":12}},{"id":"b1f9472c-f0f3-4e37-85f7-8305b2bc569a","block_type":"box","text":"scope 1 and 2 emissions.","page_number":251,"box":{"x":116,"y":680,"width":188,"height":12}},{"id":"be1664ec-4a3f-438f-8ae0-653de6e78f41","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against","page_number":251,"box":{"x":117,"y":707,"width":739,"height":12}},{"id":"58dff319-e96b-4d0f-8e24-453ee825baf7","block_type":"box","text":"directors or support for a relevant shareholder proposal if a company does not appear to be adequately","page_number":251,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"95c44316-f17c-4cd5-9f03-1d35b79ec080","block_type":"box","text":"acting to address or disclosing material climate-related risks, consistent with the parameters set out in","page_number":251,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"53c6ffeb-a9f1-4be8-bc9d-9de99926f2e8","block_type":"box","text":"these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder","page_number":251,"box":{"x":116,"y":754,"width":744,"height":12}},{"id":"1e5510f8-12ce-4a08-97b1-93f8da29f74e","block_type":"box","text":"proposals seeking information relevant to a company’s stated low-carbon transition strategy or targets","page_number":251,"box":{"x":117,"y":769,"width":755,"height":12}},{"id":"aac4f953-e40a-463e-947a-a8b31af1c310","block_type":"box","text":"that the company does not currently provide and that would be helpful to investment decision-making.","page_number":251,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"b2fabf65-8acc-474b-a74a-303aadf0bd54","block_type":"box","text":"We would not recommend support for shareholder proposals that seek to constrain board or","page_number":251,"box":{"x":116,"y":800,"width":684,"height":12}},{"id":"0d754123-5257-4ccd-9f85-d666c8b6b4e6","block_type":"box","text":"management decision-making or direct specific business or strategic decisions. As under the BAIS","page_number":251,"box":{"x":117,"y":816,"width":730,"height":12}},{"id":"e26f5c40-a616-4561-89d4-1d5227c678ba","block_type":"box","text":"benchmark approach, the active portfolio managers are ultimately responsible for voting consistent","page_number":251,"box":{"x":117,"y":831,"width":737,"height":12}},{"id":"ec519357-6ebd-4dff-bb11-05cdf61a1ba3","block_type":"box","text":"with their investment mandate and fund objectives. For the funds and accounts in scope, voting on","page_number":251,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"9eb4efea-1725-45aa-a38d-160e9b23bf57","block_type":"box","text":"matters not related to climate risk and the energy transition is undertaken in line with BAIS’ benchmark","page_number":251,"box":{"x":117,"y":862,"width":765,"height":12}},{"id":"08336830-bdf3-4123-acbf-d5ac7368beab","block_type":"box","text":"guidelines.","page_number":251,"box":{"x":116,"y":878,"width":85,"height":12}},{"id":"94c73fae-d061-426b-b190-1363eccd3eda","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":251,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"bbadb411-e2ec-466d-a6d6-999bf9255885","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":251,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"ff72907e-b3f1-4188-88d5-0b49520db8ab","block_type":"box","text":"16","page_number":251,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"42f71cac-feb2-47db-b3a1-b20cd686b69e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":251,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"63022eea-b4c7-460b-a658-f9ab257e9154","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR INVESTMENT STEWARDSHIP","page_number":252,"box":{"x":171,"y":87,"width":662,"height":10}},{"id":"d3a77204-3ba0-47c8-b402-321d3f2582d8","block_type":"box","text":"RESPONSIBILITIES","page_number":252,"box":{"x":423,"y":102,"width":159,"height":10}},{"id":"ad50ae6a-26d5-4ecb-af0d-dbcdc3a23096","block_type":"box","text":"Oversight","page_number":252,"box":{"x":116,"y":132,"width":83,"height":12}},{"id":"ebe8fae0-c644-4f98-bf74-e0edbe2cedf2","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including","page_number":252,"box":{"x":116,"y":161,"width":764,"height":12}},{"id":"8228ab93-3ebd-4cbf-a0c9-d7835667d79e","block_type":"box","text":"voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and","page_number":252,"box":{"x":116,"y":177,"width":726,"height":12}},{"id":"6cce1a39-ca5e-414d-9d3b-487941550754","block_type":"box","text":"Voting Guidelines (the “Guidelines”), which require the application of professional judgment and","page_number":252,"box":{"x":116,"y":192,"width":714,"height":12}},{"id":"4b7093c8-3f87-46df-b61b-e9f598e4fc43","block_type":"box","text":"consideration of each company’s unique circumstances, as well as input from active investors. BAIS is","page_number":252,"box":{"x":116,"y":208,"width":765,"height":12}},{"id":"ce859825-7ff7-4642-9fcf-a9ec5b91a80a","block_type":"box","text":"independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":252,"box":{"x":117,"y":223,"width":704,"height":12}},{"id":"3a707eca-f12e-4cb3-b470-66c30deafc09","block_type":"box","text":"reporting lines, and oversight.","page_number":252,"box":{"x":117,"y":239,"width":224,"height":12}},{"id":"38fbd123-8d85-4051-81a2-4d580e28fed4","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders","page_number":252,"box":{"x":116,"y":268,"width":765,"height":12}},{"id":"5014d664-3d75-4cb0-bcfd-68db9277fd9d","block_type":"box","text":"in BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s","page_number":252,"box":{"x":117,"y":283,"width":742,"height":12}},{"id":"612a648f-421c-43f1-9ae5-3a5acf5d4958","block_type":"box","text":"approach to investment stewardship on non-index equity investment strategies. The Group may advise","page_number":252,"box":{"x":116,"y":299,"width":769,"height":12}},{"id":"efa58d09-4d3d-4115-b86a-703f2edef3e3","block_type":"box","text":"on and review amendments to BAIS’ policies and practices. It does not determine voting decisions,","page_number":252,"box":{"x":116,"y":314,"width":739,"height":12}},{"id":"0288fb2a-45ba-43ff-b9d1-77c454276251","block_type":"box","text":"which are the responsibility of BAIS and the relevant active equity investors.","page_number":252,"box":{"x":116,"y":330,"width":568,"height":12}},{"id":"209bfcd9-3b54-4537-ba64-4d9f1952f182","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues,","page_number":252,"box":{"x":117,"y":359,"width":721,"height":12}},{"id":"1a0988cf-0cbd-4e29-aa1b-ca2aa1520ce6","block_type":"box","text":"executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a","page_number":252,"box":{"x":116,"y":375,"width":757,"height":12}},{"id":"cf8f2792-0488-4328-b603-417ff4a21640","block_type":"box","text":"manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues","page_number":252,"box":{"x":117,"y":390,"width":757,"height":12}},{"id":"a86f497e-ad1f-4c96-886d-f1d0d041ea01","block_type":"box","text":"and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":252,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"7ab5ff7f-ff85-4da0-9757-ac0fd60ccaf2","block_type":"box","text":"the corporate governance field. BAIS may use third parties for certain of the foregoing activities and","page_number":252,"box":{"x":116,"y":421,"width":744,"height":12}},{"id":"1209100b-2718-4648-a3e5-d62a7da97d52","block_type":"box","text":"performs oversight of those third parties (see “Use and oversight of third-party vote services providers”","page_number":252,"box":{"x":117,"y":437,"width":765,"height":12}},{"id":"d5991893-b6ee-4d9e-976a-3b3c98efa675","block_type":"box","text":"below).","page_number":252,"box":{"x":117,"y":452,"width":58,"height":12}},{"id":"ea9c1e11-0202-4486-bbe5-778c6f9b3006","block_type":"box","text":"Voting guidelines and vote execution","page_number":252,"box":{"x":116,"y":482,"width":302,"height":11}},{"id":"ad6f1127-7dcc-4caf-bef2-0ff7dddffe95","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the","page_number":252,"box":{"x":117,"y":511,"width":735,"height":12}},{"id":"a9540fe7-96b7-49c2-ae51-8b0f1353f35d","block_type":"box","text":"voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have","page_number":252,"box":{"x":116,"y":526,"width":728,"height":12}},{"id":"07be222e-7c07-4f35-8743-ef699f26dd56","block_type":"box","text":"voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting","page_number":252,"box":{"x":116,"y":542,"width":730,"height":12}},{"id":"becff86f-8ce7-4617-aa9e-8b3da1ec6ad1","block_type":"box","text":"authority based on our evaluation of the alignment of the voting items with the long-term economic","page_number":252,"box":{"x":116,"y":557,"width":734,"height":12}},{"id":"8b8b3f3b-8ae4-4ca8-afda-b3c3d4667193","block_type":"box","text":"interests of our clients, in the exercise of our independent business judgment, and without regard to the","page_number":252,"box":{"x":117,"y":573,"width":771,"height":12}},{"id":"fbabd2b2-a525-4bff-8ee0-cf2cca3b67e9","block_type":"box","text":"relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the","page_number":252,"box":{"x":117,"y":588,"width":730,"height":12}},{"id":"3c637791-74d2-4a3b-9da9-70b204cfe6af","block_type":"box","text":"Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":252,"box":{"x":117,"y":604,"width":754,"height":12}},{"id":"f27ea2ee-d031-43f7-98dc-d4249a70e9a9","block_type":"box","text":"management policies and procedures,” below).","page_number":252,"box":{"x":117,"y":619,"width":353,"height":12}},{"id":"dce1fa2d-57ff-40ae-b393-d8a655b26023","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the","page_number":252,"box":{"x":116,"y":648,"width":759,"height":13}},{"id":"b322608a-1a26-4f5a-9cd3-56f99154b04d","block_type":"box","text":"Guidelines, although portfolio managers have the right to vote differently on their holdings if they","page_number":252,"box":{"x":117,"y":664,"width":713,"height":12}},{"id":"c9552638-d02a-4fe7-9d5e-c44524415b6d","block_type":"box","text":"determine doing so is more aligned with the investment objective and financial interests of clients","page_number":252,"box":{"x":116,"y":679,"width":719,"height":13}},{"id":"2d5d0f94-fe32-402d-809e-2d2ac566531f","block_type":"box","text":"invested in the funds they manage.","page_number":252,"box":{"x":117,"y":695,"width":258,"height":12}},{"id":"e63e8897-fed6-4a7f-97fe-c130aadb66e2","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case","page_number":252,"box":{"x":116,"y":724,"width":726,"height":12}},{"id":"e4545d2e-04ce-43de-9a5d-f9f3d57b7633","block_type":"box","text":"basis, in the context of the individual circumstances of each company and the specific issue under","page_number":252,"box":{"x":117,"y":740,"width":728,"height":12}},{"id":"afc344ea-59ae-4385-aea6-2baabcf7a652","block_type":"box","text":"review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they","page_number":252,"box":{"x":117,"y":755,"width":723,"height":12}},{"id":"bc059769-b70f-4cc2-87a1-aea6b24d05a5","block_type":"box","text":"reflect our view about corporate governance issues generally, and provide insight into how we typically","page_number":252,"box":{"x":117,"y":771,"width":761,"height":12}},{"id":"a5b5755a-d59d-4761-9ebf-995a9c9070f9","block_type":"box","text":"approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually","page_number":252,"box":{"x":116,"y":786,"width":747,"height":12}},{"id":"03c37c0e-ac64-46e7-8b08-5dc226db515d","block_type":"box","text":"and updated as necessary to reflect changes in market practices, developments in corporate","page_number":252,"box":{"x":116,"y":802,"width":688,"height":12}},{"id":"3d8841c1-9d0e-48a7-adf1-5cf7e4f77203","block_type":"box","text":"governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":252,"box":{"x":116,"y":817,"width":760,"height":12}},{"id":"6a1b5916-9a91-4512-8cc8-78b1928360a3","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":252,"box":{"x":116,"y":833,"width":751,"height":12}},{"id":"844de0d8-a098-4bcc-8c82-79e76423dc19","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such","page_number":252,"box":{"x":117,"y":862,"width":740,"height":12}},{"id":"6c7ff3e3-8303-41a4-86b5-8cdcec08fafb","block_type":"box","text":"proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i)","page_number":252,"box":{"x":117,"y":877,"width":768,"height":13}},{"id":"4dbcb324-d3ee-4512-8ad6-2692297669a9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":252,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"18a4ef62-209d-407d-918a-f900fbffce49","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":252,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"ae77734d-28e3-43d0-9857-b860afdb7ee6","block_type":"box","text":"17","page_number":252,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"257efa6f-8b4b-4269-99ac-26f9a563da67","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":252,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"acc36767-cfad-4c5a-b65e-3a296f3c62dc","block_type":"box","text":"untimely notice of shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii)","page_number":253,"box":{"x":117,"y":87,"width":735,"height":12}},{"id":"f0790034-fedf-4eff-9024-f27404cf4ec0","block_type":"box","text":"requirements to vote proxies in person; iv) “share-blocking” (requirements that investors who exercise","page_number":253,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"13f0794b-363a-4f30-83bc-dc9e68cc924b","block_type":"box","text":"their voting rights surrender the right to dispose of their holdings from the point at which votes are","page_number":253,"box":{"x":116,"y":118,"width":728,"height":12}},{"id":"a73f29d3-7f23-481d-a015-9709398f28ed","block_type":"box","text":"submitted until after the shareholder meeting has occurred); v) potential difficulties in translating the","page_number":253,"box":{"x":116,"y":134,"width":744,"height":12}},{"id":"e4d5e73f-aabf-4fb2-ba18-b40ea5e6037c","block_type":"box","text":"proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney","page_number":253,"box":{"x":117,"y":149,"width":755,"height":12}},{"id":"509f5825-776e-46e6-92dc-54d3c1b4eda0","block_type":"box","text":"to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights","page_number":253,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"d50cc5f4-19d8-4d4f-a46f-fe36d7e1856e","block_type":"box","text":"such as share-blocking or overly burdensome administrative requirements.","page_number":253,"box":{"x":116,"y":180,"width":560,"height":12}},{"id":"95220392-c02f-414b-899e-95f2fd474e4e","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine","page_number":253,"box":{"x":117,"y":211,"width":759,"height":12}},{"id":"601752fb-bbda-45ff-be23-42f15f0a089f","block_type":"box","text":"that it is generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full","page_number":253,"box":{"x":116,"y":226,"width":723,"height":12}},{"id":"9172b490-c856-4a34-ad02-acc37b7f5b32","block_type":"box","text":"allocation) if the costs (including but not limited to opportunity costs associated with share-blocking","page_number":253,"box":{"x":116,"y":242,"width":737,"height":12}},{"id":"f838814d-c0b3-4e44-94c6-791da914ed9f","block_type":"box","text":"constraints) associated with exercising a vote are expected to outweigh the benefit the client would","page_number":253,"box":{"x":116,"y":257,"width":739,"height":12}},{"id":"735d885f-1eca-4a68-9c77-d9914cf8348c","block_type":"box","text":"derive by voting on the proposal.","page_number":253,"box":{"x":116,"y":273,"width":248,"height":12}},{"id":"4b9e2b26-9835-4e82-9bb1-35590a3756a7","block_type":"box","text":"Voting Choice","page_number":253,"box":{"x":116,"y":303,"width":118,"height":13}},{"id":"87287b48-bea0-4e4c-9b3e-b4b0af1e9360","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to","page_number":253,"box":{"x":117,"y":334,"width":733,"height":12}},{"id":"03a0cd59-784d-4085-a63b-f65027dbca55","block_type":"box","text":"participate in the proxy voting process where legally and operationally viable.","page_number":253,"box":{"x":117,"y":350,"width":575,"height":12}},{"id":"f288da44-1889-4eb5-851f-d4fae6a25bd6","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in","page_number":253,"box":{"x":116,"y":380,"width":748,"height":12}},{"id":"daedaf29-1ac9-4de6-88b4-2a7bd0479c67","block_type":"box","text":"the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In","page_number":253,"box":{"x":116,"y":396,"width":716,"height":12}},{"id":"202887ea-fa7a-4b58-9906-5f0c94ee8d25","block_type":"box","text":"addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting","page_number":253,"box":{"x":116,"y":411,"width":764,"height":12}},{"id":"7cb7a8d9-f66f-4889-861f-45c1b41506b9","block_type":"box","text":"Choice regardless of their investment strategies.","page_number":253,"box":{"x":117,"y":427,"width":357,"height":12}},{"id":"a7df2738-238e-43c5-82da-8f25ab27e0ca","block_type":"box","text":"12","page_number":253,"box":{"x":477,"y":427,"width":11,"height":6}},{"id":"8e640a6e-e0ed-4059-8d11-d389b54fd30a","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently","page_number":253,"box":{"x":116,"y":457,"width":740,"height":13}},{"id":"5e46e0df-f103-4c2d-b8ee-983340cd6586","block_type":"box","text":"depending on whether our clients have authorized BAIS to vote on their behalf, have authorized","page_number":253,"box":{"x":116,"y":473,"width":715,"height":12}},{"id":"08a27ccb-6991-481e-bdcd-4703c77f9a3b","block_type":"box","text":"BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance","page_number":253,"box":{"x":117,"y":489,"width":769,"height":12}},{"id":"705028ef-200e-4d0c-9638-f4c99195c2ba","block_type":"box","text":"with their own policy. Our clients have greater control over proxy voting because of Voting Choice.","page_number":253,"box":{"x":116,"y":504,"width":727,"height":12}},{"id":"2b4ba6a2-68c1-46b2-b47a-1d8ac58dd69c","block_type":"box","text":"13","page_number":253,"box":{"x":846,"y":504,"width":10,"height":6}},{"id":"b93bd91a-402b-48ea-98a8-6b0ae6923b9e","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":253,"box":{"x":117,"y":535,"width":452,"height":12}},{"id":"e2b26945-8ee6-447b-a7ad-44ef6058f15e","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations","page_number":253,"box":{"x":116,"y":565,"width":769,"height":12}},{"id":"87d996b2-4e6c-41a0-8cbc-4852fdd44e1b","block_type":"box","text":"on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services","page_number":253,"box":{"x":116,"y":581,"width":746,"height":12}},{"id":"282bcc6d-1949-4523-b699-0b14eabeeadf","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping,","page_number":253,"box":{"x":117,"y":596,"width":754,"height":12}},{"id":"dae1b0fc-f905-48ce-a4d2-4d01390106e7","block_type":"box","text":"and reporting processes. We also use Glass Lewis’ research and analysis as an input into our voting","page_number":253,"box":{"x":116,"y":612,"width":752,"height":12}},{"id":"9c91d927-36af-405c-a1db-96f03455bbf1","block_type":"box","text":"process. It is important to note that, although proxy research firms provide important data and analysis,","page_number":253,"box":{"x":117,"y":627,"width":768,"height":12}},{"id":"1d2cc621-5ee5-4c5f-b615-33bac3210e10","block_type":"box","text":"BAIS does not rely solely on their information or follow their voting recommendations. A company’s","page_number":253,"box":{"x":117,"y":643,"width":738,"height":12}},{"id":"7f0d4fc7-4391-4a55-8f9a-2d78394185ed","block_type":"box","text":"disclosures, our engagements and voting, investment colleagues’ insights and our Guidelines are","page_number":253,"box":{"x":116,"y":658,"width":727,"height":12}},{"id":"edf17ffe-a06e-4459-a7a8-f0c492dbdda0","block_type":"box","text":"important inputs into our voting decisions on behalf of clients.","page_number":253,"box":{"x":117,"y":674,"width":452,"height":12}},{"id":"8c433be9-b230-4f6a-be45-4ed4d4320fb8","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to","page_number":253,"box":{"x":117,"y":705,"width":722,"height":12}},{"id":"07bbab06-b99b-462d-ba1c-162e237e03f7","block_type":"box","text":"streamline the voting process by making voting recommendations based on BAIS’ Guidelines when the","page_number":253,"box":{"x":116,"y":720,"width":765,"height":12}},{"id":"eeeab838-77d6-4c2a-bfe4-d98372c1c30c","block_type":"box","text":"items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred","page_number":253,"box":{"x":117,"y":736,"width":730,"height":12}},{"id":"00424fb2-8b64-43a2-bb0b-1d87d8a83689","block_type":"box","text":"back to BAIS to assess, escalate as necessary to the relevant portfolio managers and vote. BAIS","page_number":253,"box":{"x":117,"y":751,"width":719,"height":12}},{"id":"8f08443e-98f6-4802-931b-793a17c9859b","block_type":"box","text":"reviews and can override the recommendations of the vote services provider at any time prior to the","page_number":253,"box":{"x":117,"y":767,"width":739,"height":12}},{"id":"16897e8b-54fa-4cc9-98e7-563d24e1820d","block_type":"box","text":"vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research","page_number":253,"box":{"x":116,"y":782,"width":735,"height":12}},{"id":"4f2f7a19-801e-44b3-b55a-2775e8571816","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness","page_number":253,"box":{"x":117,"y":798,"width":748,"height":12}},{"id":"d2f17eac-ad6a-4800-8be1-bdf3ea2e6495","block_type":"box","text":"of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":253,"box":{"x":116,"y":813,"width":661,"height":12}},{"id":"e0695dfd-d93a-4353-a3cd-160efd90b2a1","block_type":"box","text":"12","page_number":253,"box":{"x":144,"y":838,"width":8,"height":5}},{"id":"6b943801-35b7-4203-af40-a705ab6ad973","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the","page_number":253,"box":{"x":170,"y":838,"width":679,"height":10}},{"id":"320bdbde-5477-4f84-96c7-693c2b992582","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":253,"box":{"x":170,"y":851,"width":695,"height":10}},{"id":"238f2f15-5dd5-45e2-b56f-d7a681efa4f9","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":253,"box":{"x":170,"y":864,"width":292,"height":10}},{"id":"ec3c2c0f-634b-4f0f-831c-0f624eb88b97","block_type":"box","text":"13","page_number":253,"box":{"x":144,"y":880,"width":8,"height":5}},{"id":"8fefebdf-407d-48af-afb9-0923d972ab4c","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":253,"box":{"x":171,"y":880,"width":678,"height":9}},{"id":"9902a0b9-2ef8-446e-b8c5-f484a680c88a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":253,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"9370b0ae-edfc-41ee-8d15-b3b11f9dbcca","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":253,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"04905c20-cb44-4473-85f5-ebf6b654c7b2","block_type":"box","text":"18","page_number":253,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"c9dc4c58-4c11-4930-beb0-9e7117cf4c7c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":253,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3d74eab6-3cb2-462d-996b-1f2f89a769b1","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are","page_number":254,"box":{"x":117,"y":87,"width":751,"height":12}},{"id":"bc348f77-dc5d-41e2-87be-679d84e29506","block_type":"box","text":"meeting our service level expectations and have effective policies and procedures in place to manage","page_number":254,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"9144500f-eb57-4b5d-b37d-04fbaa9800d4","block_type":"box","text":"potential conflicts of interest. Our oversight of service providers includes regular meetings with client","page_number":254,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"cc28fa71-82f7-4fd6-a476-6c70ff742f54","block_type":"box","text":"service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in","page_number":254,"box":{"x":116,"y":134,"width":771,"height":12}},{"id":"af38c88c-b712-47cd-95e5-9ee75a0cb677","block_type":"box","text":"accordance with BlackRock’s firmwide policies.","page_number":254,"box":{"x":116,"y":149,"width":355,"height":12}},{"id":"0f517fca-e501-4afb-bdb5-cd1c6a6ce65f","block_type":"box","text":"Conflicts management policies and procedures","page_number":254,"box":{"x":116,"y":179,"width":383,"height":12}},{"id":"23aea0f4-8230-4fa2-b34c-4a4a405d150c","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy","page_number":254,"box":{"x":117,"y":209,"width":734,"height":12}},{"id":"2315717a-18c7-42cc-95ab-63c339a10965","block_type":"box","text":"voting activity. Such influence might stem from any relationship between the investee company (or any","page_number":254,"box":{"x":116,"y":225,"width":767,"height":12}},{"id":"fcdc1148-c4b8-4618-886c-fa183d3b841c","block_type":"box","text":"shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a","page_number":254,"box":{"x":116,"y":240,"width":743,"height":12}},{"id":"b5ee7164-2613-4b6b-8583-6d8191f2094c","block_type":"box","text":"Fund’s affiliates, or BlackRock employees. The following are examples of sources of perceived or","page_number":254,"box":{"x":117,"y":256,"width":727,"height":12}},{"id":"c53c5d2f-0265-45fb-80ed-5e5df891f27f","block_type":"box","text":"potential conflicts of interest:","page_number":254,"box":{"x":117,"y":271,"width":216,"height":12}},{"id":"285bf406-4add-4954-b453-27a4f83e0c7f","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":254,"box":{"x":117,"y":301,"width":724,"height":12}},{"id":"cb4f9c35-e088-4b10-9e82-b1621d8f16cb","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of","page_number":254,"box":{"x":117,"y":324,"width":742,"height":12}},{"id":"61b37d64-a456-4a10-8ae1-01dd10da30cf","block_type":"box","text":"shareholder resolutions","page_number":254,"box":{"x":150,"y":340,"width":179,"height":9}},{"id":"b3f6809e-3756-4c1f-8aee-66f3f09e2da4","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by","page_number":254,"box":{"x":117,"y":362,"width":760,"height":12}},{"id":"4e23d2f3-a5ee-455d-9f8f-046656f36f45","block_type":"box","text":"BlackRock","page_number":254,"box":{"x":151,"y":378,"width":83,"height":9}},{"id":"fa8dbaa6-6427-4f95-bc25-39eb9d5e92dd","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by","page_number":254,"box":{"x":117,"y":400,"width":758,"height":12}},{"id":"1aee9ef0-f1a3-4039-a562-9b59d25af4ea","block_type":"box","text":"BlackRock","page_number":254,"box":{"x":151,"y":416,"width":83,"height":9}},{"id":"893cd2f6-8c40-4d94-a8ef-8f87cce15775","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by","page_number":254,"box":{"x":117,"y":439,"width":689,"height":12}},{"id":"dbba700d-94fa-4510-b041-07177d724672","block_type":"box","text":"BlackRock","page_number":254,"box":{"x":151,"y":454,"width":83,"height":10}},{"id":"63346052-3471-49f5-b2d0-e097d02ce605","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies","page_number":254,"box":{"x":117,"y":477,"width":757,"height":12}},{"id":"d597fe15-f3ec-4ebe-a9cc-67de0ca0b80c","block_type":"box","text":"held in Funds managed by BlackRock","page_number":254,"box":{"x":150,"y":493,"width":286,"height":11}},{"id":"17093bfe-339b-4dff-91d8-b689b03712fc","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited","page_number":254,"box":{"x":117,"y":522,"width":759,"height":13}},{"id":"44271bd0-0799-4f74-8506-354012e6ea2b","block_type":"box","text":"to, the following:","page_number":254,"box":{"x":116,"y":538,"width":126,"height":12}},{"id":"f7dccf44-5d2b-42aa-8a5d-e687fdeea8e1","block_type":"box","text":"• Adopted these Guidelines which are designed to advance our clients’ long-term financial interests","page_number":254,"box":{"x":117,"y":568,"width":762,"height":12}},{"id":"0da5882f-ca39-4743-adda-20938b7a85e5","block_type":"box","text":"in the companies in which BlackRock invests on their behalf","page_number":254,"box":{"x":150,"y":583,"width":449,"height":12}},{"id":"cdb9bae8-1cf2-454e-b2d9-5ab93d16db41","block_type":"box","text":"• Established a reporting structure that separates BAIS from employees with sales, vendor","page_number":254,"box":{"x":117,"y":606,"width":698,"height":12}},{"id":"893a2554-629a-4231-9758-b34d96b43d04","block_type":"box","text":"management, or business partnership roles. In addition, BlackRock seeks to ensure that all","page_number":254,"box":{"x":150,"y":622,"width":682,"height":12}},{"id":"13c65f79-eda6-47d6-be29-cdbc151da5d1","block_type":"box","text":"engagements with corporate issuers, dissident shareholders or shareholder proponents are","page_number":254,"box":{"x":150,"y":637,"width":683,"height":12}},{"id":"1c299675-4536-4b1d-bf61-a1db6dd78e05","block_type":"box","text":"managed consistently and without regard to BlackRock’s relationship with such parties. Clients or","page_number":254,"box":{"x":150,"y":653,"width":727,"height":12}},{"id":"da0cc81d-7238-4efd-b466-4e5e8d12e915","block_type":"box","text":"business partners are not given preferential treatment or differentiated access. BAIS prioritizes","page_number":254,"box":{"x":150,"y":668,"width":702,"height":12}},{"id":"e0dbaa26-f30d-4a1e-9971-481c65555af0","block_type":"box","text":"engagements based on factors including, but not limited to, our need for additional information to","page_number":254,"box":{"x":150,"y":684,"width":717,"height":12}},{"id":"a2f42009-ecef-4c38-bd7f-7d0278da7fc0","block_type":"box","text":"make a more informed voting decision or to better understand a company’s perspectives on","page_number":254,"box":{"x":150,"y":699,"width":680,"height":12}},{"id":"22987a8f-2cbe-4574-b1d3-2c8a3d3621eb","block_type":"box","text":"financially material risks and opportunities. Within the normal course of business, BAIS may","page_number":254,"box":{"x":149,"y":715,"width":681,"height":12}},{"id":"7d567bf8-0c68-4c28-996e-305d73c7e2a8","block_type":"box","text":"engage directly with BlackRock clients, business partners and/or third parties, and/or with","page_number":254,"box":{"x":150,"y":730,"width":663,"height":12}},{"id":"0644e475-7d65-4461-ac8a-9d7c90017226","block_type":"box","text":"employees with sales, vendor management, or business partnership roles, in discussions","page_number":254,"box":{"x":150,"y":746,"width":662,"height":12}},{"id":"e371f32a-a12d-4d80-a069-6a8d49ba22e1","block_type":"box","text":"regarding our approach to stewardship, general corporate governance matters, client reporting","page_number":254,"box":{"x":150,"y":761,"width":701,"height":12}},{"id":"cb2f3482-494a-4f23-87f8-7792bc38df64","block_type":"box","text":"needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":254,"box":{"x":150,"y":777,"width":601,"height":12}},{"id":"ba41db31-427a-4be4-916b-b0fa7b8e78fa","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to","page_number":254,"box":{"x":117,"y":800,"width":749,"height":12}},{"id":"4d0aa379-847e-47b4-8197-72cd4fd84f4b","block_type":"box","text":"make proxy voting recommendations as a further safeguard to avoid perceived or potential","page_number":254,"box":{"x":150,"y":815,"width":672,"height":12}},{"id":"9c457d73-a4a4-4305-95fa-e69c37277950","block_type":"box","text":"conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by","page_number":254,"box":{"x":150,"y":830,"width":674,"height":13}},{"id":"924aaf61-8b6c-4c46-8092-006cf9475203","block_type":"box","text":"applicable law. In such circumstances, the independent third-party voting service provider provides","page_number":254,"box":{"x":150,"y":846,"width":737,"height":12}},{"id":"54d328e5-a0a0-4289-9866-cc5ad78a0df8","block_type":"box","text":"BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such","page_number":254,"box":{"x":151,"y":861,"width":693,"height":12}},{"id":"bfd38d35-06b9-4036-af33-8d24f911cbcd","block_type":"box","text":"proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":254,"box":{"x":150,"y":877,"width":722,"height":12}},{"id":"94b0dbc0-1819-4923-b4bd-44085fd8860e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":254,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"8fea09b4-cdd7-498a-9b8f-fd64ecdc2790","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":254,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"071c1f42-73e5-4da2-9966-13aa9831de13","block_type":"box","text":"19","page_number":254,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"63041dc4-78b4-42f0-a142-f383e26e2993","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":254,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d2ed1d64-922d-436b-a8ff-23900b5c981f","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc.","page_number":255,"box":{"x":150,"y":87,"width":698,"height":12}},{"id":"11c27193-862a-4591-8ee1-3a0e2b3fa78a","block_type":"box","text":"BlackRock may also use an independent third-party voting service provider to make proxy voting","page_number":255,"box":{"x":151,"y":103,"width":721,"height":12}},{"id":"649361b1-cce7-49cc-bb70-2b4ead9055dc","block_type":"box","text":"recommendations for certain perceived or potential conflicts of interest, including:","page_number":255,"box":{"x":150,"y":118,"width":608,"height":12}},{"id":"854c9e4b-e304-467b-b51a-361b32f7618b","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":255,"box":{"x":159,"y":141,"width":624,"height":12}},{"id":"4af53dda-3f8d-478d-bdb5-80cdc7c249f5","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a","page_number":255,"box":{"x":159,"y":164,"width":725,"height":12}},{"id":"568fecab-c30d-4e0f-bd26-52a13caf5def","block_type":"box","text":"member of the board of directors","page_number":255,"box":{"x":184,"y":179,"width":248,"height":10}},{"id":"44af62f2-6000-4c74-9434-a889bb664be9","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":255,"box":{"x":159,"y":202,"width":682,"height":12}},{"id":"fd9413dd-b4e0-4c03-b81d-0f742aee77ab","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":255,"box":{"x":159,"y":225,"width":540,"height":12}},{"id":"4806708c-eb37-4d34-84b4-ede371d57e3f","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an","page_number":255,"box":{"x":159,"y":248,"width":663,"height":12}},{"id":"0ad295a6-ba90-47f1-b91c-9a538ebe7327","block_type":"box","text":"independent third-party voting service provider","page_number":255,"box":{"x":184,"y":264,"width":350,"height":11}},{"id":"73f271ca-3327-461d-abd4-1d54886c96d7","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics,","page_number":255,"box":{"x":117,"y":294,"width":727,"height":12}},{"id":"3713a827-7d05-4419-82c5-4aa5c8beb92d","block_type":"box","text":"including but not limited to: independence, an ability to analyze proxy issues and make","page_number":255,"box":{"x":117,"y":309,"width":647,"height":12}},{"id":"15013878-58c0-423f-962a-6908e6d656da","block_type":"box","text":"recommendations in the economic interest of our clients in accordance with the Guidelines, reputation","page_number":255,"box":{"x":117,"y":325,"width":760,"height":12}},{"id":"34263958-e4bc-4a62-b15d-ec3cfc7e14a6","block_type":"box","text":"for reliability and integrity, and operational capacity to accurately deliver the assigned","page_number":255,"box":{"x":116,"y":340,"width":637,"height":12}},{"id":"5808993c-16ff-45a5-b854-73f5b3b1d9cc","block_type":"box","text":"recommendations in a timely manner. We may engage more than one independent third-party voting","page_number":255,"box":{"x":117,"y":356,"width":752,"height":12}},{"id":"5f39ce51-ebc0-4d70-a7d2-7abd75cb4e33","block_type":"box","text":"service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service","page_number":255,"box":{"x":116,"y":371,"width":761,"height":12}},{"id":"5196579a-3a35-4e5f-bb20-9ba454fbd07d","block_type":"box","text":"provider.","page_number":255,"box":{"x":117,"y":387,"width":69,"height":12}},{"id":"e389ab60-e3c4-4149-b6fe-3f308ea7c2f9","block_type":"box","text":"Securities lending","page_number":255,"box":{"x":116,"y":417,"width":149,"height":12}},{"id":"82e88249-9464-4613-b425-a0430fc9d7b1","block_type":"box","text":"If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is","page_number":255,"box":{"x":117,"y":447,"width":764,"height":12}},{"id":"10f948fb-4fc4-4cc9-9c2a-882bd74b2dfc","block_type":"box","text":"a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate","page_number":255,"box":{"x":116,"y":463,"width":763,"height":12}},{"id":"fad3c655-098d-426d-bfd9-3fffe7088cdd","block_type":"box","text":"additional returns which in turn may allow fund providers to offset fund expenses.","page_number":255,"box":{"x":116,"y":478,"width":607,"height":12}},{"id":"e9b07d9a-d7cf-4463-8b56-6af33afda487","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote","page_number":255,"box":{"x":116,"y":508,"width":741,"height":12}},{"id":"a907d692-db76-494e-87eb-7e63f567561e","block_type":"box","text":"shares on loan and may determine to recall them to allow for voting. This decision is guided by our","page_number":255,"box":{"x":116,"y":524,"width":736,"height":12}},{"id":"c5613998-df68-4026-abba-5cb84f765283","block_type":"box","text":"fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While","page_number":255,"box":{"x":116,"y":539,"width":767,"height":12}},{"id":"28af7ace-dd86-4e27-b3ed-a2cff2469e2c","block_type":"box","text":"this has occurred in a limited number of cases, the decision to recall securities on loan as part of","page_number":255,"box":{"x":116,"y":555,"width":720,"height":12}},{"id":"16a1f08f-a347-4ebf-90df-c8ceb0fa70dd","block_type":"box","text":"BlackRock’s securities lending program in order to vote is based on an evaluation of various factors","page_number":255,"box":{"x":117,"y":570,"width":742,"height":12}},{"id":"8fdda0f2-f72a-4636-a80e-5de25bdf9397","block_type":"box","text":"that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":255,"box":{"x":116,"y":586,"width":710,"height":12}},{"id":"5873fc80-a34f-490e-af12-5f9445e66690","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information","page_number":255,"box":{"x":117,"y":601,"width":711,"height":12}},{"id":"1ffecaa0-8226-469e-a439-97baba82de39","block_type":"box","text":"available at the time of recall consideration). BAIS works with active portfolio managers, as well as","page_number":255,"box":{"x":116,"y":617,"width":735,"height":12}},{"id":"10f4927f-d242-4cf4-9fab-ecedcc12a236","block_type":"box","text":"colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling","page_number":255,"box":{"x":116,"y":632,"width":733,"height":12}},{"id":"07c80c72-6aa8-4737-b287-4bdf19ebbc4f","block_type":"box","text":"shares on loan.","page_number":255,"box":{"x":116,"y":648,"width":119,"height":9}},{"id":"618b5bd4-95f2-4ef2-81a6-f45f24477c43","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of","page_number":255,"box":{"x":117,"y":678,"width":745,"height":12}},{"id":"a040db44-bad1-46c2-8e9b-9cdc95de9adc","block_type":"box","text":"voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock","page_number":255,"box":{"x":116,"y":694,"width":758,"height":12}},{"id":"c9282b04-47d9-4166-8ebe-3ff42503f0da","block_type":"box","text":"may determine, in our independent business judgment as a fiduciary, that the value of voting","page_number":255,"box":{"x":117,"y":709,"width":685,"height":12}},{"id":"00f7050b-602e-4d12-9308-c711f298571e","block_type":"box","text":"outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted","page_number":255,"box":{"x":116,"y":725,"width":750,"height":12}},{"id":"89e0d243-94c7-48e4-9363-b4e3e36c55bf","block_type":"box","text":"in those instances.","page_number":255,"box":{"x":117,"y":740,"width":137,"height":10}},{"id":"1ae39de1-862d-4f64-a243-77adffda66b8","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in","page_number":255,"box":{"x":117,"y":770,"width":725,"height":12}},{"id":"d84141b3-e2f4-4497-a63f-a79710e73ff1","block_type":"box","text":"order to vote and may modify it as necessary.","page_number":255,"box":{"x":116,"y":786,"width":338,"height":12}},{"id":"8a671076-bf1b-4c78-b2a2-c72bb0839369","block_type":"box","text":"Reporting and vote transparency","page_number":255,"box":{"x":117,"y":816,"width":262,"height":12}},{"id":"d35e9d8a-4591-45b2-8c86-eee0c70cb579","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform","page_number":255,"box":{"x":117,"y":846,"width":723,"height":12}},{"id":"53833649-becb-41d8-b996-8c62f0835496","block_type":"box","text":"clients about our engagement and voting policies and activities through direct communication and","page_number":255,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"07d953b1-dcac-47b1-bf9c-9855c173deaf","block_type":"box","text":"disclosure on our website.","page_number":255,"box":{"x":116,"y":877,"width":199,"height":10}},{"id":"80e96157-1b75-4dae-a8c6-8d4c5cf7d6a5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":255,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"4c5edb0f-cef5-43d7-82d2-5ba5b9b9bbb5","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":255,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"99c87844-a085-4b90-8cce-04eed0e73e62","block_type":"box","text":"20","page_number":255,"box":{"x":865,"y":909,"width":18,"height":9}},{"id":"110b0670-218e-4e7d-b2f1-913d3f0f1bad","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":255,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5d704290-76e5-493e-95c6-563a9bde388f","block_type":"box","text":"WANT TO KNOW MORE?","page_number":256,"box":{"x":116,"y":707,"width":201,"height":10}},{"id":"0cbeee39-abbb-423a-95d0-eea94f0d7681","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":256,"box":{"x":117,"y":738,"width":535,"height":12}},{"id":"bec2d928-f638-48aa-af7c-7b5806a2aa24","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this","page_number":256,"box":{"x":116,"y":769,"width":748,"height":12}},{"id":"b7c2af20-d788-4225-838b-1c682aa83d63","block_type":"box","text":"information is at the sole discretion of the reader.","page_number":256,"box":{"x":117,"y":785,"width":361,"height":9}},{"id":"e5b002c0-2a2e-4562-ba7c-bcbcd0f18865","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":256,"box":{"x":117,"y":816,"width":209,"height":12}},{"id":"3578d88e-047e-459d-b623-c74879525f6b","block_type":"box","text":"©","page_number":256,"box":{"x":116,"y":846,"width":9,"height":7}},{"id":"ff376ec8-c97b-493d-8cc6-8afad186dd87","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its","page_number":256,"box":{"x":125,"y":847,"width":712,"height":12}},{"id":"e94f8a38-3ce2-4f91-9594-f8c419227b35","block_type":"box","text":"subsidiaries in the United States and elsewhere. All other trademarks are those of their respective","page_number":256,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"f497bd9e-cd90-48a4-b981-e9893ec70f7b","block_type":"box","text":"owners.","page_number":256,"box":{"x":116,"y":880,"width":63,"height":7}},{"id":"78c19bdc-6a1e-406c-a24c-0bcb3a9dfc5b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":256,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"0569fbe7-09ac-477e-a929-f2de2640dd28","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":256,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"b22cffe5-31e0-4d81-b366-befceedbed31","block_type":"box","text":"21","page_number":256,"box":{"x":865,"y":909,"width":16,"height":9}},{"id":"b8a737d7-1096-4834-ab89-6023c6c4a531","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":256,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b69112bb-203b-4e8b-853b-c73a4ce8a569","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":257,"box":{"x":600,"y":87,"width":288,"height":12}},{"id":"f8204ce7-c652-47b1-b5e8-c8a49077b3da","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":257,"box":{"x":346,"y":118,"width":312,"height":12}},{"id":"cded0cdc-749a-4ac5-9c89-21d76d7dead0","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":257,"box":{"x":226,"y":149,"width":548,"height":12}},{"id":"3a71d3ad-0997-48cd-9555-10cfc3f9addd","block_type":"box","text":"Effective Date: January 1, 2025","page_number":257,"box":{"x":383,"y":180,"width":239,"height":12}},{"id":"7f0bdf98-ed80-4c09-aea6-c71b0ca0fd83","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":257,"box":{"x":116,"y":211,"width":566,"height":12}},{"id":"1db71808-fc9e-4150-a970-32d51d68082f","block_type":"box","text":"È","page_number":257,"box":{"x":116,"y":241,"width":16,"height":12}},{"id":"b5a82c57-e20d-4c54-8ed2-21fd5266877d","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":257,"box":{"x":132,"y":242,"width":444,"height":12}},{"id":"998b5f4f-b3fe-493f-bf15-ffcfe06e13ea","block_type":"box","text":"‘","page_number":257,"box":{"x":116,"y":257,"width":16,"height":12}},{"id":"1c37acf3-4ec7-42ab-b342-61a271d48789","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":257,"box":{"x":132,"y":258,"width":663,"height":12}},{"id":"14022d3e-8610-4d75-9920-b024797d0d1f","block_type":"box","text":"‘","page_number":257,"box":{"x":116,"y":272,"width":16,"height":12}},{"id":"6581d16e-6409-4cda-b06a-3d557404c5b6","block_type":"box","text":"Money Market Funds","page_number":257,"box":{"x":132,"y":273,"width":180,"height":12}},{"id":"fbbcde57-1f86-49aa-b1a1-9b6c30672f36","block_type":"box","text":"‘","page_number":257,"box":{"x":116,"y":288,"width":16,"height":12}},{"id":"2a9f042b-93b0-44fd-8901-fb35ce0e4485","block_type":"box","text":"Closed-End Funds","page_number":257,"box":{"x":132,"y":289,"width":161,"height":9}},{"id":"bbf0f611-cd76-491f-90d8-de9a849deab0","block_type":"box","text":"‘","page_number":257,"box":{"x":116,"y":303,"width":16,"height":12}},{"id":"7ef851b2-b6cd-49d1-9646-00c0647bf0a8","block_type":"box","text":"Other","page_number":257,"box":{"x":132,"y":304,"width":64,"height":10}},{"id":"bcd65739-d8b1-4647-84df-df1f6a7cd5f0","block_type":"box","text":"Objective and Scope","page_number":257,"box":{"x":116,"y":335,"width":170,"height":12}},{"id":"ccbe4720-4194-44a5-b7af-c52b31c86f95","block_type":"box","text":"Set forth below is the Index Equity Fund Proxy Voting Policy.","page_number":257,"box":{"x":116,"y":366,"width":456,"height":12}},{"id":"0f0dd884-75c5-43b6-941a-9fdfa55f1aed","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":257,"box":{"x":117,"y":397,"width":396,"height":12}},{"id":"2332d124-d4a2-496d-a8ee-ce574e135389","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":257,"box":{"x":116,"y":428,"width":730,"height":12}},{"id":"07e5fa36-0d27-4919-9d05-cf7bfa36fc42","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the","page_number":257,"box":{"x":117,"y":444,"width":743,"height":12}},{"id":"e221f4f2-54be-4802-abf8-77d1cdcff323","block_type":"box","text":"oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in","page_number":257,"box":{"x":116,"y":459,"width":765,"height":12}},{"id":"3aa445c3-1624-4538-9dee-35d7f16c6c7c","block_type":"box","text":"the best interests of the Funds and their shareholders to delegate the responsibility to vote proxies to","page_number":257,"box":{"x":116,"y":475,"width":754,"height":12}},{"id":"d9e1ed9c-600e-4148-b7ac-e19e2d217fac","block_type":"box","text":"BlackRock, subject to the principles outlined in this Policy, as part of BlackRock’s authority to manage,","page_number":257,"box":{"x":117,"y":490,"width":764,"height":12}},{"id":"84020cb9-f14b-4f29-813a-6375d8980e74","block_type":"box","text":"acquire and dispose of account assets, all as contemplated by the Funds’ respective investment","page_number":257,"box":{"x":116,"y":506,"width":718,"height":12}},{"id":"4f7728f2-9889-44cc-b3b0-0ea191d49500","block_type":"box","text":"management agreements.","page_number":257,"box":{"x":117,"y":521,"width":200,"height":12}},{"id":"59945782-9333-4c76-9063-c1d87a081c7a","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from","page_number":257,"box":{"x":117,"y":552,"width":736,"height":12}},{"id":"f9314e92-6b23-4496-9774-c084c5c49750","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by","page_number":257,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"f97e81b7-f049-4fe1-8f9d-7d6c40c49469","block_type":"box","text":"BlackRock, except for the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines","page_number":257,"box":{"x":117,"y":583,"width":758,"height":12}},{"id":"179b3b08-eb5a-4516-aebe-656aab226ae7","block_type":"box","text":"and procedures (as from time to time amended, the “BlackRock Climate and Decarbonization","page_number":257,"box":{"x":116,"y":599,"width":698,"height":12}},{"id":"d15b60ca-40a4-4218-977f-d9b1719b1207","block_type":"box","text":"Stewardship Guidelines”) governing proxy voting for matters covered in the BlackRock Climate and","page_number":257,"box":{"x":116,"y":614,"width":741,"height":12}},{"id":"fb8df3fc-2400-4b10-8ef4-111ab2585f92","block_type":"box","text":"Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":257,"box":{"x":117,"y":630,"width":565,"height":12}},{"id":"f9be0a14-2990-431c-ad16-3287d2e62dce","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy","page_number":257,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"5e51a847-c27a-4f9b-9d6d-0ecabe603236","block_type":"box","text":"issues in respect of securities held by each such Fund (or may refrain from voting) in accordance with","page_number":257,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"023701f0-c7a1-4d9d-9957-c2302cdfc84c","block_type":"box","text":"the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":257,"box":{"x":116,"y":692,"width":765,"height":12}},{"id":"2c233a58-68d9-4c7d-9f87-a974ddcca3d3","block_type":"box","text":"Conflicts Management","page_number":257,"box":{"x":116,"y":723,"width":179,"height":12}},{"id":"d13e7e6b-00aa-4c48-a0ca-1e3ceb80352e","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent","page_number":257,"box":{"x":117,"y":754,"width":728,"height":12}},{"id":"d3545afd-b9a1-4c47-b2b8-a2da5b42048a","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the","page_number":257,"box":{"x":117,"y":769,"width":758,"height":12}},{"id":"6170f5d6-6bf1-4ba0-9422-6a491b115709","block_type":"box","text":"exercise of proxy voting responsibilities. Potential material conflicts, and the resultant potential for","page_number":257,"box":{"x":116,"y":785,"width":724,"height":12}},{"id":"bcda30ca-2aaa-40cc-9cb0-7b6ece2e24d7","block_type":"box","text":"undue influence, might be due to a relationship between the investee company (or any shareholder","page_number":257,"box":{"x":117,"y":800,"width":735,"height":12}},{"id":"4ada3dcc-084d-430c-86fd-c921a70071de","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or employees, or a Fund or","page_number":257,"box":{"x":117,"y":816,"width":756,"height":12}},{"id":"60ae4f7d-1ac3-4818-ad4d-4886be4245bb","block_type":"box","text":"a Fund’s affiliates. BlackRock has taken certain steps to mitigate potential conflicts, which are outlined","page_number":257,"box":{"x":116,"y":831,"width":763,"height":12}},{"id":"94f96049-7e38-4dc8-a860-02bdd1cf8d8e","block_type":"box","text":"in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":257,"box":{"x":117,"y":847,"width":614,"height":12}},{"id":"2e1ef9f3-45b9-4403-ae83-45fef2e4a046","block_type":"box","text":"BlackRock","page_number":257,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"622ff14c-2f0a-460f-8ae2-0d4a562bed35","block_type":"box","text":"Public Page 1 of 3","page_number":257,"box":{"x":488,"y":878,"width":400,"height":12}},{"id":"a3978b52-6376-4412-a18f-2f400c151b02","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":257,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3d40d964-9406-4dca-9a4a-2ede6d03927f","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":258,"box":{"x":600,"y":87,"width":288,"height":12}},{"id":"15874b3f-f497-41a6-8885-d8a7842ec954","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy","page_number":258,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"75692665-cd71-4138-a81c-7c0e26cb7c09","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy","page_number":258,"box":{"x":116,"y":134,"width":709,"height":12}},{"id":"5df728dd-c960-488e-b1af-549aa2a5d7a9","block_type":"box","text":"regulatory compliance requirements, or as may be otherwise required by applicable law.","page_number":258,"box":{"x":117,"y":149,"width":658,"height":12}},{"id":"a6a96007-2546-4482-b1d9-aa6ef291020e","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be","page_number":258,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"84782eac-a45d-417d-8d28-c7a8eae6ce33","block_type":"box","text":"voted and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary","page_number":258,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"4e0843dd-1b39-4320-a3e3-97ab2f8aa5a6","block_type":"box","text":"responsibility to act in clients’ financial interests. The Guidelines set forth BlackRock’s approach to","page_number":258,"box":{"x":117,"y":211,"width":733,"height":12}},{"id":"4ee61f55-25e2-4cd3-9cca-84aaaa7cc378","block_type":"box","text":"recalling securities on loan in connection with proxy voting.","page_number":258,"box":{"x":117,"y":227,"width":440,"height":12}},{"id":"ed7a3bd2-8db9-4084-97cf-db691973861b","block_type":"box","text":"Reports to the Board","page_number":258,"box":{"x":117,"y":258,"width":171,"height":11}},{"id":"ed8fefac-7bfa-46cf-851f-1f0a997d6245","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process","page_number":258,"box":{"x":117,"y":289,"width":767,"height":12}},{"id":"47fb8933-5961-49c3-a041-731a3ae6d074","block_type":"box","text":"as applicable to the Funds covered by this policy in the preceding year together with a representation","page_number":258,"box":{"x":116,"y":304,"width":756,"height":12}},{"id":"7400ac93-eb10-4891-9986-0429216620b8","block_type":"box","text":"that all votes were in accordance with the Guidelines and the BlackRock Climate and Decarbonization","page_number":258,"box":{"x":116,"y":320,"width":762,"height":9}},{"id":"27f61313-2e74-4b32-bb03-db0a282688a1","block_type":"box","text":"Stewardship Guidelines, as applicable (2) any material changes to the Guidelines and the BlackRock","page_number":258,"box":{"x":116,"y":335,"width":754,"height":12}},{"id":"8a4b45c1-46ce-467b-a2c8-11f3e7b5bd79","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines, including material changes to conflicts","page_number":258,"box":{"x":117,"y":351,"width":693,"height":12}},{"id":"a12db43c-9aaf-4446-bd2c-19cf97801396","block_type":"box","text":"management practices, that have not previously been reported.","page_number":258,"box":{"x":117,"y":366,"width":475,"height":12}},{"id":"92700f4c-e3d6-45d8-9f4b-04142a5c7cac","block_type":"box","text":"BlackRock","page_number":258,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"c26f89c2-4d1c-433b-9dc0-78d3b318076a","block_type":"box","text":"Public Page 2 of 3","page_number":258,"box":{"x":488,"y":878,"width":400,"height":12}},{"id":"d034cf90-82f5-4499-aaab-85a44ca6d64a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":258,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"38c9b21f-fe04-426e-81f8-3677224cf1b0","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":259,"box":{"x":600,"y":87,"width":288,"height":12}},{"id":"dc872a1d-0fc5-41b6-bfb0-aa9c45652e71","block_type":"box","text":"Appendix A","page_number":259,"box":{"x":116,"y":118,"width":98,"height":12}},{"id":"71dc0c60-b3c2-47b9-8c5e-b2a96b85d9b1","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":259,"box":{"x":117,"y":149,"width":422,"height":10}},{"id":"bcfab7fc-735d-4a2e-a192-ddf9979115ff","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":259,"box":{"x":117,"y":165,"width":312,"height":9}},{"id":"e017f0d7-959f-490d-aca6-81df6fc47e27","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":259,"box":{"x":117,"y":180,"width":293,"height":10}},{"id":"c38abd81-565b-4be3-8df9-cd798f6b7a23","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":259,"box":{"x":117,"y":196,"width":303,"height":9}},{"id":"b27f5760-93aa-447a-bbe5-5757a219b67a","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":259,"box":{"x":117,"y":211,"width":279,"height":10}},{"id":"9f23da38-6c1a-4cbf-bc50-96b375400a6e","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":259,"box":{"x":117,"y":227,"width":289,"height":9}},{"id":"21b30c69-97f6-443c-bc98-314140999938","block_type":"box","text":"iShares MSCI ACWI Low Carbon Target ETF","page_number":259,"box":{"x":117,"y":242,"width":341,"height":12}},{"id":"3bfe7046-d601-4f12-826a-ad4fb1f6b0b8","block_type":"box","text":"iShares MSCI KLD 400 Social ETF","page_number":259,"box":{"x":117,"y":258,"width":264,"height":9}},{"id":"8dd85549-107c-42b1-a03e-30808270bf63","block_type":"box","text":"iShares MSCI USA ESG Select ETF","page_number":259,"box":{"x":117,"y":273,"width":275,"height":10}},{"id":"768f8767-9e4f-4465-a319-f4534403e5f7","block_type":"box","text":"iShares Paris-Aligned Climate MSCI USA ETF","page_number":259,"box":{"x":117,"y":289,"width":349,"height":12}},{"id":"a90649da-d153-440d-822f-f00ccac4b66a","block_type":"box","text":"iShares Paris-Aligned Climate MSCI World ex USA ETF","page_number":259,"box":{"x":117,"y":304,"width":420,"height":12}},{"id":"f20d74f8-7670-411a-86fa-4b98dec9ef66","block_type":"box","text":"BlackRock","page_number":259,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"8fde6cbc-68da-45e4-8079-1d210c988f1c","block_type":"box","text":"Public Page 3 of 3","page_number":259,"box":{"x":488,"y":878,"width":400,"height":12}},{"id":"ee5406af-3a80-4aec-a2a0-66392ae43814","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":259,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"dd7ef7a6-b73d-4b67-b363-b124e64673e1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":260,"box":{"x":359,"y":87,"width":287,"height":12}},{"id":"46135a7b-0895-4250-8bb4-25f31654780f","block_type":"box","text":"Global Principles for Benchmark Policies","page_number":260,"box":{"x":335,"y":118,"width":334,"height":12}},{"id":"620ef01a-5d9c-46b6-8546-05d169dfeb2a","block_type":"box","text":"Effective as of January 2026","page_number":260,"box":{"x":388,"y":149,"width":229,"height":12}},{"id":"7ccde7e5-4c9d-4391-b772-6539a4ae8c6f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":260,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e9f5555b-9e4e-4807-9e35-96561feab6b2","block_type":"box","text":"Contents","page_number":261,"box":{"x":117,"y":88,"width":107,"height":14}},{"id":"148ce45f-ea39-491f-81ef-faaddc1ce12d","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":261,"box":{"x":118,"y":124,"width":453,"height":14}},{"id":"87c005fe-9569-42fc-b7a5-47b4471ccbaa","block_type":"box","text":"..........................","page_number":261,"box":{"x":573,"y":134,"width":270,"height":1}},{"id":"8e58cd3f-0444-4c59-9c66-fbaca7f6c02b","block_type":"box","text":"3","page_number":261,"box":{"x":865,"y":126,"width":13,"height":9}},{"id":"c85c4ee0-4a8d-4ad1-bd80-a13f8b97a651","block_type":"box","text":"Philosophy on investment stewardship","page_number":261,"box":{"x":117,"y":150,"width":347,"height":14}},{"id":"6ecddafa-c04c-4397-9330-e2de8088c084","block_type":"box","text":"....................................","page_number":261,"box":{"x":466,"y":159,"width":377,"height":2}},{"id":"4ac91a95-e689-4887-89c1-a2d8241936d3","block_type":"box","text":"3","page_number":261,"box":{"x":865,"y":152,"width":13,"height":9}},{"id":"6e584fce-660d-48d9-9893-5c453e9872e2","block_type":"box","text":"Key governance topics","page_number":261,"box":{"x":117,"y":176,"width":208,"height":14}},{"id":"df402556-80c0-4131-b1db-834bdd3dbca7","block_type":"box","text":".................................................","page_number":261,"box":{"x":327,"y":185,"width":516,"height":2}},{"id":"44688cee-82a6-4993-8fb4-805f476ab9e9","block_type":"box","text":"5","page_number":261,"box":{"x":865,"y":178,"width":13,"height":9}},{"id":"628b34f2-241f-42c2-8fd2-ffad5abaab08","block_type":"box","text":"Boards and directors","page_number":261,"box":{"x":117,"y":202,"width":190,"height":11}},{"id":"2303fa10-f058-4cf4-8ac5-dfd0b83103d1","block_type":"box","text":"..................................................","page_number":261,"box":{"x":317,"y":211,"width":526,"height":2}},{"id":"02ba3ee0-abf9-4a30-baba-a29fba1eda22","block_type":"box","text":"5","page_number":261,"box":{"x":865,"y":204,"width":13,"height":9}},{"id":"2e775705-df91-47e4-a6cc-03b4219ebed3","block_type":"box","text":"Auditors and audit-related issues","page_number":261,"box":{"x":116,"y":227,"width":299,"height":12}},{"id":"f2c142db-d1d4-4002-bb3d-ca65c7fcfb69","block_type":"box","text":"........................................","page_number":261,"box":{"x":424,"y":237,"width":419,"height":2}},{"id":"c19b49cc-c010-4d74-ac56-d25ae77459ea","block_type":"box","text":"8","page_number":261,"box":{"x":865,"y":229,"width":13,"height":10}},{"id":"f3c3df65-5602-45a2-9bc1-44ef1f71ba4a","block_type":"box","text":"Capital structure, mergers, acquisitions, a","page_number":261,"box":{"x":117,"y":253,"width":355,"height":15}},{"id":"ae4f5f91-4091-44be-b9f4-007e1b86f48f","block_type":"box","text":"sset sales, and other special situations . . .","page_number":261,"box":{"x":473,"y":253,"width":370,"height":14}},{"id":"6a5142f6-606a-4b72-b709-4b162abbbbda","block_type":"box","text":"9","page_number":261,"box":{"x":865,"y":255,"width":13,"height":9}},{"id":"fd26eef7-1847-4851-ab7a-d195410e3201","block_type":"box","text":"Executive compensation and benefits","page_number":261,"box":{"x":117,"y":279,"width":338,"height":14}},{"id":"ff9b9d85-57ba-44c0-abaf-30040e07d456","block_type":"box","text":"....................................","page_number":261,"box":{"x":466,"y":289,"width":377,"height":1}},{"id":"5909c1f5-6d49-4f59-af3f-2085ad7c0360","block_type":"box","text":"9","page_number":261,"box":{"x":865,"y":281,"width":13,"height":9}},{"id":"e754069b-52ea-48c2-bbd9-784c6d963eca","block_type":"box","text":"Shareholder protections and other corporate governance matters","page_number":261,"box":{"x":117,"y":305,"width":584,"height":14}},{"id":"01705f08-4cdf-4d56-b2a9-46cf6b9cfcb3","block_type":"box","text":".............","page_number":261,"box":{"x":712,"y":314,"width":131,"height":2}},{"id":"806b57e5-4932-461f-8250-80a41cc88bad","block_type":"box","text":"11","page_number":261,"box":{"x":856,"y":307,"width":22,"height":9}},{"id":"45412956-ef16-437d-af99-91f150cb20e3","block_type":"box","text":"Shareholder proposals","page_number":261,"box":{"x":117,"y":331,"width":207,"height":14}},{"id":"9ab82305-97f3-447b-bc69-4cabef804f3c","block_type":"box","text":".................................................","page_number":261,"box":{"x":327,"y":340,"width":516,"height":2}},{"id":"64019da6-6d24-4e2c-a755-19333669cf84","block_type":"box","text":"11","page_number":261,"box":{"x":856,"y":333,"width":22,"height":9}},{"id":"0b32da92-d73d-4ee6-92a6-444db7e04a3a","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":261,"box":{"x":117,"y":357,"width":473,"height":14}},{"id":"d3448fec-df5f-415b-9661-dbdafd8f26ec","block_type":"box","text":"........................","page_number":261,"box":{"x":595,"y":366,"width":248,"height":2}},{"id":"c6258431-85a0-4d5f-9d79-bcc97569dda2","block_type":"box","text":"12","page_number":261,"box":{"x":856,"y":358,"width":22,"height":10}},{"id":"97f4825c-e000-4297-bc5c-8f4f1bfbd14e","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":261,"box":{"x":117,"y":382,"width":549,"height":15}},{"id":"d2062be0-3617-4b40-b8f7-eb573384c7ac","block_type":"box","text":".................","page_number":261,"box":{"x":670,"y":392,"width":173,"height":2}},{"id":"9f583144-66bf-4e88-92ab-8e0c28b4b51a","block_type":"box","text":"14","page_number":261,"box":{"x":856,"y":384,"width":22,"height":10}},{"id":"e5bd630b-cae8-4640-9c3c-8d7bda7807c4","block_type":"box","text":"Voting Choice","page_number":261,"box":{"x":116,"y":408,"width":131,"height":15}},{"id":"932471e1-eb2b-47c8-8885-0a7fe762d48f","block_type":"box","text":"........................................................","page_number":261,"box":{"x":253,"y":418,"width":590,"height":1}},{"id":"16cb7018-7375-4337-a527-1863a60e04c3","block_type":"box","text":"16","page_number":261,"box":{"x":856,"y":410,"width":22,"height":10}},{"id":"311c2575-c6c7-4804-b265-ab60895cf47d","block_type":"box","text":"Reporting and vote transparency","page_number":261,"box":{"x":117,"y":434,"width":297,"height":14}},{"id":"f7e1da04-ecab-480c-99ee-e4a950f5602a","block_type":"box","text":"........................................","page_number":261,"box":{"x":424,"y":444,"width":419,"height":1}},{"id":"12424ada-4989-48f3-b45d-e2db040ee3af","block_type":"box","text":"16","page_number":261,"box":{"x":856,"y":436,"width":22,"height":9}},{"id":"efca7e5e-d68d-4005-b227-3b25b3a9acd6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":261,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"ba899946-5a41-48dc-9ff1-6adfa886520f","block_type":"box","text":"Global Principles |","page_number":261,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"fee19b63-7b22-46b0-866c-89dcb7bac119","block_type":"box","text":"2","page_number":261,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"8633143c-438e-4b88-8632-ffd83f6c8c5b","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":261,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"adb41d07-c2a8-4af4-93e5-8d645c076e11","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":262,"box":{"x":245,"y":87,"width":515,"height":10}},{"id":"e6b4bd4d-8547-4b80-a4e0-a12738fa2220","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they","page_number":262,"box":{"x":116,"y":118,"width":743,"height":12}},{"id":"13e899f8-6258-4d93-ab17-4a18804810b0","block_type":"box","text":"invest in and is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their","page_number":262,"box":{"x":117,"y":134,"width":736,"height":12}},{"id":"9b30ed48-1fdf-4478-97db-88f728d232e8","block_type":"box","text":"behalf. BlackRock offers a range of proxy voting policies to reflect clients’ individual investment choices","page_number":262,"box":{"x":117,"y":149,"width":770,"height":12}},{"id":"c003f93b-cea3-4820-ace4-419a978157e1","block_type":"box","text":"and goals.","page_number":262,"box":{"x":116,"y":165,"width":82,"height":12}},{"id":"d9496bbb-2f36-4a99-b21b-5039c2725ec6","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’","page_number":262,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"3ac18bdc-148c-48e5-9107-f8ebadce7a15","block_type":"box","text":"assets invested in index equity strategies. BIS takes a long-term approach in our stewardship efforts,","page_number":262,"box":{"x":116,"y":211,"width":754,"height":12}},{"id":"c69d79ea-7f34-4e35-b965-6c4b0f99ec0b","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":262,"box":{"x":117,"y":227,"width":640,"height":12}},{"id":"61e01dce-0e43-40ff-a3f6-0c72a48ffc25","block_type":"box","text":"1. Engaging with the boards and management of companies","page_number":262,"box":{"x":151,"y":250,"width":494,"height":12}},{"id":"0e42cfc9-94a5-46d8-8cf1-f223e8fc8587","block_type":"box","text":"in which clients are invested to","page_number":262,"box":{"x":645,"y":250,"width":238,"height":9}},{"id":"273ecb9f-b49d-4d17-b49f-e4a30474151e","block_type":"box","text":"deepen our understanding of a company’s business model, including how they are overseeing","page_number":262,"box":{"x":184,"y":265,"width":703,"height":12}},{"id":"f97c6d25-618a-454c-b0f7-c29ed13c4f06","block_type":"box","text":"material business risks and opportunities over time, and to help inform our voting on behalf of","page_number":262,"box":{"x":184,"y":281,"width":697,"height":12}},{"id":"fb3dc4d5-4eb7-4c00-bb5d-d92dbdbc8f5e","block_type":"box","text":"clients.","page_number":262,"box":{"x":184,"y":296,"width":50,"height":10}},{"id":"d5011466-2322-46ee-9711-bbf17bd63cd8","block_type":"box","text":"1","page_number":262,"box":{"x":237,"y":296,"width":2,"height":6}},{"id":"3e43d384-e4c5-4b07-becf-d4402ccc3edc","block_type":"box","text":"2. Voting at shareholder meetings","page_number":262,"box":{"x":150,"y":320,"width":284,"height":12}},{"id":"d8b7b0da-449a-495a-86ec-af7dca1a9a58","block_type":"box","text":"on management and shareholder proposals for clients who","page_number":262,"box":{"x":435,"y":320,"width":447,"height":12}},{"id":"65863bda-51df-4150-b9bc-cd66e85b72f6","block_type":"box","text":"have authorized BIS to vote on their behalf.","page_number":262,"box":{"x":184,"y":335,"width":327,"height":10}},{"id":"0c8bf079-cf5f-4450-8ef8-5d7d77c1d34f","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":262,"box":{"x":150,"y":358,"width":427,"height":12}},{"id":"1f4cf077-0429-4ecb-8889-a3b6933a58f1","block_type":"box","text":"to share our perspectives on matters","page_number":262,"box":{"x":578,"y":358,"width":283,"height":12}},{"id":"51f3fed8-0b78-4de0-8e3d-3c9861b20307","block_type":"box","text":"that may impact our clients’ investments.","page_number":262,"box":{"x":183,"y":374,"width":308,"height":12}},{"id":"1fa98668-d874-4c4c-8a03-915dac7b52e9","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":262,"box":{"x":150,"y":397,"width":382,"height":12}},{"id":"2a25daef-bd0c-4e40-a93a-4fd60282ff46","block_type":"box","text":"about our stewardship efforts on their behalf","page_number":262,"box":{"x":532,"y":397,"width":338,"height":12}},{"id":"01a39b41-f4ee-4f1f-a5c9-84154915505d","block_type":"box","text":"through a range of publications on our website and direct client communications.","page_number":262,"box":{"x":183,"y":413,"width":603,"height":12}},{"id":"1ff18652-79cf-4e90-bbff-4ed8a4feec6c","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to","page_number":262,"box":{"x":116,"y":444,"width":713,"height":12}},{"id":"30b0f554-7454-4b68-9d43-50f20eed4c6a","block_type":"box","text":"engaging and voting on corporate governance matters and other material risks and opportunities under","page_number":262,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"684b4f17-9900-4ffb-800a-b1d62a4e8119","block_type":"box","text":"BIS’ Benchmark Policies. The BIS Benchmark Policies – which are comprised of the BIS Global","page_number":262,"box":{"x":117,"y":475,"width":714,"height":12}},{"id":"e362aa65-e92b-46b1-b88d-5341ab715e99","block_type":"box","text":"Principles, regional voting guidelines, and Engagement Priorities – apply to clients’ assets invested","page_number":262,"box":{"x":117,"y":490,"width":737,"height":12}},{"id":"584e56ff-4cf4-428a-92b4-b4fbb9aa6e33","block_type":"box","text":"through index equity strategies, take a financial materiality-based approach, and are focused solely on","page_number":262,"box":{"x":116,"y":506,"width":764,"height":12}},{"id":"944bbaac-e869-4590-bacb-da5f1c20a864","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":262,"box":{"x":116,"y":521,"width":346,"height":12}},{"id":"6a15e532-97c7-4b70-9511-273aac906fd1","block_type":"box","text":"2","page_number":262,"box":{"x":464,"y":521,"width":5,"height":6}},{"id":"56b971ea-b614-42a3-a227-2098a961f084","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":262,"box":{"x":310,"y":560,"width":385,"height":9}},{"id":"f8d478db-64a5-420b-bf69-a142d0853755","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain","page_number":262,"box":{"x":116,"y":591,"width":741,"height":12}},{"id":"863c709c-3d82-4390-b295-2c6d886662c1","block_type":"box","text":"global principles on corporate governance, which guide our approach to stewardship across","page_number":262,"box":{"x":116,"y":607,"width":686,"height":11}},{"id":"e7918d40-2456-457f-9b63-4a7ba783f6a3","block_type":"box","text":"jurisdictions, while recognizing the unique characteristics of the different markets where companies","page_number":262,"box":{"x":115,"y":622,"width":741,"height":12}},{"id":"47198ac1-23f5-4dbb-a1d8-a334910463bc","block_type":"box","text":"operate.","page_number":262,"box":{"x":116,"y":638,"width":66,"height":11}},{"id":"5fd13f8a-94c7-4c09-ae90-4cb7f35c4c89","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As","page_number":262,"box":{"x":116,"y":668,"width":740,"height":12}},{"id":"70c46774-7e2f-45bc-990d-e179cdba5d8f","block_type":"box","text":"one of many minority shareholders in public companies, BlackRock does not direct a company’s","page_number":262,"box":{"x":116,"y":684,"width":713,"height":12}},{"id":"5e6f1275-6e36-4426-b70a-4faa21c99213","block_type":"box","text":"strategy or its implementation, nor how they should manage material business risks. Our role, on","page_number":262,"box":{"x":116,"y":699,"width":717,"height":13}},{"id":"a3510413-18bc-4952-bfa9-2f73edc5fd25","block_type":"box","text":"behalf of clients as long-term investors, is to better understand how corporate leadership is managing","page_number":262,"box":{"x":117,"y":715,"width":751,"height":12}},{"id":"f762a71c-29bc-435a-9ee0-975f231b2ce2","block_type":"box","text":"material risks and capitalizing on opportunities to help protect and enhance the company’s ability to","page_number":262,"box":{"x":117,"y":731,"width":735,"height":12}},{"id":"6e021583-d3fb-4926-8d32-41482b437da4","block_type":"box","text":"deliver long-term financial returns.","page_number":262,"box":{"x":116,"y":746,"width":252,"height":12}},{"id":"4b9f16d5-432c-4e28-8a3e-c9225679a2b6","block_type":"box","text":"1","page_number":262,"box":{"x":144,"y":800,"width":2,"height":4}},{"id":"ab7d9dae-3e59-40e1-8170-24309843e6e9","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":262,"box":{"x":170,"y":799,"width":660,"height":10}},{"id":"37db0b23-53c4-4931-8b94-ba5855147bee","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":262,"box":{"x":170,"y":812,"width":695,"height":10}},{"id":"4b6fe2b4-3ded-4c48-a8b9-c62e14fd1707","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":262,"box":{"x":170,"y":825,"width":707,"height":10}},{"id":"1eeae004-db20-4081-b0b6-372d40c939f8","block_type":"box","text":"of changing or influencing control of any company.","page_number":262,"box":{"x":170,"y":838,"width":298,"height":10}},{"id":"c0b684ff-5d82-4e99-81b5-89c2ebc42971","block_type":"box","text":"2","page_number":262,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"080f70da-d32d-4d20-ac91-5699968ee35f","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":262,"box":{"x":170,"y":854,"width":695,"height":9}},{"id":"f16dda7f-298e-4aab-beaa-df41d9f3e614","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":262,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"78e24631-5b43-45a9-8f6e-4ea3bf646ebc","block_type":"box","text":"material business risk or opportunity.","page_number":262,"box":{"x":170,"y":880,"width":218,"height":9}},{"id":"12f5c04a-b75a-4637-a5b8-06cfb5281bdd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":262,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"bb31e37c-1c86-42cf-8249-dcdce2152871","block_type":"box","text":"Global Principles |","page_number":262,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"d36486e1-1cb2-4759-9c99-46c98cfeb438","block_type":"box","text":"3","page_number":262,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"c5d776b2-936a-49b3-a24d-56a7bda27212","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":262,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2cf970f1-f2b3-4bca-b08d-13f21daa0f07","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":263,"box":{"x":382,"y":87,"width":240,"height":10}},{"id":"d5d83c89-af53-4971-a4bf-dea70f2e2322","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans,","page_number":263,"box":{"x":116,"y":118,"width":760,"height":12}},{"id":"98d0d97e-97bd-4f19-92e1-6258c06b5041","block_type":"box","text":"insurers, official institutions, endowments, universities, charities, family offices, wealth managers, and","page_number":263,"box":{"x":117,"y":134,"width":757,"height":12}},{"id":"c9c58d55-1628-401e-9f3b-562f9904a1e4","block_type":"box","text":"ultimately, the individual investors that they serve. Through stewardship, we assess how companies","page_number":263,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"b458b00b-920d-4b9b-8f75-5cb7860bd93f","block_type":"box","text":"are creating long-term financial value to serve our clients, many of whom are saving for long-term","page_number":263,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"a8bf5984-8304-4a1e-b598-d5f095dd3027","block_type":"box","text":"goals, such as retirement. Our stewardship program – including when engaging with companies and","page_number":263,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"00809f06-d8d9-429d-9fe0-b5f6965b6e74","block_type":"box","text":"voting at shareholder meetings on behalf of clients – is conducted from a long-term investor","page_number":263,"box":{"x":116,"y":196,"width":685,"height":12}},{"id":"de5ab98f-b557-419e-9628-4f3cd58552fa","block_type":"box","text":"perspective and takes a financial materiality-based approach, focused solely on advancing clients’","page_number":263,"box":{"x":117,"y":211,"width":732,"height":12}},{"id":"2f09fd04-2f24-4f1f-a245-597f62167d7c","block_type":"box","text":"long-term financial interests.","page_number":263,"box":{"x":117,"y":227,"width":214,"height":12}},{"id":"3a761385-3bde-47c7-8bc8-e5dc7af40fa2","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen","page_number":263,"box":{"x":117,"y":258,"width":753,"height":12}},{"id":"459640a0-a6f1-44cc-8029-8fcddc3874a7","block_type":"box","text":"our understanding of a company’s business model, including how they are overseeing material","page_number":263,"box":{"x":116,"y":273,"width":708,"height":12}},{"id":"8d019911-8a64-40db-9a38-40c403f214ca","block_type":"box","text":"business risks and opportunities over time, and to help inform our voting on behalf of clients.","page_number":263,"box":{"x":117,"y":289,"width":689,"height":12}},{"id":"12f1360f-555b-4d59-857b-a712be61fb15","block_type":"box","text":"Engagements provide companies with the opportunity to share their perspectives on topics that, in BIS’","page_number":263,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"36b46bb0-1821-46a9-bbef-4db9b7bc663e","block_type":"box","text":"experience, impact the long-term financial returns BlackRock’s clients depend on to meet their financial","page_number":263,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"0d873bce-bedf-4d7b-952f-e09006ad40ea","block_type":"box","text":"goals.","page_number":263,"box":{"x":116,"y":335,"width":49,"height":12}},{"id":"0a35a2cd-64d3-4cab-b8f0-ffa0c3325fb3","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":263,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"09da0a66-2dc3-4b45-bc9e-eace6232b643","block_type":"box","text":"corporate governance. As a fiduciary, BlackRock is legally required to make proxy voting","page_number":263,"box":{"x":116,"y":382,"width":663,"height":12}},{"id":"f4ff428d-4c73-482e-9d14-64f7b8fc14c5","block_type":"box","text":"determinations in a manner that is consistent with the investment objectives of clients who have","page_number":263,"box":{"x":116,"y":397,"width":715,"height":12}},{"id":"638d630f-5f4b-412e-9802-519d0ed16a3b","block_type":"box","text":"delegated voting authority to us. BIS’ Benchmark Policies, and the vote decisions made consistent with","page_number":263,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"4aa1b58b-a7f9-4056-a58e-c911a171d196","block_type":"box","text":"those policies, reflect our reasonable and independent judgment of what is in the long-term financial","page_number":263,"box":{"x":116,"y":428,"width":746,"height":12}},{"id":"37fafcd0-ef03-49eb-af46-604156cc8faa","block_type":"box","text":"interests of clients. Our vote decisions are often informed by several factors, including in-depth","page_number":263,"box":{"x":117,"y":444,"width":706,"height":12}},{"id":"eae34b8c-1b74-4c35-ad11-dc0b43124c0a","block_type":"box","text":"analysis of company disclosures, comparisons against industry peers, third-party research, and, where","page_number":263,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"f76c2cb2-e5c2-4d97-8b21-394b1ef9fa02","block_type":"box","text":"appropriate, engagement with companies.","page_number":263,"box":{"x":116,"y":475,"width":318,"height":12}},{"id":"cbaef3fd-9f4f-4730-97aa-2328c3a9cabc","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at","page_number":263,"box":{"x":117,"y":506,"width":721,"height":12}},{"id":"30526729-5a1b-41d2-bcf2-e26232e90080","block_type":"box","text":"companies which have sound corporate governance and deliver strong financial returns over time.","page_number":263,"box":{"x":116,"y":521,"width":734,"height":12}},{"id":"55de994a-35e7-42c8-bbe2-5c32cb25053c","block_type":"box","text":"When we determine it is in our clients’ financial interests to convey concern to companies through","page_number":263,"box":{"x":116,"y":537,"width":729,"height":12}},{"id":"c9d61533-2aa3-4afc-aa31-c22f21938d45","block_type":"box","text":"voting, we may do so in two forms: we might not support the election of directors or other management","page_number":263,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"47665067-a87f-4642-a593-7fe46ec790ea","block_type":"box","text":"proposals, or we might not support management’s voting recommendation on a shareholder proposal.","page_number":263,"box":{"x":117,"y":568,"width":761,"height":12}},{"id":"37d53572-9b44-4daf-a4a6-5a1e01d03722","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":263,"box":{"x":401,"y":606,"width":202,"height":10}},{"id":"5fa1c77f-dd26-4b73-8b6d-a452e02f7da9","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights","page_number":263,"box":{"x":117,"y":637,"width":762,"height":12}},{"id":"a50a1b24-e482-4351-9a40-6bf161b1a212","block_type":"box","text":"attached to shareholding in most markets, as established by corporate laws, regulations, and listing","page_number":263,"box":{"x":116,"y":653,"width":743,"height":12}},{"id":"34ef3c7e-c1ea-45e2-af34-497dedfc86e4","block_type":"box","text":"rules.","page_number":263,"box":{"x":117,"y":669,"width":38,"height":9}},{"id":"bf51d211-0731-4227-9ed8-09f030675f9a","block_type":"box","text":"3","page_number":263,"box":{"x":157,"y":669,"width":5,"height":6}},{"id":"900ecfc2-58ec-4295-9789-b5d93383436d","block_type":"box","text":"For example, in most markets, shareholders have the right to:","page_number":263,"box":{"x":169,"y":669,"width":456,"height":11}},{"id":"cc92a8a1-7112-46fa-88c2-da29c858679f","block_type":"box","text":"• Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend","page_number":263,"box":{"x":117,"y":699,"width":763,"height":12}},{"id":"47d4334d-296c-4475-9f88-55304d5f8d70","block_type":"box","text":"the corporate charter or bylaws.","page_number":263,"box":{"x":150,"y":715,"width":235,"height":12}},{"id":"6aaf6a1b-0e38-4475-9849-9bad74079edc","block_type":"box","text":"• Vote on key board decisions that are material to the protection of their investment, including but","page_number":263,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"7e1da98b-60cc-4228-9bb2-bf5ed57b6052","block_type":"box","text":"not limited to, changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":263,"box":{"x":150,"y":754,"width":688,"height":12}},{"id":"3aa37514-638c-4d5e-b709-5708beec462c","block_type":"box","text":"• Access sufficient and timely information on governance, strategic, and business matters – where","page_number":263,"box":{"x":117,"y":777,"width":750,"height":12}},{"id":"3166ad5f-a564-42ee-9ba7-5c53438c9b3f","block_type":"box","text":"such matters are material – to make informed decisions.","page_number":263,"box":{"x":150,"y":792,"width":416,"height":10}},{"id":"e25c8414-9e31-4536-b68b-a65d5015c91b","block_type":"box","text":"3","page_number":263,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"07dad8b8-ea6a-448f-9c25-37e46930f1a2","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":263,"box":{"x":171,"y":854,"width":682,"height":9}},{"id":"b009b98e-3fb6-42dc-a00d-2eed4d8031cb","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":263,"box":{"x":170,"y":867,"width":651,"height":9}},{"id":"af8b7614-6ec4-4a44-85d9-dbc4fe4924a4","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":263,"box":{"x":170,"y":880,"width":538,"height":9}},{"id":"d8fe2351-709a-4754-84f0-2d84a5c6a314","block_type":"box","text":"BlackRock Investment Stewardship","page_number":263,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"9c3aa346-726e-4d01-9bd8-a69e576da5ab","block_type":"box","text":"Global Principles |","page_number":263,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"c4d9ac4f-d9a4-430f-90b6-36b7b45335ac","block_type":"box","text":"4","page_number":263,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"35664eee-c769-4d9a-a656-73a56c895843","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":263,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ec801f14-a2dc-4b8e-a3ce-9009d225c892","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":264,"box":{"x":387,"y":87,"width":231,"height":10}},{"id":"cc40ab7b-a56a-426d-bf2a-8fea0141a755","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that","page_number":264,"box":{"x":117,"y":118,"width":700,"height":12}},{"id":"39d96ca4-3d7b-4333-a9c6-69069968c838","block_type":"box","text":"contribute to a company’s ability to create long-term financial value for shareholders. These are topics","page_number":264,"box":{"x":116,"y":134,"width":761,"height":12}},{"id":"52148252-939c-438c-abde-94365187e096","block_type":"box","text":"that shareholders may have the ability to vote on at shareholder meetings. These areas include:","page_number":264,"box":{"x":116,"y":149,"width":717,"height":12}},{"id":"30943300-0c13-4057-a9a2-a19f47e8467e","block_type":"box","text":"• Boards and directors","page_number":264,"box":{"x":117,"y":180,"width":192,"height":10}},{"id":"a866d99b-d51e-4b0b-83e5-5fa89d2bffff","block_type":"box","text":"• Auditors and audit-related issues","page_number":264,"box":{"x":117,"y":203,"width":282,"height":10}},{"id":"93d0f495-71e9-4bef-aeb6-8779743f2dcc","block_type":"box","text":"• Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":264,"box":{"x":117,"y":227,"width":635,"height":12}},{"id":"a7b47d46-6c4f-4cbe-a763-619bb9edb353","block_type":"box","text":"• Executive compensation","page_number":264,"box":{"x":117,"y":250,"width":219,"height":12}},{"id":"e3354e25-7f63-4bca-9b8d-d4db4416d1f6","block_type":"box","text":"• Shareholder protections and other significant corporate governance matters","page_number":264,"box":{"x":117,"y":273,"width":600,"height":12}},{"id":"917a7982-057f-4371-ad66-09c93f41aa10","block_type":"box","text":"• Shareholder proposals","page_number":264,"box":{"x":117,"y":296,"width":206,"height":12}},{"id":"82096377-a03a-43ab-86a2-784aa512f58b","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking","page_number":264,"box":{"x":116,"y":327,"width":744,"height":12}},{"id":"02a0fc0a-20f4-4270-b8f8-f329ac3d95ec","block_type":"box","text":"into consideration a number of company-specific factors, including the sector, market, and business","page_number":264,"box":{"x":117,"y":343,"width":744,"height":12}},{"id":"938eb7d1-f327-49aa-9288-bf0b8f193bed","block_type":"box","text":"environment within which companies operate.","page_number":264,"box":{"x":116,"y":358,"width":345,"height":12}},{"id":"b9925c21-c4a0-44bf-9cc1-82b8f81077aa","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance","page_number":264,"box":{"x":116,"y":389,"width":761,"height":12}},{"id":"fc453944-650f-4bbc-967a-358cc994c9a3","block_type":"box","text":"standards in their domestic market at a minimum, and we ask that, if they do not, they explain how","page_number":264,"box":{"x":116,"y":405,"width":736,"height":12}},{"id":"aa5e6b40-71e8-427e-8ee2-e501bec3fdd6","block_type":"box","text":"their approach better supports durable, long-term financial value creation. Our regional voting","page_number":264,"box":{"x":116,"y":420,"width":698,"height":12}},{"id":"44e89538-763d-4b95-967f-e432d264fc5a","block_type":"box","text":"guidelines explain how the BIS Global Principles inform our voting decisions in relation to common","page_number":264,"box":{"x":116,"y":436,"width":735,"height":12}},{"id":"8dc4b283-f04d-4472-a807-125de616fc02","block_type":"box","text":"ballot items for shareholder meetings in those markets.","page_number":264,"box":{"x":117,"y":451,"width":406,"height":12}},{"id":"50233bfd-ecba-4555-9be6-41011b905820","block_type":"box","text":"4","page_number":264,"box":{"x":525,"y":451,"width":5,"height":7}},{"id":"7a1cd557-eae6-407a-b4ad-5ecd4349ccc5","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":264,"box":{"x":392,"y":490,"width":221,"height":10}},{"id":"db4927a6-e1fe-4784-89a5-32473995e420","block_type":"box","text":"Oversight role of the board","page_number":264,"box":{"x":116,"y":521,"width":221,"height":12}},{"id":"abdc0351-2884-44a6-830e-c931f45bf312","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with","page_number":264,"box":{"x":117,"y":552,"width":676,"height":12}},{"id":"b56162b6-fbf7-43ac-8e4b-b64a48908355","block_type":"box","text":"professional characteristics relevant to a company’s business enhance the board’s ability to add long","page_number":264,"box":{"x":117,"y":568,"width":753,"height":12}},{"id":"29cef395-5f88-4ba3-8f98-c69b1d6085ab","block_type":"box","text":"term financial value and serve as the voice of shareholders in board discussions. In our view, a strong","page_number":264,"box":{"x":116,"y":583,"width":761,"height":12}},{"id":"c3786617-5713-4c0f-9ad4-4c7fc6c55a7e","block_type":"box","text":"board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":264,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"223b41c7-14aa-490d-8efa-bcdc622dce34","block_type":"box","text":"most important management decisions that support long-term financial performance.","page_number":264,"box":{"x":117,"y":614,"width":632,"height":12}},{"id":"39abe053-3f8f-4623-ae52-b7c9bf632d40","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors.","page_number":264,"box":{"x":117,"y":645,"width":768,"height":12}},{"id":"844ee491-0310-4c00-9fae-92586cc1deea","block_type":"box","text":"We engage, as necessary, with members of the board’s nominating and/or governance committee to","page_number":264,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"07106eac-91e1-4eee-bece-b689a7ef80f6","block_type":"box","text":"assess whether governance practices and board composition are effective given a company’s","page_number":264,"box":{"x":116,"y":676,"width":696,"height":12}},{"id":"a3bb5459-81bb-4ecf-8bfa-8a0d0bf44cfb","block_type":"box","text":"business model, sector, market, and the business environment in which a company is operating.","page_number":264,"box":{"x":117,"y":692,"width":713,"height":12}},{"id":"a2a2797e-0ac4-48bc-944e-ccc53043a8ad","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and","page_number":264,"box":{"x":116,"y":723,"width":730,"height":12}},{"id":"c3bc93e4-1637-48c2-ae12-0a6b7bd36612","block_type":"box","text":"effective governance mechanisms that supports its oversight of the company’s strategy and","page_number":264,"box":{"x":116,"y":738,"width":679,"height":12}},{"id":"26fcbd0e-a574-4df0-93c0-84b32fcec0e4","block_type":"box","text":"operations, consistent with the long-term financial interests of investors. This includes having clear","page_number":264,"box":{"x":116,"y":754,"width":731,"height":12}},{"id":"b36aa948-eeb0-408d-87a5-6d157bf742c7","block_type":"box","text":"descriptions of the role of the board and the committees of the board and how directors engage with","page_number":264,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"bcb0b02b-750a-4925-a93d-31ff5cb744b3","block_type":"box","text":"and oversee management, as well as disclosure of material risks that may affect a company’s long","page_number":264,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"6f3df854-c989-40c5-a6e0-d712ec26008d","block_type":"box","text":"term strategy and how management is effectively identifying, managing, and mitigating such risks.","page_number":264,"box":{"x":116,"y":800,"width":726,"height":12}},{"id":"68245c09-5d07-4647-be1e-7226abf0cda9","block_type":"box","text":"4","page_number":264,"box":{"x":143,"y":841,"width":4,"height":5}},{"id":"ca678e31-d4e0-49e7-9879-492fba89d06e","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market, generally","page_number":264,"box":{"x":170,"y":841,"width":702,"height":9}},{"id":"16e9fbe6-48f0-4633-a70b-2885c3a047f6","block_type":"box","text":"accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other","page_number":264,"box":{"x":170,"y":854,"width":712,"height":9}},{"id":"2bb9506a-3143-4590-8e14-3004435271c6","block_type":"box","text":"factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":264,"box":{"x":170,"y":867,"width":688,"height":9}},{"id":"799dc89c-a00e-4466-a922-b736f206f4a8","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant regional voting guidelines.","page_number":264,"box":{"x":170,"y":880,"width":600,"height":9}},{"id":"84c4965c-7470-4af1-a0ed-b8d8637f06c7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":264,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"80c4139b-1d98-4fd7-b9ba-e4ae3ae17be6","block_type":"box","text":"Global Principles |","page_number":264,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"50068b26-322a-4d88-a127-4c2828e6962f","block_type":"box","text":"5","page_number":264,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"770df5eb-4667-43eb-9afb-b0e1709fbc95","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":264,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0b89d25b-1c3e-40d5-9918-aa18f245669b","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should","page_number":265,"box":{"x":117,"y":87,"width":747,"height":12}},{"id":"32ffcd86-4a0d-4fcb-b76e-daa7701e12f3","block_type":"box","text":"assess its implementation is central to our approach. If any strategic targets are significantly missed or","page_number":265,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"89f099a4-213c-44f8-8880-67e3d5f2cfc0","block_type":"box","text":"materially restated, we find it helpful when company disclosures provide a detailed explanation of the","page_number":265,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"34e4fbdc-a022-4d9a-adf2-63f515d4ce0d","block_type":"box","text":"changes and an indication of the board’s role in reviewing the revised targets. We look to the board to","page_number":265,"box":{"x":116,"y":134,"width":759,"height":12}},{"id":"74e0d675-8379-4877-9a2d-96cbb8f1c6d8","block_type":"box","text":"articulate the effectiveness of these mechanisms in overseeing the management of business risks and","page_number":265,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"2a6d1992-57e5-48c6-931a-2ee930ae06e0","block_type":"box","text":"opportunities and the fulfillment of the company’s strategy.","page_number":265,"box":{"x":116,"y":165,"width":439,"height":12}},{"id":"96153676-3a13-4a22-9991-54ee9b4df7df","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these","page_number":265,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"66bbc4e3-66c0-45b2-836e-dd359f2c9f48","block_type":"box","text":"corporate governance and risk oversight responsibilities, we may consider not supporting the election","page_number":265,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"7b2169da-fc70-449a-8c21-ba6c0a22865a","block_type":"box","text":"of directors who, in our assessment, have particular responsibility for the issues.","page_number":265,"box":{"x":116,"y":227,"width":601,"height":12}},{"id":"ec578d4e-db40-4a43-a174-e13dc524a249","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that","page_number":265,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"94c63420-2007-4fcd-9ec8-a83f61fab245","block_type":"box","text":"speak to the board’s effectiveness as a group include the relevance of individual directors’","page_number":265,"box":{"x":116,"y":273,"width":673,"height":12}},{"id":"00b1377f-86df-4e8f-b871-06f61467395e","block_type":"box","text":"qualifications and skillsets, as well as directors’ capacity and other time commitments, and how these","page_number":265,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"3f1e6f58-26c8-4301-bcc3-b894e6761eb1","block_type":"box","text":"factors may contribute to the company’s financial performance. We look to boards to establish formal","page_number":265,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"4d9b1d93-4490-46b4-bbe3-d8124785e4aa","block_type":"box","text":"and transparent processes for nominating directors that reflect the company’s long-term strategy and","page_number":265,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"153cb5d4-27ee-41c1-827a-38f5c02ae763","block_type":"box","text":"business model.","page_number":265,"box":{"x":117,"y":335,"width":125,"height":10}},{"id":"135c9abd-0d99-43e7-959c-ebebc5a3fd82","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our","page_number":265,"box":{"x":117,"y":366,"width":697,"height":12}},{"id":"4b32b6ae-bb40-4c78-9f93-299d57267e1a","block_type":"box","text":"approach to board composition and how it underpins board effectiveness and long-term financial value","page_number":265,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"f4e2538f-9b2c-442c-baf1-5ccf1ea2661f","block_type":"box","text":"creation.","page_number":265,"box":{"x":116,"y":397,"width":69,"height":10}},{"id":"e70356ed-2c5b-4d03-abab-a4cc8e6f1077","block_type":"box","text":"Regular accountability through director elections","page_number":265,"box":{"x":117,"y":428,"width":397,"height":12}},{"id":"fcbca7ac-97c3-4e69-a830-47c3de1b8222","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for,","page_number":265,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"70bc33f8-7773-4e41-a46c-a779dadeb6a2","block_type":"box","text":"or concern about, the performance of the board in overseeing and advising management. To ensure","page_number":265,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"07b9ddd0-6612-449d-8836-912033005c85","block_type":"box","text":"accountability for their decisions on behalf of shareholders, directors should stand for election on a","page_number":265,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"f916c806-a9b9-405b-a6c9-723af48000aa","block_type":"box","text":"regular basis, ideally annually.","page_number":265,"box":{"x":117,"y":506,"width":223,"height":12}},{"id":"1045d943-6936-4aa6-828e-b17d5b400813","block_type":"box","text":"5","page_number":265,"box":{"x":341,"y":506,"width":6,"height":6}},{"id":"d53f5f10-b8f4-42b6-83a6-79ff88512be1","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support","page_number":265,"box":{"x":347,"y":506,"width":517,"height":12}},{"id":"d9c5dceb-2d58-41e2-8e75-0cae31d6b05b","block_type":"box","text":"for, or concerns about, board members’ decisions in a timely manner. When board members are not","page_number":265,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"361cc11a-132f-4a97-b229-fbef8bb326ab","block_type":"box","text":"elected annually, we consider it good practice for boards to have a rotation policy to ensure that,","page_number":265,"box":{"x":116,"y":537,"width":719,"height":12}},{"id":"e26b4473-119a-4392-b652-210f27f555bc","block_type":"box","text":"through a board cycle, all directors have had their appointment re-confirmed, with a proportion of","page_number":265,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"6d86bfc9-3417-4ee4-be54-54a9b616a606","block_type":"box","text":"directors being put forward for election at each shareholder meeting.","page_number":265,"box":{"x":116,"y":568,"width":513,"height":12}},{"id":"781e7e5b-c1f2-4950-bb80-5a13736c1a2d","block_type":"box","text":"Board quality and effectiveness","page_number":265,"box":{"x":117,"y":599,"width":257,"height":12}},{"id":"37807903-1dbd-4a1b-b668-41c1b15a165e","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way","page_number":265,"box":{"x":117,"y":630,"width":770,"height":12}},{"id":"e01a62f7-be33-4c8c-88bb-a4d9c3eabb1d","block_type":"box","text":"to reflect developments in the company’s strategy and the market environment. In our view, it is","page_number":265,"box":{"x":116,"y":645,"width":714,"height":12}},{"id":"1af7bbc7-7ec6-40ef-9699-a168d910d5fe","block_type":"box","text":"beneficial for new directors to be brought onto the board periodically to refresh the group’s thinking,","page_number":265,"box":{"x":117,"y":661,"width":735,"height":12}},{"id":"9333b5fa-b2f6-4a96-b423-bbd5749d42a3","block_type":"box","text":"while supporting both continuity and appropriate succession planning. We consider the average overall","page_number":265,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"e9be346b-7434-4d6f-98d4-22c89bc98e09","block_type":"box","text":"tenure of the board and seek a balance between the knowledge and experience of longer-serving","page_number":265,"box":{"x":116,"y":692,"width":723,"height":12}},{"id":"4e2ffe29-fbe3-440b-9c06-4381b265045f","block_type":"box","text":"directors and the fresh perspectives of directors who joined more recently.","page_number":265,"box":{"x":116,"y":707,"width":549,"height":12}},{"id":"f41323b1-e7f2-4156-805e-8fe6a40a26ce","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election","page_number":265,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"d3d769ed-3cda-4d8e-8c4e-8b51547b2f58","block_type":"box","text":"contribute to the effectiveness of the board. In our view, the company’s assessment should consider a","page_number":265,"box":{"x":116,"y":754,"width":757,"height":12}},{"id":"a7870352-2edf-4df4-afad-4c3cca089a2d","block_type":"box","text":"number of factors, including each director’s independence and time commitments, as well as the","page_number":265,"box":{"x":117,"y":769,"width":715,"height":12}},{"id":"280aa63e-0a18-4a61-bc17-3f8bca68a047","block_type":"box","text":"breadth and relevance of director experiences and skillsets, and how these collectively contribute to","page_number":265,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"1fb762ae-eec5-4098-b261-0f0d9a0e09f2","block_type":"box","text":"the board’s effectiveness in advising and overseeing management in delivering long-term financial","page_number":265,"box":{"x":116,"y":800,"width":728,"height":12}},{"id":"ee4a5bd5-40b1-408b-a0d6-8dc383743097","block_type":"box","text":"returns.","page_number":265,"box":{"x":117,"y":816,"width":54,"height":9}},{"id":"030cf08e-7ff3-4908-98d6-937575905506","block_type":"box","text":"5","page_number":265,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"558086a0-d2f2-4b26-a220-39447f9ab303","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law, market","page_number":265,"box":{"x":171,"y":867,"width":703,"height":9}},{"id":"257dd8bc-6fe8-4f50-b23d-f6f7d6676147","block_type":"box","text":"regulation or voluntary best practice.","page_number":265,"box":{"x":170,"y":880,"width":215,"height":9}},{"id":"5ab5c3c9-97a1-434a-a76f-345cb2b3af47","block_type":"box","text":"BlackRock Investment Stewardship","page_number":265,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"20742098-533d-4906-be22-74a7ab7e5a7f","block_type":"box","text":"Global Principles |","page_number":265,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"89e52e00-a54c-484d-aa34-2b3bbc94f193","block_type":"box","text":"6","page_number":265,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"90406df1-cbb7-4f8d-a3de-920212976d80","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":265,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f5df3002-3dc1-4c7a-81b5-ef187e717115","block_type":"box","text":"Director independence","page_number":266,"box":{"x":117,"y":87,"width":186,"height":12}},{"id":"a73f9338-5619-495f-b2f6-febdc3dbada1","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a","page_number":266,"box":{"x":117,"y":117,"width":738,"height":12}},{"id":"86420b22-314f-4578-864f-b7c084ec1faa","block_type":"box","text":"central tenet of sound corporate governance across markets.","page_number":266,"box":{"x":116,"y":132,"width":452,"height":12}},{"id":"66a7f14a-ea22-47a2-af31-21529fc460b0","block_type":"box","text":"6","page_number":266,"box":{"x":570,"y":132,"width":5,"height":6}},{"id":"cdad6b27-3b23-45d7-a884-95ee916603d3","block_type":"box","text":"We look to boards to have a sufficient","page_number":266,"box":{"x":576,"y":132,"width":290,"height":10}},{"id":"f2c65b85-dfcb-4584-bb25-57e64207ae16","block_type":"box","text":"number of independent directors, free from conflicts of interest or undue influence, to ensure objectivity","page_number":266,"box":{"x":117,"y":148,"width":768,"height":12}},{"id":"f9b4b5df-df7f-43f6-962d-587a9755ece0","block_type":"box","text":"in the decision-making of the board and its ability to oversee management. We generally consider it","page_number":266,"box":{"x":117,"y":163,"width":742,"height":12}},{"id":"a15bc50d-e0bf-4b6a-83fd-5296bddce24e","block_type":"box","text":"good practice for independent directors to make a majority of the board, or in the case of controlled","page_number":266,"box":{"x":116,"y":179,"width":740,"height":12}},{"id":"acb9ccfc-807f-4a36-9405-247ff023db31","block_type":"box","text":"companies, at least one-third.","page_number":266,"box":{"x":116,"y":194,"width":225,"height":12}},{"id":"2456b9b3-e26c-4b4f-8913-a2ddddfa6cd0","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":266,"box":{"x":117,"y":224,"width":557,"height":12}},{"id":"1f311534-efa2-4a36-81a1-5ad52cb02bd3","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":266,"box":{"x":117,"y":254,"width":495,"height":12}},{"id":"c5343332-5573-490b-93c7-3e1c4e3d22cf","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":266,"box":{"x":117,"y":276,"width":668,"height":12}},{"id":"13fbc52f-d437-46bb-a968-c573b6af361d","block_type":"box","text":"• Interlocking directorates","page_number":266,"box":{"x":117,"y":299,"width":216,"height":12}},{"id":"c5444b1a-0fd9-418c-bbea-b4bd0ea40f8d","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be","page_number":266,"box":{"x":117,"y":322,"width":730,"height":12}},{"id":"6254a545-748c-4827-bed8-c0bc806ff424","block_type":"box","text":"perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":266,"box":{"x":150,"y":337,"width":729,"height":12}},{"id":"b873ab65-1753-473e-b610-4f6e2939049a","block_type":"box","text":"and shareholders","page_number":266,"box":{"x":150,"y":353,"width":134,"height":9}},{"id":"be5bf964-7569-4c11-8142-0b7278addfda","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a","page_number":266,"box":{"x":117,"y":382,"width":759,"height":12}},{"id":"68a5f0e8-c88c-4a49-a516-7c1d5fa19214","block_type":"box","text":"senior, independent board leader. This director may chair the board, or, where the chair is also the","page_number":266,"box":{"x":116,"y":398,"width":736,"height":12}},{"id":"7597df9d-0035-4a08-8883-f3917ecb087f","block_type":"box","text":"CEO (or is otherwise not independent), be designated as a lead independent director. The role of this","page_number":266,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"7e7a3da6-3014-4661-8661-0974eaa3f27a","block_type":"box","text":"director is to support independent board members in fulfilling their oversight responsibilities effectively","page_number":266,"box":{"x":116,"y":429,"width":760,"height":12}},{"id":"7381d25f-8413-4852-b417-259c6a646bfb","block_type":"box","text":"by shaping the agenda, ensuring adequate information is provided to the board, and encouraging","page_number":266,"box":{"x":117,"y":444,"width":726,"height":12}},{"id":"60c4aa1d-fe68-492f-a22e-b3233ed6bf42","block_type":"box","text":"independent director participation in board deliberations. We appreciate when the lead independent","page_number":266,"box":{"x":117,"y":460,"width":742,"height":12}},{"id":"f5e136b4-4268-4d41-ac47-4a925bdf358c","block_type":"box","text":"director or another appropriate director is available to meet with shareholders to explain and","page_number":266,"box":{"x":116,"y":475,"width":687,"height":12}},{"id":"ab5cb50a-d473-4a58-96d4-821082d14a82","block_type":"box","text":"contextualize a company’s approach as a situation warrants.","page_number":266,"box":{"x":116,"y":491,"width":454,"height":12}},{"id":"e16da7bb-6d29-403a-a836-bc0a9300fbad","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or","page_number":266,"box":{"x":117,"y":520,"width":759,"height":13}},{"id":"6562ce86-05b8-4e69-9ffc-fd2bc9ea69e8","block_type":"box","text":"that require additional focus. It is our view that objective oversight of such matters is best achieved","page_number":266,"box":{"x":116,"y":536,"width":736,"height":12}},{"id":"40734d93-46c7-471f-84ff-59f3e2999922","block_type":"box","text":"when the board forms committees with a majority of independent directors, depending on market","page_number":266,"box":{"x":116,"y":551,"width":723,"height":13}},{"id":"ffe400b4-0e37-42b2-9a7d-b444e36183f0","block_type":"box","text":"norms and a company’s ownership structure. In many markets, these committees of the board","page_number":266,"box":{"x":117,"y":567,"width":704,"height":12}},{"id":"42db84b7-b92b-4b24-a1e6-faf6193ce1de","block_type":"box","text":"specialize in audit, director nominations, and compensation matters, among others. An ad hoc","page_number":266,"box":{"x":116,"y":583,"width":703,"height":12}},{"id":"48077b61-bd82-45b2-aed0-a8795c0256fd","block_type":"box","text":"committee might also be formed to decide on a special transaction, particularly one involving a related","page_number":266,"box":{"x":116,"y":598,"width":762,"height":12}},{"id":"f89c156d-ada2-4602-82f4-94d3313d3184","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":266,"box":{"x":117,"y":613,"width":378,"height":13}},{"id":"22db4a3d-881f-47e3-ab3d-ef8230aac567","block_type":"box","text":"Sufficient capacity","page_number":266,"box":{"x":116,"y":643,"width":153,"height":12}},{"id":"86d32e6d-d528-458b-94ec-6b37eadec11c","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to","page_number":266,"box":{"x":116,"y":673,"width":709,"height":12}},{"id":"b02e7134-1012-4eb3-b49c-2001cb76e338","block_type":"box","text":"commit an appropriate amount of time to board and committee matters. It is important that directors","page_number":266,"box":{"x":116,"y":688,"width":738,"height":12}},{"id":"739d3b67-542d-4c69-b434-3f5f779d1d53","block_type":"box","text":"have the capacity to meet all of their responsibilities – including when there are unforeseen events –","page_number":266,"box":{"x":117,"y":704,"width":743,"height":12}},{"id":"ad39a637-b7a0-4f56-a150-c2f7559ba88f","block_type":"box","text":"and therefore, we consider it best practice when they don’t take on an excessive number of roles that","page_number":266,"box":{"x":116,"y":719,"width":751,"height":13}},{"id":"1b3c8605-3e4a-4f38-a0b6-44d08a8dfcf4","block_type":"box","text":"would impair their ability to fulfill their duties.","page_number":266,"box":{"x":116,"y":735,"width":326,"height":12}},{"id":"e54ddbe4-0d41-485f-950a-46d1010b71fe","block_type":"box","text":"Board composition","page_number":266,"box":{"x":117,"y":765,"width":151,"height":12}},{"id":"8d5c22d6-57c8-4fda-81a3-feaf77805867","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model,","page_number":266,"box":{"x":117,"y":795,"width":708,"height":11}},{"id":"9da7ca4f-79f7-4824-84db-7b275659c420","block_type":"box","text":"strategy, market capitalization, and ownership structure, as well as the market in which the company","page_number":266,"box":{"x":116,"y":810,"width":745,"height":12}},{"id":"1a5dcb3d-45b4-4fad-a53e-0f3bed722e0d","block_type":"box","text":"operates. We find it helpful when companies explain how their approach to board composition supports","page_number":266,"box":{"x":116,"y":825,"width":771,"height":12}},{"id":"3131a435-ab00-4d69-bf35-012c071e7b15","block_type":"box","text":"the company’s governance practices.","page_number":266,"box":{"x":116,"y":841,"width":282,"height":12}},{"id":"eb6282cc-a081-4415-82e9-bb37521379c3","block_type":"box","text":"6","page_number":266,"box":{"x":143,"y":866,"width":4,"height":5}},{"id":"26ff6aff-07bf-495d-bca0-b426408cefdc","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":266,"box":{"x":171,"y":866,"width":683,"height":10}},{"id":"01a24690-b810-4c6e-b63f-ed3ef0fe0eeb","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":266,"box":{"x":171,"y":879,"width":587,"height":10}},{"id":"59bc57fd-a4c1-4d8a-8293-972691151711","block_type":"box","text":"BlackRock Investment Stewardship","page_number":266,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"36f8825e-e465-4b33-a88c-379d84f65bbd","block_type":"box","text":"Global Principles |","page_number":266,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"11e9063d-0714-4a96-9751-4b9ed83461b6","block_type":"box","text":"7","page_number":266,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"ce8fb98b-5981-474c-b416-fce431e618c9","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":266,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"af771706-7c45-4566-81be-345a3982c1d0","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the","page_number":267,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"aca7479a-8a84-4d69-89e1-afc90093578f","block_type":"box","text":"individual candidates so that shareholders can assess the capabilities and suitability of each individual","page_number":267,"box":{"x":117,"y":102,"width":763,"height":13}},{"id":"98c6f8a6-2e35-45d3-ad7a-68f961ffc9cd","block_type":"box","text":"nominee and their fit within overall board composition. These disclosures should explain how the","page_number":267,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"32f6ae01-0bb5-4b96-9905-7c192fb286f5","block_type":"box","text":"collective experience and expertise of the board, as well as the particular skillsets of individual","page_number":267,"box":{"x":116,"y":134,"width":703,"height":11}},{"id":"6294642b-8f0c-46d5-a94a-9548b5426be5","block_type":"box","text":"directors, aligns with the company’s long-term strategy. Highly qualified, engaged directors with","page_number":267,"box":{"x":116,"y":149,"width":713,"height":12}},{"id":"84f9f9d2-e614-40fd-a65a-bd45dea62e87","block_type":"box","text":"professional characteristics relevant to a company’s business and strategy enhance the ability of the","page_number":267,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"77c65c5c-a7bb-4e7f-bd62-4a9ecb8b9a56","block_type":"box","text":"board to add value and be the voice of shareholders in board discussions.","page_number":267,"box":{"x":117,"y":180,"width":554,"height":10}},{"id":"052dbc24-5ee0-44c7-830a-7628f01c98ed","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the","page_number":267,"box":{"x":117,"y":208,"width":755,"height":12}},{"id":"79349822-f8a4-420d-9628-d7510dbd5b39","block_type":"box","text":"board room. We see it as a means of avoiding “group think” in the board’s exercise of its","page_number":267,"box":{"x":117,"y":224,"width":659,"height":12}},{"id":"a65e03e4-9d29-4bd6-8513-3077a491fdfe","block_type":"box","text":"responsibilities to advise and oversee management. We note that in many markets, policymakers have","page_number":267,"box":{"x":117,"y":239,"width":768,"height":12}},{"id":"f76c6871-f2f5-4501-a85d-3c2b66a65f8d","block_type":"box","text":"set board gender diversity goals which we may discuss with companies, particularly if there is a risk","page_number":267,"box":{"x":116,"y":255,"width":743,"height":12}},{"id":"f85b49af-9219-4ada-a87c-86067262e472","block_type":"box","text":"their board composition may be misaligned.","page_number":267,"box":{"x":116,"y":270,"width":329,"height":12}},{"id":"5e8aefa6-ac13-4c99-a6d9-172055715fec","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":267,"box":{"x":331,"y":305,"width":341,"height":9}},{"id":"5d53ef1b-580e-4578-a0e2-c2aa8f2815aa","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate","page_number":267,"box":{"x":117,"y":333,"width":725,"height":12}},{"id":"74bdd83c-e506-435c-a5ee-83262702035c","block_type":"box","text":"portrayal of a company’s financial condition. Accordingly, we look for the assumptions made by","page_number":267,"box":{"x":117,"y":349,"width":709,"height":12}},{"id":"da7f8447-89dd-4803-976d-d0f7442f3fb4","block_type":"box","text":"management, and reviewed by the auditor in preparing the financial statements, to be reasonable and","page_number":267,"box":{"x":117,"y":364,"width":760,"height":12}},{"id":"425b4150-8fa2-4f46-afe1-ea33b428f877","block_type":"box","text":"justified.","page_number":267,"box":{"x":115,"y":380,"width":67,"height":12}},{"id":"5d50d35b-b21a-47c4-abe0-9d180f7846e7","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":267,"box":{"x":116,"y":408,"width":754,"height":12}},{"id":"c348910b-98b0-4bb3-837a-6bdeb790ac93","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important","page_number":267,"box":{"x":117,"y":423,"width":746,"height":12}},{"id":"450abbf1-ade7-4e31-9432-0fce3316b739","block_type":"box","text":"role in a company’s financial reporting system by providing independent oversight of the accounts,","page_number":267,"box":{"x":117,"y":439,"width":733,"height":12}},{"id":"6556f3b8-16ca-412f-92be-45106c135ff6","block_type":"box","text":"material financial, and, where appropriate to the jurisdiction, non-financial information and internal","page_number":267,"box":{"x":117,"y":454,"width":728,"height":12}},{"id":"4777affb-ca84-4300-9fa5-35153319994d","block_type":"box","text":"control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":267,"box":{"x":116,"y":470,"width":743,"height":11}},{"id":"4aef7157-dbf4-4d4f-b911-3ab1488841dc","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":267,"box":{"x":117,"y":485,"width":437,"height":12}},{"id":"a3413e4a-4ac1-4a59-a8ad-a5b03b87a7fc","block_type":"box","text":"7","page_number":267,"box":{"x":556,"y":486,"width":5,"height":5}},{"id":"445e1c7d-9904-45e8-adbf-f1d8d4c9b1c2","block_type":"box","text":"In our view, effective audit committee","page_number":267,"box":{"x":562,"y":485,"width":286,"height":12}},{"id":"f5247a05-ffcd-4fc3-a76f-5b42f1024130","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":267,"box":{"x":116,"y":501,"width":745,"height":12}},{"id":"a7b43aad-7cd1-4918-9211-6009fe51a528","block_type":"box","text":"important level of reassurance to shareholders.","page_number":267,"box":{"x":117,"y":516,"width":354,"height":12}},{"id":"ebd39814-aba7-4ec5-9ebf-05bf1261fd4b","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":267,"box":{"x":116,"y":545,"width":750,"height":12}},{"id":"062edd0b-d4f6-4636-90dc-ddc2d28734ae","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership","page_number":267,"box":{"x":117,"y":560,"width":765,"height":12}},{"id":"c4648ed0-f64e-40cc-9651-682cf9e1719e","block_type":"box","text":"and introduce new perspectives. We recognize that audit committees will rely on management, internal","page_number":267,"box":{"x":116,"y":576,"width":769,"height":12}},{"id":"69652df3-f062-4f6e-9f2b-72d71cf4785b","block_type":"box","text":"audit, and the independent auditor to fulfill their responsibilities. However, we look to committee","page_number":267,"box":{"x":116,"y":591,"width":712,"height":12}},{"id":"039cb458-ab0a-495e-a869-6d88b5c6e9c3","block_type":"box","text":"members to demonstrate they have relevant expertise to monitor and oversee the audit process and","page_number":267,"box":{"x":117,"y":607,"width":749,"height":12}},{"id":"89f18107-f338-4fa9-bccb-dd93d607b3c4","block_type":"box","text":"related activities.","page_number":267,"box":{"x":117,"y":622,"width":129,"height":10}},{"id":"2eaa2c26-094e-41b2-badf-bed2deb925fe","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant","page_number":267,"box":{"x":116,"y":650,"width":753,"height":12}},{"id":"e637f91b-9e6e-40b5-9e02-1f1de4681e76","block_type":"box","text":"financial restatements, or ad hoc notifications of material financial weakness. In this respect, we look to","page_number":267,"box":{"x":116,"y":666,"width":765,"height":12}},{"id":"c84025c1-b1bc-4ac7-a3c6-e741a5f15f24","block_type":"box","text":"audit committees to provide timely disclosure on the remediation of key and critical audit matters","page_number":267,"box":{"x":116,"y":681,"width":715,"height":12}},{"id":"95cd4e5e-0057-4bc6-ba63-38d46bee5fcc","block_type":"box","text":"identified either by the external auditor or internal audit function.","page_number":267,"box":{"x":117,"y":697,"width":472,"height":12}},{"id":"dc02ad11-4af9-41bb-a5fd-ec3c2395b516","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":267,"box":{"x":116,"y":725,"width":748,"height":12}},{"id":"56643d04-181c-4e03-a50a-50a42308f2ec","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that","page_number":267,"box":{"x":116,"y":741,"width":750,"height":12}},{"id":"60d122a6-682e-46c5-ac1f-b38ff1b009cb","block_type":"box","text":"auditors are, and are seen to be, independent. Where an audit firm provides services to the company","page_number":267,"box":{"x":116,"y":756,"width":751,"height":12}},{"id":"74373f43-1cd2-4ea5-88bd-ccc1b203b02c","block_type":"box","text":"in addition to the audit, we look for the fees","page_number":267,"box":{"x":117,"y":772,"width":318,"height":11}},{"id":"a7c381de-a4f1-4937-a33e-2a5662a1eb2a","block_type":"box","text":"earned to be disclosed and explained. We look for audit","page_number":267,"box":{"x":441,"y":772,"width":414,"height":12}},{"id":"8f4c277f-bcbf-4a8a-b777-9bf35e906ad5","block_type":"box","text":"committees to have in place a procedure for assessing the independence of the auditor and the quality","page_number":267,"box":{"x":116,"y":787,"width":762,"height":12}},{"id":"6730155d-958f-4f49-8a0a-fde9ddbe9bbd","block_type":"box","text":"of the external audit process on an annual basis.","page_number":267,"box":{"x":116,"y":803,"width":360,"height":12}},{"id":"2a5fb763-ad5b-4018-a359-37af24290a7a","block_type":"box","text":"7","page_number":267,"box":{"x":143,"y":828,"width":4,"height":5}},{"id":"35be70dc-aa72-4aea-bf12-8341a7941b8a","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":267,"box":{"x":171,"y":828,"width":648,"height":9}},{"id":"e978db3c-7252-450b-bfe7-6d67df0422b9","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the","page_number":267,"box":{"x":170,"y":841,"width":709,"height":9}},{"id":"2cf4b7c5-106e-4ba6-b9db-45651fce3b2e","block_type":"box","text":"entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of","page_number":267,"box":{"x":170,"y":854,"width":690,"height":9}},{"id":"504e5858-9194-4e7d-ac32-4dbbe28a619b","block_type":"box","text":"objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Enterprise","page_number":267,"box":{"x":170,"y":866,"width":710,"height":10}},{"id":"f1ac1bed-ace2-4221-a80a-cae97d349672","block_type":"box","text":"Risk Management,” 2023, accessed in December 2025.","page_number":267,"box":{"x":171,"y":879,"width":329,"height":10}},{"id":"52ac53c7-bf22-4cc5-8c25-0a694b5ceb28","block_type":"box","text":"BlackRock Investment Stewardship","page_number":267,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"952937d9-84cc-4bfc-ae0f-0791998fe717","block_type":"box","text":"Global Principles |","page_number":267,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"cdde7a0c-4281-4b00-b414-8fa90d49b197","block_type":"box","text":"8","page_number":267,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"99018f0d-177c-4521-95d4-c94661dbe614","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":267,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"901a8262-0b44-498c-ab40-10d040b188dc","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term","page_number":268,"box":{"x":117,"y":87,"width":719,"height":12}},{"id":"8ceb81bb-0d35-407d-b63b-eb5eb9e7dc02","block_type":"box","text":"operational risk management practices and, more broadly, the quality of the board’s oversight. We look","page_number":268,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"2e017911-77ab-44b4-9560-366c8dba6de3","block_type":"box","text":"to the audit or risk committee to periodically review the company’s risk assessment and risk","page_number":268,"box":{"x":116,"y":118,"width":684,"height":12}},{"id":"8b6b09d2-8314-49e5-9a17-32407f26802b","block_type":"box","text":"management policies and the significant risks and exposures identified by management, the internal","page_number":268,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"a85ce2c1-4bad-4d8e-88de-7fdcc2ab8fc7","block_type":"box","text":"auditors or the independent auditors, and management’s steps to address them. In the absence of","page_number":268,"box":{"x":116,"y":149,"width":735,"height":12}},{"id":"fa2c7345-7e86-42ea-8119-14aa8d000926","block_type":"box","text":"detailed disclosures, we may conclude that companies are not adequately managing risk.","page_number":268,"box":{"x":116,"y":165,"width":668,"height":12}},{"id":"90b1cb49-ec46-4eca-8db2-275390d91e4f","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL","page_number":268,"box":{"x":141,"y":203,"width":723,"height":12}},{"id":"66e28187-904b-4721-a3fa-16e7a41383da","block_type":"box","text":"SITUATIONS","page_number":268,"box":{"x":449,"y":219,"width":106,"height":9}},{"id":"579b3981-001c-451d-8e6e-ea9eb7f34faa","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment","page_number":268,"box":{"x":116,"y":250,"width":766,"height":12}},{"id":"5c5054aa-4c7f-46e4-9b1d-11d608841b7f","block_type":"box","text":"and the priority of their interest in the company relative to that of other equity or debt investors.","page_number":268,"box":{"x":116,"y":265,"width":707,"height":12}},{"id":"8561cfa4-a043-4859-a8ad-80297c5e7212","block_type":"box","text":"Pre-emptive rights are a key protection for shareholders against the dilution of their interests.","page_number":268,"box":{"x":117,"y":281,"width":693,"height":12}},{"id":"74b16a82-6aa4-4988-941b-049f6bb540b0","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure","page_number":268,"box":{"x":117,"y":312,"width":746,"height":12}},{"id":"03b4ec95-be3e-44f7-8031-f60b71a20c8a","block_type":"box","text":"and differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce","page_number":268,"box":{"x":116,"y":327,"width":754,"height":12}},{"id":"bb423f0b-a741-4cc0-92bf-2a497a3b9f3c","block_type":"box","text":"the adoption of “one share, one vote” for registered shareholders.","page_number":268,"box":{"x":116,"y":343,"width":491,"height":12}},{"id":"b353c38c-1e15-44ef-9437-55a0403c95b4","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a","page_number":268,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"1cf9f786-9f50-4baf-b30d-e8baf410ede3","block_type":"box","text":"valid reason for listing dual classes of shares with differentiated voting rights. In our view, such","page_number":268,"box":{"x":116,"y":389,"width":706,"height":12}},{"id":"7033db1b-5600-4210-b7da-b08770961ff5","block_type":"box","text":"companies should review these share class structures on a regular basis or as company","page_number":268,"box":{"x":116,"y":405,"width":661,"height":12}},{"id":"6fc4e412-be0f-4515-80f2-f2b1c5a94c58","block_type":"box","text":"circumstances change. Additionally, they should seek shareholder approval of their capital structure on","page_number":268,"box":{"x":116,"y":420,"width":769,"height":12}},{"id":"23aee570-ee11-49b3-aafb-35a1f010cbbd","block_type":"box","text":"a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":268,"box":{"x":116,"y":436,"width":731,"height":12}},{"id":"2e891e4a-d0ac-4c67-adb6-880710a8737c","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish","page_number":268,"box":{"x":116,"y":451,"width":705,"height":12}},{"id":"0f55a4ae-dca1-4376-8080-6c7154c7a1ab","block_type":"box","text":"mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":268,"box":{"x":117,"y":467,"width":757,"height":12}},{"id":"a8147427-4e30-4eee-8dcc-e21786611913","block_type":"box","text":"to shareholders.","page_number":268,"box":{"x":116,"y":482,"width":125,"height":10}},{"id":"3cf6426e-cda4-4905-a43b-a5e524aee5cc","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long","page_number":268,"box":{"x":117,"y":513,"width":745,"height":12}},{"id":"83efe50c-7bb5-4e6d-9768-342bcbb3d9f6","block_type":"box","text":"term financial interests of our clients as shareholders, and so we will review any proposed transaction","page_number":268,"box":{"x":116,"y":529,"width":758,"height":12}},{"id":"b93da34d-ed20-4ad7-9e4a-ffd9ef6881bd","block_type":"box","text":"with that objective in mind. Typically, we review factors such as whether the proposed transaction has","page_number":268,"box":{"x":116,"y":544,"width":760,"height":12}},{"id":"ea900a0d-b6c2-47c8-8677-a8d91eb8e550","block_type":"box","text":"the unanimous support of the board and has been negotiated at arm’s length, and whether the board","page_number":268,"box":{"x":116,"y":560,"width":753,"height":12}},{"id":"be53a2ac-aed5-4f59-9b64-28171e11dc65","block_type":"box","text":"or management has clearly explained its economic and strategic rationale. We may also seek","page_number":268,"box":{"x":116,"y":576,"width":699,"height":11}},{"id":"310283ee-a1a7-456f-9123-991427b700c1","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given","page_number":268,"box":{"x":117,"y":591,"width":761,"height":12}},{"id":"5d055c5f-49f5-4713-8cf6-528261551ea1","block_type":"box","text":"transaction have not adversely affected their ability to place shareholders’ interests before their own.","page_number":268,"box":{"x":116,"y":606,"width":750,"height":12}},{"id":"3ed76b4e-d1f5-4ae6-9b5e-0939856d3ca9","block_type":"box","text":"Where the transaction involves related parties, the recommendation to support should come from the","page_number":268,"box":{"x":116,"y":622,"width":755,"height":12}},{"id":"2979ea54-5eb5-42fd-86b6-4e150d2d7085","block_type":"box","text":"independent directors, a best practice in most markets, and ideally, the terms should have been","page_number":268,"box":{"x":117,"y":638,"width":715,"height":11}},{"id":"4e6cbf14-7354-4703-94dd-1eff316f4aa1","block_type":"box","text":"assessed through an independent appraisal process. In addition, it is good practice that it be approved","page_number":268,"box":{"x":116,"y":653,"width":766,"height":12}},{"id":"d801f2d6-1cb2-40b3-8cb5-431b12b621aa","block_type":"box","text":"by a separate vote of the non-conflicted parties.","page_number":268,"box":{"x":117,"y":668,"width":352,"height":12}},{"id":"81a0f19f-0501-4981-8811-03622a039d00","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company","page_number":268,"box":{"x":116,"y":699,"width":738,"height":13}},{"id":"ec17ca3d-9302-4de4-88a5-02e845acad7b","block_type":"box","text":"shares in the open market without unnecessary restriction. In our view, corporate mechanisms","page_number":268,"box":{"x":116,"y":715,"width":700,"height":12}},{"id":"654658b9-ee4f-4fbe-ad98-ff9eaf682bd9","block_type":"box","text":"designed to limit shareholders’ ability to sell their shares are contrary to basic property rights. Such","page_number":268,"box":{"x":116,"y":730,"width":732,"height":13}},{"id":"641224e3-23c1-4943-b9de-ed5971b9cea1","block_type":"box","text":"mechanisms can serve to protect and entrench interests other than those of the shareholders. In our","page_number":268,"box":{"x":117,"y":746,"width":745,"height":12}},{"id":"259a406e-b8d7-4d82-a3f9-854ba93fa320","block_type":"box","text":"view, shareholders are broadly capable of making decisions in their own best interests. We encourage","page_number":268,"box":{"x":116,"y":761,"width":759,"height":13}},{"id":"0b448b2d-5b99-4e13-bd63-8ec8d180c4e8","block_type":"box","text":"any shareholder rights plans proposed by a board to be subject to shareholder approval upon","page_number":268,"box":{"x":116,"y":777,"width":693,"height":12}},{"id":"2c734db5-3724-43fc-bad5-555b21a363a2","block_type":"box","text":"introduction and periodically thereafter.","page_number":268,"box":{"x":117,"y":792,"width":287,"height":13}},{"id":"732555f4-6a81-4caa-9dac-5665d9fe0eca","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":268,"box":{"x":318,"y":831,"width":369,"height":10}},{"id":"0e766bc8-0878-40ef-9c94-4362a815fbc8","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value","page_number":268,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"c5339b9c-c2f8-4dbc-ba19-4d596d458d60","block_type":"box","text":"creation. A well-structured compensation policy rewards the successful delivery of strategic,","page_number":268,"box":{"x":116,"y":878,"width":686,"height":12}},{"id":"55707543-927d-409c-8bd5-5e481b420b94","block_type":"box","text":"BlackRock Investment Stewardship","page_number":268,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"932c7577-f409-4e2f-9286-758cd3c7e942","block_type":"box","text":"Global Principles |","page_number":268,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"7e465516-be05-4134-a77a-198480fd000f","block_type":"box","text":"9","page_number":268,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"82cd6d58-9624-427f-8cc5-e849c32612b7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":268,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8a697874-ead4-4f32-99db-56ecec894216","block_type":"box","text":"operational, and/or financial goals; encourages an appropriate risk appetite; and aligns the interests of","page_number":269,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"91e85e1c-06f8-4d2e-8ad4-c77f0d19f8f8","block_type":"box","text":"shareholders and executives through equity ownership.","page_number":269,"box":{"x":116,"y":103,"width":410,"height":12}},{"id":"277a68e6-130d-4721-b1c0-51ddfe76e5d1","block_type":"box","text":"8","page_number":269,"box":{"x":528,"y":103,"width":5,"height":6}},{"id":"80b9858e-4d9a-4c04-886c-b0f9f36cf445","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support","page_number":269,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"920261ca-cd53-4150-9d40-11c9e5b74622","block_type":"box","text":"sustained financial value creation for our clients as shareholders. We appreciate when performance","page_number":269,"box":{"x":116,"y":149,"width":744,"height":12}},{"id":"446dc76f-bb0e-4098-a8a6-8c9a1fe1ff71","block_type":"box","text":"targets incorporate ambitious objectives, and the corresponding metrics are aligned with the","page_number":269,"box":{"x":116,"y":165,"width":687,"height":12}},{"id":"db3ca213-e27a-4a8f-82de-65e1cb4ea2ac","block_type":"box","text":"company’s strategy and business model. BIS does not have a position on whether companies choose","page_number":269,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"73167d7a-95f1-4e10-974f-4f5e49a6e17e","block_type":"box","text":"to use sustainability-related criteria in compensation structures, but, where they are included, we look","page_number":269,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"827740f8-b5e1-441b-bdf0-7be1fbdf0d81","block_type":"box","text":"to companies to be as rigorous as they would be in setting other financial or operational targets. We","page_number":269,"box":{"x":116,"y":211,"width":745,"height":12}},{"id":"ee2a432d-3ad3-4af5-9eae-76904bb85928","block_type":"box","text":"appreciate when long-term incentive plans encompass timeframes that: 1) are distinct from annual","page_number":269,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"18ed5647-1992-42e7-b2e8-0f0741b20d62","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":269,"box":{"x":116,"y":242,"width":724,"height":12}},{"id":"0a28a728-7e8e-4df9-9eef-575be98d3e10","block_type":"box","text":"results over a period of years.","page_number":269,"box":{"x":117,"y":258,"width":225,"height":12}},{"id":"dca0d1f6-86c3-4f45-aa3d-8f60a2f1fff0","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":269,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"bc3738b9-4c17-4124-9b64-6d95d75e549f","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may","page_number":269,"box":{"x":116,"y":304,"width":720,"height":12}},{"id":"e5f6aad1-359e-4e5e-9e68-f991c6d2b0ac","block_type":"box","text":"include the company’s risk profile, the environment it operates in, and the individuals the board is trying","page_number":269,"box":{"x":117,"y":320,"width":770,"height":12}},{"id":"8804a0a2-21cb-4476-b2bd-214dda83f5cb","block_type":"box","text":"to attract and retain. We look to the compensation committees to guard against contractual","page_number":269,"box":{"x":116,"y":335,"width":679,"height":12}},{"id":"d5c3ce7b-f920-4a6b-a18b-1feed2bc182f","block_type":"box","text":"arrangements that would entitle executives to material compensation for early termination of their","page_number":269,"box":{"x":116,"y":351,"width":726,"height":12}},{"id":"cc306104-85c3-477b-bb73-ba60d66b2392","block_type":"box","text":"employment. Finally, we look for pension contributions and other deferred compensation arrangements","page_number":269,"box":{"x":116,"y":366,"width":770,"height":12}},{"id":"ba9bec5f-d5db-4afc-9a72-d08bd54a8300","block_type":"box","text":"to be reasonable in light of market practices or the company’s business and executive compensation","page_number":269,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"bc0ef2ce-fa57-4bf2-b52f-63cb3b334a82","block_type":"box","text":"strategies.","page_number":269,"box":{"x":116,"y":397,"width":82,"height":12}},{"id":"3beec058-597b-4fc3-81a5-5495108bd083","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance.","page_number":269,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"e1726b77-f136-4591-94d6-ea7ce654bfbf","block_type":"box","text":"Where discretion has been used by the compensation committee, or its equivalent, we appreciate","page_number":269,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"e12748af-c782-409b-a40d-84c78a076b36","block_type":"box","text":"disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned","page_number":269,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"a13648ce-4767-4097-8c0d-849afaacb341","block_type":"box","text":"with the interests of shareholders. In addition, we acknowledge that the use of peer group evaluation","page_number":269,"box":{"x":116,"y":475,"width":751,"height":12}},{"id":"65c56620-4150-44f6-b1b1-5c6e6838a5b5","block_type":"box","text":"by compensation committees can help ensure competitive pay. However, we encourage companies to","page_number":269,"box":{"x":117,"y":490,"width":763,"height":12}},{"id":"08a6d144-a814-4deb-8a3c-9566513a3e08","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance rather than solely base","page_number":269,"box":{"x":116,"y":506,"width":724,"height":12}},{"id":"84b3dd36-c121-454b-b33b-160fcbc38c6f","block_type":"box","text":"increases in total compensation on peer benchmarking.","page_number":269,"box":{"x":117,"y":521,"width":416,"height":12}},{"id":"49de07e1-c728-49ad-95c9-e1ccce9bf065","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such","page_number":269,"box":{"x":116,"y":552,"width":755,"height":12}},{"id":"35ef230f-6102-44bc-96da-687c8b208c3a","block_type":"box","text":"provisions could require executives to forgo awards when compensation was based on faulty financial","page_number":269,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"200ee8b3-ee2c-4544-b181-122aef83954a","block_type":"box","text":"statements or deceptive business practices, or when their behavior caused material financial harm to","page_number":269,"box":{"x":116,"y":583,"width":754,"height":12}},{"id":"6d003c80-ad8e-4a78-aa7a-e7ec8428fa0d","block_type":"box","text":"shareholders, material reputational risk to the company, or resulted in a criminal investigation.","page_number":269,"box":{"x":116,"y":599,"width":701,"height":12}},{"id":"93e3f692-dcee-478d-87cf-3ea44c62b1de","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with","page_number":269,"box":{"x":117,"y":630,"width":745,"height":12}},{"id":"33e430c6-986d-4967-98be-9bf2b5bc7f6e","block_type":"box","text":"the time and effort expended in fulfilling their professional responsibilities. Additionally, these","page_number":269,"box":{"x":116,"y":645,"width":691,"height":12}},{"id":"57fc24e2-7f42-42c1-ae01-4b57d50e7d89","block_type":"box","text":"compensation arrangements should not risk compromising directors’ independence or aligning their","page_number":269,"box":{"x":116,"y":661,"width":739,"height":12}},{"id":"2a368b50-ec8b-47ce-99a1-720a746941a6","block_type":"box","text":"interests too closely with those of the management, whom they are charged with overseeing.","page_number":269,"box":{"x":117,"y":676,"width":687,"height":12}},{"id":"407a96d6-8f73-4fb2-973e-5c8f0d2d6400","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether","page_number":269,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"93de7e89-c460-4ee8-afb9-3a3880ecd4d7","block_type":"box","text":"the board’s approach to executive compensation is rigorous in light of the company’s stated long-term","page_number":269,"box":{"x":116,"y":723,"width":755,"height":12}},{"id":"b47d1124-85d7-4dfb-9ab9-703a8ef4cdae","block_type":"box","text":"corporate strategy and specific circumstances, as well as local market and policy developments.","page_number":269,"box":{"x":116,"y":738,"width":713,"height":12}},{"id":"30d09cf0-1ceb-4f67-82e3-9d862f387a55","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance,","page_number":269,"box":{"x":116,"y":769,"width":739,"height":12}},{"id":"6f56144b-8394-4fc4-9571-8e2b70e82804","block_type":"box","text":"BIS may not support management’s proposals to approve compensation, where they are on the","page_number":269,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"77923fba-a81f-49ca-9e10-ee56cdf205b2","block_type":"box","text":"agenda. We may also not support members of the compensation committee or equivalent board","page_number":269,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"927261c6-843a-415e-9ce6-02962a24dda2","block_type":"box","text":"members for poor compensation practices or structures.","page_number":269,"box":{"x":117,"y":816,"width":415,"height":12}},{"id":"35c36ecc-e1bd-4433-ada3-1f383f3d7aa1","block_type":"box","text":"8","page_number":269,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"65942e03-a7a9-443a-b7fe-c0c42a4c310f","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":269,"box":{"x":170,"y":867,"width":664,"height":9}},{"id":"68db24bf-0803-48aa-9095-74792cec73dc","block_type":"box","text":"different markets.","page_number":269,"box":{"x":170,"y":880,"width":102,"height":7}},{"id":"c259f793-9982-4c1e-89fe-aa8edc82e13b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":269,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"9b86555b-54d5-45b7-9a75-0899a02287c7","block_type":"box","text":"Global Principles |","page_number":269,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"608da4a4-fd77-41e4-94f3-aafb6aae1879","block_type":"box","text":"10","page_number":269,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"c9c66a38-d9ca-4496-b24d-345a03ee1f69","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":269,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b3b3781c-7b13-416b-bacb-16116853edb1","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":270,"box":{"x":158,"y":87,"width":688,"height":10}},{"id":"4275c745-6ab8-40d9-8ed8-e3275e14b444","block_type":"box","text":"Corporate form","page_number":270,"box":{"x":116,"y":116,"width":127,"height":12}},{"id":"3155e8b0-f03e-42cf-bf9d-2d7719d51ba9","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate","page_number":270,"box":{"x":117,"y":145,"width":766,"height":12}},{"id":"899920a5-ce5b-49a0-8bfc-cf7a5a13c304","block_type":"box","text":"given the company’s purpose and business model.","page_number":270,"box":{"x":116,"y":161,"width":376,"height":12}},{"id":"8bc2e820-2b29-416e-a0a1-ee5eca04c557","block_type":"box","text":"9","page_number":270,"box":{"x":494,"y":161,"width":5,"height":6}},{"id":"fded74b1-eaad-40eb-bb4c-b6bbd7d7727b","block_type":"box","text":"We look to companies proposing to change their","page_number":270,"box":{"x":500,"y":161,"width":369,"height":12}},{"id":"1623c11c-d87a-47fa-9b8c-3e98649673d5","block_type":"box","text":"corporate form to a public benefit corporation, or similar entity, to put it to a shareholder vote if not","page_number":270,"box":{"x":116,"y":176,"width":731,"height":12}},{"id":"b0c304e1-595b-49e4-ac8c-7102f24c61d4","block_type":"box","text":"already required to do so under applicable law. We appreciate when supporting documentation from","page_number":270,"box":{"x":116,"y":192,"width":748,"height":12}},{"id":"7a242901-ae5f-4b4d-a971-5df0d5418c4c","block_type":"box","text":"companies or shareholders proposing to alter the corporate form clearly explains how the interests of","page_number":270,"box":{"x":116,"y":207,"width":755,"height":12}},{"id":"460f65d6-2117-4c84-89bb-a25327dfc397","block_type":"box","text":"shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":270,"box":{"x":116,"y":223,"width":741,"height":12}},{"id":"1f90ceb9-a829-44a6-b04f-e23a9b2726e3","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if","page_number":270,"box":{"x":117,"y":238,"width":756,"height":12}},{"id":"e62fae1c-3178-44a3-8ef1-be7426bdef10","block_type":"box","text":"our analysis indicates that shareholders’ financial interests are adequately protected. Corporate form","page_number":270,"box":{"x":116,"y":254,"width":752,"height":12}},{"id":"8ea6fd16-3073-43c9-8734-d0e41f97c979","block_type":"box","text":"shareholder proposals are evaluated on a case-by-case basis.","page_number":270,"box":{"x":116,"y":269,"width":468,"height":12}},{"id":"1d75c39d-b258-43f2-a9de-017afb8a9222","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":270,"box":{"x":380,"y":305,"width":244,"height":10}},{"id":"5fba6dd7-e995-4123-9096-cdebf8c1bb93","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":270,"box":{"x":117,"y":335,"width":717,"height":12}},{"id":"8281ce3e-3e29-4d03-a838-51098822c3ff","block_type":"box","text":"meeting, as long as certain requirements are met. Shareholder proposals span a wide range of topics,","page_number":270,"box":{"x":117,"y":350,"width":762,"height":12}},{"id":"25001e19-ef45-4637-b942-087aab07141d","block_type":"box","text":"including governance reforms, capital management, and changes in the management or disclosure of","page_number":270,"box":{"x":117,"y":365,"width":758,"height":13}},{"id":"3b03a917-d4db-4403-b7ee-ec095b790912","block_type":"box","text":"sustainability-related risks. These proposals have a varying degree of relevance for companies across","page_number":270,"box":{"x":116,"y":381,"width":763,"height":12}},{"id":"c1e3c506-7ebf-4464-abb4-dbc6e5c41f7d","block_type":"box","text":"sectors, locations, and business models.","page_number":270,"box":{"x":116,"y":397,"width":307,"height":11}},{"id":"cd242fcd-a95f-407b-a416-9e5ba905c49b","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus","page_number":270,"box":{"x":117,"y":426,"width":764,"height":12}},{"id":"9fbde03b-deb2-4035-932f-78ee0424d93a","block_type":"box","text":"on the proposal’s implications for long-term financial value creation for shareholders. Our analysis","page_number":270,"box":{"x":116,"y":441,"width":730,"height":12}},{"id":"837a3122-ffb3-4f30-a274-bf46396cdbf7","block_type":"box","text":"considers whether a shareholder proposal addresses a material risk that may impact a company’s","page_number":270,"box":{"x":116,"y":457,"width":732,"height":12}},{"id":"99eae1cf-a7aa-4937-b1b7-af54e4d4f82a","block_type":"box","text":"long-term financial performance. BIS may support shareholder proposals that request disclosures that","page_number":270,"box":{"x":117,"y":472,"width":760,"height":12}},{"id":"f546448e-217e-4ad4-977c-cfeaf584a287","block_type":"box","text":"help us, as long-term investors on behalf of our clients, better understand the material risks and","page_number":270,"box":{"x":117,"y":488,"width":713,"height":12}},{"id":"acd94d28-c14f-4cb5-85d2-40f5f8542449","block_type":"box","text":"opportunities companies face and how they are managing them, especially where this information is","page_number":270,"box":{"x":116,"y":503,"width":747,"height":12}},{"id":"6492f3c6-fbef-461e-a573-cd722a635e62","block_type":"box","text":"additive given the company’s existing disclosures. We look for consistency between the specific","page_number":270,"box":{"x":116,"y":519,"width":715,"height":12}},{"id":"5c6fd629-5e5f-44bb-a1f4-8c8e6b145726","block_type":"box","text":"request formally made in the proposal, the supporting documentation, and the proponents’ other","page_number":270,"box":{"x":117,"y":534,"width":717,"height":12}},{"id":"12d0dd67-9415-4e2e-bb2d-863073862918","block_type":"box","text":"communications on the issues. We also assess the company’s practices and disclosures and the costs","page_number":270,"box":{"x":116,"y":550,"width":769,"height":12}},{"id":"ed1ecb5c-b941-4af6-b038-3749fbae0319","block_type":"box","text":"and benefits to the company of meeting the request made in the proposal. We take into consideration a","page_number":270,"box":{"x":116,"y":565,"width":772,"height":12}},{"id":"5cf34449-04aa-4bc7-b643-fdd5da8b8e8b","block_type":"box","text":"company’s governance practices and disclosures against those of their peers.","page_number":270,"box":{"x":116,"y":581,"width":583,"height":12}},{"id":"57eb9e3f-22a6-4465-a773-57b424e87912","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value","page_number":270,"box":{"x":117,"y":610,"width":767,"height":12}},{"id":"d279731a-b445-406c-a4e6-acc0c522b00e","block_type":"box","text":"or that seek to micromanage companies. We take into consideration the legal effect of the proposal, as","page_number":270,"box":{"x":116,"y":625,"width":769,"height":12}},{"id":"721de9bb-0b9c-428d-ab8e-00788be491d8","block_type":"box","text":"shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others","page_number":270,"box":{"x":116,"y":641,"width":747,"height":12}},{"id":"3724afc2-b4ab-4ebf-8e1e-d94a4223bdac","block_type":"box","text":"may make requests that would be deemed illegal in a given jurisdiction.","page_number":270,"box":{"x":117,"y":656,"width":534,"height":12}},{"id":"82d85c11-77d8-4124-82a8-28d6ca398ab0","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization","page_number":270,"box":{"x":117,"y":685,"width":740,"height":12}},{"id":"e7862252-65a8-40a2-9709-0e48da7c280a","block_type":"box","text":"that has submitted or advised on the proposal. We recognize that some shareholder proposals bundle","page_number":270,"box":{"x":116,"y":701,"width":757,"height":12}},{"id":"d0898627-4e33-4570-9592-295b8abd07e7","block_type":"box","text":"topics and/or specific requests. Further, the proponent’s supporting statement may refer to topics that","page_number":270,"box":{"x":116,"y":716,"width":753,"height":12}},{"id":"e938331f-b9ed-48a2-9e87-efac90192abc","block_type":"box","text":"are not directly related to the request made in the proposal. In voting on behalf of clients, we must vote","page_number":270,"box":{"x":116,"y":732,"width":762,"height":12}},{"id":"01158f38-8cba-4b93-84d5-ec77c4de2c9e","block_type":"box","text":"yes or no on the proposal as phrased by the proponent. Therefore, when we vote in support of a","page_number":270,"box":{"x":116,"y":747,"width":714,"height":13}},{"id":"bb1f70ae-a14d-486a-a6e8-eb3587505f89","block_type":"box","text":"proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives,","page_number":270,"box":{"x":117,"y":763,"width":759,"height":12}},{"id":"ac861873-9d0c-41ef-a909-fc12373cc729","block_type":"box","text":"or supporting statement of the proponent. We may support a proposal for different reasons than those","page_number":270,"box":{"x":116,"y":778,"width":757,"height":13}},{"id":"4e095b5f-a18c-4091-82c3-1a950bf5008c","block_type":"box","text":"put forth by the proponent, when we believe that overall it may advance our clients’ long-term financial","page_number":270,"box":{"x":117,"y":794,"width":757,"height":12}},{"id":"a9ed9260-c5a2-49c1-aa73-909cb3f287e5","block_type":"box","text":"interests.","page_number":270,"box":{"x":117,"y":810,"width":65,"height":9}},{"id":"41f98051-08ae-4139-bc90-64ded24b615c","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that","page_number":270,"box":{"x":117,"y":839,"width":752,"height":12}},{"id":"210dab60-332d-4135-becb-dae6365611b0","block_type":"box","text":"place restrictions and limitations on how BlackRock can interact with the companies in which we invest","page_number":270,"box":{"x":117,"y":854,"width":766,"height":12}},{"id":"2d33568a-a154-4a3e-b80b-fc32ed24248c","block_type":"box","text":"9","page_number":270,"box":{"x":143,"y":879,"width":4,"height":5}},{"id":"eecec955-4ac0-4bd8-aafc-2bc38a687341","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":270,"box":{"x":170,"y":879,"width":457,"height":10}},{"id":"6bf1366d-9fc1-4a25-8998-6013296a981e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":270,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"d1e643f0-0f4b-461f-8db8-7358a718c719","block_type":"box","text":"Global Principles |","page_number":270,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"a728dfe6-14ef-49d1-bc79-766ba2a97f02","block_type":"box","text":"11","page_number":270,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"b4422524-0453-4995-8788-342a49f7742c","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":270,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"46654d98-a44f-411a-8102-712d315c5821","block_type":"box","text":"on behalf of our clients. BlackRock does not nominate directors for board elections or submit","page_number":271,"box":{"x":116,"y":87,"width":692,"height":10}},{"id":"bc34f230-9961-4d23-a414-4951f326c3fc","block_type":"box","text":"shareholder proposals to companies. Non-compliance with these requirements could adversely affect","page_number":271,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"68f85613-d420-46c7-8e16-0ffed232d0ef","block_type":"box","text":"BlackRock’s ability to serve its clients’ interests.","page_number":271,"box":{"x":117,"y":118,"width":358,"height":12}},{"id":"85461145-77b1-4af1-bba5-8997d5c94190","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":271,"box":{"x":223,"y":155,"width":559,"height":10}},{"id":"db65c9e2-30a6-4354-94ce-125ee09073da","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks","page_number":271,"box":{"x":116,"y":186,"width":758,"height":12}},{"id":"539d31eb-63ec-425a-86ec-923ca5ab8e2e","block_type":"box","text":"and opportunities, is an important component of having an effective governance framework that","page_number":271,"box":{"x":116,"y":201,"width":714,"height":12}},{"id":"3cc5f565-0bf7-44ef-a489-5d411fd0e8ec","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":271,"box":{"x":116,"y":217,"width":385,"height":12}},{"id":"1d3c2fe7-ca45-45bf-8fc8-ec0d9cdba370","block_type":"box","text":"10","page_number":271,"box":{"x":503,"y":217,"width":11,"height":6}},{"id":"1800a856-ce28-4028-8262-f2423d2753e0","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate","page_number":271,"box":{"x":116,"y":247,"width":703,"height":12}},{"id":"486a9240-157d-41da-86da-8fd1430b6131","block_type":"box","text":"companies’ strategy and business practices related to material sustainability-related risks and","page_number":271,"box":{"x":116,"y":262,"width":699,"height":12}},{"id":"2f867ffd-6494-4588-8641-57d9c28c874d","block_type":"box","text":"opportunities. We find it helpful when companies’ disclosures demonstrate that they have a resilient","page_number":271,"box":{"x":116,"y":278,"width":743,"height":12}},{"id":"b3de7ca7-3690-4b79-b6fe-eeaea253b924","block_type":"box","text":"business model that integrates material sustainability-related risks and opportunities into their strategy,","page_number":271,"box":{"x":117,"y":293,"width":766,"height":12}},{"id":"443103e2-89e7-40a8-b976-8f8feeb9ff2b","block_type":"box","text":"risk management, and metrics and targets, including industry-specific metrics.","page_number":271,"box":{"x":117,"y":309,"width":583,"height":12}},{"id":"e1f8cf0d-7c31-46b0-9369-c9e662ee0c4b","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions.","page_number":271,"box":{"x":116,"y":339,"width":766,"height":12}},{"id":"b4ce77f8-e00e-420c-bc9a-89f1567df2b0","block_type":"box","text":"The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one","page_number":271,"box":{"x":116,"y":354,"width":743,"height":12}},{"id":"96ca4c2a-0125-44f3-9674-0a7924fddbf1","block_type":"box","text":"such approach to standardization that we find useful in our analysis.","page_number":271,"box":{"x":116,"y":370,"width":503,"height":12}},{"id":"9ac50db6-8575-4012-8004-114dbe3f51db","block_type":"box","text":"11","page_number":271,"box":{"x":622,"y":370,"width":9,"height":6}},{"id":"28fd2391-2b33-4c52-ba8e-f0060358dd20","block_type":"box","text":"However, we do not mandate","page_number":271,"box":{"x":633,"y":370,"width":228,"height":11}},{"id":"c85f07a1-ef0e-4d3b-80ed-a1dad04b84fe","block_type":"box","text":"any specific disclosure framework companies should use, and recognize that companies may report","page_number":271,"box":{"x":116,"y":385,"width":747,"height":12}},{"id":"8680a101-d39c-4fcc-91a5-e49811b9c2c0","block_type":"box","text":"using different standards, some of which may be required by regulation. In such cases, we ask that","page_number":271,"box":{"x":117,"y":401,"width":739,"height":12}},{"id":"fdf49185-e6ff-4848-8efc-9eed712ee116","block_type":"box","text":"companies highlight the metrics that are industry- or company-specific.","page_number":271,"box":{"x":116,"y":416,"width":530,"height":12}},{"id":"24597d5b-42de-4239-9596-46274843594b","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not","page_number":271,"box":{"x":116,"y":447,"width":702,"height":11}},{"id":"be9b83e1-afb7-4479-ae24-0f564e057cf8","block_type":"box","text":"prescribe timelines regarding when companies should make sustainability-related disclosures but","page_number":271,"box":{"x":117,"y":462,"width":725,"height":12}},{"id":"49cd1d81-f2dd-45b1-bfe0-7b319ab850c6","block_type":"box","text":"appreciate it when companies produce them sufficiently in advance of their shareholder meeting, to the","page_number":271,"box":{"x":116,"y":477,"width":770,"height":12}},{"id":"6397f424-9808-4db7-bb46-d5c8c4933dd2","block_type":"box","text":"best of their abilities, to provide investors with time to assess the data and make informed voting","page_number":271,"box":{"x":117,"y":493,"width":718,"height":12}},{"id":"f9852f19-f6a8-442f-8ee3-875d79fce3be","block_type":"box","text":"decisions.","page_number":271,"box":{"x":116,"y":509,"width":79,"height":9}},{"id":"53514079-7e80-404a-a2c1-ba8c54fbcdc1","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to","page_number":271,"box":{"x":117,"y":538,"width":700,"height":13}},{"id":"99d0d5a7-072c-434d-8def-bb766649e9c4","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our","page_number":271,"box":{"x":116,"y":554,"width":697,"height":12}},{"id":"2baa921d-deab-41f9-abff-63fca975a16d","block_type":"box","text":"understanding of investment risk when companies disclose any relevant global sustainability-related","page_number":271,"box":{"x":117,"y":569,"width":746,"height":13}},{"id":"336b8e2a-f352-4dfb-a6d2-16d161a43e1f","block_type":"box","text":"standards adopted, the industry initiatives in which they participate, any peer group benchmarking","page_number":271,"box":{"x":116,"y":585,"width":731,"height":12}},{"id":"7d19cab1-dec2-4dbf-9934-6573ed6e375f","block_type":"box","text":"undertaken, and any assurance processes to help investors understand their approach to sustainable","page_number":271,"box":{"x":117,"y":601,"width":758,"height":12}},{"id":"2fb74865-ad73-487b-9cb6-aff51e1848cf","block_type":"box","text":"and responsible business practices.","page_number":271,"box":{"x":116,"y":616,"width":271,"height":12}},{"id":"8bb1539d-ebbd-472d-9591-4a8a3fb85427","block_type":"box","text":"Climate and nature-related risk","page_number":271,"box":{"x":116,"y":646,"width":251,"height":10}},{"id":"3c21c429-ee1d-41ba-9666-75fc0729ca2c","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term","page_number":271,"box":{"x":117,"y":676,"width":739,"height":12}},{"id":"bf5a9a65-6c2e-4101-b7d2-7124e9c63819","block_type":"box","text":"financial value to investors. For companies facing material climate-related risks, we find it helpful when","page_number":271,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"e27b7254-7b22-468f-a54b-06bad5150245","block_type":"box","text":"they publicly disclose, consistent with their business model and sector, how they intend to deliver long","page_number":271,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"117d7651-dd33-4a26-87e0-2e2d5d2f4cf6","block_type":"box","text":"term financial performance through the low-carbon transition, including where available, their transition","page_number":271,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"f53aaaad-176e-48fd-a9cc-bc4c2da71244","block_type":"box","text":"10","page_number":271,"box":{"x":144,"y":748,"width":8,"height":5}},{"id":"5750cadf-6581-43e6-ba0f-e03524512d0e","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":271,"box":{"x":171,"y":748,"width":691,"height":10}},{"id":"2d399d3f-7f84-450a-8a2f-da96ee433147","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":271,"box":{"x":170,"y":761,"width":686,"height":9}},{"id":"3f825fd9-6b0e-4899-9089-f5085ea6c58a","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":271,"box":{"x":170,"y":774,"width":682,"height":9}},{"id":"cfd09dd2-fad2-4224-83aa-16330780cb61","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":271,"box":{"x":170,"y":787,"width":683,"height":9}},{"id":"c694511b-880d-4882-94d3-a70b8b1d3673","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":271,"box":{"x":170,"y":800,"width":360,"height":9}},{"id":"bf8b15a0-f53f-4834-84fc-058503a19a18","block_type":"box","text":"11","page_number":271,"box":{"x":144,"y":815,"width":7,"height":5}},{"id":"a64180df-70ab-4bf7-97f8-e9f31f0441f0","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":271,"box":{"x":170,"y":815,"width":666,"height":10}},{"id":"61e91bee-836c-489f-8ff1-6d18ae33b005","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":271,"box":{"x":171,"y":828,"width":712,"height":9}},{"id":"6a346c4d-ffa9-4ae3-a99d-68de77cfc085","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":271,"box":{"x":170,"y":841,"width":649,"height":9}},{"id":"94bc98c9-256d-4aec-a256-94c277441454","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":271,"box":{"x":170,"y":854,"width":674,"height":9}},{"id":"d484cfe9-a0e4-4e70-8705-4d8c6d4abe04","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":271,"box":{"x":170,"y":867,"width":647,"height":9}},{"id":"7f4acd41-700f-4314-ac0b-d1b75bfa53e6","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":271,"box":{"x":171,"y":880,"width":312,"height":7}},{"id":"8ae42b8a-afba-46ab-8f57-3e00137145ad","block_type":"box","text":"BlackRock Investment Stewardship","page_number":271,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"6b80f9a9-a5ea-4705-ac4d-73f74c83d50e","block_type":"box","text":"Global Principles |","page_number":271,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"82d62ff2-8130-4d10-9c44-4b065352ad13","block_type":"box","text":"12","page_number":271,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"0f8b2e57-a781-4dd4-bb8f-b0f7aca41ddd","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":271,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8fd3f980-12eb-45b4-8fcc-14b0ac88049f","block_type":"box","text":"plan.","page_number":272,"box":{"x":117,"y":87,"width":34,"height":12}},{"id":"ccf7dddd-eafb-4318-a1f0-b5e12036730f","block_type":"box","text":"12, 13","page_number":272,"box":{"x":153,"y":87,"width":29,"height":7}},{"id":"8863fc9e-2821-4f93-88c3-d75fa01320e7","block_type":"box","text":"From company disclosures and engagement, we seek to understand the strategies","page_number":272,"box":{"x":182,"y":87,"width":626,"height":12}},{"id":"08642c40-c31a-4e44-a81a-a5202b26f884","block_type":"box","text":"companies have in place to manage material risks to, and opportunities for, their long-term business","page_number":272,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"a5ee3ae7-84e4-4e31-8ee7-3be651b19a96","block_type":"box","text":"model associated with a range of climate-related scenarios.","page_number":272,"box":{"x":117,"y":118,"width":446,"height":12}},{"id":"08bfa241-5709-4e35-afbf-e6e6e92f2e7b","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate","page_number":272,"box":{"x":117,"y":152,"width":734,"height":12}},{"id":"ec78441b-7788-40be-926f-4e7f682dd36d","block_type":"box","text":"large companies to disclose such climate-related financial information, while in other jurisdictions these","page_number":272,"box":{"x":117,"y":168,"width":767,"height":12}},{"id":"1680e3c7-0378-47e3-a7b9-1427c953c031","block_type":"box","text":"disclosures are viewed as best practice in the market.","page_number":272,"box":{"x":116,"y":183,"width":404,"height":12}},{"id":"74c0c103-d33f-442c-970f-ca9d70df2077","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company","page_number":272,"box":{"x":116,"y":217,"width":726,"height":12}},{"id":"1efc1dbc-0c9a-48b7-bcae-e6f5f568cb47","block_type":"box","text":"specific climate-related risks and opportunities, and informing investment decisions. Such disclosures","page_number":272,"box":{"x":116,"y":233,"width":757,"height":12}},{"id":"c66e41ed-9eef-4ef1-874b-80b32d3adf5d","block_type":"box","text":"also provide investors with insights into how companies are managing the risks associated with a","page_number":272,"box":{"x":116,"y":248,"width":726,"height":12}},{"id":"fa54ca7b-ad05-47a5-9317-5c78cbddf2fa","block_type":"box","text":"transition to a low-carbon economy by managing their own carbon emissions or emissions intensities","page_number":272,"box":{"x":116,"y":264,"width":754,"height":12}},{"id":"b4303faa-1e6c-4d90-b639-d2724f04a6ff","block_type":"box","text":"to the extent financially practicable.","page_number":272,"box":{"x":116,"y":279,"width":266,"height":12}},{"id":"84925a0c-d870-4508-b65f-d035adc3a1d9","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-,","page_number":272,"box":{"x":116,"y":313,"width":723,"height":12}},{"id":"b86bd7fc-35ed-4e65-a784-eefb17fec604","block_type":"box","text":"medium- and long-term targets, ideally science-based where these are available for their sector, for","page_number":272,"box":{"x":117,"y":329,"width":742,"height":12}},{"id":"1a366032-5339-485a-b0c1-71d34b8cd5ea","block_type":"box","text":"scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are","page_number":272,"box":{"x":116,"y":344,"width":760,"height":12}},{"id":"70ed9de7-e05a-40d8-a18c-e033ed9bec05","block_type":"box","text":"consistent with the long-term financial interests of their investors.","page_number":272,"box":{"x":116,"y":360,"width":486,"height":12}},{"id":"693a0b4d-3dac-41b5-bbce-0cfd54a5d50e","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this","page_number":272,"box":{"x":116,"y":394,"width":766,"height":12}},{"id":"b29252b1-612c-426f-aef9-c6f49e431f21","block_type":"box","text":"stage, we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity,","page_number":272,"box":{"x":116,"y":409,"width":749,"height":13}},{"id":"72d0e2f1-6c2a-417a-9d61-3aac87e3e648","block_type":"box","text":"regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. We","page_number":272,"box":{"x":117,"y":425,"width":749,"height":12}},{"id":"c4c0f222-ff7e-4cfb-9318-68b83ef83cd3","block_type":"box","text":"welcome disclosures and commitments that companies choose to make regarding material scope 3","page_number":272,"box":{"x":116,"y":441,"width":744,"height":12}},{"id":"91dd93bd-342b-4072-9844-6b3963246bbd","block_type":"box","text":"emissions and recognize that these are provided on a good-faith basis as methodology develops.","page_number":272,"box":{"x":116,"y":456,"width":728,"height":12}},{"id":"37599c88-b1fe-4325-b3f8-d718836c5ed8","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or","page_number":272,"box":{"x":117,"y":490,"width":742,"height":12}},{"id":"5ccbee9a-86bb-4679-bff6-02975a70533a","block_type":"box","text":"supply chains are materially reliant on natural capital, nature-related risks and opportunities may affect","page_number":272,"box":{"x":116,"y":506,"width":765,"height":12}},{"id":"31156497-8d30-4898-8ebd-a1e2fac78592","block_type":"box","text":"their ability to generate long-term financial returns.","page_number":272,"box":{"x":116,"y":521,"width":372,"height":12}},{"id":"066011df-49ca-4fc4-9c0e-21a148fe84b9","block_type":"box","text":"14","page_number":272,"box":{"x":491,"y":521,"width":11,"height":6}},{"id":"e1588c57-1542-432a-9510-bec7582e5c2c","block_type":"box","text":"For these companies, we rely on disclosures to","page_number":272,"box":{"x":502,"y":521,"width":360,"height":12}},{"id":"ec396502-3234-44bb-a1d6-08a1631beb6c","block_type":"box","text":"understand how their strategies consider nature-related impacts and dependencies and to assess how","page_number":272,"box":{"x":117,"y":537,"width":765,"height":12}},{"id":"6f02b76f-3766-4c4d-8179-800496c5ac99","block_type":"box","text":"the board oversees these risks.","page_number":272,"box":{"x":116,"y":552,"width":232,"height":10}},{"id":"84f5d276-1a1a-40d1-bc49-e815292f55da","block_type":"box","text":"15","page_number":272,"box":{"x":351,"y":552,"width":10,"height":6}},{"id":"83add873-2831-4cf6-a55e-b029c2b7ba6d","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":272,"box":{"x":116,"y":586,"width":580,"height":12}},{"id":"66615672-331e-4495-9df2-52519e03f792","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term","page_number":272,"box":{"x":117,"y":620,"width":768,"height":12}},{"id":"33f157fc-4436-41cc-8d39-c94740048d9b","block_type":"box","text":"financial performance. For many companies, key stakeholders include employees, business supply","page_number":272,"box":{"x":116,"y":636,"width":741,"height":12}},{"id":"8037e092-45f3-4d50-9936-628338ba3f37","block_type":"box","text":"chains, clients and consumers, regulators, and the communities in which they operate.","page_number":272,"box":{"x":116,"y":651,"width":647,"height":12}},{"id":"53fe1484-2f30-4dda-91a9-5a83bfd1f9ce","block_type":"box","text":"12","page_number":272,"box":{"x":144,"y":677,"width":8,"height":4}},{"id":"894afc0d-6571-4a20-becd-4f833652bba7","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":272,"box":{"x":170,"y":677,"width":685,"height":9}},{"id":"84e371fb-394c-4b92-907c-1d1a0f4e439a","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":272,"box":{"x":170,"y":690,"width":670,"height":9}},{"id":"f4705d8e-ef95-44cb-ada5-4744f0a5647f","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":272,"box":{"x":171,"y":702,"width":691,"height":10}},{"id":"5980815a-a02f-476e-adce-f71698711756","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives,","page_number":272,"box":{"x":170,"y":715,"width":710,"height":10}},{"id":"892784c5-7fd3-47d2-aa4c-a14ce68b95fd","block_type":"box","text":"and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":272,"box":{"x":170,"y":728,"width":709,"height":10}},{"id":"4304f2d9-03d3-4c1d-8d15-9693e060528e","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. While transition plans can","page_number":272,"box":{"x":170,"y":741,"width":710,"height":10}},{"id":"e42cfa1e-3704-4e31-9dd6-d367a2e57305","block_type":"box","text":"be helpful disclosure, BIS does not make the preparation and production of transition plans a voting issue. BIS may","page_number":272,"box":{"x":170,"y":754,"width":684,"height":10}},{"id":"db59f65b-43ed-479e-a5eb-1e260a656fd0","block_type":"box","text":"engage companies that have chosen to publish a transition plan to understand their planned actions and resource","page_number":272,"box":{"x":170,"y":767,"width":675,"height":10}},{"id":"9cde1bb1-0f8f-4c92-a24c-234a275d80ea","block_type":"box","text":"implications. Website accessed in December 2025.","page_number":272,"box":{"x":170,"y":780,"width":303,"height":9}},{"id":"1a8d1c3b-c987-4776-9b19-5a25a90c7de6","block_type":"box","text":"13","page_number":272,"box":{"x":144,"y":796,"width":8,"height":5}},{"id":"57dc33a0-b782-446c-960f-2a4f9fa1ff2e","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December 2025.","page_number":272,"box":{"x":171,"y":796,"width":703,"height":10}},{"id":"11fad141-3777-4f0a-96e0-7f175eb45b4c","block_type":"box","text":"14","page_number":272,"box":{"x":144,"y":812,"width":8,"height":5}},{"id":"a8a38bf7-c2f4-49bd-b453-da8c3d0d47bf","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December 2025.","page_number":272,"box":{"x":171,"y":812,"width":697,"height":10}},{"id":"04915c23-624f-47eb-b156-57f6e0d1efd5","block_type":"box","text":"15","page_number":272,"box":{"x":144,"y":828,"width":8,"height":5}},{"id":"18959305-38d8-47a7-a1ad-3512f820e5f3","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":272,"box":{"x":170,"y":828,"width":660,"height":10}},{"id":"10d74ef6-4740-4c61-8628-3c27682a8967","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of the","page_number":272,"box":{"x":170,"y":841,"width":704,"height":9}},{"id":"078e7b24-5280-45c4-b692-65b0a83ef698","block_type":"box","text":"Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":272,"box":{"x":170,"y":854,"width":689,"height":9}},{"id":"1609202e-6f37-4375-bea0-6f9966fd14ec","block_type":"box","text":"some companies may report using different standards, which may be required by regulation, or one of a number of","page_number":272,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"d258a504-5cd2-41d7-88a2-bd4e76906adf","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":272,"box":{"x":170,"y":880,"width":680,"height":9}},{"id":"5c639f21-f68e-44c8-935a-362832210334","block_type":"box","text":"BlackRock Investment Stewardship","page_number":272,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"9fcadd9b-fee4-4345-9423-086619f85188","block_type":"box","text":"Global Principles |","page_number":272,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"3b02e1f4-839c-4952-b1ab-215bd8fa40b6","block_type":"box","text":"13","page_number":272,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"86b1b3b5-d03c-4eb2-8884-1ad07a56cd00","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":272,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"526ef8de-a6f0-4e18-92a8-4d1652bc905b","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives","page_number":273,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"18ae6aa4-26b9-4bdc-83fa-0e318d62c673","block_type":"box","text":"are more likely to deliver durable, long-term financial performance. By contrast, we have found that","page_number":273,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"372061bb-f29a-4c24-a014-d39022040282","block_type":"box","text":"poor relationships may create adverse impacts that could expose companies to legal, regulatory,","page_number":273,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"258d5b7d-6fdc-44f9-92f2-1689b7ecf727","block_type":"box","text":"operational, and reputational risks. This is particularly relevant to a company’s workforce, which is","page_number":273,"box":{"x":116,"y":134,"width":730,"height":12}},{"id":"91a06904-ad63-4de8-b02e-e2847d039bbe","block_type":"box","text":"central to long-term financial value creation.","page_number":273,"box":{"x":116,"y":149,"width":324,"height":12}},{"id":"52f38ec2-f3ac-470f-863d-50725618d84a","block_type":"box","text":"16","page_number":273,"box":{"x":442,"y":149,"width":11,"height":6}},{"id":"cbe4d175-07de-4f80-8a20-9dbcc04dbfd3","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how","page_number":273,"box":{"x":116,"y":179,"width":743,"height":13}},{"id":"b45d5310-9ded-4139-8b9a-07488766b5a2","block_type":"box","text":"they have identified their key stakeholders and considered their interests in business decision-making.","page_number":273,"box":{"x":116,"y":195,"width":763,"height":12}},{"id":"c0137daa-f9f5-480d-95b5-8d2bdf3d19d4","block_type":"box","text":"In addition to understanding broader stakeholder relationships, BIS finds it helpful when companies","page_number":273,"box":{"x":117,"y":210,"width":740,"height":13}},{"id":"0f3365a8-5774-448e-8902-5563a3fbbbef","block_type":"box","text":"discuss how they consider the needs of their workforce today, and the skills required for their future","page_number":273,"box":{"x":116,"y":226,"width":742,"height":12}},{"id":"2ade6b43-82bc-4ea1-afa1-f3722003763b","block_type":"box","text":"business strategy. We are also interested in understanding how the board monitors and engages on","page_number":273,"box":{"x":117,"y":242,"width":747,"height":12}},{"id":"16ce4af4-c089-4943-b358-88cc69ec9449","block_type":"box","text":"these matters, given it is well positioned to ensure that the approach taken by management is informed","page_number":273,"box":{"x":116,"y":257,"width":770,"height":12}},{"id":"e0577d20-91fa-422f-b295-37a0d2fd94c7","block_type":"box","text":"by and aligns with the company’s strategy. BIS does not direct a company’s policies or practices, which","page_number":273,"box":{"x":117,"y":272,"width":771,"height":13}},{"id":"10992a34-bf45-4ea1-a2f0-8793b74f8f49","block_type":"box","text":"are the responsibility of management and the board.","page_number":273,"box":{"x":116,"y":288,"width":394,"height":12}},{"id":"26e88731-fd7f-4714-bf4e-d950e55589b1","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse","page_number":273,"box":{"x":117,"y":318,"width":754,"height":12}},{"id":"d4785836-eb96-4692-9615-b68518cb0a55","block_type":"box","text":"impacts that could arise from their business practices and affect critical relationships with their","page_number":273,"box":{"x":117,"y":334,"width":701,"height":12}},{"id":"f2597e83-5eaa-4f81-9ad1-6fa714f2c54c","block_type":"box","text":"stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes","page_number":273,"box":{"x":116,"y":350,"width":767,"height":12}},{"id":"33726907-ff86-48a5-b7ee-f578a0f730a1","block_type":"box","text":"(often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":273,"box":{"x":117,"y":365,"width":740,"height":12}},{"id":"69fd6692-ee74-4888-92b0-ff9c16a3b23b","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts.","page_number":273,"box":{"x":117,"y":381,"width":474,"height":12}},{"id":"1b5a1cc1-03c5-4500-aa83-ef576f2dd8ba","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key","page_number":273,"box":{"x":116,"y":411,"width":729,"height":12}},{"id":"b2b81dc9-fe72-479e-afc5-201d47ea7a19","block_type":"box","text":"stakeholders and may convey concerns about board oversight in our voting on director elections or","page_number":273,"box":{"x":116,"y":426,"width":739,"height":12}},{"id":"a1af372a-c337-4597-8066-94358a37e9a3","block_type":"box","text":"supporting a business relevant shareholder proposal when, in our assessment, the board is not acting","page_number":273,"box":{"x":116,"y":442,"width":761,"height":12}},{"id":"a51bd6fe-0bdd-4767-9918-a94f688d042c","block_type":"box","text":"in shareholders’ long-term financial interests.","page_number":273,"box":{"x":117,"y":457,"width":337,"height":12}},{"id":"7117fc3d-160e-43c7-92c6-def551a69e0b","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":273,"box":{"x":188,"y":495,"width":629,"height":10}},{"id":"9bdc24d6-0886-4b0b-a776-ecec4d4e722d","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on","page_number":273,"box":{"x":117,"y":526,"width":742,"height":12}},{"id":"8358531e-20cd-48cf-a10e-48ce20781319","block_type":"box","text":"behalf of clients at the global and regional level.","page_number":273,"box":{"x":117,"y":541,"width":358,"height":12}},{"id":"8da47e73-6cb3-4a70-b0dd-9b76a8b6bb8e","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the","page_number":273,"box":{"x":116,"y":572,"width":699,"height":12}},{"id":"c753e760-9764-43d1-a84d-598f4ace6533","block_type":"box","text":"Committee) supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to","page_number":273,"box":{"x":117,"y":587,"width":760,"height":12}},{"id":"664c4497-556f-4ab9-9acb-6f0471e610a9","block_type":"box","text":"policies and procedures as well as market-level stewardship requirements. The Committee reviews","page_number":273,"box":{"x":117,"y":603,"width":740,"height":12}},{"id":"a7730d93-2303-444c-b0b4-9edc7b1227c3","block_type":"box","text":"and approves amendments to the Global Principles and regional voting guidelines. The Committee","page_number":273,"box":{"x":116,"y":618,"width":738,"height":12}},{"id":"583a1f88-a253-4ba8-874b-48c0d944e0c4","block_type":"box","text":"also reviews periodic reports regarding the votes cast by BIS on behalf of clients, as well as updates","page_number":273,"box":{"x":116,"y":634,"width":749,"height":12}},{"id":"e76dbc60-dfd9-462e-b94d-56d9403ace8b","block_type":"box","text":"on material process issues, procedural changes, and other risk oversight considerations. The","page_number":273,"box":{"x":116,"y":649,"width":697,"height":12}},{"id":"06728945-a7d0-46f9-ba67-a91b601b01ec","block_type":"box","text":"Committee is chaired by the Global Heads of the Investment Stewardship function and its members","page_number":273,"box":{"x":117,"y":665,"width":737,"height":12}},{"id":"b5ecd4dd-5fdc-4b02-a9a2-cdf8005354e6","block_type":"box","text":"include senior BlackRock executives with legal, risk, and other experience relevant to team oversight","page_number":273,"box":{"x":117,"y":680,"width":747,"height":12}},{"id":"7f8b232d-1cca-42d4-abdf-bea24128cc9e","block_type":"box","text":"who are independent from the investment stewardship function.","page_number":273,"box":{"x":116,"y":696,"width":471,"height":12}},{"id":"e97ec209-ed23-44ce-b95b-944d2d473160","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with","page_number":273,"box":{"x":116,"y":726,"width":764,"height":12}},{"id":"6fe45630-f73f-4156-8317-343e6d9d9312","block_type":"box","text":"the Global Principles and regional voting guidelines. At the regional level, three regional Heads for the","page_number":273,"box":{"x":116,"y":742,"width":756,"height":12}},{"id":"44ca768f-d204-4205-bb78-3f5bac08584c","block_type":"box","text":"Americas, APAC, and EMEA oversee BIS’ activities for their specific markets.","page_number":273,"box":{"x":116,"y":757,"width":574,"height":12}},{"id":"a490f44f-a641-41c9-90cb-e48a7c3cb962","block_type":"box","text":"VOTE EXECUTION","page_number":273,"box":{"x":425,"y":795,"width":148,"height":10}},{"id":"80583506-5c32-4045-94cf-2098092dcfad","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We","page_number":273,"box":{"x":117,"y":825,"width":739,"height":13}},{"id":"4b78f989-19d8-4295-aacc-b7aa0fb59985","block_type":"box","text":"have processes in place to consider all proxies for which we have voting authority, and submit voting","page_number":273,"box":{"x":117,"y":841,"width":751,"height":12}},{"id":"c2fdf303-354a-4bd8-a4df-3663b1056405","block_type":"box","text":"16","page_number":273,"box":{"x":144,"y":866,"width":8,"height":5}},{"id":"c3d88ea8-0af3-459d-b119-3b72b7a96c97","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":273,"box":{"x":171,"y":866,"width":677,"height":10}},{"id":"f0c6771a-13cd-4509-b7ba-06d651317deb","block_type":"box","text":"December 2025.","page_number":273,"box":{"x":171,"y":879,"width":97,"height":8}},{"id":"f68740e0-9077-411d-b029-10dfdeeb850d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":273,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"71cae79f-6867-49c6-ae28-0500bd8a1a5d","block_type":"box","text":"Global Principles |","page_number":273,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"506e13a0-ef87-404b-b41e-bc2912840be9","block_type":"box","text":"14","page_number":273,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"02efd8f1-778d-46b9-bf88-e46fc5117c42","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":273,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"14a489f3-0b60-47c9-ae7c-730f3930c5be","block_type":"box","text":"decisions, or refrain from voting when logistical issues arise (see below). The BIS Benchmark","page_number":274,"box":{"x":116,"y":87,"width":698,"height":12}},{"id":"f7dcc177-3f18-4263-acb2-c825eff22870","block_type":"box","text":"Policies – and the vote decisions made consistent with those policies – reflect our reasonable and","page_number":274,"box":{"x":117,"y":102,"width":730,"height":12}},{"id":"fae2d7c9-0035-41d4-8d79-935dc7f99680","block_type":"box","text":"independent judgment and are made without regard to the relationship between the issuer of the proxy","page_number":274,"box":{"x":117,"y":118,"width":766,"height":12}},{"id":"30260ac0-8ee9-40a7-a33d-1a72c8b3dec4","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and the Fund, the Fund’s affiliates (if any),","page_number":274,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"5ec01dab-443b-4033-8543-8e8d490bae14","block_type":"box","text":"BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":274,"box":{"x":117,"y":149,"width":768,"height":12}},{"id":"29c5e537-da8c-45a8-a8a6-bae6212393a5","block_type":"box","text":"procedures,” below).","page_number":274,"box":{"x":117,"y":165,"width":157,"height":12}},{"id":"c860ab12-7b00-4de4-973e-5b06ab437dbe","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well","page_number":274,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"85dc6294-259b-4341-9acd-4b8fec9eb18a","block_type":"box","text":"as the cost of voting such proxies on behalf of our clients. These issues include, but are not limited to:","page_number":274,"box":{"x":116,"y":212,"width":761,"height":12}},{"id":"5fbe693d-2649-45e2-a81b-0ef280885e6d","block_type":"box","text":"1) untimely notice of shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3)","page_number":274,"box":{"x":118,"y":227,"width":754,"height":12}},{"id":"726075b9-2048-474a-ad0b-17128307df47","block_type":"box","text":"requirements to vote proxies in person; 4) “share-blocking” (requirements that investors who exercise","page_number":274,"box":{"x":117,"y":243,"width":756,"height":12}},{"id":"bfba4d71-d261-42bd-aaea-d5cda97ab7fa","block_type":"box","text":"their voting rights surrender the right to dispose of their holdings from the point at which votes are","page_number":274,"box":{"x":116,"y":258,"width":728,"height":12}},{"id":"3e48d7bb-a97b-4b6a-b9c3-0838506bbd90","block_type":"box","text":"submitted until after the after the shareholder meeting has occurred); 5) potential difficulties in","page_number":274,"box":{"x":116,"y":274,"width":701,"height":12}},{"id":"b3b5b147-03e3-4ffa-894e-394b51684e20","block_type":"box","text":"translating the proxy; 6) regulatory constraints; and 7) requirements to provide local agents with","page_number":274,"box":{"x":116,"y":289,"width":714,"height":12}},{"id":"58cde23d-47ab-4a52-96fa-77ee97afd19e","block_type":"box","text":"powers of attorney to facilitate voting instructions. We are not supportive of impediments to the","page_number":274,"box":{"x":117,"y":305,"width":706,"height":12}},{"id":"45f8ca1a-eef1-49af-86c2-f8b62dc42fc9","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":274,"box":{"x":116,"y":320,"width":742,"height":12}},{"id":"255dc5be-1705-452b-9f50-a6fb9a993682","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":274,"box":{"x":117,"y":352,"width":758,"height":12}},{"id":"dad7473c-54db-4246-a693-d5f6766c2319","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if","page_number":274,"box":{"x":116,"y":368,"width":755,"height":12}},{"id":"00ad284e-9a4e-4a17-a948-eca6aaeeb023","block_type":"box","text":"the costs (including but not limited to opportunity costs associated with share-blocking constraints)","page_number":274,"box":{"x":116,"y":383,"width":734,"height":12}},{"id":"0cbdaaf8-8de4-49cd-b72a-560f868ee238","block_type":"box","text":"associated with exercising a vote are expected to outweigh the benefit the client would derive by voting","page_number":274,"box":{"x":116,"y":399,"width":770,"height":12}},{"id":"15650946-1b29-43f9-936c-f615dec38f81","block_type":"box","text":"on the proposal.","page_number":274,"box":{"x":116,"y":414,"width":125,"height":12}},{"id":"e595d18c-b33c-474a-889a-91764b5252cf","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":274,"box":{"x":265,"y":454,"width":475,"height":10}},{"id":"f38bb7e4-a874-4619-a4d1-449f92783f0d","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business","page_number":274,"box":{"x":117,"y":486,"width":724,"height":12}},{"id":"29f321be-6273-4d13-a7ca-6bcf3cf99d05","block_type":"box","text":"partnership or enterprise-level vendor management activities.","page_number":274,"box":{"x":117,"y":501,"width":460,"height":12}},{"id":"9c89bfd4-73f7-489f-bbfe-db4708a9f38b","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’","page_number":274,"box":{"x":117,"y":533,"width":739,"height":12}},{"id":"20693386-c188-4642-b914-62b05caf9c22","block_type":"box","text":"proxy voting activity. Such influence might stem from any relationship between the investee company","page_number":274,"box":{"x":117,"y":549,"width":755,"height":12}},{"id":"1beba621-c36f-4573-aea5-8be14c901c96","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund","page_number":274,"box":{"x":117,"y":564,"width":766,"height":12}},{"id":"794a4a87-a170-4e8e-a728-3d765335082f","block_type":"box","text":"or a Fund’s affiliates, or BlackRock employees.","page_number":274,"box":{"x":116,"y":580,"width":354,"height":12}},{"id":"2e468b64-e7fd-4b44-b360-4e74bb89da3d","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":274,"box":{"x":117,"y":611,"width":630,"height":13}},{"id":"bb5ae9d9-76b4-4711-b932-06eda2088bb6","block_type":"box","text":"SECURITIES LENDING","page_number":274,"box":{"x":410,"y":643,"width":185,"height":10}},{"id":"9b0efc63-21c3-490d-b018-c05ba16ab5c5","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending","page_number":274,"box":{"x":116,"y":675,"width":704,"height":12}},{"id":"28828d75-1eae-4924-a62f-70099c928c5f","block_type":"box","text":"securities enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending","page_number":274,"box":{"x":116,"y":690,"width":729,"height":13}},{"id":"9b93d52b-6bbc-4908-a779-714e6206538d","block_type":"box","text":"agreements allow it to recall securities out on loan at any time. BlackRock (or any other lender) does","page_number":274,"box":{"x":116,"y":706,"width":746,"height":12}},{"id":"d88d8a23-9bca-46e3-8e9d-2edcea991415","block_type":"box","text":"not retain voting rights for securities out on loan. Entitlements associated with the lent securities","page_number":274,"box":{"x":117,"y":721,"width":709,"height":13}},{"id":"d0e9fdf0-bcb5-4f40-a992-9fe9b527ab93","block_type":"box","text":"(dividends, coupons, etc.), while on loan are paid back to the lender of the security as stipulated in","page_number":274,"box":{"x":117,"y":737,"width":727,"height":12}},{"id":"96e84411-7e92-401a-954c-3ed5fc744699","block_type":"box","text":"industry standard legal agreements.","page_number":274,"box":{"x":117,"y":753,"width":265,"height":12}},{"id":"8f043f03-34f5-4261-8357-7dc15d5870ce","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote","page_number":274,"box":{"x":116,"y":784,"width":735,"height":12}},{"id":"d36a8687-160a-46eb-a352-744ee8dae4a7","block_type":"box","text":"shares on loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset","page_number":274,"box":{"x":116,"y":800,"width":767,"height":12}},{"id":"b41a1fe4-ccb2-43f2-b9bf-1923be61537e","block_type":"box","text":"manager to our clients in helping them achieve their investment goals. While this has occurred in a","page_number":274,"box":{"x":117,"y":815,"width":731,"height":12}},{"id":"1073f55b-0b94-42a9-a6c1-e1487b9a71e9","block_type":"box","text":"limited number of cases, the decision to recall securities on loan as part of BlackRock’s securities","page_number":274,"box":{"x":117,"y":831,"width":727,"height":12}},{"id":"392f672b-5487-40c1-803b-2539b2d25920","block_type":"box","text":"lending program in order to vote is based on an evaluation of various factors that include, but are not","page_number":274,"box":{"x":117,"y":846,"width":751,"height":12}},{"id":"3994e167-f180-40ae-ad96-c70e0445426c","block_type":"box","text":"limited to, assessing potential securities lending revenue alongside the potential long-term financial","page_number":274,"box":{"x":117,"y":862,"width":739,"height":12}},{"id":"e1492c96-90d5-40f9-80c0-2a5c768a2ce4","block_type":"box","text":"value to clients of voting those securities (based on the information available at the time of recall","page_number":274,"box":{"x":116,"y":877,"width":719,"height":12}},{"id":"d0047911-a2f8-4344-9fe9-e0beffa0ff21","block_type":"box","text":"BlackRock Investment Stewardship","page_number":274,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"092952b4-b961-4bf3-945b-8477a81dfcc4","block_type":"box","text":"Global Principles |","page_number":274,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"d888a42b-93cb-4d32-8391-f4b9f2c71e46","block_type":"box","text":"15","page_number":274,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"86203b41-a6d3-4285-be13-08fd48f010c2","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":274,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"43715051-3a3b-426b-822d-d63c05824ac1","block_type":"box","text":"consideration).","page_number":275,"box":{"x":116,"y":87,"width":109,"height":12}},{"id":"90122e2b-7af0-4208-88ee-37af9a60dfe9","block_type":"box","text":"17","page_number":275,"box":{"x":227,"y":87,"width":11,"height":6}},{"id":"32c28a87-b8ec-4621-a54d-6ece181514b4","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative","page_number":275,"box":{"x":238,"y":87,"width":591,"height":12}},{"id":"1482d044-b414-460a-8bb5-66be6150747e","block_type":"box","text":"Analysis teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":275,"box":{"x":116,"y":102,"width":650,"height":12}},{"id":"f3e547f5-f8a4-4d43-9119-116c0b4f11d7","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of","page_number":275,"box":{"x":117,"y":129,"width":749,"height":12}},{"id":"697cd414-be8b-4cd1-9003-47f039c0472a","block_type":"box","text":"voting shares would be less than the potential revenue the loan may provide clients. However, in","page_number":275,"box":{"x":116,"y":145,"width":722,"height":12}},{"id":"e72fc96a-cd46-4c92-9384-53a3bc143eee","block_type":"box","text":"certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that","page_number":275,"box":{"x":116,"y":160,"width":771,"height":12}},{"id":"de767793-07d6-42d0-a3bc-cea52b5fc2e8","block_type":"box","text":"the value of voting outweighs the securities lending revenue loss to clients and would therefore recall","page_number":275,"box":{"x":116,"y":175,"width":754,"height":12}},{"id":"781beb3d-eba3-49f6-b30c-0f15d2e8834f","block_type":"box","text":"shares to be voted in those instances. It is important to note that the majority of lendable assets in the","page_number":275,"box":{"x":116,"y":190,"width":760,"height":12}},{"id":"224adbea-713e-478a-b6d8-9796659bcca1","block_type":"box","text":"market at any given time are not out on loan.","page_number":275,"box":{"x":117,"y":206,"width":337,"height":12}},{"id":"b8035301-ae7e-432e-85bd-7d44d6860d30","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in","page_number":275,"box":{"x":117,"y":233,"width":731,"height":12}},{"id":"d413990b-283d-4ecc-8d04-568d3b66b033","block_type":"box","text":"order to vote and may modify it as necessary.","page_number":275,"box":{"x":116,"y":248,"width":344,"height":12}},{"id":"8986173b-d3aa-448f-9381-df4feae5f742","block_type":"box","text":"VOTING CHOICE","page_number":275,"box":{"x":432,"y":281,"width":140,"height":10}},{"id":"6cbc7f6d-510a-4f58-8cf3-4bdab4d2e439","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to","page_number":275,"box":{"x":117,"y":309,"width":733,"height":12}},{"id":"985d9319-aa6c-424c-9564-16d398151ed2","block_type":"box","text":"participate in the proxy voting process, where legally and operationally viable.","page_number":275,"box":{"x":117,"y":324,"width":573,"height":12}},{"id":"bfc7dc6e-99c3-4dee-bde7-75165f51c474","block_type":"box","text":"18","page_number":275,"box":{"x":693,"y":324,"width":10,"height":6}},{"id":"d4e368fa-fe2b-489f-9a78-16529abea84d","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in","page_number":275,"box":{"x":116,"y":351,"width":748,"height":12}},{"id":"c923e088-ba4f-4879-8e47-e02e6e87f19c","block_type":"box","text":"the U.S., UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well","page_number":275,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"4021682d-589e-40b7-981b-227bc021cb1d","block_type":"box","text":"as eligible clients in certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that","page_number":275,"box":{"x":116,"y":382,"width":740,"height":12}},{"id":"ae4303bc-57d9-4377-b56d-c7bb924cf71d","block_type":"box","text":"use systematic active equity (SAE) strategies. In addition, institutional clients in separately managed","page_number":275,"box":{"x":117,"y":397,"width":748,"height":12}},{"id":"51298695-a5f6-45f3-b72d-b5c286adf4b1","block_type":"box","text":"accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment","page_number":275,"box":{"x":116,"y":412,"width":743,"height":12}},{"id":"cc0ac743-04d0-44d4-af98-5626dd1e2db1","block_type":"box","text":"strategies.","page_number":275,"box":{"x":116,"y":427,"width":76,"height":12}},{"id":"783a0023-d23e-4b06-96dc-07af5fcb50e5","block_type":"box","text":"19","page_number":275,"box":{"x":195,"y":427,"width":10,"height":7}},{"id":"5d0f3013-11aa-4770-9413-e156a1b97e05","block_type":"box","text":"Voting Choice is also available for eligible U.S. retail shareholder accounts invested in","page_number":275,"box":{"x":205,"y":427,"width":648,"height":12}},{"id":"223ecb47-4969-4253-8593-aa93a108584e","block_type":"box","text":"BlackRock’s largest U.S. exchange-traded fund.","page_number":275,"box":{"x":117,"y":442,"width":361,"height":13}},{"id":"668a9d2e-f8cb-4a09-80a9-0b0c893fac72","block_type":"box","text":"20","page_number":275,"box":{"x":478,"y":443,"width":11,"height":6}},{"id":"6a12da0a-dc69-4e12-9dbc-d00d56b281e5","block_type":"box","text":"As a result, the shares attributed to BlackRock portfolios in company share registers may be voted","page_number":275,"box":{"x":116,"y":470,"width":719,"height":12}},{"id":"f8399912-729f-445c-bfac-2b02f0eb4e27","block_type":"box","text":"differently depending on whether our clients have aut","page_number":275,"box":{"x":116,"y":485,"width":386,"height":12}},{"id":"561e37f4-2ed3-4f5b-ad42-fddd11fec0f8","block_type":"box","text":"horized BIS to vote on their behalf, have authorized","page_number":275,"box":{"x":503,"y":485,"width":377,"height":11}},{"id":"eec875e9-353a-49f5-b26d-2b214dc2a569","block_type":"box","text":"BIS to vote in accordance with a third-party policy, or","page_number":275,"box":{"x":117,"y":500,"width":383,"height":12}},{"id":"36fe5b77-0a87-49b9-90e5-fa05973e36c1","block_type":"box","text":"r have elected to vote shares in accordance with their","page_number":275,"box":{"x":500,"y":500,"width":387,"height":10}},{"id":"d02dcd9d-9e7a-4dd1-a2db-de711b2ef61e","block_type":"box","text":"own policy. Our clients have greater control","page_number":275,"box":{"x":116,"y":515,"width":320,"height":13}},{"id":"e5ad74a4-2d49-40ee-8cbb-962f00d064e8","block_type":"box","text":"over proxy voting because of Voting Choice.","page_number":275,"box":{"x":436,"y":515,"width":320,"height":13}},{"id":"ebc27c49-3965-4201-9573-019f8dc9bea4","block_type":"box","text":"21","page_number":275,"box":{"x":758,"y":516,"width":10,"height":6}},{"id":"79974cba-9c0e-44b8-bd3f-ea27c1506c17","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":275,"box":{"x":333,"y":549,"width":340,"height":9}},{"id":"09715930-1ac8-4757-8a89-6d553b79d64c","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform","page_number":275,"box":{"x":116,"y":576,"width":724,"height":12}},{"id":"6be4833a-0ef7-49eb-bd01-8d454ba9fd28","block_type":"box","text":"clients about our engagement and voting policies and activities through direct communication and","page_number":275,"box":{"x":116,"y":591,"width":729,"height":12}},{"id":"5be57515-7b6b-4069-9711-6203c1c58a20","block_type":"box","text":"through disclosure on our website. We make public our regional voting guidelines for the benefit of","page_number":275,"box":{"x":116,"y":607,"width":735,"height":12}},{"id":"10b0dbd6-a6bc-4a26-93c3-1e48718760c2","block_type":"box","text":"clients and the companies in which we invest on their behalf. We also publish commentaries to share","page_number":275,"box":{"x":116,"y":622,"width":755,"height":12}},{"id":"51f39a21-a3d5-4dd5-b1ae-6ac96bd8bbee","block_type":"box","text":"our approach to engagement on our five engagement priorities, as well as quarterly reports detailing","page_number":275,"box":{"x":116,"y":637,"width":748,"height":12}},{"id":"73a74b40-7b1e-49ab-9f7b-561321931456","block_type":"box","text":"our proxy voting and engagement activities.","page_number":275,"box":{"x":116,"y":652,"width":329,"height":12}},{"id":"4a87a4d8-ec27-41bc-a428-1bcc7b635a72","block_type":"box","text":"17","page_number":275,"box":{"x":144,"y":677,"width":8,"height":5}},{"id":"8b2c268a-0b48-449b-9754-e2b6931a9a0a","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 date of a","page_number":275,"box":{"x":171,"y":677,"width":710,"height":10}},{"id":"6c2572c8-e243-4dee-9097-14cb1765e06e","block_type":"box","text":"shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not practicable to","page_number":275,"box":{"x":170,"y":690,"width":661,"height":10}},{"id":"bc8dfe2b-1e5b-4153-bff6-1443bb165226","block_type":"box","text":"evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any shares on loan in","page_number":275,"box":{"x":170,"y":703,"width":679,"height":10}},{"id":"56e7e0ab-3803-44cf-a8ff-43a121332e25","block_type":"box","text":"advance of the record date for the annual meeting. As a result, managers must weigh independent business judgement","page_number":275,"box":{"x":170,"y":716,"width":708,"height":10}},{"id":"06e364d6-948a-408a-8257-b817853a0faf","block_type":"box","text":"as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an estimated record date","page_number":275,"box":{"x":170,"y":729,"width":689,"height":10}},{"id":"13ca9fc5-deae-40d7-b82a-f057ede639cc","block_type":"box","text":"without knowing whether there will be a vote on matters which have a material impact on the fund (thereby forgoing","page_number":275,"box":{"x":170,"y":742,"width":683,"height":10}},{"id":"c10a1525-e73b-4fdf-a1d3-1a2ac82a4623","block_type":"box","text":"potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to potentially earn revenue","page_number":275,"box":{"x":170,"y":755,"width":694,"height":10}},{"id":"9e04bcde-446c-440e-99ec-99eb7591bb35","block_type":"box","text":"for the fund (thereby forgoing the opportunity to vote).","page_number":275,"box":{"x":170,"y":768,"width":317,"height":9}},{"id":"54179eaf-9a1d-41ed-944d-1103f03b3954","block_type":"box","text":"18","page_number":275,"box":{"x":144,"y":783,"width":8,"height":5}},{"id":"a8cc824b-109e-4696-a024-17ab2867d5c3","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market regulation","page_number":275,"box":{"x":171,"y":783,"width":702,"height":9}},{"id":"d89272e8-85a7-42da-93a6-42913b396b23","block_type":"box","text":"and practice, cost considerations, operational risk and/or complexity, and financial considerations, including the decision","page_number":275,"box":{"x":170,"y":796,"width":712,"height":9}},{"id":"0c1f1c76-be2e-42c0-8014-43b45312f7dc","block_type":"box","text":"to lend securities.","page_number":275,"box":{"x":170,"y":809,"width":103,"height":7}},{"id":"eeccf6ea-36f2-41ee-805f-313d634de39c","block_type":"box","text":"19","page_number":275,"box":{"x":144,"y":824,"width":8,"height":5}},{"id":"6b3ea58b-2c2b-4e64-b009-83d01ce7b867","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and preferences","page_number":275,"box":{"x":170,"y":823,"width":690,"height":10}},{"id":"a25b9e9b-0fd4-4b7b-b305-b4b801985aab","block_type":"box","text":"from a set of voting policies from third-party proxy advisers. BlackRock can then use its proxy voting infrastructure to","page_number":275,"box":{"x":170,"y":836,"width":690,"height":10}},{"id":"3abb08e7-2038-4b5e-a3fc-8de0824537bc","block_type":"box","text":"cast votes for the SMA based on the client’s selected voting policy.","page_number":275,"box":{"x":170,"y":849,"width":395,"height":10}},{"id":"e7275781-871d-41f0-aa23-a047dfd1fe1c","block_type":"box","text":"20","page_number":275,"box":{"x":143,"y":864,"width":9,"height":5}},{"id":"1062bc9f-17e9-44be-b8d7-eb5c62aa4d80","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":275,"box":{"x":171,"y":864,"width":351,"height":10}},{"id":"bd7222f8-d8d4-4400-bf4a-24332e50f6ff","block_type":"box","text":"21","page_number":275,"box":{"x":143,"y":879,"width":8,"height":5}},{"id":"24df0503-db12-405f-9923-fb085f740fb2","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":275,"box":{"x":171,"y":879,"width":678,"height":10}},{"id":"953b206d-408d-4352-a5fc-a75068d99162","block_type":"box","text":"BlackRock Investment Stewardship","page_number":275,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"4799872d-e43c-4d6f-a032-27a31de3db94","block_type":"box","text":"Global Principles |","page_number":275,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"156411b0-bf9d-4f33-8a9f-acdd8b9a230c","block_type":"box","text":"16","page_number":275,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"4e5f7a49-6e71-4966-8d80-217ab2dce99a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":275,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"de28795a-e90c-4a66-a84e-1fa320799a2b","block_type":"box","text":"WANT TO KNOW MORE?","page_number":276,"box":{"x":116,"y":714,"width":201,"height":10}},{"id":"843f64e5-9483-46a8-82d0-be94551c45c4","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":276,"box":{"x":117,"y":745,"width":482,"height":12}},{"id":"36f4ad8e-616c-4589-9f1d-f86b5a4f5326","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk,","page_number":276,"box":{"x":116,"y":769,"width":718,"height":12}},{"id":"ad23ebeb-cc66-4aba-a336-06bd0ef3ea40","block_type":"box","text":"including the loss of principal.","page_number":276,"box":{"x":117,"y":784,"width":217,"height":12}},{"id":"4b559f55-e6a1-4c25-ab85-c8f1c34646eb","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":276,"box":{"x":117,"y":815,"width":209,"height":12}},{"id":"74f2dce8-8e19-426b-8606-fc79d183751d","block_type":"box","text":"©","page_number":276,"box":{"x":116,"y":845,"width":9,"height":8}},{"id":"eb131156-9e30-462d-9e2e-4a06756de4ba","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":276,"box":{"x":125,"y":846,"width":307,"height":12}},{"id":"615ed1a2-2af9-4696-8f0f-276fa0184d68","block_type":"box","text":"BLACKROCK","page_number":276,"box":{"x":433,"y":846,"width":107,"height":10}},{"id":"cfb4abe0-b721-450c-9685-686a54761201","block_type":"box","text":"K is a trademark of BlackRock, Inc., or its","page_number":276,"box":{"x":540,"y":846,"width":302,"height":12}},{"id":"c924f074-f2a8-4a51-9992-e57864b2c0f3","block_type":"box","text":"subsidiaries in the United States and elsewhere. All other trademarks are those of their respective","page_number":276,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"8858bbef-477a-4044-833c-809536feda71","block_type":"box","text":"owners.","page_number":276,"box":{"x":116,"y":880,"width":63,"height":7}},{"id":"862b8d0a-e1ac-4fbe-8f21-2442439b4182","block_type":"box","text":"BlackRock Investment Stewardship","page_number":276,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"35b6541c-9820-4db4-b2b0-0159a702385f","block_type":"box","text":"Global Principles |","page_number":276,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"01f02595-fba6-4929-89dc-d1d30fbf6542","block_type":"box","text":"17","page_number":276,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"ba269d62-e802-4528-9f0c-31cab0f69e64","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":276,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"42157b11-8890-479f-a343-a80289499678","block_type":"box","text":"BlackRock Investment Stewardship","page_number":277,"box":{"x":359,"y":87,"width":287,"height":12}},{"id":"9ba10e5f-9f64-48ed-b9d1-03d951be98db","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":277,"box":{"x":287,"y":118,"width":430,"height":12}},{"id":"783570a7-f08a-403d-902e-c7ec28874658","block_type":"box","text":"Effective as of January 2026","page_number":277,"box":{"x":388,"y":149,"width":229,"height":12}},{"id":"158eaed3-3dc8-49d9-9766-339a8e3d3675","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":277,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d33772ce-c761-4d96-ae81-d38274df0eb6","block_type":"box","text":"Contents","page_number":278,"box":{"x":117,"y":88,"width":107,"height":14}},{"id":"620a8b82-9247-4ee7-8311-e36856f1eee7","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":278,"box":{"x":118,"y":124,"width":453,"height":14}},{"id":"28eea508-4e5a-4421-aabd-dfea68c290fc","block_type":"box","text":"...........................","page_number":278,"box":{"x":573,"y":134,"width":280,"height":1}},{"id":"5dc73c41-a6ea-406d-af0c-911521f2bf99","block_type":"box","text":"3","page_number":278,"box":{"x":875,"y":126,"width":13,"height":9}},{"id":"7b35b974-fac5-442f-a34d-54df6c233d9e","block_type":"box","text":"Stewardship for clients with investment object","page_number":278,"box":{"x":117,"y":150,"width":374,"height":14}},{"id":"cf42f100-5b0a-470c-b694-674095da96a6","block_type":"box","text":"ctives relating to the low-carbon transition","page_number":278,"box":{"x":491,"y":150,"width":335,"height":14}},{"id":"82bb2b35-e0f1-43d0-af5b-d939d8577431","block_type":"box","text":"..","page_number":278,"box":{"x":830,"y":159,"width":23,"height":2}},{"id":"2664433a-ac48-425a-898c-d39c269ec7c9","block_type":"box","text":"3","page_number":278,"box":{"x":875,"y":152,"width":13,"height":9}},{"id":"ea2b8789-674d-472c-9df9-55949ccaae84","block_type":"box","text":"The Climate and Decarbonization Stewardship Guidelines","page_number":278,"box":{"x":116,"y":176,"width":522,"height":14}},{"id":"8ee880f2-539a-49ab-8cb6-ad16235d1267","block_type":"box","text":"....................","page_number":278,"box":{"x":648,"y":185,"width":205,"height":2}},{"id":"0e3ef913-e4f0-446d-8a5b-3a745b812042","block_type":"box","text":"4","page_number":278,"box":{"x":874,"y":178,"width":14,"height":9}},{"id":"2b8814e6-68a4-4b9d-a280-a6dc156e6dfa","block_type":"box","text":"Understanding the investment implications of","page_number":278,"box":{"x":117,"y":201,"width":375,"height":15}},{"id":"d31b8a2c-bc6b-4bda-9117-070ab7b873f9","block_type":"box","text":"f the transition to a low-carbon economy . . .","page_number":278,"box":{"x":491,"y":202,"width":362,"height":14}},{"id":"b4f27bbe-552d-44ce-82dd-35cbea89e380","block_type":"box","text":"4","page_number":278,"box":{"x":874,"y":203,"width":14,"height":10}},{"id":"aea25096-a1b5-4586-88ff-84463aed07a2","block_type":"box","text":"The Guidelines’ design principles","page_number":278,"box":{"x":116,"y":227,"width":301,"height":15}},{"id":"e73f0241-9686-4cbd-8a30-1b7733ce2e6b","block_type":"box","text":".........................................","page_number":278,"box":{"x":423,"y":237,"width":430,"height":2}},{"id":"5f34de12-725f-48b9-b924-d4ffc74c90e7","block_type":"box","text":"5","page_number":278,"box":{"x":875,"y":229,"width":13,"height":10}},{"id":"bed28a22-5435-431c-8f57-585d3e23678b","block_type":"box","text":"Voting approach under the Guidelines","page_number":278,"box":{"x":116,"y":253,"width":344,"height":15}},{"id":"382cbd84-885b-4a34-b71a-889e3d24b96c","block_type":"box","text":".....................................","page_number":278,"box":{"x":466,"y":263,"width":387,"height":1}},{"id":"dd517021-4557-4af2-8494-ad8b607e1c58","block_type":"box","text":"5","page_number":278,"box":{"x":875,"y":255,"width":13,"height":9}},{"id":"9a604f3b-80d2-40e4-87b0-4d6065631495","block_type":"box","text":"Related matters","page_number":278,"box":{"x":117,"y":279,"width":147,"height":11}},{"id":"2ec4585f-2b8f-4d4b-90b4-591fe18f6eeb","block_type":"box","text":".......................................................","page_number":278,"box":{"x":273,"y":289,"width":580,"height":1}},{"id":"800dc7a7-876f-4b26-9417-f3ed07739b83","block_type":"box","text":"10","page_number":278,"box":{"x":867,"y":281,"width":21,"height":9}},{"id":"7e78f5fa-cced-46e8-bcad-872f42437c1c","block_type":"box","text":"Appendix 1","page_number":278,"box":{"x":116,"y":305,"width":106,"height":14}},{"id":"56f31202-2998-4531-bcb9-2e7e31ac61f5","block_type":"box","text":"...........................................................","page_number":278,"box":{"x":231,"y":314,"width":622,"height":2}},{"id":"ff97a289-ef98-4de1-8a03-e4ba9b9a6bcd","block_type":"box","text":"11","page_number":278,"box":{"x":867,"y":307,"width":21,"height":9}},{"id":"fffcfe55-090c-44b6-a515-9a83734b13d5","block_type":"box","text":"Appendix 2","page_number":278,"box":{"x":116,"y":331,"width":106,"height":14}},{"id":"111b6ab3-d643-439a-ae2d-e9e712e8af3d","block_type":"box","text":"...........................................................","page_number":278,"box":{"x":231,"y":340,"width":622,"height":2}},{"id":"9227e42b-84d7-430d-826a-794aaa537da7","block_type":"box","text":"13","page_number":278,"box":{"x":867,"y":333,"width":21,"height":9}},{"id":"c6a89889-a756-40d1-ba69-10734cc44658","block_type":"box","text":"BlackRock Investment Stewardship","page_number":278,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"fef53351-84fe-40f2-b731-2a91fc288063","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":278,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"658ee405-e4c9-4498-800f-711faaa2a577","block_type":"box","text":"2","page_number":278,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"028a5930-a710-4d8a-942c-bde9f9cbe40a","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":278,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"92d2a387-6461-415e-8d42-27f4997d276e","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":279,"box":{"x":245,"y":87,"width":515,"height":10}},{"id":"9c1352e3-bc86-441d-939b-fbca671fc475","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they","page_number":279,"box":{"x":116,"y":118,"width":743,"height":12}},{"id":"7e3ef776-5ba0-4766-ad06-80ff29046b3d","block_type":"box","text":"invest in and is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their","page_number":279,"box":{"x":117,"y":134,"width":736,"height":12}},{"id":"e3d0ae93-743d-4ad3-a75b-879d775f3df1","block_type":"box","text":"behalf. BlackRock offers a range of proxy voting policies to reflect clients’ individual investment choices","page_number":279,"box":{"x":117,"y":149,"width":770,"height":12}},{"id":"5d2a686d-d842-4d87-b97d-48bee2e2fbec","block_type":"box","text":"and goals.","page_number":279,"box":{"x":116,"y":165,"width":82,"height":12}},{"id":"97ee0cfe-ba2b-4b59-ae3c-3e6642d6c72f","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’","page_number":279,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"e51ed58a-2696-4ea6-a608-2eee3c8c940f","block_type":"box","text":"assets invested in index equity strategies. BIS takes a long-term approach in our stewardship efforts,","page_number":279,"box":{"x":116,"y":211,"width":754,"height":12}},{"id":"b87fc629-da9e-4ba5-867e-fe0398227c2f","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":279,"box":{"x":117,"y":227,"width":640,"height":12}},{"id":"c8b9fd4b-0064-4d1a-b2a8-ec790fa68d15","block_type":"box","text":"1. Engaging with the boards and management of companies","page_number":279,"box":{"x":117,"y":258,"width":494,"height":12}},{"id":"34cdf8ec-d154-42dd-8426-f790f4006090","block_type":"box","text":"in which clients are invested to","page_number":279,"box":{"x":611,"y":258,"width":238,"height":9}},{"id":"c11b84d2-430d-4f84-89e0-881afc81af7e","block_type":"box","text":"deepen our understanding of a company’s business model, including how they are overseeing","page_number":279,"box":{"x":150,"y":273,"width":704,"height":12}},{"id":"4a5ae700-24ae-40fc-a070-f19d83b96fdc","block_type":"box","text":"material business risks and opportunities over time, and to help inform our voting on behalf of","page_number":279,"box":{"x":150,"y":289,"width":697,"height":12}},{"id":"678ff665-05c1-4cc8-a4b1-03763a03dd10","block_type":"box","text":"clients.","page_number":279,"box":{"x":150,"y":304,"width":50,"height":10}},{"id":"e056b2e7-097a-4d15-b4cc-9a1d2c324d04","block_type":"box","text":"1","page_number":279,"box":{"x":203,"y":304,"width":3,"height":6}},{"id":"835a68ef-c820-4427-b141-f67c80a615e3","block_type":"box","text":"2. Voting at shareholder meetings","page_number":279,"box":{"x":116,"y":327,"width":284,"height":12}},{"id":"e0e225fd-93de-418a-aa34-b2efcc3a4660","block_type":"box","text":"on management and shareholder proposals for clients who","page_number":279,"box":{"x":401,"y":327,"width":447,"height":12}},{"id":"82455fba-817b-4235-a96c-4745aaf6663f","block_type":"box","text":"have authorized BIS to vote on their behalf.","page_number":279,"box":{"x":150,"y":343,"width":327,"height":9}},{"id":"93869d8b-a35b-4d18-a329-ea62115fc2c8","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":279,"box":{"x":116,"y":366,"width":428,"height":12}},{"id":"b2d1b0b5-9e1f-488e-9a1a-69c9455ee752","block_type":"box","text":"to share our perspectives on matters that","page_number":279,"box":{"x":544,"y":366,"width":316,"height":12}},{"id":"ee95369a-eebd-4135-834b-ad6da312c074","block_type":"box","text":"may impact our clients’ investments.","page_number":279,"box":{"x":150,"y":382,"width":274,"height":12}},{"id":"3e44662f-390b-402f-958d-73ab50f6eff0","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":279,"box":{"x":116,"y":405,"width":382,"height":12}},{"id":"c3a61ad4-2637-4a82-92df-ad11769b86e1","block_type":"box","text":"about our stewardship efforts on their behalf","page_number":279,"box":{"x":499,"y":405,"width":338,"height":12}},{"id":"a009a71a-d525-4434-9d0e-e8190d0102ea","block_type":"box","text":"through a range of publications on our website and direct client communications.","page_number":279,"box":{"x":150,"y":420,"width":603,"height":12}},{"id":"e6780578-930a-4ad4-b0b4-389d170b6d29","block_type":"box","text":"STEWARDSHIP FOR CLIENTS WITH INVESTMENT OBJECTIVES RELATING TO THE","page_number":279,"box":{"x":165,"y":459,"width":674,"height":10}},{"id":"defea0e0-0419-416e-815c-bc71a17e7e0d","block_type":"box","text":"LOW-CARBON TRANSITION","page_number":279,"box":{"x":379,"y":475,"width":223,"height":9}},{"id":"44482d85-9157-4c5f-9236-6b6a141d0d5d","block_type":"box","text":"2, 3","page_number":279,"box":{"x":604,"y":475,"width":17,"height":7}},{"id":"3a3cd6d3-98fc-4279-a85f-dd1c0d9c1de5","block_type":"box","text":"Some of our clients are pursuing decarbonization as an investment objective, including many of our","page_number":279,"box":{"x":116,"y":506,"width":742,"height":12}},{"id":"896c1a70-8a37-4ec3-91a2-12558be12378","block_type":"box","text":"largest European clients, who have made net zero commitments.","page_number":279,"box":{"x":117,"y":521,"width":481,"height":12}},{"id":"1e300de2-2be8-4c58-8f31-85be5acc0e94","block_type":"box","text":"4","page_number":279,"box":{"x":600,"y":521,"width":5,"height":6}},{"id":"47af6f36-6d58-4cf8-921b-a3986df464b4","block_type":"box","text":"To support our clients’ unique and","page_number":279,"box":{"x":606,"y":521,"width":263,"height":12}},{"id":"9d09bbb1-852c-468a-9850-07131a9a8ff5","block_type":"box","text":"varied investment objectives, in July 2024, BlackRock launched the Climate and Decarbonization","page_number":279,"box":{"x":116,"y":537,"width":725,"height":12}},{"id":"476ea8d1-fb25-4d25-8408-eadce78a6954","block_type":"box","text":"Stewardship program.","page_number":279,"box":{"x":116,"y":552,"width":169,"height":12}},{"id":"fd6c7864-5676-450f-86d3-23a458a88848","block_type":"box","text":"The Climate and Decarbonization Stewardship team (the dedicated team) applies these proxy voting","page_number":279,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"84bc3a67-281f-427e-8c09-11f4351127b5","block_type":"box","text":"guidelines (the Guidelines) to those funds that BlackRock offers to clients that have climate and","page_number":279,"box":{"x":116,"y":599,"width":714,"height":12}},{"id":"0b881e03-5e76-4c30-a5b1-c88b4cd8e17e","block_type":"box","text":"decarbonization objectives and where the funds’ respective governing body has explicitly approved the","page_number":279,"box":{"x":116,"y":614,"width":767,"height":12}},{"id":"9fa79986-c023-43fe-8318-ab79cffe20d9","block_type":"box","text":"application of the Guidelines (referred to in this document as “in-scope funds”).","page_number":279,"box":{"x":116,"y":630,"width":583,"height":12}},{"id":"e5bf5f75-82f4-4a05-8eba-b594ad8f6b47","block_type":"box","text":"5","page_number":279,"box":{"x":701,"y":630,"width":5,"height":6}},{"id":"3c98fb28-909c-45a3-9832-512db686a6bc","block_type":"box","text":"Separately managed","page_number":279,"box":{"x":707,"y":630,"width":164,"height":12}},{"id":"fc2989f5-741c-4f8b-996b-5212ad984a9b","block_type":"box","text":"account (SMA) clients have a range of options, including instructing BlackRock to apply these","page_number":279,"box":{"x":116,"y":645,"width":699,"height":12}},{"id":"fff37674-1ebb-46cd-9f7f-0aff7eab277c","block_type":"box","text":"Guidelines to their SMA holdings.","page_number":279,"box":{"x":117,"y":661,"width":246,"height":12}},{"id":"9e176cef-eef6-48ff-bdae-692609e09adc","block_type":"box","text":"1","page_number":279,"box":{"x":144,"y":714,"width":2,"height":5}},{"id":"e8d4457f-0d16-4492-9add-b00c08ce8d2c","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":279,"box":{"x":170,"y":714,"width":660,"height":10}},{"id":"23348b1c-3b66-4150-aded-68a9f27dc900","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":279,"box":{"x":170,"y":727,"width":695,"height":10}},{"id":"890c8727-a24a-4043-986b-6045303775a2","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":279,"box":{"x":170,"y":740,"width":707,"height":10}},{"id":"1a8c484c-17f9-4cf2-9d64-a9f39539903b","block_type":"box","text":"of changing or influencing control of any company.","page_number":279,"box":{"x":170,"y":753,"width":298,"height":10}},{"id":"9c318d5b-3c40-408a-bd61-895295cbf8ba","block_type":"box","text":"2","page_number":279,"box":{"x":143,"y":769,"width":4,"height":4}},{"id":"d0c6818a-b5e5-4b3a-9a91-5a32346450e1","block_type":"box","text":"BlackRock has heard from a growing number of clients globally that they have made, or are planning to make,","page_number":279,"box":{"x":171,"y":768,"width":651,"height":10}},{"id":"0bde4c40-28ea-4c76-9775-9b912d73efa2","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship option","page_number":279,"box":{"x":170,"y":782,"width":698,"height":9}},{"id":"dc805fff-a561-4e70-879c-2e09e4cc11c1","block_type":"box","text":"helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s commitment","page_number":279,"box":{"x":170,"y":794,"width":713,"height":10}},{"id":"a1ee90a7-bbaa-45ef-a915-20c1db9dd6e3","block_type":"box","text":"to offer clients choice.","page_number":279,"box":{"x":170,"y":807,"width":128,"height":8}},{"id":"cf7e53b4-a085-4651-8400-230716b700ea","block_type":"box","text":"3","page_number":279,"box":{"x":143,"y":823,"width":4,"height":5}},{"id":"f33dd73c-5f67-4b2c-85b9-8742d9ae0af9","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these Guidelines are explained in","page_number":279,"box":{"x":171,"y":823,"width":656,"height":9}},{"id":"69165300-d87f-495a-8739-73cd27d0bb2e","block_type":"box","text":"appendix 1.","page_number":279,"box":{"x":170,"y":836,"width":68,"height":9}},{"id":"80de860e-cb1a-4e0d-ad30-331093c387ea","block_type":"box","text":"4","page_number":279,"box":{"x":143,"y":851,"width":4,"height":5}},{"id":"f6e5a490-640f-4e05-953f-0806ab227f97","block_type":"box","text":"Includes a select group of our largest client relationships. Net zero commitments are sourced from respective company","page_number":279,"box":{"x":171,"y":851,"width":704,"height":10}},{"id":"0c76a7b6-4942-43fd-8f52-bab21723f1fe","block_type":"box","text":"websites, as of January 2025.","page_number":279,"box":{"x":170,"y":864,"width":176,"height":10}},{"id":"71c5c35b-c5a3-4ebb-b289-bcffa9efd89a","block_type":"box","text":"5","page_number":279,"box":{"x":143,"y":880,"width":4,"height":5}},{"id":"96772924-d0ca-4ded-b1f4-6c1bf36b7aa0","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":279,"box":{"x":170,"y":880,"width":332,"height":9}},{"id":"7c906541-be2b-48e6-be1f-539ae35f63ea","block_type":"box","text":"BlackRock Investment Stewardship","page_number":279,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"bd095b64-5150-42e6-b258-bc29b8f62af0","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":279,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"e0b7ea45-9788-4fb3-8cba-a5930bf18aa6","block_type":"box","text":"3","page_number":279,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"031c6165-2d7d-46c2-88af-c8f15c0011db","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":279,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fa84bacd-8225-4619-a914-59a77f7b47bb","block_type":"box","text":"THE CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":280,"box":{"x":220,"y":87,"width":564,"height":10}},{"id":"f5bb541d-9e07-44c1-8f53-1f52b8f4acb7","block_type":"box","text":"These Guidelines set out the dedicated team’s approach to engaging and voting on matters related to","page_number":280,"box":{"x":116,"y":116,"width":759,"height":12}},{"id":"4049abd5-2d08-45c2-b3b3-e0307a485e65","block_type":"box","text":"climate risks and the transition to a low-carbon economy at companies that are held by in-scope funds","page_number":280,"box":{"x":116,"y":132,"width":763,"height":12}},{"id":"1cfcd0dc-63b2-4050-9ba4-ecff57a88f9c","block_type":"box","text":"and accounts that apply these Guidelines.","page_number":280,"box":{"x":116,"y":147,"width":317,"height":12}},{"id":"58003f72-cd0e-424a-9110-de4d1582b5e7","block_type":"box","text":"The Guidelines differ from the Benchmark Policies in that they consider, in addition to financial","page_number":280,"box":{"x":116,"y":176,"width":705,"height":12}},{"id":"0f4a897b-6e12-4ff8-88a0-ff1014048d80","block_type":"box","text":"objectives, companies’ strategies to align with the transition to a low-carbon economy. They also","page_number":280,"box":{"x":116,"y":192,"width":721,"height":12}},{"id":"82a0bf41-79e5-45ec-9759-b7d67272aaa9","block_type":"box","text":"incorporate the more ambitious goal of the Paris Agreement – namely to limit average global","page_number":280,"box":{"x":117,"y":207,"width":690,"height":12}},{"id":"f3154e33-eda0-4510-8f1b-6d1726615574","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels.","page_number":280,"box":{"x":116,"y":223,"width":391,"height":11}},{"id":"344da3cd-0dec-4627-a6a1-68b4a28f0f22","block_type":"box","text":"6","page_number":280,"box":{"x":509,"y":223,"width":5,"height":6}},{"id":"7c7e8f53-0be7-44d4-a43d-bf759991990c","block_type":"box","text":"The Guidelines apply primarily to companies in sectors that play an important role in the transition to a","page_number":280,"box":{"x":116,"y":252,"width":763,"height":12}},{"id":"13fe2a64-4a16-486e-9a76-8bd25bb4219f","block_type":"box","text":"low-carbon economy. This includes companies which produce goods and services that contribute to","page_number":280,"box":{"x":117,"y":267,"width":745,"height":12}},{"id":"d1a10656-ce15-452b-b532-2339ad6bc1ec","block_type":"box","text":"real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":280,"box":{"x":117,"y":283,"width":761,"height":12}},{"id":"0cdd00db-4f95-49dd-9fd9-72a82bf054cd","block_type":"box","text":"the low-carbon transition, particularly those representing the major sources of scopes 1, 2, and 3","page_number":280,"box":{"x":116,"y":298,"width":722,"height":12}},{"id":"6b3a5ec9-7c47-46e3-9338-3986248feb2e","block_type":"box","text":"greenhouse gas (GHG) emissions across companies held by in-scope funds and accounts that have","page_number":280,"box":{"x":116,"y":314,"width":751,"height":12}},{"id":"3c7bb433-f1ac-4ac2-b7d7-894b9c38c878","block_type":"box","text":"selected the Guidelines.","page_number":280,"box":{"x":116,"y":329,"width":178,"height":10}},{"id":"4fcb88cc-d45e-4f20-bec3-2e4295453183","block_type":"box","text":"7","page_number":280,"box":{"x":296,"y":329,"width":5,"height":6}},{"id":"dda3365c-cee9-4b37-b69a-b356155e4c66","block_type":"box","text":"For companies and matters not related to climate and transition risks, the dedicated team follows BIS’","page_number":280,"box":{"x":117,"y":358,"width":759,"height":12}},{"id":"83e87142-c68d-442b-a924-a238393297fe","block_type":"box","text":"Benchmark Policies.","page_number":280,"box":{"x":117,"y":374,"width":150,"height":9}},{"id":"9db91c3f-2c59-4360-807e-0a8838e52bdb","block_type":"box","text":"8","page_number":280,"box":{"x":268,"y":374,"width":6,"height":6}},{"id":"28ed8800-bb18-448c-9982-c5827c5c85f2","block_type":"box","text":"In addition, for clients who do not direct BlackRock to prioritize climate risks and","page_number":280,"box":{"x":274,"y":374,"width":603,"height":12}},{"id":"61ff3f58-f8c2-4dfb-8902-580d8c95d3c3","block_type":"box","text":"decarbonization as an investment objective, BIS undertakes our stewardship responsibilities in line","page_number":280,"box":{"x":116,"y":389,"width":738,"height":12}},{"id":"bdf63e61-9b35-40b8-bdd2-db17ca953208","block_type":"box","text":"with our Benchmark Policies, with a sole focus on advancing those clients’ long-term financial interests.","page_number":280,"box":{"x":116,"y":405,"width":771,"height":12}},{"id":"bc9be969-9bfc-4149-91ea-af29d462b64d","block_type":"box","text":"This includes consideration of climate-related risks and opportunities in a company’s business model,","page_number":280,"box":{"x":116,"y":420,"width":757,"height":12}},{"id":"f9f55ba3-6e4d-494a-baa0-bbfa4d140b33","block_type":"box","text":"where material to the company’s ability to deliver long-term financial returns.","page_number":280,"box":{"x":116,"y":436,"width":571,"height":12}},{"id":"70b9b9d3-e554-489c-820e-7d254d4aa557","block_type":"box","text":"Please see Appendix 2, which sets out the key differences between the BIS Benchmark Policies and","page_number":280,"box":{"x":117,"y":465,"width":751,"height":12}},{"id":"7efacdf2-c246-4785-98e8-e9edf08ab2df","block_type":"box","text":"these Guidelines on items related to climate risk and the transition to a low-carbon economy.","page_number":280,"box":{"x":116,"y":480,"width":693,"height":12}},{"id":"4b2fc1c5-86db-4647-b967-03bc0ad41094","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON","page_number":280,"box":{"x":118,"y":516,"width":769,"height":9}},{"id":"ab5da4ff-a8a9-4759-ba0f-8156a2f29b64","block_type":"box","text":"ECONOMY","page_number":280,"box":{"x":457,"y":531,"width":91,"height":10}},{"id":"8fd55156-3b29-42d0-9132-2b4da6bd7b79","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy,","page_number":280,"box":{"x":117,"y":560,"width":741,"height":12}},{"id":"59794cec-1f2a-4bf8-ba75-87670d331112","block_type":"box","text":"technology, and consumer and investor preferences are driving the transition to a low-carbon","page_number":280,"box":{"x":116,"y":576,"width":696,"height":12}},{"id":"3b475ba5-8b45-42d3-9d42-7accec051547","block_type":"box","text":"economy, but sectors and markets can decarbonize at varying speeds given the dynamic and","page_number":280,"box":{"x":116,"y":592,"width":700,"height":11}},{"id":"8e2d3950-5297-4644-920b-b2fc215dd27d","block_type":"box","text":"uncertain nature of technological feasibility, consumer demand, and government policies, among other","page_number":280,"box":{"x":117,"y":607,"width":765,"height":12}},{"id":"71fa98e8-4771-4b23-aad6-edf5dc5f05e4","block_type":"box","text":"factors.","page_number":280,"box":{"x":116,"y":622,"width":53,"height":10}},{"id":"aa31b7ce-d509-48eb-bea6-3a580fe3aeb7","block_type":"box","text":"9, 10","page_number":280,"box":{"x":171,"y":623,"width":24,"height":7}},{"id":"ca693984-efd1-4025-bff5-61a98481a278","block_type":"box","text":"To better understand the shape and speed of a transition to a low-carbon economy, BlackRock has","page_number":280,"box":{"x":116,"y":651,"width":742,"height":13}},{"id":"bc99ae31-14ac-4441-80a2-c4e02ddf8539","block_type":"box","text":"developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":280,"box":{"x":116,"y":667,"width":704,"height":12}},{"id":"5bfb6c6b-c2d0-48df-944f-adbca768ef27","block_type":"box","text":"®","page_number":280,"box":{"x":821,"y":666,"width":9,"height":7}},{"id":"7ee75f92-298c-4564-9ccf-24f731bfbdc1","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most","page_number":280,"box":{"x":116,"y":682,"width":729,"height":13}},{"id":"883cf548-4fe2-4243-87c5-5f8dba50edda","block_type":"box","text":"likely to play out based on what we know and expect today. It can help inform a top-down assessment","page_number":280,"box":{"x":117,"y":698,"width":757,"height":12}},{"id":"4c2e6542-f107-4607-b5d0-d3d7a6cf26a1","block_type":"box","text":"of a company’s business risk arising from the transition. BII based its key assumptions on rigorous","page_number":280,"box":{"x":116,"y":713,"width":729,"height":13}},{"id":"5731c223-ff08-414f-8dcb-40aa1e1d4dcb","block_type":"box","text":"research, and the input of BlackRock’s portfolio managers and other experts.","page_number":280,"box":{"x":117,"y":729,"width":569,"height":12}},{"id":"02ca078d-10bd-4aff-92f2-a7132eb8e99c","block_type":"box","text":"6","page_number":280,"box":{"x":143,"y":754,"width":4,"height":5}},{"id":"599428e4-8d81-45a2-a1ec-dd9e9dcc7ca7","block_type":"box","text":"United Nations Climate Change, “The Paris Agreement,” accessed in December 2025.","page_number":280,"box":{"x":171,"y":754,"width":511,"height":10}},{"id":"c557ddcc-b718-4633-adfc-32b40e86078a","block_type":"box","text":"7","page_number":280,"box":{"x":143,"y":769,"width":4,"height":5}},{"id":"3a84a337-50fd-4b8f-af76-e7787f336719","block_type":"box","text":"These companies may already be low-carbon operators or be demonstrating momentum in reducing emissions in their","page_number":280,"box":{"x":170,"y":769,"width":704,"height":10}},{"id":"67815b62-ec55-47d8-b12c-531ca538446c","block_type":"box","text":"operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their current","page_number":280,"box":{"x":170,"y":782,"width":705,"height":10}},{"id":"1fc30309-dda0-40e0-a6f9-f4f4b5305747","block_type":"box","text":"business model to contribute to the transition to a low-carbon economy.","page_number":280,"box":{"x":170,"y":795,"width":423,"height":10}},{"id":"e3c16097-d3c1-4127-91e2-7ba64b3d1bb1","block_type":"box","text":"8","page_number":280,"box":{"x":143,"y":810,"width":4,"height":5}},{"id":"99cc0e31-b1b5-4ee2-862f-12093e90c6e3","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":280,"box":{"x":170,"y":810,"width":665,"height":10}},{"id":"8e41b466-fc5a-4b56-9c63-fda6fb4fb92e","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":280,"box":{"x":171,"y":823,"width":688,"height":10}},{"id":"2799b18a-5304-4ad3-a7e1-9626d34eb9a0","block_type":"box","text":"based approach, and are focused solely on advancing clients’ financial interests.","page_number":280,"box":{"x":170,"y":836,"width":477,"height":10}},{"id":"8c8d7691-142a-4091-a19f-211678872348","block_type":"box","text":"9","page_number":280,"box":{"x":143,"y":851,"width":4,"height":5}},{"id":"0db28b61-2bcb-4a36-a914-e2b6b467bd0c","block_type":"box","text":"BII’s latest research shows that while decarbonization continues, its pace is increasingly uneven across sectors and","page_number":280,"box":{"x":171,"y":851,"width":685,"height":10}},{"id":"1d339852-7918-41c4-b956-070b53478e50","block_type":"box","text":"regions, and overall slower than previously expected.","page_number":280,"box":{"x":170,"y":864,"width":315,"height":10}},{"id":"4e23576e-4d0e-4afb-bc09-8e5eae2931e3","block_type":"box","text":"10","page_number":280,"box":{"x":144,"y":879,"width":8,"height":5}},{"id":"c12c9c57-9a32-4da7-9c5d-b58881848e5a","block_type":"box","text":"BlackRock, “Evolving energy transition, evolving opportunities,” February 2025.","page_number":280,"box":{"x":171,"y":879,"width":468,"height":10}},{"id":"5003501a-a54b-4c29-8768-0b87bfb04133","block_type":"box","text":"BlackRock Investment Stewardship","page_number":280,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"bbc78364-93d9-499b-bd6f-183994962c4e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":280,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"b874ccd2-61da-470e-9633-72c537b3a932","block_type":"box","text":"4","page_number":280,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"59199f6b-3c3b-4ec8-85d2-d1d669f161d4","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":280,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"346948f1-3d19-418a-8f4c-8bb9da636638","block_type":"box","text":"These Guidelines draw from the proprietary insights generated by BIITS and Aladdin Climate","page_number":281,"box":{"x":116,"y":87,"width":690,"height":12}},{"id":"df14993c-efa9-4d4e-a02d-1bc82e63b475","block_type":"box","text":"®","page_number":281,"box":{"x":806,"y":86,"width":9,"height":7}},{"id":"a8ca140d-97dc-48af-a186-67ac4557dcdb","block_type":"box","text":",","page_number":281,"box":{"x":817,"y":95,"width":8,"height":3}},{"id":"283aed0f-784a-4294-bc0a-864018d42698","block_type":"box","text":"BlackRock’s Risk and Quantitative Analysis Group, and the broader BIS team to help inform and guide","page_number":281,"box":{"x":117,"y":102,"width":766,"height":13}},{"id":"174e9db3-2d6e-4b3b-b05d-96aefcea8611","block_type":"box","text":"engagement and voting activities on behalf of clients invested in in-scope funds and SMAs.","page_number":281,"box":{"x":116,"y":118,"width":675,"height":12}},{"id":"523e19c5-0f55-413e-9bc0-1e7dd1865515","block_type":"box","text":"11","page_number":281,"box":{"x":793,"y":118,"width":9,"height":6}},{"id":"2e94f6d3-6d5f-4e17-957e-d051a6102e78","block_type":"box","text":"In doing","page_number":281,"box":{"x":804,"y":118,"width":69,"height":12}},{"id":"7842bc73-3392-45e5-aa04-453cec66e093","block_type":"box","text":"so, the dedicated team takes into consideration the fact that the necessary data to assess individual","page_number":281,"box":{"x":116,"y":134,"width":747,"height":12}},{"id":"112b2eab-4421-4cf0-817e-be0b4ec2699a","block_type":"box","text":"companies currently has limitations, but is improving.","page_number":281,"box":{"x":116,"y":149,"width":398,"height":12}},{"id":"9865434c-7f79-438b-95d7-f7db9e474e95","block_type":"box","text":"THE GUIDELINES’ DESIGN PRINCIPLES","page_number":281,"box":{"x":340,"y":188,"width":325,"height":9}},{"id":"777fbad0-5d87-46c1-abad-c7a5ac5ecd4c","block_type":"box","text":"The framework of these Guidelines is designed to:","page_number":281,"box":{"x":116,"y":219,"width":379,"height":12}},{"id":"0dea581e-4754-483a-b348-9a6a909a0038","block_type":"box","text":"•","page_number":281,"box":{"x":125,"y":253,"width":4,"height":3}},{"id":"6fdbfa7e-d8fc-474e-aaf3-0dcd3b3c18ff","block_type":"box","text":"Prioritize sectors and companies that play an important role in the transition to a","page_number":281,"box":{"x":151,"y":250,"width":649,"height":12}},{"id":"a39841ce-33a8-4f77-a20f-072ac9b712b2","block_type":"box","text":"low-carbon economy:","page_number":281,"box":{"x":151,"y":265,"width":177,"height":12}},{"id":"1a5f60e7-4d00-447c-8554-15c4f8be06f4","block_type":"box","text":"This includes companies which produce goods and services that","page_number":281,"box":{"x":328,"y":265,"width":484,"height":12}},{"id":"e339fc25-9313-4363-b304-25a55b390b26","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face","page_number":281,"box":{"x":150,"y":281,"width":691,"height":9}},{"id":"5bb5173a-80c0-4740-85d8-a38313d51806","block_type":"box","text":"outsized impacts from the low-carbon transition.","page_number":281,"box":{"x":150,"y":296,"width":361,"height":12}},{"id":"75fd37c9-6f62-49ea-81ec-b2b52637372c","block_type":"box","text":"•","page_number":281,"box":{"x":125,"y":323,"width":4,"height":3}},{"id":"766da76b-6bef-42f7-82de-ab68bc0808cc","block_type":"box","text":"Apply a nuanced approach to our analysis that acknowledges the unevenness of the","page_number":281,"box":{"x":149,"y":320,"width":681,"height":12}},{"id":"7c428eaa-45c8-4b1d-b3a1-64fcfe0546a7","block_type":"box","text":"low-carbon transition across sectors and markets:","page_number":281,"box":{"x":151,"y":335,"width":401,"height":10}},{"id":"55dd0e36-b45b-4b71-b698-9b0a42392489","block_type":"box","text":"The Guidelines take into consideration the","page_number":281,"box":{"x":554,"y":335,"width":323,"height":10}},{"id":"e03e3d6b-b297-45b7-812f-b3ce248c69f3","block_type":"box","text":"varying speeds at which sectors and markets are decarbonizing based on technological feasibility,","page_number":281,"box":{"x":150,"y":351,"width":734,"height":12}},{"id":"980556d9-2b43-4e2e-a3b9-aeeca2c1c853","block_type":"box","text":"consumer demand, government policy, regulatory frameworks and other factors. Further, the","page_number":281,"box":{"x":150,"y":366,"width":693,"height":12}},{"id":"85c46216-c6d2-49c1-a19f-06279901408f","block_type":"box","text":"Guidelines recognize that these factors are uncertain and dynamic.","page_number":281,"box":{"x":150,"y":382,"width":503,"height":12}},{"id":"67eef436-8d3b-42a0-82b6-f27cf2888982","block_type":"box","text":"•","page_number":281,"box":{"x":125,"y":408,"width":4,"height":3}},{"id":"24257876-d615-44f5-a904-8b9e78637109","block_type":"box","text":"Take a long-term, pragmatic approach to the low-carbon transition that minimizes","page_number":281,"box":{"x":150,"y":405,"width":657,"height":12}},{"id":"987c9d11-8d4d-4589-b4de-fc2faf08b3be","block_type":"box","text":"disruption to portfolio companies and their key stakeholders:","page_number":281,"box":{"x":150,"y":420,"width":489,"height":12}},{"id":"87c61005-a9f7-461d-ae57-3d87bac34026","block_type":"box","text":"The Guidelines recognize the","page_number":281,"box":{"x":641,"y":420,"width":228,"height":12}},{"id":"f3e3ce73-4102-480a-bb1c-305efe6bd40f","block_type":"box","text":"challenges that many companies face in adapting their business models to the low-carbon","page_number":281,"box":{"x":150,"y":436,"width":674,"height":12}},{"id":"71933634-f791-4bbc-942d-8198eeb1f5d0","block_type":"box","text":"transition. It reflects a view that a smooth transition – where companies adapt while continuing to","page_number":281,"box":{"x":150,"y":451,"width":723,"height":12}},{"id":"6e06b3c5-0e14-4009-b392-dd8e68019e43","block_type":"box","text":"deliver financial returns – is a better long-term investment outcome and less disruptive to other key","page_number":281,"box":{"x":150,"y":467,"width":738,"height":12}},{"id":"7e96d737-9d56-4810-95ba-45d28bf1753d","block_type":"box","text":"stakeholders than a disorderly transition. Further, the Guidelines consider the differences between","page_number":281,"box":{"x":150,"y":482,"width":734,"height":12}},{"id":"1f382041-474f-4dbd-b4e1-333a9c497fc6","block_type":"box","text":"the actions and outcomes over which company management has influence, and those it does not.","page_number":281,"box":{"x":150,"y":498,"width":731,"height":12}},{"id":"f686f6d4-4a2e-4ebe-bfd9-e7d4452e2624","block_type":"box","text":"•","page_number":281,"box":{"x":125,"y":524,"width":4,"height":4}},{"id":"af1ffc16-3c2d-4b87-81e1-a909d3b4b9a9","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while","page_number":281,"box":{"x":151,"y":521,"width":670,"height":12}},{"id":"3c3b2303-9056-48ca-bda0-355a0d9c661c","block_type":"box","text":"recognizing data limitations:","page_number":281,"box":{"x":150,"y":537,"width":226,"height":12}},{"id":"04088b2e-1403-49e6-89ca-1b63443a8e1b","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that","page_number":281,"box":{"x":378,"y":537,"width":510,"height":11}},{"id":"50e7bd68-fa2a-4c10-b0eb-c64804c2eb36","block_type":"box","text":"outline key milestones and dependencies underpinning the company’s low-carbon transition","page_number":281,"box":{"x":150,"y":552,"width":687,"height":12}},{"id":"04fb114e-fa73-45a2-b1ae-56fb703f4053","block_type":"box","text":"strategy, explain the trade-offs required to adapt the business model, and include relevant data","page_number":281,"box":{"x":150,"y":568,"width":710,"height":12}},{"id":"59eb49b4-c157-49c3-b5f3-4cc4bb7880c4","block_type":"box","text":"and narrative.","page_number":281,"box":{"x":150,"y":583,"width":107,"height":10}},{"id":"33486192-99d9-4bf2-a050-57082f0c85dd","block_type":"box","text":"•","page_number":281,"box":{"x":125,"y":610,"width":4,"height":3}},{"id":"cfb6d5d8-0380-415a-a234-575183a22d2a","block_type":"box","text":"Consistency with the participating cli","page_number":281,"box":{"x":150,"y":606,"width":283,"height":12}},{"id":"e8ef4a3f-77b9-4a2c-804a-4ad9c8dbe2e2","block_type":"box","text":"ents’ position as a minority investor:","page_number":281,"box":{"x":435,"y":607,"width":279,"height":11}},{"id":"ba292077-4464-4f5e-9576-63a34db4181b","block_type":"box","text":"The boards and","page_number":281,"box":{"x":715,"y":607,"width":123,"height":9}},{"id":"ff93f7b3-1b9a-4a0d-b96d-57328c2441f3","block_type":"box","text":"executive leadership of companies determine a com","page_number":281,"box":{"x":150,"y":622,"width":370,"height":12}},{"id":"5c00ff9f-1cc0-4867-bf28-fd45b0b77a39","block_type":"box","text":"pany’s strategy and its implementation. Under the","page_number":281,"box":{"x":522,"y":622,"width":357,"height":12}},{"id":"294c8146-635b-4441-92c1-7f975f41406f","block_type":"box","text":"Guidelines, the dedicated team makes decisions on how to engage companies and vote proxies","page_number":281,"box":{"x":150,"y":637,"width":688,"height":12}},{"id":"ad627f6a-03c2-4c10-9f8a-7f0bc37f6d0a","block_type":"box","text":"independently, based on its professional judgment of t","page_number":281,"box":{"x":150,"y":653,"width":379,"height":12}},{"id":"19efbb7e-2695-407b-bfe1-802965d39f3d","block_type":"box","text":"the priorities and outcomes most aligned with","page_number":281,"box":{"x":529,"y":653,"width":326,"height":12}},{"id":"1fac49ee-4058-4e26-ac09-91cf2cd0a4cd","block_type":"box","text":"participating clients’ investment objectives.","page_number":281,"box":{"x":150,"y":669,"width":300,"height":11}},{"id":"7234d29a-4d03-48bf-b059-3ab0e477fcff","block_type":"box","text":"VOTING APPROACH UNDER THE GUIDELINES","page_number":281,"box":{"x":306,"y":707,"width":375,"height":10}},{"id":"189e0173-89a2-4354-bb4e-ef56a2e93647","block_type":"box","text":"12","page_number":281,"box":{"x":682,"y":707,"width":11,"height":6}},{"id":"d4d73074-7883-424d-b171-81d054b4e7a2","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team","page_number":281,"box":{"x":116,"y":738,"width":752,"height":12}},{"id":"fe254ed9-8429-431e-93ac-a6a6cf081bf0","block_type":"box","text":"applies a case-by-case approach that reflects the uneven pace of the low-carbon transition across","page_number":281,"box":{"x":116,"y":754,"width":728,"height":12}},{"id":"c72085e3-2f2d-4c0e-9300-3c4c5bbf261d","block_type":"box","text":"sectors and markets, and acknowledges the distinction between what company management can","page_number":281,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"779e19aa-9576-40bf-9da9-3944703a7354","block_type":"box","text":"influence and what lies beyond its control. As a result, voting decisions – on behalf of in-scope funds","page_number":281,"box":{"x":117,"y":785,"width":744,"height":12}},{"id":"fac3e355-416d-4487-a90e-b02a088fe3f8","block_type":"box","text":"11","page_number":281,"box":{"x":144,"y":815,"width":7,"height":5}},{"id":"7eeb02e8-eb43-4dfb-9f96-7a76a57e9783","block_type":"box","text":"Aladdin","page_number":281,"box":{"x":170,"y":815,"width":44,"height":8}},{"id":"62117516-5773-404c-95b4-ed210f136816","block_type":"box","text":"®","page_number":281,"box":{"x":215,"y":814,"width":7,"height":6}},{"id":"c6fe99d6-299d-465c-945a-f08cf6705afc","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":281,"box":{"x":226,"y":815,"width":620,"height":10}},{"id":"ae8107b3-b26c-4ad2-adc9-e3a43d4de349","block_type":"box","text":"analytics. Aladdin","page_number":281,"box":{"x":170,"y":828,"width":103,"height":10}},{"id":"18548c9d-d72e-4f22-b808-066f8c47fabe","block_type":"box","text":"®","page_number":281,"box":{"x":274,"y":827,"width":8,"height":6}},{"id":"77dbc06d-14f7-432e-88e1-3cd9bf7c166f","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":281,"box":{"x":286,"y":828,"width":345,"height":10}},{"id":"4de69bad-d808-4acb-80eb-c4f36bc6d43b","block_type":"box","text":"12","page_number":281,"box":{"x":144,"y":841,"width":8,"height":5}},{"id":"eea51a50-fc01-4d28-aafe-1dbda0f53bf2","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide as","page_number":281,"box":{"x":170,"y":841,"width":701,"height":9}},{"id":"5a6c5d7e-347f-49e3-8ea7-f24c61995a99","block_type":"box","text":"to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated team","page_number":281,"box":{"x":170,"y":854,"width":708,"height":9}},{"id":"7f2256b1-3004-4042-88c7-0c764d93e1c7","block_type":"box","text":"with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":281,"box":{"x":170,"y":867,"width":651,"height":9}},{"id":"62ec38fb-8a7f-49d3-ab16-bdecb29d1891","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":281,"box":{"x":170,"y":880,"width":403,"height":9}},{"id":"9afc24c5-d2f7-4bde-92a9-bcdb1bf46f1b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":281,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"a499b1ce-6697-4496-9cdb-66c9a6608825","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":281,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"44429fb6-c935-4f53-ad90-4aaa55af2c0d","block_type":"box","text":"5","page_number":281,"box":{"x":875,"y":910,"width":8,"height":8}},{"id":"984d19f3-5513-408c-81a0-0e514a0fcd29","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":281,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2d7dc229-8aac-4e55-9d02-6cf882c6ccbf","block_type":"box","text":"and SMAs – on similar proposals included on different companies’ shareholder meeting agendas may","page_number":282,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"366d9929-a6bc-4090-b442-7090a1ddc1c4","block_type":"box","text":"vary depending on company, sector, or market-specific circumstances.","page_number":282,"box":{"x":116,"y":102,"width":530,"height":13}},{"id":"35669a63-76de-460d-9aab-9987b7809cea","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines,","page_number":282,"box":{"x":117,"y":134,"width":750,"height":12}},{"id":"a4eb37df-d628-40d3-b3f8-20d6017447ba","block_type":"box","text":"the dedicated team will look to the companies to demonstrate the following:","page_number":282,"box":{"x":116,"y":149,"width":564,"height":12}},{"id":"e13e7486-93ad-40ca-b307-0bc067b3145e","block_type":"box","text":"Corporate Disclosures","page_number":282,"box":{"x":116,"y":180,"width":180,"height":12}},{"id":"f7967169-26b9-48f2-8fb0-f079ffc873a4","block_type":"box","text":"13","page_number":282,"box":{"x":297,"y":180,"width":11,"height":6}},{"id":"9a7ee07f-0965-4020-a8b4-e3210b47cd28","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient","page_number":282,"box":{"x":117,"y":211,"width":710,"height":12}},{"id":"7b95ae3e-4869-4fef-8a8e-7ae985c8bc84","block_type":"box","text":"disclosure to assess whether the company’s strategy is aligned with the low-carbon transition. As a","page_number":282,"box":{"x":116,"y":227,"width":740,"height":12}},{"id":"2478a573-0501-4ec0-be4b-6475a4745776","block_type":"box","text":"general point, the team looks to companies that are important to the transition to a low-carbon","page_number":282,"box":{"x":116,"y":242,"width":702,"height":12}},{"id":"748ca186-1edc-4597-bf11-b2cd49e6c868","block_type":"box","text":"economy to explain the strategy and governance frameworks that they have determined most","page_number":282,"box":{"x":116,"y":258,"width":700,"height":12}},{"id":"b6cef5c5-0c21-4662-80e7-1515e157e526","block_type":"box","text":"appropriate, which may include:","page_number":282,"box":{"x":116,"y":273,"width":241,"height":12}},{"id":"e6ecb7c4-7e17-4f3c-912f-aec31f1b4e47","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit","page_number":282,"box":{"x":150,"y":304,"width":688,"height":12}},{"id":"a53891c3-9b3d-4d37-b5a0-f3985685fab4","block_type":"box","text":"average global temperature rise to 1.5°C above pre-industrial levels. This would typically","page_number":282,"box":{"x":184,"y":320,"width":661,"height":12}},{"id":"8ea7c16b-d1ac-4b44-b6f6-7b2591042103","block_type":"box","text":"include a long-term strategy to achieve net-zero GHG emissions by 2050, with appropriate","page_number":282,"box":{"x":184,"y":335,"width":676,"height":12}},{"id":"5e2ab73a-c67c-4340-877a-5b044c8d3cd9","block_type":"box","text":"near- and medium-term milestones to assess their progress.","page_number":282,"box":{"x":184,"y":351,"width":453,"height":12}},{"id":"2f88f5f2-5706-44a0-9009-fc9a8f8577a5","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data","page_number":282,"box":{"x":150,"y":374,"width":724,"height":12}},{"id":"f0b38a37-f772-4172-aad1-92217094fc9b","block_type":"box","text":"supports investors in making informed decisions. The International Sustainability Standards","page_number":282,"box":{"x":184,"y":389,"width":683,"height":12}},{"id":"721a997d-b9f6-4eb9-bca8-5f9f72e18da6","block_type":"box","text":"Board (ISSB) standards, IFRS S1 and S2, represent one such approach to standardization","page_number":282,"box":{"x":184,"y":405,"width":678,"height":12}},{"id":"c463b2dd-88c5-4e82-ab4d-f8a4443f03f2","block_type":"box","text":"that the dedicated team finds useful in its analysis.","page_number":282,"box":{"x":183,"y":420,"width":374,"height":12}},{"id":"f2dc551e-c5e4-4525-b8aa-83ebebba9071","block_type":"box","text":"14","page_number":282,"box":{"x":559,"y":420,"width":11,"height":7}},{"id":"322973e2-38ca-4d72-9c03-65e9770e5da0","block_type":"box","text":",","page_number":282,"box":{"x":572,"y":428,"width":8,"height":4}},{"id":"d299734e-e53d-4bf6-9835-655714d50cff","block_type":"box","text":"15","page_number":282,"box":{"x":581,"y":420,"width":11,"height":7}},{"id":"bbce5aa9-2e3a-4035-9ba0-69f13d78d006","block_type":"box","text":"IFRS S1 addresses the general","page_number":282,"box":{"x":592,"y":420,"width":244,"height":12}},{"id":"a87e5e98-8235-46f1-a611-590c3404218e","block_type":"box","text":"requirements of sustainability reporting and IFRS S2 sets out the disclosures that provide","page_number":282,"box":{"x":184,"y":436,"width":667,"height":12}},{"id":"35d36fcd-08a6-49c2-a239-cd58917a0620","block_type":"box","text":"investors with decision-useful information about a company’s most significant climate- and","page_number":282,"box":{"x":184,"y":451,"width":674,"height":12}},{"id":"7f575a1e-cc50-4769-8390-11bf8fd39abb","block_type":"box","text":"low-carbon transition-related risks and opportunities. This includes receiving independent,","page_number":282,"box":{"x":184,"y":467,"width":671,"height":12}},{"id":"75245e1e-8756-4bb8-875d-f141afba39fb","block_type":"box","text":"third-party assurances, as audit and assurance standards are developed.","page_number":282,"box":{"x":183,"y":482,"width":549,"height":12}},{"id":"12d5e77c-4006-405e-8cc1-65b7ff7b8828","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions.","page_number":282,"box":{"x":150,"y":506,"width":536,"height":12}},{"id":"c082b8d9-69b4-4247-adba-352b8423bdea","block_type":"box","text":"16","page_number":282,"box":{"x":689,"y":506,"width":10,"height":6}},{"id":"dfc801a0-7157-48f2-9ced-e8446d94630f","block_type":"box","text":",","page_number":282,"box":{"x":701,"y":514,"width":8,"height":3}},{"id":"622e89b8-f953-481a-abf2-3aacfd3a6ca9","block_type":"box","text":"17","page_number":282,"box":{"x":710,"y":506,"width":11,"height":6}},{"id":"cdad76d1-cc4f-4d8e-bfc3-8f89cae1a6b1","block_type":"box","text":"In addition, the","page_number":282,"box":{"x":721,"y":506,"width":120,"height":11}},{"id":"e51db1d4-fc0c-48a7-9235-226bd9f1c9a1","block_type":"box","text":"dedicated team looks to companies to disclose their emissions reduction targets for scope 1","page_number":282,"box":{"x":184,"y":521,"width":687,"height":12}},{"id":"ad98cf64-e2f7-4b6e-986f-c93510b90d62","block_type":"box","text":"and 2 emissions, science-based where possible. The team welcomes disclosure of targets or","page_number":282,"box":{"x":184,"y":537,"width":695,"height":12}},{"id":"1af07402-b208-4266-8ba4-c0a8ef6c7255","block_type":"box","text":"13","page_number":282,"box":{"x":144,"y":572,"width":8,"height":5}},{"id":"c8275a97-e813-4e52-82a9-7440264d9fac","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where reporting","page_number":282,"box":{"x":170,"y":572,"width":695,"height":10}},{"id":"d651540d-b083-45d5-b743-ac6b14921414","block_type":"box","text":"methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their business","page_number":282,"box":{"x":170,"y":585,"width":686,"height":10}},{"id":"581f1376-497c-40cd-b83e-babee04deb5f","block_type":"box","text":"models through the low-carbon transition may require forward-looking statements.","page_number":282,"box":{"x":170,"y":598,"width":485,"height":10}},{"id":"ea7cfcd8-d113-4abe-98b5-165a634db1f2","block_type":"box","text":"14","page_number":282,"box":{"x":144,"y":614,"width":8,"height":4}},{"id":"dc81b185-6f57-4a03-bab7-f9053d6a7180","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":282,"box":{"x":170,"y":613,"width":666,"height":10}},{"id":"d8fbd546-693a-49d6-b2ed-9d23201036a9","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":282,"box":{"x":171,"y":626,"width":712,"height":10}},{"id":"7016a3de-e548-44bc-af08-4063fa1ec965","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":282,"box":{"x":170,"y":639,"width":649,"height":10}},{"id":"203a2b01-4298-49a4-a96c-79eca90af253","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":282,"box":{"x":170,"y":652,"width":674,"height":10}},{"id":"140dbee2-ee7e-4edb-8c1b-3a32b5595b6b","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":282,"box":{"x":170,"y":665,"width":647,"height":10}},{"id":"3c07293d-95af-4514-a63f-9cc5d13f62bc","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":282,"box":{"x":171,"y":678,"width":312,"height":8}},{"id":"fb00b245-bc92-4828-9eaa-389111c6b243","block_type":"box","text":"15","page_number":282,"box":{"x":144,"y":694,"width":8,"height":5}},{"id":"f59a9b8f-7b5c-47b4-9792-9472f66dcad8","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to doing","page_number":282,"box":{"x":170,"y":694,"width":694,"height":9}},{"id":"ab3dd185-ba77-4b97-929d-9f80d3f80f0e","block_type":"box","text":"so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":282,"box":{"x":170,"y":706,"width":651,"height":10}},{"id":"595f9c02-a468-439c-b04d-6bbcea9a458f","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we ask","page_number":282,"box":{"x":170,"y":719,"width":698,"height":10}},{"id":"d0e6c748-cf08-4ae5-af43-a03b623993de","block_type":"box","text":"that companies highlight the metrics that are industry- or company-specific. We also recognize that companies may be","page_number":282,"box":{"x":170,"y":732,"width":703,"height":10}},{"id":"6b7f4932-fd56-4fe2-971f-9b14e41d0e42","block_type":"box","text":"phasing in reporting over several years. We do not prescribe timelines regarding when companies should make","page_number":282,"box":{"x":170,"y":745,"width":661,"height":10}},{"id":"670c20ca-6a43-4573-a595-6a4208d547ff","block_type":"box","text":"sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of their","page_number":282,"box":{"x":170,"y":758,"width":664,"height":10}},{"id":"0631bb38-4d5b-497c-bc64-ebb5f9c765f8","block_type":"box","text":"shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make informed","page_number":282,"box":{"x":170,"y":771,"width":698,"height":10}},{"id":"017db353-76de-4305-a2e5-2f14c00ee19b","block_type":"box","text":"voting decisions.","page_number":282,"box":{"x":170,"y":784,"width":98,"height":10}},{"id":"a5a18cdf-7722-4fe6-8151-c7049ad81f6f","block_type":"box","text":"16","page_number":282,"box":{"x":144,"y":800,"width":8,"height":4}},{"id":"b2c63311-8abd-4c99-8909-1a01cfe3633a","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":282,"box":{"x":171,"y":799,"width":685,"height":10}},{"id":"edb11a7a-3062-43bd-8399-fbefaa6d3532","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in December","page_number":282,"box":{"x":170,"y":812,"width":708,"height":10}},{"id":"07f3d993-41d8-48fc-b9e0-b775bb03df3c","block_type":"box","text":"2025.","page_number":282,"box":{"x":170,"y":825,"width":32,"height":8}},{"id":"9cd6457c-3b90-4a3f-99bc-6ff75ef0a4f2","block_type":"box","text":"17","page_number":282,"box":{"x":144,"y":841,"width":8,"height":5}},{"id":"c6290e56-8b73-472a-86e9-94a903da15ca","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":282,"box":{"x":171,"y":841,"width":680,"height":9}},{"id":"579c521c-fcad-48f7-9667-7be9c7bbdff2","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":282,"box":{"x":171,"y":854,"width":706,"height":9}},{"id":"e041a6e9-56d1-43e3-b60c-36a871069bed","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":282,"box":{"x":170,"y":867,"width":677,"height":9}},{"id":"675d4685-017d-48f2-9381-0f0e17620eac","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":282,"box":{"x":170,"y":880,"width":650,"height":9}},{"id":"4c296a9a-092c-415a-992e-905564c87289","block_type":"box","text":"BlackRock Investment Stewardship","page_number":282,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"72831594-0a25-4497-a5c7-12e6f4982014","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":282,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"d28a3473-dab3-4eb3-a38e-9def884acd84","block_type":"box","text":"6","page_number":282,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"16d2eeab-8139-48ce-b7e6-fecf39328eea","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":282,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6c857d49-e974-453b-a0d4-78ad7064d6c6","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions. Scope 3","page_number":283,"box":{"x":184,"y":87,"width":696,"height":12}},{"id":"3b6ed2dc-cae8-481e-8e36-eb471fdb1ced","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions","page_number":283,"box":{"x":184,"y":102,"width":694,"height":13}},{"id":"d9c50490-95d3-4b71-aa07-bd79c500c08f","block_type":"box","text":"in GHG intensity, provides useful insight to investors focused on investing in the low-carbon","page_number":283,"box":{"x":184,"y":118,"width":684,"height":12}},{"id":"f77dd4e3-75ed-4d8f-8ad2-497fd7590b57","block_type":"box","text":"transition and understanding the impact of their investments on their decarbonization goals.","page_number":283,"box":{"x":183,"y":134,"width":678,"height":12}},{"id":"e7d9bd1d-8bde-48b1-97a6-97b5042d9e39","block_type":"box","text":"18","page_number":283,"box":{"x":864,"y":134,"width":10,"height":6}},{"id":"1d3cdfcb-8164-457f-b995-8dad5a55d9b8","block_type":"box","text":"However, the team recognizes that companies have varying ability to influence the emissions","page_number":283,"box":{"x":184,"y":149,"width":696,"height":12}},{"id":"2d22a894-eba4-4955-bdfe-6db6fdca6fc0","block_type":"box","text":"across the different parts of their value chain and, therefore, it is helpful when disclosures","page_number":283,"box":{"x":184,"y":165,"width":667,"height":11}},{"id":"65c4568f-7893-4477-9824-a2872261611e","block_type":"box","text":"explain the implications for the achievement of their decarbonization targets. For some","page_number":283,"box":{"x":184,"y":180,"width":647,"height":12}},{"id":"a99cbba2-7ae0-432c-b142-920306ab9191","block_type":"box","text":"companies that play an important role in the low-carbon transition, scope 3 may represent","page_number":283,"box":{"x":184,"y":196,"width":671,"height":12}},{"id":"583b4476-5d9b-449c-b001-a0efa14787ad","block_type":"box","text":"their only significant source of GHG emissions in the value chain. While we do not believe","page_number":283,"box":{"x":183,"y":211,"width":672,"height":12}},{"id":"99421e53-de0f-4d6b-87c2-af73cf874a0f","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control,","page_number":283,"box":{"x":184,"y":227,"width":693,"height":12}},{"id":"1792338f-adf4-4148-ba5b-f1b88e94d246","block_type":"box","text":"where relevant, we look for disclosures on how the company approaches the low-carbon","page_number":283,"box":{"x":183,"y":242,"width":662,"height":12}},{"id":"19d35d7e-131f-49a0-a531-21c614540546","block_type":"box","text":"transition in these cases. This may include plans and targets to grow businesses that","page_number":283,"box":{"x":183,"y":258,"width":636,"height":12}},{"id":"690e7bff-0dbc-4e74-b81c-86f5eda508ea","block_type":"box","text":"contribute to real world decarbonization, forward-looking capital or procurement allocation","page_number":283,"box":{"x":184,"y":273,"width":670,"height":12}},{"id":"7bdff408-e022-46f3-8d32-560be9ebc9fa","block_type":"box","text":"plans to net-zero aligned activities or suppliers, and strategies to mitigate material transition","page_number":283,"box":{"x":184,"y":289,"width":684,"height":12}},{"id":"9b5fb2cd-2e53-44c6-83f5-6d2e03ee8d66","block_type":"box","text":"risks.","page_number":283,"box":{"x":184,"y":304,"width":43,"height":10}},{"id":"06e39f8c-c187-44e4-9e6e-f42c5e54eb6b","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical","page_number":283,"box":{"x":150,"y":327,"width":729,"height":12}},{"id":"01c1e056-114c-48d0-886f-4cda22fe983a","block_type":"box","text":"risks – such as acute risks from extreme weather events or chronic risks from long-term shifts","page_number":283,"box":{"x":184,"y":343,"width":699,"height":12}},{"id":"8afe5cb6-6426-4d16-93ad-8ffa3a63e237","block_type":"box","text":"in climate patterns – and how these risks could reasonably be expected to affect the","page_number":283,"box":{"x":184,"y":358,"width":629,"height":12}},{"id":"c5cb4488-17c4-4d27-902f-06c3be2c21a9","block_type":"box","text":"company’s operations, assets, or supply chains.","page_number":283,"box":{"x":184,"y":374,"width":361,"height":12}},{"id":"acc8b17c-4e86-4b52-883f-1be74b29f4c0","block_type":"box","text":"Transition plans","page_number":283,"box":{"x":118,"y":405,"width":132,"height":12}},{"id":"55d39e88-e94e-4dac-98e5-119aa985c364","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their","page_number":283,"box":{"x":116,"y":436,"width":698,"height":12}},{"id":"d3c999bc-c7c0-4d2a-b32f-b382002908f0","block_type":"box","text":"low-carbon transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets,","page_number":283,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"f0ddd3fe-17f2-405d-932a-8715c28f5940","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as","page_number":283,"box":{"x":116,"y":467,"width":724,"height":12}},{"id":"a5e4ddfe-7847-47fe-92fe-6eb4b08d5aad","block_type":"box","text":"reducing its greenhouse gas emissions” (see Appendix 1).","page_number":283,"box":{"x":117,"y":482,"width":430,"height":12}},{"id":"8224c1d9-0913-4716-9568-a2abaadb2818","block_type":"box","text":"19","page_number":283,"box":{"x":550,"y":482,"width":10,"height":7}},{"id":"86e60a34-5a6a-47e5-95f8-c713272b7b58","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to","page_number":283,"box":{"x":116,"y":513,"width":760,"height":12}},{"id":"ee946863-fa35-427b-ae3d-e6ecec3a293c","block_type":"box","text":"corporate transition plans.","page_number":283,"box":{"x":116,"y":529,"width":192,"height":12}},{"id":"aa31a08c-6f40-4ba2-821f-983b6c13d818","block_type":"box","text":"20","page_number":283,"box":{"x":310,"y":529,"width":11,"height":6}},{"id":"e616d655-dfc5-4e35-81fe-27a8ac04301a","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans","page_number":283,"box":{"x":321,"y":529,"width":523,"height":12}},{"id":"18750e17-ecf4-422b-9a37-30b57c76df18","block_type":"box","text":"highlights the convergence of reporting approaches.","page_number":283,"box":{"x":117,"y":544,"width":391,"height":12}},{"id":"ba311286-dfce-41d1-8ab0-365e87e9b947","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these","page_number":283,"box":{"x":116,"y":575,"width":697,"height":12}},{"id":"0ebc3f94-5620-4fdb-a9a9-dc3750eeb0a5","block_type":"box","text":"disclosures typically provide valuable insights that inform the dedicated team’s approach to engaging","page_number":283,"box":{"x":116,"y":591,"width":754,"height":12}},{"id":"209c4e5c-71c9-4210-b6f5-a4d1b3afa0a5","block_type":"box","text":"and voting on matters related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":283,"box":{"x":116,"y":606,"width":761,"height":12}},{"id":"4853177f-388e-4bb6-8723-334e74c47b5e","block_type":"box","text":"Boards and directors","page_number":283,"box":{"x":117,"y":638,"width":173,"height":9}},{"id":"05c76daf-3075-402f-a3d2-5d01639c04aa","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate","page_number":283,"box":{"x":116,"y":668,"width":699,"height":12}},{"id":"c988db72-e005-49be-90ed-5b448661ecfd","block_type":"box","text":"oversight of a company’s management and strategic initiatives is critical to the company’s ability to","page_number":283,"box":{"x":116,"y":684,"width":731,"height":12}},{"id":"2011f005-49c0-4eb4-8b33-519df9f97055","block_type":"box","text":"18","page_number":283,"box":{"x":144,"y":722,"width":8,"height":5}},{"id":"ecdf37fe-1740-4f7e-9955-fdd135d239e0","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly traded","page_number":283,"box":{"x":170,"y":722,"width":707,"height":10}},{"id":"697d69fa-db7d-42a2-820b-75668ca719fb","block_type":"box","text":"companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":283,"box":{"x":170,"y":735,"width":645,"height":10}},{"id":"ad5874f7-0d69-49cd-b0fb-80734acbd3d8","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":283,"box":{"x":170,"y":748,"width":686,"height":9}},{"id":"176b5567-ea35-4740-b17f-a4a0fa5cc7e6","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":283,"box":{"x":170,"y":761,"width":663,"height":9}},{"id":"35f203ed-3166-43cc-95d3-56124eb08c48","block_type":"box","text":"material to their business models.","page_number":283,"box":{"x":170,"y":774,"width":199,"height":7}},{"id":"f39d07ab-6c23-4b16-aacb-487c1dd02f4d","block_type":"box","text":"19","page_number":283,"box":{"x":144,"y":789,"width":8,"height":5}},{"id":"88083a78-89e3-454f-b1d0-1a33b591b0cf","block_type":"box","text":"International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in December","page_number":283,"box":{"x":171,"y":789,"width":712,"height":10}},{"id":"cd5b02c6-1fba-497d-85da-3fc78428f0b7","block_type":"box","text":"2025.","page_number":283,"box":{"x":170,"y":802,"width":32,"height":8}},{"id":"df852b7e-085f-45bb-85b2-5c6b5abe3735","block_type":"box","text":"20","page_number":283,"box":{"x":143,"y":815,"width":9,"height":5}},{"id":"d0cd8b0b-b1df-4a78-95e3-3ccb8fb77861","block_type":"box","text":"More companies are developing such plans, and public policymakers in certain markets are signaling their intentions to","page_number":283,"box":{"x":171,"y":815,"width":705,"height":10}},{"id":"bb799d91-9916-4b32-9904-fb884c80c7b0","block_type":"box","text":"require them or already have requirements in place, such as Australia, Brazil, and the European Union (please see the","page_number":283,"box":{"x":170,"y":828,"width":704,"height":10}},{"id":"f21a215b-f2c5-4087-aad3-d043330d47c1","block_type":"box","text":"International Transition Plan Network for information). BlackRock views transition plans as a method for a company to","page_number":283,"box":{"x":171,"y":841,"width":697,"height":9}},{"id":"69210b2a-3395-4720-b032-6e91b8a9e697","block_type":"box","text":"both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create","page_number":283,"box":{"x":170,"y":854,"width":687,"height":9}},{"id":"31e1ff2f-6693-4ce6-bedb-4967c11203d7","block_type":"box","text":"financial value through the global transition towards a low-carbon economy. Across the landscape there remains","page_number":283,"box":{"x":170,"y":867,"width":666,"height":9}},{"id":"e1a14233-fdd2-4d5c-8bb5-76cebbe57598","block_type":"box","text":"divergence on the objectives of such plans and the details they should contain. Website accessed in December 2025.","page_number":283,"box":{"x":170,"y":880,"width":697,"height":9}},{"id":"c58f78fb-80cc-46f6-83a7-25561efbd985","block_type":"box","text":"BlackRock Investment Stewardship","page_number":283,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"c6d083c8-4cf3-4dcc-b908-4e11eb8d8643","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":283,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"ec85b97c-722d-4039-94a1-1caf0b442ae6","block_type":"box","text":"7","page_number":283,"box":{"x":875,"y":910,"width":8,"height":8}},{"id":"e0b99536-ed71-4f1c-95eb-d0716181393f","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":283,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fa61f7ed-f600-46bd-b693-2c321f9e2797","block_type":"box","text":"deliver on its low-carbon transition strategy. In assessing the role and effectiveness of the board in this","page_number":284,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"8f485cf4-d35e-47f7-9e57-e243bf92e222","block_type":"box","text":"regard, the dedicated team seeks to understand whether:","page_number":284,"box":{"x":117,"y":103,"width":430,"height":12}},{"id":"396a773d-b926-4db1-b5ba-0fd24bd9b3d9","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks","page_number":284,"box":{"x":125,"y":134,"width":738,"height":12}},{"id":"3f12457d-abb6-4468-9609-effb014d732a","block_type":"box","text":"and opportunities in the company’s business model. The Guidelines consider the whole board to","page_number":284,"box":{"x":150,"y":149,"width":719,"height":12}},{"id":"1a53d593-c971-45e6-b1cd-65233eec7ffd","block_type":"box","text":"have responsibility for oversight of the company’s long-term strategy, including those aspects","page_number":284,"box":{"x":150,"y":165,"width":696,"height":12}},{"id":"a1c70f40-8344-4cb2-9756-6c1c4ef0a34a","block_type":"box","text":"related to the transition to a low-carbon economy.","page_number":284,"box":{"x":150,"y":180,"width":373,"height":12}},{"id":"387cb4a6-76c7-46ad-8983-f5faea48104e","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy,","page_number":284,"box":{"x":125,"y":203,"width":735,"height":12}},{"id":"705e06c5-59c8-43e0-8e91-caf32075c3f0","block_type":"box","text":"with clear accountability for delivery by senior executives.","page_number":284,"box":{"x":149,"y":219,"width":432,"height":12}},{"id":"ab6b4698-cf4e-4e22-ae22-7a94f4563e6e","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional","page_number":284,"box":{"x":125,"y":242,"width":749,"height":12}},{"id":"b0b0503a-7c66-4af7-a907-729a9d12fbbc","block_type":"box","text":"and next generation) business lines and innovation, and returns cash to shareholders, consistent","page_number":284,"box":{"x":150,"y":258,"width":724,"height":12}},{"id":"a0713438-5715-4b49-bb41-0a7ad866e9df","block_type":"box","text":"with the company’s stated low-carbon transition strategy.","page_number":284,"box":{"x":149,"y":273,"width":428,"height":12}},{"id":"3ebdf038-443c-42d7-9a8c-5bd066e02f0d","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are","page_number":284,"box":{"x":125,"y":296,"width":724,"height":12}},{"id":"afe00f03-0f69-4723-9784-e574017a9f48","block_type":"box","text":"integrated into the company’s enterprise risk management processes and reporting.","page_number":284,"box":{"x":150,"y":312,"width":627,"height":12}},{"id":"8f3476c9-5f0a-43b3-8572-2ec58d5219a1","block_type":"box","text":"• The company has set scope 1 and 2 GHG emissions reduction targets, science-based and","page_number":284,"box":{"x":125,"y":335,"width":704,"height":12}},{"id":"9cbde875-88f9-40ad-aac7-57e92d374825","block_type":"box","text":"independently verified where possible, against a baseline, that are consistent with the ambition to","page_number":284,"box":{"x":150,"y":351,"width":726,"height":12}},{"id":"59b3540f-8cfa-42f4-8af2-151b1b7be656","block_type":"box","text":"limit average global temperature rise to no more than 1.5°C above pre-industrial levels.","page_number":284,"box":{"x":150,"y":366,"width":651,"height":12}},{"id":"5bc95649-2100-43cf-a5a8-ac6e72cc56ed","block_type":"box","text":"• There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over","page_number":284,"box":{"x":125,"y":389,"width":757,"height":12}},{"id":"5a5407bd-e656-464e-8622-21be62e008fa","block_type":"box","text":"time and its long-term low-carbon transition strategy.","page_number":284,"box":{"x":150,"y":405,"width":395,"height":12}},{"id":"9685259a-df3d-498d-b8d5-85fc75964d3e","block_type":"box","text":"• The company is monitoring its most significant scope 3 emissions and disclosing these where it is","page_number":284,"box":{"x":125,"y":428,"width":754,"height":12}},{"id":"e4dbb8f9-5715-47d6-b7a9-288a0158e58f","block_type":"box","text":"confident in the data. Given forthcoming regulatory requirements in certain jurisdictions, some","page_number":284,"box":{"x":150,"y":444,"width":700,"height":12}},{"id":"a8064dac-4837-4dad-a43b-15b1aa3e1000","block_type":"box","text":"companies are voluntarily disclosing scope 3 emissions reductions targets and plans, setting out","page_number":284,"box":{"x":150,"y":459,"width":720,"height":12}},{"id":"9713a5d1-b055-437e-877f-cf794bd8069a","block_type":"box","text":"how they are working on decarbonization with the different constituents in their value chain.","page_number":284,"box":{"x":150,"y":475,"width":682,"height":12}},{"id":"eeb8fa78-50d3-466b-8de9-522679f25243","block_type":"box","text":"21","page_number":284,"box":{"x":833,"y":475,"width":10,"height":6}},{"id":"f526a38d-e6b7-4dc9-9ff3-a1211ac34095","block_type":"box","text":"• The company’s governance and oversight processes for managing material risks associated with","page_number":284,"box":{"x":125,"y":498,"width":749,"height":12}},{"id":"607e5f9b-b68b-423e-af4b-67ea8f641a47","block_type":"box","text":"corporate political activities including applicable policies and procedures where relevant.","page_number":284,"box":{"x":150,"y":514,"width":652,"height":11}},{"id":"e150fbe2-d93e-4b13-9427-8ca6a8402f92","block_type":"box","text":"22","page_number":284,"box":{"x":804,"y":513,"width":11,"height":7}},{"id":"3aba7dd3-ed83-4b42-b851-65bbdd983ef7","block_type":"box","text":"The","page_number":284,"box":{"x":816,"y":514,"width":38,"height":9}},{"id":"6d40f148-dbb0-47fa-9934-8e2ad4c8a40a","block_type":"box","text":"dedicated team looks for public policy engagement to be consistent with a company’s stated","page_number":284,"box":{"x":150,"y":529,"width":689,"height":12}},{"id":"6cfbc376-5112-47f9-8f19-a72cb6489baa","block_type":"box","text":"strategic policy objectives, including those related to the low-carbon transition.","page_number":284,"box":{"x":150,"y":545,"width":584,"height":11}},{"id":"05f6a3e4-f12a-4ccf-942b-d71d93c0595f","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":284,"box":{"x":118,"y":576,"width":463,"height":11}},{"id":"f581646a-263f-4ae2-9ef6-d41bc97689ce","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors","page_number":284,"box":{"x":117,"y":606,"width":726,"height":12}},{"id":"68176b6c-42ca-41a5-88da-a03def1cc9ca","block_type":"box","text":"standing for election where, in its assessment based on company disclosures and engagement, a","page_number":284,"box":{"x":116,"y":622,"width":729,"height":12}},{"id":"958961ad-8b37-41af-a272-f0891c7de3d8","block_type":"box","text":"company is executing on its commitment to align with the transition to a low-carbon economy, as","page_number":284,"box":{"x":116,"y":638,"width":722,"height":11}},{"id":"61f19e34-32bd-44ef-8f73-7077e14bbcdc","block_type":"box","text":"defined above. Where the dedicated team determines this is not the case, it may vote against the","page_number":284,"box":{"x":116,"y":653,"width":727,"height":12}},{"id":"f7e39dce-171a-4fb8-9ca2-d82c90b6f4f0","block_type":"box","text":"election of one or more directors who the team identifies as having the most responsibility for the issue.","page_number":284,"box":{"x":116,"y":668,"width":766,"height":12}},{"id":"85cf4b9c-7e28-4dc3-a949-0793e1a05dbe","block_type":"box","text":"The directors most likely to be in focus are the chair of the board committee with low-carbon transition,","page_number":284,"box":{"x":116,"y":684,"width":759,"height":12}},{"id":"9ae1d5da-e4a1-4a54-bb7a-d8b146c89527","block_type":"box","text":"climate or sustainability risk oversight responsibilities, other members of the relevant committee, the","page_number":284,"box":{"x":116,"y":699,"width":741,"height":13}},{"id":"03b31cd8-a839-4fc1-8c23-cda6b1c31394","block_type":"box","text":"lead independent director or the non-executive chair of the board. In certain markets, the team may","page_number":284,"box":{"x":117,"y":715,"width":736,"height":12}},{"id":"1436ff8d-76fc-47bf-8845-d0631d56fa39","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent and/or board reports.","page_number":284,"box":{"x":116,"y":730,"width":699,"height":13}},{"id":"97699ade-a81b-4f74-a0c2-30958e177421","block_type":"box","text":"23","page_number":284,"box":{"x":817,"y":731,"width":11,"height":6}},{"id":"8cdbf2fc-1874-4351-92ef-906d6a1ca322","block_type":"box","text":"21","page_number":284,"box":{"x":143,"y":758,"width":8,"height":5}},{"id":"e5ea5311-bea1-4270-98d4-da97a1563d2c","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":284,"box":{"x":171,"y":758,"width":685,"height":10}},{"id":"2de3a13f-9de0-46c0-8fd1-851f0edca46c","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":284,"box":{"x":170,"y":771,"width":692,"height":10}},{"id":"30abdfe9-4590-4906-ab15-9a9bffd527d2","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":284,"box":{"x":170,"y":784,"width":679,"height":10}},{"id":"aa48001a-3e53-463f-8a0b-a0efa03bbca4","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, that offer","page_number":284,"box":{"x":170,"y":797,"width":706,"height":10}},{"id":"c38d5847-9d69-4cea-86ea-0c6450976c76","block_type":"box","text":"the most significant GHG reduction opportunities and are most relevant to the company’s business goals.” Website","page_number":284,"box":{"x":170,"y":810,"width":681,"height":9}},{"id":"cd224bdf-582c-4762-a9ef-407fdbc903f1","block_type":"box","text":"accessed in December 2025.","page_number":284,"box":{"x":170,"y":823,"width":173,"height":7}},{"id":"3f3a58c6-75f6-4b0e-8251-6139bb4f055b","block_type":"box","text":"22","page_number":284,"box":{"x":143,"y":838,"width":9,"height":5}},{"id":"f3809e89-3fa8-4cd1-980d-b26f22f56063","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade","page_number":284,"box":{"x":170,"y":838,"width":694,"height":10}},{"id":"36ffa544-f4ac-401e-a826-9dc63dbe4861","block_type":"box","text":"association memberships), and corporate political contributions.","page_number":284,"box":{"x":170,"y":851,"width":378,"height":10}},{"id":"fe152227-7dea-442e-a115-7600064df505","block_type":"box","text":"23","page_number":284,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"416c653f-e681-42b4-bef7-36f296386cca","block_type":"box","text":"Board report votes are generally advisory and relate to reports issued by the board of directors that may contain","page_number":284,"box":{"x":171,"y":867,"width":661,"height":9}},{"id":"769b8235-4694-4040-a20b-affbdaef4af2","block_type":"box","text":"information on a company’s sustainability efforts, operational resilience, or financial condition, among others.","page_number":284,"box":{"x":170,"y":880,"width":643,"height":9}},{"id":"533973b3-4e02-47f5-beaf-e989b2cadc5b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":284,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"fa1f1ca4-98ce-4863-b617-be1b6e9fd69e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":284,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"4c2dac2a-6069-4f08-8e72-9c0d53e04664","block_type":"box","text":"8","page_number":284,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"3c0bbafc-b43d-4718-9024-e76611e94909","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":284,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"39e18d49-6716-4125-9228-0c1ebc605f4d","block_type":"box","text":"Where the dedicated team has not supported director elections over climate concerns in a prior year,","page_number":285,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"c78b50e9-70ca-4895-aa4a-61e402674cad","block_type":"box","text":"and the company has not subsequently made progress towards aligning with the transition to a","page_number":285,"box":{"x":116,"y":103,"width":709,"height":12}},{"id":"37cdea86-ce39-4bb5-93fc-7cd4e9126b89","block_type":"box","text":"low-carbon economy, the team may escalate by not supporting the re-election of additional responsible","page_number":285,"box":{"x":117,"y":118,"width":769,"height":12}},{"id":"b4737871-4226-4177-8232-c7b8cada7088","block_type":"box","text":"directors.","page_number":285,"box":{"x":116,"y":134,"width":67,"height":9}},{"id":"31ffae21-4e86-4578-a26b-374d7194bfb8","block_type":"box","text":"24","page_number":285,"box":{"x":185,"y":134,"width":12,"height":6}},{"id":"c488027c-6a4d-4614-aec3-57e734192c4f","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":285,"box":{"x":117,"y":165,"width":581,"height":12}},{"id":"428f17b8-6245-4614-8058-145618e48e75","block_type":"box","text":"In certain markets, company management may submit proposals – commonly referred to as “Say on","page_number":285,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"43aeb4ac-d07d-414e-af2d-1b5589cc5310","block_type":"box","text":"Climate” – seeking shareholder approval of their climate action plans or progress reports. The","page_number":285,"box":{"x":117,"y":211,"width":700,"height":12}},{"id":"1593aa92-a7ac-4f68-8643-bfe86a3fa576","block_type":"box","text":"Guidelines consider these proposals as a valuable governance mechanism that can enhance","page_number":285,"box":{"x":117,"y":227,"width":696,"height":12}},{"id":"7ca3f672-35d9-40de-9f37-d7cd70bb0df1","block_type":"box","text":"transparency, accountability, and investors’ understanding of a company’s climate strategy. The","page_number":285,"box":{"x":116,"y":242,"width":716,"height":12}},{"id":"2dd5271d-76af-423e-b34d-9d4dd15242cc","block_type":"box","text":"dedicated team generally supports management’s climate strategy proposal if, in the team’s","page_number":285,"box":{"x":116,"y":258,"width":687,"height":12}},{"id":"1d1d434d-0e47-4b82-90be-95d9eec4147f","block_type":"box","text":"assessment based on these Guidelines, the strategy is aligned with the low-carbon transition. Similarly,","page_number":285,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"5fee506e-14fc-4bc2-803c-326ec6da0190","block_type":"box","text":"the dedicated team generally supports management’s proposal on a progress report if the company","page_number":285,"box":{"x":116,"y":289,"width":745,"height":12}},{"id":"1951b8a5-8c20-45bc-a217-1c65cae4c01d","block_type":"box","text":"has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":285,"box":{"x":117,"y":304,"width":770,"height":12}},{"id":"adc9fb85-faa4-4ad4-9e6a-ee53101a1530","block_type":"box","text":"transition plan and targets.","page_number":285,"box":{"x":116,"y":320,"width":203,"height":12}},{"id":"47773840-6456-404c-bd7a-cba927bb4d5c","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":285,"box":{"x":116,"y":351,"width":552,"height":11}},{"id":"2326e10d-26fa-4059-95b3-837d6fa15b88","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":285,"box":{"x":117,"y":382,"width":717,"height":12}},{"id":"16feb1e6-7cec-4fc9-bb47-7c2bceecd609","block_type":"box","text":"meeting, as long as certain requirements are met. Shareholder proposals span a wide range of topics","page_number":285,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"735972a4-fc81-4942-9b54-8d13d36f0b73","block_type":"box","text":"and have varying degrees of relevance for companies across sectors, locations, and business models.","page_number":285,"box":{"x":116,"y":413,"width":766,"height":12}},{"id":"4510932e-af33-4638-9bed-e0ee7ee07893","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while","page_number":285,"box":{"x":117,"y":444,"width":687,"height":12}},{"id":"f131ecbb-e015-4dba-9d67-5646475467ea","block_type":"box","text":"considering the company’s individual circumstances. When the dedicated team votes in support of a","page_number":285,"box":{"x":116,"y":459,"width":748,"height":12}},{"id":"5da7170c-01b4-45b4-b158-1ea00095212b","block_type":"box","text":"proposal, it is not necessarily endorsing every element of the proposal or the reasoning, objectives, or","page_number":285,"box":{"x":117,"y":475,"width":759,"height":12}},{"id":"6822bf74-6af7-43fd-a494-b64947edbd3e","block_type":"box","text":"supporting statement of the proponent.","page_number":285,"box":{"x":116,"y":490,"width":294,"height":12}},{"id":"3d11da4c-7d33-47f0-a1a5-4b1d7b2c2a00","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s","page_number":285,"box":{"x":117,"y":521,"width":752,"height":12}},{"id":"59acc4f1-3640-4fab-a5b9-e8e7b90d0753","block_type":"box","text":"low-carbon transition strategy and targets. The dedicated team assesses the implications for, and the","page_number":285,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"16be0c15-abf1-42ea-b22c-1c9bd59a2cf8","block_type":"box","text":"relevance to, the company’s stated low-carbon transition strategy and targets. Under the Guidelines,","page_number":285,"box":{"x":117,"y":552,"width":749,"height":12}},{"id":"0ac3e006-af57-45c3-bd02-40860b0fe236","block_type":"box","text":"the team may support shareholder proposals that, for example, ask a company to:","page_number":285,"box":{"x":116,"y":568,"width":615,"height":12}},{"id":"931abb4e-6808-4ba7-abd5-79f7fd2b436c","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average","page_number":285,"box":{"x":150,"y":599,"width":732,"height":12}},{"id":"9d07d33c-bdbc-458c-85af-39bc74286a21","block_type":"box","text":"global temperature rise to no more than 1.5°C above pre-industrial levels","page_number":285,"box":{"x":184,"y":614,"width":546,"height":12}},{"id":"98825754-b667-43b1-8279-bf0cded4ca35","block_type":"box","text":"• Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets","page_number":285,"box":{"x":150,"y":637,"width":704,"height":12}},{"id":"8ebdba6a-c692-4660-8800-04f02690f70b","block_type":"box","text":"align with, a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":285,"box":{"x":184,"y":653,"width":653,"height":12}},{"id":"4f006b04-978d-4a9f-8fe8-d1c1b8e36be0","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most significant to a company’s business","page_number":285,"box":{"x":150,"y":676,"width":721,"height":12}},{"id":"9c33e77d-7614-4cb4-b7a7-f20b686e17a4","block_type":"box","text":"model","page_number":285,"box":{"x":184,"y":692,"width":44,"height":9}},{"id":"54f43cc8-9806-4ec3-af75-b1abea83dd61","block_type":"box","text":"• Improve voluntary disclosures on the alignment of a company’s climate-related corporate","page_number":285,"box":{"x":150,"y":715,"width":693,"height":12}},{"id":"fe54a298-984f-4b0f-b25d-a584ed018537","block_type":"box","text":"political activities with its strategic policy positions, where existing disclosure is insufficient","page_number":285,"box":{"x":184,"y":730,"width":666,"height":13}},{"id":"a1d04232-4875-45cd-b0be-c9305e70d296","block_type":"box","text":"25","page_number":285,"box":{"x":850,"y":731,"width":11,"height":6}},{"id":"db5c7b3f-1b9e-4b47-983d-738eb61542a2","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or","page_number":285,"box":{"x":116,"y":762,"width":682,"height":11}},{"id":"d2a9d3b6-9fea-48d3-9a20-6d05733e3be0","block_type":"box","text":"management decision-making or direct specific business or strategic decisions.","page_number":285,"box":{"x":117,"y":777,"width":587,"height":12}},{"id":"ff93a8ac-1aea-4757-8ddb-e6f944370777","block_type":"box","text":"24","page_number":285,"box":{"x":143,"y":815,"width":9,"height":5}},{"id":"71069914-f392-4944-a56e-e1b53c02f711","block_type":"box","text":"While the dedicated team may escalate voting by not supporting additional management proposals, principally director","page_number":285,"box":{"x":170,"y":815,"width":703,"height":10}},{"id":"29f06b93-b98a-4a78-afca-a4401530fddb","block_type":"box","text":"elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using the media","page_number":285,"box":{"x":170,"y":828,"width":702,"height":10}},{"id":"198debcd-0b29-4f5e-9b7c-2b6548aae71b","block_type":"box","text":"to amplify concerns as appropriate courses of action. The dedicated team will continue to take a constructive, long-term","page_number":285,"box":{"x":170,"y":841,"width":708,"height":9}},{"id":"ed36f13c-9e45-4c18-b399-f96f59f3a8cb","block_type":"box","text":"focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":285,"box":{"x":170,"y":854,"width":530,"height":9}},{"id":"587ddfa8-10fe-43c4-9d03-f3ca5237d5a2","block_type":"box","text":"25","page_number":285,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"555796b6-834e-4d01-9d35-b7e356f7fb9f","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade","page_number":285,"box":{"x":170,"y":867,"width":694,"height":9}},{"id":"50ee1c41-6a8b-4c2f-8594-21018d8d1cd9","block_type":"box","text":"association memberships), and corporate political contributions.","page_number":285,"box":{"x":170,"y":880,"width":378,"height":9}},{"id":"9cecf278-2548-4e8a-8d3c-fb61a6568f0c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":285,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"3eddd588-8f55-4434-aac7-0e53464410ca","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":285,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"d89a2696-d875-4b41-bd8b-4ee0298c717a","block_type":"box","text":"9","page_number":285,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"1031ea8b-abd8-4e16-b739-25d6dd9c1594","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":285,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"ce4cc50c-bcdf-496b-9bca-94d606935eba","block_type":"box","text":"RELATED MATTERS","page_number":286,"box":{"x":418,"y":87,"width":169,"height":10}},{"id":"2f132301-6337-48f7-ae09-282db37fcde5","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could","page_number":286,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"edb1d1cb-87b4-417b-af8f-c33df0f2d1dc","block_type":"box","text":"address matters relevant to the transition to a low-carbon economy. Under these Guidelines, the","page_number":286,"box":{"x":116,"y":134,"width":720,"height":12}},{"id":"3d36ecba-3394-4119-a65f-0dd271bfccae","block_type":"box","text":"dedicated team engages, where appropriate, to enhance its understanding of a company’s approach.","page_number":286,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"16554401-a7b4-4531-b14a-f6bca3eea862","block_type":"box","text":"Generally, voting on these matters would be covered by BIS’ Benchmark Policies.","page_number":286,"box":{"x":117,"y":165,"width":612,"height":12}},{"id":"fe22adda-d583-4929-a6b3-1853ace8c4fa","block_type":"box","text":"Executive compensation","page_number":286,"box":{"x":117,"y":203,"width":201,"height":12}},{"id":"d9389931-60e6-4fad-8c72-f070b9391a46","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that","page_number":286,"box":{"x":116,"y":234,"width":681,"height":12}},{"id":"8afd73d6-5b26-4c47-a967-9085d2e12eeb","block_type":"box","text":"incentivizes and rewards executives appropriately. Some companies, in light of their long-term","page_number":286,"box":{"x":117,"y":250,"width":703,"height":12}},{"id":"cb415aa5-db59-4245-a706-fba5ece9f5bd","block_type":"box","text":"strategy, may decide to include relevant GHG emissions reduction targets or low-carbon transition","page_number":286,"box":{"x":116,"y":265,"width":734,"height":12}},{"id":"c0cf81c2-2b06-4b8f-8f47-700091853154","block_type":"box","text":"related metrics in their incentive plans. In such cases, the dedicated team would engage to understand","page_number":286,"box":{"x":117,"y":281,"width":767,"height":12}},{"id":"2478ad3e-cadc-4383-b4c9-da4929ecb3c8","block_type":"box","text":"the alignment between those metrics and the company’s stated climate strategy. Clear disclosure also","page_number":286,"box":{"x":116,"y":296,"width":763,"height":12}},{"id":"d805ef05-ec73-4aa0-bb15-01a0ae1c140c","block_type":"box","text":"helps investors assess whether pay structures are consistent with long-term climate strategy and risk","page_number":286,"box":{"x":117,"y":312,"width":754,"height":12}},{"id":"1eb1f4a3-c35d-41d8-a110-32b6929c3405","block_type":"box","text":"management.","page_number":286,"box":{"x":117,"y":328,"width":106,"height":11}},{"id":"93253d2d-0fec-4927-a17d-eb557c5fc5bc","block_type":"box","text":"Auditors and audit-related issues","page_number":286,"box":{"x":116,"y":366,"width":271,"height":10}},{"id":"24953b2b-78db-4991-acce-19abce137d47","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the","page_number":286,"box":{"x":117,"y":397,"width":742,"height":12}},{"id":"13ad33fe-ebf2-415f-bc0f-a888f3d511e6","block_type":"box","text":"dedicated team is interested in understanding whether the company considers and, if relevant,","page_number":286,"box":{"x":116,"y":413,"width":706,"height":12}},{"id":"f4211f75-ab2b-4fd2-a112-e729a990b326","block_type":"box","text":"quantifies, and accounts for material climate-related risks in its financial statements, including if the","page_number":286,"box":{"x":116,"y":428,"width":739,"height":12}},{"id":"24d06fc6-00ba-4d49-b01c-27437ec5f20e","block_type":"box","text":"company explains such risks within the context of its audit report. The team notes that assurance of","page_number":286,"box":{"x":116,"y":444,"width":744,"height":12}},{"id":"ccd34153-62c4-4c4b-aff3-6f8904d8c2bf","block_type":"box","text":"corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":286,"box":{"x":116,"y":459,"width":769,"height":12}},{"id":"5afb37fc-d790-4e6c-994e-e0f56b512391","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":286,"box":{"x":117,"y":498,"width":508,"height":12}},{"id":"01809298-5487-49e3-8e8d-37742bfdfb09","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on","page_number":286,"box":{"x":116,"y":529,"width":753,"height":12}},{"id":"bddac49b-ed81-47df-99eb-ad070ba65baa","block_type":"box","text":"climate-related factors under these Guidelines where a transaction may significantly alter a company’s","page_number":286,"box":{"x":116,"y":544,"width":764,"height":12}},{"id":"106cd6f8-5c50-4568-94d8-87aa44168c42","block_type":"box","text":"climate strategy or a shareholder activist has proposed governance, strategic or operational changes","page_number":286,"box":{"x":116,"y":560,"width":754,"height":12}},{"id":"6b491771-b97b-4ad7-a43d-051f3c4af215","block_type":"box","text":"that may impact its climate strategy. The dedicated team does not promote changes in corporate","page_number":286,"box":{"x":116,"y":576,"width":723,"height":11}},{"id":"85e835e1-4c92-42ff-8885-e9384b2ebf19","block_type":"box","text":"control or engage in shareholder activism.","page_number":286,"box":{"x":116,"y":591,"width":317,"height":12}},{"id":"ba4d154d-e0f0-4d0f-9c88-3afc0b271d1a","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":286,"box":{"x":116,"y":630,"width":560,"height":12}},{"id":"297a2d01-93e9-4bf9-9eb1-7c889cb3984d","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other","page_number":286,"box":{"x":117,"y":661,"width":730,"height":12}},{"id":"ad05539c-36f5-402d-a898-40d3dc53ed46","block_type":"box","text":"material sustainability-related risks and opportunities that may be relevant to a company’s business","page_number":286,"box":{"x":117,"y":676,"width":735,"height":12}},{"id":"077c86e5-7b29-49a4-9770-17127b67701f","block_type":"box","text":"model and long-term financial performance. These include a company’s impacts or dependencies on","page_number":286,"box":{"x":117,"y":692,"width":746,"height":12}},{"id":"e1be9e79-aa44-42c2-b364-b1b1c074323a","block_type":"box","text":"natural capital and key stakeholders.","page_number":286,"box":{"x":117,"y":707,"width":270,"height":12}},{"id":"73b11926-b7f0-4dc0-b71b-fd707adf1e4b","block_type":"box","text":"26","page_number":286,"box":{"x":389,"y":707,"width":12,"height":6}},{"id":"8d8f17e8-bf51-45a7-b5f8-8f365cfe249d","block_type":"box","text":"In the context of these Guidelines, the dedicated team may","page_number":286,"box":{"x":407,"y":707,"width":438,"height":12}},{"id":"101b709f-172c-4a13-8724-c4b16c6ea109","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g.,","page_number":286,"box":{"x":116,"y":723,"width":679,"height":12}},{"id":"15328a0d-a583-480b-b495-d41ffb6c07c5","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are","page_number":286,"box":{"x":116,"y":738,"width":742,"height":12}},{"id":"4e66b46d-5d57-43e6-9684-15e5993dde21","block_type":"box","text":"making in relation to their transition to a low-carbon economy. Similarly, the team may engage","page_number":286,"box":{"x":117,"y":754,"width":697,"height":12}},{"id":"acabd235-583e-42c5-9dce-4a1caf3256c8","block_type":"box","text":"companies that face risks and opportunities related to land use and deforestation, access to fresh","page_number":286,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"ee22a656-3863-4fa5-8caf-4ccce3bac401","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":286,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"15ceeb66-e9a6-41e6-ab55-3f1a0ad0badb","block_type":"box","text":"26","page_number":286,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"9746b5a7-c139-4832-9510-f4550aa45a93","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":286,"box":{"x":171,"y":867,"width":669,"height":9}},{"id":"e9cd4b2e-0adf-4d09-8979-abc9b394635f","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":286,"box":{"x":170,"y":880,"width":387,"height":9}},{"id":"92c6db02-737a-41c0-b1fb-73470f48f5df","block_type":"box","text":"BlackRock Investment Stewardship","page_number":286,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"94f85c96-1e12-4da9-92dd-a397112eef14","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":286,"box":{"x":481,"y":909,"width":375,"height":11}},{"id":"8db2082e-c779-4558-a1e0-a880b15c319e","block_type":"box","text":"10","page_number":286,"box":{"x":867,"y":909,"width":16,"height":9}},{"id":"f1d8ac3e-e704-4d56-80a1-af5bfffd74f1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":286,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6422fbd3-be78-4e30-9def-1392a99e910c","block_type":"box","text":"Appendix 1","page_number":287,"box":{"x":116,"y":87,"width":95,"height":12}},{"id":"e51ac3eb-dbc0-4bbd-bdd2-e5aaa2d763d9","block_type":"box","text":"TERMINOLOGY","page_number":287,"box":{"x":437,"y":116,"width":130,"height":9}},{"id":"4889e93f-921e-4ae4-8cba-77ac9b6fdbf3","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":287,"box":{"x":116,"y":144,"width":593,"height":13}},{"id":"c4ed60d9-ffbe-4844-9e0a-951a5bd291a8","block_type":"box","text":"Climate risk","page_number":287,"box":{"x":116,"y":173,"width":95,"height":10}},{"id":"c2848ee8-b071-4a99-b111-7d1ca40ae8d6","block_type":"box","text":": Includes physical risk, the increased risk to companies’ assets and activities caused by","page_number":287,"box":{"x":213,"y":173,"width":658,"height":12}},{"id":"378de0fa-04e2-41e2-8c59-54a3bf907149","block_type":"box","text":"the direct impact of changing weather patterns and natural catastrophes, and transition risk, the impact","page_number":287,"box":{"x":116,"y":189,"width":768,"height":12}},{"id":"52b13a4e-bcd5-4b9d-b170-30c6c2c6a734","block_type":"box","text":"of the transition to a low-carbon economy on a company’s long-term profitability.","page_number":287,"box":{"x":116,"y":204,"width":601,"height":12}},{"id":"4cd2ffec-3d7b-4bca-b4f8-bc40f7a7a0b3","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”)","page_number":287,"box":{"x":116,"y":233,"width":492,"height":12}},{"id":"a0613ac0-0536-4856-bbd6-0765343a2408","block_type":"box","text":": The global economic shift toward","page_number":287,"box":{"x":610,"y":233,"width":259,"height":12}},{"id":"a08f5ae2-4893-49e9-b6ee-1b680d0f2575","block_type":"box","text":"lower emissions across many sectors and business models. The economic transformation is being","page_number":287,"box":{"x":117,"y":248,"width":735,"height":13}},{"id":"f803a8af-7051-40a7-93bc-4af88d4a9ca1","block_type":"box","text":"driven by changes in government policy, technology, and consumer and investor preferences, as well","page_number":287,"box":{"x":116,"y":264,"width":758,"height":12}},{"id":"3955df11-f668-4410-a864-16e972667752","block_type":"box","text":"as the physical effects of climate change (e.g., extreme weather), and can potentially have a material","page_number":287,"box":{"x":116,"y":279,"width":755,"height":13}},{"id":"05d39202-e863-4dd8-91d0-dc0dfc679998","block_type":"box","text":"impact on clients’ investments and portfolios.","page_number":287,"box":{"x":117,"y":295,"width":337,"height":12}},{"id":"debdb0bd-8646-42ea-beae-b0c11eda4ab3","block_type":"box","text":"Decarbonization","page_number":287,"box":{"x":117,"y":324,"width":128,"height":9}},{"id":"e8e49f6f-dc11-46d7-ac06-fde0447bbd4b","block_type":"box","text":": the process of reducing or eliminating emissions of carbon dioxide (CO","page_number":287,"box":{"x":248,"y":324,"width":535,"height":12}},{"id":"184c0642-4c25-420e-b22a-4a538a5c48a2","block_type":"box","text":"2","page_number":287,"box":{"x":784,"y":330,"width":5,"height":6}},{"id":"61166f9c-9cb6-4ae4-b56c-b3089293e9d0","block_type":"box","text":") from","page_number":287,"box":{"x":790,"y":324,"width":48,"height":12}},{"id":"09bdf3ef-8c6b-48cb-9ab7-0ffcaa36b3d6","block_type":"box","text":"human activity and removing carbon currently in the atmosphere. This can be carried out by countries,","page_number":287,"box":{"x":117,"y":339,"width":763,"height":12}},{"id":"ff585e28-a653-41f4-a6a8-f1f79f5a252b","block_type":"box","text":"companies and even individual consumers. Sometimes the concept is understood to include the","page_number":287,"box":{"x":116,"y":355,"width":717,"height":12}},{"id":"636dc1f1-beaf-4163-950f-356a3972207d","block_type":"box","text":"reduction and elimination of other GHG, e.g., methane.","page_number":287,"box":{"x":117,"y":370,"width":412,"height":12}},{"id":"3020c8b9-c195-445b-bc7b-7cf744e0322d","block_type":"box","text":"Climate-related risks and opportunities","page_number":287,"box":{"x":116,"y":399,"width":312,"height":12}},{"id":"25e4466c-9404-415c-ad34-bfa3e4f73c49","block_type":"box","text":": The investment opportunities and risks associated with the","page_number":287,"box":{"x":430,"y":399,"width":448,"height":12}},{"id":"ba8c4db7-15ba-41ab-815f-56a8249b4db4","block_type":"box","text":"transition to a low-carbon economy, including transition risks and opportunities and physical risks and","page_number":287,"box":{"x":116,"y":415,"width":757,"height":12}},{"id":"c6e33c4f-d86c-4688-8647-d7d921321925","block_type":"box","text":"opportunities in adapting to physical climate change.","page_number":287,"box":{"x":116,"y":430,"width":394,"height":12}},{"id":"de683b18-8594-4e3b-8b8b-b9bded35c15e","block_type":"box","text":"Climate-related transition plan","page_number":287,"box":{"x":116,"y":459,"width":241,"height":12}},{"id":"502863df-2bca-4e2b-adcc-93754771d6b0","block_type":"box","text":": “An aspect of an entity’s overall strategy that lays out the entity’s","page_number":287,"box":{"x":360,"y":459,"width":492,"height":12}},{"id":"25fd5dd1-a58f-4bfa-96fb-5df2d28cf586","block_type":"box","text":"targets, actions or resources for its transition towards a lower-carbon economy, including actions such","page_number":287,"box":{"x":116,"y":474,"width":762,"height":12}},{"id":"7bdb247e-9a43-45e2-8f0e-fca9cf94633a","block_type":"box","text":"as reducing its greenhouse gas emissions.”","page_number":287,"box":{"x":116,"y":490,"width":323,"height":12}},{"id":"79c0d9b8-bfd2-4619-b6e3-19d7c4eda02f","block_type":"box","text":"27","page_number":287,"box":{"x":440,"y":490,"width":11,"height":6}},{"id":"6b418160-9fce-469a-9c3a-f67c49e60a8e","block_type":"box","text":"Science-based GHG emissions reduction targets","page_number":287,"box":{"x":116,"y":519,"width":389,"height":12}},{"id":"004e220a-4fa1-4e7f-81ae-16086d963151","block_type":"box","text":": Targets that “…are in line with what the latest","page_number":287,"box":{"x":507,"y":519,"width":351,"height":12}},{"id":"0de5da94-d11f-4826-af28-0e03dabeea18","block_type":"box","text":"climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming","page_number":287,"box":{"x":116,"y":534,"width":756,"height":12}},{"id":"87ce0658-dedd-40d4-bceb-eba96849947d","block_type":"box","text":"to 1.5°C above pre-industrial levels. Science-based targets give companies a clearly defined path to","page_number":287,"box":{"x":116,"y":550,"width":747,"height":12}},{"id":"3e020eea-9135-4ad5-ac57-9e9ea73e4ec4","block_type":"box","text":"reduce GHG emissions in line with limiting global warming to 1.5°C. They define how much and how","page_number":287,"box":{"x":117,"y":565,"width":748,"height":12}},{"id":"7cdf6001-bf22-494d-9a77-beff5a2c8a0b","block_type":"box","text":"quickly a business must reduce its emissions to be in line with the Paris Agreement goals.”","page_number":287,"box":{"x":116,"y":581,"width":673,"height":12}},{"id":"ab9e5746-1561-497a-b5ea-c46d272387be","block_type":"box","text":"28","page_number":287,"box":{"x":790,"y":581,"width":11,"height":6}},{"id":"2114a1aa-0f5f-4884-a94c-0a282e5d908b","block_type":"box","text":"Scope 1:","page_number":287,"box":{"x":116,"y":609,"width":68,"height":12}},{"id":"355fb521-797a-4e4a-86de-7a251f38e59f","block_type":"box","text":"Direct GHG emissions.","page_number":287,"box":{"x":186,"y":609,"width":174,"height":10}},{"id":"209d32c8-a6b8-4c1e-a73d-29f42320acf7","block_type":"box","text":"Direct GHG emissions occur from sources that are owned or","page_number":287,"box":{"x":368,"y":609,"width":453,"height":10}},{"id":"e27da494-8420-41b1-8aa3-45747ede1a45","block_type":"box","text":"controlled by the company, for example, emissions from combustion in owned or controlled boilers,","page_number":287,"box":{"x":116,"y":625,"width":740,"height":12}},{"id":"534df377-19e8-487e-a0cb-82ae58710d43","block_type":"box","text":"furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process","page_number":287,"box":{"x":116,"y":640,"width":686,"height":12}},{"id":"dd388d49-f5d8-4fe1-ba4a-38044a5cafdd","block_type":"box","text":"equipment.","page_number":287,"box":{"x":116,"y":656,"width":81,"height":12}},{"id":"b5b93f0d-7bb4-4a2e-a5fa-0c68995156d0","block_type":"box","text":"29","page_number":287,"box":{"x":199,"y":656,"width":12,"height":6}},{"id":"1d0eabd7-aa62-4f50-aa5e-56826b6ed985","block_type":"box","text":"Scope 2:","page_number":287,"box":{"x":116,"y":685,"width":68,"height":11}},{"id":"703b8f11-500b-4e41-93d2-3421d030f135","block_type":"box","text":"Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation","page_number":287,"box":{"x":192,"y":685,"width":687,"height":12}},{"id":"b84efdd2-960f-4530-ae28-d0d1176340d0","block_type":"box","text":"of purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as","page_number":287,"box":{"x":116,"y":700,"width":720,"height":12}},{"id":"9cb7be54-70b5-4682-818d-1afb90356d63","block_type":"box","text":"electricity [steam, and heating/cooling] that is purchased or otherwise brought into the organizational","page_number":287,"box":{"x":116,"y":716,"width":744,"height":12}},{"id":"e99f0fc4-fece-43af-8c3d-de25ca860f24","block_type":"box","text":"boundary of the company.","page_number":287,"box":{"x":117,"y":731,"width":192,"height":12}},{"id":"ed73fb7b-9408-4c45-9bb3-5e029049d885","block_type":"box","text":"30","page_number":287,"box":{"x":311,"y":731,"width":11,"height":6}},{"id":"ae35b047-4344-4a93-b3e7-2fc2979ea818","block_type":"box","text":"27","page_number":287,"box":{"x":143,"y":756,"width":9,"height":5}},{"id":"4a5d4bb5-262c-4b38-975c-85c681fd88fe","block_type":"box","text":"As defined by the International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":287,"box":{"x":170,"y":756,"width":682,"height":10}},{"id":"73aaf899-5add-49aa-a657-14306ceb33b4","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":287,"box":{"x":170,"y":769,"width":711,"height":10}},{"id":"545e722c-5065-4127-8c91-808f1e5c68f4","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":287,"box":{"x":170,"y":782,"width":630,"height":10}},{"id":"c609de99-6601-4423-ad8b-30125d31ae15","block_type":"box","text":"28","page_number":287,"box":{"x":143,"y":797,"width":9,"height":5}},{"id":"e99c7f9e-8721-4fcc-af16-32fee819f260","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that enables","page_number":287,"box":{"x":170,"y":797,"width":707,"height":10}},{"id":"d86b9a34-2b3d-4e21-82bc-8947dcdb2d59","block_type":"box","text":"companies and financial institutions worldwide to play their part in combating the climate crisis. We develop standards,","page_number":287,"box":{"x":170,"y":810,"width":702,"height":10}},{"id":"c9cec7e5-3ae5-4fee-887a-4619f6c60561","block_type":"box","text":"tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what","page_number":287,"box":{"x":170,"y":823,"width":707,"height":10}},{"id":"1d2d7a04-618f-4c70-be5c-5899f86bd580","block_type":"box","text":"is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.” Source: Science","page_number":287,"box":{"x":170,"y":836,"width":675,"height":10}},{"id":"a2196fe4-0fa8-489d-ad53-06c2e9f60e26","block_type":"box","text":"Based Targets initiative, “About Us.” Websites accessed in December 2025.","page_number":287,"box":{"x":171,"y":849,"width":450,"height":10}},{"id":"930cb06d-091e-4868-b5c5-caaf86f5f5db","block_type":"box","text":"29","page_number":287,"box":{"x":143,"y":864,"width":9,"height":5}},{"id":"3c098a72-036d-4daf-9612-eba126ee7ae9","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":287,"box":{"x":170,"y":864,"width":565,"height":10}},{"id":"0623fb4a-db14-4913-8b5d-0c7a6b157a1e","block_type":"box","text":"30","page_number":287,"box":{"x":143,"y":879,"width":9,"height":5}},{"id":"b4311470-f15a-491e-b09a-7f13e29c3e3c","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":287,"box":{"x":170,"y":879,"width":565,"height":10}},{"id":"db897e56-186f-494f-8970-c164b609b718","block_type":"box","text":"BlackRock Investment Stewardship","page_number":287,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"16a20372-cd09-4f31-baec-518bc30de964","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":287,"box":{"x":481,"y":909,"width":375,"height":11}},{"id":"a56ff0e2-32d6-4505-9f5b-b27ae8f5be8a","block_type":"box","text":"11","page_number":287,"box":{"x":867,"y":909,"width":14,"height":9}},{"id":"329d40d5-6eb2-4963-b1ae-4d9f6e0d98a7","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":287,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b6899506-0e96-43c1-b003-1f482f225424","block_type":"box","text":"Scope 3:","page_number":288,"box":{"x":116,"y":87,"width":74,"height":12}},{"id":"8a8b003d-dd38-426d-b273-3d07a3f580c6","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional reporting category that allows for the","page_number":288,"box":{"x":191,"y":87,"width":680,"height":12}},{"id":"e2aa9137-101e-4b57-9f4f-0e324510d117","block_type":"box","text":"treatment of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the","page_number":288,"box":{"x":116,"y":102,"width":759,"height":12}},{"id":"efac2b4e-3c2b-4f90-93f5-31dc26bbe5a5","block_type":"box","text":"company, but occur from sources not owned or controlled by the company.","page_number":288,"box":{"x":116,"y":118,"width":555,"height":12}},{"id":"42109a2b-9207-4b08-b477-6bf70c2bd74c","block_type":"box","text":"31","page_number":288,"box":{"x":673,"y":118,"width":10,"height":6}},{"id":"742d32b4-a259-4466-aecf-05565cf9d614","block_type":"box","text":"31","page_number":288,"box":{"x":143,"y":880,"width":8,"height":5}},{"id":"ba688212-394a-4b7d-8098-4118c72eb5b3","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":288,"box":{"x":170,"y":880,"width":565,"height":9}},{"id":"889b6ff7-ed5a-4955-b875-8d89c9eb7791","block_type":"box","text":"BlackRock Investment Stewardship","page_number":288,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"a3cd2cca-a632-4ff8-a3e9-8bc3a3b6f563","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":288,"box":{"x":481,"y":909,"width":375,"height":11}},{"id":"c05295ba-7c5b-451d-9d5d-0e2cd3b81bd1","block_type":"box","text":"12","page_number":288,"box":{"x":867,"y":909,"width":16,"height":9}},{"id":"37b9257e-f9c1-471e-a3d5-24f8dbae2c63","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":288,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0201c087-a393-4ce9-babf-97557d1c11ee","block_type":"box","text":"Appendix 2","page_number":289,"box":{"x":116,"y":87,"width":95,"height":12}},{"id":"efcae36e-b9fe-45c5-8000-bfd1fdf036a6","block_type":"box","text":"Comparison of key differences between how the BIS’ Benchmark Policies considers climate","page_number":289,"box":{"x":116,"y":115,"width":740,"height":12}},{"id":"71dabd72-83a4-4938-afe5-cc19c34847e0","block_type":"box","text":"related risks, where appropriate, and these Guidelines:","page_number":289,"box":{"x":117,"y":130,"width":436,"height":12}},{"id":"fb3f323b-8158-4e9b-aac2-a7307bbf5a33","block_type":"box","text":"32","page_number":289,"box":{"x":555,"y":130,"width":11,"height":6}},{"id":"ba338b18-ee24-4949-96a2-1f89ad365b18","block_type":"box","text":"BIS Benchmark Policies","page_number":289,"box":{"x":234,"y":163,"width":335,"height":10}},{"id":"0ea28ebb-6e50-4b1f-b5d4-cd15edc0a388","block_type":"box","text":"33","page_number":289,"box":{"x":570,"y":163,"width":11,"height":6}},{"id":"2c16224f-5faa-4f19-a31b-8a11cada4ee2","block_type":"box","text":"Decarbonization Guidelines","page_number":289,"box":{"x":582,"y":163,"width":282,"height":10}},{"id":"fdb969df-5f2e-495c-bcf4-b89532b39912","block_type":"box","text":"Key concepts","page_number":289,"box":{"x":124,"y":189,"width":112,"height":12}},{"id":"345bb84c-d6e1-4060-aa77-fef86097b8cd","block_type":"box","text":"Focuses on financial","page_number":289,"box":{"x":404,"y":189,"width":157,"height":9}},{"id":"27ec33cf-e342-458d-87d0-08908e6c5368","block_type":"box","text":"performance and engages","page_number":289,"box":{"x":382,"y":202,"width":200,"height":12}},{"id":"1033d199-209b-46be-a0ab-abb3f10842d2","block_type":"box","text":"companies on climate and","page_number":289,"box":{"x":382,"y":215,"width":200,"height":11}},{"id":"6b704fcc-88c5-46fa-80d7-af20f9b29847","block_type":"box","text":"transition topics when","page_number":289,"box":{"x":399,"y":227,"width":166,"height":12}},{"id":"e02e70e7-6605-4e5c-a656-47cf82bcd886","block_type":"box","text":"material to their business","page_number":289,"box":{"x":387,"y":240,"width":191,"height":10}},{"id":"5a83d44d-587f-4ea2-a67e-4236cb60988f","block_type":"box","text":"Prioritizes the disclosure of","page_number":289,"box":{"x":380,"y":259,"width":204,"height":10}},{"id":"705d4440-a0b1-40ea-9fd2-14c4b1be582d","block_type":"box","text":"how a company is managing","page_number":289,"box":{"x":374,"y":272,"width":217,"height":12}},{"id":"71e41e3f-f4f3-4d4e-9902-4a3298d92b2b","block_type":"box","text":"material climate and transition","page_number":289,"box":{"x":369,"y":285,"width":227,"height":9}},{"id":"364392e3-ef6b-4b50-9a08-d4e2bc599d07","block_type":"box","text":"related risks and opportunities","page_number":289,"box":{"x":368,"y":298,"width":228,"height":12}},{"id":"6475979d-2724-4ff8-85db-72236e041136","block_type":"box","text":"Considers both financial","page_number":289,"box":{"x":660,"y":189,"width":183,"height":9}},{"id":"3f7932fc-1274-4130-94c1-1127b32135d8","block_type":"box","text":"performance and","page_number":289,"box":{"x":686,"y":202,"width":131,"height":12}},{"id":"e8682fe2-6ea9-44c9-b651-bfe5709b2769","block_type":"box","text":"decarbonization objectives","page_number":289,"box":{"x":650,"y":215,"width":203,"height":12}},{"id":"679f872c-e07c-46be-ac67-7ca581a26aaf","block_type":"box","text":"consistent with funds’ and","page_number":289,"box":{"x":653,"y":227,"width":197,"height":10}},{"id":"7fa629ce-1e4a-4934-9886-70877e2adc37","block_type":"box","text":"clients’ investment objectives","page_number":289,"box":{"x":641,"y":240,"width":221,"height":12}},{"id":"63eeca74-1040-4cee-8c69-96083751f856","block_type":"box","text":"Assesses the alignment of a","page_number":289,"box":{"x":643,"y":259,"width":216,"height":12}},{"id":"86784f0e-332c-4199-819e-6bd05367b1cf","block_type":"box","text":"company’s business","page_number":289,"box":{"x":674,"y":272,"width":155,"height":12}},{"id":"3d53b36a-f3e5-4b0c-9bcf-db9383e1e2b1","block_type":"box","text":"model with the ambition to limit","page_number":289,"box":{"x":635,"y":285,"width":233,"height":9}},{"id":"ab6207f9-d12e-489f-af0e-2a440d50fa48","block_type":"box","text":"global average temperature","page_number":289,"box":{"x":646,"y":298,"width":210,"height":12}},{"id":"9cbd2580-4d8c-43b5-a96d-ff80282166b8","block_type":"box","text":"rise to 1.5°C above","page_number":289,"box":{"x":678,"y":311,"width":147,"height":9}},{"id":"7ef51aaa-de7b-48ba-a4e4-27a26429cee0","block_type":"box","text":"pre-industrial levels","page_number":289,"box":{"x":677,"y":324,"width":149,"height":11}},{"id":"00f3b744-3b47-4070-a642-2ab404455c71","block_type":"box","text":"Prioritized companies for","page_number":289,"box":{"x":124,"y":349,"width":205,"height":12}},{"id":"889d6ea4-6e40-488c-bc85-9de071d37a19","block_type":"box","text":"climate-related","page_number":289,"box":{"x":123,"y":362,"width":123,"height":10}},{"id":"73e252cd-96fd-4f47-8b90-fec578f86ee0","block_type":"box","text":"engagement","page_number":289,"box":{"x":123,"y":375,"width":103,"height":12}},{"id":"c5da5122-3488-468c-91c5-22051efc2e75","block_type":"box","text":"Largest Scope 1 and 2 GHG","page_number":289,"box":{"x":374,"y":349,"width":216,"height":12}},{"id":"71f8de36-ae4c-45d4-9e19-8fe7cc5470ea","block_type":"box","text":"emitters","page_number":289,"box":{"x":450,"y":362,"width":64,"height":10}},{"id":"639cfca4-1f6b-4a92-a144-b373aea7a121","block_type":"box","text":"Largest total value chain GHG","page_number":289,"box":{"x":637,"y":349,"width":229,"height":12}},{"id":"e9617ad5-435e-43cb-b00b-bcd47cd623b3","block_type":"box","text":"emitters (Scope 1, 2, and 3)","page_number":289,"box":{"x":645,"y":362,"width":212,"height":12}},{"id":"b4ee9383-d164-41dd-abd5-4143c210b1b3","block_type":"box","text":"Emissions reporting","page_number":289,"box":{"x":124,"y":401,"width":166,"height":12}},{"id":"db0ec151-353b-4d52-bda7-4654db8419f0","block_type":"box","text":"Seeks reporting of Scope","page_number":289,"box":{"x":386,"y":401,"width":193,"height":12}},{"id":"b39a1082-474f-465a-b007-620c8dbde97d","block_type":"box","text":"1 and 2","page_number":289,"box":{"x":453,"y":414,"width":59,"height":9}},{"id":"90d5bf6c-d569-43bb-a0ca-d69f01645e89","block_type":"box","text":"Seeks reporting of Scope 1, 2","page_number":289,"box":{"x":638,"y":401,"width":226,"height":12}},{"id":"f5c51415-77b0-47c7-8888-e630380852e1","block_type":"box","text":"and significant 3","page_number":289,"box":{"x":689,"y":414,"width":125,"height":12}},{"id":"918ae659-80b2-4153-9c2a-3fca2b477141","block_type":"box","text":"Emissions targets &","page_number":289,"box":{"x":124,"y":439,"width":165,"height":12}},{"id":"d86956b9-e244-41bc-b538-0d5262401d00","block_type":"box","text":"decarbonization efforts","page_number":289,"box":{"x":123,"y":452,"width":190,"height":10}},{"id":"97cae20a-392f-4917-a397-cb3ce4954136","block_type":"box","text":"Seeks the disclosure of Scope","page_number":289,"box":{"x":367,"y":439,"width":230,"height":12}},{"id":"803fa5ae-711b-47cb-a60f-8b2ebc8f6d7a","block_type":"box","text":"1 and 2 targets","page_number":289,"box":{"x":425,"y":452,"width":115,"height":12}},{"id":"55a8fdbb-b7d7-4c24-a767-e7093f74432f","block_type":"box","text":"Seeks Scope 1 and 2 targets","page_number":289,"box":{"x":641,"y":439,"width":220,"height":12}},{"id":"577f48b8-a8ae-46a6-9f4a-ea1990cbbd95","block_type":"box","text":"and assesses decarbonization","page_number":289,"box":{"x":636,"y":452,"width":231,"height":10}},{"id":"7de3889a-5ab2-482c-8c88-6d584823415f","block_type":"box","text":"efforts","page_number":289,"box":{"x":726,"y":465,"width":51,"height":10}},{"id":"aafa1789-7c23-4531-a532-4a41d6823ee5","block_type":"box","text":"Temperature & scenario","page_number":289,"box":{"x":123,"y":491,"width":197,"height":12}},{"id":"86f339f7-f822-41e7-964d-a295dc31b2bc","block_type":"box","text":"alignment/pathways","page_number":289,"box":{"x":123,"y":504,"width":165,"height":12}},{"id":"ba9cbb0a-bea6-40d8-9dcd-233208254559","block_type":"box","text":"Seeks disclosure from","page_number":289,"box":{"x":397,"y":491,"width":170,"height":9}},{"id":"dd780014-b55f-42fe-af56-066aa2dec5a0","block_type":"box","text":"companies that identifies and","page_number":289,"box":{"x":371,"y":504,"width":222,"height":12}},{"id":"88507b21-f878-4a60-873b-74f1b6102683","block_type":"box","text":"discusses the most plausible","page_number":289,"box":{"x":373,"y":517,"width":218,"height":12}},{"id":"a3059308-c644-46be-af07-e4cd3d87c45f","block_type":"box","text":"decarbonization pathway","page_number":289,"box":{"x":387,"y":530,"width":190,"height":12}},{"id":"3f0a4b16-118f-49a7-9a98-fae0326dfbb2","block_type":"box","text":"Assesses temperature and","page_number":289,"box":{"x":648,"y":491,"width":205,"height":12}},{"id":"c26b9566-5240-4fa9-b52c-74a231df7cb6","block_type":"box","text":"scenario alignment/ pathways","page_number":289,"box":{"x":638,"y":504,"width":226,"height":12}},{"id":"639afe8f-60ac-456e-8e76-f6d52da6fb52","block_type":"box","text":"to 1.5°C degrees","page_number":289,"box":{"x":686,"y":517,"width":131,"height":12}},{"id":"640a6e6b-0c19-4737-b30e-40e0441fe7de","block_type":"box","text":"Science-based targets","page_number":289,"box":{"x":123,"y":555,"width":183,"height":12}},{"id":"65575857-c9b7-496a-9217-38a1b86cc578","block_type":"box","text":"commitments &","page_number":289,"box":{"x":123,"y":568,"width":130,"height":10}},{"id":"0eb8b637-da28-4e2e-8e66-60a1b2cd4666","block_type":"box","text":"verifications","page_number":289,"box":{"x":123,"y":581,"width":103,"height":9}},{"id":"c68249fd-b33e-4e6b-aef7-e5b71e829021","block_type":"box","text":"Disclosure topic but not","page_number":289,"box":{"x":393,"y":555,"width":178,"height":12}},{"id":"23dc2b3d-b850-45f9-a87a-d0aab70b7eba","block_type":"box","text":"vote escalation criteria","page_number":289,"box":{"x":396,"y":568,"width":172,"height":10}},{"id":"2adcca07-8ed4-4456-8330-c17e045207b2","block_type":"box","text":"Seeks science-based targets","page_number":289,"box":{"x":641,"y":555,"width":220,"height":12}},{"id":"f74dba6a-d2df-47a7-9c8b-9c86330b1f34","block_type":"box","text":"and verifications where","page_number":289,"box":{"x":663,"y":568,"width":176,"height":10}},{"id":"5dd0fed8-a869-48ec-8bcf-930faba4d2b5","block_type":"box","text":"possible; may take voting","page_number":289,"box":{"x":655,"y":581,"width":193,"height":12}},{"id":"8785852d-13e5-48bd-a2ac-789959f64a01","block_type":"box","text":"action where absent","page_number":289,"box":{"x":674,"y":594,"width":155,"height":9}},{"id":"28a5cd1c-a9c5-4ad4-96e9-9a0c8ef3185e","block_type":"box","text":"Company’s role","page_number":289,"box":{"x":123,"y":620,"width":130,"height":12}},{"id":"9709f9b5-8b33-4de4-b455-fd4edf7faa5c","block_type":"box","text":"in the transition","page_number":289,"box":{"x":124,"y":633,"width":130,"height":9}},{"id":"b8e18069-b029-4071-8415-14357c60b042","block_type":"box","text":"Disclosure topic but not","page_number":289,"box":{"x":393,"y":620,"width":178,"height":12}},{"id":"b147d77e-4df0-4311-ae01-8017a66a2d09","block_type":"box","text":"vote escalation criteria","page_number":289,"box":{"x":396,"y":633,"width":172,"height":9}},{"id":"f502e705-43b8-452c-b41c-09e7036b9fc9","block_type":"box","text":"Assesses activities benefitting","page_number":289,"box":{"x":637,"y":620,"width":228,"height":12}},{"id":"cd9dcefc-d993-4b2e-973b-0d35ed53ef65","block_type":"box","text":"from and/or contributing to the","page_number":289,"box":{"x":636,"y":632,"width":230,"height":13}},{"id":"a5e1c29c-adbc-476f-ba3b-555053da0f0b","block_type":"box","text":"transition to a low-carbon","page_number":289,"box":{"x":655,"y":645,"width":192,"height":10}},{"id":"ba5439c7-4ad1-436c-bcb3-70c6fe269737","block_type":"box","text":"economy","page_number":289,"box":{"x":715,"y":661,"width":72,"height":9}},{"id":"63de13b4-cdad-4562-a3de-0db00f6f647b","block_type":"box","text":"Shareholder proposals","page_number":289,"box":{"x":123,"y":684,"width":182,"height":12}},{"id":"172b4183-99a5-4848-b20d-8f77afdc0e91","block_type":"box","text":"Case-by-case approach with","page_number":289,"box":{"x":374,"y":684,"width":211,"height":12}},{"id":"29901897-ebd7-4293-9b9a-4a53b100f1ff","block_type":"box","text":"focus on implications for long","page_number":289,"box":{"x":371,"y":697,"width":222,"height":12}},{"id":"bc925baf-237e-496a-b897-8c279c8d7057","block_type":"box","text":"term financial value creation","page_number":289,"box":{"x":375,"y":710,"width":208,"height":9}},{"id":"1f7381b9-cccc-46f9-8878-b119deffe395","block_type":"box","text":"No support for shareholder","page_number":289,"box":{"x":380,"y":729,"width":200,"height":11}},{"id":"1b806723-c941-46ae-a3ae-05a68609517d","block_type":"box","text":"proposals that seek to","page_number":289,"box":{"x":398,"y":742,"width":163,"height":11}},{"id":"b3e1c5b6-a857-4717-84a1-3fc91affd65b","block_type":"box","text":"direct management strategy","page_number":289,"box":{"x":376,"y":754,"width":207,"height":12}},{"id":"aff8d1e6-2a18-4e8a-b174-91b3b82659f2","block_type":"box","text":"Case-by-case approach with","page_number":289,"box":{"x":643,"y":684,"width":211,"height":12}},{"id":"3f9eee6a-fb8e-4dc3-9fdb-896d8afbca86","block_type":"box","text":"further consi deration given to","page_number":289,"box":{"x":638,"y":697,"width":221,"height":12}},{"id":"999bf57a-997f-41e7-b919-da2508721cb7","block_type":"box","text":"decarbonization objectives in","page_number":289,"box":{"x":641,"y":710,"width":215,"height":12}},{"id":"210f7e96-62ed-46d6-9d00-4cbc475559f5","block_type":"box","text":"addition to financial","page_number":289,"box":{"x":677,"y":722,"width":143,"height":10}},{"id":"4c5e93e3-8c37-4dc8-aff5-f1031be0edf3","block_type":"box","text":"performance","page_number":289,"box":{"x":702,"y":735,"width":93,"height":12}},{"id":"225f1d20-f32e-4761-b043-924deb4303e2","block_type":"box","text":"No support for shareholder","page_number":289,"box":{"x":650,"y":754,"width":199,"height":12}},{"id":"91a11f5c-7d1b-41d1-a9c6-5621780b2c44","block_type":"box","text":"proposals that seek to direct","page_number":289,"box":{"x":645,"y":767,"width":209,"height":12}},{"id":"ed85734f-3e62-44dc-8b0a-585619c951bf","block_type":"box","text":"management strategy","page_number":289,"box":{"x":668,"y":780,"width":162,"height":12}},{"id":"74730b26-894a-4c24-ab8c-2f705d7b3c9c","block_type":"box","text":"32","page_number":289,"box":{"x":143,"y":813,"width":9,"height":5}},{"id":"ea066afa-3265-4b7f-ad11-438f7fbcc8b1","block_type":"box","text":"There may be some regional variations in voting under these Guidelines in light of company circumstances, policy","page_number":289,"box":{"x":170,"y":813,"width":676,"height":10}},{"id":"6e76e686-d015-41ad-aea5-981933de249e","block_type":"box","text":"requirements in a particular market or a country’s Nationally Defined Contributions, amongst other things.","page_number":289,"box":{"x":170,"y":826,"width":624,"height":10}},{"id":"5811e55b-2b95-4e65-920d-58ea3b7261cb","block_type":"box","text":"33","page_number":289,"box":{"x":143,"y":841,"width":9,"height":5}},{"id":"e1421537-eb2f-48ae-b7d5-ee93a788c4ba","block_type":"box","text":"The BIS Global Principles, regional voting guidelines, and Engagement Priorities (collectively, the BIS Benchmark","page_number":289,"box":{"x":170,"y":841,"width":675,"height":9}},{"id":"76418c56-1bcb-4693-98e0-55fc779dd077","block_type":"box","text":"Policies) set out the core elements of corporate governance that guide our investment stewardship program. The","page_number":289,"box":{"x":171,"y":854,"width":668,"height":9}},{"id":"f7330fd8-20f4-495e-a783-556ad116fd31","block_type":"box","text":"Benchmark Policies apply to clients’ assets invested through index equity strategies, take a financial materiality-based","page_number":289,"box":{"x":171,"y":867,"width":699,"height":9}},{"id":"886ac6ef-8e26-4dab-b352-8a11a5d3c281","block_type":"box","text":"approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":289,"box":{"x":170,"y":880,"width":497,"height":9}},{"id":"462b0659-aefe-4ee0-a04a-5712d49afbad","block_type":"box","text":"BlackRock Investment Stewardship","page_number":289,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"ae26278d-46f0-48cb-970b-b66728e3f00c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":289,"box":{"x":481,"y":909,"width":375,"height":11}},{"id":"eafce233-9e69-40e7-ae58-44e565725d79","block_type":"box","text":"13","page_number":289,"box":{"x":867,"y":909,"width":16,"height":9}},{"id":"ce1bb4b6-b930-4e96-bb4e-38ad08bca2e1","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":289,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fa39b2d8-2c29-4621-80a5-9e1d0f836ced","block_type":"box","text":"WANT TO KNOW MORE?","page_number":290,"box":{"x":116,"y":674,"width":201,"height":9}},{"id":"88d31eff-00f5-4096-b5cd-8556efb47a30","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":290,"box":{"x":117,"y":705,"width":482,"height":12}},{"id":"c0da6b2a-fdb8-40cf-b855-c23145eb62ba","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk,","page_number":290,"box":{"x":116,"y":736,"width":718,"height":12}},{"id":"8ba301e8-a28d-477a-930f-5648c69ed91a","block_type":"box","text":"including the loss of principal.","page_number":290,"box":{"x":117,"y":751,"width":217,"height":12}},{"id":"c55fbb69-6eda-4215-a396-9f388c19e2c9","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":290,"box":{"x":117,"y":782,"width":209,"height":12}},{"id":"6ec90829-ea9d-446b-ac9c-e0d2d9526cdb","block_type":"box","text":"©","page_number":290,"box":{"x":116,"y":812,"width":9,"height":7}},{"id":"f9c56bd7-aa3b-47eb-a04e-ada1fc3b68e5","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":290,"box":{"x":125,"y":813,"width":301,"height":12}},{"id":"c4280fcf-a418-4d62-9b5f-3903abdb7955","block_type":"box","text":"BLACKROCK","page_number":290,"box":{"x":433,"y":813,"width":107,"height":10}},{"id":"748a84ea-1c85-4964-967e-466d6e56ec6e","block_type":"box","text":"is a trademark of BlackRock, Inc., or its","page_number":290,"box":{"x":546,"y":813,"width":290,"height":11}},{"id":"4d0f851e-1241-4051-8c20-04a2a5c33b94","block_type":"box","text":"subsidiaries in the United States and elsewhere. All other trademarks are those of their respective","page_number":290,"box":{"x":116,"y":828,"width":731,"height":12}},{"id":"77515b9a-2697-4ecb-acbe-41ccca367eca","block_type":"box","text":"owners.","page_number":290,"box":{"x":116,"y":847,"width":63,"height":7}},{"id":"c4e4a720-5d1a-4d48-83c1-7a681707afd5","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":290,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3135a0d4-ab22-4cee-9ffa-4df6923f7532","block_type":"box","text":"SAI-SFII-0526","page_number":291,"box":{"x":116,"y":854,"width":108,"height":10}},{"id":"a3354dbb-f777-4053-be4e-572ce698387e","block_type":"box","text":"BNM1026U-6033397-19205811","page_number":291,"box":{"x":636,"y":981,"width":176,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":291}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"37ff3a76-a1d1-429d-8b4d-1d8aca7944a4"},"user_id":1000002,"date_created":"2026-10-19T22:32:49.070000Z","date_modified":"2026-10-19T22:32:49.070000Z","private":false}