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You may request a copy of the 2025 Annual Financial Statements","page_number":21,"box":{"x":69,"y":430,"width":825,"height":12}},{"id":"15b11492-4075-4587-b6e0-bfe1fac503a7","block_type":"box","text":"at no charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":21,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"a9672a74-7815-4ec6-b1db-eac6bc094a66","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":21,"box":{"x":103,"y":468,"width":767,"height":12}},{"id":"e3f29d21-624a-4f16-861a-1e6f63d0b99e","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":21,"box":{"x":69,"y":483,"width":796,"height":12}},{"id":"4680b849-82b7-44d8-98fc-e5f28aa4d81a","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":21,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"1bf647e3-7550-45c4-81a1-7f47dbfff4c8","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":21,"box":{"x":69,"y":513,"width":749,"height":12}},{"id":"c74ac974-a5a5-42bc-8434-291a27f7b561","block_type":"box","text":"Commission staff or other authority.","page_number":21,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"55caeb74-5d59-404f-8115-2d5aa904dcfd","block_type":"box","text":"Class","page_number":21,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"863086a3-16a6-42fe-93bf-5e13c4f309bb","block_type":"box","text":"Ticker Symbol","page_number":21,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"33e1ef6c-8cd8-4c05-bf26-f702fd0db81b","block_type":"box","text":"Investor A Shares","page_number":21,"box":{"x":70,"y":575,"width":124,"height":8}},{"id":"ecd1ad11-5322-43af-9748-adae3e069e5f","block_type":"box","text":"..........................................................................","page_number":21,"box":{"x":199,"y":582,"width":597,"height":1}},{"id":"85c868ef-f0fc-49c6-af33-598267751ab8","block_type":"box","text":"CSGEX","page_number":21,"box":{"x":845,"y":575,"width":48,"height":8}},{"id":"1a9b22ea-928d-4b4e-8550-89202ecd7a21","block_type":"box","text":"Institutional Shares","page_number":21,"box":{"x":70,"y":590,"width":137,"height":9}},{"id":"c22dde7d-a25a-40c2-b7b9-bf648e99ad9e","block_type":"box","text":"........................................................................","page_number":21,"box":{"x":216,"y":597,"width":580,"height":1}},{"id":"37e34255-69ad-4f50-bb4a-a8da4f60e8d7","block_type":"box","text":"PSGIX","page_number":21,"box":{"x":848,"y":590,"width":42,"height":9}},{"id":"3378aa77-c33f-4917-886a-7d14d9366250","block_type":"box","text":"Class R Shares","page_number":21,"box":{"x":69,"y":605,"width":109,"height":9}},{"id":"f5defb6d-5784-49df-bcef-42761ca42f8c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-1","page_number":22,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"0400dad5-b022-41ae-8da8-c8e12bb78811","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6","page_number":22,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"3360ac1e-7c9b-4a3e-abec-a1239c4a53be","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-8","page_number":22,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"379f752b-86fd-47bb-a847-997080465ebb","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":22,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"91bc2134-6765-4727-8b16-7f9eb5294fc5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":22,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"6706259e-dea9-4a07-90a7-b932a2313cf7","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":22,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"f9d80174-07a2-46ff-a0e3-201c6b2e50e1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-23","page_number":22,"box":{"x":358,"y":207,"width":551,"height":9}},{"id":"b3f92eaf-156e-4aaa-9adc-b7b8b059b5f0","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":22,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"58163376-5ee4-4721-8c22-7053203a510c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":22,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"6d933167-b40a-4078-848d-06a1e63a665d","block_type":"box","text":"Financial Statements","page_number":22,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"56351910-24fb-439d-bf88-9f553fe7cc41","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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To the","page_number":27,"box":{"x":70,"y":811,"width":826,"height":11}},{"id":"1574e2b9-c9b8-44be-b865-42b434ac8e29","block_type":"box","text":"extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as","page_number":27,"box":{"x":69,"y":826,"width":827,"height":11}},{"id":"125f42ed-fb92-4d80-820f-009761dc8d68","block_type":"box","text":"a “commodity pool” or a vehicle for trading such instruments.","page_number":27,"box":{"x":69,"y":841,"width":437,"height":11}},{"id":"0148609f-d4c5-40f7-9dd3-647ae32449d7","block_type":"box","text":"BlackRock has claimed an exclusion from the definition of the term “commodity pool operator” under the","page_number":27,"box":{"x":102,"y":863,"width":747,"height":12}},{"id":"1161d34d-9b9e-4af2-af64-9e344b3e554b","block_type":"box","text":"Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA with respect to the Fund. BlackRock is not,","page_number":27,"box":{"x":69,"y":879,"width":804,"height":11}},{"id":"b014faf9-3b94-4a0e-9eb2-c3c423090f06","block_type":"box","text":"therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of such Fund.","page_number":27,"box":{"x":68,"y":894,"width":840,"height":11}},{"id":"f52edbc1-2bb0-4b40-b47d-71813f17eb63","block_type":"box","text":"I-5","page_number":27,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"710cafd0-4060-4bba-8933-a3a024b62e15","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d7b920a-6e5e-47f7-a9f6-f61969b703e6","block_type":"box","text":"Advantage Small Cap Growth may also have investments in “underlying funds” (and such underlying funds","page_number":28,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"9ed0fd71-4063-4dce-82ed-63a10dbe442d","block_type":"box","text":"themselves may invest in underlying funds) not advised by BlackRock (which for purposes of the no-action letter","page_number":28,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"6f19db22-e839-4914-92de-2b4e4f1b9481","block_type":"box","text":"referenced below may include cer tain securitized vehicles, mor tgage real estate investment trusts and/or investment","page_number":28,"box":{"x":69,"y":75,"width":838,"height":11}},{"id":"f39551ed-2b94-49d0-b31b-82227abd059d","block_type":"box","text":"companies that may invest in CFTC Derivatives), and therefore may be viewed by the CFTC as commodity pools.","page_number":28,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"55962239-cc7b-4684-b5ef-72c48a22dae3","block_type":"box","text":"BlackRock has no transparency into the holdings of these underlying funds because they are not advised by","page_number":28,"box":{"x":70,"y":105,"width":767,"height":11}},{"id":"7ccb17b2-8805-4d8d-836f-5326de66f7ee","block_type":"box","text":"BlackRock. To address this issue of lack of transparency, the CFTC staff issued a no-action letter on","page_number":28,"box":{"x":70,"y":120,"width":712,"height":11}},{"id":"aeed929e-d0a2-4584-899b-67de730d6837","block_type":"box","text":"November 29, 2012, permitting the adviser of a fund that invests in such underlying funds and that would otherwise","page_number":28,"box":{"x":70,"y":135,"width":829,"height":12}},{"id":"fc3ad5c4-7b0f-4e0e-ab0e-1ef96e02ed91","block_type":"box","text":"have filed a claim of exclusion pursuant to Rule 4.5 to delay registration as a “commodity pool operator” until six","page_number":28,"box":{"x":69,"y":150,"width":806,"height":12}},{"id":"5f269e80-a6fd-4112-8ad3-02c818a12e06","block_type":"box","text":"months from the date on which the CFTC issues additional guidance on the treatment of CFTC Derivatives held by","page_number":28,"box":{"x":69,"y":166,"width":809,"height":11}},{"id":"afd24933-e390-421a-837e-bfb993887c37","block_type":"box","text":"underlying funds. BlackRock, the adviser of Advantage Small Cap Growth, has filed a claim with the CFTC for such","page_number":28,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"bb9806b9-8bca-45fd-bec5-2ee07cf0885b","block_type":"box","text":"Fund to rely on this no-action relief. Accordingly, BlackRock is not subject to registration or regulation as a","page_number":28,"box":{"x":70,"y":196,"width":753,"height":11}},{"id":"18eeeb2a-0008-47bb-9b01-f1575dae8494","block_type":"box","text":"“commodity pool operator” under the CEA in respect of such Fund.","page_number":28,"box":{"x":70,"y":211,"width":472,"height":11}},{"id":"6f42e374-0d71-4bf1-85b3-a72876ab0bff","block_type":"box","text":"II. Investment Restrictions","page_number":28,"box":{"x":69,"y":241,"width":194,"height":9}},{"id":"d0e31640-3a41-4051-8a9e-437a7d9b81b5","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and their","page_number":28,"box":{"x":101,"y":264,"width":742,"height":11}},{"id":"7d972231-1e2e-4aa1-a557-a7f65085d9a4","block_type":"box","text":"activities. Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the","page_number":28,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"d3c9c392-2fe2-45d9-876a-ab2b17d8b80c","block_type":"box","text":"approval of the holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the","page_number":28,"box":{"x":69,"y":294,"width":837,"height":11}},{"id":"8323afac-3bff-4ec1-9572-f1d3f1825003","block_type":"box","text":"Investment Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than","page_number":28,"box":{"x":70,"y":309,"width":803,"height":11}},{"id":"3ef6dd46-bf6e-443c-8eb4-ff5fa2d7c783","block_type":"box","text":"50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":28,"box":{"x":69,"y":324,"width":690,"height":12}},{"id":"ac0e8a9c-20c8-4430-b145-f0085711b09c","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":28,"box":{"x":102,"y":347,"width":485,"height":11}},{"id":"cb440eb4-25a6-4349-9324-11b1c64878ff","block_type":"box","text":"1. Purchase securities of any one issuer (other than securities issued or guaranteed by the U.S.","page_number":28,"box":{"x":135,"y":370,"width":682,"height":11}},{"id":"5f0d2fa0-e356-42df-984f-c04f55639514","block_type":"box","text":"Government, its agencies or instrumentalities or cer tificates of deposit for any such securities) if more than 5%","page_number":28,"box":{"x":102,"y":385,"width":794,"height":11}},{"id":"c49054e6-3f9d-4f07-87bc-fadec9c2a5b5","block_type":"box","text":"of the value of the Fund’s total assets would (taken at current value) be invested in the securities of such issuer,","page_number":28,"box":{"x":102,"y":400,"width":804,"height":11}},{"id":"e2d440ef-bb2b-4f15-9d62-f3934c817d30","block_type":"box","text":"or more than 10% of the issuer’s outstanding voting securities would be owned by the Fund or the Trust, except","page_number":28,"box":{"x":102,"y":415,"width":795,"height":11}},{"id":"fc2c8af3-cbed-4c70-adb1-83617381f8ec","block_type":"box","text":"that up to 25% of the value of the Fund’s total assets may (taken at current value) be invested without regard to","page_number":28,"box":{"x":101,"y":430,"width":800,"height":11}},{"id":"4f672907-74ab-4d19-a4be-39ef31864854","block_type":"box","text":"these limitations. For purposes of this limitation, a security is considered to be issued by the entity (or entities)","page_number":28,"box":{"x":101,"y":445,"width":793,"height":11}},{"id":"b9186e48-a3fe-4399-af08-91927404a6ea","block_type":"box","text":"whose assets and revenues back the security. A guarantee of a security shall not be deemed to be a security","page_number":28,"box":{"x":101,"y":460,"width":779,"height":12}},{"id":"bd292d37-c228-4892-8946-923aa4814730","block_type":"box","text":"issued by the guarantors when the value of all securities issued and guaranteed by the guarantor, and owned by","page_number":28,"box":{"x":102,"y":475,"width":799,"height":12}},{"id":"1cbdeb55-250a-4d9f-8bc4-4d5d2eeb5cc0","block_type":"box","text":"the Fund, does not exceed 10% of the value of the Fund’s total assets.","page_number":28,"box":{"x":101,"y":491,"width":506,"height":10}},{"id":"79dc3a28-f73b-4fd8-8325-a9f3c0e4f009","block_type":"box","text":"2. Purchase any securities which would cause 25% or more of the value of the Fund’s total assets at the","page_number":28,"box":{"x":134,"y":513,"width":747,"height":11}},{"id":"aa0670df-7153-494c-80af-c32b21fdfe89","block_type":"box","text":"time of purchase to be invested in the securities of one or more issuers conducting their principal business","page_number":28,"box":{"x":101,"y":528,"width":766,"height":12}},{"id":"7ac93d21-8b61-4ac8-b11b-30ae9e508dc1","block_type":"box","text":"activities in the same industry, provided that (a) there is no limitation with respect to (i) instruments issued or","page_number":28,"box":{"x":102,"y":544,"width":784,"height":11}},{"id":"308bfc6e-2167-4541-8a6c-65c685c88c52","block_type":"box","text":"guaranteed by the United States and tax exempt instruments issued by any state, territory or possession of the","page_number":28,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"851f3300-1ec6-44cb-9ac1-289a0cd03199","block_type":"box","text":"United States, the District of Columbia or any of their authorities, agencies, instrumentalities or political","page_number":28,"box":{"x":102,"y":574,"width":740,"height":11}},{"id":"62684f63-e9b1-4a1e-826e-48bbb43d4f5e","block_type":"box","text":"subdivisions, and (ii) repurchase agreements secured by the instruments described in clause (i); (b) wholly","page_number":28,"box":{"x":102,"y":589,"width":763,"height":11}},{"id":"5f64ca07-d009-4b1d-811b-b65b67e15dad","block_type":"box","text":"owned finance companies will be considered to be in the industries of their parents if their activities are primarily","page_number":28,"box":{"x":102,"y":604,"width":806,"height":11}},{"id":"c618c52b-15de-4f98-b6f6-7e90c2e850aa","block_type":"box","text":"related to financing the activities of the parents; and (c) utilities will be divided according to their services; for","page_number":28,"box":{"x":102,"y":619,"width":781,"height":11}},{"id":"e91eb4ea-8a29-4177-8b93-be20ab39be98","block_type":"box","text":"example, gas, gas transmission, electric and gas, electric and telephone will each be considered a separate","page_number":28,"box":{"x":101,"y":634,"width":772,"height":12}},{"id":"a217797c-99b1-4adb-8f74-227f294580c8","block_type":"box","text":"industry.","page_number":28,"box":{"x":102,"y":650,"width":59,"height":11}},{"id":"cdfffdb8-c59c-40f0-8d0f-cb14ba7752fe","block_type":"box","text":"3. Borrow money or issue senior securities, except that the Fund may borrow from banks and enter into","page_number":28,"box":{"x":134,"y":672,"width":738,"height":11}},{"id":"e116c0de-5ad5-4d5f-a6b6-994b74f2161b","block_type":"box","text":"reverse repurchase agreements for temporary purposes in amounts up to one-third of the value of its total","page_number":28,"box":{"x":102,"y":687,"width":757,"height":11}},{"id":"731ad8a8-5451-464f-92ef-7822d4a5b68e","block_type":"box","text":"assets at the time of such borrowing; or mor tgage, pledge or hypothecate any assets, except in connection with","page_number":28,"box":{"x":102,"y":702,"width":797,"height":12}},{"id":"1cbbfc97-cad5-4443-b27a-df06a18f0375","block_type":"box","text":"any such borrowing and then in amounts not in excess of one-third of the value of the Fund’s total assets at the","page_number":28,"box":{"x":102,"y":717,"width":798,"height":12}},{"id":"4af1ce0a-52ae-4d60-9af6-0614af3b6c22","block_type":"box","text":"time of such borrowing. No Fund will purchase securities while its aggregate borrowings (including reverse","page_number":28,"box":{"x":101,"y":732,"width":755,"height":12}},{"id":"fe8aac6b-4860-4841-b49a-f6ecb5abf936","block_type":"box","text":"repurchase agreements and borrowings from banks) in excess of 5% of its total assets are outstanding.","page_number":28,"box":{"x":102,"y":748,"width":741,"height":11}},{"id":"7f3b75f8-6914-4e25-98fc-e55efd766eab","block_type":"box","text":"Securities held in escrow or separate accounts in connection with the Fund’s investment practices are not","page_number":28,"box":{"x":102,"y":763,"width":757,"height":11}},{"id":"6052aad5-15a0-4013-85ea-691e7c03dee5","block_type":"box","text":"deemed to be pledged for purposes of this limitation.","page_number":28,"box":{"x":101,"y":778,"width":379,"height":11}},{"id":"f296a057-382c-44c4-89f9-900e5fccf520","block_type":"box","text":"4. Purchase or sell real estate, except that the Fund may purchase securities of issuers which deal in real","page_number":28,"box":{"x":134,"y":801,"width":755,"height":11}},{"id":"258c7582-0351-427d-8775-8c656856a287","block_type":"box","text":"estate and may purchase securities which are secured by interests in real estate.","page_number":28,"box":{"x":101,"y":816,"width":582,"height":11}},{"id":"40248500-1421-405d-8f4c-1b50e35a1934","block_type":"box","text":"5. Acquire any other investment company or investment company security except in connection with a","page_number":28,"box":{"x":134,"y":839,"width":723,"height":10}},{"id":"7632321f-0305-4975-8212-f582ea0309be","block_type":"box","text":"merger, consolidation, reorganization or acquisition of assets or where otherwise permitted by the Investment","page_number":28,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"b335ae51-6bfc-4657-b977-dcea823b37ec","block_type":"box","text":"Company Act.","page_number":28,"box":{"x":102,"y":869,"width":95,"height":11}},{"id":"2c1438ae-4582-46e1-b876-a543a331c090","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"abcbb349-6dfc-462a-8e5c-57dc85ccb07c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f27f731-dd7a-4a35-9ec8-64d56e94f48d","block_type":"box","text":"6. Act as an underwriter of securities within the meaning of the Securities Act of 1933, as amended, except","page_number":29,"box":{"x":134,"y":45,"width":771,"height":11}},{"id":"d06b29b1-5688-4005-bec4-65f2698fe3d2","block_type":"box","text":"to the extent that the purchase of obligations directly from the issuer thereof, or the disposition of securities, in","page_number":29,"box":{"x":101,"y":60,"width":797,"height":11}},{"id":"3d1c3282-1da8-4c25-9d8f-998a4b3477b0","block_type":"box","text":"accordance with the Fund’s investment objective, policies and limitations may be deemed to be underwriting.","page_number":29,"box":{"x":102,"y":75,"width":777,"height":11}},{"id":"88954de4-f298-4113-9c38-f413270f61d9","block_type":"box","text":"7. Write or sell put options, call options, straddles, spreads, or any combination thereof, except for","page_number":29,"box":{"x":135,"y":98,"width":705,"height":11}},{"id":"b7c816dc-a0ce-4081-a707-75b986d1967b","block_type":"box","text":"transactions in options on securities and securities indices, futures contracts and options on futures contracts.","page_number":29,"box":{"x":101,"y":113,"width":794,"height":11}},{"id":"5c466e48-479f-44b2-a2ed-f7e6f16c3a15","block_type":"box","text":"8. Purchase securities of companies for the purpose of exercising control.","page_number":29,"box":{"x":134,"y":135,"width":527,"height":12}},{"id":"1928457c-b648-4dd3-96c9-06d0068ed543","block_type":"box","text":"9. Purchase securities on margin, make shor t sales of securities or maintain a shor t position, except that","page_number":29,"box":{"x":134,"y":158,"width":757,"height":11}},{"id":"803307a7-30bb-4c59-8f1e-d03fd1723c99","block_type":"box","text":"(a) this investment limitation shall not apply to the Fund’s transactions in futures contracts and related options","page_number":29,"box":{"x":102,"y":173,"width":791,"height":11}},{"id":"fb09a805-fa52-4e7d-ae5b-29e7c1ea0779","block_type":"box","text":"or the Fund’s sale of securities shor t against the box, and (b) the Fund may obtain shor t-term credit as may be","page_number":29,"box":{"x":102,"y":188,"width":790,"height":12}},{"id":"15700b76-f590-4d91-ba7a-c8619e04629a","block_type":"box","text":"necessary for the clearance of purchases and sales of por tfolio securities.","page_number":29,"box":{"x":102,"y":203,"width":531,"height":12}},{"id":"62b56f82-6b49-41a5-99e2-0cd31d9d67a4","block_type":"box","text":"10. Purchase or sell commodities except that the Fund may, to the extent appropriate to its investment","page_number":29,"box":{"x":135,"y":226,"width":735,"height":11}},{"id":"2960acf8-1f60-455d-b666-c57d51d58f84","block_type":"box","text":"policies, purchase securities of companies engaging in whole or in par t in such activities, may engage in","page_number":29,"box":{"x":102,"y":241,"width":744,"height":11}},{"id":"5c3ee5ad-143a-492d-8eb7-45243cc1e4e7","block_type":"box","text":"currency transactions and may enter into futures contracts and related options.","page_number":29,"box":{"x":101,"y":256,"width":565,"height":11}},{"id":"e833f3fe-9bf8-450e-b154-ee40bef47dc0","block_type":"box","text":"11. Make loans, except that the Fund may purchase and hold debt instruments and enter into repurchase","page_number":29,"box":{"x":135,"y":279,"width":754,"height":11}},{"id":"a068c697-4e2e-4f94-974b-c5f32a7c5019","block_type":"box","text":"agreements in accordance with its investment objective and policies and may lend por tfolio securities.","page_number":29,"box":{"x":102,"y":294,"width":729,"height":11}},{"id":"4a7bbd6d-b8b5-43af-a058-331830d6580b","block_type":"box","text":"12. Purchase or sell commodities except that the Fund may, to the extent appropriate to its investment","page_number":29,"box":{"x":135,"y":317,"width":735,"height":11}},{"id":"0305b0fe-2dad-44f5-8791-d87c350fc154","block_type":"box","text":"policies, purchase securities of companies engaging in whole or in par t in such activities, may engage in","page_number":29,"box":{"x":102,"y":332,"width":744,"height":11}},{"id":"539fbf72-5286-449f-94f4-7524363efd27","block_type":"box","text":"currency transactions and may enter into futures contracts and related options.","page_number":29,"box":{"x":101,"y":347,"width":565,"height":11}},{"id":"dc9e5057-1935-40ec-b6a2-73b3b0e4a451","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":29,"box":{"x":102,"y":370,"width":494,"height":11}},{"id":"9937e160-bff4-4c1b-8d9a-5ff2caac4ff1","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":29,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"b79de7af-09b8-430d-aeff-aa249b12b905","block_type":"box","text":"subject to change without shareholder approval.","page_number":29,"box":{"x":69,"y":408,"width":341,"height":11}},{"id":"7d4576b3-7124-4c19-a594-23b06c3b4a20","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in 1. above, with respect to the Fund’s","page_number":29,"box":{"x":101,"y":430,"width":800,"height":11}},{"id":"96042ee6-e103-4c7c-8150-8c32c36b9bb9","block_type":"box","text":"industry classifications, the Fund currently utilizes any one or more of the industry sub-classifications used by one or","page_number":29,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"4ad7b41b-d213-4e37-a4c5-696330050b35","block_type":"box","text":"more widely recognized market indexes or rating group indexes, and/or as defined by Fund management. The policy","page_number":29,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"80c96c8c-1687-4626-9cbd-0e803fc203d4","block_type":"box","text":"also will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries.","page_number":29,"box":{"x":69,"y":475,"width":817,"height":12}},{"id":"56a99c97-0602-4570-bdbe-78976064d7ff","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities above, the Investment Company Act,","page_number":29,"box":{"x":101,"y":498,"width":795,"height":11}},{"id":"86e435f0-cf63-44fd-b6f0-d0a37579dc68","block_type":"box","text":"including the rules and regulations thereunder, generally prohibits the Fund from issuing senior securities (other than","page_number":29,"box":{"x":70,"y":513,"width":832,"height":12}},{"id":"fd27487f-426c-4632-856c-6367c6140a05","block_type":"box","text":"cer tain temporary borrowings) unless immediately after the issuance the Fund has satisfied an asset coverage","page_number":29,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"14e5b89c-9424-4895-b6ba-925e7bddb833","block_type":"box","text":"requirement with respect to senior securities representing indebtedness prescribed by the Investment Company Act.","page_number":29,"box":{"x":69,"y":544,"width":828,"height":11}},{"id":"1ba0f3e9-5d30-44f2-b6d4-cf50708cacde","block_type":"box","text":"Cer tain trading practices and investments, such as derivatives transactions, may be treated as senior securities.","page_number":29,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"aa2efa94-411f-4a11-9f9e-498bad68df71","block_type":"box","text":"Prior to the adoption and implementation of Rule 18f-4 under the Investment Company Act, when the Fund/Por tfolio","page_number":29,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"f1a27211-b726-4513-a6e1-638a05cea72d","block_type":"box","text":"engaged in a derivatives transaction that creates future payment obligations, consistent with SEC staff guidance and","page_number":29,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"592e01d9-bfdb-4357-8a3f-27c441186806","block_type":"box","text":"interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting position, in","page_number":29,"box":{"x":70,"y":604,"width":830,"height":11}},{"id":"f5ffa3a2-7dd1-4c36-95b7-059614457841","block_type":"box","text":"an amount at least equal to the Fund’s exposure, on a mark-to-market basis, to the transaction, instead of meeting","page_number":29,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"0acc78f7-0039-470e-b6a9-5eb15d713398","block_type":"box","text":"the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The SEC","page_number":29,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"b33fa124-b0c1-48b8-bdc7-a5820d0115ea","block_type":"box","text":"staff guidance and interpretations were rescinded in connection with the adoption of Rule 18f-4, and the Fund now","page_number":29,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"f7dc2cad-4593-4de7-8919-ecdfe5768c2b","block_type":"box","text":"complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the fundamental policy relating to issuing","page_number":29,"box":{"x":69,"y":664,"width":831,"height":12}},{"id":"78b8c004-51b2-453c-821f-905ee03a310f","block_type":"box","text":"senior securities above will not restrict the Fund from entering into derivatives transactions that are treated as senior","page_number":29,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"61469282-e2ff-47d6-bf90-36d61ef56f28","block_type":"box","text":"securities so long as the Fund complies with Rule 18f-4 with respect to such derivatives transactions.","page_number":29,"box":{"x":69,"y":695,"width":724,"height":11}},{"id":"53628933-25b7-4ca1-8f68-b7581d335e0a","block_type":"box","text":"While cer tain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":29,"box":{"x":101,"y":717,"width":793,"height":12}},{"id":"55f19bc7-a97d-4a91-b9f0-e3a28cdb5efb","block_type":"box","text":"the rules thereunder, at the time of the Fund’s adoption of fundamental investment restrictions no. 7, 10 and 12","page_number":29,"box":{"x":68,"y":732,"width":806,"height":11}},{"id":"bce5c236-8dbe-4d18-98e2-a46b7d184962","block_type":"box","text":"above, many swaps were treated as securities for purposes of the Fund’s compliance with applicable law.","page_number":29,"box":{"x":69,"y":748,"width":752,"height":11}},{"id":"ba858e19-6880-46ea-81a9-79932ab5c62e","block_type":"box","text":"Accordingly, fundamental investment restriction no. 7, which does not restrict transactions in options on securities","page_number":29,"box":{"x":68,"y":763,"width":817,"height":11}},{"id":"8f6b1444-7801-4531-9586-249f386fff9f","block_type":"box","text":"and securities indices, and fundamental restrictions no. 10 and 12 are being interpreted to permit the Fund to","page_number":29,"box":{"x":69,"y":778,"width":787,"height":11}},{"id":"8421afd4-218f-438a-aa3d-782145ba6350","block_type":"box","text":"engage in transactions in swaps and options on swaps, as applicable, related to financial instruments, such as","page_number":29,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"81bebb1b-9eba-4019-a15b-2dcee000ad49","block_type":"box","text":"securities, securities indices and currencies, but not to engage in transactions in swaps or options on swaps related","page_number":29,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"b513d824-905d-4e17-b965-16e6f660eabc","block_type":"box","text":"to physical commodities, such as oil or metals.","page_number":29,"box":{"x":68,"y":823,"width":336,"height":11}},{"id":"6881ca00-80c9-4822-bb3d-089684ab926c","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":29,"box":{"x":102,"y":846,"width":768,"height":11}},{"id":"68e575ce-e513-47e5-9b8b-e21ffe0e80a5","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":69,"y":861,"width":197,"height":11}},{"id":"501898e9-9671-4b23-8a03-aacac260fb11","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":29,"box":{"x":102,"y":884,"width":747,"height":11}},{"id":"3e3a94a7-471f-47ea-a9b2-c68f72e37f3b","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":29,"box":{"x":69,"y":899,"width":759,"height":11}},{"id":"fecd89ad-b3f3-438a-9ff8-55929b6ca97b","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"750b47f0-6483-4265-82f5-5b4fe363dfa7","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b4d083d-5ff2-4497-87ea-ff025c626270","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the fund of funds","page_number":30,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"9bb879bc-dd4a-43a7-8753-a0c603df985c","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":30,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"3ff3a3d0-9287-4b4a-91b2-3d6b68e69b1a","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":30,"box":{"x":69,"y":75,"width":763,"height":11}},{"id":"94d4bd60-ecd3-499f-a828-b067c463cf29","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":30,"box":{"x":102,"y":98,"width":744,"height":10}},{"id":"25d8d5ce-9cc4-4288-a77c-84d43cd06c19","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":30,"box":{"x":69,"y":113,"width":791,"height":11}},{"id":"cbf796f3-0c35-429a-9e8e-a5021c0fba53","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":30,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"1d8994dd-0c1c-4aba-bf8a-b4b4a84955c4","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":30,"box":{"x":70,"y":143,"width":780,"height":11}},{"id":"e5d58457-2ad8-40d9-94ea-87f54d51589f","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":30,"box":{"x":70,"y":158,"width":642,"height":11}},{"id":"b4d43861-a07c-4d03-8217-407664269b9c","block_type":"box","text":"III. Information on Trustees and Officers","page_number":30,"box":{"x":69,"y":188,"width":290,"height":9}},{"id":"36874164-68cd-4de5-bc00-b54b7c29ae7c","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":30,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"f1803463-3377-4781-83c3-9c2ad241ab0f","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":30,"box":{"x":68,"y":226,"width":779,"height":11}},{"id":"e6aa5fd3-322b-4f98-b6e2-26d5dcdc1ba0","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":30,"box":{"x":69,"y":241,"width":837,"height":11}},{"id":"f5b3e39b-106b-442e-b8f6-f43831c6062e","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":30,"box":{"x":70,"y":256,"width":793,"height":11}},{"id":"2c99a2c2-c8d7-45f6-b0f8-bb70633bc6b9","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":30,"box":{"x":69,"y":271,"width":822,"height":11}},{"id":"7e356697-ea19-4ff3-a0e9-fcc095a9b142","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":30,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"afd2efa5-a248-4bea-b1ef-0e2f9526478e","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":30,"box":{"x":70,"y":302,"width":335,"height":11}},{"id":"4ebd12fa-22a2-4436-87c0-d63a57fd9c5a","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":30,"box":{"x":101,"y":324,"width":769,"height":12}},{"id":"4a93f30b-0996-4fd7-a735-286192eaa83a","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":30,"box":{"x":70,"y":339,"width":827,"height":11}},{"id":"a9e6500d-4efe-4296-a394-f08bb7ad899f","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":30,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"9def9c34-2c94-46f4-aec0-2b76a33ac6ec","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":30,"box":{"x":69,"y":370,"width":835,"height":11}},{"id":"3151df1d-63b8-46a3-8f0a-2aded3ab60ed","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":30,"box":{"x":70,"y":385,"width":830,"height":11}},{"id":"d971ca3f-bdd0-455b-a8b7-d9a4cf9df9ca","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":30,"box":{"x":68,"y":400,"width":789,"height":11}},{"id":"e5f7f094-fe99-44cc-b9ff-4a975b197d98","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":30,"box":{"x":69,"y":415,"width":810,"height":11}},{"id":"15d4b311-b403-4c10-8b9b-cedac8345e2a","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":30,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"018dfeda-b9b5-4b7d-91ba-67c72b3a01d6","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":30,"box":{"x":70,"y":445,"width":794,"height":12}},{"id":"4647b243-0453-4fa8-9589-0df5f2394df1","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":30,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"026d6fcc-9833-4676-b775-05ff2913bfe6","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":30,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"93929f73-ad18-413a-9e16-196cc4b085ce","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":30,"box":{"x":70,"y":491,"width":811,"height":11}},{"id":"7d4f8760-1be3-401f-96f9-daf7351b6842","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":30,"box":{"x":68,"y":506,"width":809,"height":11}},{"id":"0c4b0731-89f8-4625-aa02-c24870bdd97c","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":30,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"5728c81f-8939-4fdc-be0f-e2bb74c76f25","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":30,"box":{"x":69,"y":536,"width":441,"height":11}},{"id":"839f8061-ed23-4482-ac0a-fec12c24a445","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":30,"box":{"x":101,"y":559,"width":777,"height":11}},{"id":"0f006e3e-71af-4001-8040-1f8c58f766ab","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":30,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"aed676c8-efa7-4a29-9ca9-cbe2451df2df","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":30,"box":{"x":68,"y":589,"width":820,"height":11}},{"id":"0233fe69-765a-409f-86d1-a2b0b362b80b","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":30,"box":{"x":70,"y":604,"width":812,"height":11}},{"id":"fe11a4bc-2c59-4a6b-8502-35544e9660ae","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":30,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"ce04d400-d459-4123-a59c-3c73abe21e91","block_type":"box","text":"the operations of the Fund.","page_number":30,"box":{"x":68,"y":634,"width":192,"height":11}},{"id":"65130e32-707d-41ea-a198-1a168ada9106","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":30,"box":{"x":102,"y":657,"width":785,"height":11}},{"id":"b6e4c209-57af-4352-9c6d-3f50bd7cab69","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":30,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"58292927-03f5-4262-a9e4-efaca0e30c50","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":30,"box":{"x":69,"y":687,"width":832,"height":11}},{"id":"be3e07c8-c9cd-48e8-99a3-6802395a74fe","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":30,"box":{"x":68,"y":702,"width":820,"height":12}},{"id":"e8483153-3b52-44ef-b123-6ea644d89550","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":30,"box":{"x":70,"y":717,"width":811,"height":12}},{"id":"539bcb38-ea1a-4b50-bc16-4524b6142bd8","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":30,"box":{"x":70,"y":732,"width":767,"height":12}},{"id":"7e689eae-1155-4cbc-80e9-5f62949d7b21","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":30,"box":{"x":69,"y":748,"width":815,"height":11}},{"id":"d5b72950-b055-438a-b095-4443d64cb64c","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":30,"box":{"x":70,"y":763,"width":803,"height":11}},{"id":"989ca766-01df-4bbe-b4ca-c8fd8089c724","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":30,"box":{"x":69,"y":778,"width":840,"height":11}},{"id":"775e1e31-960c-4664-80f2-65e9617da054","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":30,"box":{"x":69,"y":793,"width":812,"height":11}},{"id":"3df86574-5a13-4830-a9ed-5fc5b7ceaf34","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":30,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"7641b4d6-4e00-4ec0-b727-a61b230ec972","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":30,"box":{"x":69,"y":823,"width":812,"height":11}},{"id":"3f5d6b2f-44e3-4774-a9aa-6bd347fb716f","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":30,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"1a3c208d-8a4e-4b91-bb11-43648561a129","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":30,"box":{"x":70,"y":854,"width":759,"height":11}},{"id":"9e419445-5d01-4b14-b12e-5a6601b5992f","block_type":"box","text":"per forming their oversight responsibilities.","page_number":30,"box":{"x":70,"y":869,"width":299,"height":11}},{"id":"5f831421-0183-42c9-a1ca-259c3f0afee5","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":891,"width":122,"height":9}},{"id":"aee9876b-279a-4e16-91b4-8e2542be2d5a","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":30,"box":{"x":229,"y":891,"width":673,"height":11}},{"id":"cc155d39-a91e-4a6b-8ac2-e830673e268b","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":30,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"2a3f75f3-22b8-4860-8f7e-33858f52c0a0","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"2051b4cb-ec1d-46f2-9214-91dbfb768867","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3758336b-40c9-4c9b-ba30-bda8915fd115","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":31,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"071079fc-294f-48b2-a395-b9d2029faebe","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":31,"box":{"x":69,"y":60,"width":753,"height":11}},{"id":"459e257a-c29a-4f9e-91f0-0cc0d53b61f9","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":31,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"05111c85-e912-42a9-aa5e-80ce6cebc838","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":31,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"301cfb66-eb49-492b-9aaa-2c796f9702a6","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":31,"box":{"x":70,"y":105,"width":807,"height":11}},{"id":"45a9fc57-603f-4692-bd05-fd73df44baa8","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":31,"box":{"x":68,"y":120,"width":781,"height":11}},{"id":"b287b60c-c5ef-4425-847a-5f04d58ceef6","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":31,"box":{"x":69,"y":136,"width":834,"height":11}},{"id":"da7717fc-3b1a-4e33-85f3-1bd0bd5e74c6","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":31,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"910a645f-3a49-4078-b889-ba8244b62f0a","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":31,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"bfcf6d59-1171-420f-8a91-21a9ed342058","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":31,"box":{"x":70,"y":181,"width":809,"height":11}},{"id":"d1df70a7-b958-41f2-a356-a96cbd985329","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":31,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"9f5aecac-5c19-4fc8-99f3-af5c20d5881b","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":31,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"3c1e94db-3999-41fb-90f4-db6910e9da6d","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":31,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"7fc83f24-ad7a-4683-acf8-87055d4d6517","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":31,"box":{"x":69,"y":241,"width":819,"height":11}},{"id":"f35e39f2-6dd5-427f-8384-59f22acab6df","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":31,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"320ad78b-9467-4201-9cc7-fd4fd01a280f","block_type":"box","text":"During the fiscal year ended September 30, 2025, the Audit Committee met four times.","page_number":31,"box":{"x":70,"y":271,"width":623,"height":12}},{"id":"9c3a0382-f7a9-4e3c-8810-16bbe1b8b9a5","block_type":"box","text":"Governance and Nominating Committee.","page_number":31,"box":{"x":102,"y":294,"width":286,"height":11}},{"id":"26d4b5b6-b7c8-4d3a-a256-2746f227e929","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":31,"box":{"x":394,"y":294,"width":464,"height":11}},{"id":"13fecb31-a0e5-4bbc-8ea7-ba72d5486499","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":31,"box":{"x":70,"y":309,"width":833,"height":11}},{"id":"33b02e60-28b3-49ec-9b9e-522148c706db","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":31,"box":{"x":69,"y":324,"width":769,"height":11}},{"id":"55384444-1703-4aad-a9ee-95a187c14b03","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":31,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"82584c54-09bf-4ade-ad8e-9af8b804dcce","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":31,"box":{"x":70,"y":355,"width":819,"height":11}},{"id":"0e3f9d07-87a4-43a9-a309-fac8f859a6eb","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":31,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"89bf168f-67d7-42a3-8b61-5a6e6eff51f5","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":31,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"0816a9ef-f2f5-4dc9-9f96-189fba17fb9d","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":31,"box":{"x":69,"y":400,"width":793,"height":11}},{"id":"5f22c922-ba57-4c47-91ce-1eb382cf3b30","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":31,"box":{"x":69,"y":415,"width":815,"height":11}},{"id":"a79cc614-5537-4e4e-83de-514784a77634","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":31,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"6487ca05-95e9-4b20-b055-6da95cfdec07","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":31,"box":{"x":68,"y":445,"width":815,"height":11}},{"id":"06fe61d3-60b1-49c9-81d9-22ed1bf928ac","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":31,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"01e60f09-4fb0-4730-b987-713450e622e4","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":31,"box":{"x":68,"y":475,"width":809,"height":12}},{"id":"b2d8f8a3-3270-49c5-b29e-eb787b8527b9","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":31,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"d5c5694f-e40b-42a3-8adf-bab7cf521f9d","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":31,"box":{"x":68,"y":506,"width":792,"height":11}},{"id":"06cc189a-f797-4206-8337-13d555d7771c","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":31,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"0d1d9663-c449-492c-84a6-61caddaa6d16","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":31,"box":{"x":70,"y":536,"width":832,"height":11}},{"id":"69889c5d-8c36-40eb-8461-35e82664b29a","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":31,"box":{"x":69,"y":551,"width":812,"height":11}},{"id":"65de931e-3d0f-4d22-abed-63bc92dffe20","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":31,"box":{"x":68,"y":566,"width":832,"height":11}},{"id":"cb9373f7-89ba-434d-ae6d-70f67a2b6bb5","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":31,"box":{"x":68,"y":581,"width":820,"height":12}},{"id":"769a96bc-ba39-4bc6-8fef-209bde166140","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":31,"box":{"x":69,"y":596,"width":801,"height":12}},{"id":"e7e1e8e1-02a8-4a47-b327-0b158e6cb127","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended September 30, 2025, the Governance","page_number":31,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"48e90aa1-52e6-4cf6-a89b-bebbee14b481","block_type":"box","text":"Committee met ten times.","page_number":31,"box":{"x":69,"y":627,"width":185,"height":9}},{"id":"efdd4810-9270-40c0-aa81-876bb756b2de","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":649,"width":168,"height":11}},{"id":"e1cde365-dd27-46d0-af84-b36c40f0fbf6","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":31,"box":{"x":276,"y":649,"width":629,"height":11}},{"id":"af1491a3-dafc-4017-a3b3-d77c1d662b94","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":31,"box":{"x":68,"y":664,"width":789,"height":12}},{"id":"5c62bbb9-1459-4820-a446-ff8891544c8c","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":31,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"03996394-0bae-4745-9cc6-a4c5a64b72b5","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":31,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"8e95f62d-bce2-4abc-be37-52080c37a5e0","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":31,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"b46e4e8b-f1a3-4735-b36a-c2978be2a0f2","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":31,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"cedc8be7-07b1-480b-ac3c-6e87e7f8657b","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":31,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"b7f9ad46-c6a0-412e-950d-41eae91fc3c4","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":31,"box":{"x":69,"y":755,"width":798,"height":11}},{"id":"9587dd91-759d-4f9c-8d62-d2b0489d6a93","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":31,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"e2be7e73-b1e2-419d-9edd-91568a65d743","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":31,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"c1e88efc-1dfd-4f3e-bc0e-44fe69301df2","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":31,"box":{"x":69,"y":801,"width":799,"height":11}},{"id":"0055d87b-bacb-4674-b536-4bdb1515b253","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":31,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"0bf29f29-e73a-4210-bf27-504fd6a85220","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":31,"box":{"x":68,"y":831,"width":720,"height":11}},{"id":"0b214f9e-1adc-4d34-8bfd-f09c2c9d8459","block_type":"box","text":"September 30, 2025, the Compliance Committee met four times.","page_number":31,"box":{"x":69,"y":846,"width":467,"height":11}},{"id":"26199d9f-14c8-4850-933d-0868cb41d308","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":869,"width":248,"height":11}},{"id":"89ab3887-fa43-498a-89f4-2f1c1f2c6c36","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":31,"box":{"x":356,"y":869,"width":531,"height":11}},{"id":"a1bc688d-58cf-4cc2-8736-54de0651b0f8","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":31,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"ede88731-6ada-4394-add0-2293c1ef0bce","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":31,"box":{"x":68,"y":899,"width":808,"height":11}},{"id":"17fbfbf8-275b-49c8-8256-fe52acc079cd","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"a0a75a5b-a914-4994-b2a3-986cfe3696f2","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b04e8d9d-2af5-4d5a-8af3-02aab482291f","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":32,"box":{"x":70,"y":45,"width":769,"height":11}},{"id":"bcbcfbed-1cd4-456c-b990-1afb6d6dc2d9","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":32,"box":{"x":70,"y":60,"width":775,"height":11}},{"id":"feaaac85-f3f8-48eb-ad40-66f8dbcc5896","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":32,"box":{"x":69,"y":75,"width":782,"height":11}},{"id":"92c65dcd-ebcf-4dc3-8cd1-92c00d3df9e8","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":32,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"cbde653a-29fb-42cf-96f9-0b73a93bdf7f","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":32,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"0c62517d-32e7-4ac7-aa40-297bb705d3f7","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":32,"box":{"x":69,"y":120,"width":803,"height":11}},{"id":"f5e18ed1-6439-43b7-ad8e-a758dbd5d011","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":32,"box":{"x":69,"y":135,"width":827,"height":12}},{"id":"c6749186-123d-44a9-ab2a-010a30a034e4","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":32,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"ca8d5a54-bc0c-4522-b2d1-52c23347c95d","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":32,"box":{"x":69,"y":166,"width":757,"height":11}},{"id":"dcb1762c-44dd-4778-912e-988c9e304322","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":32,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"81046e4a-2218-4938-9b96-1907cb3008aa","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":32,"box":{"x":68,"y":196,"width":800,"height":11}},{"id":"00b9060b-270f-4e14-8078-2d09ced6af6f","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":32,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"353b25f3-2603-4685-9b67-e6c9e4821d16","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":32,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"46998aba-10d0-4e74-9d5d-77b9e0e31623","block_type":"box","text":"ended September 30, 2025, the Per formance Oversight Committee met five times.","page_number":32,"box":{"x":69,"y":241,"width":593,"height":11}},{"id":"1876ab27-d639-4186-b5e4-10dde967a388","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":32,"box":{"x":101,"y":264,"width":186,"height":11}},{"id":"cb2e6954-63d7-4ac1-8881-018c5505587d","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":32,"box":{"x":293,"y":264,"width":598,"height":11}},{"id":"40f9a14b-0284-4268-830d-5c81d693da86","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":32,"box":{"x":70,"y":279,"width":817,"height":11}},{"id":"d37269f9-f6a8-496c-8d66-c8d63214db68","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":32,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"3f427085-bf6e-4c38-ad6e-be3a18646883","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":32,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"7cf52d49-f009-4db2-a795-c0b50d095fd5","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":32,"box":{"x":69,"y":324,"width":813,"height":12}},{"id":"8aaa5084-c246-485c-84e9-704f5bb60cfa","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":32,"box":{"x":68,"y":339,"width":816,"height":12}},{"id":"cae7437f-b031-48cb-a27d-ba9e23e1a6c7","block_type":"box","text":"the fiscal year ended September 30, 2025, the Ad Hoc Topics Committee did not meet.","page_number":32,"box":{"x":68,"y":355,"width":624,"height":11}},{"id":"ab92d6d3-fd29-4a86-b999-3e25a5149bc1","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":32,"box":{"x":101,"y":377,"width":771,"height":11}},{"id":"a299211e-5f41-4b56-87e5-856f582a705f","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":32,"box":{"x":69,"y":392,"width":827,"height":12}},{"id":"808e0005-da8f-437f-9841-eb3db57c72c5","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":32,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"fd217e22-538c-409f-9125-70e6913ec620","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":32,"box":{"x":69,"y":423,"width":825,"height":11}},{"id":"a8cd558b-f434-4a53-a211-7c2b42c25bfe","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":32,"box":{"x":70,"y":438,"width":807,"height":11}},{"id":"2c117e7f-657d-465e-aa4c-65eb19f6946f","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":32,"box":{"x":70,"y":453,"width":787,"height":11}},{"id":"698a508d-a7c5-45ca-a4ca-6e902ccb0835","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":32,"box":{"x":69,"y":468,"width":805,"height":11}},{"id":"eda72fb2-677b-48b7-a952-4dacf127473d","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":32,"box":{"x":68,"y":483,"width":794,"height":11}},{"id":"e6bb629f-6d70-43c8-b525-a210b70801f0","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":32,"box":{"x":68,"y":498,"width":829,"height":11}},{"id":"20c3f3b1-7a16-4ddc-8528-46bde208137f","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":32,"box":{"x":69,"y":513,"width":823,"height":11}},{"id":"31868834-3d21-490c-b03e-1d90fb18a321","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":32,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"e5d5f3ba-5495-4a71-9334-c32b52b6c18b","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":32,"box":{"x":69,"y":543,"width":473,"height":12}},{"id":"aa7be4e2-991b-4c88-892b-9e18a6ac97a4","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":32,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"62e89d77-20c9-42f8-bf61-bdd1a13f435c","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":32,"box":{"x":69,"y":581,"width":807,"height":12}},{"id":"a65ffc04-cb1a-46b8-997b-c30b3b4d6c0c","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":32,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"98492340-d4ac-419f-bb04-a96bfabb76e4","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":32,"box":{"x":70,"y":612,"width":759,"height":11}},{"id":"13506a11-cc43-4440-8c9e-cce847f8db06","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":32,"box":{"x":70,"y":627,"width":685,"height":11}},{"id":"54942e79-03b7-4cf4-a8fd-6371352daf4e","block_type":"box","text":"ad hoc","page_number":32,"box":{"x":762,"y":627,"width":47,"height":9}},{"id":"100169a9-7a9e-4f52-92e3-d5232270a5dd","block_type":"box","text":"committees","page_number":32,"box":{"x":814,"y":627,"width":82,"height":9}},{"id":"941a7971-315f-472e-b9d5-47b1272947e0","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":68,"y":642,"width":395,"height":11}},{"id":"0ef9bf42-7929-41db-ad2f-87b62c6c0e9b","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":32,"box":{"x":101,"y":664,"width":751,"height":11}},{"id":"81dada15-8b65-4702-a98a-afd22ef9db43","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":69,"y":680,"width":492,"height":11}},{"id":"e2584699-fded-45e3-93ef-13af2104f180","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":708,"width":409,"height":9}},{"id":"b310c13c-2433-4472-b8a8-31cfc42f7740","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":725,"width":154,"height":10}},{"id":"d4410a10-1561-4009-b4b4-50d15d5a4bda","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":32,"box":{"x":69,"y":739,"width":781,"height":12}},{"id":"bdbddb37-8652-420e-9f3e-e8f890e3e5be","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":32,"box":{"x":265,"y":755,"width":604,"height":11}},{"id":"4f3b239e-39e9-4ba6-9b9f-3dae4d24d9ae","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":32,"box":{"x":265,"y":770,"width":623,"height":11}},{"id":"c789c7bc-4cc6-4136-be3b-5a76bfb121ac","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":32,"box":{"x":265,"y":785,"width":637,"height":11}},{"id":"7d1c65cf-ef6f-4bf1-9b4b-23d330fbdd63","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":32,"box":{"x":265,"y":800,"width":631,"height":11}},{"id":"aa171a6b-384f-42bc-8aa5-b7fd704c01fd","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":32,"box":{"x":264,"y":815,"width":626,"height":11}},{"id":"fcecdd46-3d1a-4dad-871f-73a79561da63","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":32,"box":{"x":265,"y":830,"width":639,"height":11}},{"id":"355240ca-28b7-4138-a008-df886fb9ed42","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":264,"y":845,"width":637,"height":11}},{"id":"7b13d2a1-02f3-42c0-80b7-55d45b618eef","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":32,"box":{"x":265,"y":861,"width":586,"height":11}},{"id":"46fa48e4-60dc-4b8c-b327-8fe1c9cf3ff0","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":32,"box":{"x":265,"y":875,"width":640,"height":12}},{"id":"99d25056-5f37-498f-9690-223e3874a794","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":32,"box":{"x":265,"y":891,"width":389,"height":11}},{"id":"25191d5e-1b3d-433f-9c88-373f673cd877","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7263fef6-5042-4ada-8abd-45fb4a8b9ca0","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d4cce91-ebe7-4730-9d1e-ac939a2850e0","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"8c70a664-043d-455b-8bfe-b7f502a76b9e","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":33,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"6c518706-f6b9-4b6f-a496-6128e6cb7c12","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":33,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"4df659bb-cffd-45c6-a938-98b6866cfc48","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":33,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"514527dd-6673-4874-abdd-51bf8e13b2c9","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":33,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"cec9b081-a377-4faf-9ab1-13efa6b85091","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":33,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"746ef90e-cf3f-46f5-99d0-9e47dbe26671","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":33,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"e3a4edfb-b958-4768-ace4-f6888ce74d02","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":33,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"4c4786bc-d31b-4a5d-b014-03f36e090b77","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":33,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"c4df4669-ac54-40db-887c-8226b49bd135","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":33,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"39dd0725-8560-450d-9c22-f681450131dc","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":33,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"b341857f-be53-4292-9dfb-fe836593f70a","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":33,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"0de7c6a8-bcf9-4fcb-8ec9-d530954e0172","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":33,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"15cc588f-59d5-4a1c-bf9d-82d54d2e6dd1","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":33,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"78769edd-4206-4c3e-b557-8a4f4e4d83a1","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":33,"box":{"x":69,"y":269,"width":837,"height":12}},{"id":"2992457a-1ee5-467e-85f4-1ff9c5d51294","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":33,"box":{"x":265,"y":285,"width":638,"height":11}},{"id":"993214b8-7b38-4c0e-8e47-c480959db034","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":33,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"5183bded-fbc7-448b-82d4-d590578cd44c","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":33,"box":{"x":265,"y":314,"width":601,"height":12}},{"id":"02f8df16-e26c-4d76-9932-3d576c064712","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":33,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"c8ced787-59c9-4233-b0cf-e82432eee68f","block_type":"box","text":"perspective on the markets and the economy.","page_number":33,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"b7a1ba25-ee11-4568-a6ed-e7b178b32bdd","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":33,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"35895ea8-c26c-44a3-804f-5d5e0b13d8fa","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":33,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"c5d964c8-3ea1-4c9a-809c-00f308f47f30","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":33,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"4867e0ff-d024-4089-9278-b517affdf6d2","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":33,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"e5a91f17-7398-443a-a78c-2547fc840421","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":33,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"bb33c119-e8de-42a8-b690-dda5bc6a94d4","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":33,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"cda070b7-b8fc-4852-931e-c82e2faed255","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":33,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"80d89876-fe0d-443d-b817-246077a76d76","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":33,"box":{"x":70,"y":481,"width":806,"height":11}},{"id":"11db1f77-244a-4029-9cba-ac24d7ba2975","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":33,"box":{"x":264,"y":496,"width":584,"height":12}},{"id":"900cc2d9-1d19-4fdd-bfb3-9786d8cd5b89","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":33,"box":{"x":265,"y":512,"width":622,"height":11}},{"id":"8eebff30-a5d3-4797-b4ce-b5abf39f3f2d","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":33,"box":{"x":265,"y":526,"width":638,"height":12}},{"id":"63a93dee-2a3f-48f1-8e6d-72ab76a2b90d","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":33,"box":{"x":265,"y":542,"width":570,"height":11}},{"id":"51fe1e3e-29be-4704-98d3-cee3b9988f2d","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":33,"box":{"x":265,"y":557,"width":642,"height":11}},{"id":"163c3237-6b79-44b1-9e1f-7786f3fedda6","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":33,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"a97edac6-65d3-4b4b-9052-c0a5fede3938","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":33,"box":{"x":265,"y":587,"width":630,"height":11}},{"id":"d310d5a0-9c9c-462e-b223-bf5aaf7b4d61","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":33,"box":{"x":265,"y":602,"width":602,"height":11}},{"id":"55199034-9215-4799-b96f-54ddcc9b89c1","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":33,"box":{"x":264,"y":617,"width":643,"height":12}},{"id":"c090ed05-c1fb-4c89-a059-036fb287afab","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":33,"box":{"x":264,"y":632,"width":639,"height":12}},{"id":"dbc4a258-d32c-4c43-a564-eebc47ec0e3a","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":33,"box":{"x":264,"y":647,"width":641,"height":11}},{"id":"d0e4213e-d010-4f1e-9a18-e0246d2820d4","block_type":"box","text":"applicable Commission rules.","page_number":33,"box":{"x":265,"y":663,"width":208,"height":11}},{"id":"9231dd1f-8082-4f0a-8737-8bdaef8ac825","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":33,"box":{"x":69,"y":685,"width":769,"height":12}},{"id":"08ecb493-8313-470d-8bb0-ac206c429524","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":33,"box":{"x":265,"y":700,"width":621,"height":12}},{"id":"40ada0e0-d644-4bbe-b5cd-ddb0aae48b59","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":33,"box":{"x":265,"y":715,"width":599,"height":12}},{"id":"d1870ca3-537d-442e-9ae5-fc90777fdcfc","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":33,"box":{"x":265,"y":731,"width":641,"height":11}},{"id":"cc4c430a-ff23-4747-b3d0-71fb1f01b95a","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":33,"box":{"x":264,"y":746,"width":602,"height":11}},{"id":"c6e12921-db9c-4eff-bfd4-3911ace17df0","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":33,"box":{"x":264,"y":761,"width":617,"height":11}},{"id":"99f12a7f-ab3d-4a3b-a268-005a977698b5","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":33,"box":{"x":265,"y":776,"width":629,"height":11}},{"id":"952d341e-4394-4706-9329-b8858c1b5370","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":33,"box":{"x":264,"y":791,"width":628,"height":11}},{"id":"24e26f97-671b-4759-9b68-70db3625d8dd","block_type":"box","text":"ar ticles and books on these topics.","page_number":33,"box":{"x":265,"y":806,"width":251,"height":11}},{"id":"05153500-a0a7-420a-be0a-b16dcf75e525","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":33,"box":{"x":70,"y":829,"width":764,"height":11}},{"id":"8298cc48-3906-42e4-be9d-5b71fb30e7ad","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":33,"box":{"x":265,"y":844,"width":642,"height":11}},{"id":"25c02ad9-7dc4-4e4b-b30a-93a30a05cf6a","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":33,"box":{"x":264,"y":859,"width":593,"height":11}},{"id":"bdf2fc18-8871-4186-96a5-69e698486151","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":33,"box":{"x":265,"y":874,"width":603,"height":12}},{"id":"73bfb7b5-9b80-48bb-9452-b56e621b1285","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":33,"box":{"x":265,"y":889,"width":629,"height":12}},{"id":"7aeef137-a81a-45f2-9a56-4dee294ebeef","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0c6e2a7f-38b7-4f4b-a979-e55754bdd669","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03268ccd-984e-48b7-827c-cf9a1e361014","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"04ce41f5-728f-477a-b8aa-f6ce8be62a18","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":34,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"c90b8fa5-080a-478e-9213-0736adacc1e7","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":34,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"18c0be9b-508d-44df-a8be-1d1aa9b4ca61","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":34,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"a269b95a-0bee-4656-ac59-0cd18b869799","block_type":"box","text":"2009. 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Management, Advisory and Other Service Arrangements","page_number":40,"box":{"x":69,"y":547,"width":432,"height":11}},{"id":"ac2ef7ff-9012-4544-9879-9b7748bad5b7","block_type":"box","text":"Management Agreement","page_number":40,"box":{"x":69,"y":577,"width":180,"height":11}},{"id":"fc720876-92cc-4ffb-a872-aa64ada0396f","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with the Manager (the","page_number":40,"box":{"x":101,"y":600,"width":708,"height":11}},{"id":"21ec0259-8042-4b28-b928-e29d2172a553","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager is entitled to receive fees for the services it provides.","page_number":40,"box":{"x":70,"y":615,"width":809,"height":11}},{"id":"ac8eace6-9422-49a1-8e84-d2302fc81434","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":40,"box":{"x":102,"y":637,"width":762,"height":12}},{"id":"2088bd1d-fd0e-4563-970a-002d5148896d","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":40,"box":{"x":69,"y":652,"width":799,"height":12}},{"id":"d58f58c4-2589-433f-b9b9-ff211ebeb2e4","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":40,"box":{"x":68,"y":668,"width":726,"height":11}},{"id":"e372b320-46d1-4d79-8dd4-bb97063d66d2","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":40,"box":{"x":69,"y":683,"width":799,"height":11}},{"id":"4b5bf82d-131a-4cd4-996c-da33d95a48ad","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":40,"box":{"x":70,"y":698,"width":780,"height":11}},{"id":"3af20111-40a3-4d79-b167-963d36185d13","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":40,"box":{"x":69,"y":713,"width":835,"height":11}},{"id":"08e65a1d-a770-4dc5-96c8-40ffa094eca6","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":40,"box":{"x":69,"y":728,"width":774,"height":11}},{"id":"763f4190-6793-430d-8bc9-a183176dceaa","block_type":"box","text":"securities of the Fund.","page_number":40,"box":{"x":69,"y":743,"width":158,"height":9}},{"id":"88b25158-4047-429c-b43a-a5d4f2e7a21a","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees and/or expenses in order to limit Total","page_number":40,"box":{"x":102,"y":766,"width":759,"height":11}},{"id":"ac24e39e-1286-49b4-b8e5-6d79692554db","block_type":"box","text":"Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense,","page_number":40,"box":{"x":68,"y":781,"width":818,"height":11}},{"id":"67f90f2f-a945-4ff5-ae5f-ef1b20c9face","block_type":"box","text":"Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as defined in the Fund’s","page_number":40,"box":{"x":70,"y":796,"width":794,"height":11}},{"id":"73a5703e-4988-4945-9901-cd0fe4922d37","block_type":"box","text":"Prospectuses) as a percentage of average daily net assets to 0.75% for Investor A Shares, 0.50% for Institutional","page_number":40,"box":{"x":69,"y":811,"width":810,"height":12}},{"id":"ad82a5ae-15c1-46b8-87a7-e7c2ea0f4ddb","block_type":"box","text":"Shares, 0.45% for Class K Shares and 1.00% for Class R Shares through June 30, 2027. The contractual agreement","page_number":40,"box":{"x":69,"y":826,"width":835,"height":12}},{"id":"c703e10f-6019-4a58-8732-c7101f8be63e","block_type":"box","text":"may be terminated upon 90 days’ notice by a majority of the Independent Trustees of the Trust or by a vote of a","page_number":40,"box":{"x":69,"y":841,"width":797,"height":12}},{"id":"ed2d1c73-c72d-4cd2-9d79-b1f033f11034","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":69,"y":857,"width":400,"height":11}},{"id":"f376526e-8fc7-405f-8121-f8715deaddd4","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":40,"box":{"x":102,"y":879,"width":784,"height":12}},{"id":"c8e46a69-7547-4d87-81e4-91fc107cec10","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":40,"box":{"x":70,"y":894,"width":834,"height":12}},{"id":"12e19df3-5af9-4ff2-897a-bb2283f1eabc","block_type":"box","text":"to per form investment advisory services with respect to the Funds. In addition, the Manager may delegate cer tain of","page_number":40,"box":{"x":68,"y":909,"width":834,"height":12}},{"id":"1d383e1b-d311-4c57-8b6d-aff1d094847c","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"dfa54e5f-7bc5-4275-986d-e98f5a03d702","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6af86b9-7a25-4b99-a271-d65cdd99c792","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":41,"box":{"x":70,"y":45,"width":801,"height":11}},{"id":"3d246c38-1c72-4607-9809-e436bf78675c","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":41,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"db0223e1-3ac2-43f7-a864-066fe089fcbf","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":41,"box":{"x":69,"y":75,"width":486,"height":11}},{"id":"57cb4065-84e9-44a0-ae86-60e7c302db54","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":41,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"a150b089-61dd-44a9-9d9e-a05884501f4a","block_type":"box","text":"to BlackRock, and the amounts waived and/or reimbursed, for the past three fiscal years.","page_number":41,"box":{"x":68,"y":113,"width":640,"height":11}},{"id":"efbf938f-0a69-4dab-8957-95794ee06f60","block_type":"box","text":"Fees Paid","page_number":41,"box":{"x":618,"y":151,"width":56,"height":7}},{"id":"02d01b57-3fed-46b7-9622-e9bbb3f7a711","block_type":"box","text":"to BlackRock","page_number":41,"box":{"x":606,"y":161,"width":79,"height":7}},{"id":"cdaa1d28-c0e0-428c-9129-600f3603c4c6","block_type":"box","text":"Fees Waived","page_number":41,"box":{"x":723,"y":151,"width":72,"height":7}},{"id":"9393041d-c174-4d4c-8792-5c705d7ec886","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":720,"y":161,"width":80,"height":9}},{"id":"8f67378f-a39c-4c0e-b571-d19b0a4a6c82","block_type":"box","text":"Fees","page_number":41,"box":{"x":856,"y":141,"width":27,"height":7}},{"id":"f0e1fe00-8dc2-479c-bc89-d8634ed88798","block_type":"box","text":"Reimbursed","page_number":41,"box":{"x":836,"y":151,"width":67,"height":7}},{"id":"deba6274-dcd4-4f36-a203-1d472553b078","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":830,"y":161,"width":80,"height":9}},{"id":"9a3126ea-7990-4943-b1a8-4d98dcc94132","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,676,980 $835,592 $594,127","page_number":41,"box":{"x":70,"y":178,"width":835,"height":12}},{"id":"e716d79a-23e4-467c-acce-5c37a4c29966","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,502,984 $821,230 $609,982","page_number":41,"box":{"x":70,"y":193,"width":835,"height":12}},{"id":"40061814-754f-4a5a-8ec4-ffef6b6a021f","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,374,216 $791,477 $701,076","page_number":41,"box":{"x":70,"y":208,"width":835,"height":12}},{"id":"df4cfe46-c05f-4416-b6ec-2d83fd03ff3d","block_type":"box","text":"Administration Agreement","page_number":41,"box":{"x":68,"y":241,"width":191,"height":11}},{"id":"303ae930-196e-420b-b40b-898bf1b16d7b","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":41,"box":{"x":102,"y":263,"width":711,"height":11}},{"id":"9ca605df-ab7c-417e-9f69-586e4d20c290","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":41,"box":{"x":69,"y":278,"width":838,"height":12}},{"id":"f3ab8e71-e05f-41f2-b6d7-bdc94f852e44","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":41,"box":{"x":68,"y":293,"width":830,"height":12}},{"id":"2af518ce-13ab-4abf-82b5-586b8be40f13","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":41,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"c28ee95a-cf1a-42cf-857c-0d15ff7dbd54","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":41,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"fc8242a4-9820-44f8-8143-06693eda3174","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":41,"box":{"x":68,"y":339,"width":836,"height":11}},{"id":"55e9027e-8229-43da-8691-2bea11a54512","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":41,"box":{"x":68,"y":354,"width":785,"height":11}},{"id":"7ef417a4-3625-4baa-8956-5c870f7e5801","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":41,"box":{"x":69,"y":369,"width":765,"height":11}},{"id":"2002f5d0-cd8b-4c65-b5d8-4a5439079afe","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":41,"box":{"x":70,"y":384,"width":819,"height":11}},{"id":"2fbe929a-932c-41be-9f3c-af4168525076","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":41,"box":{"x":69,"y":399,"width":818,"height":12}},{"id":"8c7a3a54-9354-4abc-943e-ba60667eed6b","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":41,"box":{"x":68,"y":414,"width":840,"height":12}},{"id":"ead9198d-ce9f-4832-8c42-8b89d3d158e5","block_type":"box","text":"reimburse the Fund for expenses.","page_number":41,"box":{"x":69,"y":429,"width":238,"height":11}},{"id":"84416e47-066d-48dc-aafc-79d6314f67cc","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":41,"box":{"x":102,"y":452,"width":802,"height":11}},{"id":"1e2a9c7c-53aa-44c7-97ea-d07efcfc4bff","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":41,"box":{"x":69,"y":467,"width":830,"height":12}},{"id":"027c0bf2-c769-46bb-8443-97df309dbfc6","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":41,"box":{"x":69,"y":482,"width":788,"height":12}},{"id":"ea7ffb2b-f4ab-464c-806e-67151c23478d","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":41,"box":{"x":69,"y":497,"width":785,"height":12}},{"id":"f3a9890a-19a0-4e27-afee-fe7bb77d692f","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":41,"box":{"x":69,"y":512,"width":816,"height":12}},{"id":"30895826-d2e3-492d-9675-f8fd01be0420","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":41,"box":{"x":69,"y":527,"width":805,"height":12}},{"id":"a3bebd26-5aa0-46ae-aab2-f0c5bc951b36","block_type":"box","text":"shares of the Fund.","page_number":41,"box":{"x":69,"y":543,"width":137,"height":9}},{"id":"cb2c3543-5706-4f78-ae08-94c7294236e7","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust, on behalf of the Fund, to","page_number":41,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"ef87b9b7-c6a5-4aa0-bb0e-3fd3deba36fa","block_type":"box","text":"the Administrator, and the amounts waived, for the past three fiscal years.","page_number":41,"box":{"x":68,"y":581,"width":530,"height":11}},{"id":"627e33a2-e470-48b7-aa98-4f07d280dee5","block_type":"box","text":"Fees Paid to","page_number":41,"box":{"x":662,"y":609,"width":72,"height":7}},{"id":"48dc2a33-f5c6-4f5b-b10f-3c253e596a3f","block_type":"box","text":"the 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2024","page_number":41,"box":{"x":70,"y":652,"width":279,"height":11}},{"id":"3e7c34d5-929b-4f4e-8274-290d336fe077","block_type":"box","text":".................................","page_number":41,"box":{"x":353,"y":659,"width":263,"height":2}},{"id":"c495bcd0-40fc-46a8-8f1a-fcbe5dd882cd","block_type":"box","text":"$346,191 $111,268","page_number":41,"box":{"x":662,"y":651,"width":203,"height":11}},{"id":"7bd6fdc9-9c06-474d-8817-92c3fb96fe80","block_type":"box","text":"Fiscal Year Ended September 30, 2023","page_number":41,"box":{"x":70,"y":667,"width":279,"height":11}},{"id":"cb5d60c2-d520-4b6e-a3ab-382a6060942a","block_type":"box","text":".................................","page_number":41,"box":{"x":353,"y":674,"width":263,"height":2}},{"id":"5b0444fa-44f5-40c1-b4d3-9b20bc6ead10","block_type":"box","text":"$329,093 $105,559","page_number":41,"box":{"x":662,"y":666,"width":203,"height":11}},{"id":"267a900c-51a2-42ee-ac94-09911355caf8","block_type":"box","text":"The Trust and its 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$11,649","page_number":42,"box":{"x":722,"y":76,"width":173,"height":11}},{"id":"c7dc423c-d30e-4372-9bad-24f856b2f2d0","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":92,"width":444,"height":11}},{"id":"9b2c5fb9-8401-4151-86af-b2144c11a24e","block_type":"box","text":".....................","page_number":42,"box":{"x":521,"y":99,"width":165,"height":2}},{"id":"3be1d662-9fcc-4993-bfbd-1b9ab9ca7e92","block_type":"box","text":"$19,897 $19,897","page_number":42,"box":{"x":722,"y":91,"width":173,"height":11}},{"id":"4a5d607e-ff7d-413f-b95f-5f9ddfccec6c","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":42,"box":{"x":69,"y":123,"width":335,"height":11}},{"id":"4c0c14b0-4251-4ea0-9541-96eb47897efa","block_type":"box","text":"Raffaele Savi, Travis Cooke, CFA, and Richard Matthieson are the por tfolio managers and are jointly and","page_number":42,"box":{"x":102,"y":146,"width":742,"height":11}},{"id":"fc3cabb7-75ad-4954-b1ef-84593781cced","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund.","page_number":42,"box":{"x":70,"y":161,"width":459,"height":11}},{"id":"e419e8f0-2fd8-4a5e-a04b-c2df6ee8d678","block_type":"box","text":"Other Funds and Accounts Managed","page_number":42,"box":{"x":70,"y":192,"width":257,"height":11}},{"id":"05d180a6-47c5-46f8-830c-72c74a19ba84","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Fund for which the","page_number":42,"box":{"x":101,"y":214,"width":753,"height":11}},{"id":"ed36896e-4ead-4427-9380-df3924375694","block_type":"box","text":"por tfolio managers are primarily responsible for the day-to-day por tfolio management as of September 30, 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Billion","page_number":42,"box":{"x":329,"y":336,"width":566,"height":9}},{"id":"62402790-d736-4c83-bd0a-3b0af50be87c","block_type":"box","text":"Richard Mathieson 25 205 42 0 4 10","page_number":42,"box":{"x":74,"y":349,"width":792,"height":8}},{"id":"0b7bca0b-c1f5-42bf-a0e2-cbf4cdd119ee","block_type":"box","text":"$30.78 Billion $33.36 Billion $58.96 Billion $0 $2.28 Billion $10.81 Billion","page_number":42,"box":{"x":329,"y":361,"width":570,"height":9}},{"id":"8ae5ddc1-eba4-463a-845a-18f91dff5b7d","block_type":"box","text":"Raffaele Savi 33 62 19 0 11 3","page_number":42,"box":{"x":74,"y":375,"width":788,"height":7}},{"id":"c99be375-42de-49de-a9f2-1fd0665a0752","block_type":"box","text":"$40.45 Billion $42.26 Billion $35.22 Billion $0 $15.85 Billion $3.87 Billion","page_number":42,"box":{"x":329,"y":387,"width":566,"height":8}},{"id":"69edd70e-d8c4-4072-8676-f39c4d7b0e59","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":42,"box":{"x":69,"y":421,"width":304,"height":12}},{"id":"82ea08b3-211e-46fd-83d0-8f4070c09026","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of September 30, 2025.","page_number":42,"box":{"x":101,"y":444,"width":705,"height":11}},{"id":"596de903-9979-467c-b463-7cd8bc977878","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":42,"box":{"x":102,"y":467,"width":774,"height":11}},{"id":"ab43f35f-786e-4013-a26b-9d8a010c62cf","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":42,"box":{"x":70,"y":482,"width":837,"height":11}},{"id":"b7101471-8bdf-408e-9639-ab1878144aab","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":42,"box":{"x":69,"y":497,"width":823,"height":11}},{"id":"b7b0d406-96c9-49ce-8981-713b4b4ad360","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":42,"box":{"x":69,"y":512,"width":799,"height":11}},{"id":"a6752ad2-fa14-4e22-9430-c5c3045c2056","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":42,"box":{"x":70,"y":527,"width":670,"height":11}},{"id":"b040f571-b97c-404a-84c5-d16b7426a1c8","block_type":"box","text":"Base Compensation.","page_number":42,"box":{"x":102,"y":550,"width":148,"height":11}},{"id":"11e7af6e-3efd-4dad-a82a-768bac597e3b","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":42,"box":{"x":257,"y":550,"width":640,"height":11}},{"id":"64a05600-fa3e-44a2-9653-cf0038526f2d","block_type":"box","text":"firm.","page_number":42,"box":{"x":68,"y":565,"width":32,"height":9}},{"id":"2bb92592-8941-456e-9bc2-dff94fe8a85a","block_type":"box","text":"Discretionary Incentive Compensation","page_number":42,"box":{"x":69,"y":595,"width":277,"height":11}},{"id":"195bd967-9dec-4440-a72c-805e504b9b3f","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":42,"box":{"x":102,"y":618,"width":792,"height":11}},{"id":"a9a902cc-8524-402c-ac78-b30316855255","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":42,"box":{"x":68,"y":633,"width":800,"height":11}},{"id":"5f6070d5-1e16-4896-867a-c6c0ffd1b40f","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":42,"box":{"x":69,"y":648,"width":777,"height":11}},{"id":"491ad570-864e-4d4f-9915-a4926e4e750c","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":42,"box":{"x":70,"y":663,"width":817,"height":11}},{"id":"8b9e1974-5c56-48a0-acf8-24560e21bc84","block_type":"box","text":"por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":42,"box":{"x":70,"y":678,"width":741,"height":12}},{"id":"87b0e9fe-d16c-4c90-8059-2ddec0a39b6d","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Funds and","page_number":42,"box":{"x":69,"y":693,"width":818,"height":12}},{"id":"33bf9f7c-6882-4e58-b8f3-e5d490f1dc60","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance is generally","page_number":42,"box":{"x":69,"y":709,"width":806,"height":11}},{"id":"abce1e8f-7a7a-4bc6-801f-3413eabdc052","block_type":"box","text":"assessed over trailing 1-, 3-, and 5-year periods relative to applicable benchmarks. The per formance of Messrs. Savi,","page_number":42,"box":{"x":69,"y":724,"width":836,"height":11}},{"id":"0b1f435b-0337-4c75-81d7-3c6e15636f51","block_type":"box","text":"Cooke and Mathieson is not measured against a specific benchmark.","page_number":42,"box":{"x":69,"y":739,"width":493,"height":11}},{"id":"6da441df-e5db-4cd9-b648-0c1a8a7c819a","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":762,"width":389,"height":11}},{"id":"62614403-f2d9-483e-9a1b-a6cf68900364","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":42,"box":{"x":499,"y":762,"width":383,"height":11}},{"id":"70636ffa-028c-4773-8c9b-5c8885f5d822","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":42,"box":{"x":70,"y":777,"width":815,"height":11}},{"id":"3eb818c7-96ec-4f04-91e9-577d7db2e5fb","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":42,"box":{"x":68,"y":792,"width":522,"height":11}},{"id":"9fca7b6e-eb8b-4198-8faf-c268f5b2cd10","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":42,"box":{"x":102,"y":814,"width":760,"height":12}},{"id":"7e4ea5c8-b6fb-47f1-97fc-a52ffbbed1ae","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":42,"box":{"x":69,"y":829,"width":795,"height":12}},{"id":"11727a5b-8e0e-4300-afd7-fb8534c7f427","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":42,"box":{"x":69,"y":845,"width":805,"height":11}},{"id":"7c10d107-b342-4c33-8f39-d3daaf404dfc","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":42,"box":{"x":69,"y":860,"width":822,"height":11}},{"id":"8d718ef1-93d5-4e9a-ae41-250a77e91468","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":42,"box":{"x":68,"y":875,"width":839,"height":11}},{"id":"9636c449-aeb4-4c9c-94f9-476a78e6d5ef","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":42,"box":{"x":69,"y":890,"width":802,"height":11}},{"id":"c654f9e2-8151-459d-90ce-e9d157dafc89","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":42,"box":{"x":70,"y":905,"width":820,"height":11}},{"id":"a15d483f-d574-430e-8b81-b335d2e94df1","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c9861085-6e64-4a76-85ef-d96f04fb24a9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64325020-3b2d-400f-9c56-625572e94d81","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":43,"box":{"x":70,"y":45,"width":801,"height":11}},{"id":"98019c66-1ad8-46c1-b287-9e567ae4dc29","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":43,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"15a3e6aa-de59-4fbd-b08d-126ec8dd6277","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":43,"box":{"x":69,"y":75,"width":479,"height":11}},{"id":"9a4177a3-d615-493c-9607-24573e4ce50d","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":43,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"b72610d9-391e-4b4d-84a4-b366f36690bb","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":43,"box":{"x":68,"y":113,"width":836,"height":11}},{"id":"7367721a-a65a-4893-a03e-8e9dd340254e","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":43,"box":{"x":68,"y":128,"width":821,"height":11}},{"id":"11007e59-da12-4523-99e4-7f7db97cf78a","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":43,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"ba19ec88-9908-4f25-8674-a76ff8def022","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":43,"box":{"x":70,"y":158,"width":835,"height":11}},{"id":"d725c279-b2d8-47c0-afce-b4835df4cb07","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":43,"box":{"x":69,"y":173,"width":414,"height":11}},{"id":"9509d34f-7259-409c-9fa4-d88e6cdd216d","block_type":"box","text":"Other Compensation Benefits.","page_number":43,"box":{"x":101,"y":196,"width":218,"height":11}},{"id":"d703aa19-dfe9-430b-bb05-8c9cec9d1668","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":43,"box":{"x":327,"y":196,"width":552,"height":11}},{"id":"b977af7e-4cdf-4126-94c3-5e532461603d","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":43,"box":{"x":69,"y":211,"width":582,"height":11}},{"id":"15f5bf72-8306-4aaf-8438-76d53eabd5ed","block_type":"box","text":"Incentive Savings Plans","page_number":43,"box":{"x":102,"y":234,"width":167,"height":11}},{"id":"201b5647-11d3-48c3-a628-c9378ed63eb5","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":43,"box":{"x":274,"y":234,"width":614,"height":11}},{"id":"2346a990-b679-4af4-a46d-64473b1b9dfd","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":43,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"7763d2a3-58b9-45fc-9123-03c2df4fe0c1","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":43,"box":{"x":70,"y":264,"width":785,"height":11}},{"id":"ed1954fd-e97e-45e3-923a-194e2c0fd87e","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":43,"box":{"x":69,"y":278,"width":830,"height":12}},{"id":"a4d2791d-39b7-4b81-a4d4-4f0d0b9589a6","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":43,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"69ad1966-cd66-479d-9a7c-ed4e1f752c21","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":43,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"f1707a35-925a-4d88-94c5-4fa99b3f05cf","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":43,"box":{"x":69,"y":324,"width":798,"height":12}},{"id":"0dba1aa7-19a0-4793-b194-7fbae07c6e70","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":43,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"981226bd-e2ae-452d-b14e-b053b5f9faf0","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":43,"box":{"x":68,"y":355,"width":793,"height":11}},{"id":"d1cb9ece-244a-49fb-a3c3-e2b50e813a59","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":43,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"90323564-f26b-43de-afae-6dacd50adf1f","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":43,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"133b4a29-42f0-483a-8428-3fdd6f832868","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":43,"box":{"x":69,"y":399,"width":808,"height":12}},{"id":"170a883a-3ef7-4be7-ab32-fa6278dba52c","block_type":"box","text":"par ticipate in these plans.","page_number":43,"box":{"x":70,"y":415,"width":185,"height":11}},{"id":"616bd6d6-d3d7-4d55-9249-341c3687068a","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":43,"box":{"x":69,"y":445,"width":268,"height":12}},{"id":"2fcd3b9f-0788-42a0-a96a-37034b4c5fa5","block_type":"box","text":"As of September 30, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":43,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"bb22fb31-aa34-4f57-84e3-d0ff54522b43","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":43,"box":{"x":69,"y":483,"width":519,"height":11}},{"id":"13c528f7-2808-4456-80d9-2cefdbc14b34","block_type":"box","text":"Portfolio Manager","page_number":43,"box":{"x":69,"y":521,"width":105,"height":9}},{"id":"fc917fba-b649-4094-a853-56d3965128c6","block_type":"box","text":"Dollar Range of Equity","page_number":43,"box":{"x":759,"y":511,"width":129,"height":9}},{"id":"1da1003c-351c-4c16-8931-be9eef07baaa","block_type":"box","text":"Securities Beneficially Owned","page_number":43,"box":{"x":736,"y":521,"width":173,"height":9}},{"id":"6e8aae4c-df4e-4611-9d3f-e01587cf6e59","block_type":"box","text":"Travis Cooke, CFA. . .","page_number":43,"box":{"x":68,"y":539,"width":148,"height":11}},{"id":"5c7b9573-6fcd-43fa-b7df-95f749ae492e","block_type":"box","text":"............................................................","page_number":43,"box":{"x":223,"y":547,"width":482,"height":1}},{"id":"e2a1ca8c-3f6d-499f-818d-1233a0d11b13","block_type":"box","text":"$100,001 - $500,000","page_number":43,"box":{"x":744,"y":538,"width":158,"height":12}},{"id":"a45de5b4-0e8d-4bca-ba2b-3d8ede6d5bfd","block_type":"box","text":"Richard Mathieson .","page_number":43,"box":{"x":70,"y":554,"width":138,"height":9}},{"id":"72ebf59d-de3c-43d0-9ec9-628dd97a0cc3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":214,"y":554,"width":627,"height":9}},{"id":"db223a7a-4c0b-4737-8da6-bd078f0cd2a8","block_type":"box","text":"Raffaele Savi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":70,"y":569,"width":771,"height":9}},{"id":"12cf56bd-81c9-4deb-8aaf-baf5cf768ff9","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":43,"box":{"x":69,"y":601,"width":403,"height":11}},{"id":"28417020-6ccc-461b-9414-fbe4082e34aa","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":43,"box":{"x":102,"y":623,"width":727,"height":12}},{"id":"7de7aa0d-61e2-4da0-88bf-d630f5444313","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":43,"box":{"x":70,"y":639,"width":814,"height":11}},{"id":"258632c1-7a19-4a60-9432-a42c6ea04850","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":43,"box":{"x":70,"y":654,"width":837,"height":11}},{"id":"4a0562c1-2742-4b93-8861-da2c1f6e3ba7","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":43,"box":{"x":70,"y":669,"width":810,"height":11}},{"id":"5a05beb5-d2c7-4f9e-8c1b-4dcc4f12433c","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":43,"box":{"x":69,"y":684,"width":782,"height":11}},{"id":"26afdc10-09f4-4068-8c99-0765351618af","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":43,"box":{"x":69,"y":699,"width":830,"height":11}},{"id":"bba060d5-63ed-4bff-8cb4-2e3afea983a5","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":43,"box":{"x":69,"y":714,"width":828,"height":12}},{"id":"624ce17c-e615-438d-8f75-b3cc4071fff6","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":43,"box":{"x":68,"y":729,"width":834,"height":12}},{"id":"5e9cefe7-48df-4abb-9929-8dc097ed550e","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":43,"box":{"x":70,"y":744,"width":777,"height":12}},{"id":"26ca8df4-7dc1-462c-aae4-cd18e66a2736","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":43,"box":{"x":70,"y":760,"width":821,"height":11}},{"id":"b1be627f-025f-49f7-b5e2-719ec868b704","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":43,"box":{"x":69,"y":775,"width":819,"height":11}},{"id":"e6e8a14e-e492-48de-9bee-65a88441815e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":43,"box":{"x":69,"y":790,"width":832,"height":11}},{"id":"bb7a63c6-10c3-42bd-9544-d6f19eaaf143","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":43,"box":{"x":68,"y":805,"width":804,"height":11}},{"id":"e1185638-b36d-40c1-abd0-d7284d63b2dd","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":43,"box":{"x":69,"y":820,"width":760,"height":11}},{"id":"a6623182-150a-4dee-9bdd-1cbd3bb2e935","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":43,"box":{"x":69,"y":835,"width":834,"height":11}},{"id":"111e3cd4-0dfe-4da5-a8fe-44a28e12cb63","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":43,"box":{"x":69,"y":850,"width":836,"height":12}},{"id":"754dc552-8f4f-4df5-9df0-9b9330fe78d9","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":43,"box":{"x":69,"y":865,"width":822,"height":12}},{"id":"f6125b4e-f821-4af1-896a-f53e6ba6ecfa","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":43,"box":{"x":70,"y":881,"width":835,"height":11}},{"id":"0d377649-db5c-4578-ad32-bc47b4a1b603","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Cooke, Mathieson and Savi","page_number":43,"box":{"x":69,"y":896,"width":806,"height":11}},{"id":"463d02b0-56af-4a70-af29-ff45faabcbfb","block_type":"box","text":"may be managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long","page_number":43,"box":{"x":69,"y":911,"width":834,"height":11}},{"id":"10151ef3-6fc5-45e7-ab86-a3543712433d","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e881477d-9fd5-43c3-9779-4a7030a7ab0c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f6730de-c771-4928-b5c7-917cfc9cc5e4","block_type":"box","text":"only accounts, subject to incentive fees. Messrs. Cooke, Mathieson and Savi may therefore be entitled to receive a","page_number":44,"box":{"x":69,"y":45,"width":822,"height":11}},{"id":"e0642711-f700-4720-8433-9483b2caecde","block_type":"box","text":"por tion of any incentive fees earned on such accounts.","page_number":44,"box":{"x":70,"y":60,"width":390,"height":11}},{"id":"5af28c02-160b-483b-b209-c26da8a48dfe","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":44,"box":{"x":101,"y":82,"width":788,"height":12}},{"id":"64825268-66a0-4fe2-9cb5-8dc3b7db6e4f","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":44,"box":{"x":70,"y":98,"width":839,"height":11}},{"id":"4d70adb6-57d7-4539-b8d5-1cebddc2844d","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":44,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"38b383a5-175d-4b17-9b73-c02bab295283","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":44,"box":{"x":68,"y":128,"width":812,"height":11}},{"id":"550b5142-6ee0-4bad-9767-4d3f11b6398d","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":44,"box":{"x":69,"y":143,"width":777,"height":11}},{"id":"9a3da5d1-392f-46e7-8c34-c3bd0970d0df","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":44,"box":{"x":70,"y":158,"width":826,"height":11}},{"id":"994d5b4a-b2e8-4ea8-861b-2eb0a426d744","block_type":"box","text":"Accounting Services","page_number":44,"box":{"x":68,"y":188,"width":150,"height":11}},{"id":"301977d7-8a3b-4693-a0f9-45798f3d049f","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY MIS”) serves as the accounting services provider for the Fund.","page_number":44,"box":{"x":102,"y":211,"width":800,"height":11}},{"id":"7d5ca3bb-718f-481a-b0d3-afa2c439dbf8","block_type":"box","text":"BNY MIS records investment, capital share and income and expense activities; verifies and transmits trade tickets;","page_number":44,"box":{"x":70,"y":226,"width":819,"height":11}},{"id":"34ebfa32-ad52-4824-b478-d5662bf21fb9","block_type":"box","text":"maintains accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Fund’s","page_number":44,"box":{"x":69,"y":241,"width":761,"height":11}},{"id":"32fb3c4a-5d5a-46f9-b906-37712a999004","block_type":"box","text":"custodian; repor ts cash balances to BlackRock; prepares cer tain financial statements; calculates expenses, gains,","page_number":44,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"dac129ee-5af6-4a51-955d-ec917161968a","block_type":"box","text":"losses and income; controls disbursements; works with independent pricing sources; and computes and repor ts net","page_number":44,"box":{"x":70,"y":272,"width":829,"height":11}},{"id":"e9a5a3d9-3356-4f48-b881-1ff4787326d8","block_type":"box","text":"asset value. In connection with its accounting services, BNY MIS also provides cer tain administration services.","page_number":44,"box":{"x":69,"y":287,"width":793,"height":11}},{"id":"d27a5bdf-084a-48c4-8790-572a8692551c","block_type":"box","text":"The table below shows the amounts paid by the Fund to BNY MIS for accounting services for the past three","page_number":44,"box":{"x":101,"y":309,"width":766,"height":11}},{"id":"1a99ea0d-24c4-4805-821a-07170931b92e","block_type":"box","text":"fiscal years:","page_number":44,"box":{"x":68,"y":324,"width":85,"height":11}},{"id":"48a110d8-c450-4ca4-b87b-2a63c7e6df98","block_type":"box","text":"Fees Paid to BNY MIS","page_number":44,"box":{"x":781,"y":353,"width":128,"height":7}},{"id":"d15da3fa-a8cf-4815-ac76-4c3519f13e8d","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . .","page_number":44,"box":{"x":70,"y":370,"width":297,"height":11}},{"id":"687bcaaf-cd78-4ef2-b10b-a54914306bbc","block_type":"box","text":"...............................................","page_number":44,"box":{"x":373,"y":378,"width":377,"height":1}},{"id":"85b1d7f0-395e-4b55-9d47-7acfadcc67f1","block_type":"box","text":"$69,044","page_number":44,"box":{"x":814,"y":370,"width":62,"height":11}},{"id":"959cc564-d1b0-4340-8c9a-050c34e4f3d4","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . .","page_number":44,"box":{"x":70,"y":386,"width":297,"height":10}},{"id":"35220d10-cd9a-427f-be3a-55ebd18012c5","block_type":"box","text":"...............................................","page_number":44,"box":{"x":373,"y":393,"width":377,"height":1}},{"id":"9275f8a5-3141-4a10-b5d4-c77e9513acb6","block_type":"box","text":"$66,730","page_number":44,"box":{"x":814,"y":385,"width":62,"height":11}},{"id":"0ffdc04f-4b52-409f-ae96-9abe517b75d0","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . .","page_number":44,"box":{"x":70,"y":401,"width":297,"height":11}},{"id":"d3d97b4d-701e-41bf-82b9-d0ee48d555de","block_type":"box","text":"...............................................","page_number":44,"box":{"x":373,"y":408,"width":377,"height":1}},{"id":"3ab53c23-68fc-4f35-8721-ab00ef958447","block_type":"box","text":"$65,260","page_number":44,"box":{"x":814,"y":400,"width":62,"height":11}},{"id":"89fccb89-a87c-4bb7-b21a-2d91ffdeb773","block_type":"box","text":"Custodian","page_number":44,"box":{"x":69,"y":432,"width":72,"height":9}},{"id":"df818b6d-81bb-4baa-9c0d-00c4c2341b3c","block_type":"box","text":"The Bank of New York Mellon, which has its principal place of business at 240 Greenwich Street, New York, NY","page_number":44,"box":{"x":101,"y":455,"width":791,"height":11}},{"id":"61fb38e8-5cd6-4d38-9493-3c03a2e5c623","block_type":"box","text":"10286, serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities,","page_number":44,"box":{"x":70,"y":470,"width":778,"height":11}},{"id":"3f7b574a-8c6b-4659-ab72-cb455d4468ac","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":44,"box":{"x":69,"y":485,"width":832,"height":11}},{"id":"eab61c1c-dcfc-48af-9993-ef6eb0a8b4c0","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":44,"box":{"x":70,"y":500,"width":813,"height":11}},{"id":"7d847da7-357b-43f0-a73f-62dfa68bc2eb","block_type":"box","text":"account of the assets of the Fund.","page_number":44,"box":{"x":69,"y":515,"width":244,"height":9}},{"id":"8c8b282d-ca7d-4ad7-b713-f8cb324ae2b2","block_type":"box","text":"Transfer Agent","page_number":44,"box":{"x":68,"y":545,"width":107,"height":12}},{"id":"618ee8ae-21b3-4a1d-8adb-e24a0e06dff0","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":44,"box":{"x":102,"y":568,"width":784,"height":11}},{"id":"f2ce9739-9b1b-43f1-9f3b-b00aa0d125b1","block_type":"box","text":"Wilmington, DE 19809, serves as transfer agent and dividend disbursing agent for the Fund.","page_number":44,"box":{"x":68,"y":583,"width":660,"height":12}},{"id":"4526d67e-6fbd-4720-b81b-92d8cc2a3c8d","block_type":"box","text":"Credit Agreement","page_number":44,"box":{"x":69,"y":614,"width":129,"height":11}},{"id":"57c75970-c6bc-498d-9b01-fb4794ee6418","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":44,"box":{"x":101,"y":636,"width":757,"height":11}},{"id":"3f364a43-7ef3-48af-b130-2c10333f95ac","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":44,"box":{"x":69,"y":651,"width":817,"height":12}},{"id":"27e56572-541b-4102-9f9f-2d23cc9b3e58","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":44,"box":{"x":68,"y":666,"width":743,"height":12}},{"id":"0c8ad497-ebc5-4187-ae22-5aa3251ad5e2","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":44,"box":{"x":69,"y":681,"width":825,"height":12}},{"id":"5181fb50-d72a-43c8-bfa0-47558296dfa4","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":44,"box":{"x":68,"y":696,"width":818,"height":12}},{"id":"e170f6db-0aca-4611-b054-66ed14bf191c","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":44,"box":{"x":70,"y":712,"width":761,"height":11}},{"id":"b80a4013-75d1-41b9-8e3d-470efe5e1048","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":44,"box":{"x":69,"y":727,"width":768,"height":11}},{"id":"e51ca121-ff78-4161-b974-f9693964eb6b","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":44,"box":{"x":68,"y":742,"width":825,"height":11}},{"id":"46542387-29de-48e1-b842-b6b5cde004e8","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":44,"box":{"x":69,"y":757,"width":805,"height":11}},{"id":"b01dbbc7-59ad-4f0f-8a0c-4bc3c2b1f628","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":44,"box":{"x":69,"y":772,"width":838,"height":11}},{"id":"97557b12-c13a-4000-a62b-aee93e127e61","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":44,"box":{"x":68,"y":787,"width":801,"height":12}},{"id":"afd5ad4f-57a7-4482-a28e-e149b2e4a9ad","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":44,"box":{"x":69,"y":802,"width":833,"height":12}},{"id":"2bf69ca0-6110-48bd-9659-4cd13421dc08","block_type":"box","text":"charged interest at a variable rate.","page_number":44,"box":{"x":69,"y":818,"width":245,"height":11}},{"id":"2e51afc9-331e-4af5-9c37-18c119366f9d","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":44,"box":{"x":68,"y":848,"width":491,"height":11}},{"id":"da758f6f-febf-4412-a50d-25efa3edb491","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":44,"box":{"x":102,"y":870,"width":773,"height":12}},{"id":"a42e265f-af54-4e8e-8386-09c82b201b18","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“affiliates”) for the Fund’s last three","page_number":44,"box":{"x":69,"y":886,"width":818,"height":11}},{"id":"b72dd150-1d1d-49d8-bb4c-9d341f218ec7","block_type":"box","text":"fiscal years. BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":44,"box":{"x":68,"y":901,"width":749,"height":11}},{"id":"b570dd8a-f8dc-4431-9f4e-819f61838c84","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f9ecf07e-fefe-4052-9c0c-7eb5eecf1f17","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08d0d404-9c8a-42d2-829b-8ec2f5321fa8","block_type":"box","text":"Investor A Shares","page_number":45,"box":{"x":674,"y":49,"width":102,"height":7}},{"id":"fff27433-a27b-4b7a-9ab9-4281485b9b8c","block_type":"box","text":"Gross","page_number":45,"box":{"x":561,"y":75,"width":32,"height":7}},{"id":"be02c0b6-a800-4a18-bcb3-2dbbda0f0e52","block_type":"box","text":"Sales","page_number":45,"box":{"x":561,"y":85,"width":31,"height":7}},{"id":"3ffe1465-87f6-4667-b6de-7a7f7f3e9002","block_type":"box","text":"Charges","page_number":45,"box":{"x":553,"y":95,"width":48,"height":9}},{"id":"d808975d-d872-4bb6-82f9-81985f9c85e8","block_type":"box","text":"Collected","page_number":45,"box":{"x":550,"y":105,"width":54,"height":7}},{"id":"94c10652-c589-4845-a49d-63aa103cc644","block_type":"box","text":"Sales","page_number":45,"box":{"x":662,"y":75,"width":31,"height":7}},{"id":"0c433c0c-f0da-49d6-b48d-e9876cf572b2","block_type":"box","text":"Charges","page_number":45,"box":{"x":654,"y":85,"width":47,"height":9}},{"id":"05ad3a28-68e6-4e4c-abc2-fdbf513d0941","block_type":"box","text":"Retained by","page_number":45,"box":{"x":644,"y":95,"width":68,"height":9}},{"id":"9b0e4d13-726e-4293-9590-0fcb9682e2d5","block_type":"box","text":"BRIL","page_number":45,"box":{"x":665,"y":105,"width":26,"height":7}},{"id":"0994744f-3239-49f0-950e-317d97dda68b","block_type":"box","text":"Sales","page_number":45,"box":{"x":753,"y":75,"width":31,"height":7}},{"id":"e37cb06c-390e-4cf7-932d-1f5209981a19","block_type":"box","text":"Charges","page_number":45,"box":{"x":745,"y":85,"width":47,"height":9}},{"id":"53ce7712-cd03-4f2c-a91d-a55be3cade91","block_type":"box","text":"Paid To","page_number":45,"box":{"x":748,"y":95,"width":41,"height":7}},{"id":"a95dcd70-c599-4196-a1f0-00fad86a4d7c","block_type":"box","text":"Affiliates","page_number":45,"box":{"x":742,"y":105,"width":52,"height":7}},{"id":"8df36b96-7e10-4b19-8a7d-d5aa953b6ebd","block_type":"box","text":"CDSCs","page_number":45,"box":{"x":847,"y":65,"width":40,"height":7}},{"id":"28a5380d-8244-4deb-8621-2ca49ac69c23","block_type":"box","text":"Received on","page_number":45,"box":{"x":832,"y":75,"width":70,"height":7}},{"id":"5c29366a-2a15-4989-9cf2-bdfde85c4f8e","block_type":"box","text":"Redemption of","page_number":45,"box":{"x":826,"y":85,"width":84,"height":9}},{"id":"633531ce-4276-4027-892b-4de4c7f51727","block_type":"box","text":"Load-Waived","page_number":45,"box":{"x":832,"y":95,"width":71,"height":7}},{"id":"15d719a7-ee91-4b06-96a8-7c8ad456b9c0","block_type":"box","text":"Shares","page_number":45,"box":{"x":847,"y":105,"width":40,"height":7}},{"id":"46fd46b2-9aa1-4f3e-976b-27b64af0c5c3","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . .","page_number":45,"box":{"x":70,"y":123,"width":293,"height":11}},{"id":"d90c512d-a533-444a-94cf-b3f904bb3d21","block_type":"box","text":"..................","page_number":45,"box":{"x":369,"y":130,"width":140,"height":2}},{"id":"df0dccb8-b9f8-4d23-ad89-e6b0bdfc5082","block_type":"box","text":"$123,308 $8,749 $8,749 $ 465","page_number":45,"box":{"x":541,"y":122,"width":352,"height":11}},{"id":"95f523a6-9bc2-49d5-bac7-e30e065e6e88","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . .","page_number":45,"box":{"x":70,"y":138,"width":293,"height":11}},{"id":"e02e2434-395b-4fb2-bf08-fce40351e584","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 53,106 $3,816 $3,816 $1,169","page_number":45,"box":{"x":369,"y":137,"width":524,"height":11}},{"id":"f70e31ba-70a9-4283-b3ca-7e5fd9261a13","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . .","page_number":45,"box":{"x":70,"y":153,"width":293,"height":11}},{"id":"6ce9bfcb-1c70-4233-8310-98c8e8b5e214","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 65,534 $4,502 $4,502 $1,114","page_number":45,"box":{"x":369,"y":152,"width":525,"height":11}},{"id":"7a84beca-4aa4-422f-9b48-b0ce59ba2133","block_type":"box","text":"The table below provides information for the fiscal year ended September 30, 2025 about the 12b-1 fees the","page_number":45,"box":{"x":101,"y":177,"width":780,"height":11}},{"id":"25a8a842-ea06-4a52-95de-d2c35394d4d4","block_type":"box","text":"Fund paid to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for","page_number":45,"box":{"x":70,"y":192,"width":800,"height":11}},{"id":"3c471c25-d07e-4c30-8949-df6c530fa524","block_type":"box","text":"providing shareholder servicing activities for Investor A Shares and for providing shareholder servicing and","page_number":45,"box":{"x":70,"y":207,"width":756,"height":11}},{"id":"4e45512d-3c40-409a-bf76-fc11a70f04ce","block_type":"box","text":"distribution related activities and services for Class R Shares.","page_number":45,"box":{"x":69,"y":222,"width":441,"height":9}},{"id":"df065bde-1fb7-430d-b78b-c477c330a4fd","block_type":"box","text":"Class Name","page_number":45,"box":{"x":69,"y":251,"width":68,"height":7}},{"id":"c9600234-39f9-45b9-8176-7986ba57a2e9","block_type":"box","text":"Fees Paid to BRIL","page_number":45,"box":{"x":806,"y":251,"width":103,"height":7}},{"id":"8a6360b5-d01a-4135-a161-3916bef41abe","block_type":"box","text":"Investor A Shares .","page_number":45,"box":{"x":70,"y":268,"width":134,"height":9}},{"id":"57286e65-6f95-46cb-b210-24d15b7c43ed","block_type":"box","text":"......................................................................","page_number":45,"box":{"x":210,"y":276,"width":564,"height":1}},{"id":"c520dc12-cb45-4c73-88e7-5dc580c7bb2e","block_type":"box","text":"$399,035","page_number":45,"box":{"x":822,"y":268,"width":71,"height":11}},{"id":"d2d1e4ac-bd41-4732-8f17-7c79d8992ede","block_type":"box","text":"Class R Shares","page_number":45,"box":{"x":69,"y":283,"width":109,"height":9}},{"id":"bee5d449-3d16-4c82-b974-60bfd4a0d757","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36,620","page_number":45,"box":{"x":185,"y":283,"width":708,"height":11}},{"id":"0ca52751-864e-4f80-a53f-60c59a8088ec","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":45,"box":{"x":68,"y":315,"width":318,"height":11}},{"id":"204f0aaf-ece3-4188-adaa-7fd0615fa797","block_type":"box","text":"An illustration of the computation of the offering price of the Investor A Shares [var:and Investor A1,0000s5] of","page_number":45,"box":{"x":101,"y":338,"width":794,"height":11}},{"id":"d065a5db-06ee-49bf-8f80-d4aaebf1fef1","block_type":"box","text":"each Fund based on the value of the Fund’s Investor A Shares’ net assets and the number of Investor A Shares","page_number":45,"box":{"x":69,"y":353,"width":796,"height":9}},{"id":"86ac98e1-a8db-4846-b252-f6486992bfd4","block_type":"box","text":"outstanding on September 30, 2025, is set for th below.","page_number":45,"box":{"x":69,"y":368,"width":399,"height":11}},{"id":"3fdccffd-1674-4bde-a45c-796a19304da2","block_type":"box","text":"Investor A Shares","page_number":45,"box":{"x":805,"y":396,"width":102,"height":7}},{"id":"0d992dfe-58a1-4996-bae6-a9ae7352423a","block_type":"box","text":"Net Assets","page_number":45,"box":{"x":70,"y":414,"width":76,"height":9}},{"id":"094f2629-160a-4df7-8d38-0ab51c0d21b1","block_type":"box","text":"............................................................................","page_number":45,"box":{"x":158,"y":421,"width":613,"height":2}},{"id":"0e9b3e7f-9593-42a3-a047-d15f233d664d","block_type":"box","text":"$175,389,492","page_number":45,"box":{"x":803,"y":413,"width":106,"height":11}},{"id":"3296da90-5b1a-451a-ab72-5eeb08f9e448","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":45,"box":{"x":70,"y":429,"width":245,"height":11}},{"id":"6b4b0a15-5030-4dad-93e8-c21594c4bc31","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,","page_number":45,"box":{"x":321,"y":429,"width":524,"height":10}},{"id":"663d0420-598e-4c2b-b350-a3448af15533","block_type":"box","text":"537,118","page_number":45,"box":{"x":847,"y":429,"width":62,"height":10}},{"id":"1650db83-5c9a-40fb-a104-3dba2ef150f7","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":45,"box":{"x":70,"y":444,"width":571,"height":11}},{"id":"22945463-340e-43a2-b318-318fcc34222d","block_type":"box","text":"................","page_number":45,"box":{"x":647,"y":451,"width":124,"height":2}},{"id":"840c5809-3540-4e80-aebe-c962da18ba8d","block_type":"box","text":"$15.20","page_number":45,"box":{"x":857,"y":443,"width":52,"height":11}},{"id":"80ad9cc9-cf58-41a7-b3c4-2d7c61de7c8c","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":45,"box":{"x":69,"y":459,"width":534,"height":11}},{"id":"843a6b9a-2cfd-42e0-a472-0b67c73434fa","block_type":"box","text":"1","page_number":45,"box":{"x":604,"y":460,"width":4,"height":4}},{"id":"576dbee5-9e21-4f7f-9310-96ab6bb24c66","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $.84","page_number":45,"box":{"x":615,"y":458,"width":294,"height":11}},{"id":"43ca3b7c-a63d-4ec2-a2b5-1158bc395a6c","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":45,"box":{"x":69,"y":479,"width":702,"height":11}},{"id":"641823e1-9ea9-4382-a7b3-aa1ee6e2206c","block_type":"box","text":"$16.04","page_number":45,"box":{"x":857,"y":478,"width":52,"height":10}},{"id":"648e7c8a-d991-4aff-b480-5b3cbf43820f","block_type":"box","text":"1","page_number":45,"box":{"x":69,"y":511,"width":3,"height":3}},{"id":"93e5818c-37ab-4a1e-aa21-17de86de70c5","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":45,"box":{"x":94,"y":511,"width":541,"height":9}},{"id":"6173af86-ae3c-4349-8d4f-be167e2cff2a","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":45,"box":{"x":101,"y":532,"width":787,"height":11}},{"id":"993042fe-ec24-4155-98f9-d703fddf6e9a","block_type":"box","text":"set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":45,"box":{"x":69,"y":547,"width":833,"height":11}},{"id":"bffe39b3-d35f-4b99-b5d3-0dfc99269d78","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":45,"box":{"x":69,"y":562,"width":813,"height":11}},{"id":"a4e9c1c4-f1d0-49b7-b5c4-814ade325fbc","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":45,"box":{"x":69,"y":577,"width":377,"height":11}},{"id":"9b3f438d-2773-46b1-bc18-e9965f5ec695","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":45,"box":{"x":68,"y":607,"width":302,"height":11}},{"id":"f517b2e8-45e0-4f11-bed3-623b8caa1353","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":45,"box":{"x":102,"y":630,"width":609,"height":11}},{"id":"e13cde00-81e1-492f-8ab2-4d5880274340","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":45,"box":{"x":102,"y":652,"width":794,"height":12}},{"id":"1d0b8d75-29e3-430f-8c37-a2b4d9876fcc","block_type":"box","text":"for th in the following table:","page_number":45,"box":{"x":68,"y":668,"width":191,"height":11}},{"id":"7f926b66-1df1-488b-b99f-f2798e71025e","block_type":"box","text":"Aggregate Brokerage","page_number":45,"box":{"x":613,"y":696,"width":125,"height":9}},{"id":"d785f6f3-d7b3-46a5-b0c0-cfd7ffc8fbaf","block_type":"box","text":"Commissions Paid","page_number":45,"box":{"x":623,"y":706,"width":106,"height":7}},{"id":"c8c0cb46-6f97-476a-8c38-820b7965559d","block_type":"box","text":"Brokerage Commissions","page_number":45,"box":{"x":769,"y":696,"width":140,"height":9}},{"id":"f73bb0c9-dcf6-40c2-aa08-e734f3a613c1","block_type":"box","text":"Paid to Affiliates","page_number":45,"box":{"x":791,"y":706,"width":96,"height":7}},{"id":"5db81db7-1c67-4df2-91f6-f55d03dc21fa","block_type":"box","text":"Fiscal Year Ended September 30, 2025. .","page_number":45,"box":{"x":70,"y":724,"width":292,"height":11}},{"id":"e116edf6-2965-4da6-9213-7283bb836eba","block_type":"box","text":"...........................","page_number":45,"box":{"x":369,"y":731,"width":213,"height":2}},{"id":"42a4349b-0f3d-4191-b504-f8a7a0403d29","block_type":"box","text":"$448,906 $0","page_number":45,"box":{"x":640,"y":723,"width":208,"height":11}},{"id":"76143a3c-47be-487d-be39-f7f4819fbdf7","block_type":"box","text":"Fiscal Year Ended September 30, 2024. .","page_number":45,"box":{"x":70,"y":739,"width":292,"height":11}},{"id":"73ea52e4-59b8-464f-a7d0-bc061ce6a4e7","block_type":"box","text":"...........................","page_number":45,"box":{"x":369,"y":746,"width":213,"height":2}},{"id":"ac388cdd-4882-43f2-ab1c-df4b28ac22a3","block_type":"box","text":"$513,528 $0","page_number":45,"box":{"x":640,"y":738,"width":208,"height":11}},{"id":"77904a1c-9de0-4b83-a878-8d52993b2539","block_type":"box","text":"Fiscal Year Ended September 30, 2023. .","page_number":45,"box":{"x":70,"y":754,"width":292,"height":11}},{"id":"b8a9f073-92bf-44ba-aad7-0eb5fb198b57","block_type":"box","text":"...........................","page_number":45,"box":{"x":369,"y":761,"width":213,"height":2}},{"id":"cb60ba1b-4a4a-4437-8d6d-7a69cca6d372","block_type":"box","text":"$533,274 $0","page_number":45,"box":{"x":640,"y":753,"width":208,"height":11}},{"id":"23c999b8-6482-44a5-b4f2-159e1f559d9c","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":45,"box":{"x":101,"y":778,"width":770,"height":11}},{"id":"b59814a9-08b8-47a8-8429-74083869aeae","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":45,"box":{"x":69,"y":793,"width":814,"height":11}},{"id":"6184afed-d3df-469a-bf16-155fb9cadd48","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended September 30, 2025. The","page_number":45,"box":{"x":68,"y":808,"width":790,"height":11}},{"id":"d0105bd5-16bb-4238-baa8-6d84e27bf146","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":45,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"b6d56872-f8e9-4967-aa1f-e5b3ceae8243","block_type":"box","text":"business with such brokers.","page_number":45,"box":{"x":69,"y":839,"width":198,"height":8}},{"id":"ad6c5d27-e390-45e0-b064-6cda8783a124","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"2d15e39f-a53c-435f-9087-d0a5f383eacf","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f96ceaa-d1f6-4783-890b-8b1251264218","block_type":"box","text":"Amount of Commissions","page_number":46,"box":{"x":325,"y":49,"width":141,"height":7}},{"id":"1cc61b27-f790-4d47-807f-5686de6e8bad","block_type":"box","text":"Paid to Brokers for","page_number":46,"box":{"x":341,"y":59,"width":109,"height":7}},{"id":"f42f850c-1793-4367-b91b-ba3ee6810c2d","block_type":"box","text":"Providing 28(e) Eligible","page_number":46,"box":{"x":327,"y":69,"width":136,"height":9}},{"id":"8207404e-56ed-4d77-8f7c-67b89afb48ce","block_type":"box","text":"Research Services","page_number":46,"box":{"x":342,"y":79,"width":107,"height":7}},{"id":"fa5b2b0a-eb6e-4162-a222-96538346c2b9","block_type":"box","text":"Amount of Brokerage","page_number":46,"box":{"x":528,"y":69,"width":124,"height":9}},{"id":"381e2a52-81bb-4f33-9e89-c8b091e3b0b8","block_type":"box","text":"Transactions Involved","page_number":46,"box":{"x":527,"y":79,"width":126,"height":7}},{"id":"cf428410-61ea-45ff-8bde-ba28a35b4223","block_type":"box","text":"$245,312 $544,838,149","page_number":46,"box":{"x":359,"y":96,"width":284,"height":11}},{"id":"fb137f16-9aef-4796-a560-aacc9fd23d93","block_type":"box","text":"As of September 30, 2025, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b","page_number":46,"box":{"x":101,"y":121,"width":802,"height":11}},{"id":"53c9ea30-519e-41fe-84fa-fa33b6030200","block_type":"box","text":"1 under the Investment Company Act) or their parents whose shares were purchased during the fiscal year ended","page_number":46,"box":{"x":70,"y":136,"width":806,"height":11}},{"id":"5e5e4863-cea8-4a67-8cde-25500cf14052","block_type":"box","text":"September 30, 2025.","page_number":46,"box":{"x":69,"y":151,"width":154,"height":11}},{"id":"48157f05-f490-4594-abf4-baf96f358d28","block_type":"box","text":"Securities Lending","page_number":46,"box":{"x":68,"y":181,"width":135,"height":11}},{"id":"ac915e78-f409-41e9-8cde-603f718b2dcb","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":46,"box":{"x":101,"y":204,"width":807,"height":11}},{"id":"e8af2970-c831-4879-bc85-f373b5a099a0","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":46,"box":{"x":69,"y":219,"width":817,"height":11}},{"id":"0ecab6ee-2a08-4903-b1a0-2a6efa813c58","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":46,"box":{"x":69,"y":234,"width":813,"height":12}},{"id":"467fb507-70c5-4a78-b843-1bc50cbb2218","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":46,"box":{"x":70,"y":249,"width":838,"height":12}},{"id":"88098188-b35b-46f9-bee9-4be46af3b23b","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":46,"box":{"x":69,"y":264,"width":813,"height":12}},{"id":"64da34c7-14f0-41e1-9600-caa6207c4648","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":46,"box":{"x":70,"y":280,"width":646,"height":11}},{"id":"c012e154-2893-4984-88b5-a37b31075915","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":46,"box":{"x":101,"y":302,"width":735,"height":12}},{"id":"1fb3bb80-5a85-45b7-826e-2f32ae811d43","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":46,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"0eb06179-f599-4352-8e5e-0653e256d11f","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":46,"box":{"x":70,"y":332,"width":822,"height":12}},{"id":"145b9644-56a4-4c16-b3e5-5f3708e9507b","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":46,"box":{"x":69,"y":348,"width":787,"height":11}},{"id":"60c56896-9126-4049-8ea7-8bf757ea9f16","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":46,"box":{"x":69,"y":363,"width":783,"height":11}},{"id":"a828beaa-64b4-4a08-9237-6ae4d25bb984","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":46,"box":{"x":70,"y":378,"width":800,"height":11}},{"id":"3679a14d-ed66-4c36-a916-519c45037acd","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":46,"box":{"x":70,"y":393,"width":813,"height":11}},{"id":"fb4a15f3-d8d5-48d2-827d-ea020b5f43fb","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":46,"box":{"x":70,"y":408,"width":830,"height":11}},{"id":"5b20b4ff-aa1c-4535-b9a0-5bd991e53bf2","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":46,"box":{"x":69,"y":423,"width":773,"height":11}},{"id":"da52b27d-e4b1-4c81-a66b-5fe4536a8d10","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":46,"box":{"x":101,"y":446,"width":776,"height":11}},{"id":"e9574c76-6549-494b-b644-2d533e668d60","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":46,"box":{"x":69,"y":461,"width":831,"height":11}},{"id":"7218c9b9-8909-449a-aa6b-2c124e2c11de","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":46,"box":{"x":68,"y":476,"width":812,"height":11}},{"id":"b09e6e0d-1ac0-4d22-977e-0dd18b3cbdec","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":46,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"a890a2a2-d299-4f0a-ae24-07a288b77f71","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":46,"box":{"x":68,"y":506,"width":835,"height":12}},{"id":"d9f628c0-e8b3-4070-9bc0-d7113af7f566","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":46,"box":{"x":69,"y":521,"width":818,"height":12}},{"id":"91f7d90c-41b1-4564-a7bf-5d06a8647a67","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":46,"box":{"x":68,"y":537,"width":789,"height":11}},{"id":"f51be114-98f2-4503-b0c9-051e78e04ad8","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":46,"box":{"x":69,"y":552,"width":829,"height":11}},{"id":"fc579e00-d84a-4073-bef4-c06cc81640d2","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":46,"box":{"x":69,"y":567,"width":839,"height":11}},{"id":"7128ff7b-70ce-4c31-90a0-7e25395bf5a9","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":46,"box":{"x":69,"y":582,"width":802,"height":11}},{"id":"bd06da79-3d0b-4049-aba7-6d6da4c65e05","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":46,"box":{"x":70,"y":597,"width":830,"height":11}},{"id":"659ca156-4392-4c52-8e13-765a9fb3cfcc","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":46,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"bbab8a4e-9bac-4149-be50-9cf3d6339b00","block_type":"box","text":"Fund’s returns on securities lending.","page_number":46,"box":{"x":70,"y":628,"width":258,"height":11}},{"id":"68e353a3-82c4-4659-a1d6-833fd56385f2","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":46,"box":{"x":102,"y":650,"width":774,"height":11}},{"id":"10c9543a-665e-41be-a618-f1866c618e43","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":46,"box":{"x":69,"y":665,"width":794,"height":11}},{"id":"3c7fd9ee-ac27-43c3-b378-2d688ebd62a6","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":46,"box":{"x":68,"y":680,"width":809,"height":12}},{"id":"c7ed0189-f798-4091-88ed-805600e7721e","block_type":"box","text":"Trust and BIM.","page_number":46,"box":{"x":68,"y":696,"width":103,"height":8}},{"id":"0170737f-332e-409e-a9d2-46eddbb6bf16","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 81% of securities lending income","page_number":46,"box":{"x":102,"y":718,"width":761,"height":11}},{"id":"3cf3524c-70df-4fbf-9d2c-205011187259","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":46,"box":{"x":69,"y":733,"width":832,"height":11}},{"id":"5f459078-4383-42f9-a27e-1b12ae86e648","block_type":"box","text":"lending income plus collateral investment fees.","page_number":46,"box":{"x":70,"y":748,"width":334,"height":12}},{"id":"7356151d-edf5-4983-9e97-e2fb68735197","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":46,"box":{"x":102,"y":771,"width":753,"height":11}},{"id":"3459a372-b5a6-4e1f-9191-b0d55e0af497","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":46,"box":{"x":69,"y":786,"width":778,"height":11}},{"id":"cca4d2eb-e157-445f-80b3-b6711259bcb9","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":46,"box":{"x":70,"y":801,"width":817,"height":11}},{"id":"77f8d673-f59e-429e-b14c-a05610bdb698","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":46,"box":{"x":70,"y":816,"width":794,"height":12}},{"id":"2c005529-5da0-4724-ae33-ad131befe633","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":46,"box":{"x":69,"y":831,"width":825,"height":12}},{"id":"bd8c2a4f-a338-4d9e-9c68-0cae275e9cdd","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended September 30, 2025, primarily","page_number":46,"box":{"x":101,"y":854,"width":788,"height":11}},{"id":"4f43b238-4e1b-475b-87d5-9cb213bfcca9","block_type":"box","text":"included the following:","page_number":46,"box":{"x":70,"y":869,"width":156,"height":11}},{"id":"63ba2a82-8479-42f1-bb55-8372094f3650","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":46,"box":{"x":69,"y":889,"width":818,"height":12}},{"id":"ab15e20a-23ad-499f-9220-97962382fae9","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":46,"box":{"x":102,"y":904,"width":333,"height":11}},{"id":"459d94a4-bebf-4774-a680-3a25418c09bc","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6cb27e83-1e07-431a-beb0-a6565bc72817","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d90bd9e5-87a9-4cbd-ae02-5a4ce5229d0a","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":47,"box":{"x":69,"y":45,"width":538,"height":11}},{"id":"6e4aa2a3-eab5-454c-b776-f805f39d9847","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":47,"box":{"x":69,"y":65,"width":330,"height":11}},{"id":"70f456f9-b556-43e7-9d68-b2b4f7fe6356","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the 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. . . . . $1,","page_number":47,"box":{"x":375,"y":371,"width":470,"height":11}},{"id":"cc4a9c21-128e-4ea6-aff3-ba2aeb7983b1","block_type":"box","text":"365,491","page_number":47,"box":{"x":847,"y":372,"width":62,"height":10}},{"id":"0b697879-a6c4-41b1-a015-09e4cd9048de","block_type":"box","text":"Other fees not included in securities lending income paid to BIM. . . . . . . . . . .","page_number":47,"box":{"x":79,"y":387,"width":542,"height":11}},{"id":"f26ac5f8-0e81-436c-9160-8afc12f67291","block_type":"box","text":"...................... $ 0","page_number":47,"box":{"x":628,"y":386,"width":281,"height":10}},{"id":"da52a006-df81-490e-8c43-f46b1297d7e2","block_type":"box","text":"Aggregate fees/compensation for securities lending 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For ease and clarity of presentation, shares of common","page_number":50,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"12b98127-6830-4790-96f7-4f58c406ec43","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":50,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"0d6f0fb3-915e-4a2c-845a-fc0764375de9","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":50,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"96c35a45-2ccb-4bd7-9e1d-9d184efe6aac","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":50,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"22f5cbf0-f4cc-4d70-ba7f-11d17eb6e8f3","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":50,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"c133e054-ebda-40ac-abfe-19d530c17181","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":50,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"3a7d335a-aa07-4ae0-81e9-03adc2072717","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":50,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"850fe3a1-fe98-498d-aa78-152924631230","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":50,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"70df402e-f8ef-43bc-9e6c-bddfea244b74","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":50,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"6ff6427a-1812-4853-83d6-479d7c3e9460","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":50,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"df0684a9-d17e-44fd-ab36-8d7f5f2b3c5e","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":50,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"b6bd2d20-dfb9-443d-aade-09b4952d7058","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":50,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"0294d1e1-b39b-4a62-86a5-79d7913ac892","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":50,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"9be0309d-eaa8-48e2-a88d-b9357f1f1521","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. 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Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":50,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"b5e76cdf-30b0-4c88-8319-0246c3698c2e","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":50,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"b39255d9-d167-4cb5-8ea9-f0bcd6e2bda8","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":50,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"dfa65cf2-2a2a-4abc-a4af-845272599bcd","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":50,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"02fad7b7-3f51-4838-9b15-42e2b214c62c","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":50,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"f71d32d8-2de7-41f9-ab85-31cd71960068","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":50,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"85030f6c-4842-49a3-b033-3baf012e6d27","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":50,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"0bb63bc0-12c2-4678-831d-6de0851a7939","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":50,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"f99944ab-4482-4bdf-ab18-5de84aca316f","block_type":"box","text":"Asset-Backed Securities.","page_number":50,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"8585b23c-112e-4b4a-88b2-78f396625be6","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":50,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"0a9fc982-9d4f-4086-9b89-f73080c0d49a","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":50,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"7f84145a-ceb3-41f4-b1e8-d5a18ef0dae2","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":50,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"a8698aff-7e5e-406b-8418-810e38a63929","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":50,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"a43329f2-35c6-411e-9a51-bb58978c87d4","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":50,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"8fa0ef21-5c1a-402a-8d06-7f251fd648f9","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":50,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"dcda5b3d-80e0-41ce-b5d5-7a9b6093631c","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":50,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"7601fa70-ec7c-41c5-bbfc-fa479f69baf7","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":50,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"c8f82eb9-92b6-4aaa-9047-5de3f914454e","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":50,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"cf323cfb-b2fc-442e-9c5b-0068d1615563","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":50,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"7698a5bc-76b1-4761-8421-25313aa645ef","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":50,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"f0aac459-79cb-4ca5-9d86-b6e7ccf18376","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":50,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"94f6ec9c-5dbc-4e71-9e39-79702809f18d","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":50,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"f80a668a-59ae-435d-8cbe-7d3bb3f74c91","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":50,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"fc9ec232-7e24-4764-a373-580996e79175","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":50,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"114d109a-4e0c-4ac5-aef8-f7b27c9e2bd3","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":50,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"e2d94c6f-952d-441a-adaf-577ea78efc6e","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":50,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"e83eb10d-55c9-4268-a441-e4eeeffd005f","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":50,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"536c2928-abd6-40c1-91ac-42c1ea09daa7","block_type":"box","text":"II-1","page_number":50,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"41ec1dbf-abe2-43e1-a3fb-6adddffecbb1","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67e1565d-8cbe-4682-8b58-1cd347be46d3","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":51,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"f9e03c62-92ff-4232-9ef0-e0e8b398558f","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":51,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"c6f92c64-14a4-4ce8-8243-5116b7580f91","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":51,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"4a571673-23b4-4843-afb2-a5005c8f7ca3","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":51,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"0ed3c89a-5e49-41e1-90f1-7298c48b31b0","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":51,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"d38f9798-18b2-44b5-9a47-2baa61aaea24","block_type":"box","text":"Asset-Based Securities.","page_number":51,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"448f5445-5e31-4f88-974e-95ceefdecba9","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":51,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"2168c01e-c165-4f57-947e-7f8244839b0e","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":51,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"168c10f8-e0f2-4312-bf5a-aec509920f8e","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":51,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"f0eb1686-71ba-4283-a962-2e5036c4a566","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":51,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"c8af6849-9508-469f-8f04-3c0c65013125","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":51,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"3006687b-8212-45cf-86c6-8ab1a15d0e12","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":51,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"fd11d309-3c09-4c6e-81b1-074ba50636b8","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":51,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"1fa96b49-5950-46a6-a3ee-26e206c64bb6","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":51,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"e4eaf50f-ca54-4614-bf49-2faa44b20e5f","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":51,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"628add56-05ef-478a-9200-258d2a7bc8b4","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":51,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"f3bb558e-8b15-4256-a77e-d79fdeee0e91","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":51,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"7786b1b4-f063-4c15-9319-137cc6cf74f0","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":51,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"3571f43e-7d1d-4b44-bca3-bd1673f41c06","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":51,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"ca2761c3-701a-4f82-bc2b-c6567df01132","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":51,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"003d123b-a0d3-456b-8f0a-398369c8f9d1","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":51,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"53b83b7f-7870-4d7d-aeb1-ceb2afde1c0d","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":51,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"6debd296-20e9-4b1e-92d9-6ad3ef19e0be","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":51,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"91244194-7343-4aa4-8870-d812a5939573","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":51,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"64983a25-d62f-4c85-9905-e41487aa9388","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":51,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"7c5616c2-e91c-4768-862c-a65a842eb5f9","block_type":"box","text":"appreciation in the underlying asset.","page_number":51,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"5754b914-03c8-4d86-a4ad-7d98fd2dcc64","block_type":"box","text":"Precious Metal-Related Securities.","page_number":51,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"8b2d45e5-f67c-4253-83cc-dbb32f7e1bcd","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":51,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"2d396ea1-b213-48ca-8f77-cbe869964653","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":51,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"95cc0f86-e96f-4277-8242-399217a3974f","block_type":"box","text":"e.g.","page_number":51,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"7418a5cc-9b03-4aef-af5b-c68ccb2eed03","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":51,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"5f68744d-7d04-4eb1-8d7d-f9f4f434a4f3","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":51,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"26c6aefc-007c-4c95-9958-f16500bb99e8","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":51,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"8f99cf77-25f4-48ed-bc5b-b30ab9a7a850","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":51,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"7134d831-7c35-418d-975a-de829fc82674","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":51,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"56e37972-0bd5-4c11-b07e-8afbf013587d","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":51,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"8d5ab8ba-41d6-41e7-9e6f-c561acaaee5a","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":51,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"0712a987-6702-4f3d-a454-322f1ebe69ac","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":51,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"8b840663-d62a-4965-8cb3-367a8c1742b3","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":51,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"543d3ca9-8ba3-4e3b-b8d6-a544cd8204a0","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":51,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"b257a05d-e469-4771-a80b-8d80ff408905","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":51,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"9dd4ddf4-0b2d-46fc-b5ae-489a68e650a3","block_type":"box","text":"South African gold production.","page_number":51,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"c214fbf7-1c1e-49e6-a122-f994e90562d2","block_type":"box","text":"Borrowing and Leverage.","page_number":51,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"fa92fdf7-ff33-436b-8f56-9b6779e61ce7","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":51,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"ed1e6b8a-ff51-4646-9995-9f22a5245902","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":51,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"f0fa8dc2-c3fe-4cb1-a943-2543c010387a","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":51,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"e5576ac7-484e-4a4f-970f-063304e01f16","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":51,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"7ba40727-098f-4545-b241-c391cbbd5aa6","block_type":"box","text":"other securities transactions.","page_number":51,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"0fecf816-b452-49d0-85ec-26ea7a5b29fa","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":51,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"49b8e632-d9c0-4427-8d98-da59255a52a4","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":51,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"6398a07d-39aa-4b63-8179-b05871fd136a","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":51,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"0a6cc017-29c8-4059-b1e9-361ccb692831","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":51,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"7edcf7ca-ddc8-4c21-b22d-dbc77c7ce15c","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":51,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"2f34bc09-5c8b-4448-bf4c-a04fdfc39d84","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":51,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"45688131-553b-4818-ad57-1127d7bb5f95","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":51,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"02d31ca5-9291-47f3-b844-0a929857c20f","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":51,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"d2cf739f-e2f4-4dc0-a81e-81de3a284b82","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":51,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"7dbaf852-e35e-452a-849c-d03408c1d33a","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":51,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"9c13a2b9-7ee6-47ad-b2d4-094f9cefe9cd","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":51,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"26aa1422-7c17-40cc-adbf-977c5bd9edb8","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":51,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"2a196f0b-a166-48f9-a0d8-668cb4e2b812","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":51,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"590c6d77-fd44-46fa-8b31-0abb2d5a5c69","block_type":"box","text":"II-2","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a4aa14a4-f1ea-4b76-ba3c-715bac31a56c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a33cbc4-98c7-44b4-8db6-98b74895be34","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":52,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"b26df325-81f6-4f1c-bf09-d6cff23b2c76","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":52,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"9c5771fd-dae2-405b-9fde-f779e7921e3d","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":52,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"6260e23a-aa71-4707-bf91-825461278562","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":52,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"9bf4c7eb-0aa2-4408-9eaf-b5192a7b64ff","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":52,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"256356b2-7970-4367-8480-357c018540cd","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":52,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"884832a5-b359-4914-b318-48a79d1ee8ec","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":52,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"4b2a502a-a927-42e2-b59c-509dc3950885","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":52,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"d2f668e4-757a-436c-8d95-6fae5e5910f1","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":52,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"69ef1ca9-75fd-47ee-a3ee-754f7922fb07","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":52,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"79d707d4-85ce-4935-b7ab-fc92c5ee65bb","block_type":"box","text":"Cash Management.","page_number":52,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"61fac6fd-bbab-4f05-86eb-51d0f9a2b6e9","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":52,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"8978d6ba-bbb8-46b4-89ba-39eea23bbdef","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":52,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"131e3579-a5ce-4363-b400-5dbdc13e0383","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":52,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"5e801bc3-8423-44a7-ba87-6199ec38426c","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":52,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"c0d8fdbc-8026-4b0f-b4e4-e5ecb7aedc7f","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":52,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"a327a7e2-dcf4-4d27-9e53-c2fdaebd0be1","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":52,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"9d462e4e-2d70-47df-a25c-e2f6969935ca","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":52,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"bdbd76b6-f2d6-4519-88fd-5806472024d1","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":52,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"e776f308-c2af-47d4-bb35-e1788e8be739","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":52,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"325e8bfd-5f70-4cd1-bfd9-34b240e82c15","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":52,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"82983985-7947-4098-9e55-8fab9d76cdfc","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":52,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"7cfd938f-4c0c-40af-a8db-43693b432e82","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":52,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"962ba128-daae-408b-8591-8a7a9c80a0f1","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":52,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"83f91df7-f8d1-41b5-b87f-f76aa79c3179","block_type":"box","text":"Collateralized Debt Obligations.","page_number":52,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"6b56bfac-78a7-43f6-ab7e-9f5ffb6742b0","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":52,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"0935f57e-b033-49fa-8505-3b61ebfc26c8","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":52,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"03addcf7-bfe7-4dab-9046-e7b1f6ccb4e4","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":52,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"8a87f15d-109c-4f5e-94db-dfab4ffca6e7","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":52,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"7a648923-68ec-406a-89bc-f0892a29a9c7","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":52,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"ba02eb5b-d92e-4820-a321-a06823c45a4b","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":52,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"9ae54bc1-8ad4-4b21-8015-b4272988c254","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":52,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"25423fbe-5f40-4d3e-9d77-5fc66613f407","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":52,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"2b3d7734-5678-4cd6-888b-f11b14dea7e3","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":52,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"a31419f2-44c6-4783-b89c-166a2726343f","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":52,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"3672a229-cdab-499f-91b6-f3defd522092","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":52,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"8ef99a0f-aae4-4f0b-97e0-153416e263ed","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":52,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"45267d27-3a80-49a5-8799-3af58267ae2f","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":52,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"d531ebbc-e46b-4e70-b28c-477256349f84","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":52,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"c2fff5ce-0c94-4cb8-837f-f0f0e9b21236","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":52,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"53e0ce30-c955-438d-8923-fbda70a23261","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":52,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"78ef58a9-bfeb-4fbf-bf82-4e76b9b94d97","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":52,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"ce5ef783-f521-4447-bd91-648bb84087b1","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":52,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"f26717a3-67ea-4776-bd73-93f01605caae","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":52,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"9a852b41-c277-4e91-8797-378205ef708f","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":52,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"db6e25ea-2753-48f1-9106-3af69e194fe8","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":52,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"8c47c397-27f0-40f0-8897-f18b8937cd4c","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":52,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"34e53825-fc80-42f0-af7a-1132f4593d23","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":52,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"d8905bcc-c14f-47f5-b83e-419967f5afb8","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":52,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"8322098b-2a0d-4f3e-b3a2-2b5526b07197","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":52,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a3c5b666-6352-44b4-a215-8e96fe67ff4c","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":52,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"e5bbbae4-ae86-4fbb-a5da-0b01d0385b26","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":52,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"f583b80f-ffd4-4024-82f0-27e3c788c4c0","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":52,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"26d2b00e-5203-44cd-9adb-f5c0474def0b","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":52,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"2c23ee04-7047-4d52-bb39-abd3ec65ca45","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":52,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"ced9a344-8c69-491b-ad40-18b76ae01149","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":52,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"0968deed-a637-4def-b858-e8281eae8b16","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":52,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"3dd3d525-2317-4151-9854-32eecc3c2981","block_type":"box","text":"II-3","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"dde874bf-903d-4aaf-9ec3-b8537eefd76a","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef4d3ac6-391c-4d10-b90a-cf0453510fce","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":53,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"bc13719a-99e8-4331-87bd-9cb947b8c18b","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":53,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"79b766f0-5ac0-4247-b063-ace27cabb67c","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":53,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"a74bd006-2263-41e2-a743-5d5238f8dc23","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":53,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"b4ad90d6-d40f-41a8-a3af-6e4dd2a95c87","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":53,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"5d321e52-2ca4-4463-80f0-530647e968b2","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":53,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"054f1b87-b86b-4fa6-b8f7-2d8e7866d80e","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":53,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"309b83ae-bf76-4bfd-9d1d-2d317caf8a31","block_type":"box","text":"Commercial Paper.","page_number":53,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"be669129-4359-4736-8844-561817ed805a","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":53,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"7bb2929a-82ce-4945-8166-51c921fa9755","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":53,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"d1fb1e02-5efd-484f-8853-574bc058778d","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":53,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"7b9f28dd-3d4c-4a73-a692-d58f4460117e","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":53,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"62b7522a-fd1c-4c9a-8426-61cd6e363353","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":53,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"ead15a56-abea-49f9-846b-22eb145993f2","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":53,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"1382a476-ed9f-4f4b-90c0-7f54cc4bd406","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":53,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"08a95ced-4616-4927-bb8a-b449b50c6fbb","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":53,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"e027ff98-81ad-4188-b503-1d138129334b","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":53,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"a14af0f8-ef18-4052-b3b2-a087bf6e4420","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":53,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"89103a87-2e4b-4c8d-a6c7-52b097f00cee","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":53,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"ecfdfb3d-0afa-439e-92d1-ef296fbbdfde","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":53,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"4a7eb9e6-22c0-4bd4-8da4-dd7fd8e08c19","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":53,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"2f8d840e-f481-4fe0-8dfc-bcf22e403cd2","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":53,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"181b2555-5c4f-4811-8001-1eb46a2c4ac5","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":53,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"2bb2d583-47a3-4bec-a6dd-5207dc09e825","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":53,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"0293d738-3129-4d41-ba5d-eac633d1f958","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":53,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"7fdde9ad-9b25-4c54-9ab1-4df2f26de553","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":53,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"892f97bf-e18f-4b82-a3e1-dd565a88bc87","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":53,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"6a6f9ea8-3b7a-43ca-8ed0-a7d50408c222","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":53,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"612da28e-318f-47d7-a1ae-b14a84abcb48","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":53,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"187996ff-c17b-4170-9540-e7264d615e49","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":53,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"61a6b106-9601-4115-ace8-7fc9b1cb5cae","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":53,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"bf651a9d-f4fe-4951-8974-632ce8d8e2e8","block_type":"box","text":"variable.","page_number":53,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"075d0d95-bd83-45f1-a307-fc3a8e2447c3","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":53,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"3f9e4af1-d660-4f89-a51c-98ac02a3b2c6","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":53,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"3ba07d39-7300-43e0-a1ca-07fb8a336ef7","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":53,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"53d70253-177c-43d1-83e3-a82a8725a8b1","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":53,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"2a9036e9-d4e7-4fce-ac1a-3b0796b30194","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":53,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"6dacb08e-0270-4ed6-b0c5-697ca0fa437e","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":53,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"9fa73754-1216-462e-ab48-caf2fa33cdd5","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":53,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"ac1c7881-148e-4237-82e1-37323a2530e9","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":53,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"f11775de-db50-484f-9d22-8202695b3455","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":53,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"7376b083-bcc2-4989-ba27-7584e90dd6bb","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":53,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"592fc632-8519-4a4e-9b5a-ccbd97187397","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":53,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"50d55c3f-e350-4049-a6b6-6343458e70a5","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":53,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"59fce458-e2eb-4737-af4e-6ebb092d84f4","block_type":"box","text":"correlation with stocks and bonds.","page_number":53,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"f28edd84-987c-49a0-bf1d-7b7c1112827a","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":53,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"89f72277-df52-46c5-bfa8-4738316be995","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":53,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"9d463dab-08f1-4c28-8eec-64bc018535d1","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":53,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"7f8965ee-51bf-4b31-a0a9-d03a00f2d284","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":53,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"b6ac8b62-7db3-4451-86c0-6ec920e8e77b","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":53,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"4f6c9d52-e97e-4e77-ab70-556f9311a602","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":53,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"44ccd745-e875-494c-9bb5-dbf744980ecc","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":53,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"4f51030b-2c16-4d6d-9f96-3c836ab44b4b","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":53,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"74dbaaf6-d039-4d87-bf89-46162b61cf8e","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":53,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"58305ed8-324a-4eda-96fb-34ef103d5687","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":53,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"64161cac-75b7-45ec-a4d8-4b1835330030","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":53,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"978e8b15-8ddb-4b78-adc2-93ef923ecc39","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":53,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"74428cf0-d782-4721-8c96-3ec0039544d0","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":53,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"9b44f3d4-df0e-4db9-b69f-d8536ed3eed5","block_type":"box","text":"II-4","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"246279c1-58df-48ca-a7a4-9dde38d812e2","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4378e922-828e-4f96-a03f-13bb1fc30115","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":54,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"73618897-cc04-4773-8a39-f7ce5e6621ff","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":54,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"737c6468-9d46-4e1b-9160-c14290d8e971","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":54,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"0a557e50-fc8a-43e3-a752-cec23669ce84","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":54,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"75988ac6-2dfe-4927-84ec-0bd90bc1246d","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":54,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"9aad1855-8f6d-4906-9391-1bb2c10fcec1","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":54,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"94e2be49-83d5-4ba2-abf8-4316a0f4ff2d","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":54,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"39a9a76d-216a-4a59-95b2-f177a70d1d83","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":54,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"193a0d30-a55e-4819-af5f-eed5c964ab30","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":54,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"d0dfc51e-5e4b-4379-9b4a-a6b8c4d59b2e","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":54,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"28854f1a-dc08-4b4c-a548-0424bf60e3b2","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":54,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"f275366f-ed56-4372-8734-e064bdfb8b9e","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":54,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"936c85a5-b339-4011-8b60-5efd9a0b39d8","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":54,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"826ae57e-b69d-4fc2-973b-1e01b691abee","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":54,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"b2574481-1f65-4f3c-87a2-6866f1252fb4","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":54,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"45af8fd7-0c97-4683-be02-8524eb3187af","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":54,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"17b065f5-70cd-4c1d-a127-b99c83c90722","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":54,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"1fe82ed8-7c3b-4623-9280-1913c9c1023e","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":54,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"8e84816c-9f96-4b25-abb5-a59bed31fd03","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":54,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"198c1744-39b0-45a1-a61d-75bf9c0e35a7","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":54,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"6114ecea-0a1a-4a46-af86-93dc30d89d33","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":54,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"b68fac46-1e1d-4454-b853-85038bc033e4","block_type":"box","text":"the Manager believes are relevant.","page_number":54,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"1a4c4ed4-a1b1-4238-b1bb-b7509ca6d9e6","block_type":"box","text":"Limitations on Leverage.","page_number":54,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"219d6a69-148e-40ee-993e-e0ad4151fe40","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":54,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"2237ca23-4453-43f5-9c7b-34e089e864e5","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":54,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"7233dcdb-2cfc-4dcd-811f-52838bf7c005","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":54,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"3b3a66a5-d894-4652-ab25-0f6dceeb1eb7","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":54,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"51e73a2c-bfc7-43fb-b563-3498e97b77fb","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":54,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"087337ed-15df-4e0f-be58-1ba0cecc2f6c","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":54,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"9ec1da6e-3e5d-44dd-a8a8-223fcc92de8b","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":54,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"8f08cfcb-d6a4-4b71-a597-5744310b41d6","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":54,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"d139e799-aa25-4bc0-a0f0-b625d925441f","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":54,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"3c969760-80c8-423d-ab0e-4e046e3da06c","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":54,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"b1a03d95-7582-4d6f-bc19-185c7c0b8c2c","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":54,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"a2dc0f3a-cc23-4ead-b7ae-4971564bb16e","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":54,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"26020b5a-1cfa-4d3f-b8f8-e06bf5e39021","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":54,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"9fba023b-2ed1-4446-80e3-5f31390f1eea","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":54,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"0c0fd59e-47d7-46ed-ae60-1f7e377b5476","block_type":"box","text":"Counterpar ty Risk.","page_number":54,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"55f52784-4881-4ccd-8247-66548b43ec09","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":54,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"023f324d-d74d-408a-a7c8-b37f9fc756a3","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":54,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"f062acf1-1530-4ae1-8e7b-595472ee0ee6","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":54,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"e5b4176b-7442-44f9-811d-1853e806e5bd","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":54,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"dfb554c5-8e1d-4a32-a82f-e92a11045641","block_type":"box","text":"e.g.","page_number":54,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"b397c5a7-b65f-4a9d-93e2-5c1493fb5bea","block_type":"box","text":",","page_number":54,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"8a1e2f71-69a3-4ce9-a079-db90ec3f3cde","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":54,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"cde7e5f5-f574-42ec-84e0-7d1eb06f2e26","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":54,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"7e1f8a94-c2f8-464d-b9b1-457c111cc004","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":54,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"de77611f-ebc7-47d2-b187-2f605d83fe5a","block_type":"box","text":"obligations under the structured note.","page_number":54,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"8319af9e-f767-471c-964b-d741bc2f0c21","block_type":"box","text":"Convertible Securities.","page_number":54,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"5d03631c-21ce-44aa-b28b-d4df26d0ee4d","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":54,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"745904ec-e1dd-4a4d-8dc6-7c02edfcd2c3","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":54,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"b6f97b18-46f9-4433-8c50-b54379c16ecf","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":54,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"4800d707-5cae-4091-abb3-33d71b16b7e0","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":54,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"899f6a64-5be8-4d14-8cd5-f01f74322eee","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":54,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"08d69377-b0f7-4e1d-b1b4-e432013209cb","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":54,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"0eb2d9cb-19b7-457c-bfa8-fe4d83a704bf","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":54,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"af0c15a1-6a20-413e-ac15-0126c33c99d6","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":54,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"1a00b089-0daa-40c5-a7ec-4cc9694d6677","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":54,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"dd33ac00-51c9-4a29-bfbc-262c85cb7ac7","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":54,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"8674666f-e623-43c2-9b76-31a406cfb8d4","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":54,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"4412acca-c986-4b66-8a6e-3b4e1d102e87","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":54,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"7c2de7bd-e5b6-4117-bafd-43af70f40d9e","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":54,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"8f851291-4504-46bd-8e60-0881e7e5b2b4","block_type":"box","text":"II-5","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d2348328-be04-4889-b2da-f77da0425a1c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b923a18e-fd86-4ac9-a118-42e78970db9a","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":55,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"db57a2ee-1628-44ce-b823-fd186b127fd0","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":55,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"8c31ceb5-5a67-4106-ac6a-0a464a227cf2","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":55,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"0576a0e1-374a-4ebd-a9a1-bdb0a6e50b7c","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":55,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"6c48a080-c40f-48bd-bce3-b94cc68df82e","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":55,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"a4f0ea59-e9f4-4d1f-9ead-740560a6ec6e","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":55,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"f7f8c19c-7bcd-46a0-928c-ccb78a032033","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":55,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"0b4d7360-f958-42f5-af00-7b756f5033b9","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":55,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"77c445be-fb75-4a2a-97ab-0611b625c506","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":55,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"14e4afb4-7979-440d-9949-a078265e5127","block_type":"box","text":"things.","page_number":55,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"f5f5a2e8-58a2-426c-badf-6ee8280f213b","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":55,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"2f743390-23ee-406d-b530-282f7d226751","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":55,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"00cc54a0-f00f-4d23-a6e2-d0df80da4591","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":55,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"864fc469-4934-4885-911b-4c66a3c977ff","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":55,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"b7a6f37b-1149-43d1-968b-d01cbc565cc9","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":55,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"55c75efc-df75-4be8-85be-9ff87939131f","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":55,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"fa9c320a-78e6-4dcd-ac17-6328186feb6c","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":55,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"c3d27565-d54d-4f31-ae3e-78a73c990a06","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":55,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"c175adc5-561c-4e87-a612-47650194d59c","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":55,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"1b043625-28ab-44a8-9d32-1c250eb45bbd","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":55,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"ce43c196-d456-4c15-b303-4ee44fc0f580","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":55,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"bf918676-33a8-4824-aa7c-67cddd301978","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":55,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"7a7f7ba9-71f3-4f28-be6f-cd2aa37d4f58","block_type":"box","text":"i.e.","page_number":55,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"7ca9ec5c-cef8-490d-b3db-ea3b3ed99526","block_type":"box","text":", strictly on the basis of its yield) is","page_number":55,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"a59d0649-6724-485d-906c-23b1da37c107","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":55,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"c44fc130-7290-4e35-901b-71e59157d7a6","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":55,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"5d685858-6564-42ae-a9f4-2f742a7a0d13","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":55,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"978d0959-7bfd-4347-a50b-b38ae2b4d3bf","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":55,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"fdb45b05-8ab9-436b-9a7d-0dbc87c94d9e","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":55,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"011e359f-a594-4a39-89fe-b70510618ab6","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":55,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"a74eaf2c-6137-4e48-9311-fee378d30674","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":55,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"a1c90901-5f1d-4902-a119-296dfa18c9fe","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":55,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"a8785002-b9c8-4b0c-87da-e859240e10e5","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":55,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"adef5689-03c0-4a5e-ae42-0b5b3418a947","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":55,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"db6e1c8e-e749-4981-b0ef-77659e456bc0","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":55,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"7a88d07f-9016-4c21-8dbc-d44330b2f475","block_type":"box","text":"than the securities’ investment value.","page_number":55,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"ebf2adbd-0f79-4be3-9cde-b16da830a9c7","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":55,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"aaaea2cf-2c80-4cd2-a4ba-af497de96532","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":55,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"93bf36e6-3a2e-41fc-a452-6cbff9b1c461","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":55,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"31fd2623-28fb-4462-ad68-7eb177675ae6","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":55,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"da9e312b-55f8-4681-a156-a60da220d112","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":55,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"1b77e22c-53cc-4563-9aaf-85af2894b800","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":55,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"e089a592-ae36-409e-a519-47201c884281","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":55,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"4cbbf67d-f8f3-4e0b-bd8e-64f83627d962","block_type":"box","text":"security under cer tain circumstances.","page_number":55,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"b52999bd-7e69-4ead-a920-1fd1591c3a4a","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":55,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"161b0ea4-9954-499c-8015-ab3c5305bafd","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":55,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"97604c08-3101-46b4-8546-66fd0c269266","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":55,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"e5901055-bcbc-487c-806c-73e08f59db56","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":55,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"365cadb1-7273-45b9-a25e-26320f667f7d","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":55,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"7192a9b1-7472-4ce7-a528-1b3797a2036c","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":55,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"50e3a4aa-e299-43d0-ba6e-5a7a23365356","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":55,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"ee4f8bf8-6491-4d9d-b6ae-4c1d6c7c46dd","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":55,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"72dc534e-2703-4e03-b06d-b2ed4d382313","block_type":"box","text":"i.e.","page_number":55,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"ee1157a3-313c-48cf-bc93-f3310a3ee5cf","block_type":"box","text":", fixed-income (“fixed","page_number":55,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"69939523-fc2e-40f7-908c-8709f4e37d8e","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":55,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"d0366670-bbdf-4563-9ee4-385a28008ec4","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":55,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"2b24348f-e424-4960-8aac-b71b11a1172d","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":55,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"91128fbe-df4c-4876-bd6c-a0187840a9ae","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":55,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"2afeb22f-e275-4c1d-9683-fce6ffa89159","block_type":"box","text":"II-6","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f0af00ea-1e36-46f5-a8f4-208c0170cd11","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39e1b065-e42e-4dec-8440-37177a4af5fd","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":56,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"dbe9eb5f-45d0-4235-bfa5-f1afabd8ac56","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":56,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"6a464669-1b7d-4414-9147-1d24b0ae2e64","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":56,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"471d17e3-f8d9-4fd9-8ea0-30126b75e507","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":56,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"b00712b5-0379-4b32-ac3e-b5008ada9fc3","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":56,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"806e1077-200e-469d-8473-17c83d893fc1","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":56,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"479420df-0447-484e-a635-38e07bb23aa1","block_type":"box","text":"component.","page_number":56,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"ac96a2cc-b03d-4c4e-81d8-d3602931fdcf","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":56,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"b4243694-a7be-4608-a7d5-33bb5ec5e9b6","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":56,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"d410a3b7-fef4-4a1b-92d8-f14ac85d6579","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":56,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"ef35110d-7b8f-414a-953b-26dc22fc8ca5","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":56,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"a76498f9-11fb-4884-8cd5-e7c709efe223","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":56,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"ba69a1bf-5d27-480f-82c0-951d720cf506","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":56,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"9eee2d86-3a88-40d7-91b1-6e551fbcdacf","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":56,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"3e276a93-0bf9-4c19-811c-ede9fa4d3d69","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":56,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"51239a53-70f4-4e24-9a35-764acf8e311d","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":56,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"8948392f-be44-4f93-aabf-33a6407d488c","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":56,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"21d5707b-752c-4f8b-9ae3-b6cf293e8405","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":56,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"16c642ea-4a67-43bc-9a4f-7f0e3bdc05ce","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":56,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"73797c9b-5417-4b1c-8902-e2e81645daa7","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":56,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"110e948d-a4ad-4da7-a2ac-7abf9dbc2ee0","block_type":"box","text":"favorable market conditions.","page_number":56,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"6518b89c-a7b9-435d-a1ca-773121a2208c","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":56,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"dbffc53c-ea71-423b-af47-4af070da196f","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":56,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"b88fd2bf-77bd-4435-9c70-340c07543d17","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":56,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"3c291ec8-e6a4-4e9d-9205-e7d0498a4857","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":56,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"9d81299c-0eec-4a98-b2e8-b19d5628cc37","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":56,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"28e06a50-a63a-4070-9a4f-a1e1d2c6e178","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":56,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"8d384388-bf04-4321-aec7-17086d3b0fde","block_type":"box","text":"Corporate Loans.","page_number":56,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"77fbfc07-f66a-4cd3-82cc-c48628b0368b","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":56,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"b5e6041c-b468-47f2-bd49-79c6226ddf41","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":56,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"a148c0b9-030f-45d0-9bdb-edfa3e934286","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":56,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"8618ba1e-6ff5-47d2-b628-d8836f34ae7e","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":56,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"33ae8db8-6976-4a06-8c9d-936d5a7ca03c","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":56,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"96c28144-e21b-4fe6-8db1-5bc0c6fc10e2","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":56,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"d32e0ad8-15a4-46ff-bb4b-761a2d8bc92b","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":56,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"5b71cf28-125a-4a7a-ae29-d8fa43ca7d10","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":56,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"3eca0172-5a42-40ff-81f3-e55b0c0e7bbb","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":56,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"e8d4c9a6-3e1f-426e-96d3-3e6a95bc0a9c","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":56,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"871b03e3-af36-4a8a-b392-ca0684f742eb","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":56,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"53ccc435-cfb1-4af8-ab5d-4eb29fad6a6c","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":56,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"a91bcacd-f08e-47ef-ac1b-62b97595abcb","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":56,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"86c3915b-3a63-41e2-b97e-f6ee8f081932","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":56,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"12196c90-1e81-47a4-94f4-a0dfd7b6e7cf","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":56,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"89230384-4c3d-4436-9706-11d64999e6b3","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":56,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"3c6cc72d-7782-4ca8-b569-ed0de782ec5c","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":56,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"557c2756-5e75-421c-97b9-bf47a37bd581","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":56,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"45250d4b-31b8-4863-8c38-57c081977d0a","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":56,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"e651b7d5-2ae5-46ab-9670-ec7dcc2c60b3","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":56,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"b6b20c75-8f97-40f9-9b7f-6c050623b813","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":56,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"7211e40f-9a5c-409b-948c-4bb20059cbc8","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":56,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"482ccbd6-c1b7-4238-9bdf-66a2ab391dd2","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":56,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"d987a406-c1be-465f-8896-f60822142022","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":56,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"c86f42b5-d89b-4c18-a806-e4e3e25f91b6","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":56,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"30481181-e623-4f49-b352-ddeb453fbcdc","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":56,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"e9b0d601-bc68-47dc-a8a2-698c996688ed","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":56,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"c87a7043-bc23-44c3-81ef-db3975a1be80","block_type":"box","text":"of the borrower.","page_number":56,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"3e27b1e2-7bac-47e4-b588-4f9dfbecee8c","block_type":"box","text":"II-7","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"378b4b34-6b27-44d3-8791-904ef393aa4e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"37b6f6e9-ac72-4cc1-b416-f35f018ead42","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":57,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"e28c837c-1a4d-4ebd-98e6-3645a6428868","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":57,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"3eacd688-16cd-4618-9657-9206c1d578f3","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":57,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"8bcf63db-fe76-4eda-9210-b5cd7dd69f5d","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":57,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"b4f81890-4542-4370-beef-e4d6b8a93b44","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":57,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"3bb219f5-a3d6-4368-882e-5e62562d7823","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":57,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"c1758000-a039-4661-a6be-50691a8a17fc","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":57,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"eafcd10e-1885-49f4-8d27-ce48b853d15c","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":57,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"76899db4-3841-4c4a-923f-475699875aa3","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":57,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"2f5e1483-3deb-4e58-8b50-7ced7534fbe6","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":57,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"0de681f9-e5a9-432d-8ef9-e7901335a59a","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":57,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"84f87af8-f987-4c10-a5ff-b8e0ed23927b","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":57,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"f243856e-e9f0-46e5-a9a5-0fa89da426cc","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":57,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"b42a3fd6-9c14-463d-8690-62642292c4d2","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":57,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"e9bf581d-a791-4f70-bdaa-2506bbe82237","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":57,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"3f682b18-046f-40c6-a17a-9ca3817b71ff","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":57,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"4d6cac29-8455-4466-aa41-f7dc69676f74","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":57,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"d6168735-b469-4fe1-bb78-4f1616630e4d","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":57,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"ad93d2bf-4db5-47ca-9fb3-cfc36db2dbdf","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":57,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"d9576671-b1bc-45a5-9b0f-c496ce222afb","block_type":"box","text":"state law.","page_number":57,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"3225e63d-71eb-4518-8634-4a28e9ca2b0d","block_type":"box","text":"Direct Lending.","page_number":57,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"ee79730e-c385-49c6-9258-00c5a3e88a7c","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":57,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"9d8d4f98-434b-4713-92eb-d13258abb8e1","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":57,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"dcbf0aeb-3e16-4c55-b61c-9b317e5a47ab","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":57,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"8ae6e705-ebca-4042-a156-925a2ef351eb","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":57,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"953ea4a5-b119-438a-ba76-df30c382abb1","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":57,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"2e6776fd-da75-44d8-aa6e-1bcc272d4aaa","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":57,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"41b522d7-b6a8-497c-81c1-3d9ff12759c2","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":57,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"d34b9f13-ec6f-45c3-bdf8-859011cd5883","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":57,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"767d2e63-bcce-4b71-8ee3-b67d79d8260a","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":57,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"a05187cf-3ff6-424b-9428-656a4237a416","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":57,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"1e8567d2-2556-4531-bdfc-0df1f0aed9aa","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":57,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"d58da00d-3f49-4023-82c9-f543d3ba7b1e","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":57,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"4281d0cd-6b89-4cf7-b051-98090b027039","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":57,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"11dadbe4-912c-4b90-9457-85460e7a52d5","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":57,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"7b8d5615-d158-44c5-804a-0040c0e8b548","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":57,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"d21430d0-f932-409d-8765-c5da1ac9b3d6","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":57,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"3bce56aa-aef0-4263-8145-0649b6f48ec9","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":57,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"8459ca2c-96c5-4371-884f-c3c7dd069db0","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":57,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"75ff3939-f78d-45af-8cca-21b4d3cdca21","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":57,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"9c03eee9-9eee-44c0-b0cd-fddb6d90e8e2","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":57,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"3e12e0d2-0cd8-4a2c-9f42-f79dfcb779de","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":57,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"b361f041-add7-424b-ae26-aa23150af230","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":57,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"10d6ad7f-0ff5-4280-a9b0-aa96ae9b25bd","block_type":"box","text":"Credit Linked Securities.","page_number":57,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"4802fe52-47ae-4390-ae59-9abfbb883a3f","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":57,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"102d2887-d18d-4bc9-a7d6-8a0bc8206f00","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":57,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"5d00de2e-bdf6-462c-ba11-3cf525032b04","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":57,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"9923102a-48a8-4ae7-adb4-bb0a31df998b","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":57,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"bd7e1762-efe1-4d03-8e8d-ffdd2237a81f","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":57,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"d18af5d1-5199-4825-bdb1-c2a7058df103","block_type":"box","text":"traditional income producing securities are not available.","page_number":57,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"9e594fe0-13a1-4bc6-acde-9d5ece06a29e","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":57,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"7db7e93a-ce48-413c-964d-d283e60f2e44","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":57,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"03f960b6-2e1f-44e1-a66e-209059f9c6d5","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":57,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"0e55ec6f-d296-4ffa-acf5-502c329d616f","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":57,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"50eaff50-f403-477b-b59d-40ff7696c100","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":57,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"f140bd1a-d3a7-411b-a071-ed91da56e2e6","block_type":"box","text":"II-8","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"07d89402-1eb0-4bd5-8b73-02ea3cab45cd","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e781675a-a0af-4969-8234-6a26ecc05771","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":58,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"a007a529-fbbc-4d2a-9396-01fe939ec072","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":58,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"c089e53c-6be6-4b9a-a872-104e9009fff6","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":58,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"678ae670-9107-4ad0-abec-5b27c68e0072","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":58,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"c7f08a1c-df98-47ec-b807-e3869e1935f7","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":58,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"260aa686-0764-4268-b7d7-0070dc071b86","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":58,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"0f7057b0-c282-491c-9bf3-d04ad67bb999","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":58,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"77e966db-ec28-466b-a6a8-6a332b962ee7","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":58,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"1846ee7e-6fd9-4246-a472-46094975b844","block_type":"box","text":"investments.","page_number":58,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"bf2db0f4-6d13-4cd7-8ff9-81b2f5b69d4c","block_type":"box","text":"Debt Securities.","page_number":58,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"b3b9b8fc-f40f-48c9-b63f-94618d051630","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":58,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"16260ac0-d8b1-4321-8df6-03c7e4d88f07","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":58,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"40436d59-c9da-4b81-b082-cad02d291520","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":58,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"6f9c5f24-b90c-4282-808d-829ba0a273db","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":58,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"8c35f990-0d08-40b5-978a-c58cfed8b7d4","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":58,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"f7289310-3a84-4510-801b-bfa499ea9cff","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":58,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"4c22b27c-98b9-489d-b90d-d470bc0b4b0f","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":58,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"9a2cd2cb-ac32-43a0-988b-6ebda5bda7d6","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":58,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"5821928d-35b9-43d0-9ad3-ed9ae03b0a05","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":58,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"07899f4c-6593-4636-8a09-46b5623cad67","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":58,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"dd6aa798-2a61-4abe-9d87-043e449b71de","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":58,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"7c9d64bf-1648-46e7-8692-b7b6d1f7a093","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":58,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"3b6045b8-71a4-41ed-8dc1-5f8e9f9e2e4c","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":58,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"6612cc72-967e-4747-8e6e-857b1a8997e3","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":58,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"8a167da4-62c3-4004-942c-e8f0e411fbf1","block_type":"box","text":"lose value. This is known as extension risk.","page_number":58,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"f47f2c19-4d55-46c4-a5a1-7892474bc9e1","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":58,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"b9df092b-c27b-41b7-964b-06946b4308c6","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":58,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"c9969260-0411-41b6-a0cb-410470b3f1be","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":58,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"e7f2a638-bdd3-4061-b01a-f26b799cc51b","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":58,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"9d29ed89-bdd6-47c2-ae03-3e844ab55d28","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":58,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"65e53a5a-5b8d-46ef-9c3d-d48bd62a141d","block_type":"box","text":"Floating and Variable Rate Securities","page_number":58,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"41e49fb1-b1dd-4547-8641-4de6f4fd3b47","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":58,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"3d9bbb56-21a9-4548-b0fb-474b0c50766c","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":58,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"b2b75e7a-ecf6-4ba3-862e-de6940f4a106","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":58,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"62b4c9b1-0b5b-40d1-86d7-6a4c3429e67f","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":58,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"d26b20bc-ed35-48ad-bd2a-0e6118ae6101","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":58,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"551c8324-4dd0-4de9-8c83-47c148f071f8","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":58,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"914ac579-6eb8-427e-8818-16179f836675","block_type":"box","text":"market interest rates.","page_number":58,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"616ae376-fa98-4335-b776-7c72720fefe6","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":58,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"04f5b03d-6920-44cb-85ca-803dff182fce","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":58,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"601ad3bb-0394-467d-b8e5-881836370476","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":58,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"4652e6ee-ef35-40be-aa04-01f7b548a2e6","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":58,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"b8d25bea-f3e3-439b-866f-4a5e9f28372f","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":58,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"56b95f69-5d34-40e7-8439-97553a34a787","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":58,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"40e4d6e6-f833-4dbb-92b2-2f1781be8dd6","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":58,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"d20e6670-af25-4162-a70c-91a9c7e04a61","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":58,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"77eb6cd7-15e1-425e-8fea-de8b319fc29d","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":58,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"01156e0d-ead2-4048-bf2d-f4af149e2fbe","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":58,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"9b00d416-765b-40ec-9eb4-c4330d863dd9","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":58,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"fbf05790-4a75-469c-910e-e935e097ec69","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":58,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"152ada0b-c96c-4c1b-8559-cb33b003f71e","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":58,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"2f67816f-21a8-4bb6-ac3c-05d7b79e71ef","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":58,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"bf9c50d5-304e-466d-bc45-52bd5678317e","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":58,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"b71fcb58-5f8d-4946-b2fb-3b06d4f948dc","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":58,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"708b4ef0-730c-4501-a701-499f1a0725cd","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":58,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"abc7561a-64b3-46c5-a9c8-5f6c02ed8b3f","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":58,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"afcf44da-ddec-451b-acaf-4346007bb55b","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":58,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"ec32eebb-c9dc-47ca-953f-78cdea762bb5","block_type":"box","text":"II-9","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e4921c40-6764-4ff7-80c9-e8e93f1b7c4c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1086d238-bb4c-433d-af66-6ec0ab5f8a12","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":59,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"ae01221d-17cc-491c-b219-d4496922bf33","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":59,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"3c2686bd-ca8c-442b-88c8-8a3d65e3104e","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":59,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"50531bab-1f81-404d-b7cc-6ba5493dd080","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":59,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"775a11fe-163f-426a-bf30-62bdc116e618","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":59,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"3288558d-146b-4c32-a8ff-37ecf18f31dd","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":59,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"00102115-3441-48e3-b17b-60b2e09269bd","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":59,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"e1db86d5-bedb-4a9d-a76b-4a6866f603fa","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":59,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"bb403dc5-a62e-4e75-a16e-916b2db5d1cc","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":59,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"fe8eba4c-1988-4cb5-a243-82c3ea546067","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":59,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"6d4e67b5-0089-4477-94a7-bf95a3cd5c11","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":59,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"a333da9b-da9f-416e-9959-423e649aaed6","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":59,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"a42d8102-a75a-474a-8976-40802fd486cc","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":59,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"426d6416-608f-4ca9-8af2-325dc7ca7710","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":59,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"b917b133-ae5d-413e-b436-687da6ae10c1","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":59,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"c9753ca7-e93f-43f3-985d-744aa04a740b","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":59,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"edab16f4-613d-42b4-a756-2f5e364b183f","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":59,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"2d55e7f7-9426-488a-bd42-fa5c8f401d89","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":59,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"4a9d50b5-c986-4f03-9c2e-a91971e9f53a","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":59,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"f85cc1fd-e35d-4fb8-b73b-fc9d241e97ea","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":59,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"86b7058c-897d-4348-9638-96bac4ff3650","block_type":"box","text":"United States.","page_number":59,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"483f3854-4c3e-44cc-9055-ac5446fd8b71","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":59,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"b4300583-e75d-4c38-9f6d-073768abc829","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":59,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"f99b0327-2a64-4004-83cf-0c9b4a9f57c4","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":59,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"64171eef-edb0-4288-9494-1931dd564fb2","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":59,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"5eb02dfb-8a41-47ed-bc21-f1fdd4b969f4","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":59,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"216f7d36-28da-441f-8d91-0065b98850bb","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":59,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"d44ab033-707a-4780-a515-e410b7047d07","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":59,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"45e8bf67-40ec-4b4b-a0ae-4b280ffca0e8","block_type":"box","text":"i.e.","page_number":59,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"a0547768-9e04-41d6-8d16-4bdac15e27d0","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":59,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"a135931f-1102-4e1d-bd43-95db53c6773c","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":59,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"a836dd08-6014-461d-9fd7-6e5fff0ed90e","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":59,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"20850953-bb02-4e87-8880-8a0fe6535434","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":59,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"080ea7d0-2a79-486e-9c46-cb026b453412","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":59,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"2a3f34d3-aef7-4fb9-b398-368dd07160c1","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":59,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"d8f6f457-0055-405f-b50d-3789aeafe474","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":59,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"11179f68-a7ae-4795-b93f-cc735ae836dd","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":59,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"b91583f1-83e3-44e2-80e3-c63a875655af","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":59,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"90098c3e-1001-4d50-a7ff-4b2044dce1cb","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":59,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"7676391c-da37-42e3-b6f0-16aac3898f2d","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":59,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"4e7f92b0-4963-419e-ac14-9c6fd7f7c447","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":59,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"a7866f83-0538-4310-b0c3-ad990aa7bf09","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":59,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"547e3f7f-0624-46fe-b5cb-b748cac584cf","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":59,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"45b3db68-cb83-4885-bbc0-8ec47ed0058c","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":59,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"156aa8ac-3802-468d-bf65-2aa4b9fd03ff","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":59,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"e92c18b5-b8a4-426c-9676-2fe55dcbadc2","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":59,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"3b13c04e-5c78-4d5c-ae21-c21015c4e771","block_type":"box","text":"risk than higher rated securities.","page_number":59,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"7d528657-657d-44c6-a393-dbda9ed4d89e","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":59,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"7aa5954f-c49a-40a0-93c7-43e0b649f0a3","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"01f9bcdd-800b-4d1c-bbcd-c346a60821a1","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":59,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"734fda35-983a-4e65-9733-f2a6408205e9","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":59,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"6578949b-c0dd-4ba3-81c5-e1f65117bf4c","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":59,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"baa1d94c-1bb6-4300-9112-74198c593751","block_type":"box","text":"unavailability of additional financing.","page_number":59,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"5ce7d7cd-386e-4b6f-a0bd-20b7a4773864","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"860370e4-f7f4-4bfa-b266-eef440b152c1","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":59,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"b3c60512-f19c-497e-8e60-95c23dcea0f5","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":59,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"baea562f-4977-40b9-aae4-158291859cf0","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":59,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"5c90015e-dfe7-4b32-ae36-236bb49019ec","block_type":"box","text":"II-10","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e034d51e-5c8c-4a4b-9dfa-8a5ad2a1a836","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6fac9bb-37f4-4030-ad56-e81fe5ea8fdc","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":60,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"42fafd5c-0264-48d9-8c50-b0d1822ff543","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":60,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"6a28a9b0-5bdf-4da7-b954-f5e63e45ee38","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"0d65d328-5ea5-48d9-9a00-6ce61281af74","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":60,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"5da904ab-6b85-4519-9d4a-3ff6302a24ed","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":60,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"1e6451ff-c921-4ddb-9787-c4091af8faf8","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":60,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"f9f963e3-518a-4a67-9c31-a0a5f02f4d25","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":60,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"da922d7a-3c8a-4609-a4ba-5097265ef135","block_type":"box","text":"investors in higher rated securities.","page_number":60,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"277cfb34-1f61-4412-8648-86ccb749263f","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"5f0a29da-1145-487b-be38-dea3f9ba21e3","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":60,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"efe9ab3e-08f8-4f94-acd3-29e372dab6f0","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":60,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"789c97db-210a-4baf-8687-88e6aeef732a","block_type":"box","text":"lower yields and may lose income.","page_number":60,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"e7c912ed-efab-4f0a-991d-88c164d5ac16","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"f3e0508c-3453-4d25-a2be-8dea52907cf5","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":60,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"dfc93154-f362-43d8-9d1b-ebb217019309","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":60,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"50ea984a-43c9-461f-a97a-3f5882b0872e","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"af79dc92-34f4-42e1-bfee-ec90ad4fc03d","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":60,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"a742e4fc-bf69-4554-a853-a9dbd1ed8118","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":60,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"28d46889-0524-40d6-94c1-a83b085bd740","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":60,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"37acf2e4-7dd9-42ef-9cd5-2ac452e01b8c","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":60,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"1187adbc-e4ce-4c15-a4f3-d414f7e203f0","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":60,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"c8377b4b-b8f2-4bc0-8fa3-5d3f0a8dcba8","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":60,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"10e432ba-f623-42c9-8bdb-0f92ecadfbc4","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":60,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"99e4b0d1-dcc6-448d-b049-d87fa3316183","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"f41915b5-7c86-40d0-9381-59cff629b130","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":60,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"4e312485-affb-4c1f-9fb3-337efa54916b","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":60,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"9345eca3-6c4b-4c22-b9dd-e4f34e956ff5","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":60,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"91ca4735-533d-44f0-bd58-0fae690d553e","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":60,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"ef702b24-92e8-4508-b91d-57a1c77e1f26","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":60,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"32adb85b-f230-4c5c-810e-dcc944a1b00e","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":60,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"4fd49df4-26e3-4f9d-a1ba-bbf72dff595a","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":60,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"e47c8a5c-09a1-4ca9-8584-e811e4ff60f1","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":60,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"2bef7077-02d4-4e51-8af4-dd3a8be10190","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":60,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"e357e5fc-9103-4ab3-82d0-d70e6574ce00","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":60,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"58d76389-7217-4b16-bef9-de737bb0c54a","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":60,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"dd6a3482-d06c-4ede-8a5d-c3c1079527cf","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":60,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"f6bbd26d-2d9d-4e91-86b1-7ec993a63f3e","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":60,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"d1f72329-72ac-4854-993f-3b87be9a8f37","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":60,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"f57b7a76-7bec-4c66-bff9-31a3667b7e0e","block_type":"box","text":"role in determining such valuations.","page_number":60,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"27a9b5dc-7bfa-47fb-ab9f-e274ab2d8f60","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"eb9fa1c3-027b-4463-bae2-ed24715b7a8a","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":60,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"640d8158-2520-48cf-bc7d-9bc06f75c48a","block_type":"box","text":"a defaulting issuer.","page_number":60,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"a9c396fa-6628-41b4-a097-aceb03868793","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"5475d2bf-c73f-457b-a21e-6533e1a629a7","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":60,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"a167b09e-194b-489a-babb-cb4436c85ff5","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":60,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"3792bbfb-9d2b-49b0-8311-7f6fd9bc3a83","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":60,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"0884e65c-a95b-43d5-bdd6-8cb8e48ce690","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":60,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"8f32d117-f4c8-4207-b920-bc88000400e6","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":60,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"aa2c69c1-dc3d-429d-8d28-54de3fe3ee9d","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":60,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"b1932d1a-968e-4fdb-b2e2-af86299b2541","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":60,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"d02ba10e-0fa4-4ddb-8122-8c468b59849b","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":60,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"5094ce9f-b013-454a-9cc0-4bfd9501a064","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"1cb1e7a9-4ca0-439f-80f1-24f59dbbb78c","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":60,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"2509870f-3c0d-4aa6-9472-c5a187c39e5f","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":60,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"c6edc981-e1e2-423c-aeb6-e7177bc856ff","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":60,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"ddd78f26-c6a4-4503-8d91-4051618dc50a","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":60,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"639dd4ec-58a8-4b87-80b8-6bbc722c0f0b","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":60,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"cded4152-d2ac-4b33-b2f6-47e0187d6504","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":60,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"2569dae9-fc60-438a-a9a0-9c4846c2c159","block_type":"box","text":"higher-rated securities.","page_number":60,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"bac35e5d-224b-4482-bb2e-a4f485e1a54a","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":60,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"c2c1c1c4-a916-4937-8ed4-738c6be3331a","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":60,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"472c6df6-1d99-4d16-9e3e-eebe2cee7b91","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":60,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"1535c888-4a10-4535-9b86-96b5edebf430","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":60,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"e4946564-02c4-4320-b3a8-ae4b514c9e9e","block_type":"box","text":"II-11","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0b29e533-b7b9-46e2-8379-7f99ef0bfd69","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36180a06-c7dd-41fc-a39b-25840ba3929e","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":61,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"e3e6de9a-f2af-403e-abd1-20f505132c70","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":61,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"2d2954ef-3511-4207-a9fb-6ed289590bc2","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":61,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"8f1393c3-99e6-4c44-a368-dd69c82970da","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":61,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"f9a58851-9d07-4cb3-b93d-113e6dcb1107","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":61,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"84d9adc9-b322-4ca7-b5c3-a8dc4901b183","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":61,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"9e1ddd1c-d1ed-4072-8740-5c8b21d3125f","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":61,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"9fe9841d-60f9-4a9d-8c8a-35d21282f3c2","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":61,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"75e7aaf9-147b-4144-b59c-2aa18dd5de17","block_type":"box","text":"Mezzanine Investments.","page_number":61,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"d339c2b0-94b2-42c9-8a4a-f4a1e496880b","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":61,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"dee2aead-a228-4416-bcad-8a20ecf96604","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":61,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"bc23bf1a-6ef1-4b02-a3aa-933e189db72f","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":61,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"b4013556-ea6f-4f85-8b39-2fa8639bf9d4","block_type":"box","text":"e.g.","page_number":61,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"1e3e5ea7-d14c-4b61-b5a7-6d417c30bd76","block_type":"box","text":", with","page_number":61,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"ff1c314d-da0f-482b-922c-68529007f7bf","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":61,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"7ec55832-5159-447a-a310-b24a1b13a6f4","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":61,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"ecca3af7-a0d4-4465-a7b3-b533873d7eb1","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":61,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"1d38b3f1-1b7d-4e8d-9a42-92a320943813","block_type":"box","text":"other obligations of the issuer.","page_number":61,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"2e6995f0-7b45-43ec-b017-5e51336d18fe","block_type":"box","text":"Pay-in-kind Bonds.","page_number":61,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"6a8a510e-488d-4e87-96c4-a8f03f0ae1d5","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":61,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"2acf035c-57b2-4bf4-8ae6-e7aac353f1f9","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":61,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"db4946a2-d59a-422a-9c8d-633ba6c9396c","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":61,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"461258bc-47c5-4ee1-9b05-77a95d487442","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":61,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"ad7685d2-4fe6-48d6-ab28-988afc1deea8","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":61,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"46d63eb7-231d-4e27-aa16-4b940d8ed60f","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":61,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"2f679b17-7d33-4732-ade7-3ffb51d42e48","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":61,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"a127e98a-9773-42c1-9007-923d031d9507","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":61,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"fe4846b3-e2f3-4ca6-82e5-e373ceaeb4c2","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":61,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"102daad3-4611-448a-a5ad-dc9f16cebf8f","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":61,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"4a3e3957-753b-4863-bc7a-2f02d6e98388","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":61,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"51837b90-3820-4dc9-8d3b-d2f615c5571f","block_type":"box","text":"Supranational Entities.","page_number":61,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"d327d818-5066-49f7-adf9-0ac09b58bb2e","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":61,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"472f97b4-007c-4ec9-be95-10d2dda900d8","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":61,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"652ea25e-d2a7-428e-98e3-3eaf08b15001","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":61,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"4317f9c8-e63e-4c09-ae91-5762eff011c0","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":61,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"6202cf66-9d47-4a5a-85ad-76360d999ac5","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":61,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"26429e43-5049-4713-9fd5-d7e4fbea89e8","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":61,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"c02bf2c8-d3ea-4c98-8b40-341b7cdedd12","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":61,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"eb0dc0ef-1302-4374-9896-d4e2275075f8","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":61,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"65a10fd3-6691-4ac8-b12e-491b7d9ecfb0","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":61,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"2abee8d0-74c8-4c2c-9e44-86774c3f56f5","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":61,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"dec49350-b2f0-4058-ad9d-26f81008d21b","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":61,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"10c58692-61ba-47f7-9686-5c299f91aad8","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":61,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"dd493044-efc2-49e9-987a-2e9995a4a9da","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":61,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"0ae6c295-5d0f-4d05-ad40-e538bd58b8ad","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":61,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"db3987ee-4920-44f7-864e-32865e140cfa","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":61,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"e1494867-d908-4eb3-8aa0-adc7cfab9b4a","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":61,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"8bb1df36-611d-4ffc-b6dc-c395f97176b0","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":61,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"bde28f09-8fda-4aa0-b4c8-a1b130c8cac6","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":61,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"49e5a3a3-8139-48e8-b657-ca0e42abf7db","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":61,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"0c01f979-2bc1-4c65-97e7-f88caf1efa70","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":61,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"32550c5e-f6f7-46b3-9d4b-54b23fa1687f","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":61,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"16c511ae-a3d5-43c0-a619-a03cdf26df8c","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":61,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"41503093-0988-4162-bbb5-a9c249d046b1","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":61,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"4d6be114-0d69-47e3-911e-99b410b79f42","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":61,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"5f5692ee-d7b0-463c-9641-e387740a1d9d","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":61,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"005eaacb-2cf6-44ae-a844-8e81031df636","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":61,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"433a9657-f692-4fb5-aaf0-c9404e2766a5","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":61,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"0707ec28-0f1b-4c04-b5a9-2df7c8b01e46","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":61,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"2cd82827-3427-469d-a985-fcc1455c4032","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":61,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"71dbceac-15d0-4fce-82b5-aadb5361373b","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":61,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"0148438c-00b4-48f8-8dd9-90244485a11a","block_type":"box","text":"II-12","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2748e272-6519-4da2-82c8-6c446e323bf6","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ed62997-3a95-4b89-83fe-981e4ffe56a1","block_type":"box","text":"Derivatives.","page_number":62,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"a19fe510-b357-4b00-8975-9a303dc887d4","block_type":"box","text":"General.","page_number":62,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"d112fbac-4af7-4c4d-8fb5-c5bf4d98e9de","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":62,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"95c974c8-4d1e-4327-857c-b2fc14fca895","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":62,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"362a68ca-dddd-46eb-92cd-443db723a10c","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":62,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"37c7305b-d0e5-492e-9beb-2ba95f4f5f6f","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":62,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"098310a7-a5f0-403c-8ea7-65cf185970b1","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":62,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"58d0ae6e-8a97-4b69-b790-627d184e2ada","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":62,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"10d50ebb-eabd-4076-a519-40a9e9044647","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":62,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"b0218a0c-edab-413a-8df7-2599a6cd834d","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":62,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"304bd2c1-19a9-4bc9-9cc8-577c24537f0a","block_type":"box","text":"i.e.","page_number":62,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"8e3ee172-12b6-4045-bf2f-362fc62f58a6","block_type":"box","text":", the payment","page_number":62,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"f22077b5-0456-46e7-9d3b-aa83babe8abf","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":62,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"8587ed1f-11eb-4acf-a00b-06248d859561","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":62,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"243f1ddd-2ed4-4816-83b4-bf02183cc908","block_type":"box","text":"Hedging.","page_number":62,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"9127c795-cd40-47f6-9cf1-a2a00dd4fdad","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":62,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"f01dbc5a-e3ae-4c9d-b9f3-edba3266ad5b","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":62,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"9285b52b-fabf-4967-a81c-a7cd7e00b015","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":62,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"2f325e48-a92c-404b-9f12-406fd2668104","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":62,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"4b5ceb25-8378-40ae-9649-d684444c0b97","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":62,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"f920787c-abf6-48b6-a477-abd40b4c0e3e","block_type":"box","text":"correlation risk,","page_number":62,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"4e51f173-874f-418a-9257-e9bb88429ad6","block_type":"box","text":"i.e.","page_number":62,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"8cee0c9c-0b84-4a21-a149-13ebba785ccf","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":62,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"8ffbf33c-fcf9-4d72-a2c2-95ab6a12a70a","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":62,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"3afbcf2b-20a8-4938-992f-afe401c5acdc","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":62,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"b39ae6fa-a7a0-4a6c-b409-2f6d54bd00e2","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":62,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"95782d26-1896-4ebc-81b6-03decb7ed359","block_type":"box","text":"Speculation.","page_number":62,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"df3606f0-5d11-4dc2-88df-6e9d125a3a74","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":62,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"5f19761f-cc3b-439a-9606-7d4baea72f4c","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":62,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"8b29b91a-3532-46b7-993e-e0d33e719fa7","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":62,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"3d10e9bf-58bf-440a-9c68-67d2363d0051","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":62,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"43f46992-080a-4a93-8d7a-2ee6a51039dc","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":62,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"25bfe53a-9e34-4420-aae8-f511ec8a577d","block_type":"box","text":"Regulation of Derivatives.","page_number":62,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"34539944-fc5c-44b7-bca3-652d3064153a","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":62,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"bf379630-3d6d-423f-bbbd-32065082855c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":62,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"8a62267a-d702-4fc5-bbab-2f88bad9629f","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":62,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"c883d5fb-3f83-4cc2-9ed8-293b2649c397","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":62,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"55009d76-ffdc-4860-aae7-78d20ad48c5f","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":62,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"4cf59647-e2c8-4e9e-888b-224260e9d0bf","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":62,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"e897879f-77e1-4b8c-a1f9-e6e08827a2ed","block_type":"box","text":"coverage”).","page_number":62,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"00e82784-fd9a-485a-8d68-f4f6622420f1","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":62,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"146df2f4-44c1-4ffd-9387-b855246c1358","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":62,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"f280ac1b-db4b-48e0-8660-2da906ae14a2","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":62,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"a98cb89a-10a2-4476-8807-4bb442ada29e","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":62,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"71919e36-761c-4310-8de9-2ea41e587151","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":62,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"fa8037ac-40e1-4fb8-8c2b-6e9296025275","block_type":"box","text":"financing transactions (","page_number":62,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"c0a08d58-6b23-4c4f-8a9c-0007ca6d651f","block_type":"box","text":"e.g.","page_number":62,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"ab9ab7e3-838b-410e-b04c-e09a6c451022","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":62,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"ee690e21-d514-465e-b2fb-0e308273f9e8","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":62,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"1f9670c9-7b86-4609-b502-2aa0e41e38e1","block_type":"box","text":"securities (","page_number":62,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"334d482a-6ba8-41e2-8e29-3cd8a1d1a3c5","block_type":"box","text":"e.g.","page_number":62,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"04859b17-55b5-4974-b1ed-b4cc4fa91558","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":62,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"6f884c90-59b2-4724-91b8-4c0326a6fdbb","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":62,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"c952a0cb-3ba7-4c7f-8ca2-a450070147a2","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":62,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"bc350e18-5d7e-4208-b330-ade04b7920a8","block_type":"box","text":"Commitments”).","page_number":62,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"b92c2e27-86b3-4b8c-b481-1a067a97bb9f","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":62,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"e306047c-c759-4eb1-a500-b176c82acf92","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":62,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"20d580a9-b977-439c-9d38-1c239d4b9ce0","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":62,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"e379c0ec-f632-494c-93d0-76573f591768","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":62,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"08c5c3f8-de04-411f-bc8f-cd34877f854c","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":62,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"533c14ab-c2c2-467e-83fe-e90921faecd1","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":62,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"9039feb9-9e9b-4e34-9684-4142631dfd27","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":62,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"50078fa8-5646-474e-afce-842352e3e0ba","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":62,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"2886dcc0-b104-4a75-bf48-e31337da59b0","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":62,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"48d01e6a-a627-40dc-b334-24728091dbad","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":62,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"7d3bf94a-d927-46cc-8734-25f67d26c5ea","block_type":"box","text":"II-13","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9628b55a-605f-4dc2-84a2-a1b8d274f888","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8309d6f6-0a6c-4213-afd5-da550961d8d2","block_type":"box","text":"Dodd-Frank Regulations.","page_number":63,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"57b52a47-5786-4001-bc61-a9f1e9fbb43e","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":63,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"ef4d9aad-cc73-4108-8867-4ce952646a7b","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":63,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"ccb0c25e-aa2f-41f8-a61e-f8f61fb4a044","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":63,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"11c9cfed-8184-4abe-8178-fff47fbef6af","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":63,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"24a49f63-36dd-45ca-929b-4a1b475facb9","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":63,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"29dccebc-e56c-4711-a8aa-3abbbbeecb10","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":63,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"837eeeb1-e6b7-42be-ba8e-6cfe0f28cf7d","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":63,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"ce6c768d-966e-410e-bd87-d718e0ccacdf","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":63,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"24515e09-19c6-42ce-a1f6-d1e2f42d1bcf","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":63,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"43ed6cfa-c2f3-4aec-81e5-b5e778e70324","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":63,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"b85b4b40-83ff-49b7-859b-92fa3a44e3dd","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":63,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"2f086764-0334-45b1-b918-ab982f6d15e3","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":63,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"b266ad0c-2821-4b95-915d-b62bdb492553","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":63,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"0134b682-f59c-4654-91b4-c92da2c4ba47","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":63,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"f3833da5-47cc-48e3-9613-39ab3b094207","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":63,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"a22a8e13-7ae2-4054-814a-1d1bd2035f6d","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":63,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"5fdad9a5-9c16-4aff-b837-e3f5f702c21d","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":63,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"80a35089-10b9-425e-b282-f302b7b81579","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":63,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"355f87e3-669c-4777-afca-49ef77aac09a","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":63,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"707f51af-5e0b-4ca8-be8c-8b13ad62c2bb","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":63,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"5f89f5de-6391-4340-bcd5-5dddb16586e5","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":63,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"8c5212f2-810e-45b5-a0f2-d0153385e49d","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":63,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"a4fc6073-40c2-4332-90fc-47a297ea6964","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":63,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"a472da0a-e2a7-4eb6-bfa5-db842104844d","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":63,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"27d3ca12-2ed2-44d2-9e4f-4f1147744b06","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":63,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"01012bdf-5379-4862-8951-2d9bc9b55ae7","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":63,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"338b3ef6-5450-472c-bc6d-0f02e4f356f1","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":63,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"660925a3-211c-4e71-a153-79363615432f","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":63,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"c5701a44-2d71-49bd-82b9-34a4403ebfe3","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":63,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"5a2366f1-c59d-484d-9091-58ec83fe4b04","block_type":"box","text":"member.","page_number":63,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"9df3fdaa-507d-414f-beba-d92ead3f4c1d","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":63,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"159da341-7c20-4b07-82b6-31eedb9f2615","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":63,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"f356b8e5-e291-4591-b1cb-e09e28077f56","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":63,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"d55f02b1-9b71-49c7-baec-5e091c67dd14","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":63,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"eeaedd16-7921-48f9-9e7e-f79cbd484048","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":63,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"efe9e14f-f68c-4989-8f06-38f7df7e1db7","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":63,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"18ddc952-e8bb-43a6-b439-d398923b4952","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":63,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"89aeea72-0756-4106-8d2c-e40249f1a61a","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":63,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"ef2a2c00-18e4-485e-9929-6dcdff264dfd","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":63,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"0e1e1174-5fe7-41cb-9f46-fd29ade96865","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":63,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"b90d637a-8726-45f8-aefd-5a9791ca03fe","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":63,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"42aa160f-4de0-4271-b140-c5a7d6be4645","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":63,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"6378d2da-7855-40fb-9478-c3b925136beb","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":63,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"41993119-03db-4c50-8081-0dad8ca93dd6","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":63,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"42699342-0f4d-4304-a9a6-7ae4991ace7f","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":63,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"d065d232-6fcc-4944-9e2a-302fcc4b4d0c","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":63,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"5c0b99b0-fa6b-408c-bb84-ed0d89877b84","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":63,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"8f90a1c6-3452-4df8-ae70-d1984d9d6165","block_type":"box","text":"and","page_number":63,"box":{"x":69,"y":801,"width":25,"height":9}},{"id":"e1251855-648d-411e-bac1-361008cfdcb3","block_type":"box","text":"monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":63,"box":{"x":102,"y":823,"width":802,"height":11}},{"id":"a7e7b350-3945-400e-9769-2b9964bd415a","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":63,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"149a3d29-858f-46da-9959-29bdbe4a0b3f","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":63,"box":{"x":69,"y":853,"width":789,"height":12}},{"id":"0505637d-1d02-40ec-8a7e-4eb24cd9c3b5","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":63,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"cc5d9452-112f-4e8a-9768-9855bfd5cca7","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":63,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"7785a2e5-0219-4ef4-a9af-99670f338dfe","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":63,"box":{"x":69,"y":899,"width":791,"height":11}},{"id":"b8c558f7-0dbe-4242-a1d7-500581249cb3","block_type":"box","text":"II-14","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a652cbd6-4fb0-4975-8ee4-b632279737fb","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63f60cb5-1e16-4826-b603-301841812cb6","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":64,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"9d0a35c4-f57f-465d-b5ee-0aa9127f3481","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":64,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"2a205268-7909-4ab4-b144-e22c0c35f7d8","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":64,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"1b903994-955e-494b-84b9-2859a7723b7e","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":64,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"375128e0-fa69-4d48-99a5-846beceeb941","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":64,"box":{"x":69,"y":105,"width":785,"height":11}},{"id":"212279e5-f195-46dd-ad59-fe5566b155a9","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":64,"box":{"x":70,"y":120,"width":350,"height":11}},{"id":"2e05ed89-a1ca-4ce8-91c4-7f550b56e6f0","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":64,"box":{"x":101,"y":143,"width":256,"height":11}},{"id":"a5e4bf7b-59c9-402a-8af9-44d3ff068689","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":64,"box":{"x":364,"y":143,"width":513,"height":11}},{"id":"d959b09b-5e3e-453a-bab6-a00d47c703c0","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":64,"box":{"x":70,"y":158,"width":757,"height":11}},{"id":"f8f3fcaa-39f2-46f1-bb36-91f41ae23217","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":64,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"60821f02-8b55-433d-900f-f334cd812769","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":64,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"e8a6882e-0a1b-4e0f-b6b4-64d9962b2478","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":64,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"d77dfd98-20d9-4c6c-9850-7a55ce8eef5f","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":64,"box":{"x":69,"y":218,"width":798,"height":12}},{"id":"33187ab1-68e2-40d1-851e-be021fb9fd81","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":64,"box":{"x":70,"y":234,"width":785,"height":11}},{"id":"5a6954cd-fbab-40f4-8362-f87af5957680","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":64,"box":{"x":69,"y":249,"width":787,"height":11}},{"id":"4290cce0-a7ae-4ed8-9230-cdb15a1e814a","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":64,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"c1ab8ed7-2885-4a5e-8fc8-739af9a674f5","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":64,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"dfae5c73-3792-4f84-85c8-fd3695bd0524","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":64,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"aa75f574-e73d-4ee0-b80a-399b6d3daf75","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":64,"box":{"x":69,"y":309,"width":839,"height":11}},{"id":"fbfc53c4-e0d0-48ef-b647-160e11fe9f40","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":64,"box":{"x":70,"y":324,"width":793,"height":11}},{"id":"3134404d-cfd3-4321-9e74-e5f8aeade355","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":64,"box":{"x":69,"y":339,"width":765,"height":12}},{"id":"af898a81-8d9c-47bb-a383-4abebc79b1bf","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":64,"box":{"x":69,"y":355,"width":720,"height":11}},{"id":"3d7cfd65-d357-47d2-8661-99b318167d9f","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":64,"box":{"x":102,"y":377,"width":802,"height":12}},{"id":"8c75a495-0351-4575-a956-c157ea0679c3","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":64,"box":{"x":69,"y":392,"width":762,"height":12}},{"id":"60838e1a-41c4-4d2a-85e2-c828e1561f80","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":64,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"2107fb44-46b9-4b85-b16b-8e6d5e688be6","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":64,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"ce971a63-3086-4cd5-80f1-e150019e7815","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":64,"box":{"x":68,"y":438,"width":787,"height":11}},{"id":"0188d1f8-add7-4111-8d5e-c0f5d5e06381","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":64,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"65d25d08-6a31-45e5-ad02-a6e43b060db4","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":64,"box":{"x":67,"y":468,"width":795,"height":11}},{"id":"0a82e3ed-7349-47b8-82ca-1327344eae32","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":64,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"1c737913-05e1-46b1-9e00-c89e00fb8adb","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":64,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"9e100264-bef3-47db-adbd-1386ccf827b4","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":64,"box":{"x":68,"y":513,"width":814,"height":12}},{"id":"08ee63a4-1863-4a66-a976-bed22457325b","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":64,"box":{"x":69,"y":528,"width":773,"height":12}},{"id":"123930d5-7224-4c29-b2cb-ed203f18c42e","block_type":"box","text":"collateral received under such contracts.","page_number":64,"box":{"x":69,"y":544,"width":288,"height":9}},{"id":"b4add09c-3051-47f9-9513-cb58a3cc620e","block_type":"box","text":"Risk Factors in Derivatives.","page_number":64,"box":{"x":102,"y":566,"width":191,"height":9}},{"id":"ea48bd5f-e895-44a1-b165-e2321807469d","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":64,"box":{"x":101,"y":589,"width":597,"height":11}},{"id":"b72e75da-5d57-426a-9322-347157619719","block_type":"box","text":"Correlation Risk","page_number":64,"box":{"x":102,"y":612,"width":114,"height":9}},{"id":"c087696b-de5d-4bfd-8b90-85ba643d034b","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":64,"box":{"x":220,"y":612,"width":668,"height":11}},{"id":"571b7c1d-d1d4-4f97-a29c-9167126182c1","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":64,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"c26e7a78-2c2f-4ad9-914d-667cea01aed3","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":64,"box":{"x":68,"y":642,"width":818,"height":11}},{"id":"79922ddf-2820-4426-b291-ec3f9a90a62d","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":64,"box":{"x":70,"y":657,"width":806,"height":11}},{"id":"9cfe5d04-be66-477a-a0ee-0be1d8bca89d","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":64,"box":{"x":69,"y":672,"width":725,"height":11}},{"id":"227966e0-2c46-4f05-873b-b0b9036f01fc","block_type":"box","text":"Counterpar ty Risk","page_number":64,"box":{"x":102,"y":695,"width":128,"height":11}},{"id":"c7372756-abae-407d-9374-2c25a588766c","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":64,"box":{"x":233,"y":695,"width":632,"height":11}},{"id":"68cfab58-e451-4e43-b35d-c0a34c92b6c3","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":64,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"2fdef454-f85b-40c6-bf74-c6929f7f0aaa","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":64,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"cfd694ee-7eb1-4bf4-a343-6deb8d473a1a","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":64,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"26a331d5-7ed0-4408-9b7f-75631d70f1fe","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":64,"box":{"x":70,"y":755,"width":831,"height":11}},{"id":"5addc515-c432-4ffc-ba11-5322cbaa752a","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":64,"box":{"x":69,"y":770,"width":806,"height":12}},{"id":"faa0f13d-9662-43fa-8b68-bafd01e27c62","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":64,"box":{"x":69,"y":786,"width":803,"height":11}},{"id":"1c0ce0e6-42b2-4eaf-bcee-ff35356af836","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":64,"box":{"x":70,"y":801,"width":760,"height":11}},{"id":"3d832855-1e19-40de-b4ef-9e10a8990dea","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":64,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"baf38f7c-b076-4fe1-88d5-4733c2c2a491","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":64,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"b4327001-dabc-4941-b045-718de209a7a9","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":64,"box":{"x":68,"y":846,"width":826,"height":11}},{"id":"94ed867d-97a7-416f-a892-b032b916a11b","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":64,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"079d004e-0856-451d-8a46-b51f2ecda282","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":64,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"a7059e0d-fa60-4614-bc7f-5d6415e83bed","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":64,"box":{"x":70,"y":891,"width":816,"height":12}},{"id":"c155caf1-12df-46bf-ad6e-a549e2581436","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":64,"box":{"x":70,"y":906,"width":771,"height":12}},{"id":"2ae2ded0-03a3-4ccb-8d4f-93ce9603a2f9","block_type":"box","text":"II-15","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eb194b34-80a7-45c7-bd05-155757c56c54","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a2f6b06-01dc-4c2d-b648-322b4abdd243","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":65,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"38738662-d8bd-4e70-a295-fd6b9400756d","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":65,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"0f78c573-cc21-42e8-81c1-075a524be60a","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":65,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"1635076c-d63e-4cbe-a681-9cdc38535007","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":65,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"c8048fad-b404-48c5-b7dd-e44b0ba46ff1","block_type":"box","text":"by the clearing member.","page_number":65,"box":{"x":69,"y":105,"width":169,"height":11}},{"id":"bbec2fdb-5359-46d6-9d4a-eb9fd57e1df5","block_type":"box","text":"Credit Risk","page_number":65,"box":{"x":102,"y":128,"width":78,"height":9}},{"id":"74da5761-9f35-4616-8603-a61485180208","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":65,"box":{"x":184,"y":128,"width":698,"height":11}},{"id":"ca9d73af-c998-44b7-91a5-d0f21a2a36b0","block_type":"box","text":"honor its financial obligations.","page_number":65,"box":{"x":69,"y":143,"width":213,"height":11}},{"id":"2a6e2d1f-c2cf-4d28-ba01-0f453564c12d","block_type":"box","text":"Currency Risk","page_number":65,"box":{"x":102,"y":166,"width":98,"height":11}},{"id":"2f312c78-8e4a-437f-99eb-a14f8a8423be","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":65,"box":{"x":204,"y":166,"width":669,"height":11}},{"id":"eff71902-3b6d-4dea-a364-cb2aa142c8a1","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":65,"box":{"x":68,"y":181,"width":300,"height":11}},{"id":"53d52d9c-b186-459a-b8b8-d990160f984c","block_type":"box","text":"Illiquidity Risk","page_number":65,"box":{"x":102,"y":204,"width":98,"height":11}},{"id":"948e876d-46f9-45c1-9fc4-7ecb299b3ddd","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":65,"box":{"x":204,"y":203,"width":693,"height":12}},{"id":"72fa8d5e-2abf-480f-b53e-e29fa42fe4ac","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":65,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"baf90d75-f035-4fb8-b380-f4826fa462eb","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":65,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"e414a7c5-3b53-4f55-a69e-ea0d511bd443","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":65,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"8c8e45dc-78b6-4e72-bd89-983dbf5140cb","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":65,"box":{"x":70,"y":264,"width":824,"height":11}},{"id":"4533464d-ffa5-428d-9bd2-cf6816588c7e","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":65,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"fd06f006-edff-43ae-8772-baa4a09071f6","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":65,"box":{"x":70,"y":294,"width":762,"height":11}},{"id":"df57ba2f-483e-449f-ad5e-ee4442d83657","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":65,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"2cf249f8-9ede-45dc-a0a6-132e76cc614f","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":65,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"a3286eae-888f-4994-af0b-b366781b8727","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":65,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"1c32dcfa-9a44-457f-9dc2-f3f782350ae5","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":65,"box":{"x":69,"y":355,"width":828,"height":11}},{"id":"97e28430-2b22-44d6-a6fa-c0d818314e7d","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":65,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"62de0816-6fbe-497a-82e6-3f5ed051c888","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":65,"box":{"x":68,"y":385,"width":826,"height":11}},{"id":"5b57a306-4480-4975-a42e-8ec0fa9bd0f8","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":65,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"a2da5140-9ed5-49e2-978a-a0e99d934219","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":65,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"ac71016f-4e20-4a00-aea5-f95a22abda52","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":65,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"bb83a1b2-a132-4ef5-9c37-034e1dba65ce","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":65,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"b5f4d21f-452e-4e78-a8ca-d59c0a8ad755","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":65,"box":{"x":69,"y":461,"width":796,"height":11}},{"id":"573da0ea-5eb7-4679-b3b6-c4a3e37f30cf","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":65,"box":{"x":70,"y":475,"width":759,"height":12}},{"id":"10f306a6-ff4f-4ab4-a03b-0599f578de76","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":65,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"c88b2f0e-c5a2-4299-ac59-23db50d76f26","block_type":"box","text":"may be disadvantageous to do so.","page_number":65,"box":{"x":69,"y":506,"width":243,"height":11}},{"id":"4c1c1910-bc5c-4e53-87b7-052666ab5896","block_type":"box","text":"Index Risk","page_number":65,"box":{"x":102,"y":529,"width":73,"height":8}},{"id":"d71c9fdb-2a89-484b-8c34-fc25b9a24307","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":65,"box":{"x":179,"y":528,"width":714,"height":12}},{"id":"86f3cf21-898e-4f13-a29f-02206c1813e8","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":65,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"232531de-0b9e-4e22-bd67-19015d9dcf30","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":65,"box":{"x":69,"y":559,"width":678,"height":11}},{"id":"fc817d89-673f-4f14-bcdd-471f53b62041","block_type":"box","text":"Legal Risk","page_number":65,"box":{"x":102,"y":582,"width":73,"height":11}},{"id":"63714087-2742-466c-b4a4-51d4c5eb240d","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":65,"box":{"x":179,"y":581,"width":717,"height":12}},{"id":"36bcbb89-e386-4ebe-a1eb-011f6319a660","block_type":"box","text":"or enforceability of a contract.","page_number":65,"box":{"x":69,"y":596,"width":211,"height":12}},{"id":"a43d313e-61ba-41a8-9508-667faa65e2e6","block_type":"box","text":"Leverage Risk","page_number":65,"box":{"x":102,"y":619,"width":99,"height":11}},{"id":"ec5bcc23-9baf-44c9-84a8-823a9e640311","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":65,"box":{"x":205,"y":619,"width":648,"height":11}},{"id":"e37c4140-79d7-42a4-8619-6e41ea6a94db","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":65,"box":{"x":70,"y":634,"width":823,"height":12}},{"id":"e605925f-e265-4688-8abe-a6aed33201ce","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":65,"box":{"x":70,"y":650,"width":425,"height":11}},{"id":"67e9421f-2b84-4271-9e31-0f765a7f95fd","block_type":"box","text":"Market Risk","page_number":65,"box":{"x":102,"y":672,"width":85,"height":9}},{"id":"fc1a3f1f-f35d-4c99-b8d6-b3ab9b2af4f4","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":65,"box":{"x":191,"y":672,"width":716,"height":11}},{"id":"f9de74f3-07ed-48c8-997f-af9550fe4178","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":65,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"399da316-d10e-4698-b092-f592de4d6740","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":65,"box":{"x":69,"y":703,"width":794,"height":11}},{"id":"9baeff92-6976-4603-80eb-4b8a8bfd1b98","block_type":"box","text":"affected.","page_number":65,"box":{"x":69,"y":717,"width":62,"height":9}},{"id":"04ebe006-27a7-4a97-8fb8-d685215f6653","block_type":"box","text":"Operational Risk","page_number":65,"box":{"x":102,"y":740,"width":117,"height":11}},{"id":"37b9e0ea-6aa3-4dd4-81a2-9fdf3023ba8c","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":65,"box":{"x":223,"y":740,"width":674,"height":11}},{"id":"d77d7ed2-6585-4b7a-82d0-ab3f06a6010d","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":65,"box":{"x":70,"y":755,"width":451,"height":11}},{"id":"cb871089-1691-4d9d-ad71-db7e144f7963","block_type":"box","text":"Valuation Risk","page_number":65,"box":{"x":103,"y":778,"width":99,"height":9}},{"id":"ca7e9bb2-105b-4c4a-894e-1fc4b985276c","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":65,"box":{"x":206,"y":778,"width":701,"height":11}},{"id":"d7c811f5-cec2-4752-92ff-469b7776350d","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":65,"box":{"x":70,"y":793,"width":779,"height":11}},{"id":"2bd04207-e6eb-4605-83af-ba395bdb1f1f","block_type":"box","text":"complex instruments or quote prices for them.","page_number":65,"box":{"x":69,"y":808,"width":329,"height":11}},{"id":"4ac3f78e-51d0-48c6-b8d0-e01c73c8a5ce","block_type":"box","text":"Volatility Risk","page_number":65,"box":{"x":103,"y":831,"width":93,"height":11}},{"id":"db24479d-3416-4556-975b-fc64610e1b0a","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":65,"box":{"x":200,"y":831,"width":652,"height":11}},{"id":"2adf0de8-531d-4799-8c9b-c9d69920d4f3","block_type":"box","text":"Types of Derivatives Transactions.","page_number":65,"box":{"x":103,"y":853,"width":240,"height":12}},{"id":"209cd173-a884-424b-ad78-d7ed902cc2f5","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":65,"box":{"x":101,"y":876,"width":771,"height":11}},{"id":"c1428119-1ea8-467d-bc82-7f34b8584c47","block_type":"box","text":"including the following:","page_number":65,"box":{"x":70,"y":891,"width":159,"height":12}},{"id":"b3af27cf-3c81-4b40-b48d-41c78f54aa28","block_type":"box","text":"II-16","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b48db648-1189-4e2b-9f2e-546fd8e2e5d0","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b925406a-daaa-4fba-927a-406a0d9a5643","block_type":"box","text":"Futures.","page_number":66,"box":{"x":102,"y":45,"width":56,"height":9}},{"id":"bdad04e3-1749-4595-9360-874e8dd9ade8","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":66,"box":{"x":101,"y":67,"width":791,"height":11}},{"id":"10ba42d2-e617-45ca-a398-6fa9bec20d4f","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":66,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"0f4f1d7b-d8ec-460b-95db-b7437c4c4195","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":66,"box":{"x":69,"y":98,"width":800,"height":11}},{"id":"b7c309ab-ade5-4098-b0d1-cd4030139255","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":66,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"b8b3360b-d639-4ecb-a5b6-af1e3ea0b3fb","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":66,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"e78ca36e-ce4f-4bdc-9854-179e73d3f0f4","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":66,"box":{"x":69,"y":143,"width":478,"height":11}},{"id":"e5cd8386-2458-4328-8569-3bc0cba1e7f6","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":66,"box":{"x":101,"y":166,"width":801,"height":11}},{"id":"2d6f7e55-31b4-4e90-95ab-68378598ee97","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":66,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"ca6fe254-baf4-4954-b3b3-bed1e11d191c","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":66,"box":{"x":70,"y":196,"width":822,"height":11}},{"id":"ec0b262f-8d15-438b-91a1-ee73c2dd0b30","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":66,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"83493fe4-1ea5-464a-a6ed-e968db5790b6","block_type":"box","text":"of the futures contract.","page_number":66,"box":{"x":69,"y":226,"width":162,"height":9}},{"id":"5f5b57a7-b58f-4e1e-9d2a-5fb5a44f02ac","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":66,"box":{"x":101,"y":249,"width":756,"height":11}},{"id":"07ca97bc-45ef-481e-8987-c89a7681dde4","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":66,"box":{"x":69,"y":264,"width":820,"height":11}},{"id":"7504c9c5-1eae-41df-a490-43a0df0203b2","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":66,"box":{"x":69,"y":279,"width":789,"height":11}},{"id":"f55964cd-0e14-4216-9578-2e9ec4f77d2a","block_type":"box","text":"relating to the futures position.","page_number":66,"box":{"x":69,"y":294,"width":219,"height":11}},{"id":"f1325e9c-a57a-4ef7-9f88-0664ef65be13","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":66,"box":{"x":102,"y":317,"width":757,"height":11}},{"id":"7de41e52-cb48-49ff-9955-6d86134f0887","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":66,"box":{"x":69,"y":332,"width":797,"height":11}},{"id":"d287ab69-7943-436d-abbd-0cce08f3be3c","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":66,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"54b22f19-f01d-4fef-8f7a-3c095a162289","block_type":"box","text":"Regulations” above.","page_number":66,"box":{"x":70,"y":362,"width":140,"height":11}},{"id":"04a83af9-69fd-4cf4-8257-ac559ede901a","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":66,"box":{"x":101,"y":385,"width":799,"height":11}},{"id":"95b2fa01-0fc7-413b-bf74-34125783a830","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":66,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"f2b7e984-8a72-4c16-8a7f-591cf09ca197","block_type":"box","text":"(","page_number":66,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"436127b7-51a9-4b1a-80be-c36f50257ef0","block_type":"box","text":"i.e.","page_number":66,"box":{"x":74,"y":415,"width":21,"height":9}},{"id":"96e545bc-f03d-4dd1-8edf-4aab7f3d120c","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":66,"box":{"x":97,"y":415,"width":803,"height":11}},{"id":"e8b5fe64-c128-4f34-ad44-df1b5c020543","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":66,"box":{"x":69,"y":430,"width":830,"height":11}},{"id":"5109b65f-6652-44b4-9308-89c9ac21f3df","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":66,"box":{"x":68,"y":445,"width":835,"height":11}},{"id":"1d324c6e-6dc6-4fd8-83ba-14026e38d62b","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":66,"box":{"x":69,"y":460,"width":831,"height":11}},{"id":"f4e0d5c1-fd42-43fc-b38a-6891baf4ff41","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":66,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"34395350-8d38-4e1c-870b-7ccbc6d7906f","block_type":"box","text":"Fund intends to purchase.","page_number":66,"box":{"x":70,"y":491,"width":183,"height":11}},{"id":"cbf22515-412e-48e7-ad96-f0b76cd0edbf","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":66,"box":{"x":101,"y":513,"width":768,"height":12}},{"id":"bb0a2af7-2efc-4991-ad77-ed0bff93888c","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":66,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"be776bb8-5b0f-4b70-b487-4672600b26f5","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":66,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"eb55c0cd-4316-4c77-9eca-d9c62b2b1a0b","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":66,"box":{"x":69,"y":559,"width":773,"height":11}},{"id":"c5f0b9fd-089e-4cea-bb70-df8597f36696","block_type":"box","text":"illiquidity.","page_number":66,"box":{"x":70,"y":574,"width":63,"height":11}},{"id":"559c49c2-45c0-4e98-85ec-cbe8cb1313ae","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":66,"box":{"x":102,"y":596,"width":757,"height":12}},{"id":"dbbeb620-10f4-4de9-a8b5-215062ca513c","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":66,"box":{"x":70,"y":612,"width":807,"height":11}},{"id":"c7223974-9b71-4ac0-b8b7-c798b0f86622","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":66,"box":{"x":70,"y":627,"width":269,"height":9}},{"id":"c861241c-c265-4809-8f2c-d782c892f204","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":66,"box":{"x":102,"y":649,"width":791,"height":12}},{"id":"6e9ff2e2-1361-454f-b611-29e6494d1d82","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":66,"box":{"x":69,"y":664,"width":838,"height":12}},{"id":"ee6b6b1c-4ea4-48e8-9c87-634a81ab18e1","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":66,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"cdac4a04-f015-4db7-af45-efd2d8d40f47","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":66,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"829eba51-ab9f-4539-8211-c79406b02f0a","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":66,"box":{"x":68,"y":710,"width":657,"height":9}},{"id":"24636a72-5656-4db3-93e1-a830fa7bb02e","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":66,"box":{"x":101,"y":732,"width":792,"height":12}},{"id":"b5add0fb-e609-4970-b7b6-ddaacf920ba7","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":66,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"5b4246d0-48d2-486f-a6d7-4a9c45a19271","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":66,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"f799aad7-2b3f-433d-acd9-01e4827e57e5","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":66,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"f79accde-e283-468c-b205-7bf702f0e19c","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":66,"box":{"x":70,"y":793,"width":817,"height":11}},{"id":"9ae165d1-3c12-4ac6-8ab8-21581eeafe81","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":66,"box":{"x":68,"y":808,"width":561,"height":11}},{"id":"73ec70bf-8240-4cb4-a88a-5c20b63ecc2c","block_type":"box","text":"Swap Agreements.","page_number":66,"box":{"x":102,"y":831,"width":131,"height":11}},{"id":"dac65581-a515-4c44-9b35-14d0d06d6ed2","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":66,"box":{"x":101,"y":853,"width":782,"height":12}},{"id":"c70b64bd-d2d2-4464-86ef-2c2b69a4b4ef","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":66,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"1d8e8a5f-772c-4200-8fb1-65515ae08c71","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":66,"box":{"x":69,"y":884,"width":799,"height":11}},{"id":"4c53a937-5699-42b7-ba8a-421a023f108e","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":66,"box":{"x":69,"y":899,"width":792,"height":11}},{"id":"4c715377-9d8f-4da3-bb0b-078194928571","block_type":"box","text":"II-17","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5d5a4c7-a08b-4cca-b291-359ca22dfbb8","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f41332b3-21e3-411e-93f9-1d2bcf184c15","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":67,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"e84c49bb-f1e1-4783-9493-1e136d9c8ad1","block_type":"box","text":"a “notional amount,”","page_number":67,"box":{"x":69,"y":60,"width":147,"height":10}},{"id":"db617054-6b19-4689-a00a-f9c9ce5060d5","block_type":"box","text":"e.g.","page_number":67,"box":{"x":223,"y":61,"width":25,"height":10}},{"id":"025d178e-88cd-4014-b9d3-de562c768d82","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":67,"box":{"x":251,"y":60,"width":602,"height":11}},{"id":"a88ea07e-fafc-4d66-9a27-e35ca9a6e52c","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":67,"box":{"x":70,"y":75,"width":787,"height":11}},{"id":"3d38aa48-808c-4fd4-a1d8-7523558dd771","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":67,"box":{"x":69,"y":90,"width":762,"height":11}},{"id":"ed4d07c8-622e-40e6-94e4-74deec45854c","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":67,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"de49d47c-baf6-4c59-8a5f-3174a9e98158","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":67,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"3ae06f17-361e-4d82-abed-2e67846b16a6","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":67,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"ff2e1712-7239-49f9-a3fa-4836c4d31547","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":67,"box":{"x":69,"y":151,"width":826,"height":11}},{"id":"0d82ec48-1d59-475c-8b7e-b44591cda334","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":67,"box":{"x":69,"y":166,"width":827,"height":11}},{"id":"11039456-9321-44b2-a05b-14645e8bd77c","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":67,"box":{"x":68,"y":181,"width":763,"height":11}},{"id":"ba26ef62-b7ec-403a-b0ed-393cb619b1cc","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":67,"box":{"x":102,"y":203,"width":329,"height":11}},{"id":"0293b04e-a61e-4849-9d8c-e979b0730607","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":67,"box":{"x":438,"y":203,"width":439,"height":12}},{"id":"05fb3877-7adf-45e4-ad3f-b829b6d70cef","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":67,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"815a4df7-f2d7-42ee-9315-91ab432df379","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":67,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"11883d9c-f7f5-4c3e-ba88-dc1861ca3a52","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":67,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"2e570d4f-be9b-4ba2-a7ad-cd920fcc2a3a","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":67,"box":{"x":69,"y":264,"width":829,"height":11}},{"id":"eae7c695-1f01-42da-8531-9b2110b73818","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":67,"box":{"x":68,"y":279,"width":798,"height":11}},{"id":"9e0b7d36-be0e-4a3b-bdae-fc24d86fcd54","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":67,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"7814441e-9d01-4034-83d9-3829611361ba","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":67,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"e52105af-4557-4e22-b7d2-4ccbef001a8d","block_type":"box","text":"index CDS.","page_number":67,"box":{"x":70,"y":324,"width":75,"height":9}},{"id":"0a1e6ca4-c8a2-4aab-9352-cfece0bfee79","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":67,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"539e4e22-23ad-492f-a4a9-d95d1171bad9","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":67,"box":{"x":69,"y":362,"width":806,"height":9}},{"id":"de99ef44-2ac5-4a10-a5e5-84111809d445","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":67,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"86db6ac6-cd78-43fa-9a28-a94bad8099c8","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":67,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"83013fec-500e-4535-860a-9fb23771b3a9","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":67,"box":{"x":70,"y":407,"width":812,"height":12}},{"id":"e16842d4-8072-42e5-90da-be75f097532f","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":67,"box":{"x":69,"y":423,"width":798,"height":11}},{"id":"ae535a65-4fe5-474d-910c-d9f4414f6cac","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":67,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"e193bcbb-7f6d-43ea-9be6-a24079588f8b","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":67,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"9f2d2d29-20a6-4f50-9096-5156fecfd3bf","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":67,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"e4a50803-53cf-4deb-9c73-627a85c6ef31","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":67,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"9920d0f8-e929-40c8-b4d7-3ce82293a646","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":67,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"c93cb1f6-5c22-40a5-94f1-2ef9a6b4c425","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":67,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"68a480ed-9175-4cee-963b-e169eab824e4","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":67,"box":{"x":70,"y":529,"width":834,"height":10}},{"id":"fd34aa9c-8bcb-4fcf-954f-2942d87158f8","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":67,"box":{"x":69,"y":543,"width":778,"height":12}},{"id":"8ee29e1a-7983-45b7-8024-ac41576cce0a","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":67,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"43202553-515b-4279-89a5-75041c01e3d0","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":67,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"8d12b5d1-2c5c-48e0-b215-3cc1a01fa2ca","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":67,"box":{"x":69,"y":589,"width":807,"height":11}},{"id":"57058d51-66bf-488e-be96-db95b3981134","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":67,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"f1617114-b78f-4ced-b0a2-f91db2873be2","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":67,"box":{"x":70,"y":619,"width":711,"height":11}},{"id":"9bf94c77-d145-4288-ad26-7a54746a288f","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":67,"box":{"x":102,"y":642,"width":757,"height":11}},{"id":"c8f068c6-3ec7-4426-9aa6-9899dc349e48","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":67,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"48c0e36d-50ed-4d83-9d75-50bc789e71bd","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":67,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"b16b7464-8c63-48c5-b287-2a804d13b102","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":67,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"126c3d6f-0628-4047-a226-371309775a5b","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":67,"box":{"x":70,"y":702,"width":817,"height":12}},{"id":"4609d829-ed31-4794-a53b-ddb0089a2518","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":67,"box":{"x":69,"y":717,"width":820,"height":12}},{"id":"4b34e052-2865-4298-8a04-a0764b98e70d","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":67,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"60025e0f-6aa2-4b8c-950b-ce640015315a","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":67,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"63fb6583-9491-4001-a57c-1bbc023a8b02","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":67,"box":{"x":68,"y":763,"width":820,"height":9}},{"id":"d2b6ec59-4961-4f5b-a80e-bd026c9ba0bf","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":67,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"e1ae3104-1553-4b8a-9395-d963f52a4388","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":67,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"56f5ddcd-c339-442d-a4c5-02b93d333e49","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":67,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"63959364-b23f-419c-9f04-3ce330352e1f","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":67,"box":{"x":69,"y":823,"width":766,"height":12}},{"id":"00653e4c-71fb-4ce5-845f-c5b1b2a86659","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":67,"box":{"x":69,"y":839,"width":840,"height":10}},{"id":"f9d50b46-2953-4ac0-95c6-0546ea532f5e","block_type":"box","text":"conditions.","page_number":67,"box":{"x":69,"y":854,"width":76,"height":8}},{"id":"feebfabc-a69e-4352-962e-6a5a4a693ac6","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":67,"box":{"x":102,"y":876,"width":762,"height":11}},{"id":"9fc2143b-2368-4835-8023-f6b44d5a99b8","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"42f75bd7-051c-4abb-9dbe-693a8c679dc4","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":67,"box":{"x":69,"y":906,"width":727,"height":12}},{"id":"64cfc42b-9191-442c-ba09-74790881b244","block_type":"box","text":"II-18","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"29ed4410-b871-4d35-a9ca-c57c6ece118b","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80ce14fd-2145-46a4-bcab-45e7845906a1","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":68,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"568ad870-32ae-46d8-8086-77912c437433","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":68,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"dd250f2a-cd21-4e28-a51b-9697af5f5c46","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":68,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"c69d56ee-80a6-450a-8b47-295e815a767d","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":68,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"44080df5-0eb6-4f0a-981c-f37f625b02b0","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":68,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"1522fcf7-9bcf-4f38-9e64-5af36e85eac8","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":68,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"2f70cf9d-2371-4f4d-9213-6c3da0ba02d0","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":68,"box":{"x":68,"y":136,"width":355,"height":11}},{"id":"5f5e3889-60ba-48ae-abff-8f9e4b60741f","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":68,"box":{"x":102,"y":158,"width":750,"height":11}},{"id":"badada98-1f26-4524-bab7-f8862722d235","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":68,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"057e97ce-9222-4955-b509-b12d079777aa","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":68,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"80e8df90-49d6-46da-9a68-407b9dc48aac","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":68,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"c53f206a-14b9-4937-ae24-38f49f4643e8","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":68,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"04f003c1-1d89-402d-893f-57bdf8d9226b","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":68,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"548e90d8-0067-41c1-bfdc-49ea592291ae","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":68,"box":{"x":69,"y":249,"width":495,"height":11}},{"id":"2266f42c-6d81-447b-89c8-0f97fdda0f7b","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":68,"box":{"x":102,"y":271,"width":752,"height":12}},{"id":"81e87526-eb38-4a74-b887-6db51ffc92b0","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":68,"box":{"x":70,"y":286,"width":814,"height":12}},{"id":"2289b43a-4950-4e09-9cda-66fe7c4306b0","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":70,"y":302,"width":520,"height":11}},{"id":"9aaedfc8-dcac-4c5d-ada8-2c18aede20a8","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":68,"box":{"x":102,"y":324,"width":273,"height":11}},{"id":"224bfc4d-c63d-42a8-b20e-fa9fa3410887","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":68,"box":{"x":381,"y":324,"width":515,"height":11}},{"id":"44a7476f-abe6-469e-a581-ccf07da9bb92","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":68,"box":{"x":69,"y":339,"width":755,"height":12}},{"id":"f8153106-943a-455e-8a03-9ec3d23c678e","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":68,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"04f7420c-f908-4c50-aa2c-d29c70ae9d08","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":68,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"a90ac6ac-2090-4be5-be04-c6d894e69249","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":68,"box":{"x":70,"y":385,"width":461,"height":11}},{"id":"49e73afd-d0fe-4e8e-957c-c0bf2980d0f9","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":68,"box":{"x":102,"y":407,"width":748,"height":12}},{"id":"d02ff46e-2ade-41ba-b180-f14e1f3e806d","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":68,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"fc385d89-a500-433e-a12b-08c89ff0a0fc","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":68,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"f90df699-d27f-4998-b2d0-444d2a26befc","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":68,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"4d3e34f5-9ffd-4cab-bf3d-f9919084a686","block_type":"box","text":"cleared interest rate swaps.","page_number":68,"box":{"x":69,"y":468,"width":198,"height":11}},{"id":"e1fd9c90-c65a-451f-8469-88ee8973c395","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":68,"box":{"x":101,"y":491,"width":766,"height":11}},{"id":"1b4edcca-bdf8-4ab5-bb16-444260bdbe4d","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":68,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"97f3c7e8-f6e2-4dda-86bb-447b953612ac","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":68,"box":{"x":68,"y":521,"width":830,"height":11}},{"id":"7c223818-b640-4571-97e4-f33daacea80f","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":68,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"8ca37a51-8931-4cc4-ae6e-657938a299a7","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":68,"box":{"x":70,"y":551,"width":824,"height":11}},{"id":"9d81dafd-45ce-4fbf-884f-473d635bdc31","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":68,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"2340f8bd-5ca6-4516-bd12-0dd57d892fe0","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":68,"box":{"x":69,"y":582,"width":801,"height":10}},{"id":"955e2406-3125-4a47-a5aa-13fc88c85beb","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":68,"box":{"x":70,"y":597,"width":480,"height":10}},{"id":"77f1ca64-4cde-4fd0-b2f9-ae6154658ed4","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":68,"box":{"x":102,"y":619,"width":790,"height":11}},{"id":"7fa1bb7a-a8e1-4ef4-b87b-6f08f10eb77a","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":68,"box":{"x":68,"y":634,"width":825,"height":11}},{"id":"b569eeed-5b7e-4536-b683-9c73d84b8232","block_type":"box","text":"or variable interest rate, index or asset.","page_number":68,"box":{"x":69,"y":650,"width":280,"height":10}},{"id":"5b42c470-fc1f-44ef-97f7-0616cff4efa0","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":68,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"16b5e6e7-a779-4fc3-8956-b6e9d55ff15e","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":68,"box":{"x":70,"y":687,"width":805,"height":11}},{"id":"3d0653ba-4477-41fa-b909-8801d3de7e98","block_type":"box","text":"such interest rate floor.","page_number":68,"box":{"x":69,"y":702,"width":165,"height":9}},{"id":"758455c4-3fe7-4eb5-8cc9-e43f26ebf8e5","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":68,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"d1969495-24af-477f-8a4e-e560ea23e975","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":68,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"5a390350-a8f0-4a99-853f-c21919e65fef","block_type":"box","text":"such interest rate cap.","page_number":68,"box":{"x":69,"y":755,"width":159,"height":11}},{"id":"37586463-8f68-44bb-9e28-dce3fc8faae0","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":68,"box":{"x":101,"y":778,"width":729,"height":11}},{"id":"a20e9c63-d629-4ce3-a37a-8e1a5f19571a","block_type":"box","text":"commitments to pay or receive interest,","page_number":68,"box":{"x":69,"y":793,"width":282,"height":11}},{"id":"7a41d629-6e40-4936-8d24-e9adc394d513","block_type":"box","text":"e.g.","page_number":68,"box":{"x":359,"y":794,"width":24,"height":10}},{"id":"bf6f5b15-52bd-43a9-ac45-e90e292974f3","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":68,"box":{"x":386,"y":793,"width":482,"height":11}},{"id":"03c724d7-c5a7-45b9-af8b-d385612f4917","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":68,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"f164e884-e7e7-4f86-83e0-09f315b8e757","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":68,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"12414c86-3dfa-432f-b1b7-94045983fac9","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":68,"box":{"x":68,"y":838,"width":832,"height":12}},{"id":"ffbc6696-03e7-4545-a8ed-266bd8105ecc","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":68,"box":{"x":69,"y":853,"width":807,"height":12}},{"id":"66b37ef3-9eb1-461a-b130-dedfc3a37ceb","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":68,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"a0a0bead-5d61-4f48-ac1a-0debbd398bba","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":68,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"82a89b38-4dab-42da-a4c3-5bb0474635b6","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":68,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"1e2127a3-8330-4f3c-b206-047e4559b1a1","block_type":"box","text":"II-19","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e4fc064-5a8e-4d6e-8b84-65d20bf0e4ae","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c39516e8-3e75-4b25-ada6-aa52959950bc","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":69,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"3f473298-c3c3-40f5-9aa4-eb4e0b3c6fd2","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":69,"box":{"x":68,"y":60,"width":646,"height":11}},{"id":"8522d6c3-7c60-4907-9401-1a6669dfdda4","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":69,"box":{"x":102,"y":82,"width":798,"height":12}},{"id":"07d98fb3-fe4a-45e3-afa5-e5b7526950cb","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":69,"box":{"x":70,"y":98,"width":490,"height":11}},{"id":"fd5119b3-303e-4f93-90b4-2ad01a9b588d","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":69,"box":{"x":102,"y":120,"width":791,"height":12}},{"id":"0d75b7b8-0c16-4906-8008-a6200fcf0c97","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":69,"y":135,"width":454,"height":9}},{"id":"24c34570-86c5-49aa-b5ac-386f4198d5c9","block_type":"box","text":"Total Return Swaps.","page_number":69,"box":{"x":103,"y":158,"width":139,"height":11}},{"id":"5dabc043-de38-46c4-8907-7998c6f40a61","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":69,"box":{"x":249,"y":158,"width":634,"height":11}},{"id":"3ea1ecbc-70bd-4291-b715-372f920c4e7c","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":69,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"26fd026c-85f7-4a4e-a14b-8a1f43e2960b","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":69,"box":{"x":69,"y":188,"width":764,"height":12}},{"id":"dde7844f-f795-4002-91c1-f83cbc1e573a","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":69,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"595f914d-315c-4986-9bcc-f1e07705cfc3","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":69,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"64c36601-9db6-4223-a16a-85006ca809de","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":69,"box":{"x":68,"y":234,"width":838,"height":11}},{"id":"90b2aba0-caf2-4db0-af44-cabe3d2596fe","block_type":"box","text":"“contracts for difference.”","page_number":69,"box":{"x":70,"y":249,"width":184,"height":9}},{"id":"927418d9-62c3-4618-89c8-7fba3907bcd4","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":69,"box":{"x":101,"y":272,"width":770,"height":11}},{"id":"8ec6f440-f908-43e6-a940-ed1c14f80d9a","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":69,"box":{"x":69,"y":286,"width":780,"height":12}},{"id":"3a927c18-83cf-49be-a94a-46b08b5bfa5c","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":69,"box":{"x":69,"y":302,"width":839,"height":11}},{"id":"d84db9e5-3fce-436c-9953-eb33d0f24b3d","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":69,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"6fcb6fad-9336-4be4-ae5a-21dabacaa8c3","block_type":"box","text":"the notional amount of the swap.","page_number":69,"box":{"x":68,"y":332,"width":235,"height":11}},{"id":"3e8f9174-0220-404f-b6ac-3daba46f8629","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":69,"box":{"x":101,"y":355,"width":746,"height":11}},{"id":"a83b2e66-dbdf-4bae-a5b7-b1a484494e60","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":69,"y":370,"width":433,"height":11}},{"id":"f5ecbcbd-71d5-48a8-8047-5b5106a76aa9","block_type":"box","text":"Options.","page_number":69,"box":{"x":102,"y":392,"width":57,"height":11}},{"id":"5edaef5f-1ee9-4089-ae68-3e68e1fa8dc5","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":69,"box":{"x":102,"y":415,"width":319,"height":11}},{"id":"6068d6ad-3573-4d95-a940-9b60a9ab18ba","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":69,"box":{"x":427,"y":415,"width":418,"height":11}},{"id":"a541a758-50d9-4d2b-a1a3-69b82845f06d","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":69,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"e6520365-babc-45b0-bb2e-a8dd8dc32228","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":69,"box":{"x":69,"y":445,"width":820,"height":11}},{"id":"72cbb8e2-a330-408a-a694-8868c77acef7","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":69,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"bcc2683e-c566-43b3-b180-6bc47b0b068d","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":69,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"5c4bfc0e-ef4c-4bdc-a52b-e58b96771da2","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":69,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"d80bde72-2cda-4991-9d31-38e47460685b","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":69,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"5fa02172-d841-4dc4-9cfc-5bbe6509f937","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":69,"box":{"x":69,"y":521,"width":366,"height":11}},{"id":"eda8d1b7-7d90-4188-b35c-ba72a0868915","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":69,"box":{"x":101,"y":543,"width":743,"height":12}},{"id":"ea95ffbf-4308-4d35-9f6c-99193dc4204e","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":69,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"1b724972-8c73-4f72-aec4-e3f931fdd941","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":69,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"3dc0f28b-54db-4214-86bd-528da0689993","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":69,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"3ba9605e-07ec-48cd-996e-3f58fe751f0a","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":69,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"964a09e9-4126-4351-bcf0-ddef97f347c2","block_type":"box","text":"OTC markets.","page_number":69,"box":{"x":69,"y":619,"width":95,"height":9}},{"id":"22440e65-c2f5-48a3-ab2c-a42411cb1062","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":69,"box":{"x":101,"y":642,"width":806,"height":11}},{"id":"4ce02733-bf4a-4175-9473-d405c578b18c","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":69,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"0d05b499-53c5-4df4-bd4a-778a52de84ec","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":69,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"b38eb340-c312-4d6e-8f38-b2c1aa71f69c","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":69,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"5bc20756-cc7a-4216-b9eb-3f1107ef8162","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":69,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"dfec6233-5d27-42ca-94ee-94c52231b8c3","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":69,"box":{"x":69,"y":718,"width":769,"height":11}},{"id":"c03a742c-b29c-4791-be81-60a79e9e9fba","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":69,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"fdb970c2-01c3-4627-88be-d7ddb00636a8","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":69,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"0d4494af-6196-44ae-b38c-b1a6ce1d6b21","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":69,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"58afd0e5-e69e-4ddc-9f6b-07ff90ffdfce","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":69,"box":{"x":70,"y":778,"width":798,"height":11}},{"id":"dc1bf646-fd20-4e05-908f-f956cff4a3ef","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":69,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"8c44ee96-9693-47e7-867c-693df0f9538c","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":69,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"25a7f6ea-32a3-41d1-a2a4-80115a3e5936","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":69,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"e7e2e141-e242-47f5-aaee-df9900bc2396","block_type":"box","text":"terms.","page_number":69,"box":{"x":68,"y":839,"width":45,"height":8}},{"id":"3703b7e6-9fd9-4bb8-902c-86a277f9bbdc","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":69,"box":{"x":102,"y":861,"width":801,"height":11}},{"id":"95147bb0-447e-40ea-ae9f-e5f571750d65","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":69,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"8ef0196e-2fc2-4b27-b32c-b9803bc681e4","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":69,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"44fa5387-af79-43da-994e-8f265d66b78d","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":69,"box":{"x":69,"y":906,"width":762,"height":12}},{"id":"6b882702-5387-4ebd-b1c2-53834ade30c6","block_type":"box","text":"II-20","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2d511754-831a-4504-90b7-de375780fcb0","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47b9edf9-03de-4ed3-a06f-4698e4cdd7c3","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":70,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"987dacf3-69e7-4ba2-b451-ed5264e1c502","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":70,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"a57933f4-37d3-4546-b071-d45a277d69cc","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":70,"box":{"x":69,"y":75,"width":491,"height":11}},{"id":"0243b687-f9e0-4e5d-8ac6-b276debd4d7f","block_type":"box","text":"Call Options.","page_number":70,"box":{"x":102,"y":98,"width":89,"height":11}},{"id":"55182dc0-f81d-41ac-a301-b24cbda9d8ae","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":70,"box":{"x":197,"y":98,"width":694,"height":11}},{"id":"631318fc-5c75-4f02-8360-e9be7060d080","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":70,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"00f0ba4a-06a6-4930-af94-0ffa163d5153","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":70,"box":{"x":68,"y":128,"width":813,"height":11}},{"id":"ccdc6e61-aa4d-42ec-81b7-2437b32d28c8","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":70,"box":{"x":70,"y":143,"width":795,"height":11}},{"id":"4d0f2ed4-1102-455a-953a-90542e6a3b6e","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":70,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"68f6c228-f296-4b05-bcb4-01a2e097983a","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":70,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"17a43972-3942-4710-8d1b-4cd112048343","block_type":"box","text":"of the option.","page_number":70,"box":{"x":69,"y":188,"width":93,"height":11}},{"id":"b26a5840-8d17-476e-b0a7-42bc17c5588d","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":70,"box":{"x":101,"y":211,"width":794,"height":11}},{"id":"b01ab0f1-d7f7-4522-a106-57b7f68d4f34","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":70,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"c6f7d817-de1f-4ff1-9b2b-f0a1e9bbdd2f","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":70,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"79de6b31-2507-40c0-9c6e-829ef62ba6d2","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":70,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"45d2ed68-ad03-4bed-8ca8-b5997207578c","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":70,"box":{"x":70,"y":272,"width":711,"height":11}},{"id":"7de712b3-e1f3-46a9-a167-0d61f7f27029","block_type":"box","text":"A Fund may write (","page_number":70,"box":{"x":101,"y":294,"width":130,"height":11}},{"id":"dbe9ef12-fef4-477b-8d0c-982536ca309d","block_type":"box","text":"i.e.","page_number":70,"box":{"x":233,"y":294,"width":20,"height":9}},{"id":"6fabf56b-13f1-4cda-af4b-02f59e95c884","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":70,"box":{"x":256,"y":294,"width":627,"height":11}},{"id":"65307ce4-abc5-4e2c-861c-00e2f02c9632","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":70,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"5a3f9a93-17de-40b2-9826-ee5ca1d98087","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":70,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"3f77a271-dd06-499a-8c30-0de781d4b649","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":70,"box":{"x":69,"y":339,"width":797,"height":12}},{"id":"87637263-0461-43e0-9a39-9ad98dc1a9d8","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":70,"box":{"x":69,"y":355,"width":823,"height":11}},{"id":"dc46bb86-2259-4e70-b35f-79809e5b09a7","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":70,"box":{"x":70,"y":370,"width":823,"height":11}},{"id":"def2e623-90b5-4ae2-a62b-96f619603482","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":70,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"c29f6951-c92d-4ea6-9aae-10fdd5cf8a3d","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":70,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"e7c0dbe0-17df-4f15-8e53-ff96f54644ea","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":70,"box":{"x":69,"y":415,"width":792,"height":11}},{"id":"a6b40356-5f2e-4ef7-afcf-699691482329","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":70,"box":{"x":70,"y":430,"width":826,"height":11}},{"id":"32bf7a81-c9e1-4aa9-900a-a726ebee3d02","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":70,"box":{"x":69,"y":445,"width":760,"height":12}},{"id":"8560e5e4-bab5-46c6-a023-931c56eb6ca9","block_type":"box","text":"A Fund may write","page_number":70,"box":{"x":101,"y":468,"width":120,"height":11}},{"id":"e5873952-71bb-4ac4-b0d7-4b7e2a462548","block_type":"box","text":"(i.e.","page_number":70,"box":{"x":228,"y":468,"width":25,"height":11}},{"id":"a297930d-4191-4452-be88-df5e47d57f46","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":70,"box":{"x":256,"y":468,"width":628,"height":11}},{"id":"b06cace7-55a1-49d0-8f56-28e1b2c48719","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":70,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"d60cd57a-4632-4d49-a97a-9f87d3abf079","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":70,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"f2dcb5da-1334-48c6-bdba-c9baa9ca8a51","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":70,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"c32b4eb2-fc60-43ef-b97a-d276d8282094","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":70,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"2b10465e-45fe-4bf1-88e3-b2d1a2ab4025","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":70,"box":{"x":70,"y":543,"width":806,"height":12}},{"id":"ab2ee388-3a9e-4a52-9e3b-f9bf0818daac","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":70,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"2b996964-c31c-425f-bf19-065e3cec2b02","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":70,"box":{"x":68,"y":574,"width":793,"height":11}},{"id":"9bcd0db3-faa3-4605-ae2a-b1403424ff37","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":70,"box":{"x":69,"y":589,"width":814,"height":11}},{"id":"9a2a1814-e8e3-4507-8385-c5b18107347b","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":70,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"73059a93-59e1-4fa5-8ae8-6268fb8d7a6b","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":70,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"96b32125-ae7b-45e3-95b4-f1871259d509","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":70,"box":{"x":69,"y":634,"width":326,"height":11}},{"id":"031b7545-7ea8-4364-8d2b-8bfc8c5b4492","block_type":"box","text":"Put Options.","page_number":70,"box":{"x":102,"y":657,"width":85,"height":11}},{"id":"c321f2c4-5134-4949-b747-9f06fe319d18","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":70,"box":{"x":194,"y":657,"width":712,"height":11}},{"id":"8ce5bea7-4fd9-4e7e-88c0-7adc8fd24af9","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":70,"box":{"x":68,"y":672,"width":828,"height":11}},{"id":"022ee428-20d7-473b-be1b-518e79ee817a","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":70,"box":{"x":69,"y":687,"width":816,"height":11}},{"id":"3695208d-137d-4de0-90fe-1a33b5993919","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":70,"box":{"x":70,"y":702,"width":820,"height":12}},{"id":"f7a1e246-a330-4d82-b88b-a03b0d647cfd","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":70,"box":{"x":70,"y":717,"width":826,"height":12}},{"id":"94bffe36-1dba-44aa-93c9-e54ac060cb3e","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":70,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"6e97c8aa-a67d-435f-8f7d-933f8cf2d404","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":70,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"dd5c95e3-e9e7-4107-9cd3-96fd095ccb4d","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":70,"box":{"x":68,"y":763,"width":841,"height":11}},{"id":"b055eded-28be-42ee-adb2-c39b50dc5553","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":70,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"07ef4610-b3c3-4448-ab30-0f7c85e09e21","block_type":"box","text":"purchase uncovered put options.","page_number":70,"box":{"x":70,"y":793,"width":231,"height":11}},{"id":"b73f4492-8f8d-4348-88f0-608dccf9a88d","block_type":"box","text":"A Fund also may write (","page_number":70,"box":{"x":101,"y":816,"width":165,"height":11}},{"id":"a8560f10-cfc8-4172-b2a4-c80a91c14814","block_type":"box","text":"i.e.","page_number":70,"box":{"x":268,"y":816,"width":20,"height":9}},{"id":"e77914d5-461e-4c9b-816c-33dd2715ba71","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":70,"box":{"x":291,"y":816,"width":591,"height":11}},{"id":"446467e8-6cc8-4279-b772-0de540978b54","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":70,"box":{"x":70,"y":831,"width":675,"height":11}},{"id":"48466f55-e28a-4142-bf75-504716ca78bd","block_type":"box","text":"A Fund also may write (","page_number":70,"box":{"x":101,"y":854,"width":165,"height":11}},{"id":"60978b91-ede6-4e0e-9914-0d8a03ada7d3","block_type":"box","text":"i.e.","page_number":70,"box":{"x":268,"y":854,"width":20,"height":8}},{"id":"895ce6ed-2cdc-492e-9c6a-aba7c4943adc","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":70,"box":{"x":291,"y":854,"width":593,"height":11}},{"id":"6e4f696a-edb2-49f4-a605-2130b42ec26a","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":70,"box":{"x":68,"y":869,"width":789,"height":11}},{"id":"104a5669-7f53-4c96-8d86-c2fef2f8ab07","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":70,"box":{"x":69,"y":884,"width":773,"height":11}},{"id":"db19ece9-2f9d-42d6-98b4-85fb18127699","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":70,"box":{"x":69,"y":899,"width":807,"height":11}},{"id":"720e66a0-8e87-469d-96df-9f00912c8bfb","block_type":"box","text":"II-21","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35066ec6-2be9-4029-b644-83c1597e3b26","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9ee9633-01c8-4f46-b5dc-d5de7c16d6b9","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":71,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"9924e5a5-eb4e-4fea-9b5c-f159ec762b07","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":71,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"04a9e7a0-cf5b-485f-ba39-8d621c4da830","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":71,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"001ac3b7-2451-48f9-83c5-5cbeb4b717d6","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":71,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"668912c7-5a61-4d37-8189-804cd3f3b8aa","block_type":"box","text":"the exercise price.","page_number":71,"box":{"x":68,"y":105,"width":130,"height":11}},{"id":"4cf8b17e-fb32-4164-bfc2-8f27c64ac1a8","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":71,"box":{"x":102,"y":128,"width":556,"height":11}},{"id":"e993dd0d-f32e-48f3-81cd-de05fcc673db","block_type":"box","text":"The following information relates","page_number":71,"box":{"x":664,"y":128,"width":232,"height":11}},{"id":"eee1f67c-2cdd-4f4a-9e72-0205c24ddfe7","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":71,"box":{"x":68,"y":143,"width":784,"height":11}},{"id":"cf6c4121-d0a4-4dfb-aa14-395cbc38bfa7","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":71,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"0ca81a09-4aa5-452b-894b-33b0e4b5f1dc","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":71,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"af325316-95e8-49ee-9556-a8c2693fa762","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":71,"box":{"x":70,"y":188,"width":781,"height":12}},{"id":"ffff0a04-92bf-4b92-91a4-b9c9ec2aeeb2","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":71,"box":{"x":70,"y":203,"width":803,"height":11}},{"id":"39e69935-ee5e-49c0-b4bd-df61f4369a3f","block_type":"box","text":"market in order to maintain its “cover.”","page_number":71,"box":{"x":69,"y":219,"width":277,"height":8}},{"id":"a861bf4d-b326-4cdf-96e9-2419aa5c11b4","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":71,"box":{"x":101,"y":241,"width":807,"height":11}},{"id":"a6ccb368-f688-4443-b2fb-7843ab8452b3","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":71,"box":{"x":68,"y":256,"width":835,"height":12}},{"id":"53d8f5b6-c94e-4ebb-a025-69593f199e88","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":71,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"82ad1836-a31d-4cc1-87de-14bda4cda169","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":71,"box":{"x":68,"y":286,"width":784,"height":12}},{"id":"762a90ed-54e1-4e70-9caf-b1cf138915f7","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":71,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"61550e67-ff6f-4cf9-aa4e-a46494d14bac","block_type":"box","text":"and incur transaction costs.","page_number":71,"box":{"x":69,"y":317,"width":197,"height":9}},{"id":"a8ab1dfc-cc02-4794-86b5-e884ff5601a9","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":71,"box":{"x":102,"y":340,"width":235,"height":10}},{"id":"b20bc97c-0038-4c4a-9416-7326663632fd","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":71,"box":{"x":343,"y":340,"width":563,"height":11}},{"id":"51e3669e-9955-4c42-8c5a-dcd38bc9fd51","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":71,"box":{"x":69,"y":355,"width":763,"height":11}},{"id":"56552109-5d77-497d-89ad-d8322314877c","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":71,"box":{"x":69,"y":370,"width":439,"height":11}},{"id":"21328490-bba3-4175-903e-a2559e85df68","block_type":"box","text":"i.e.","page_number":71,"box":{"x":510,"y":370,"width":20,"height":9}},{"id":"f1736a1a-4398-44f4-a6b4-ae9f4a2c38b6","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":71,"box":{"x":533,"y":370,"width":309,"height":11}},{"id":"6d430751-c033-4553-8d5b-db4bba798bb5","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":71,"box":{"x":70,"y":385,"width":826,"height":11}},{"id":"a784a76a-b4c1-4813-8be1-6f9547630fa5","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":71,"box":{"x":70,"y":400,"width":793,"height":11}},{"id":"af28f120-c592-49c8-8159-020f4c2c6ec6","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":71,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"36d09253-e62a-4cc8-88da-8d4cdf113036","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":71,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"5e5de445-8e77-48b7-80de-04f38c7fcf29","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":71,"box":{"x":68,"y":445,"width":832,"height":12}},{"id":"3bf3f539-3d75-4d9f-9d74-b8431276f507","block_type":"box","text":"required, to be cleared.","page_number":71,"box":{"x":69,"y":461,"width":165,"height":10}},{"id":"78d0f0da-dca5-495a-af30-df9c072a1ca6","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":71,"box":{"x":101,"y":483,"width":760,"height":11}},{"id":"bf255220-e993-480a-bb79-c69056485140","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":71,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"9e8a790d-4bd7-42dc-a0fd-7799e7da41e5","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":71,"box":{"x":69,"y":513,"width":706,"height":12}},{"id":"433b1d23-cfd7-4731-8b09-bc4718603e6c","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":71,"box":{"x":102,"y":536,"width":805,"height":11}},{"id":"c9634d77-a104-412b-80ed-01f8cf4d44e3","block_type":"box","text":"Derivatives” above.","page_number":71,"box":{"x":70,"y":551,"width":135,"height":9}},{"id":"51cb7d5e-18a3-4494-b27f-d5c2a81cb9d5","block_type":"box","text":"FLEX Options.","page_number":71,"box":{"x":102,"y":574,"width":96,"height":11}},{"id":"42e69244-cfff-4ce7-8484-287c7b7fa9df","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":71,"box":{"x":206,"y":574,"width":702,"height":11}},{"id":"e8a53d08-a364-4717-8290-8b3cfd310ce9","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":71,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"d1379a65-bcde-408b-89ca-80804a0b7cc5","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":71,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"b31847e9-0f19-49e6-9b9d-368992a6ba2a","block_type":"box","text":"exercise prices, exercise styles (","page_number":71,"box":{"x":69,"y":619,"width":231,"height":11}},{"id":"d6d3d6f3-abb4-4757-b68e-2e10362aadb4","block_type":"box","text":"i.e.","page_number":71,"box":{"x":302,"y":619,"width":20,"height":9}},{"id":"531484be-3e75-4826-8790-3c44ebf4898d","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":71,"box":{"x":325,"y":619,"width":561,"height":11}},{"id":"70b5c716-8b3d-492b-bd69-ebd540477b93","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":71,"box":{"x":69,"y":634,"width":768,"height":12}},{"id":"4a8678c5-8d22-49db-b317-a92d40efeee7","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":71,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"e87ea616-aa94-41a8-9e5a-8b73353cb66d","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":71,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"a94118ce-5403-41d5-9684-7f45b40bc2e0","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":71,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"70ac2369-39e9-4173-a920-0f4cb264bea5","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":71,"box":{"x":70,"y":695,"width":802,"height":11}},{"id":"78765454-4746-4a86-8cc5-2799a3d7a791","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":71,"box":{"x":69,"y":710,"width":806,"height":11}},{"id":"b2f2a5f3-99a0-4089-8c9d-750339a992da","block_type":"box","text":"FLEX Option’s expiration date.","page_number":71,"box":{"x":70,"y":725,"width":211,"height":11}},{"id":"0748b7c4-d651-4d4c-a836-f1e906ee4b24","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":71,"box":{"x":101,"y":748,"width":783,"height":11}},{"id":"b33ea3e8-1eb8-47fc-9af6-ce2d28a44a7c","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":71,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"2d3757ed-65ac-49bf-b2fa-09a9b5cdfbaa","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":71,"box":{"x":68,"y":778,"width":826,"height":11}},{"id":"af70672d-27cd-413d-904e-6cc91f6adb63","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":71,"box":{"x":69,"y":793,"width":814,"height":11}},{"id":"da68c69a-d3fc-47c3-90d5-bdc73d2d481e","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":71,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"a8070245-9eba-400f-be69-1dbaace68699","block_type":"box","text":"FLEX Options contracts.","page_number":71,"box":{"x":70,"y":823,"width":166,"height":11}},{"id":"100a1a04-e380-4be8-95cc-b7708cb505b4","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":71,"box":{"x":102,"y":846,"width":748,"height":11}},{"id":"91dd0a40-28ba-4d8b-8177-312cc73173ed","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":71,"box":{"x":69,"y":861,"width":822,"height":11}},{"id":"4a6f3205-2cad-4c23-a9cb-0a7da1a73d36","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":71,"box":{"x":69,"y":876,"width":759,"height":11}},{"id":"4f4c606f-2639-4df2-8e29-ba8d133ecd66","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":71,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"f57ece45-6774-45d2-a915-729e7db85e9f","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":71,"box":{"x":70,"y":906,"width":829,"height":12}},{"id":"d2a1711d-0c94-41d0-a07e-35a48ccf0268","block_type":"box","text":"II-22","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4919028c-23d7-4b36-959e-f6117da3f02e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7f8b1f1-a5d4-494a-9f31-2782cefdcd86","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":72,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"660f1692-1de4-4ed4-97a4-1202f9c80051","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":72,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"07e39f88-a283-4600-b242-9ee8a80c7bb6","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":72,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"51acff37-b25b-4641-9109-85b021725be8","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":72,"box":{"x":68,"y":90,"width":753,"height":11}},{"id":"a6920e79-c239-41c2-86a4-f2d674e73551","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":72,"box":{"x":70,"y":105,"width":806,"height":11}},{"id":"f1636f6b-953c-4b03-adc8-536e7af6f9ff","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":72,"box":{"x":69,"y":120,"width":593,"height":12}},{"id":"c417fb4b-655a-46f3-af1c-e4bd655a6ad1","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":72,"box":{"x":135,"y":143,"width":298,"height":11}},{"id":"51f7e599-9d8d-4194-b833-2eb07b6b804b","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":72,"box":{"x":435,"y":143,"width":461,"height":11}},{"id":"a90226b4-efbb-4510-90b2-d227740ddee7","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":72,"box":{"x":102,"y":158,"width":768,"height":11}},{"id":"a3a806df-8df7-4420-b9c9-ddefb09bd639","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":72,"box":{"x":102,"y":173,"width":775,"height":11}},{"id":"b91878ea-056c-4ccf-9216-e8bf81d69074","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":72,"box":{"x":102,"y":188,"width":777,"height":12}},{"id":"002f67f6-ebd2-4bbd-a063-08bebe5d7074","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":72,"box":{"x":102,"y":203,"width":799,"height":12}},{"id":"16ea13d7-1673-4e32-a03b-69cb1b5ffa2e","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":72,"box":{"x":102,"y":218,"width":777,"height":12}},{"id":"4f9989f5-874e-45b8-8dea-b7515a44f164","block_type":"box","text":"expire unexercised have no value.","page_number":72,"box":{"x":101,"y":234,"width":240,"height":11}},{"id":"2b69a96a-8914-4957-8cb8-0d1fc9931be4","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":72,"box":{"x":134,"y":256,"width":747,"height":12}},{"id":"7a0393b9-9bb1-4bcd-b9f5-cc088e58116a","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":72,"box":{"x":101,"y":271,"width":792,"height":11}},{"id":"22239ea5-ba5e-4b08-960e-d1a8e3b4506c","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":72,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"2f8211fa-6f03-4361-a77d-668435be0d1a","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":72,"box":{"x":101,"y":302,"width":798,"height":11}},{"id":"8d294369-66fc-433b-91e6-db1f55ebba3b","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":72,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"7f9e184f-060e-4060-afcb-cc221c53fcf2","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":72,"box":{"x":102,"y":332,"width":800,"height":11}},{"id":"e4b658e1-d90d-4f9d-b146-e670e97038e0","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":72,"box":{"x":102,"y":347,"width":774,"height":11}},{"id":"bb8c2cd5-8d32-45bf-b531-df683904ce68","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":72,"box":{"x":102,"y":362,"width":793,"height":11}},{"id":"3a2cad01-e1d7-4e7f-8223-00a40873e924","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":72,"box":{"x":102,"y":377,"width":764,"height":12}},{"id":"6c0a08b8-f40f-42f5-894d-60ddc34942d8","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":72,"box":{"x":102,"y":392,"width":430,"height":12}},{"id":"88f21016-65f8-4edf-adb9-ce21bb285c9d","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":72,"box":{"x":134,"y":415,"width":740,"height":11}},{"id":"8337e556-24d1-4b42-930d-2a7cf5eb43ac","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":72,"box":{"x":102,"y":430,"width":787,"height":11}},{"id":"945e2cf4-045d-45e5-b7f0-68eb5c07ba43","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":72,"box":{"x":102,"y":445,"width":790,"height":12}},{"id":"7bd8e46c-225a-4426-83be-1dfffbc4d524","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":72,"box":{"x":102,"y":460,"width":793,"height":12}},{"id":"d50c3969-0ec1-4412-9532-b018b656dde9","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":72,"box":{"x":102,"y":475,"width":802,"height":12}},{"id":"3c949bea-5f38-42fd-a3c4-bb40714cbeea","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":72,"box":{"x":102,"y":491,"width":635,"height":11}},{"id":"b7cde45d-591e-4c40-a9fa-3cca333d3aa2","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":72,"box":{"x":135,"y":513,"width":297,"height":11}},{"id":"2137bdb8-9f5f-4539-9f83-a1f4f769c3ac","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":72,"box":{"x":433,"y":513,"width":448,"height":11}},{"id":"aaa056e8-ebb4-4a66-989c-886f0f2daed9","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":72,"box":{"x":101,"y":528,"width":777,"height":12}},{"id":"3c59bbc3-9d83-4984-a1ee-ca850533649e","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":72,"box":{"x":101,"y":543,"width":753,"height":12}},{"id":"530fbf87-109f-4d93-ab85-6d427fa03eaa","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":72,"box":{"x":102,"y":559,"width":780,"height":11}},{"id":"f59ee72d-22fb-4c37-b624-3d1dd958205f","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":72,"box":{"x":102,"y":574,"width":387,"height":11}},{"id":"d70ca7bf-ace5-4fac-9cd5-134b9660fec2","block_type":"box","text":"Foreign Exchange Transactions.","page_number":72,"box":{"x":102,"y":597,"width":222,"height":11}},{"id":"2112c396-c9ba-4b1f-95a6-d824b6712bd9","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":72,"box":{"x":101,"y":619,"width":807,"height":11}},{"id":"7287f6b5-a079-4143-800a-be8436510f72","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":72,"box":{"x":69,"y":634,"width":818,"height":11}},{"id":"c526fa66-02bf-4e5b-a77b-9dc10f0dc5ae","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":72,"box":{"x":70,"y":649,"width":821,"height":12}},{"id":"822dca80-8200-4cfa-adfd-f0bcaa08f399","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":72,"box":{"x":69,"y":665,"width":792,"height":11}},{"id":"9eb5de8b-0ba5-497c-8ec9-73ca05242fa8","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":72,"box":{"x":102,"y":687,"width":790,"height":11}},{"id":"d98a5b71-812f-4d59-97e9-457a5bc81686","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":72,"box":{"x":70,"y":703,"width":830,"height":10}},{"id":"c5793663-2244-482a-a5b5-2260253cbd3a","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":72,"box":{"x":69,"y":717,"width":808,"height":12}},{"id":"b3c022cf-a4c6-4886-b0e1-d3069edc8d00","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":72,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"01614a1f-230d-4ea3-bec0-4b2cb8d3ec12","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":72,"box":{"x":68,"y":748,"width":823,"height":11}},{"id":"27b4b1db-c689-4efd-b204-915972d4e474","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":72,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"2a0da3ba-2bff-43e3-8654-499eb438eff0","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":72,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"cf9c2c58-bd46-41a9-bf41-2e5df82f9e95","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":72,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"576a669b-d661-40de-b25b-189581fde3d9","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":72,"box":{"x":69,"y":808,"width":835,"height":11}},{"id":"5a7a7183-f042-4b09-93ca-b6bda52f023c","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":72,"box":{"x":68,"y":823,"width":836,"height":12}},{"id":"81e3fc32-899a-43df-b6c1-c29d7f4c1893","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":72,"box":{"x":68,"y":838,"width":794,"height":12}},{"id":"10ff587e-3e1d-42e8-ab51-7edb0fd879d9","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":72,"box":{"x":102,"y":861,"width":805,"height":11}},{"id":"76f29f9b-ae1f-47e5-8983-e8aadae214dc","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":72,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"c47da21b-2f15-4614-ac10-f3df30392215","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":72,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"8d944fc0-4367-4488-b818-2a1c0520c42a","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":72,"box":{"x":70,"y":906,"width":773,"height":12}},{"id":"dee67302-4890-4b22-8b12-582196626402","block_type":"box","text":"II-23","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"80527473-a97c-42c9-a3c3-03029da1bc5e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b50135bf-dac9-42ae-8d3a-69fa11ae4656","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":73,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"9956386b-99e8-4548-9dc5-e48853fd10a6","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":73,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"91e87fdf-055d-4644-be9a-4aaa4b31d683","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":73,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"f3da58e6-c900-4eb9-91ce-d3dbff8bfb1f","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":73,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"10ef8cf8-4f1c-49be-967b-b17bec578e0f","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":73,"box":{"x":69,"y":105,"width":493,"height":11}},{"id":"1bd98196-0da6-4efc-a986-7261231de49b","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":73,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"fd49f1b8-c716-40e9-81be-7d9bd20294b0","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":73,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"ab1bc667-5d94-472b-af76-7c1183df64b3","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":73,"box":{"x":70,"y":158,"width":819,"height":11}},{"id":"01a1acd7-df32-4758-b1a5-afea104d0149","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":73,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"04255c2b-eb8a-4d99-bc76-9b0f204fed79","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":73,"box":{"x":69,"y":188,"width":797,"height":11}},{"id":"749b9df0-7ca7-4644-a54a-9f6c684f3412","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":73,"box":{"x":69,"y":204,"width":794,"height":11}},{"id":"95543c27-f38d-40ac-a268-0796aec66706","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":73,"box":{"x":69,"y":218,"width":841,"height":12}},{"id":"4acb8300-f227-48e5-8f9f-1a87efac4f34","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":73,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"be3079ac-9086-4373-bb9f-6d0fe74eb2c2","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":73,"box":{"x":68,"y":249,"width":805,"height":11}},{"id":"fd6ce9be-4d93-48b0-8323-da3f78868734","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":73,"box":{"x":68,"y":264,"width":401,"height":11}},{"id":"db2d97e0-23fb-4326-8993-9cf7d04ea417","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":73,"box":{"x":102,"y":286,"width":738,"height":12}},{"id":"be29766a-5357-4247-9f15-9e026203fd1c","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":73,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"952bbcc8-0ccd-4a08-af88-1d28f3f953a9","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":73,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"95b7e672-45ac-4aa9-aa2c-023096bc6ff9","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":73,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"31539ccc-1972-469a-83b1-e49842899fc5","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":73,"box":{"x":68,"y":347,"width":829,"height":11}},{"id":"92d4dd06-6f33-4502-b7a1-7fc5e5d67f85","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":73,"box":{"x":68,"y":362,"width":753,"height":11}},{"id":"947c8f72-b399-4c02-a297-82ca8d22128b","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":73,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"0a5bb1d8-9683-460f-b523-d77825b17ce5","block_type":"box","text":"involved.","page_number":73,"box":{"x":70,"y":393,"width":59,"height":8}},{"id":"dc43a6f0-a377-40dc-aa1b-3d7d94ae9a4a","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":73,"box":{"x":101,"y":415,"width":803,"height":11}},{"id":"92eb0a0f-6da4-4263-984a-1f73edcbb613","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":73,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"518a6778-988c-4eb3-b2e5-523b77bb3b7b","block_type":"box","text":"denominated in such currency.","page_number":73,"box":{"x":69,"y":446,"width":216,"height":10}},{"id":"c5096b7a-14e1-46f4-a1bb-019d0c9d523c","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":73,"box":{"x":102,"y":468,"width":254,"height":11}},{"id":"41bcf5ed-b0cf-4b93-8352-d0cb88656b47","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":73,"box":{"x":364,"y":468,"width":527,"height":11}},{"id":"0ab1d755-c14d-4af5-b495-9ffc301881d7","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":73,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"cb4c0cf6-5850-446a-8c64-b6a5a18c6613","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":73,"box":{"x":68,"y":498,"width":798,"height":11}},{"id":"ff397710-d67c-4773-a1e3-a51c26afcca8","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":73,"box":{"x":68,"y":513,"width":817,"height":12}},{"id":"928293df-2f18-4a4d-93d2-7db65e692f28","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":73,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"704599a2-7adc-491f-999c-22937da42438","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":73,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"10322beb-b58c-4c51-b564-ae2dc52d1928","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":73,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"cac18159-7f80-465a-93a7-2f005caeb85b","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":73,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"6802fd1a-282b-4d47-b038-31bef1b6486b","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":73,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"c1b94de3-4b62-486d-93f1-d0f66d20f940","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":73,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"8e45a63b-e303-4f3e-acaf-f4249b84bff3","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":73,"box":{"x":69,"y":619,"width":822,"height":11}},{"id":"84abd0e4-cc5f-4840-9edd-5f5c050b99bd","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":73,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"cb15d22e-e29c-48cd-8244-ca0564c8da68","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":73,"box":{"x":69,"y":650,"width":814,"height":11}},{"id":"409a3898-0b6f-4edf-b2e4-c72963fd4a4e","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":73,"box":{"x":69,"y":665,"width":745,"height":11}},{"id":"53b1340c-9b5e-41fc-952e-97702ce7c485","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":73,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"722d29d1-1f27-4e25-bcda-e1fb2279d066","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":73,"box":{"x":69,"y":695,"width":428,"height":11}},{"id":"1b3613c7-c8e9-454c-a0bc-92f9f8d765cf","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":73,"box":{"x":101,"y":717,"width":797,"height":12}},{"id":"9bc7460c-8ce9-4cf0-a2dd-a32d868bb80c","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":73,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"f5f4ec8a-f372-4756-9e4f-3ef3a0faa2e3","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":73,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"952ca2e0-8bb2-4557-88a5-3415ca7603ea","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":73,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"50f01cf9-3797-4e69-a66a-4c9baee95a42","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":73,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"e74a4d79-a434-4854-8ac7-fd1a4ed28720","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":73,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"be3632f6-5293-4b7a-86f3-a1ad8827a925","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":73,"box":{"x":68,"y":808,"width":798,"height":11}},{"id":"15d0baf4-6c21-424e-9d8d-1dc77638706f","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":73,"box":{"x":69,"y":823,"width":819,"height":12}},{"id":"1b5a9549-fae2-49d4-9df7-98549678ac91","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":73,"box":{"x":69,"y":839,"width":691,"height":11}},{"id":"2d5dc6a8-e5d6-4065-b937-9654f6901447","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":73,"box":{"x":101,"y":861,"width":785,"height":11}},{"id":"8d70d0cf-1129-46e1-aec3-552d4a79743f","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":73,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"a8d61f7d-261f-4205-b7df-f83d2a4810f2","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":73,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"6b67aa3d-bafe-4561-866f-a87ae74cf0ae","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":73,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"635181c5-6063-434c-b42e-5e2f4c444006","block_type":"box","text":"II-24","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b86bac0b-0782-4442-8b84-2ca62850a394","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"663c0d6a-7284-4c5e-bfca-1bc1ccc00557","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":74,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"c8a132a1-b6ee-461d-bd51-4c48779b8e00","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":74,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"97b3b30d-c0be-41bf-8d2c-728dcdc28da6","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":74,"box":{"x":68,"y":75,"width":372,"height":11}},{"id":"7e928e3a-a608-4b0f-954c-4dfb683c5945","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":74,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"86a4d854-7bc5-4130-815b-3badf90dd18f","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":74,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"3bc22cfb-d1d7-4ecd-b74f-abe0b8fa423a","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":74,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"069076bb-52ee-4be1-84db-83a841c6f109","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":74,"box":{"x":68,"y":143,"width":806,"height":11}},{"id":"7784ad86-6f95-421f-93fe-d0eda38e1231","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":74,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"f9235170-b0b7-4615-a201-0afcde0b4617","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":74,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"4f2645d8-6a7c-4cad-b6b7-017876c1937a","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":74,"box":{"x":69,"y":188,"width":821,"height":12}},{"id":"a8d78bfc-4792-437b-ad2c-b39f8cca7f7d","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":74,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"7b29fcc5-d9f6-491b-adff-93638ef5b2e4","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":74,"box":{"x":68,"y":218,"width":802,"height":12}},{"id":"29729703-330d-450e-ad53-9d0bb75421ff","block_type":"box","text":"traded.","page_number":74,"box":{"x":68,"y":234,"width":49,"height":9}},{"id":"ee0028f5-8512-4d16-b29e-6ff66a03f4d3","block_type":"box","text":"Currency Futures.","page_number":74,"box":{"x":102,"y":256,"width":123,"height":11}},{"id":"0f97aafc-ec72-430a-b831-e29b8c355140","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":74,"box":{"x":232,"y":256,"width":654,"height":12}},{"id":"fbae56ec-198f-45b8-8312-1186a87c9bf7","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":74,"box":{"x":68,"y":271,"width":782,"height":12}},{"id":"5277b979-12bd-4e47-a85a-64e1cae600c9","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":74,"box":{"x":69,"y":286,"width":774,"height":12}},{"id":"8a44de12-ffc8-4005-8688-57f29fade6e5","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":74,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"5479990a-e5d0-4ed8-b3ce-7d5dc5848e85","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":74,"box":{"x":69,"y":317,"width":269,"height":9}},{"id":"a749eacc-0d57-4579-86c5-68b886dca1ee","block_type":"box","text":"Currency Options.","page_number":74,"box":{"x":102,"y":340,"width":125,"height":11}},{"id":"de247ced-6056-4c7c-b3d8-a0adb208f4cd","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":74,"box":{"x":233,"y":339,"width":654,"height":12}},{"id":"cc452653-ce0c-4379-ab18-e6200a4a31d7","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":74,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"0bcb978f-d6a6-47c1-b2e1-767918a19e31","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":74,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"0eb015b1-a99c-4e15-b322-0a5a6d854cbf","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":74,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"32863fda-8d56-4c33-91c9-54e81537ebfb","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":74,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"24ef8c8f-ac1c-470a-ae0d-5cea06fa35ea","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":74,"box":{"x":69,"y":415,"width":824,"height":11}},{"id":"9e1c7336-c17a-49a3-ba24-7ed8528b7a63","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":74,"box":{"x":69,"y":430,"width":790,"height":11}},{"id":"6fe79495-a463-47b6-b8f5-328b07d7b0df","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":74,"box":{"x":69,"y":445,"width":813,"height":11}},{"id":"cca1a047-f776-40f1-ae60-f19009431a37","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":74,"box":{"x":69,"y":461,"width":826,"height":11}},{"id":"57ac4300-c82f-47cf-81f0-425bbf4b25e5","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":74,"box":{"x":69,"y":475,"width":776,"height":12}},{"id":"e45dd87b-76be-4720-9f3a-7a2393df2423","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":74,"box":{"x":69,"y":491,"width":483,"height":11}},{"id":"6d8bbcf3-ffbf-4475-a45f-6f8c657b8baa","block_type":"box","text":"Currency Swaps.","page_number":74,"box":{"x":102,"y":513,"width":117,"height":11}},{"id":"ecfceacf-c0a3-4535-9662-5950dc76f205","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":74,"box":{"x":225,"y":513,"width":652,"height":12}},{"id":"1eb5dd4b-4a50-42f5-86c8-8120c16c404a","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":74,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"e39feabb-4a8e-43de-a498-6016f81cba0b","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":74,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"d3292224-0533-460b-a73c-06472f1fb65c","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":74,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"d9230cdf-1404-45e1-9efc-989704a1354e","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":74,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"4feac601-2364-442e-a1c8-eafcdcb87db6","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":74,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"2c86f5e6-0e09-4686-8122-c2fede57e5a0","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":74,"box":{"x":69,"y":604,"width":393,"height":11}},{"id":"66739eec-abcd-46a9-b4f8-82f71480443d","block_type":"box","text":"Distressed Securities.","page_number":74,"box":{"x":102,"y":627,"width":159,"height":9}},{"id":"74c44898-2915-4725-80fa-de88b188093f","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":74,"box":{"x":267,"y":627,"width":633,"height":11}},{"id":"8eed47c5-b3d8-4068-b386-949cc1a9d4d7","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":74,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"1c6d62f7-f292-4902-bfc1-a3b8932f79eb","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":74,"box":{"x":70,"y":657,"width":827,"height":11}},{"id":"a175996e-4acc-4ccf-a6d3-ca4e6fd2e239","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":74,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"ba75e2eb-f2a5-4518-a8c9-eb8f383aceed","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":74,"box":{"x":69,"y":687,"width":784,"height":11}},{"id":"5439d657-a881-408b-80fb-42f55ecc1768","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":74,"box":{"x":70,"y":702,"width":569,"height":12}},{"id":"7c7b7c2c-508d-4e54-b576-b683ee946051","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":74,"box":{"x":101,"y":725,"width":766,"height":11}},{"id":"e6514fa4-3709-4c79-b9fa-a3415d9d1642","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":74,"box":{"x":70,"y":740,"width":795,"height":11}},{"id":"96f04a3c-a6f0-459b-a4d1-899f97476659","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":74,"box":{"x":70,"y":755,"width":826,"height":11}},{"id":"7e7a011c-7a8a-44ba-8c82-8b684ffc919f","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":74,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"336022fa-58d9-4109-a844-fc44b5c596f5","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":74,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"205c55ae-6469-4661-a01e-fd22ce27895c","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":74,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"3a2847fb-86d7-4441-8b77-4891ba54daee","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":74,"box":{"x":69,"y":816,"width":789,"height":11}},{"id":"fdf6d4fa-5298-4c63-bc12-bfeccd6601f7","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":74,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"04f7aa9d-6bef-4474-a571-64359d410b85","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":74,"box":{"x":70,"y":846,"width":831,"height":11}},{"id":"2928f43a-bc65-4b06-854b-5c3cdbcf0120","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":74,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"b893bd77-603a-452f-ab4c-6f23b77f2af4","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":74,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"7f913213-eb92-4cc5-8d33-e4a27d16504f","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":74,"box":{"x":68,"y":891,"width":834,"height":12}},{"id":"407b2db5-2e26-45e2-acfc-1876e2b1f8dc","block_type":"box","text":"satisfied (","page_number":74,"box":{"x":69,"y":906,"width":70,"height":11}},{"id":"c0bc2aa7-cba3-491b-bfd8-e8588f5329cf","block_type":"box","text":"e.g.","page_number":74,"box":{"x":140,"y":908,"width":25,"height":10}},{"id":"22daf73d-9eb7-424f-9893-eb09f4ae66df","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":74,"box":{"x":168,"y":906,"width":729,"height":12}},{"id":"ab324b13-4394-4681-8280-ea5c8ac381ae","block_type":"box","text":"II-25","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eff40bdb-c549-4d98-a3fb-de1a04c04776","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7fd01728-53e1-4535-bf0d-6dbac1feb070","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":75,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"88ae1c1a-3065-4258-a146-3f029f8e05d1","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":75,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"5c0f0969-f815-4def-bfed-61438081d381","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":75,"box":{"x":69,"y":75,"width":816,"height":11}},{"id":"3ba79a17-c0b2-4f6a-8b8a-a3a507cf4df8","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":75,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"835d2148-3d1d-4af8-8405-1da010cee96c","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":75,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"784225a8-733d-4186-940d-131e112524e4","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":75,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"2476f3ff-8b9e-408b-9441-70978567ebae","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":75,"box":{"x":69,"y":135,"width":770,"height":12}},{"id":"c6aa728d-93dd-475e-9f81-953f23affdc7","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":75,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"84ca587f-522f-4c00-84c1-e101654a353d","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":75,"box":{"x":70,"y":166,"width":839,"height":11}},{"id":"cba57dd5-be29-42ad-b0e7-bff866426f3e","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":75,"box":{"x":70,"y":181,"width":787,"height":11}},{"id":"4cda3008-7abf-4038-95fe-adcd0396040c","block_type":"box","text":"affairs.","page_number":75,"box":{"x":69,"y":196,"width":49,"height":9}},{"id":"3d60e0e9-fa89-42fc-81ad-3cfd911e51ea","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":75,"box":{"x":102,"y":219,"width":428,"height":11}},{"id":"ea57df73-a5b1-4806-b8e5-87d29e0a94b2","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":75,"box":{"x":531,"y":219,"width":341,"height":11}},{"id":"be3b0a8f-4cc0-4d49-8830-e3960ab27d2b","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":75,"box":{"x":69,"y":234,"width":785,"height":11}},{"id":"b49347dd-7f07-47d1-a475-d81fcb79cb0e","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":75,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"51b51894-6385-49ab-9b04-844d8180a25f","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":75,"box":{"x":70,"y":264,"width":827,"height":11}},{"id":"cc990d64-4963-4353-ab40-f13f81d1f1a0","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":75,"box":{"x":69,"y":279,"width":806,"height":11}},{"id":"afe50b80-e387-41e3-8e12-9529fe9d6822","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":75,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"2cfbc111-347d-4f36-b9dd-c36c6811c2db","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":75,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"a5ff8f69-e220-4094-beb2-a75f80dabe71","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":75,"box":{"x":70,"y":325,"width":800,"height":10}},{"id":"34fbbcd9-b6b8-4d6a-a29d-a101599ae59c","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":75,"box":{"x":69,"y":339,"width":377,"height":12}},{"id":"a152dcca-2283-4542-9c57-beffddf5465d","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":75,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"734f5315-3f59-44e4-af72-c5b58942aa08","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":75,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"0e943b5f-a6bb-45f6-b35c-affa56f1740b","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":75,"box":{"x":68,"y":393,"width":400,"height":11}},{"id":"ede1f36c-6c36-43b4-94c2-1ac1d572e10a","block_type":"box","text":"Equity Securities.","page_number":75,"box":{"x":102,"y":415,"width":127,"height":11}},{"id":"e2598bb7-719c-4f4c-98e9-f946cc684f69","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":75,"box":{"x":235,"y":415,"width":648,"height":11}},{"id":"84955df0-c51e-46cc-aee3-e995b85ac8da","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":75,"box":{"x":70,"y":430,"width":802,"height":11}},{"id":"741ec9aa-5fb7-4551-94f0-7194d61a9762","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":75,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"4300a8ca-db7e-47f1-8ad1-3a5b7539fe12","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":75,"box":{"x":69,"y":460,"width":819,"height":12}},{"id":"75b3b92c-a364-457c-80c1-ba700c7b98c6","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":75,"box":{"x":70,"y":475,"width":813,"height":12}},{"id":"7262aaee-5236-4d9d-a0f9-8cc1027803ba","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":75,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"7d1c3225-a8ef-4aaf-9648-959548f20caa","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":75,"box":{"x":68,"y":506,"width":775,"height":11}},{"id":"c154bcef-ad2c-428c-a9d7-0744b52c6d36","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":75,"box":{"x":69,"y":521,"width":777,"height":11}},{"id":"6b8a7c3b-7197-4eb6-bab3-5cde71ebe9fc","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":75,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"d73bb4c4-9059-406f-9d75-025f908c4b62","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":75,"box":{"x":69,"y":551,"width":831,"height":11}},{"id":"0c82dd27-1c8b-4dd4-bdd7-7896257ab2c9","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":75,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"ba007512-3964-4f13-a8d7-bd8e732f0ba9","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":75,"box":{"x":69,"y":582,"width":325,"height":11}},{"id":"8d17c659-ed21-47c4-9077-4b672e269b5a","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":75,"box":{"x":102,"y":604,"width":745,"height":11}},{"id":"f726a7c8-b379-4e99-a67e-54a418f5d29d","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":75,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"b5f74caf-cc8e-46b0-9fb4-9b4277333fd0","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":75,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"eca2b5d9-5747-4370-b1c4-ca9826f97be8","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":75,"box":{"x":68,"y":649,"width":834,"height":12}},{"id":"48c86d2b-4309-4c40-bee4-05d82247c188","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":75,"box":{"x":70,"y":664,"width":782,"height":12}},{"id":"1da952fe-38ce-458d-ab7d-0c8fabfd07a2","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":75,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"0d49ca51-d827-4715-ab79-8a09c882a126","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":75,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"8e4ef922-2c5f-4f1f-bad1-0ddaf92b29c9","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":75,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"070715f7-e98f-47d0-969c-ee6164125bf7","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":75,"box":{"x":70,"y":725,"width":836,"height":11}},{"id":"5311795e-2883-4b8b-a71f-ecfc43691fd3","block_type":"box","text":"initial public offering.","page_number":75,"box":{"x":70,"y":740,"width":147,"height":11}},{"id":"5b966713-0be0-4d27-87a7-8cc9fd86a807","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":75,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"1a6b21ce-253f-4fc1-92d1-c0fb694155c4","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":75,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"29929a63-55a6-44aa-9cca-7cc68aba1751","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":75,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"b023a2f8-0951-44f7-83c9-f7e3b45efa73","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":75,"box":{"x":69,"y":808,"width":829,"height":11}},{"id":"88f8e3ef-90ca-499a-8390-8de81c2f973f","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":75,"box":{"x":70,"y":823,"width":831,"height":12}},{"id":"c10ad2eb-e8e8-4b60-8a50-4b4692b26f58","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":75,"box":{"x":69,"y":838,"width":826,"height":11}},{"id":"3619cb7a-64a8-45cc-9eaf-62cc13006406","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":75,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"f892ce56-9c69-4e7b-9317-86208eaeda7a","block_type":"box","text":"more established companies.","page_number":75,"box":{"x":69,"y":869,"width":209,"height":11}},{"id":"1207ca2b-46c4-4a79-aaa0-086e90df4003","block_type":"box","text":"II-26","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"44bd0d15-1ca4-41a1-8579-afd6a4b7dc04","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73f7ffcf-1b31-43c8-bb55-78b8fb356580","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":76,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"77870fb4-6712-47bb-8a03-4ed2d3c2c768","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":76,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"e664fd8a-9e18-44e9-8e21-fabdcba95c10","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":76,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"f82e890f-dc73-4c6b-a487-d6334021fc91","block_type":"box","text":"below.","page_number":76,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"28282973-b53c-4858-b03c-1d27b91b0865","block_type":"box","text":"Real Estate-Related Securities.","page_number":76,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"9d442211-9b76-43e0-8cc4-f093d4a06ed6","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":76,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"305dc109-5db7-4d87-8954-25b8beda2e03","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. 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These risks","page_number":76,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"3d71f490-bb95-4cc6-9256-7b0c14b0b808","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":76,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"881fff5e-0262-490a-88e0-9fd55a343aad","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":76,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"94381620-5149-4b5a-ab6c-d3c145049554","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":76,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"9e16f70a-147d-478d-8fa9-533d63f09b7b","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":76,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"fa42433a-72c1-4393-86c8-2aeaa3241f94","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":76,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"1a7169ff-33ca-406a-9a19-9ea0857bc8c7","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":76,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"aee09246-a0b7-4ce8-8577-0e16c5ef6185","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":76,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"730c609d-220e-49fe-86fa-b0edd9e494e7","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":76,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"5c2971de-5332-4264-96ab-24fb56d12af2","block_type":"box","text":"interest rates. 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The securities","page_number":76,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"9dbcc2a0-ed1f-4783-b61e-b06ce3e935d8","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":76,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"50903ad9-cf67-48e8-b4ea-faddadf123d6","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":76,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"083f8bb7-6841-4a5f-bfb7-573c255ea8f0","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":76,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"cdf66106-90be-47ae-a11c-64d01da7a46d","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":76,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"917612da-164a-4509-9fa8-3e2b6865b766","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":76,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"eeaaa1bc-9ded-4ea4-9550-e56aad12dd58","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":76,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"03182761-a329-4f87-9b72-ea42c211d9eb","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":76,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"78951d73-5672-4958-80e6-5f7002c5120e","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":76,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"1a1ced2f-2243-40a9-a620-4b798a4a6145","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":76,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"12f29418-d5df-4092-ba8e-ee6dd8080314","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":76,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"7338f95b-2bbc-451b-8b41-47b32f6ef2a0","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":76,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"30ad30b7-acb8-44f2-92e7-2005dfcb2936","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":76,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"bf83913e-ff9b-4172-8a02-aa1e73014eb8","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":76,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"953171fe-3bad-47d0-a036-ec1ebdb3a8af","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":76,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"d2f1c122-3dd8-46b7-955f-e91cedc547e2","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":76,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"51785a58-ff39-4f9d-87a1-8c02dea9ccb5","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":76,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"f776a686-75f7-40bb-a478-a7ddb33b16fa","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":76,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"c51f33cd-a7ba-4409-a92a-1d532f4b53e8","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":76,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"45a8fc03-6246-4fb8-9260-f6a071dfcc21","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":76,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"523e65f2-7a44-4544-9457-bfe4d6a218be","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":76,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"a0dc8f08-2c9b-48ff-84d4-ea3801a5e698","block_type":"box","text":"cycles.","page_number":76,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"9f2ba063-fed2-4c33-9841-92ed0c49718b","block_type":"box","text":"Tracking Stocks","page_number":76,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"fa359bb6-ae6c-48ff-826f-fa4e3133ec82","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":76,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"3675edae-fc6a-486e-a0d3-aabbac87c01d","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":76,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"03b02abf-e874-4e28-80fe-9cab86cb32d3","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":76,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"f5d294d5-14e0-48ac-b746-06f44b41cd75","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":76,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"cb495739-576d-4550-8148-9aaf341b3a0e","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":76,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"42a527ce-ff41-43d9-95db-20d1336924fe","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":76,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"6a1fda04-d696-4d1f-b0a5-d5f9fbc42268","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":76,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"66d2d4c5-7fe0-4ce5-b511-0cc6babeb72a","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":76,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"af7c5e21-db0f-434f-88cf-a150b5127c70","block_type":"box","text":"II-27","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8140211b-5398-448a-9358-1314f1ae818a","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec6f5369-361f-4151-bd25-ae2007b372d8","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":77,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"bbffde92-d375-4ae6-8bc7-9940a87c7dc2","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":77,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"a7b8f629-408a-43aa-b2d0-fa0078b1a333","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":77,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"f46ab4b3-e775-4967-84d7-41b534720791","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":77,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"cba80654-245a-4bf5-923e-87e270e72d9d","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":77,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"f4524ff6-b6ad-496e-b95c-be35070d4941","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":77,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"a9795690-4448-40dd-a6b2-dc02be729612","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":77,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"704e1ff3-e929-457c-a672-ca7225391585","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":77,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"e4caaae5-d7f4-4eb0-93b5-5980a2d9b644","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":77,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"e8832201-ffc1-41d4-95bc-5c1f466f41a6","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":77,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"053fef94-5506-4ebb-88cb-9d3e1c1919c2","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":77,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"da12be84-fdda-4a97-9573-a226b3f39837","block_type":"box","text":"ETN.","page_number":77,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"bccd2e5e-0345-4cd8-b7f4-c668a1c0b231","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":77,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"c6031334-e404-4e89-bd03-4686e9e71e3a","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":77,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"07b472c3-e9c4-4bb4-82d1-5ed623c1698f","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":77,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"85955657-0b3b-4d6b-8508-28562102a12e","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":77,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"98bd7765-866d-4c80-b3c4-c9902c751705","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":77,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"c05102b0-d017-4e49-b2a5-d65dd287b8ee","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":77,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"06b44555-3330-4e36-8d4d-2a7eecc514bf","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":77,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"a30bb018-9650-4b78-8004-b2f910d0f9c5","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":77,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"bd1aff34-449e-47c8-ae87-2053058b2d2d","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":77,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"f19ddb75-8e53-438f-9f72-0750e0016a3f","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":77,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"fd96b776-4380-458f-a126-4aca35f3ff80","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":77,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"f5cb07c2-ecb4-40c1-85b8-bfe7fd89bf57","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":77,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"ca78617a-636a-447e-a089-a5df2a5688de","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":77,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"67c35d3f-a706-46b1-b2d1-99e61a15c364","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":77,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"27653a9f-9b75-4f1c-9940-7555a3b0107a","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":77,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"cd36c72f-b56b-42b3-84e3-4663845594dc","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":77,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"a641b1be-89e1-4065-b088-eb3499d6b4fb","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":77,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"bc97655a-b465-411c-90b1-1ba484e9d830","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":77,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"639a0724-58ed-4a38-a39a-336559031337","block_type":"box","text":"Foreign Investments.","page_number":77,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"e266e65c-676b-43c2-85ea-d7b8ac8b57b0","block_type":"box","text":"Foreign Investment Risks.","page_number":77,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"48e1526e-5325-4df7-b2dc-ddf2f9d475f2","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":77,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"91f8235c-6476-402a-8aa0-59bfd42cc723","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":77,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"22584ec0-f7ae-44d3-b18e-d91768cd19a8","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":77,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"a05cecc9-9a55-4b86-95c4-57abe35bd68d","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":77,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"d16d52c8-dfc2-4632-9cdf-0a1bee749f71","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":77,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"4c31ed68-0a73-4c3c-99df-ca2f56fb4dc2","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":77,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"3f55a308-3643-41fe-bf19-c90b60c0ca33","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":77,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"fd96cc27-dbfd-4b1d-b47d-807e89ca5c2e","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":77,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"8c2923de-123c-43e2-a7ed-16dbb5596e20","block_type":"box","text":"benchmark index.","page_number":77,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"94dcd856-51eb-4973-bb3d-986492a93f50","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":77,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"720ca72b-97d1-4d5a-9819-e972109fb92c","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":77,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"45d7b304-0ff8-45b7-8eb0-08a156584c3f","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":77,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"186e7e9f-44c4-43c2-8061-d2553ad6a1db","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":77,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"ad42fcae-09ba-4ce9-a94a-391b66e0b24d","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":77,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"ba751ea4-53f6-454e-9828-5d429f89f931","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":77,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"b1295ed8-5b20-495c-93ad-358ea9dc5906","block_type":"box","text":"securities and zero-coupon securities.","page_number":77,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"950898ad-546f-4055-8923-23622c38dceb","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":77,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"0a6e1a64-a299-4113-807e-7b8acad063c1","block_type":"box","text":"taxes.","page_number":77,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"e561533e-71e3-4587-aec8-f2d707563a3d","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":77,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"51582d4f-899c-4b73-a276-747bf280c540","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":77,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"66197a76-3fbb-4065-819c-86c39bd7fccc","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":77,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"e61066bc-3e99-499d-bbac-73faf7585f08","block_type":"box","text":"II-28","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e0a5b07-9fc6-4a6b-830e-a66944f92631","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c2f3699-d215-4593-996a-f7c418aa5ee7","block_type":"box","text":"underlying security (","page_number":78,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"980d65b6-827f-48d9-8c12-9b494080ec14","block_type":"box","text":"i.e.","page_number":78,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"20384ca5-fb9b-4b45-8579-5420561cc85a","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":78,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"eb099bbb-7bee-40af-81ab-bb104c76ae07","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":78,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"23303dd2-a3da-417c-a673-1d3780eb22a3","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":78,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"23cf7be1-36e2-49dc-8ad6-7e848db18da3","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":78,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"766249d7-e982-48b8-a19f-fa2b3343fdea","block_type":"box","text":"Foreign Market Risk.","page_number":78,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"2b803abd-75df-49e0-b39e-2160203714f8","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":78,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"f3196646-3c1c-48c6-af92-2f27b6fef344","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":78,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"1ac4a08b-9158-4cac-9bda-0c897f4aafba","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":78,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"46737e81-b292-446e-9a77-a5e9adcb8d1a","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":78,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"c5814fb1-9e14-41e3-83d6-758d82b03664","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":78,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"d6eab198-d1f8-43b0-b692-252f84ff050e","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":78,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"9b04f935-4fab-4a53-834c-e52dd821d887","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":78,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"96d19569-fe6b-47ce-a3b5-7c743395c2f5","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":78,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"33a8f0c4-d3dc-4ecd-bfbc-5df9f53b0b1b","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":78,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"e5ad2527-5768-4b50-bdd7-f5dc0616e330","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":78,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"9c3f15dc-0ab4-4787-ae92-31db765e3db3","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":78,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"e202f2f2-9d4e-4437-aa8e-aa677f7aa9b2","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":78,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"106031ab-fadd-4d60-903b-dad657ab2b94","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":78,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"c4c7f667-7839-46af-a2fb-5946ababe3b6","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":78,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"40e6e261-d272-4d39-868d-dad86437a41d","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":78,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"1e72a145-26ca-4d37-b3ed-2c99f0b51091","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":78,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"84780797-f158-4450-9e2c-1590c7e90908","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":78,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"23b7efef-7103-4bcd-a89d-672d8f1de913","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":78,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"6697f47f-b988-4389-8225-0e3a67a099c3","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":78,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"2ea65471-2308-4a8b-8bb1-a0e686a0c020","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":78,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"b2466d04-4c39-4e43-8de1-19402cb58bd1","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":78,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"b3437fc6-565a-4666-9da8-f9831d7c1930","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":78,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"13a5bae5-ee33-4556-9c52-94492b9991f4","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":78,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"f14539b6-015d-4c6d-904d-03593d36496a","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":78,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"09b106f0-9e1e-430e-b801-fd14e0eff665","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":78,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"9b2c407c-9b9c-44dd-b86a-028f946ddfac","block_type":"box","text":"Fund’s operations.","page_number":78,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"939609ae-0e7a-401f-815f-897f14d3dc43","block_type":"box","text":"Foreign Economy Risk.","page_number":78,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"73209798-ce84-4a18-9324-e5a125c2673d","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":78,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"803b8cf3-a547-4ee6-bf25-9de9699cfbac","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":78,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"80f31fbd-21cc-466c-acd8-526ebb39ded7","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":78,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"5c4aeb2e-7517-4ed1-8499-9f4ecf1ca29f","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":78,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"77d3a029-8782-42a6-9c33-9ca412d3d17c","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":78,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"fe38925d-c058-48c8-8f33-4919c1b6d415","block_type":"box","text":"measures.","page_number":78,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"5314a276-4a48-4062-98a2-cc32c2da0b0a","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":78,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"3fa570b8-da3a-4d21-8f1b-bcdabc2589d0","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":78,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"fbab5522-5c91-4e46-a097-6f6e9737e932","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":78,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"dfab95d9-2628-409a-bafa-5442594b4676","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":78,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"c6cbc871-88a9-473c-aacc-a5e5c6a69305","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":78,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"809f76c0-f97b-4bdf-8577-cc6527485567","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":78,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"28e5536c-7b42-47ab-8923-fe0bbfa92e7e","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":78,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"1ed83034-37af-492b-9c59-40c414dedb9e","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":78,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"33595172-cc35-40d9-9fd8-7892ff518a91","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":78,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"9110edeb-a2c9-405a-aef4-a4cf07974056","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":78,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"5b01659e-e745-4996-9e21-f0c21b37b8c6","block_type":"box","text":"United States or abroad.","page_number":78,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"87f5e8e0-95ca-4a63-9f32-34dd0ce68e43","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":78,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"3cb9df93-06d5-466b-8307-04742e80dcb7","block_type":"box","text":"Many foreign governments supervise and","page_number":78,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"1c9262ad-32aa-495b-b5a7-177c4bf09022","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":78,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"fa95d69e-fa96-4383-b2ea-2ccf3e5bad38","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":78,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"fc251b0a-5bac-427f-a736-17cac6c55618","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":78,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"f0191160-a563-479a-99ba-df68e65a91a5","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":78,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"c3bf96d4-ee38-458f-a9e8-4676d5dbce3e","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":78,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"c3e6fcff-da32-472b-ba32-c4efff1419e3","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":78,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"76aa2b24-9853-4a2e-8a65-49ac5d3d9779","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":78,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"6ca957c3-d5a2-4a22-bf61-8a396c48098c","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":78,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"c1a8763c-ee58-448d-9c1c-57a6bf858ac4","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":78,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"a965cd5a-a95b-4aba-ab51-ea1537f038d4","block_type":"box","text":"II-29","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9319233d-932d-49a0-a543-e01105212d81","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87fa2abc-4c4b-4122-b666-b6a7f9a926b7","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":79,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"f2a8be0e-c8bc-4e29-befd-706adfe2d834","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":79,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"891fdb99-02a5-48f8-9982-b282012a559d","block_type":"box","text":"investments.","page_number":79,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"885c7768-067b-4709-9657-258ae1d70924","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":79,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"ba77e2f4-1a27-4b26-9ee4-77347d76fec6","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":79,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"63166d55-a41a-4f7f-8b28-fc974253ef32","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":79,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"f927a85a-528c-410e-ac5b-4148d416521e","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":79,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"1d2876cb-b069-4131-901c-976ad21a1cc6","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":79,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"9466962d-3169-432b-af80-111f36217767","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":79,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"037f85ea-5370-42ad-8515-801cc413661e","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":79,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"5671ee90-0cef-40fc-8575-94a5bd701fa7","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":79,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"eacc5634-5b98-4366-a4b1-954c85f03f13","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":79,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"2ba8ca51-6d60-4ef2-a935-e87d1fb0aab7","block_type":"box","text":"States.","page_number":79,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"952bb1da-0ae7-43f0-82c6-aa956e8a8722","block_type":"box","text":"Publicly Available Information.","page_number":79,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"28db4a4c-6d49-4527-94af-09e70fa0dbcc","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":79,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"17f0161d-6e3e-4e19-91df-5f375a2e900a","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":79,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"edcf3ade-7150-4125-bc20-d337441e8033","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":79,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"ce277505-b029-4f10-999e-f6e15a4212b9","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":79,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"e058d3ca-7bed-4c26-bd7b-bcbdb802d1bb","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":79,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"09286f11-02e7-4112-8df5-efbf37889178","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":79,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"7c258f58-df7c-403c-bce1-ea2aee4fdb47","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":79,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"af83d562-4c50-4064-bf0c-47c4a9da79cd","block_type":"box","text":"United States.","page_number":79,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"3e2cc0fd-42de-481e-bb53-8afb3729e992","block_type":"box","text":"Settlement Risk.","page_number":79,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"2123299f-0429-49be-a7b0-9a204f9d61b1","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":79,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"6096438a-026d-4b1c-8e34-f250da3e4b17","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":79,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"58287c7e-0379-4520-b699-9608f4fcf229","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":79,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"488cd975-6524-4167-af3a-5182acbd4b16","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":79,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"658a2d97-a91e-400d-8626-0715ae0667bd","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":79,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"501d3ad3-b78f-44e7-9cfe-9dda35314995","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":79,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"6b2b33e1-f47a-4ece-8d91-7c1d96a476b9","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":79,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"27db38c1-cb35-416f-b832-0d57ac86bb65","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":79,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"dff22d57-2ca2-45a2-94e2-97f9d0007ea1","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":79,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"6b699448-fa65-412d-9868-3d4a281d1540","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":79,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"c9482fb9-3ee7-4762-89b2-c774ab477466","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":79,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"5cccdbd6-cefd-495d-bfb8-bd504c55c62a","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":79,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"11c4f608-6f04-4f2d-82b5-e08055f19778","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":79,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"d88a0308-f896-4178-bc0d-34a9ad081963","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":79,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"0973494f-b194-492d-9f0a-06f0f8665e74","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":79,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"b2a489d6-267b-41d3-baab-ef1dd2a5ac3a","block_type":"box","text":"Sovereign Debt.","page_number":79,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"bf8c6db6-0fc4-46ef-8ca4-d98e13d5a9e9","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":79,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"1e84eb23-1d68-4e29-a844-d15d127a72e0","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":79,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"5082c828-097a-4782-a26a-3261666f7631","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":79,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"041beafc-e4ce-44e3-889c-1f226b94940f","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":79,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"a360fd47-5aaf-45e8-90fa-978070234be9","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":79,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"67e7f207-8cca-447c-b165-214cb198525c","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":79,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"04ad7d74-a574-4579-84eb-93e0ed83f3ae","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":79,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"01722d01-42d6-4817-ac5b-74e9a53d175f","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":79,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"ce6fea02-620b-4c3e-88b4-dd04c2d7c171","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":79,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"82abf89a-5e02-4cdb-96e1-38072daf3ae1","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":79,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"adbe08d0-8868-4385-9647-45bf2c967488","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":79,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"a822649b-5659-4119-aadb-08b8a23780e1","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":79,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"90d4c318-7476-402f-9008-c10308408616","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":79,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"414c0cd1-5450-4917-8ad1-87579aeaa392","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":79,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"fefa9882-1846-4074-b4d3-78fc9710caf1","block_type":"box","text":"debt.","page_number":79,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"acea14c9-3808-4991-9e0f-2102376b0582","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":79,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"432d28f7-8452-4fab-aa36-d9762e90b188","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":79,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"fd72f57c-56d0-4028-a02a-82a780a7680e","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":79,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"9aad1239-931c-4ae7-9a78-8d254b33a4ba","block_type":"box","text":"II-30","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5c0442b1-3d12-4220-9b62-7e3fc3bf0f82","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8f68e2f-98af-4c49-9647-488a302dbcf0","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":80,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"18264b32-6469-45fc-8f18-697adac8404b","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":80,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"27d9acd6-3dd0-4a9a-bc8b-5f576914723d","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":80,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"2d7463ee-e999-4442-949e-10a3d53e25f1","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":80,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"31c75f4b-2e28-4e0e-8762-0c8201087e73","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":80,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"7e1b3524-61e2-4f99-b60d-8640d54777a2","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":80,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"72a2faef-6185-45f1-b44f-5678f0867910","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":80,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"6b9fc107-bb0d-43a9-b47c-540d3cccfbeb","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":80,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"8136c5fd-d13d-40e4-b9a6-ffff08a2cfd0","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":80,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"34f6418c-8f1e-4d66-8211-392f475f62dd","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":80,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"318939e1-00d9-4720-80e4-3b435940d215","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":80,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"3295706e-1183-471d-ba44-41d9d44615b9","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":80,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"f2ec0397-b0b3-4bcd-92a6-29ce4464d832","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":80,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"1abdf3f3-1dc6-4577-a09a-dfc3c030a340","block_type":"box","text":"in the Fund’s net asset value.","page_number":80,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"e46d324f-d3ad-4f87-b499-bc5e6a2a87f6","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":80,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"db6cc91b-9c16-4e87-b329-3648f78e9b45","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":80,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"3ec9f3a8-0160-4c68-b41d-56bf79659860","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":80,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"6ef33147-701f-4d91-921a-f61362f8edbb","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":80,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"1b875448-0563-49f7-aa38-ccf6330bedd8","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":80,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"1d07ca90-f1f3-4856-83ab-774edaa91139","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":80,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"bc7b86ad-b99f-4ebe-a3cf-8e60163f5c13","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":80,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"7232644d-a5dc-4916-9b5d-394d1a31e05b","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":80,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"aa1450c4-fe99-4eaa-9bd0-69fe2d666120","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":80,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"3b39435b-5a1e-49ad-828e-565250baed55","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":80,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"f1234711-a4ac-428c-8543-4f5d36f1c0d4","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":80,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"fa39ad6e-33d1-42f7-a32b-0731433b9590","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":80,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"87addf02-488b-482f-a934-fc04c8b74adc","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":80,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"50eb2d5a-34fa-41d6-a48f-7ecadf1145a6","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":80,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"5147832d-1f14-4e4d-adb6-940c61a489ce","block_type":"box","text":"Fund may invest.","page_number":80,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"a1cbffcf-d6cd-4c4d-b833-92541b5dcf7e","block_type":"box","text":"Funding Agreements.","page_number":80,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"0feff243-f4ec-451e-bfa6-bc25ab8c5233","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":80,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"b4232cd6-a76c-4b20-8bdb-c969d5573df9","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":80,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"fc9f7a39-233b-45c7-8cbb-407cb3c68693","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":80,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"16aa02f8-8369-477f-a634-5eb8f0961d4c","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":80,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"1dd9dc38-39e3-4600-bb47-a9152b5db6cf","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":80,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"217126ee-89c3-488b-b9f2-ee7b5a7a80b0","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":80,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"049c79ba-5548-43d8-b71f-fe26068f23f4","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":80,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"9bd8d024-4bb8-488d-96d8-aac322d47d61","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":80,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"27a8e7e3-c98a-470d-8c74-06eea5c49171","block_type":"box","text":"Guarantees.","page_number":80,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"241ea9cc-a50d-4a6d-9def-f8f7cfb16091","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":80,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"d23a91f3-2766-4ae9-809e-2892174d7bfe","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":80,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"60093ec8-67b6-4c0b-be4f-106b6ff3a416","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":80,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"6e7a52fd-7970-47dc-93a4-f817e5a97518","block_type":"box","text":"Illiquid Investments.","page_number":80,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"cccd48e5-980b-4c91-b313-9f6b0890b190","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":80,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"8b307652-1e16-4fdf-8230-5f737b549016","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":80,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"2569a7ce-7939-4c22-a681-89d8afd1436b","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":80,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"b2a4ce48-c381-4031-8d23-0a08ffc75151","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":80,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"52ad7e4b-0dee-416f-9868-83fb85c3e506","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":80,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"94c3c870-eb74-48b2-967e-d5a291937021","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":80,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"5724ca5a-6c14-4259-bc52-8aff77742cf7","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":80,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"57ef68fa-c0f6-4bb4-9745-19ef13eb120b","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":80,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"2445d5b0-d92a-48af-b9b7-e501924ea8fa","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":80,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"9f19f107-67d0-4e40-b579-e5f5e37a812d","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":80,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"e1bbd258-a478-4f72-8189-1c15cf0090ce","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":80,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"82431d51-4a9a-4650-a47b-cfe4dc321531","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":80,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"93cccc3d-0103-4244-92ae-ebb778287a85","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":80,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"70a59725-8f38-4267-b955-b406389cd531","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":80,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"1dbb6a43-e6a5-4398-bf6b-3cb2d0f6db18","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":80,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"23ba373c-ef8b-46ff-89c6-d7a0fac6fda7","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":80,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"bdd24c37-8686-49c9-9b26-a4f197063c71","block_type":"box","text":"market oppor tunities. 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The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":81,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"712f6752-d76d-44eb-8428-94ab00f35aa6","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":81,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"f14a980e-8f7b-4f9f-89b4-7681841028c1","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":81,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"14e87a13-54b2-47dc-8147-9c7b8884c63b","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":81,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"ef308f20-4fa6-46af-991d-799079586796","block_type":"box","text":"(","page_number":81,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"dca378c7-16b1-4a2c-9800-1f7fbd687225","block_type":"box","text":"e.g.","page_number":81,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"8fef365a-9e87-438e-ad18-141a54fe930c","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":81,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"9964a86e-a873-46d7-a987-3d257d7f7d5f","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":81,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"6cddeb3b-590c-4cbe-9f2b-206c3e6f54ee","block_type":"box","text":"par ticular security as an investment.","page_number":81,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"388ffee7-a284-4893-bc9b-1902420f3459","block_type":"box","text":"Tracking Error Risk","page_number":81,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"b011ca64-59fd-4154-b493-7305b2b587db","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":81,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"346d0fd9-60a9-40ff-a2bb-dc637fbc9eaf","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":81,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"2569f630-7e92-4f71-bfd5-faccf268c770","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":81,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"fc0bab4e-dcdf-4d1f-847f-a46fa04f2071","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":81,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"8a0e98ab-ee1b-4f5d-b745-9e4bdfd883ac","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":81,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"214080f3-b8fd-4190-8b0e-e1cabf476f10","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":81,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"cfbe156c-c1fe-41a9-8b28-384cfaf3a779","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":81,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"55881a40-862d-4faa-b4e4-5f5b0744b02d","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":81,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"54b443f8-2983-4243-b327-b510cd8e6eca","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":81,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"02a6a64a-6679-4878-8373-b8eae6a9647b","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":81,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"5680eb41-b829-4afe-9096-b4aade31fd7c","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":81,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"a702d7b4-d1c0-4972-ade2-bc0e749894c9","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":81,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"c6123388-5544-4a90-bc14-3ceae3c65a7b","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":81,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"92ac36e9-ed3d-4db3-a8af-a0d12b19352f","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":81,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"b9dec8f5-077b-46f6-99b0-5d54b9f8d8fd","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":81,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"6b8c1942-b97a-40dc-b0bd-affcee4a0f81","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). 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If the securities continue to be included in the index, the Manager may underweight or","page_number":81,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"6ce6c09c-966f-4e5e-a38e-29f6d9864edb","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":81,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"f18b9b9d-3c4e-4bec-a0b0-06d073226b5f","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":81,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"d1c8069f-19a3-4fc9-9cbb-6764adc6f3be","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":81,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"44a6668c-787e-4c9b-8acd-db2fb5ac59e3","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":81,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"49b01fd7-5351-4dc3-98a0-230643b575ce","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":81,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"ccf5e3ad-06e0-4d51-a09b-c6d13be5d8a6","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":81,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"7cd7e310-93dc-4846-b2cc-e289dec084a9","block_type":"box","text":"S&P 500®","page_number":81,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"12bdc843-78ce-4e5a-a9e9-7d7bd7136cee","block_type":"box","text":"0®","page_number":81,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"a711f9b5-2b5c-40e4-8673-dab0d2642e9b","block_type":"box","text":"Index (“S&P 500”).","page_number":81,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"defe1e58-387a-47c4-9f79-b89be1579b84","block_type":"box","text":"“Standard & Poor’s","page_number":81,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"48ef5604-5039-4ae9-a3f0-b23b0318fc52","block_type":"box","text":"®","page_number":81,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"4a626eda-f780-41bd-91b3-1605002f7e23","block_type":"box","text":",” “S&P","page_number":81,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"3e078eaa-6651-46ae-a974-7a9e13ae0315","block_type":"box","text":"®","page_number":81,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"23a2bacc-9eb4-4eea-80ef-2a92032e2407","block_type":"box","text":",” “S&P 500","page_number":81,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"cd7bae31-8e0a-465d-ac0c-0eecd430a103","block_type":"box","text":"®","page_number":81,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"e2b40ba5-fe9c-4f1e-bc80-192fdaef56b5","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":81,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"61916cd4-8f52-4f98-9845-0102d56e8dd7","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":81,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"101cdf68-445e-4447-b8b0-cd527e66c881","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":81,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"4f751680-e29f-4101-91c5-95d42c82d3fa","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. 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S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":81,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"fa627d4b-9f1b-4ce8-8d37-2b00b48f5068","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":81,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"c51c06ad-050f-40c5-8eb9-a5d14d795d73","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":81,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"80dc3429-f3f0-4994-bb20-bfa91d51bc91","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. 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A Fund may also invest in so-called “inverse floating obligations”","page_number":83,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"d4484a69-05d1-44d4-8e59-a98ee7e15da7","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":83,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"3005097f-3034-4815-b2d9-42b468c570ac","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":83,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"22259b92-f70a-4036-9e93-788120a20b96","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":83,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"b26e7ca9-1186-4f6b-b1fa-9e79b5279ac7","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":83,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"f84c81af-5f17-47d0-8d15-c178adf17e08","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":83,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"b3f8b3fc-899d-432a-9810-6328ac50f220","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":83,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"f77455ba-3d3e-4b57-9c55-5d160bb882eb","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":83,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"2a0d3f41-ad70-41ca-ad2d-3cc6676e3477","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":83,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"e13959dd-4860-4c04-b06e-ca0b2438b96c","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":83,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"7cfad5e0-8f6d-4585-afc0-8d1dd396009e","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":83,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"a53783d0-1b20-4ba0-82e8-fa678a53fa6d","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":83,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"02b41136-9475-43cf-b174-bd6b2e790e54","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":83,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"22c83c19-bd33-40d9-b76a-849fbdbdb521","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":83,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"a7d41edf-9d3d-4b03-8e26-ccb84c1c3ab0","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":83,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"fed7b4af-fa1e-4602-94aa-813f44febb7f","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":83,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"acad6885-ef31-4774-86ad-86a73e44ee40","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":83,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"576e2247-9c89-40af-81cc-9f37da58f131","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":83,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"b31c2631-ca38-4acf-af56-e17e11eaa57d","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":83,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"4a6b8820-1e5e-4a3c-9e87-2d689e2a2a5f","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":83,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"f561d67a-18d0-47eb-bf0e-3a9ff6a9dd12","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":83,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"07f4052b-e4b6-4d88-b6f1-3c40dead45c7","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":83,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"743a0eec-4a61-49ea-829c-f39db4dc3b7a","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":83,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"b796dba5-c905-4f30-b40e-5e71584a1bed","block_type":"box","text":"Inflation Risk.","page_number":83,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"50de6b8e-bcca-4df1-a8d1-a04130ea6d81","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":83,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"ca54ed75-9acc-4f8b-ab85-e51ee8b8ed11","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":83,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"b2c136b7-5b2f-486b-9ce5-8c9b6625e7b0","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":83,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"4fa69616-f063-41e6-a0b6-0eadefc54dc8","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":83,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"9a8fb67a-14f7-4903-8a28-c72fb23597be","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":83,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"3f4a220c-31fe-4f93-a316-f77d798ef611","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":83,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"d823d275-1f61-4ebe-9067-8b106d7a397d","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":83,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"259f69cd-34aa-4277-b6e7-1ec9267acfa0","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":83,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"e986218a-fff9-4e3f-8f56-45ff00d8db89","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":83,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"67d0b90e-03a7-4cd7-bf9a-38769cffad52","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":83,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"fd7917b3-d205-4cf6-9beb-c531d38eaf85","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":83,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"febfc0a4-319c-4e2d-b8aa-d363f6e991c4","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":83,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"0997c057-8d57-408c-90f6-9fad133f8382","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":83,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"ddd58a2d-65d7-4bf9-ab71-6b615b6d2fdb","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":83,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"2944b610-a4b7-4493-bf86-659466e8f0d2","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":83,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"1664af9a-5cf5-4158-a61d-3e41d3bc9940","block_type":"box","text":"II-34","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d4dd863-a095-4a13-a555-14fb6d495caa","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a1e4c31-8c2b-4b4c-b80f-78528362e1c9","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":84,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"52bf3a3b-4be5-4788-a391-a8acc7c0b454","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":84,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"0d6bdf8b-7935-45fa-b918-41d5700eba89","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":84,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"66612bc3-9dd0-413c-afe9-c1109faa7b92","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":84,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"af0eb16c-7643-4047-a088-aa9e1d881d17","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":84,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"77caea6f-73e6-413b-a356-949b827686fe","block_type":"box","text":"be available for very limited periods.","page_number":84,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"75b5d249-8dbc-459e-94fb-ec74559bd229","block_type":"box","text":"Investment in Emerging Markets.","page_number":84,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"41727745-76f9-4351-a686-929646e24720","block_type":"box","text":"General.","page_number":84,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"bec12a32-57fb-446e-851c-3ffaaafae076","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":84,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"001cc1f9-8144-40e2-9894-fb38e28e1506","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":84,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"58d1a866-1fa8-4afc-b085-634436fd51ec","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":84,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"aab84eff-91df-4924-a9a1-b42adfd6dc5f","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":84,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"02cd29e5-6469-4f4d-a276-956e2a347646","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":84,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"774f5f9a-bc9b-4eca-8a51-29051aea5374","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":84,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"9600c21b-cc58-4049-8896-b56bea52c478","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":84,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"41b8cb14-0362-42a7-99b9-6cc6eee0b79a","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":84,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"148ae10c-0fb9-4592-ac5e-120294ca29a6","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":84,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"e9c9f8f6-4321-4934-93c5-6f6524718efe","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":84,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"33aebbf9-1437-453c-bc99-900594179baf","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":84,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"f05080ff-1390-459d-8849-e4e78eeef3d1","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":84,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"17e16273-ac4f-4a39-9867-60470c924a26","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":84,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"c82e33ae-2615-4aa4-b06b-b3cc08e4e26e","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":84,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"1694c9a7-0914-4e56-9674-2aea629c0be5","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":84,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"b2074bb4-13b4-47da-b4bf-add44e7a4f4c","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":84,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"27818b2d-3e34-4c16-9845-14e3720e4afa","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":84,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"eb19293b-7fe4-405d-ab76-e485aefcef3e","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":84,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"2b794f1b-0965-488a-9573-9c8d3534445b","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":84,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"f991d8c0-fb5c-4fc8-96c9-594f6cda9040","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":84,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"e6a1b6e1-577d-4c6c-87db-fdd3c11c749e","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":84,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"3d8c8cc1-1deb-4539-a9ae-821b9194a6c2","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":84,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"e7e32411-112f-42dd-88aa-c4d2f32bfe85","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":84,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"f89c24dc-a650-4cfa-9e18-d68fbb2f6716","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":84,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"392beb37-5f2b-4ae8-a64c-986736e8c255","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":84,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"0b83d925-7cdb-4f50-b9ea-4fd4c2febacc","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":84,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"63df2bb4-7724-40f4-a83e-e6a40ef9c652","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":84,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"4696c629-8c8f-4f37-8396-430c461afae8","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":84,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"ced299f8-f789-4d3d-ade0-7c8f35381833","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":84,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"80e3fbf8-0469-430d-97b8-50b2d37a03fd","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":84,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"fbb1862b-23cb-4367-a956-c9c3a689b7ba","block_type":"box","text":"volatile than investments in more established markets.","page_number":84,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"10c63373-fb72-4b61-b359-c90a94a8da85","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":84,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"0df53f2b-6921-40fd-b506-4fa43864d9c1","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":84,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"0b1f52fd-9949-4353-b0d1-05885a6261b2","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":84,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"f9d16454-b3f2-4c3a-9b79-26cc72e464f9","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":84,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"7f3cecc2-aca2-4741-b634-2aea0aaf0ca1","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":84,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"1df28b74-e1aa-4d43-873f-0f6c6ba96af8","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":84,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"2bbdbadd-9732-45d7-a994-b6e14db711fe","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":84,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"c1b762cd-31df-4c2e-960a-79c26a798322","block_type":"box","text":"acquisition or disposal of securities.","page_number":84,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"df23b46e-3d50-4a59-8a8f-5b7343e80a29","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":84,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"402becb6-cccc-4c8a-89cf-d3eebfbd9c93","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":84,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"297da72a-e8ea-48e4-8e1e-d1d532d15601","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":84,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"aca011f5-2162-499c-9317-8f18b4fa8d67","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":84,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"64f8c3d8-b489-41be-907a-7eaea7e8e6df","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":84,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"4077c940-b946-469b-bb76-be0fb3d4274d","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":84,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"f9d135f5-2494-4e2f-8782-8796baa9101e","block_type":"box","text":"II-35","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c235102-1978-420f-9a60-d21a45f58c7c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09faed3e-93a9-4f81-a104-0172b3dcc1f3","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":85,"box":{"x":101,"y":45,"width":783,"height":11}},{"id":"c186087a-66a1-41dc-b7c8-39efecd8d6f1","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":85,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"6b1ec502-2322-4e39-bb7a-ca1de5811d10","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":85,"box":{"x":68,"y":75,"width":818,"height":11}},{"id":"c393e671-ff73-453e-af60-e24aa52afd29","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":85,"box":{"x":68,"y":90,"width":777,"height":11}},{"id":"01e5ec5f-40c0-48c9-9849-405b52f1c280","block_type":"box","text":"generally less available or transparent in these markets.","page_number":85,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"4c0520e6-de56-41a4-9417-a239fd61736c","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":85,"box":{"x":102,"y":128,"width":778,"height":11}},{"id":"ec6170fd-b11a-47a6-9405-0b0fc06116b4","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":85,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"14096c27-6a29-492d-9806-c8fdb06a65a8","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":85,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"ac1ac1c6-b993-41a1-8840-aac07cad7520","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":85,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"15e40b4c-463b-484c-974e-4a61f8e0c620","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":85,"box":{"x":68,"y":188,"width":799,"height":12}},{"id":"692daa35-8326-4c45-8e20-ac0ba431b2aa","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":85,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"59e8b112-c7f9-4195-a54a-9ea67613e41e","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":85,"box":{"x":68,"y":218,"width":740,"height":12}},{"id":"e23fe580-ec83-4927-a5e3-71040e6de10f","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":85,"box":{"x":102,"y":241,"width":305,"height":11}},{"id":"1967952f-8cc2-41ee-b545-cb77c8ace682","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":85,"box":{"x":414,"y":241,"width":485,"height":11}},{"id":"7380c82b-826a-48ac-a4d9-8dc954bd930f","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":85,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"306acb89-4d60-4c9c-8337-4a153e36084b","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":85,"box":{"x":69,"y":271,"width":808,"height":12}},{"id":"c64282eb-e06d-403e-bfcc-620f527b48e1","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":85,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"54a602cc-b061-445e-89f0-b671f371b240","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":85,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"aa8c9861-c4b9-43de-86a1-c74b7a95d568","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":85,"box":{"x":70,"y":317,"width":791,"height":11}},{"id":"eb0e90c8-f817-4b29-ba10-dc6f0517e369","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":85,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"5fedfa3f-5044-49bf-8042-89216329dc7a","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":85,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"623babdc-0d63-4532-9b97-85af56ed6d06","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":85,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"4afe21b2-eaa4-469c-90a6-05874c0a4eb2","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":85,"box":{"x":70,"y":377,"width":766,"height":11}},{"id":"83ac2882-c25b-4ad4-9f9a-eaabe70fcd2f","block_type":"box","text":"per formance of the Fund.","page_number":85,"box":{"x":70,"y":392,"width":179,"height":11}},{"id":"c51ab3ed-49ba-47ac-8279-0286736b39fa","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":85,"box":{"x":102,"y":415,"width":784,"height":11}},{"id":"05cec9f3-c41b-44da-a9a4-83e5e435a007","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":85,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"ef473767-11f3-48d6-bd56-0dabcb10ca64","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":85,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"da576051-712c-4464-aa82-9f0f25184ca9","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":85,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"9725fb24-08e6-4cc4-a2cc-9a4ae8453185","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":85,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"3a34d431-8e19-4564-a80e-730606a0fccf","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":85,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"edfda9a4-7746-432f-b538-ec1d214576d3","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":85,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"645a590d-e80c-44f2-a941-800fcba1cd66","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":85,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"9821503a-2e14-4eb3-ae22-41a66abf15e4","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":85,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"34616239-e681-4330-bac4-517d79e4115f","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":85,"box":{"x":70,"y":551,"width":803,"height":11}},{"id":"8dd9f92c-f76f-4906-b2e7-f96bb11e8b2b","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":85,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"523f8108-c2c3-47a0-b2a0-074affe8c3a6","block_type":"box","text":"affected by a variety of factors.","page_number":85,"box":{"x":69,"y":581,"width":220,"height":11}},{"id":"b8b94e92-d206-47fe-8a37-4e47887ba0f7","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":85,"box":{"x":101,"y":604,"width":785,"height":11}},{"id":"53add981-1341-4f56-b1a8-6e1f55fd6e80","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":85,"box":{"x":70,"y":619,"width":789,"height":11}},{"id":"a3b2a161-4656-481f-89ae-7ad607fd2608","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":85,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"c099549f-55d7-4c93-8d60-d1f778fa5e11","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":85,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"aa54f864-4db4-49e8-a34e-f0284bebba5c","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":85,"box":{"x":69,"y":664,"width":777,"height":12}},{"id":"ae3f6104-ffd7-4ad7-afd1-c7aa46d0018c","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":85,"box":{"x":70,"y":680,"width":652,"height":11}},{"id":"26d377b0-cd5c-4d20-b2da-4846bce6bbdc","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":85,"box":{"x":102,"y":702,"width":737,"height":12}},{"id":"3a4440ba-b920-4a4a-9e21-83406ad13654","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":85,"box":{"x":69,"y":717,"width":803,"height":12}},{"id":"a35b893d-9533-44cc-b6e8-3f67c07281d9","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":85,"box":{"x":69,"y":732,"width":801,"height":12}},{"id":"ef2dc95a-a3ae-4ab6-abd4-fbe7d7bfbc09","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":85,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"f4931cae-f2e1-480c-aa59-16bfbac2cb71","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":85,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"21fb1921-141d-42f9-accb-f1b9672777cf","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":85,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"f529671f-b90a-4d3a-ab78-16b61dfa6252","block_type":"box","text":"nations.","page_number":85,"box":{"x":69,"y":793,"width":56,"height":9}},{"id":"0fa69aa0-57b9-4f8e-bcd8-a686328bc255","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":85,"box":{"x":102,"y":816,"width":794,"height":11}},{"id":"3919cb16-4378-43e7-9f83-aba24a2c456f","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":85,"box":{"x":68,"y":831,"width":773,"height":11}},{"id":"3e89435b-78b4-4d59-9a31-3743b644003f","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":85,"box":{"x":69,"y":846,"width":808,"height":11}},{"id":"bb2139ff-5d9f-4162-ae2c-105e013e063e","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":85,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"e263e1e9-98db-418e-8e7c-af6e147a0e97","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":85,"box":{"x":69,"y":876,"width":790,"height":11}},{"id":"e8300100-cc9c-4f56-b555-184e27d5122e","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":85,"box":{"x":69,"y":891,"width":790,"height":12}},{"id":"a195f0c0-8795-4c4f-88b7-df94b124db82","block_type":"box","text":"market Asia-Pacific companies.","page_number":85,"box":{"x":69,"y":906,"width":220,"height":11}},{"id":"a7960501-91b3-4653-bbd2-8a555b6894f5","block_type":"box","text":"II-36","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"673e1e8b-3047-47dc-9b91-568088432864","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e1da538-502a-4f6f-9423-7e55be18c565","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":86,"box":{"x":102,"y":45,"width":780,"height":11}},{"id":"b76bc53f-c8b8-49be-9cbb-41d22e234d66","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":86,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"c9d51053-a54a-45f7-84c2-7cb578de00b8","block_type":"box","text":"services for such securities outside such countries.","page_number":86,"box":{"x":69,"y":75,"width":367,"height":9}},{"id":"00f742af-957c-4394-a95b-462467c84fb2","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":86,"box":{"x":102,"y":98,"width":795,"height":11}},{"id":"5752d2bc-7bba-4964-ab2d-a010a818f955","block_type":"box","text":"to commercial banks and foreign governments.","page_number":86,"box":{"x":68,"y":113,"width":335,"height":11}},{"id":"dc8639bf-699c-42f1-9e93-dda16b41f3ec","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":86,"box":{"x":102,"y":135,"width":788,"height":12}},{"id":"0a682714-3b05-41ce-9a9d-fba2ad646b7b","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":86,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"80f5a953-072d-45db-82c6-8cd6210fa846","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":86,"box":{"x":68,"y":166,"width":450,"height":11}},{"id":"9b7cb566-b911-48b6-a687-83a63d8c87a7","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":86,"box":{"x":102,"y":188,"width":782,"height":12}},{"id":"dac77f6b-cc68-4772-b032-fb0fec63866d","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":86,"box":{"x":70,"y":203,"width":819,"height":12}},{"id":"30111e25-6fd3-4be8-b292-a69c4d9000d7","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":86,"box":{"x":68,"y":218,"width":711,"height":12}},{"id":"6c29a376-cf25-4189-9dc2-303e8fcd5052","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":86,"box":{"x":102,"y":241,"width":435,"height":11}},{"id":"119ae132-bd32-4f4e-8690-d87be21cba64","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":86,"box":{"x":543,"y":241,"width":355,"height":11}},{"id":"621d369e-b2a4-48b3-ad89-8479941fcef5","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":86,"box":{"x":70,"y":256,"width":817,"height":12}},{"id":"c55e746d-76e2-45f7-b379-d32890091bfb","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":86,"box":{"x":69,"y":272,"width":836,"height":11}},{"id":"871537ba-6584-4f18-af48-3affb303ade2","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":86,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"07ac56a7-e791-45cd-bf1d-359f47c1dc32","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":86,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"57f7821b-df9c-4a6d-9404-a6b47e59723f","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":86,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"fa7483b4-c7e7-494f-a941-faf2c662ec62","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":86,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"8d995dba-66da-4628-936e-11ab19179869","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":86,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"864689d4-0ca7-43da-89ee-bb5fe93f63a4","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":86,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"86443dc1-d9ce-4544-a5b6-b0a91ecd6510","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":86,"box":{"x":70,"y":377,"width":434,"height":11}},{"id":"e7163e62-ee61-4100-905d-74b506b3cf97","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":86,"box":{"x":101,"y":400,"width":787,"height":11}},{"id":"552d541a-588a-4997-a5a8-9ce5002059a0","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":86,"box":{"x":68,"y":415,"width":833,"height":11}},{"id":"8d1740d0-0a83-4233-ba6e-7ad76d68a1ed","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":86,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"ac423b52-d47b-497b-b06a-95aa374e12f6","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":86,"box":{"x":69,"y":445,"width":831,"height":12}},{"id":"cb1b6fb4-4a88-44d4-9388-ea7b868ee3dc","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":86,"box":{"x":68,"y":460,"width":834,"height":12}},{"id":"dc4cc2cc-8683-4a9c-8ee3-e42c5ac20094","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":86,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"b413155a-20e3-425a-8b07-13739b4bccc8","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":86,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"c987e3bb-ff3d-4871-bb01-e713843d77e2","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":86,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"69d1dc30-85be-4483-bf2b-a2469ca70cae","block_type":"box","text":"investment at that time.","page_number":86,"box":{"x":70,"y":521,"width":168,"height":9}},{"id":"d574e927-34fd-4eb6-a28e-115ef85d0076","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":86,"box":{"x":102,"y":544,"width":774,"height":11}},{"id":"ab1853ad-c45d-4d74-a128-b96a6b6acf39","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":86,"box":{"x":70,"y":559,"width":803,"height":11}},{"id":"8bd94233-7bf0-4f4e-bdcc-2b99d7266c00","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":86,"box":{"x":69,"y":574,"width":789,"height":11}},{"id":"67739e56-bd5c-4d79-9430-d144c7e30941","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":86,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"bfd6f754-9a90-4c75-907f-ad173dd0c1de","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":86,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"3f7a15e8-042e-4cde-82dd-20b1df1cd02d","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":86,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"d2391ad5-9017-46be-804a-774bd6fad016","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":86,"box":{"x":68,"y":634,"width":800,"height":12}},{"id":"36265436-030b-4607-a406-7813cf1b4fec","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":86,"box":{"x":69,"y":649,"width":839,"height":12}},{"id":"bb2e9952-eb31-4705-8d2c-bb003fddc465","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":86,"box":{"x":68,"y":664,"width":798,"height":12}},{"id":"5ef5de89-8d1d-475f-bf87-247ef9946366","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":86,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"2fa7c846-d8e1-40b4-8063-9f3ddfb6b4bd","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":86,"box":{"x":69,"y":695,"width":808,"height":11}},{"id":"16d4f861-0c31-433a-819d-a8251e24991f","block_type":"box","text":"government).","page_number":86,"box":{"x":68,"y":710,"width":92,"height":11}},{"id":"c3e74598-9881-4477-ba02-4309d209bae7","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":86,"box":{"x":102,"y":732,"width":790,"height":12}},{"id":"1973f689-a9f1-4eff-b011-2319a0e7a6d4","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":86,"box":{"x":68,"y":748,"width":828,"height":11}},{"id":"0d944c6d-63cd-450c-8f03-bc85ce5b0f2b","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":86,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"e03230be-63b9-490f-a3b9-e1ebd179551b","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":86,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"6ea73a70-1a32-4798-bec4-c3355abbda34","block_type":"box","text":"foreign banks and other financial institutions.","page_number":86,"box":{"x":68,"y":793,"width":322,"height":11}},{"id":"e34b1e40-8153-4c62-b887-e16dcf24c755","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":86,"box":{"x":102,"y":816,"width":767,"height":11}},{"id":"4389ede1-045b-49e1-8672-e8ce04748c1e","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":86,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"ffeec407-a287-47af-bbea-6814eb7460bf","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":86,"box":{"x":69,"y":846,"width":809,"height":11}},{"id":"37882618-3ea9-40ab-ae67-8534c277d569","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":86,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"ff322f21-0173-4a62-a1c4-add5e440c974","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":86,"box":{"x":70,"y":876,"width":838,"height":11}},{"id":"8aba05f7-6347-45f5-b99c-9cfcfd78f545","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":86,"box":{"x":69,"y":891,"width":788,"height":11}},{"id":"a7609205-3d97-490f-aac8-3047a8240bf4","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":86,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"3479c106-f311-4624-becb-b574e14ea9c8","block_type":"box","text":"II-37","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f1847bf-c1e1-4c59-a923-bbf27b89bd88","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"949b26ad-f391-433e-83d8-b955fe30f721","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":87,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"0915e467-ab19-4f03-aa43-11531376e6c1","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":87,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"e784d0bf-d8ef-4dc3-add4-3de3bde48ba8","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":87,"box":{"x":70,"y":75,"width":771,"height":11}},{"id":"d88d5988-1116-4a30-bf51-389d5e70c657","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":87,"box":{"x":69,"y":90,"width":711,"height":11}},{"id":"7374d44f-bb35-4a38-bcce-ea1d3c0e142c","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":87,"box":{"x":101,"y":113,"width":779,"height":11}},{"id":"37b3511a-e2da-4cec-baf2-3b6de717ecc0","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":87,"box":{"x":68,"y":128,"width":840,"height":11}},{"id":"a7ff5d0e-6c71-4566-9e85-58f65c67e080","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":87,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"7829446a-a016-4bb7-98a1-0dd80362b722","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":87,"box":{"x":68,"y":158,"width":802,"height":11}},{"id":"3742c3c6-4d31-4aee-986b-8b240b61ea25","block_type":"box","text":"foreign securities.","page_number":87,"box":{"x":68,"y":173,"width":127,"height":11}},{"id":"511ab4f1-c01b-43f0-875b-bdad86c707c5","block_type":"box","text":"Risks of Investments in Russia.","page_number":87,"box":{"x":102,"y":196,"width":224,"height":9}},{"id":"aafa8cd8-9034-4ee0-a000-76689d637859","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":87,"box":{"x":332,"y":196,"width":539,"height":11}},{"id":"f3c590aa-f5eb-4936-a61c-c73ef922d03c","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":87,"box":{"x":70,"y":211,"width":826,"height":11}},{"id":"7c1fe933-c715-4602-9218-f2fb3196d26d","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":87,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"e33ccf0c-e71e-43ae-be8c-1537d844994a","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":87,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"652f7bd5-ee42-4932-a403-96a12e997604","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":87,"box":{"x":68,"y":256,"width":824,"height":12}},{"id":"259ba3a0-b682-413f-bdc0-dc43f92625bf","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":87,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"ca2ad33a-1836-40ed-b0b7-286353d3e01a","block_type":"box","text":"developed markets.","page_number":87,"box":{"x":69,"y":287,"width":138,"height":10}},{"id":"95741e9d-84f5-4a8a-96d5-8221475638ac","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":87,"box":{"x":102,"y":309,"width":751,"height":11}},{"id":"f0645e65-430d-4426-a8d7-90c0e1e89461","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":87,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"a2b486a6-b9aa-477f-b875-5961740ec018","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":87,"box":{"x":68,"y":339,"width":838,"height":12}},{"id":"5068982d-5721-46ea-b174-f3db2da324b8","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":87,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"38ed0ca9-8285-4533-babf-8f529ff3500e","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":87,"box":{"x":69,"y":370,"width":783,"height":11}},{"id":"c19889ab-9a19-4142-b3a5-a66574d1af19","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":87,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"c8ecab9c-4a45-46da-a97b-c1af99cec265","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":87,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"744c4faa-fe64-480c-bd84-4dbc4a7f9ac7","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":87,"box":{"x":70,"y":415,"width":831,"height":11}},{"id":"05d3227e-9bad-4565-9fba-37509317d475","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":87,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"636bf30a-f4e3-4f1d-9379-efed0e1cd384","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":87,"box":{"x":69,"y":445,"width":832,"height":12}},{"id":"0adbedbb-0449-4738-8ea5-bfe5f563c6ed","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":87,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"d2d2aeb1-55f9-4c2c-acf6-f7fa632e387c","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":87,"box":{"x":69,"y":475,"width":800,"height":11}},{"id":"8131db14-368c-402b-9db9-699cd6ab3adf","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":87,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"bd699045-0bb0-4cf7-b1e6-3762f53dcfc4","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":87,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"84aa4853-3312-4a67-9917-e75907c56361","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":87,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"4863b1ae-b8a7-4af8-b1f0-65aef19415ed","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":87,"box":{"x":68,"y":536,"width":723,"height":11}},{"id":"78d52864-3bdf-483a-aded-bb6fcdc0d999","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":87,"box":{"x":102,"y":559,"width":801,"height":11}},{"id":"7c7e546f-25e0-4deb-8665-6b3b2d309cef","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":87,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"ba9fb318-ecb1-4a62-9150-d64549d886be","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":87,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"1b6d3ef4-2692-452c-8412-95efdccc38ca","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":87,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"5f15401b-be54-4afa-9ce5-8d42c8c39104","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":87,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"054cba5a-2480-4987-859b-448395a006dd","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":87,"box":{"x":69,"y":634,"width":827,"height":12}},{"id":"78571b0f-e872-4478-b620-0768f5e9570d","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":87,"box":{"x":68,"y":649,"width":824,"height":12}},{"id":"251bc806-51bc-451f-b293-6ced98b4669b","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":87,"box":{"x":69,"y":665,"width":814,"height":11}},{"id":"d3af90ab-7bfa-4e9c-b08c-df925bec3237","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":87,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"cf827cb3-a558-45a4-b632-9733d24f5004","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":87,"box":{"x":69,"y":695,"width":814,"height":11}},{"id":"5f130cff-ab4c-440f-ac8b-069d17dc4d0b","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":87,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"a51ec16e-ab1c-4b92-be48-944a030f4341","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":87,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"a7167d77-c883-4a72-a138-82fe41e1ab41","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":87,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"7c1289c0-2643-4428-9b7d-02bdaa3f4e9b","block_type":"box","text":"sectors globally.","page_number":87,"box":{"x":69,"y":755,"width":112,"height":11}},{"id":"a2e8f51c-4fcf-49a5-8cc8-624237d33447","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":87,"box":{"x":102,"y":778,"width":745,"height":11}},{"id":"2123b869-92d1-4535-b226-66f7a735caac","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":87,"box":{"x":70,"y":793,"width":826,"height":11}},{"id":"fcf714b7-ca19-4ad8-b7a9-91f38f462a46","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":87,"box":{"x":70,"y":808,"width":799,"height":11}},{"id":"c300daa6-f4c9-4a58-af1b-235152f92d4c","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":87,"box":{"x":70,"y":823,"width":788,"height":12}},{"id":"b62ddc3d-1af4-4a2e-8f86-ab2b769dc811","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":87,"box":{"x":69,"y":838,"width":807,"height":12}},{"id":"ad44061e-496f-4ed8-86c6-9c3d335c6f12","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":87,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"a5e5db66-c1f4-483a-9011-5269f64e3b4a","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":87,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"1c2cbfc4-c948-4ec2-9242-0b95d79f9e1b","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":87,"box":{"x":68,"y":884,"width":797,"height":11}},{"id":"5ecbe2bb-53fe-4dab-b94d-a4de8ce53bed","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":87,"box":{"x":68,"y":899,"width":804,"height":11}},{"id":"f34cee9a-cf76-4152-bb25-439fec3823cf","block_type":"box","text":"II-38","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a96f9adf-89ff-425d-9dbb-0a9bb44421c9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e09cf663-b7b4-4249-a433-f3063197a550","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":88,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"58ddb530-c637-4072-adbf-83964a1122f6","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":88,"box":{"x":68,"y":60,"width":417,"height":11}},{"id":"4ff48e7e-d0fd-46c7-b867-2e5177451fd8","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":88,"box":{"x":102,"y":82,"width":241,"height":12}},{"id":"2696c056-7b5d-4236-94c2-c03ebd5c7a3a","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":88,"box":{"x":350,"y":82,"width":523,"height":12}},{"id":"ee848dd0-2970-4074-b9fd-42031f91c8fb","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":88,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"fca483d8-5cb8-4f70-81ce-8342267486fa","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":88,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"1e062091-27e3-476c-b262-e2c876dee178","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":88,"box":{"x":68,"y":128,"width":793,"height":11}},{"id":"d499e5de-5373-4451-ba6d-5f11c603a36c","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":88,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"64afe8c8-377e-4d76-8248-ca8d8d819149","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":88,"box":{"x":69,"y":158,"width":777,"height":11}},{"id":"dbfee064-4780-4251-b9f2-884892d88c2e","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":88,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"1d208e9c-1f03-40c8-bfa1-66a01132a9c2","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":88,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"4d2162fc-5f0b-4c8c-b904-f9c08a7e77b9","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":88,"box":{"x":69,"y":203,"width":765,"height":12}},{"id":"34ba5911-e73d-4046-9166-5f75672fd69f","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":88,"box":{"x":69,"y":218,"width":838,"height":12}},{"id":"4d0bddf6-9843-4e1f-a33a-01510bed9aa6","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":88,"box":{"x":69,"y":234,"width":805,"height":11}},{"id":"f5e21fb3-65a7-4170-b86a-a10c53d3154c","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":88,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"55c8206a-9b22-42bf-8358-2a0b1ee8c81a","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":88,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"4c06f60f-046e-40fe-bb8f-ec2ca7ff3b18","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":88,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"130b631c-c3bf-4bad-91f5-80e3578fbf54","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":88,"box":{"x":69,"y":294,"width":835,"height":11}},{"id":"08a1262c-a9e1-4ad3-a03e-7fcca08d7040","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":88,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"5a26a23f-d725-4365-8453-e51f5b897d3e","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":88,"box":{"x":68,"y":324,"width":781,"height":12}},{"id":"605daf75-f2f6-4803-aebb-525fd6e70d94","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":88,"box":{"x":69,"y":339,"width":811,"height":12}},{"id":"2f4cd74f-8eca-476f-adc9-1fc2a11782fc","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":88,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"ecd104c8-5987-4455-b3d0-8516fbefe215","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":88,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"ca8a7f8d-a440-40ac-83f1-eb708d54fdb5","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":88,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"4ea08683-8a8a-4717-aaad-a55bfe5f4c41","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":88,"box":{"x":69,"y":400,"width":791,"height":11}},{"id":"f14376ad-cccf-429f-a27d-bc13ad86abfe","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":88,"box":{"x":69,"y":415,"width":835,"height":11}},{"id":"d7ba9bc5-5fd2-45ef-b7ad-915462545214","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":88,"box":{"x":68,"y":430,"width":799,"height":11}},{"id":"dde900b6-0fc8-43c4-af68-654fa1a9de11","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":88,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"9476b415-3bbd-4a0d-a550-2067b602dee0","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":88,"box":{"x":68,"y":460,"width":818,"height":12}},{"id":"25fdffdc-7220-4610-908c-2ade744b22a4","block_type":"box","text":"impacted.","page_number":88,"box":{"x":70,"y":476,"width":67,"height":10}},{"id":"1e316c78-3658-4b14-90f2-945dd734a907","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":88,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"fce2b4ff-6da5-411b-98f3-0dc8e10dbb2c","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":88,"box":{"x":69,"y":513,"width":812,"height":12}},{"id":"80460e41-fb00-44a4-96f4-1d77a28f00dc","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":88,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"f50ea5af-4b6f-40c5-99fa-c4b45b26bf3e","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":88,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"e37ccf95-c4e1-4da7-be00-05e8c69963ef","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":88,"box":{"x":68,"y":559,"width":826,"height":11}},{"id":"f7f2ad11-fb9b-464c-b850-a39315249db3","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":88,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"ede404f2-958a-4226-8b90-e4b4eb64a7b4","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":88,"box":{"x":70,"y":589,"width":790,"height":11}},{"id":"4ac71a9e-d825-4e0a-8ca9-c8b11da054d3","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":88,"box":{"x":70,"y":604,"width":798,"height":11}},{"id":"ac91a833-3003-4b97-a02c-9f4b33c27217","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":88,"box":{"x":68,"y":619,"width":781,"height":11}},{"id":"c6d82644-7d50-4072-8b8c-e33e3f33617e","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":88,"box":{"x":70,"y":634,"width":836,"height":11}},{"id":"f510c622-e113-4e82-ba86-a1e17e5c0b11","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":88,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"80cac9fc-a2cb-4b98-b137-682fbf2d20f0","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":88,"box":{"x":69,"y":665,"width":838,"height":11}},{"id":"75af5460-a956-4228-9838-f7e6bddab4ac","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":88,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"b24b94d5-7871-4c8d-8e9a-0cda7308444d","block_type":"box","text":"economy.","page_number":88,"box":{"x":69,"y":697,"width":65,"height":9}},{"id":"84598e6d-14d3-4db4-b3c1-39e4530dd612","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":88,"box":{"x":101,"y":718,"width":747,"height":11}},{"id":"42ba2d98-f2ba-44e7-a376-fcf9e22e7b59","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":88,"box":{"x":69,"y":733,"width":776,"height":11}},{"id":"34398504-0dbf-4198-bf63-2d328d53f116","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":88,"box":{"x":69,"y":748,"width":836,"height":11}},{"id":"42dee0d2-4925-42c9-a373-9a7360d192b2","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":88,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"fb096fde-6074-4102-9c17-92e640662cc9","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":88,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"9947f541-83ab-4b00-9625-607ee7e1cbc9","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":88,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"0d32d961-1eb7-4d81-8d3c-6998c75c6546","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":88,"box":{"x":68,"y":808,"width":837,"height":11}},{"id":"b81e677d-9b85-43f8-ab14-b95ac17f688f","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":88,"box":{"x":69,"y":823,"width":826,"height":12}},{"id":"fcfedf4d-aca9-49fa-a926-062f57e4bc08","block_type":"box","text":"typically the case for investment managers.","page_number":88,"box":{"x":68,"y":838,"width":309,"height":12}},{"id":"801d92a4-57cc-43dc-a97f-3e71b9556684","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":88,"box":{"x":101,"y":861,"width":806,"height":11}},{"id":"353a7937-c63b-4894-8590-78a8f88fb191","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":88,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"19f83974-6ba6-4a90-a540-c8d7302fe542","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":88,"box":{"x":70,"y":891,"width":777,"height":12}},{"id":"44e2301e-6fb7-45c1-9f1a-b9ab343a3119","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":88,"box":{"x":69,"y":907,"width":796,"height":11}},{"id":"c4a7722a-a92c-42a0-985c-6ad952219c90","block_type":"box","text":"II-39","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"024d7b1e-48f1-4f71-9df0-2026fa7147a9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7c3ebdb-850d-4586-a72c-e37f50ffd485","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":89,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"2ed9a19a-14e0-4eb7-bd01-e5b925ba7a3d","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":89,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"dd197073-7417-4c27-b473-7b3523b63cc7","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":89,"box":{"x":68,"y":75,"width":764,"height":11}},{"id":"276a12b8-c79a-4eb0-b029-60f9f646a280","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":89,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"a69f0500-a6db-4c35-a9bc-e553691fe26f","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":89,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"13cf89a5-acf0-438e-a327-22285e4c3e78","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":89,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"2a8061f6-903b-4b6e-ad77-d30ade83c43f","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":89,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"ad56e69b-f6c3-4c94-bb68-03286c6b2a62","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":89,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"7e99b521-1911-4a87-ae58-30129655c845","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":89,"box":{"x":70,"y":166,"width":797,"height":11}},{"id":"3325e5b7-dc4d-4953-9a4c-f7b03808b6d3","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":89,"box":{"x":69,"y":181,"width":510,"height":11}},{"id":"7cfa8f43-9679-41b6-83c6-4dbc9aaf58c7","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":89,"box":{"x":102,"y":203,"width":773,"height":12}},{"id":"a3433f4a-62b5-45e2-b825-53ad4915e845","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":89,"box":{"x":69,"y":218,"width":820,"height":12}},{"id":"dedbec98-32e4-47b4-ac16-2230e0c77f8e","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":89,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"92148725-9bf8-41d8-9b55-d99cae09ba2a","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":89,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"fa23cf8b-a269-4718-9f2b-79771f6ecf53","block_type":"box","text":"will be indirectly subject to those risks.","page_number":89,"box":{"x":68,"y":264,"width":277,"height":11}},{"id":"61d4875d-8b13-4627-8eab-4a487a502a19","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":89,"box":{"x":102,"y":286,"width":223,"height":12}},{"id":"0907a938-7d78-4337-aa70-b3379d23db63","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":89,"box":{"x":332,"y":287,"width":521,"height":11}},{"id":"54f01865-9b10-4c6b-8ded-23e950678839","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":89,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"3e3422d1-e470-43ee-885f-f1f055811381","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":89,"box":{"x":70,"y":317,"width":837,"height":11}},{"id":"ee931941-139e-4fb5-adb9-2f68f5bc6aa5","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":89,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"e822f724-41a0-41fd-b9fd-bb9e6dda5097","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":89,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"4bce9132-7f67-41fc-8338-fc81c976e717","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":89,"box":{"x":68,"y":362,"width":816,"height":11}},{"id":"7ad2e6ba-fc7f-4bd7-b7ef-8d1a76bbec2c","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":89,"box":{"x":68,"y":377,"width":758,"height":12}},{"id":"38556148-89b0-4d1c-ab76-858f5cf44cdf","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":89,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"b7555f87-980c-4468-bda1-3b27276f80a2","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":89,"box":{"x":69,"y":408,"width":804,"height":11}},{"id":"7171d9b6-9782-49ce-9fcb-9f9e33aec694","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":89,"box":{"x":68,"y":423,"width":822,"height":11}},{"id":"e4ea7968-b8c1-4c05-bb10-d1be0ec36d5b","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":89,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"f64eadfa-86f7-49c3-9e72-e51df003019f","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":89,"box":{"x":68,"y":453,"width":814,"height":11}},{"id":"020c44f3-fffe-414d-b45f-b297586d1295","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":89,"box":{"x":69,"y":468,"width":787,"height":11}},{"id":"ed81b3e0-d730-4748-a946-695af1195a60","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":89,"box":{"x":69,"y":483,"width":766,"height":11}},{"id":"5aa5bf9e-4b26-411b-a351-ffbd90061a3f","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":89,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"cecbed89-a4ce-47a0-8709-7c56564fad71","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":89,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"5df25676-6d2e-44f0-b80e-9e20437aeadd","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":89,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"41cc25a9-2385-48a2-99fb-1e0ea6de001a","block_type":"box","text":"impact on a Fund’s investments.","page_number":89,"box":{"x":70,"y":544,"width":230,"height":10}},{"id":"9dfc428e-3e03-47b1-9a18-b5c85ff4030a","block_type":"box","text":"Brady Bonds.","page_number":89,"box":{"x":102,"y":566,"width":92,"height":11}},{"id":"a687affa-f9fc-4ccb-9dfa-f88ced11a8d2","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":89,"box":{"x":201,"y":566,"width":689,"height":11}},{"id":"c15944ef-60a4-427f-b57a-64a6eeb20359","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":89,"box":{"x":69,"y":581,"width":815,"height":12}},{"id":"fa3c32c1-173d-4425-b00c-d2b2d95de3ea","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":89,"box":{"x":69,"y":596,"width":766,"height":12}},{"id":"2b277765-ea61-441e-8d1e-3bc73b804e24","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":89,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"845f4b32-5ad9-43f9-869c-28c008c19237","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":89,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"64056cff-256a-42a6-9054-2578e3f8f1e2","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":89,"box":{"x":69,"y":642,"width":839,"height":11}},{"id":"91eeb6b1-4ce7-48d6-9196-45a9a45a0658","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":89,"box":{"x":70,"y":657,"width":786,"height":11}},{"id":"4cee402d-5204-42d7-b316-b1319c8e839e","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":89,"box":{"x":69,"y":672,"width":814,"height":11}},{"id":"d9d9620f-79cc-4417-a225-e61cc259d31f","block_type":"box","text":"Venezuela.","page_number":89,"box":{"x":68,"y":687,"width":75,"height":9}},{"id":"a053e4b9-c996-44f7-9eec-40201470365b","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":89,"box":{"x":102,"y":710,"width":798,"height":11}},{"id":"6da4a0cc-a851-4799-a6cd-bf8a1dd8335d","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":89,"box":{"x":69,"y":725,"width":780,"height":11}},{"id":"aa512375-a7b7-4eba-904b-2a76842bd083","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":89,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"831e1850-0df2-4f67-9bcb-bc4f29fcda74","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":89,"box":{"x":69,"y":755,"width":796,"height":11}},{"id":"57701219-04b7-454a-9238-04d5253862b4","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":89,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"4daf9555-b134-4918-a0ab-fea6035c5605","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":89,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"87cde78c-34fa-492a-9f98-303b8680fc30","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":89,"box":{"x":68,"y":801,"width":833,"height":11}},{"id":"49121b69-42d7-4f59-8b9a-5060c9f1e608","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":89,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"45dcc4c3-75d8-4bb7-9671-881bf906ffea","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":89,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"cb57280f-3694-4369-996a-8363c6894a23","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":89,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"7f512027-94b7-412c-9e9d-8035951c3291","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":89,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"05c7c42f-e9b0-4d49-92d7-c83f040af6f5","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":89,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"5e3c00e2-2c3d-4737-91bc-dad575311a19","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":89,"box":{"x":69,"y":891,"width":430,"height":11}},{"id":"6889f766-33a7-4c27-a0a8-d9f5ee912665","block_type":"box","text":"II-40","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b3c2f061-7fbf-438b-8479-67bceb8cb98b","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebec5702-e8c4-466a-90dd-4b42812b7a86","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":90,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"5ecc7662-e85f-4c1f-bc8d-e9955953fb5b","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":90,"box":{"x":68,"y":60,"width":838,"height":11}},{"id":"cce117e6-6cc0-4156-9c35-c3d0705888c4","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":90,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"30a67602-6309-470f-824b-fba32673aab1","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":90,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"34420491-47d2-4522-8065-036ef8a8e277","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":90,"box":{"x":68,"y":105,"width":841,"height":11}},{"id":"9210c949-55ff-4a7b-9a9f-40826d0ef7ee","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":90,"box":{"x":70,"y":120,"width":351,"height":12}},{"id":"68cc16cf-9eb1-4574-8274-a08618411bc6","block_type":"box","text":"China Investments Risk.","page_number":90,"box":{"x":102,"y":143,"width":171,"height":9}},{"id":"5e977282-fb88-46d2-a989-d315910a6248","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":90,"box":{"x":102,"y":166,"width":763,"height":11}},{"id":"9e98d4a1-9ca2-4aea-bd43-5343e2b4cd26","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":90,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"c1b906c1-4647-4a38-b179-28480faa6cee","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":90,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"5c14a2f8-a56a-4ebc-8b5e-aaa8e7bc4182","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":90,"box":{"x":69,"y":211,"width":809,"height":11}},{"id":"c2ab8015-3812-45d0-bef6-646fec402ff8","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":90,"box":{"x":69,"y":226,"width":713,"height":11}},{"id":"ad97bc22-6436-4a65-b449-c9679601b1c4","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":90,"box":{"x":102,"y":249,"width":762,"height":11}},{"id":"94c4683b-c0e5-45b9-89b0-d14ec0ca0cc6","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":90,"box":{"x":69,"y":264,"width":800,"height":11}},{"id":"ebb494a2-3135-41c5-86c9-24b37c743746","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":90,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"c07db29f-726e-499a-87f6-f777ad8958f8","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":90,"box":{"x":68,"y":294,"width":777,"height":11}},{"id":"e6d2f427-4374-4aa6-967c-b7631c11f228","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":90,"box":{"x":69,"y":309,"width":809,"height":11}},{"id":"6e16c4bf-1d36-4560-9562-340df449fec2","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":90,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"6a082661-b581-4731-a3ce-923dafbc98a2","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":90,"box":{"x":70,"y":340,"width":770,"height":11}},{"id":"b6d1d3b3-fef8-48c6-9fdb-7d31b4c4a031","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":90,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"91a33b75-398f-42fc-bc7c-efe7970ce738","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":90,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"ff75b0c5-3bb9-486e-af1d-f524906be6e2","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":90,"box":{"x":68,"y":385,"width":812,"height":11}},{"id":"f4df3629-493c-4a3b-bf5d-bcdd0b1acfef","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":90,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"cd68949b-965e-4add-8391-4a79ff8b68ed","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":90,"box":{"x":69,"y":415,"width":769,"height":11}},{"id":"d67f52b6-7de1-477e-b16f-0a0082deec9e","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":90,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"83fc1089-eeb9-4873-bff8-68364c76550d","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":90,"box":{"x":68,"y":445,"width":810,"height":12}},{"id":"212018f7-fb67-4c62-9591-92838597e0ab","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":90,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"830f2e0d-a77b-410b-8fd2-927d03ce03d5","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":90,"box":{"x":69,"y":475,"width":811,"height":12}},{"id":"b57b0266-bc5d-4f96-b6b8-e150631d8c8c","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":90,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"d7ac8e06-6560-443a-9f9a-898e7deb7a92","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":90,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"0a34fcf0-141d-4013-93a2-513d4a51e784","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":90,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"bbca7ae0-b1b8-45d0-8a3d-a00b6e3b6e10","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":90,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"857c6a75-f2fc-4338-8439-b5b24b70badd","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":90,"box":{"x":69,"y":551,"width":776,"height":11}},{"id":"83de8bc4-2792-45c8-8c27-6ec40ad442b4","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":90,"box":{"x":101,"y":574,"width":792,"height":11}},{"id":"5478949e-71ed-4c7c-8363-5cc06c9bf612","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":90,"box":{"x":70,"y":589,"width":818,"height":11}},{"id":"9404bd3f-01bb-422b-b3fe-6a099d78afe9","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":90,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"5ef6aa3c-183f-498e-902c-940775973735","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":90,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"991c8f2a-83dd-4c3f-ba14-f179ac532b8a","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":90,"box":{"x":70,"y":634,"width":763,"height":11}},{"id":"81c0ad57-af46-4fea-9abe-0d99d02268d6","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":90,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"25dcd75d-5292-4b20-8549-edae776df98e","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":90,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"edc9c468-0014-4182-a2bc-5227d5c7b850","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":90,"box":{"x":68,"y":680,"width":653,"height":11}},{"id":"02c3e348-1dba-45b8-ae16-3f3614240b46","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":90,"box":{"x":101,"y":702,"width":783,"height":12}},{"id":"0397ecf8-c077-4d45-9bd2-a4efa259ebe3","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":90,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"f9129990-06e3-4500-bd57-1fd64257c710","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":90,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"612d2ab7-7942-4c68-b0c7-3dc3cba1efe2","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":90,"box":{"x":70,"y":748,"width":821,"height":11}},{"id":"b92bd9e3-305e-4cc6-986e-7b7fe36ddc7a","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":90,"box":{"x":69,"y":763,"width":683,"height":11}},{"id":"03751525-6788-4261-9b4c-4b49da283174","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":90,"box":{"x":102,"y":785,"width":797,"height":12}},{"id":"b665cf74-d027-43e5-8e51-b0c56ae02eea","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":90,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"cb3146f1-4957-4d68-ae39-95a8a853d34a","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":90,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"fff55297-c2f1-4bdc-aedc-4b8984fa8781","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":90,"box":{"x":70,"y":831,"width":836,"height":11}},{"id":"259a8e55-00cf-455c-b0c3-10071fda3f2c","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":90,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"8c7ce9a7-98cb-463c-b2a4-9f7469a7495b","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":90,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"7375ee7a-6ee0-4e92-8a34-b9dce46f47e3","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":90,"box":{"x":68,"y":876,"width":816,"height":11}},{"id":"fbaf3ce7-3054-4266-9b8d-1e7286f27071","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":90,"box":{"x":68,"y":891,"width":816,"height":12}},{"id":"6efa6805-4dc4-4668-9e21-99012458859f","block_type":"box","text":"II-41","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"960f5d9b-52de-4f82-8b3c-d4573c237c59","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d511288-6b48-4bf5-9bd9-ade621ebd1a0","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":91,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"af180e58-5b7d-4021-af21-24fc2c2038e0","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":91,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"7aeff436-9b3a-4feb-96c6-772c27d06930","block_type":"box","text":"sub-custodian.","page_number":91,"box":{"x":69,"y":75,"width":102,"height":9}},{"id":"e7a157bb-d3c2-4e55-8586-6ece48ad1eb0","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":91,"box":{"x":101,"y":98,"width":801,"height":11}},{"id":"03538eca-b3b9-492d-8350-be30e2fc3382","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":91,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"fde97875-945c-4ceb-9b4d-78e340108cdc","block_type":"box","text":"on investor protection considerations.","page_number":91,"box":{"x":69,"y":128,"width":268,"height":11}},{"id":"c7820aaa-bc2a-4498-92bc-d554cb3dc178","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":91,"box":{"x":101,"y":151,"width":806,"height":11}},{"id":"bf9d639e-9ba6-4e4d-8252-656f08280f11","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":91,"box":{"x":70,"y":166,"width":829,"height":11}},{"id":"238ce551-a687-4268-82e7-ebcdfce4dd62","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":91,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"9e8030aa-8f5f-4a4a-8a12-e982ef2f1f14","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":91,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"22ecd53a-c831-4357-a082-e524eed2e5d4","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":91,"box":{"x":68,"y":211,"width":774,"height":11}},{"id":"b43ce87a-3bc1-4c13-88ad-886b0c67b9c2","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":91,"box":{"x":69,"y":226,"width":760,"height":11}},{"id":"7285e60e-21d5-4c61-b4ff-753cd7f64cf3","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":91,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"a505241c-13bb-4c52-8032-5d1f4773cec0","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":91,"box":{"x":70,"y":256,"width":822,"height":12}},{"id":"ebb35baa-5340-46a2-a29f-5fa1706191eb","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":91,"box":{"x":70,"y":271,"width":821,"height":12}},{"id":"b05bacff-936a-4daa-9c51-a3aaf86d9c5d","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":91,"box":{"x":70,"y":287,"width":820,"height":11}},{"id":"e8e722c8-c54c-4801-9b6a-3d70424a4332","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":91,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"a8c56e71-a8a2-46c2-9328-606ea7edb13a","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":91,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"a74dbbb5-b7e9-45b8-963b-87e6adffa27f","block_type":"box","text":"accounting firm.","page_number":91,"box":{"x":69,"y":332,"width":112,"height":11}},{"id":"c3a12509-7873-4ba5-9676-1df827097159","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":91,"box":{"x":101,"y":355,"width":780,"height":11}},{"id":"644ff32d-d7a5-4f3e-b847-0c1ae12d666e","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":91,"box":{"x":70,"y":370,"width":815,"height":11}},{"id":"baee2e6a-af7a-47da-8900-eaa157b8a7fa","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":91,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"8aacc8e1-4e5b-46e7-88f4-b588441bdea1","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":91,"box":{"x":69,"y":400,"width":787,"height":11}},{"id":"48d48a32-f99e-4f3d-80ed-0726d961158c","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":91,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"4395d743-c345-489c-8fb9-37aa512a911b","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":91,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"969f6ecb-7452-4dd8-8a12-05a6d336e555","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":91,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"665fb3c4-584b-49e8-a249-630f8ed5ab81","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":91,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"f58a1965-0a96-4b21-834e-2578996cd5aa","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":91,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"f3b53aaf-3ab8-4dcf-8ec0-fa06b80bd310","block_type":"box","text":"RMB (“CNH”).","page_number":91,"box":{"x":70,"y":491,"width":97,"height":11}},{"id":"ca6da33d-9f3c-43b6-a65f-3f5a5763a80f","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":91,"box":{"x":102,"y":513,"width":802,"height":12}},{"id":"3a5c1ce6-8b6f-40bf-a41e-05095e10a04c","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":91,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"bdaa6f79-1165-4b11-bf31-6fffc8a2f6b8","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":91,"box":{"x":70,"y":544,"width":822,"height":11}},{"id":"2a2ef6c4-ab27-4f68-8a7f-dfe4cadccaf9","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":91,"box":{"x":70,"y":559,"width":775,"height":11}},{"id":"780e5260-e403-4cd7-9811-2625606d351c","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":91,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"be950a2d-8d9a-4df1-a17f-3c3ca87cc46f","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":91,"box":{"x":69,"y":589,"width":803,"height":11}},{"id":"2ca74189-9e22-419b-94e5-046ced51e921","block_type":"box","text":"represent equity ownership in the operating company.","page_number":91,"box":{"x":69,"y":604,"width":380,"height":11}},{"id":"130d4935-3319-4714-9f44-9db125eeb485","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":91,"box":{"x":101,"y":627,"width":801,"height":11}},{"id":"303c1630-8bd7-4115-a89a-7147e30ba78b","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":91,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"ecb0cb38-9f57-44ec-8d75-2b698ae6d312","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":91,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"1b91cbae-fca3-4099-b7bc-7da0cee97e19","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":91,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"0f969f71-bb93-4485-a802-c46911c3e1cc","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":91,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"7e6db131-067f-413f-8a7c-82610e9fc53b","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":91,"box":{"x":69,"y":702,"width":770,"height":12}},{"id":"046b0651-754e-4367-a25b-5378ac788c4c","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":91,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"d5853930-02da-4eb6-aa66-6a3dd017a1ee","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":91,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"9acbb04c-6e03-4b67-952e-3e33ad62e319","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":91,"box":{"x":69,"y":748,"width":815,"height":11}},{"id":"2fd43856-2454-4998-8a04-f3e94b5e44c6","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":91,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"16f6fd27-114a-40cb-84f9-4d5d862615c2","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":91,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"37ca58b9-7006-402b-bb52-9857cb1182ee","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":91,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"7a9db734-2e95-46df-b7d3-4e8e15dd5a76","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":91,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"a19ba26d-3ce6-4ce4-8d79-ed6243f1b905","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":91,"box":{"x":68,"y":823,"width":798,"height":12}},{"id":"260e162f-8ad2-4a58-a9df-a2ac29a9d797","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":91,"box":{"x":70,"y":838,"width":833,"height":12}},{"id":"f36d728f-22e4-4f8d-a714-51fd9da68ddd","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":91,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"6ec9b7be-fab6-427e-8265-27a7ffe20ec8","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":91,"box":{"x":68,"y":869,"width":792,"height":11}},{"id":"10c87ab8-8c36-4a5e-b7b3-a884704441c7","block_type":"box","text":"losses to a Fund.","page_number":91,"box":{"x":70,"y":884,"width":120,"height":9}},{"id":"662aeb50-8575-4106-a0fc-723329d38eef","block_type":"box","text":"II-42","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f440230c-c193-45d5-845b-5b02d24eca8c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd841cce-34bf-472e-b13c-cdb3db0a1bef","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":92,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"09fa6bdf-66df-4082-94e2-63424a8b2541","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":92,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"fd7fb959-9a95-46d4-9da2-c8232432f9ca","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":92,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"2d1fbb71-d7e9-4a87-87dd-a1ae980d92b3","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":92,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"447d2b68-7e12-45f4-a9f7-2227fbd93ed1","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":92,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"0b106f7a-4875-4fa9-83a3-852cfabf5521","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":92,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"6cee7116-92fd-4f39-8c9c-575d0c270828","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":92,"box":{"x":69,"y":135,"width":765,"height":12}},{"id":"ad2009ed-e673-408a-8b58-05e0bd64d1b9","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":92,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"0b15fc20-7ccf-48ad-a3ae-260473cef8c3","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":92,"box":{"x":70,"y":166,"width":816,"height":11}},{"id":"f747f3f4-0c8e-46db-8edc-4f405a721dd0","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":92,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"2b31551e-0d4a-4a15-aa1c-1e7e6cf2b08b","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":92,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"aaf42a0b-fb66-4fe4-b5ec-2a458ae967db","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":92,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"1e539801-da53-4c8e-b416-fca92ef15311","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":92,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"9c5d4b23-a34c-43a2-aa24-c407da1b7017","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":92,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"2edb5455-bbc2-470e-902f-598d09e765a5","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":92,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"01c035c3-caa7-4ac8-b959-683a5f074bf6","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":92,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"b0e82f50-e088-446c-b4aa-da789603151e","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":92,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"63739e19-0c7e-41c9-82c1-a160c1127e06","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":92,"box":{"x":69,"y":302,"width":812,"height":11}},{"id":"70d45ff2-f928-4b12-ab00-a474d11a9fbc","block_type":"box","text":"such companies.","page_number":92,"box":{"x":69,"y":317,"width":119,"height":11}},{"id":"608516a5-9798-4e28-a7b4-ff94bfc3c9ad","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":92,"box":{"x":101,"y":339,"width":792,"height":12}},{"id":"d35b50a7-88ea-47b8-9f2c-70bb60d19e84","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":92,"box":{"x":69,"y":355,"width":840,"height":11}},{"id":"44f0506e-9fac-45c5-af6b-d85fbe12ec85","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":92,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"0a18c32f-4f86-4b0b-9ecb-13381dea3cd6","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":92,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"f151e4a7-9fc3-47b5-bc81-ac9f50c0f45a","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":92,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"fdfe4ca0-480f-43e8-b675-91ff6bcc196c","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":92,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"51bf3e5b-aeaf-497e-9220-ab1b4445fd3f","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":92,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"5b3d8065-7eca-47a7-8cd9-4165a03ca53d","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":92,"box":{"x":68,"y":445,"width":773,"height":12}},{"id":"de57c237-c76c-43a1-b468-d2f2650054dd","block_type":"box","text":"standards.","page_number":92,"box":{"x":69,"y":461,"width":74,"height":8}},{"id":"4c42febd-8fea-4038-9475-dea3337be3ed","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":92,"box":{"x":102,"y":483,"width":794,"height":11}},{"id":"8097d825-2081-4eec-be92-a3b753243a1a","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":92,"box":{"x":69,"y":498,"width":792,"height":11}},{"id":"2f276b6c-ae84-4ff3-99ff-edcc7319f181","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":92,"box":{"x":69,"y":513,"width":803,"height":11}},{"id":"bd228061-d760-4c6f-adf7-d35a3a196426","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":92,"box":{"x":69,"y":528,"width":811,"height":12}},{"id":"465d5a7b-d94d-408d-9e88-1aedcf97cfdc","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":92,"box":{"x":69,"y":543,"width":548,"height":12}},{"id":"72989fc3-ba5a-405b-8c09-0c2b6c93b554","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":92,"box":{"x":102,"y":566,"width":288,"height":11}},{"id":"09248d19-b03b-412f-a1a0-2ef8fc6baf30","block_type":"box","text":"General","page_number":92,"box":{"x":102,"y":589,"width":55,"height":9}},{"id":"295538e2-e7f4-447b-827f-18c77fd0adb8","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":92,"box":{"x":158,"y":589,"width":704,"height":11}},{"id":"8211c1eb-6e52-43b4-b988-5da4b9c9fd61","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":92,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"a332c6a5-0cb4-41e1-94a6-99cd3f51ef93","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":92,"box":{"x":69,"y":619,"width":815,"height":11}},{"id":"cad686ca-7ab8-4ad3-a53b-cdceb846e635","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":92,"box":{"x":68,"y":634,"width":833,"height":12}},{"id":"0218060f-472f-437b-b334-2b8c3bb002fc","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":92,"box":{"x":69,"y":649,"width":744,"height":12}},{"id":"3061b87c-ab3a-4293-88f4-baca88aefa90","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":92,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"54ff88be-5d29-431b-9e9a-51999584ca00","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":92,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"eee6b541-5323-4d1c-a9e1-0ca11ae79620","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":92,"box":{"x":70,"y":702,"width":834,"height":12}},{"id":"a492c6ed-8c43-41ae-82cf-87bdafe8ced8","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":92,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"de72ac95-1c22-43c7-b2f5-0e219eb44c53","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":92,"box":{"x":70,"y":733,"width":819,"height":11}},{"id":"a23b6e15-9338-4cf1-9bed-459c15a7668f","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":92,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"8ba8754a-3182-45df-9813-9dfdd2d427c6","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":92,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"f7a5af1f-419c-41fb-986c-5ea856f48757","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":92,"box":{"x":68,"y":778,"width":824,"height":11}},{"id":"883cec94-5710-4113-976b-96e2a3f6bb76","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":92,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"4ebd0f44-2653-4d62-b442-4994196d0b9f","block_type":"box","text":"company established by SEHK.","page_number":92,"box":{"x":69,"y":808,"width":219,"height":11}},{"id":"694a9dc7-4c03-4c61-a3b5-bc17a23663d6","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":92,"box":{"x":101,"y":831,"width":794,"height":11}},{"id":"14aa372a-c7df-4e37-9780-f36607d41bc9","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":92,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"c31db3fd-7b55-40bd-a507-f9592c892028","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":92,"box":{"x":69,"y":861,"width":779,"height":11}},{"id":"ee813bf2-dadd-43ea-b523-d61a05e50d09","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":92,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"91c9b66f-e45c-400a-954e-d9068b2a6f49","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":92,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"837d6ac2-2985-4c0c-aa25-a2579619fb22","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":92,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"8a66e193-c5b1-4a66-84cd-766e43b2976e","block_type":"box","text":"II-43","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"03a42adb-f2b4-405c-af6b-8e8e3df84476","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a5bd772-5add-4660-bfda-104de0cf862e","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":93,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"007bf45f-452f-46d6-8f04-d1ca67f10bed","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":93,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"7ae175a1-54e3-42da-aab3-442879b783d5","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":93,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"9cfd404a-148a-43c8-a897-f9c4e9d6bfe4","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":93,"box":{"x":68,"y":90,"width":829,"height":11}},{"id":"86b04f5b-36ed-48a8-9210-858fadc65df6","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":93,"box":{"x":69,"y":105,"width":797,"height":11}},{"id":"7bc6082b-0e19-4747-9da7-8e208e2b9473","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":93,"box":{"x":69,"y":120,"width":820,"height":11}},{"id":"1f5dd9e0-bce8-4343-a273-88089efb289f","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":93,"box":{"x":69,"y":135,"width":820,"height":12}},{"id":"cccdcb9e-b5bf-4f32-b640-a08627a5058d","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":93,"box":{"x":69,"y":150,"width":278,"height":11}},{"id":"9e1858ed-95bd-4828-b83b-b0a188512fef","block_type":"box","text":"i.e.","page_number":93,"box":{"x":349,"y":151,"width":21,"height":8}},{"id":"c4ae878c-50cb-4eb4-a6b4-6d28aa4ea5bf","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":93,"box":{"x":372,"y":150,"width":524,"height":11}},{"id":"971506f9-1703-434e-b7c8-9d29a2e3ff7f","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":93,"box":{"x":69,"y":166,"width":815,"height":11}},{"id":"29555b24-551b-4cc2-86be-c287c305dcc4","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":93,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"cbb28cc1-6562-4d34-aa03-c05e2c0fbf56","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":93,"box":{"x":69,"y":196,"width":834,"height":11}},{"id":"7fa070e0-1f17-40fc-9ad3-2aa682666695","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":93,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"e5521fd1-8100-42d7-a51d-5024af795cf0","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":93,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"34a9e1f1-69fe-4d84-959f-369798748392","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":93,"box":{"x":69,"y":241,"width":818,"height":11}},{"id":"ada5cab3-03e7-4c6a-aaa4-af29695ad0da","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":93,"box":{"x":68,"y":256,"width":820,"height":11}},{"id":"5c42a6b7-09ac-4fea-977f-f27283c9f7df","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":93,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"39ff169d-7278-4f8b-b981-de37825ebe24","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":93,"box":{"x":69,"y":286,"width":811,"height":12}},{"id":"ac7b5508-ed0e-4a06-a418-9cf6d5f7ee83","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":93,"box":{"x":68,"y":302,"width":815,"height":11}},{"id":"f610b9ad-1562-46bb-9aad-479bdfa941b6","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":93,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"21ee260c-93ef-4fed-aaed-0ef3b55c98c7","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":93,"box":{"x":70,"y":332,"width":777,"height":11}},{"id":"f3461598-9b16-458d-b03a-74377cead448","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":93,"box":{"x":70,"y":347,"width":582,"height":11}},{"id":"18b4c4a4-b5d1-41fa-94b6-cb549532ca6b","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":93,"box":{"x":102,"y":370,"width":802,"height":11}},{"id":"57a8900f-6381-4c28-b7b5-d64beca565fe","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":93,"box":{"x":69,"y":385,"width":784,"height":11}},{"id":"5cd5bcb6-6feb-4007-89d1-a66e184fa48c","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":93,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"831e7421-6bcf-4255-be8a-508bca081d40","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":93,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"60784d22-bbf2-4f50-94f4-3f6c2686c01a","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":93,"box":{"x":69,"y":430,"width":802,"height":11}},{"id":"d08a9e45-a24e-44f2-8fee-0d9ff53f2965","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":93,"box":{"x":69,"y":445,"width":805,"height":12}},{"id":"b7c3a354-3808-49d7-8296-ccc24f59d01f","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":93,"box":{"x":70,"y":460,"width":807,"height":12}},{"id":"369375a2-cbc7-4ea7-8ff9-927aee6d1a18","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":93,"box":{"x":69,"y":475,"width":805,"height":12}},{"id":"c8c447d1-640d-4a12-8bfb-b4136eeb9a74","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":93,"box":{"x":70,"y":491,"width":774,"height":11}},{"id":"e943a063-0cc5-432a-97ec-d6094cbb744f","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":93,"box":{"x":70,"y":506,"width":816,"height":11}},{"id":"ff666457-453c-491a-8b95-8091a9fb493c","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":93,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"4914314e-b72f-43cf-9704-124cdd775f02","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":93,"box":{"x":68,"y":536,"width":779,"height":11}},{"id":"b7d1a05a-7249-433a-8050-2812bfa75f7d","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":93,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"46345d12-780c-448b-8e9a-7ed8c5c439e4","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":93,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"7ada3b7c-6dd7-4cf9-8dd4-4148dd9ba978","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":93,"box":{"x":69,"y":582,"width":811,"height":11}},{"id":"e486b3d3-fb5a-41d8-81c4-c9657de63dab","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":93,"box":{"x":70,"y":596,"width":783,"height":12}},{"id":"4c60c904-086b-4e4a-925e-8e0abbbb12ed","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":93,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"c92c5bcb-b167-4e61-a90a-9ef79c3d8822","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":93,"box":{"x":69,"y":627,"width":752,"height":11}},{"id":"600c32e9-a582-4545-a155-1460dd8b433b","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":93,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"5945a6cf-e110-4632-8058-7e7be410f9f8","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":93,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"dda7a2cb-71cd-4468-b18c-5ebecb86bca0","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":93,"box":{"x":68,"y":680,"width":769,"height":11}},{"id":"63559614-1eda-442d-a0f6-dcc26aba4d81","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":93,"box":{"x":70,"y":695,"width":809,"height":11}},{"id":"143eca99-c7df-46c1-ab4d-d71220b1ae0e","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":93,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"960ced67-b590-4645-a6fb-498503322a6e","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":93,"box":{"x":68,"y":725,"width":822,"height":11}},{"id":"9eddc009-0913-4495-9af3-aa4d463f05a1","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":93,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"522d0573-17b6-4ba4-9b12-46fb408479b7","block_type":"box","text":"PRC.","page_number":93,"box":{"x":69,"y":755,"width":32,"height":9}},{"id":"6e1595b3-e55f-4766-add9-9859394cb8e4","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":93,"box":{"x":102,"y":778,"width":796,"height":11}},{"id":"ef880981-f6b9-44b5-9004-8977ddbb7592","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":93,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"a14f4006-d897-4505-9275-59bfd7d3b2ca","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":93,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"99f667b6-ba3e-4c51-b03a-b8974a218b34","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":93,"box":{"x":68,"y":823,"width":818,"height":12}},{"id":"ae4a7a56-5bd2-462a-88f4-1de2d9b00de3","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":93,"box":{"x":70,"y":838,"width":813,"height":11}},{"id":"8f63330a-6ec3-4da9-9b01-bc1779097e7e","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":93,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"0649f402-1528-4177-bc0b-58632dfd8f42","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":93,"box":{"x":68,"y":869,"width":695,"height":11}},{"id":"da2bec26-f310-4aeb-ae64-34157de5c859","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":93,"box":{"x":101,"y":891,"width":772,"height":12}},{"id":"a184e226-2276-4959-88ed-2341fb336701","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":93,"box":{"x":69,"y":906,"width":810,"height":12}},{"id":"1ef9094a-e667-4df4-b629-24954bdaf1b1","block_type":"box","text":"II-44","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f58c82da-09ec-4684-93eb-9a8afa5db4e8","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77a82222-2f18-4758-b013-22ef078bc583","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":94,"box":{"x":70,"y":45,"width":798,"height":11}},{"id":"9d994445-7f06-4338-8d45-a5b8aee2faf2","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":94,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"5a78b847-9d3a-4f40-bd96-a1484ca35a05","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":94,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"9651d5cc-f2fb-4bd6-930a-61ac784ba3d6","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":94,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"1680c0e8-6305-4cf2-b74e-fa5c3ae1b32f","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":94,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"8db360d3-9760-4dce-8eef-10e567a6dcfe","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":94,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"85980a1f-cf33-487e-a6ad-df209abb794b","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":94,"box":{"x":69,"y":135,"width":793,"height":11}},{"id":"513c09a6-024e-4770-aec4-aad80478081f","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":94,"box":{"x":69,"y":151,"width":815,"height":11}},{"id":"681b47fe-384a-4187-b2d1-4ecc5e842917","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":94,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"6b99760b-fada-46a0-b72e-bbea4ac885d7","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":94,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"64bcfba2-8176-4291-ba27-c00766f7635a","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":94,"box":{"x":68,"y":196,"width":596,"height":11}},{"id":"ba6cb531-1581-4b08-af4e-52a7ed1d09db","block_type":"box","text":"Suspension Risk.","page_number":94,"box":{"x":102,"y":219,"width":122,"height":10}},{"id":"55c47f4c-47e5-4bfe-ac3a-b15f025e6630","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":94,"box":{"x":231,"y":218,"width":675,"height":12}},{"id":"3323cfe3-1a4a-46c8-841d-8c6093e2976d","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":94,"box":{"x":68,"y":234,"width":829,"height":11}},{"id":"fb808f71-a823-41c1-a54b-995b02243fbf","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":94,"box":{"x":68,"y":249,"width":823,"height":11}},{"id":"54d4efc7-f6f9-49f3-b05e-1e9f6441ff0e","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":94,"box":{"x":68,"y":264,"width":831,"height":11}},{"id":"117e6031-99e8-405b-8dfe-73c299032315","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":94,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"63e2b74e-7a31-4907-ad36-e68293a002fa","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":94,"box":{"x":68,"y":294,"width":791,"height":11}},{"id":"f15a34e8-c4df-4bac-bc34-b85d622fbd9f","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":94,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"62ef05bb-8e48-4dbf-9007-10b188b0f5dd","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":94,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"3878ea59-3e3a-4a15-b8d1-37693ff16dee","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":94,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"904a115d-769c-40fc-8e33-074612c93abe","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":94,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"617bae68-3a03-4e47-90b8-d919a874c11d","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":94,"box":{"x":69,"y":370,"width":778,"height":11}},{"id":"eba10924-d056-4281-9bfc-485999469426","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":94,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"5b0fb695-8cf0-464b-a326-b6c3b6debf1e","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":94,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"d998d0b1-f46b-41ab-89fa-046d7e7735a3","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":94,"box":{"x":69,"y":415,"width":563,"height":11}},{"id":"8f670dc5-7ca6-4dd6-8920-58a66f50de20","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":94,"box":{"x":102,"y":438,"width":542,"height":11}},{"id":"e1cf2d0b-6d38-42c6-a4d4-0d8cd5949d1b","block_type":"box","text":"A Fund may invest directly in the","page_number":94,"box":{"x":650,"y":438,"width":230,"height":11}},{"id":"cb6f1737-db00-4cc7-84fe-a12fe3a51650","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":94,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"c05bcabe-c328-41ed-82db-6ed5826d5c3d","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":94,"box":{"x":69,"y":468,"width":790,"height":11}},{"id":"fb3682a2-6e40-462b-84a7-748ce416d5d7","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":94,"box":{"x":69,"y":483,"width":803,"height":11}},{"id":"291f10d9-b479-411a-b4ae-4b184881077b","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":94,"box":{"x":70,"y":498,"width":832,"height":11}},{"id":"c77d6adc-cb86-46b1-8baa-c2b0d4d99484","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":94,"box":{"x":70,"y":513,"width":821,"height":12}},{"id":"b395ff2e-7e3a-4887-8996-c9925271a929","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":94,"box":{"x":69,"y":528,"width":825,"height":12}},{"id":"b36e5b70-8b99-4dab-9e33-1a22a96c550e","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":94,"box":{"x":70,"y":543,"width":825,"height":12}},{"id":"b06a7a34-4c27-4dd5-a794-9e094bab5841","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":94,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"c4ed5f72-b204-4318-ab78-b5e6cb3d4dc4","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":94,"box":{"x":68,"y":574,"width":786,"height":11}},{"id":"8c231dcc-5c17-40e6-812a-ea4ef40384a2","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":94,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"72f2cb95-41c6-418f-8181-b66efd2e90f1","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":94,"box":{"x":68,"y":604,"width":788,"height":11}},{"id":"4f3c66f0-d45b-4625-bed3-e2b9bc167551","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":94,"box":{"x":69,"y":619,"width":827,"height":11}},{"id":"858b31f2-83cb-4b83-a146-5d02484a1b94","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":94,"box":{"x":69,"y":634,"width":570,"height":12}},{"id":"635a010d-6750-490a-b06d-a6a015cf19df","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":94,"box":{"x":101,"y":657,"width":773,"height":11}},{"id":"9928c9b4-2615-483e-abd4-382a280beec1","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":94,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"59c7c79b-cb98-4b3c-b98e-d04d1d97db79","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":94,"box":{"x":69,"y":687,"width":832,"height":11}},{"id":"1812692f-cf8b-4fca-95a9-dce2771a65eb","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":94,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"3d714b44-ea1c-4934-9a3f-042601c60879","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":94,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"e9694c2b-36f5-416d-8bf9-881b562629e0","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":94,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"e10455d4-c12c-450a-877d-bf9bf8deae10","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":94,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"5c37a703-25a2-4097-bb2a-46c870caf7e5","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":94,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"37a0ec9c-5557-43cb-a015-8975c56c53e7","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":94,"box":{"x":68,"y":778,"width":500,"height":11}},{"id":"fae5da36-116b-47be-94a9-93268883493a","block_type":"box","text":"i.e.","page_number":94,"box":{"x":570,"y":778,"width":20,"height":9}},{"id":"3aca8525-453a-4095-85c2-1fd22606be93","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":94,"box":{"x":593,"y":778,"width":267,"height":11}},{"id":"89dba0fe-ad51-46d1-bd76-654e7d2c9db4","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":94,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"cfedc117-8fd5-457d-8a0e-22b0a9a7a9ab","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":94,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"e57fa1c5-1ba7-4162-b814-f58d5e201d80","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":94,"box":{"x":69,"y":823,"width":822,"height":12}},{"id":"ada7e42f-b2e7-4320-85b0-4a99cae348a5","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":94,"box":{"x":68,"y":838,"width":822,"height":12}},{"id":"3e995ea9-5283-4584-bec4-2109e0d6ef17","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":94,"box":{"x":69,"y":853,"width":793,"height":12}},{"id":"064be29d-4b0f-47d1-97e4-30e4aeaeb06f","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":94,"box":{"x":68,"y":869,"width":802,"height":11}},{"id":"12af355d-3cb7-4b47-af15-b75196e5ee14","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":94,"box":{"x":70,"y":884,"width":812,"height":11}},{"id":"a1a5e33d-8a66-40fc-9ba2-f4ed08012802","block_type":"box","text":"par ties.","page_number":94,"box":{"x":70,"y":899,"width":52,"height":11}},{"id":"72b8f9df-fad3-44be-a72f-92f33b0f8253","block_type":"box","text":"II-45","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"627f677e-5bd3-497c-8fe4-238ee2319d37","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"955aff38-d29f-4e6d-844b-605f8ba9cb4d","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":95,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"5a9f1e07-649f-4483-81f2-ab7f50c6bca7","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":95,"box":{"x":70,"y":60,"width":785,"height":11}},{"id":"e99ba137-097d-4d24-8681-202acb0a9687","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":95,"box":{"x":69,"y":75,"width":776,"height":11}},{"id":"c2cfcd1d-7ea5-47c1-aa61-b7a20842fce5","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":95,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"0772bbb3-e14a-414f-a19a-8619daeb3a9d","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":95,"box":{"x":69,"y":105,"width":412,"height":9}},{"id":"46361248-3f72-4ad3-abf3-8f847ba716e6","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":95,"box":{"x":102,"y":128,"width":793,"height":11}},{"id":"fd3dd02e-f5bb-4697-82e7-a9fa91beea53","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":95,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"e1b2e456-b3cb-424c-8d2a-cdb766ed43e9","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":95,"box":{"x":69,"y":158,"width":821,"height":11}},{"id":"17e084ba-5cbd-48f7-a1b4-6896894924b5","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":95,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"31deb1dd-23d2-4874-a27c-9a0b3c4b62f3","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":95,"box":{"x":68,"y":188,"width":798,"height":11}},{"id":"40ec7715-69c3-4519-8882-d8d392626e9f","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":95,"box":{"x":70,"y":203,"width":556,"height":12}},{"id":"2094e44e-62ab-4da5-8d35-b54613d1eaac","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":95,"box":{"x":102,"y":226,"width":762,"height":11}},{"id":"d701a609-7e35-4795-9c95-3c49a728b7dc","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":95,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"b388855e-3603-4c82-b65e-6115d20b9ede","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":95,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"46ec664f-6a54-4726-aa09-33a2d53e676f","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":95,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"e0c95103-784f-478d-9231-e9112cce0606","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":95,"box":{"x":68,"y":287,"width":840,"height":11}},{"id":"6fe0886a-ea0e-412f-9602-8782a8c5ee99","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":95,"box":{"x":68,"y":302,"width":826,"height":11}},{"id":"11e4d888-1c0b-46bb-9533-e4a3f0d24d70","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":95,"box":{"x":68,"y":317,"width":808,"height":11}},{"id":"5d96bd87-35b2-4c0f-8c97-582226c84891","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":95,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"41bfad43-800e-4b54-a2e1-08b16a9aaf1a","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":95,"box":{"x":69,"y":347,"width":789,"height":11}},{"id":"101764d5-a140-443f-b404-5afa8ee69a2a","block_type":"box","text":"per formance.","page_number":95,"box":{"x":70,"y":362,"width":93,"height":11}},{"id":"117ebcc8-5803-4084-afaf-9addb319e141","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":95,"box":{"x":101,"y":385,"width":803,"height":11}},{"id":"a60405d2-66e3-4d6d-add3-d840090b3ad4","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":95,"box":{"x":68,"y":400,"width":776,"height":11}},{"id":"6ddb24dc-f501-4c76-ae43-3e71094ca25f","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":95,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"f923d8b4-0c01-4e6f-b625-267ef408a99c","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":95,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"57092786-6722-4117-8d89-d7c6f94b8f2b","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":95,"box":{"x":69,"y":445,"width":827,"height":12}},{"id":"6fc85293-0528-4948-a063-ed637852cb55","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":95,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"20198c39-3c2b-451b-a8ea-507f90986868","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":95,"box":{"x":102,"y":483,"width":755,"height":11}},{"id":"4a533830-3733-4d12-9f28-49eb920ffb07","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":95,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"0e97a524-801f-4132-b0bb-6a6637f78b68","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":95,"box":{"x":68,"y":513,"width":298,"height":11}},{"id":"11038353-5d59-493b-b1ad-20d3edc5cd1c","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":95,"box":{"x":103,"y":536,"width":277,"height":11}},{"id":"ec6ba78f-e262-490b-9c09-9f88b532dd4c","block_type":"box","text":".","page_number":95,"box":{"x":381,"y":543,"width":2,"height":2}},{"id":"8cd14660-706d-48ac-82b7-e599a9e1a38a","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":95,"box":{"x":101,"y":559,"width":758,"height":11}},{"id":"ccff7cc2-a776-4d6e-bfc0-1650aef16813","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":95,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"c23fff4c-a653-4738-a491-d18a9c242958","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":95,"box":{"x":69,"y":589,"width":831,"height":11}},{"id":"a35e2c1d-baa4-4cc6-85b9-d9b505ea3d9a","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":95,"box":{"x":69,"y":604,"width":425,"height":11}},{"id":"12df7c96-8bd4-441c-962a-2c7789202c88","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":95,"box":{"x":101,"y":627,"width":697,"height":11}},{"id":"21236f3d-d077-465f-bc6f-2e41fa62caf1","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":95,"box":{"x":102,"y":649,"width":803,"height":12}},{"id":"a0d90bb2-4920-44b2-a590-3d1645e6aaea","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":95,"box":{"x":68,"y":665,"width":822,"height":11}},{"id":"58d758e7-2f5a-45ba-8a63-63441679bfcd","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":95,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"cc3ab960-2a5d-4c07-bf14-7d41656e2dba","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":95,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"deb5093c-f903-458e-80ea-4b2efb3c9cb2","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":95,"box":{"x":69,"y":710,"width":800,"height":11}},{"id":"f162407c-1790-4d23-a0ab-7dfd514f51c0","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":95,"box":{"x":68,"y":725,"width":783,"height":11}},{"id":"fc788921-b4e4-43d9-8a55-8ac225b4d5f9","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":95,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"66af2027-ed0a-4411-aa8f-b80c3651a4ca","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":95,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"459f9b5c-5a7c-4ffb-9aa8-a162504f653c","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":95,"box":{"x":68,"y":770,"width":818,"height":11}},{"id":"c5f65e90-c409-40e1-ac2c-3ba3a7169000","block_type":"box","text":"without notice.","page_number":95,"box":{"x":68,"y":786,"width":103,"height":8}},{"id":"41cba933-b0fe-47c8-9128-a85b107fee71","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":95,"box":{"x":102,"y":808,"width":759,"height":11}},{"id":"77798e6b-5f42-4263-a558-8d68cdbe7ccf","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":95,"box":{"x":70,"y":823,"width":827,"height":12}},{"id":"91c510e6-7302-4796-a2dc-ec636d69037c","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":95,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"f9009fd2-0daa-4ec8-a245-be51e39d2960","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":95,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"5331811e-5893-4194-8f6a-5bffdf6578d7","block_type":"box","text":"unclear whether the temporary exemption will be fur ther extended.","page_number":95,"box":{"x":69,"y":869,"width":473,"height":11}},{"id":"0db7be89-3bf3-474a-8e9b-80e31a73670a","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":95,"box":{"x":103,"y":891,"width":225,"height":11}},{"id":"5279cd61-4b65-4cc7-b20d-f554c03db45c","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":95,"box":{"x":333,"y":891,"width":569,"height":12}},{"id":"597de7fc-31a3-42a4-a830-fcfa6d94fdd3","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":95,"box":{"x":69,"y":906,"width":528,"height":12}},{"id":"43525972-54c7-4870-85ab-d63c15714c30","block_type":"box","text":"II-46","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"80f94b1b-c269-4994-8c56-adcf24ce8eaa","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb43c069-c092-4e7b-9757-fc40dda6ff2f","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":96,"box":{"x":101,"y":45,"width":697,"height":11}},{"id":"74314f29-66f8-4a3f-a87f-8d7777befa0e","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":96,"box":{"x":101,"y":67,"width":789,"height":12}},{"id":"d3e46f34-4592-4162-824d-7cef2b4a6799","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":96,"box":{"x":69,"y":83,"width":565,"height":8}},{"id":"fb3bd774-d291-49df-944e-38f02bf8647a","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":96,"box":{"x":102,"y":105,"width":749,"height":11}},{"id":"22eec630-f4d0-4d93-a6dd-9ac5b7958a27","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":96,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"ea441e24-014d-47a2-8423-7687a262e9ac","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":96,"box":{"x":69,"y":135,"width":840,"height":11}},{"id":"690e689d-394d-4cf9-9823-97c29d0590e2","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":96,"box":{"x":70,"y":150,"width":766,"height":12}},{"id":"daf107b0-5cb5-492a-a9b1-3e3c52f0a152","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":96,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"f20a6c71-fc9e-4011-906e-e8fbe96e1707","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":96,"box":{"x":70,"y":181,"width":772,"height":11}},{"id":"76608908-114d-4117-bfda-226386675cdc","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":96,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"12c35cff-64b9-418b-be20-2649b34d0b3b","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":96,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"3e7b2544-5187-4ac7-926a-d1ceaf63358d","block_type":"box","text":"Notice 34 will be fur ther extended with respect to interest income on bonds derived from the PRC bond market and","page_number":96,"box":{"x":70,"y":226,"width":820,"height":11}},{"id":"b8631495-becf-4090-b00a-5076032759bb","block_type":"box","text":"issued before August 8, 2025.","page_number":96,"box":{"x":70,"y":241,"width":216,"height":11}},{"id":"d3ae4225-7c6e-4926-b52d-5304935aa42b","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":96,"box":{"x":101,"y":264,"width":801,"height":11}},{"id":"ced827c0-5336-46f5-9dc0-8e5564cedb97","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":96,"box":{"x":68,"y":279,"width":821,"height":11}},{"id":"75456ac8-2a58-4b09-a2b9-c19200d721c5","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":96,"box":{"x":68,"y":294,"width":808,"height":11}},{"id":"3374cc04-4dc3-45bd-800d-006e1d83d78c","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":96,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"9476bb61-65d5-40b0-9e7e-4760896621ad","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":96,"box":{"x":68,"y":325,"width":829,"height":10}},{"id":"ca7bd4c8-d187-4275-8856-f7d5e157d6ae","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":96,"box":{"x":69,"y":340,"width":819,"height":11}},{"id":"fd840a4b-043a-4801-afed-095b9e5ad3d6","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":96,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"c2d888b9-a423-4b91-9ca3-11cd0e1f6c7b","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":96,"box":{"x":68,"y":370,"width":474,"height":11}},{"id":"f1aaa1cf-37dd-4f7a-b821-d536f8d9e376","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":96,"box":{"x":102,"y":392,"width":777,"height":12}},{"id":"a82be515-fe06-400f-98ce-3b63659750dd","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":96,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"52b86c8f-eff8-4368-ae60-3e463bce8a46","block_type":"box","text":"the PRC in notifications.","page_number":96,"box":{"x":68,"y":423,"width":171,"height":9}},{"id":"e0b9261b-7b82-44dd-bfcb-87829eb35cf3","block_type":"box","text":"Investment in Other Investment Companies.","page_number":96,"box":{"x":102,"y":445,"width":320,"height":11}},{"id":"3cedc714-3fe1-41d5-b15f-de72a23a2542","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":96,"box":{"x":429,"y":446,"width":402,"height":10}},{"id":"a6776fe0-ca37-473b-a5a5-7476be61290f","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":96,"box":{"x":70,"y":460,"width":818,"height":12}},{"id":"9d35ae09-0859-41c9-a85e-066603dba542","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":96,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"ae84f03d-0fbb-4052-8673-0aec71821a68","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":96,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"50674fe1-93cf-401c-b319-d86f9d1c9091","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":96,"box":{"x":70,"y":506,"width":814,"height":11}},{"id":"04ded35c-bd1a-4b11-9e53-f15a66885dbc","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":96,"box":{"x":70,"y":521,"width":793,"height":11}},{"id":"08d9c6ef-b4be-4c40-a4f8-489aaa9f022a","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":96,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"a7d96185-e0fd-4ab2-836e-817d192bf99c","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":96,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"4e99025f-dfda-4884-b055-daf85274cec1","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":96,"box":{"x":68,"y":566,"width":812,"height":11}},{"id":"d65ce432-e08d-4919-bcb9-fd90c522e8e3","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":96,"box":{"x":69,"y":581,"width":829,"height":12}},{"id":"fc5a6b89-acc3-42a9-a4b4-576343e03257","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":96,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"911e602b-546f-48f1-a860-6bff9198e286","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":96,"box":{"x":68,"y":612,"width":821,"height":11}},{"id":"2a3c9c35-1faa-49c6-b44b-2adbc7146be1","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":96,"box":{"x":69,"y":627,"width":817,"height":11}},{"id":"caf3ad75-b3a8-4ff4-87db-800c4d313158","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":96,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"d08ee25c-f3a6-457a-bca2-1300699de2de","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":96,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"b0d8745d-ab44-4ddb-8916-b9c9f084b955","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":96,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"e5ed3564-3c9f-4698-92e8-e6807632713e","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":96,"box":{"x":70,"y":687,"width":829,"height":11}},{"id":"3160c634-46fc-4405-9b0d-8ac3fde90df1","block_type":"box","text":"subject to cer tain conditions.","page_number":96,"box":{"x":69,"y":703,"width":206,"height":10}},{"id":"a5a9255a-8d78-46bb-87ff-e2f48c8c2046","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":96,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"c841e28d-02a3-427f-8e90-19216add241c","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":96,"box":{"x":102,"y":748,"width":779,"height":11}},{"id":"93b50461-219f-420a-9f41-5bff1216d2d0","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":96,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"7ffb1d9c-9740-469a-9303-9d67b8f94f9e","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":96,"box":{"x":69,"y":778,"width":836,"height":11}},{"id":"a9ebe7d3-e3e8-40fb-b5ed-43dab5a27933","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":96,"box":{"x":68,"y":793,"width":839,"height":11}},{"id":"eae8723e-01fc-45f4-9cbe-1a6f3b65ac8c","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":96,"box":{"x":68,"y":808,"width":806,"height":11}},{"id":"daa646ab-5955-49e2-9bed-72d8f4cf86cb","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":96,"box":{"x":68,"y":823,"width":810,"height":11}},{"id":"453e1be7-0d60-4377-abca-0aba94a3347a","block_type":"box","text":"loss.","page_number":96,"box":{"x":70,"y":839,"width":31,"height":8}},{"id":"11410ded-690e-480f-bcb8-e3eecff5ad13","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":96,"box":{"x":102,"y":861,"width":758,"height":11}},{"id":"f70ea33e-3aa6-4ca8-a5c9-810a4e33c35a","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":96,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"f62693dd-f05e-4d3b-a8db-26e489422418","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":96,"box":{"x":70,"y":891,"width":835,"height":11}},{"id":"5fd8e83c-bf16-437c-a76b-d08f7c1d96a1","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":96,"box":{"x":69,"y":906,"width":816,"height":12}},{"id":"66fa9178-2564-44f4-923a-fc100c9e5416","block_type":"box","text":"II-47","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57dea3e6-0bb3-4f75-a088-3a93dad8dcfa","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ecc08b3c-2e84-4982-a868-754517c70b5d","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":97,"box":{"x":69,"y":45,"width":768,"height":11}},{"id":"4b1b7269-46a4-465c-8da5-b5407b542243","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":97,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"dcabecab-1ddd-4689-ac93-c147d61e1772","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":97,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"5b98f5a3-4364-41ca-bf2f-f759a9507166","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":97,"box":{"x":68,"y":90,"width":804,"height":11}},{"id":"490c1463-198f-4109-b316-4ca56f386f4c","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":97,"box":{"x":70,"y":105,"width":778,"height":11}},{"id":"5ce511f3-0ab8-418b-9d94-c9fe6d307269","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":97,"box":{"x":69,"y":120,"width":796,"height":12}},{"id":"2e5798c7-69c6-4649-a401-973c07a0caaf","block_type":"box","text":"assets.","page_number":97,"box":{"x":69,"y":136,"width":51,"height":8}},{"id":"65cb2cb2-491f-4ab5-b22d-548bae03fb71","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":97,"box":{"x":101,"y":158,"width":776,"height":11}},{"id":"04ef3d6a-9af9-4754-89dc-b19d5706f173","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":97,"box":{"x":69,"y":173,"width":313,"height":11}},{"id":"16fa9d63-283c-489c-9a66-e9ce3a8dfffd","block_type":"box","text":"e.g.","page_number":97,"box":{"x":384,"y":175,"width":24,"height":9}},{"id":"1e9e5d99-28d0-46cb-9892-f111b13293e3","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":97,"box":{"x":411,"y":173,"width":491,"height":11}},{"id":"d6a1846c-417a-421f-9f84-7646af675029","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":97,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"a740e006-960e-49e3-9f6c-a0e93ff7a38c","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":97,"box":{"x":69,"y":203,"width":472,"height":12}},{"id":"d0bd2a3f-0bae-4ab6-8a5d-290e698ed565","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":97,"box":{"x":101,"y":226,"width":790,"height":11}},{"id":"7579ff70-a3d7-4f09-821e-0023fba533e5","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":97,"box":{"x":70,"y":241,"width":818,"height":11}},{"id":"6f8eca2a-a72c-4430-8474-84018572a23e","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":97,"box":{"x":69,"y":256,"width":791,"height":11}},{"id":"be299493-bc4e-495e-a98f-0e8bd7a4c509","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":97,"box":{"x":70,"y":271,"width":795,"height":11}},{"id":"5819319d-f3e4-47a4-908f-45c1061a373b","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":97,"box":{"x":70,"y":286,"width":807,"height":12}},{"id":"ed2f4510-649b-4448-82ae-3003c9f5d4bb","block_type":"box","text":"countries.","page_number":97,"box":{"x":69,"y":302,"width":69,"height":9}},{"id":"26975682-223c-4450-90a0-62524ef354e8","block_type":"box","text":"Issuer Insolvency Risk.","page_number":97,"box":{"x":102,"y":324,"width":166,"height":11}},{"id":"83a246e2-b611-40cc-a073-96cd2419a227","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":97,"box":{"x":275,"y":324,"width":631,"height":11}},{"id":"2092908e-2029-4629-9a29-7f0e291ec56a","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":97,"box":{"x":69,"y":339,"width":832,"height":12}},{"id":"19abfad6-5bcb-4be5-8264-d801ba190814","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":97,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"a3866702-b35f-4717-9bdd-25bd3fb0aab3","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":97,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"2915184a-03c5-4ed2-bbfc-241b4c72e5a1","block_type":"box","text":"issuer uncer tain.","page_number":97,"box":{"x":70,"y":385,"width":118,"height":9}},{"id":"df129ff3-e638-433d-b3ff-1ebd9d763a72","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":97,"box":{"x":102,"y":407,"width":788,"height":12}},{"id":"f88b347a-fa47-44c1-8ea1-39f913d3e974","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":97,"box":{"x":68,"y":423,"width":827,"height":11}},{"id":"fbb3932b-3bc8-4a9c-b34b-56aaae6cc750","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":97,"box":{"x":68,"y":438,"width":779,"height":11}},{"id":"9597dcee-de3d-4f39-91d9-7f3a4cec1c72","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":97,"box":{"x":69,"y":453,"width":829,"height":11}},{"id":"0ab162b5-040b-4240-b041-c56b52b9ca9c","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":97,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"8b349c4b-92c3-4d22-8ba1-3eb6da864832","block_type":"box","text":"eventually be satisfied.","page_number":97,"box":{"x":69,"y":483,"width":162,"height":11}},{"id":"d281d0b7-88f7-4b5c-aaa5-6abb03feadb7","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":97,"box":{"x":102,"y":506,"width":805,"height":11}},{"id":"14d81079-17f3-4c7d-8b74-0dd811784ca2","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":97,"box":{"x":70,"y":521,"width":827,"height":11}},{"id":"2790a251-956b-424b-a2b6-c0c94bf0c8ae","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":97,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"b5ce4776-788e-4f60-82a7-28ff5c5cfd2f","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":97,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"a93c26bf-f35a-497d-a2a9-0f956e7d10b6","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":97,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"385830ec-2649-4aa1-85f8-f29358c629fb","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":97,"box":{"x":70,"y":581,"width":805,"height":11}},{"id":"53c8542b-8eff-47c0-8007-443a769c87ad","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":97,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"e4aa59e2-21e5-4266-abb1-69a7e84dca41","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":97,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"f936579a-1446-4646-b435-43d7da205c1d","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":97,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"d90d10e2-8b61-44c4-bd09-2fdd47bfd30c","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":97,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"d28f9232-681f-4a9f-b12e-86c3d17e4436","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":97,"box":{"x":69,"y":657,"width":824,"height":11}},{"id":"826208e1-1b63-444b-a5d6-e90aab52ae0f","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":97,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"11b9f0dd-118c-466b-91dd-3df7c139d80d","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":97,"box":{"x":68,"y":687,"width":826,"height":11}},{"id":"89018427-d28b-4fa7-8771-041ac2a5d32b","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":97,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"4e57c1fa-0e98-4568-a0c9-f8a94408ba9a","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":97,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"ae453683-b110-48ef-89b5-f73b0c0bbef0","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":97,"box":{"x":69,"y":733,"width":741,"height":11}},{"id":"c78072a6-3212-4a13-9b85-64f3bc430b5b","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":97,"box":{"x":101,"y":755,"width":780,"height":11}},{"id":"29677514-560e-4568-8c95-711a375ed90b","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":97,"box":{"x":68,"y":770,"width":807,"height":12}},{"id":"39a2d09f-742e-49c4-b5c7-271e683bec27","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":97,"box":{"x":69,"y":785,"width":795,"height":11}},{"id":"35d50710-5bfb-4812-ad0d-e8e92576e584","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":97,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"8dc601bc-5641-4ec6-9641-567c8b15ca92","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":97,"box":{"x":70,"y":816,"width":439,"height":11}},{"id":"cab81716-828b-409c-aa4d-2a5f74ecb687","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":97,"box":{"x":102,"y":838,"width":806,"height":12}},{"id":"51533373-ca30-485f-9634-725f4f9521f7","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":97,"box":{"x":70,"y":853,"width":829,"height":12}},{"id":"8171df92-962b-4bf0-b2da-2dfa8203e006","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":97,"box":{"x":69,"y":869,"width":767,"height":11}},{"id":"3548ec8b-1fdf-4f61-8cd3-9c72488aecf1","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":97,"box":{"x":69,"y":884,"width":771,"height":11}},{"id":"69236c9a-271e-423c-a421-c97baf6a0fb9","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":97,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"18bb9741-178b-4f91-8226-976d4a76c420","block_type":"box","text":"II-48","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1afc8e5-b3f9-4c5c-9dfb-12eae7b2adbf","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d1410b3-a34a-46d4-81a1-b476833b5afb","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":98,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"6a7e9658-bfd4-46cb-ad6f-558f1ffe010b","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":98,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"4f784b1d-d8d4-466c-bb47-722c1714be01","block_type":"box","text":"that assumed generally by an investor.","page_number":98,"box":{"x":68,"y":75,"width":274,"height":11}},{"id":"985a1106-935c-48d3-801a-dd67a5bb9cf1","block_type":"box","text":"Lease Obligations.","page_number":98,"box":{"x":102,"y":98,"width":133,"height":11}},{"id":"0d32b55d-7501-48cf-aed5-f68293343b28","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":98,"box":{"x":241,"y":98,"width":653,"height":11}},{"id":"e1fe0e28-dca8-480d-a92d-0404d6fc5f21","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":98,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"905374e7-8871-4c3f-b76c-6c53baab707c","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":98,"box":{"x":69,"y":128,"width":602,"height":11}},{"id":"05c24047-ba78-40e6-92fd-0508e72318f6","block_type":"box","text":"Life Settlement Investments.","page_number":98,"box":{"x":102,"y":151,"width":210,"height":8}},{"id":"01b788b0-de1b-4c0f-b827-bdcd7fd3c814","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":98,"box":{"x":318,"y":150,"width":589,"height":12}},{"id":"9b988211-4d8c-464e-8bea-01db627f261d","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":98,"box":{"x":70,"y":166,"width":838,"height":11}},{"id":"9371d3ef-d258-456c-bb78-10904b9647ef","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":98,"box":{"x":70,"y":181,"width":834,"height":11}},{"id":"0d7258fc-e96f-457e-b492-5905542dca5b","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":98,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"f4f95b9f-845e-4062-adcc-7f05de8f653f","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":98,"box":{"x":70,"y":211,"width":797,"height":11}},{"id":"bda3efbe-8bca-4c49-b80c-ca0b626ce2f0","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":98,"box":{"x":70,"y":226,"width":775,"height":11}},{"id":"b1277a85-03d2-4c6b-b359-1fe6f7ae0c9d","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":98,"box":{"x":69,"y":241,"width":805,"height":11}},{"id":"26141e34-852a-40da-ae17-36b91e9ec6d4","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":98,"box":{"x":70,"y":256,"width":789,"height":11}},{"id":"8d114020-c8b9-40db-9497-0bef10b368a5","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":98,"box":{"x":70,"y":271,"width":829,"height":12}},{"id":"4859c485-b4f1-424f-83a0-8fc294b1cc6e","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":98,"box":{"x":70,"y":286,"width":813,"height":11}},{"id":"da4a4048-a72b-48b0-9d90-123b6a9322db","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":98,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"85fdae3b-f09f-4bf2-84e0-bf26135e999a","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":98,"box":{"x":69,"y":317,"width":832,"height":11}},{"id":"0317d7c2-611a-4c76-8517-0080930ef0fa","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":98,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"9eaab258-9667-4759-b92e-48d2a40d15eb","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":98,"box":{"x":68,"y":347,"width":809,"height":11}},{"id":"e947f3f9-17bb-4679-a42a-03f2a64095c4","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":98,"box":{"x":69,"y":362,"width":730,"height":11}},{"id":"1e148e7f-58de-4df7-a2ea-cd883bc1f65a","block_type":"box","text":"Liquidity Risk Management.","page_number":98,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"faaedf32-bd58-4012-a1a3-ac69fbc071ff","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":98,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"92056f1e-d11e-4d2f-be58-bfbd3b9f945d","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":98,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"95daf49c-ecee-4013-97a4-acec3c6c5537","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":98,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"5740908d-c711-4b08-9892-3e481ad6dfc2","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":98,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"2d0e965a-c512-4b36-bab4-ad0817109878","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":98,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"008a0332-f008-4e38-be19-95ab239a117d","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":98,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"b0f1ef3b-8f7a-4ec1-acfb-87ac84bc5c11","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":98,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"f5d46a49-a6e0-4182-8c15-1662d27e9ac5","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":98,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"6e0815c5-b406-48cc-8a35-596c512b21b4","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":98,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"e25a4319-90d2-4d01-8ad7-cdc39e7c3d74","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":98,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"bc7208ba-294c-4446-b5ec-326317c39948","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":98,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"5122ea2e-d09a-4bcb-bc1b-845e672fdf07","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":98,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"c27bce91-b3af-453a-b5e0-0638f4561959","block_type":"box","text":"Master Limited Partnerships.","page_number":98,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"5f56e376-575c-48ef-8772-9feea40ecfc4","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":98,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"1e549e4a-3585-4d3d-86a8-1c6068fd1c8d","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":98,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"56162577-41c5-443f-a966-69f576f520c8","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":98,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"dedaea68-7368-4b61-aabb-a4b13a65de6f","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":98,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"778c5563-a897-4c8b-82ee-548d0857d8bf","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":98,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"02c80c74-440a-4ad4-8ec6-cc604c0959a2","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":98,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"f0b425b8-3755-4ab4-ab79-7d08de00c31a","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":98,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"a657b2c7-c663-41cd-af56-6b0082a42add","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":98,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"a13cb4f1-dcf2-4d6c-818d-019d5196b02a","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":98,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"eb390579-3f84-4f42-9624-e45b1e75f80e","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":98,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"e8b90ece-a348-4415-a3d9-3ad9654b9de7","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":98,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"8dd12055-157d-4ab2-bd5d-1cd69da56b96","block_type":"box","text":"in the par tnership’s operations and management.","page_number":98,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"a522cfcd-3f15-4cb3-9f35-dfd934891c56","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":98,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"1042e70d-18a0-45db-9a4c-b97272cb55ae","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":98,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"a087225f-1114-449d-b30e-2e037d3fce1c","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":98,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"ed5854ef-f4ce-48e7-b205-c003b18479cf","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":98,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"6d069ab6-4f9c-4caa-ab89-c00a7274a40b","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":98,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"adc1ff59-49c4-4432-8e2a-0a172073e5c8","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":98,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"2b8c5732-6939-49a2-972b-7620290d262e","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":98,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"255621d6-a656-431e-bb7e-67ba7557f29a","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":98,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"acb553f6-0b60-41b4-bf59-c1043ede6813","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":98,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"119316b9-ad9a-47c7-afe7-bc4932aea601","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":98,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"5150e349-62b2-49ad-847c-ca42c12e8d41","block_type":"box","text":"II-49","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f23ef4c7-8043-45df-a76c-78da243e8a17","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a34ea103-800d-40f7-9f24-1f10a7e49d7a","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":99,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"65c7eaa8-4518-47f4-9e76-fb6daff926d8","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":99,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"4e425a75-ee1c-45d2-bb44-0c6f1db725bd","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":99,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"704f450c-c34a-4573-941e-6ba1d85fff51","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":99,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"0825467c-f711-4127-92d4-4d61fd5ce0b4","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":99,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"fe24e784-05f3-4834-8d3c-1ec54fa08ae6","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":99,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"5f941b4f-2d80-4515-98de-2194660b40a7","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":99,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"9c8e58af-c625-4894-9fca-a5312058f787","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":99,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"9eaf471c-ff0c-4701-9d3d-18cab7fd8896","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":99,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"7bd03946-26b4-425c-9af6-6e26cf83f52b","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":99,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"762de236-cccb-4a85-8bb5-727a74717060","block_type":"box","text":"Merger Transaction Risk.","page_number":99,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"f168620c-f1aa-4b44-83ae-6ea47e6002a2","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":99,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"38d65b31-80a0-44ce-aff5-c706c5082261","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":99,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"da2591e3-f733-4221-9f79-0c4ce986b23f","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":99,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"04831971-c198-4235-a87e-41676055719b","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":99,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"d3ac9059-ee6f-4e67-b788-aed24e8b01c2","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":99,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"fadafd40-281b-4861-aa18-cf0de25cdcd6","block_type":"box","text":"the Fund and may lose significant value.","page_number":99,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"2f41098a-fa06-42f3-85cb-cedbb140038d","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":99,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"3a0e16e9-428a-404d-aef0-61be9d4e11b6","block_type":"box","text":"Cer tain","page_number":99,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"3686f15d-2b9c-44bb-96f0-27072d16e51d","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":99,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"dfbd6d12-7622-457a-b6f7-cc3c4a53ffc5","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":99,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"35ccb497-5ad1-438c-b431-43c72731d5d0","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":99,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"4b189473-434a-4c13-ac0e-be6c53a9b439","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":99,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"0f08b240-b6be-4618-9a8a-734bb2eb4410","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":99,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"36b79f8e-5d5d-4eed-825f-66b738ecefca","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":99,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"b531299a-c26e-4f3b-99f3-db80dbf209f8","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":99,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"939ddad2-1152-4b41-accf-f2fb30946668","block_type":"box","text":"branches of domestic banks.","page_number":99,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"f1794a3e-543a-4f31-8598-b4dde0438a26","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":99,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"1eabe2c5-0e2e-4d8e-ab9b-de254a2ffb8d","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":99,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"1a2877fc-99ad-4d97-ad95-4ed7a4d3d217","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":99,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"fb9a6f09-0f27-4e69-ac7f-d892515d93a8","block_type":"box","text":"paper of a foreign issuer.","page_number":99,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"45cef7fa-590a-4273-9207-213a53ef7b09","block_type":"box","text":"Money Market Securities.","page_number":99,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"4942cf08-d10e-4233-b258-501838402367","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":99,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"d9cb3d5b-bec4-4c97-b9b1-6b307e513b28","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":99,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"a52cf95c-bcbb-4354-93dd-671f22e82760","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":99,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"5779dcaa-d599-44f4-b305-1c1a09007ad6","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":99,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"817c9f70-766d-4093-9c79-683b595f4091","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":99,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"4d234002-188e-4e12-90e6-403d32dae6f4","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":99,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"e774ca41-bfbf-461d-830d-404131541f2f","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":99,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"0c9b8b1b-d5ed-4d98-85f8-0c11a39f6bcf","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":99,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"3eeb4bc8-e305-4a3f-8d86-86b9836b8a6d","block_type":"box","text":"agencies;","page_number":99,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"27a3fca0-37d4-4c2a-8832-9e44de89288a","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":99,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"5e74741d-f526-4ae7-8f23-dca89d1c5f69","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":99,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"d1953694-2cfe-446d-939a-bf8590505757","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":99,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"5f5650f7-b15e-4c43-92db-119d15bfee75","block_type":"box","text":"obligations and credit card receivables);","page_number":99,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"0c328ae0-badd-4b99-8685-34dd8860521d","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":99,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"7dac49a9-4ca0-47e4-b98c-4298a599c8d2","block_type":"box","text":"authorities and related custodial receipts;","page_number":99,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"ecfee1be-4fad-4fc6-b8e2-30e80063b9bc","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":99,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"34e1b147-1b19-4930-a5ac-351e1b2d996d","block_type":"box","text":"agencies or authorities;","page_number":99,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"d3841c2a-8b7b-4d11-918e-e666f8bcd898","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":99,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"9b5245da-be24-44c2-9e3a-2ef1002c707a","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":99,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"75f0b8c5-e669-49d5-b322-478ec9d544be","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":99,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"59ffba0a-6130-4344-91b5-468701e5edac","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":99,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"08dbdb90-6645-4e21-8f79-ea6da43dfb4b","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":99,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"b285be82-9f90-43c5-9718-5fb258fc5aca","block_type":"box","text":"States;","page_number":99,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"22899345-383a-4e99-aeb3-2068c78e152c","block_type":"box","text":"II-50","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6845bb54-3338-4d93-80a3-00135d217ea5","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68c7fa1f-396d-4817-b699-786ccd95790e","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":100,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"da17f18d-b281-4cfd-8324-9a81d6ef8053","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":100,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"feacfcfc-8c7f-4434-bed1-da42accbb29c","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":100,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"ac0fbaf7-3769-4f5f-b1e7-485132a16548","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":100,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"99da803e-97f9-4af9-9d93-9b08087c63fe","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":100,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"493290a2-785e-4405-bf70-7251fc822374","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":100,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"108bd155-4f22-41ee-a498-5dde85ea8f19","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":100,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"d3664239-129e-4943-b0fe-49d2fb1d59bb","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":100,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"ce4689d3-99e3-45d9-a424-947b397e876d","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":100,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"2de7ffad-5bd2-4bfc-9577-e0e252f026ad","block_type":"box","text":"States.","page_number":100,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"358802d5-fc28-468c-9d5e-b80f2966006f","block_type":"box","text":"Mortgage-Related Securities.","page_number":100,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"54139d70-f90e-4c86-8b5d-165c097e3042","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":100,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"490e7231-f64a-4422-b82a-94686944c4a9","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":100,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"938fbd3f-47a6-44a4-aa83-11859678c7d7","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":100,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"f67ba721-26af-4950-a28a-b58e884e660d","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":100,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"02685df0-07ce-4d57-85ce-234a32d525a8","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":100,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"2862e5af-7b25-43e3-aea9-42b023232abc","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":100,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"9c1e55f5-a065-428d-8160-cdb5ac2d7775","block_type":"box","text":"maturity or specified call dates.","page_number":100,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"88fa9849-ce80-4265-acd2-1a14c7a9879d","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":100,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"e9ae3031-e3da-4ebf-99a1-62b1d15476d6","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":100,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"e26df459-1e23-43b5-8859-d8d1ed7f51f9","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":100,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"eb541591-1438-4224-ab3f-66568141fd89","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":100,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"45005c14-e6ad-466f-9c94-6368769b2a90","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":100,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"c046be81-5166-434d-ab73-9cc64ba6419d","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":100,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"c46d288e-1d4e-4214-ba40-ea0e4c464077","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":100,"box":{"x":68,"y":435,"width":837,"height":11}},{"id":"9e836837-7e4c-49e2-a537-06ec05e44c4b","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":100,"box":{"x":70,"y":450,"width":834,"height":12}},{"id":"fa0b0f69-7fc2-4747-ad62-926e24e3430e","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":100,"box":{"x":69,"y":465,"width":840,"height":12}},{"id":"614e33c4-0578-4b31-bb21-61af66ec7f95","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":100,"box":{"x":69,"y":481,"width":827,"height":11}},{"id":"a01b1a28-e427-4641-bd1b-70f00d7b7f0e","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":100,"box":{"x":68,"y":496,"width":805,"height":11}},{"id":"da1ab28d-9ba4-4baa-8eb2-4eaccb8121af","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":100,"box":{"x":68,"y":511,"width":834,"height":11}},{"id":"bc4004bb-73df-4fd8-a747-3c8ca78cdfb5","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":100,"box":{"x":68,"y":526,"width":791,"height":11}},{"id":"e7cf901a-42b5-4066-9794-37f6f7ba1b98","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":100,"box":{"x":69,"y":541,"width":816,"height":11}},{"id":"7aaf5de3-18c5-4618-9478-00652128f3dc","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":100,"box":{"x":69,"y":556,"width":819,"height":11}},{"id":"33388d5a-6279-46aa-8d87-102a94d64d05","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":100,"box":{"x":69,"y":571,"width":761,"height":12}},{"id":"21b6a902-758a-4edd-a6fb-97243b73bb2d","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":100,"box":{"x":69,"y":586,"width":791,"height":12}},{"id":"b92833d0-84e6-4fa1-aba1-c1a68fd84736","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":100,"box":{"x":69,"y":601,"width":602,"height":12}},{"id":"148adc4e-c0bd-4f27-b047-a5bc7c7c6351","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":100,"box":{"x":101,"y":624,"width":761,"height":11}},{"id":"1ee63885-beb8-4765-a6a3-10ea415a0db2","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":100,"box":{"x":70,"y":639,"width":800,"height":11}},{"id":"cb7eaf9c-0109-42f4-aea3-0693d8d21d1b","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":100,"box":{"x":69,"y":654,"width":833,"height":12}},{"id":"17807601-82b9-443e-96be-d41e2b157a96","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":100,"box":{"x":69,"y":669,"width":809,"height":12}},{"id":"ba1e188b-b767-4ee6-801e-6203911e46c6","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":100,"box":{"x":70,"y":685,"width":801,"height":11}},{"id":"716f6af3-de96-4254-8bea-ee3d2aba3d9d","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":100,"box":{"x":69,"y":700,"width":778,"height":11}},{"id":"8d896295-6bae-413a-ba5f-ef3691752e99","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":100,"box":{"x":69,"y":715,"width":831,"height":11}},{"id":"e411c04c-37d9-47e4-a4b8-3ed217fea857","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":100,"box":{"x":69,"y":730,"width":773,"height":11}},{"id":"0b8213b0-1008-4c25-9165-5cfe8ed9ce1d","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":100,"box":{"x":69,"y":745,"width":818,"height":11}},{"id":"c4642497-cf3a-4412-b5a4-0a1b5a988a67","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":100,"box":{"x":70,"y":760,"width":822,"height":12}},{"id":"153f025a-a564-415c-8dbf-68c7fe8b0906","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":100,"box":{"x":69,"y":776,"width":399,"height":11}},{"id":"2c8118da-beb1-4c4a-b7e1-3fb4a9f2bf7c","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":100,"box":{"x":101,"y":798,"width":802,"height":11}},{"id":"11ba01f0-15ac-42a7-9e8f-c5e1d25f9bf4","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":100,"box":{"x":69,"y":813,"width":830,"height":11}},{"id":"7536bcfc-facf-43a0-8145-371f0988d38e","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":100,"box":{"x":70,"y":828,"width":818,"height":12}},{"id":"16c91b59-4e4f-48f2-831a-31ef00056166","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":100,"box":{"x":70,"y":843,"width":766,"height":12}},{"id":"4107704d-a132-4e16-a5d4-381269566563","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":100,"box":{"x":69,"y":858,"width":808,"height":12}},{"id":"d6c5f4ef-af98-434e-949d-5b95ad7dee3b","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":100,"box":{"x":70,"y":874,"width":825,"height":11}},{"id":"e27c8b00-1c00-44f3-9dd4-dda007c84273","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":100,"box":{"x":69,"y":889,"width":761,"height":11}},{"id":"5218c437-d303-4693-a191-8f03fbf15c2d","block_type":"box","text":"II-51","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f15b8299-be4a-4278-8c39-63942e094334","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b078fc4-63d0-44bf-a341-ffe5bac7c5a1","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":101,"box":{"x":102,"y":45,"width":743,"height":11}},{"id":"3ee04009-39e2-472d-8cbf-6cfca1162f5d","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":101,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"00600dd1-87a0-4e34-8c9f-819491bc6de6","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":101,"box":{"x":70,"y":75,"width":815,"height":11}},{"id":"ff485dcb-bd7b-4522-b0ff-c88130fd3ac0","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":101,"box":{"x":69,"y":90,"width":737,"height":11}},{"id":"2af5ce56-c47d-425b-a76f-d1fd1e27881f","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":101,"box":{"x":68,"y":105,"width":814,"height":11}},{"id":"14ba6fb5-c0e6-48a5-bf40-8cb26ff59329","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":101,"box":{"x":68,"y":120,"width":794,"height":12}},{"id":"159b6a6d-c2b6-4ca8-b05b-d4921536d877","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":101,"box":{"x":70,"y":135,"width":828,"height":12}},{"id":"5ae6a3f8-2e03-4b1c-8882-67a1343e6d22","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":101,"box":{"x":69,"y":150,"width":798,"height":12}},{"id":"09d6e1b1-8b92-4453-a915-06130849c9aa","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":101,"box":{"x":68,"y":166,"width":798,"height":11}},{"id":"b0137f4d-af24-42fa-aa5a-d5230d9d176d","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":101,"box":{"x":70,"y":181,"width":788,"height":11}},{"id":"cba5566d-8f82-4bd5-a044-d4f74b678cab","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":101,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"dc165ba3-0b0b-40a5-b613-cf9f24f8bf7e","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":101,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"a05ae4b3-a27f-4fad-880a-c09839070b10","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":101,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"0ee3575f-31c3-4ab8-a6fd-5500eedeea21","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":101,"box":{"x":70,"y":241,"width":770,"height":11}},{"id":"4d877d2d-1712-44bf-9bda-e86c8d464bac","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":101,"box":{"x":70,"y":256,"width":812,"height":12}},{"id":"8394a68c-f2db-4e07-bd8e-600471f91149","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":101,"box":{"x":69,"y":272,"width":829,"height":11}},{"id":"4a8f6eee-c49d-487b-ba13-a313961beffc","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":101,"box":{"x":70,"y":286,"width":832,"height":12}},{"id":"f8728cfa-f756-46cc-b41d-3d3bd25d2c8f","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":101,"box":{"x":70,"y":302,"width":792,"height":11}},{"id":"c10ca229-42a8-4a4c-93ac-cb9e87174c54","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":101,"box":{"x":68,"y":317,"width":819,"height":11}},{"id":"eab43a4f-a6ff-4e44-8364-b594af02afbf","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":101,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"f12bf95d-157a-4c03-96b0-4362c5b2b6d7","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":101,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"5839226c-446a-4f7e-9456-153951718ce3","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":101,"box":{"x":70,"y":362,"width":401,"height":11}},{"id":"d6aa674f-25cc-443c-acfb-09325d7721f0","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":101,"box":{"x":102,"y":385,"width":786,"height":11}},{"id":"906357ad-f704-41bc-88cb-11f09ec5a9fb","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":101,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"36b1b969-bd39-4070-811d-776a33a1ecfe","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":101,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"1dfc8c01-b867-4e07-ae43-c6a900628533","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":101,"box":{"x":102,"y":438,"width":802,"height":11}},{"id":"48eea683-44a6-4f4c-bf9b-771b1096c5f1","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":101,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"c169a2e3-2226-4176-8230-1bf7516195dc","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":101,"box":{"x":70,"y":468,"width":814,"height":11}},{"id":"6f7e5077-2973-405c-8a08-4b07d3359966","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":101,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"46d3beab-07c4-4ae4-a961-190cf2cb8a36","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":101,"box":{"x":70,"y":498,"width":789,"height":11}},{"id":"54a5911e-578d-49bc-a055-ff5662f356a9","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":101,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"9ac200a1-7806-4e9e-8f32-2dee73926cdb","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":101,"box":{"x":69,"y":529,"width":838,"height":11}},{"id":"35511b73-857e-40fd-ac00-287026913a5c","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":101,"box":{"x":70,"y":544,"width":810,"height":11}},{"id":"e53743a3-30d7-490d-bf86-83d1961cb28c","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":101,"box":{"x":69,"y":559,"width":820,"height":11}},{"id":"90ea0667-28c9-49a4-bd1c-a703592ccce6","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":101,"box":{"x":70,"y":574,"width":812,"height":11}},{"id":"4d7cff4c-6ae1-46d1-bffa-e07d512df7d0","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":101,"box":{"x":69,"y":589,"width":790,"height":11}},{"id":"7e2ff96b-9c8f-45b2-8de5-5c4605866603","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":101,"box":{"x":69,"y":604,"width":604,"height":11}},{"id":"15c0a64a-e0c0-443b-a3c1-09979c5d13c0","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":101,"box":{"x":102,"y":627,"width":774,"height":11}},{"id":"9c7a0bd2-2427-4734-9e52-e91fbb1e5083","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":101,"box":{"x":69,"y":642,"width":791,"height":11}},{"id":"7e60791c-292c-438c-90c1-71e24ff7dfda","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":101,"box":{"x":68,"y":657,"width":832,"height":11}},{"id":"7dbf1cdc-e96c-4c82-84c7-61969a8c9a78","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":101,"box":{"x":69,"y":672,"width":742,"height":11}},{"id":"c6421354-08d4-4362-b8c5-308bedcbafd7","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":101,"box":{"x":69,"y":687,"width":831,"height":11}},{"id":"6c51f042-504f-44fa-a05b-8e98428dd676","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":101,"box":{"x":69,"y":702,"width":840,"height":12}},{"id":"77cc9cf9-c2ba-43c8-8a49-0008b280d742","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":101,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"a714ff70-d06c-4209-b6e1-d08d3285ad66","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":101,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"db5c8154-3444-48cd-b4b5-d218916390ba","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":101,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"042a2240-28d5-4ad9-b273-9d8923903a65","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":101,"box":{"x":70,"y":763,"width":810,"height":11}},{"id":"4e4979de-1797-4508-84ce-3286b907d810","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":101,"box":{"x":69,"y":778,"width":804,"height":11}},{"id":"29c90249-2adb-40f6-a1da-3fa47ca115cd","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":101,"box":{"x":69,"y":793,"width":669,"height":11}},{"id":"f178d8eb-82bb-4107-8588-db2eb4a950fb","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":101,"box":{"x":101,"y":816,"width":754,"height":11}},{"id":"5833a45a-fab3-4f60-a2e9-1c67118b3da0","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":101,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"81794b3b-f008-4258-8374-040982a8ceb4","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":101,"box":{"x":69,"y":846,"width":812,"height":11}},{"id":"2d5da344-574c-4332-b3c4-da8cf04e37d8","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":101,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"b1fe1c70-3fba-4594-9349-f6f90292dc6a","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":101,"box":{"x":70,"y":876,"width":361,"height":11}},{"id":"7d60c978-240d-46ce-ba8e-6fa6e0bd0aac","block_type":"box","text":"II-52","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ab3b6833-374a-4f67-a0eb-627252b34796","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4421003e-32a4-4679-b51f-21ab48327015","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":102,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"2d148685-21ae-4c9c-aab5-7cc5b776ea4f","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":102,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"e6551dfa-4fe7-4161-baa8-906caf22b3da","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":102,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"d1519946-8c29-4441-8152-50f792811cc7","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":102,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"3aff85fa-89d5-445e-b61e-115975aa16c1","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":102,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"556785f6-083f-4aec-8a90-cafa03d5eb9d","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":102,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"9a68286e-83b5-4280-a9e7-9091a3bcdef2","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":102,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"8187c974-1187-4a43-953b-ea2c2edef12a","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":102,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"de0c0a62-6b9e-4aee-b2bc-c86d51c93983","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":102,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"7ae06296-0ab7-4d58-94f2-e0fb097a1ab9","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":102,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"593d79b1-662f-4111-8869-9b19ad449410","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":102,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"86b31f31-c9d6-4a4e-9bc0-f81b29d6ce2d","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":102,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"d43033cd-1ef7-48bf-8b13-02726130b485","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":102,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"1f707126-cf4e-4e71-ae67-30cb8ebe7e1a","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":102,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"3276c719-9fe8-4fd4-b249-8271c0b61780","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":102,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"5ca72925-2ba2-4dd9-975d-6462ee7b1a50","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":102,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"2492f86f-befc-4ed0-8108-98def3361607","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":102,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"514d3c88-b6f8-47d4-9bad-9f28d6974916","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":102,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"5f5332c5-12ae-413a-8141-b2f04f353d8d","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":102,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"794bc8fe-6d76-4fbc-b6bd-70b792c97d40","block_type":"box","text":"of principal because of the sequential payments.","page_number":102,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"c3cbbf3e-98f3-4fc0-9b4b-f78f1f506723","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":102,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"f3eb732e-2a01-41bb-b5ee-17413a3d60d6","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":102,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"b7278476-1f58-477d-9a25-932758f93bc2","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":102,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"be12d5e4-28e0-4111-8800-d2c3648a2eb3","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":102,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"dd340613-aee3-4182-aab0-ccdf970a018f","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":102,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"47ad5cab-35a8-41be-9fc1-83baa1358f55","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":102,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"f5138c49-e2aa-4313-9eec-86239c2549b8","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":102,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"386623a5-70d6-4a36-ae7d-cdc25f6bffda","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":102,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"8047f656-f414-4adc-bc50-bd898636f632","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":102,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"190dc863-06e1-485c-b0b3-670c42915cf6","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":102,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"afe8007f-7921-46b3-8bdf-c06f0d13abae","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":102,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"1b685cb3-d7bc-44f6-85cd-acea53ae19b4","block_type":"box","text":"securities of any single such entity.","page_number":102,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"4a414fc1-c805-4064-99d3-de052ba0712d","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":102,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"fb057f78-fa70-4a3e-9fbb-d34c4bcdab86","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":102,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"4f71f991-cdd3-4dff-84a5-342ca28540b8","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":102,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"269b8d11-75b9-4805-ae0f-6486013172c6","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":102,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"e6f23654-0eca-4782-a982-46e024662eb6","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":102,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"c57c136c-bd60-4255-9670-195ab0b63a6d","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":102,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"548dd35f-ddf3-44a1-8278-b833ded3288d","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":102,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"c8987f9f-8df5-42d7-bcf4-01ea04ed1f14","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":102,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"5cc121ea-5e11-41bb-9c44-46892e8a9808","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":102,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"4c62cb85-83df-4470-8aa9-df0e695bf23c","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":102,"box":{"x":69,"y":680,"width":708,"height":11}},{"id":"1eff51bf-7d6c-45b2-9d50-821b31a1db4f","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":102,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"daf05a15-96ea-4739-997b-3a4fad09fd99","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":102,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"747aae84-3b91-4af0-9752-7da5ee11e5b5","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":102,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"39a01adc-3d89-4c6b-97b3-bd08945110f0","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":102,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"774addcb-fe39-4052-bd60-283f38682b5a","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":102,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"6921e1a6-eae1-4dbe-94b4-f86edcdc3455","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":102,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"31511239-4901-410a-a5fc-9c2bb872dd1b","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":102,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"64fee653-a0ed-4f23-b028-ed41d6084df6","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":102,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"d4414451-3fb4-4d8b-ab7e-3663d1c31520","block_type":"box","text":"classes.","page_number":102,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"46c9c20e-6057-48df-a170-461dd6aa2139","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":102,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"380b3cbc-d07b-4f64-9489-c1fa9a89f871","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":102,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"ddd48fbd-cf74-4462-ad5b-631501e19013","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":102,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"c9147171-c35e-4a0f-a22f-3d39602fa4ec","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":102,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"02f9723d-fa07-4856-beb8-2c93e7eec33a","block_type":"box","text":"II-53","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24c79601-2fba-4695-b707-02222da284cd","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78c5bdf5-f2a6-497f-9155-389c75559bc1","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":103,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b480fdae-6dbe-4459-bb1f-7d49f5b26796","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":103,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"3f4c6e59-3951-47fa-bb90-6de6b64b057d","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":103,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"34300a1d-6642-4e54-a923-21376b86f748","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":103,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"c885d241-456b-444d-8e34-af94d2e95787","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":103,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"4f76426f-22b3-4221-8f04-2518bbe2a772","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":103,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"99e634ae-58d2-42a2-83c0-c80f959e4766","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":103,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"522e3c7a-4ae1-4e18-8349-83cf609fb4ce","block_type":"box","text":"to a designated benchmark index.","page_number":103,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"926cb641-61c5-4c35-89c6-6c309726aafd","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":103,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"3d27c236-55cc-4cc5-8464-d64c7cd0cf18","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":103,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"d3b24707-2be8-4a53-9651-8778760402fb","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":103,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"4bb59c52-4507-4a28-854d-dc246fd427bc","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":103,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"bdebda55-eea1-4d30-b477-20f9c1c8e717","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":103,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"8c4e4222-ffd3-4a77-82ad-5427a0f29ed4","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":103,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"64040484-4553-47fe-9f99-48e4e03c4e89","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":103,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"fbb74044-00fa-4d4d-9ca5-e38166ce4ea0","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":103,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"304cc8f0-9b07-43db-b0cf-a95783726b4f","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":103,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"a2c7466f-da35-4ecd-9dfc-5957426ee4c6","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":103,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"4f0c642b-d98c-4653-98bd-a14d734f58cb","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":103,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"e4a7866f-a686-4bfa-b2ad-af1577be8684","block_type":"box","text":"CMO Residuals.","page_number":103,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"124bd878-7cf8-4725-9e45-50f8d315b4af","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":103,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"18ebd4da-9ca2-4e66-b3c2-f4e172c43147","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":103,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"bb049974-d700-41ff-982a-60e63a741bce","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":103,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"5ff5f552-380f-40e0-a610-a734dff8205f","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":103,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"cc99c788-9fe7-461a-a59d-d8cafc2136a2","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":103,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"a27e7746-1997-42f3-bc82-99e22d621295","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":103,"box":{"x":69,"y":423,"width":827,"height":11}},{"id":"a5533093-cd07-40ef-ac6c-b3fcca18d7ec","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":103,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"5501d4bf-f265-4eb5-9646-2dfead5a409d","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":103,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"070b3d14-1d32-400f-8696-ac9331a9fc94","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":103,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"83f2461c-c115-4526-8094-6b8f7ace3b57","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":103,"box":{"x":69,"y":483,"width":798,"height":11}},{"id":"7156cfc7-2ccd-48a5-bba5-564ff84a5c74","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":103,"box":{"x":69,"y":498,"width":813,"height":11}},{"id":"730e38f0-9d38-4f98-8798-37cb45583999","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":103,"box":{"x":69,"y":513,"width":790,"height":12}},{"id":"22f3613b-424b-43b4-b975-2471cb4302ad","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":103,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"d24fb7a8-871b-4c40-a353-5d74952e7cbd","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":103,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"82a56701-5e20-4964-afcf-d4e0c0cb317e","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":103,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"2bd89c09-55d4-4d5f-8dec-19ff6e67f176","block_type":"box","text":"a CMO residual.","page_number":103,"box":{"x":69,"y":574,"width":112,"height":9}},{"id":"382467d4-6501-420e-bd33-bfd3e6df7dae","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":103,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"6384339f-741f-43fa-9a3e-34dcb7115347","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":103,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"6be2d579-8586-4a16-92fa-231ea970fe22","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":103,"box":{"x":69,"y":627,"width":769,"height":11}},{"id":"e24133f3-b767-48b7-9b76-4699341774a1","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":103,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"4635eeff-59b2-4c61-9783-e4433dfb0d32","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":103,"box":{"x":68,"y":657,"width":820,"height":11}},{"id":"80767b6e-beb8-4abb-bef1-a20e1ee3e514","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":103,"box":{"x":69,"y":672,"width":650,"height":11}},{"id":"57e97c5a-a1f7-4673-a98d-776781584bf3","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":103,"box":{"x":102,"y":695,"width":267,"height":11}},{"id":"90c1111a-0db8-4bfe-849a-bf341d214c90","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":103,"box":{"x":375,"y":695,"width":493,"height":11}},{"id":"d6e89275-c2c3-4a9c-8b6b-d794c729787d","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":103,"box":{"x":70,"y":710,"width":798,"height":11}},{"id":"f642f6d0-6a02-4dc6-b270-845f53d73a86","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":103,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"0e9b1d15-619d-4e73-8fb7-c989138b0da1","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":103,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"71ce1c45-1e33-4bb0-83bf-eba25ad98d5b","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":103,"box":{"x":70,"y":755,"width":821,"height":11}},{"id":"eac3c552-8f67-418e-8ac2-2b5ecc051043","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":103,"box":{"x":68,"y":770,"width":826,"height":11}},{"id":"a901b9ad-a1db-474c-b8c3-1a91ff37dac2","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":103,"box":{"x":69,"y":785,"width":822,"height":11}},{"id":"edbaf7cb-6ae3-4ac7-a3f5-9dc25c428299","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":103,"box":{"x":70,"y":801,"width":834,"height":11}},{"id":"cb7438d9-6e4a-461d-8dbf-202b46798ae9","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":103,"box":{"x":68,"y":816,"width":800,"height":11}},{"id":"1bf77dae-b7fc-467f-9383-d4eebbf2de78","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":103,"box":{"x":69,"y":831,"width":786,"height":11}},{"id":"f15a8106-51e2-45d0-b164-541751567c80","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":103,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"1b9ec27c-cf0d-44aa-a9a5-d06bc999d034","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":103,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"82ed47da-947c-408f-9e4d-08f61b33ff72","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":103,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"f60bdb89-db86-42f2-a336-2a597d79d6fa","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":103,"box":{"x":70,"y":891,"width":800,"height":11}},{"id":"946471b4-244b-41ad-a833-ff021916eade","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":103,"box":{"x":69,"y":906,"width":818,"height":12}},{"id":"726d20c3-7ca4-48ec-b971-4dff5e355cfc","block_type":"box","text":"II-54","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0ffd51a-6293-475a-99c7-fe1452dfe0f1","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"819ef849-cba7-4183-9578-ccc063da4977","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":104,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"698a68d4-c110-4c1a-b772-64371272cf23","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":104,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"4392b0c2-2858-48f4-b358-38d7ff5687d9","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":104,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"a929ed83-908f-49ca-a3b7-e35fa1ab55f0","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":104,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"098eb1eb-3d74-4606-a9a5-8992e43a3b87","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":104,"box":{"x":68,"y":105,"width":683,"height":11}},{"id":"92240f23-109a-4215-a461-bf7df96d93f5","block_type":"box","text":"Tiered Index Bonds.","page_number":104,"box":{"x":103,"y":128,"width":138,"height":9}},{"id":"ba6c3238-87d5-45a2-ad37-348f2a820db9","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":104,"box":{"x":247,"y":128,"width":638,"height":11}},{"id":"52e563a3-628a-41ae-9ac0-32d43e845c13","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":104,"box":{"x":70,"y":143,"width":825,"height":11}},{"id":"4a06260e-af97-46ae-bf53-9f2baa6d0cb5","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":104,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"96480215-1c14-46da-aedd-f2cb47e93884","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":104,"box":{"x":69,"y":173,"width":738,"height":11}},{"id":"4abe0272-ed39-4aad-a067-ee21a44bdc77","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":104,"box":{"x":69,"y":188,"width":828,"height":11}},{"id":"1ca7c9aa-a653-4f12-b588-edebf89f2212","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":104,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"79db095f-7574-4dc1-a332-4b10c20b1072","block_type":"box","text":"that of a fixed-rate bond.","page_number":104,"box":{"x":68,"y":218,"width":174,"height":9}},{"id":"dcc30b31-9a14-4add-a5d0-4c125adbf98a","block_type":"box","text":"TBA Commitments.","page_number":104,"box":{"x":103,"y":241,"width":133,"height":9}},{"id":"4dfc309a-933c-4a5e-9106-975214180d25","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":104,"box":{"x":243,"y":241,"width":653,"height":11}},{"id":"b1144d07-3469-4c5c-97f6-6159d52f823e","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":104,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"fd57f565-46c0-48a9-830e-b8b62a265683","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":104,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"daf432b1-5a17-4e43-8630-53d6d5ea9aa6","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":104,"box":{"x":70,"y":286,"width":793,"height":12}},{"id":"42f9e8c8-5438-494f-9a81-ce2d41809f52","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":104,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"d479ef4b-d5d4-4347-bc81-43597092e87a","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":104,"box":{"x":70,"y":317,"width":804,"height":11}},{"id":"76ec2a2f-2dc4-41b2-95e6-704c59083ae1","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":104,"box":{"x":69,"y":332,"width":779,"height":11}},{"id":"a8070c9f-faac-422e-a097-ddf39e259d6d","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":104,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"1566e9d5-413d-43fb-a9d5-4e6ebd55ef69","block_type":"box","text":"below.","page_number":104,"box":{"x":69,"y":362,"width":43,"height":9}},{"id":"15b805fa-948a-42bc-84ce-5d36726cf630","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":104,"box":{"x":102,"y":385,"width":157,"height":11}},{"id":"e48cea6c-12a0-4ca9-ba96-424c834d1130","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":104,"box":{"x":266,"y":385,"width":634,"height":11}},{"id":"53af046d-3074-4128-a17e-0f59a0f6f59c","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":104,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"c28de171-ed32-4cdb-bc92-acb4ba452876","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":104,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"f604ebd0-7b48-4949-b725-29d6a3d0b19c","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":104,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"b8db2b5c-72ec-4ce3-b5aa-bd9ba52175df","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":104,"box":{"x":69,"y":445,"width":820,"height":12}},{"id":"de1ad2af-cf13-4187-9fbd-9602a87cb154","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":104,"box":{"x":69,"y":460,"width":827,"height":12}},{"id":"038ad76c-72f4-45fe-9ae8-601a86c5b777","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":104,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"f48564e6-5b52-419d-97fe-73965c9993c6","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":104,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"132c091f-988d-4266-86ca-d2e0749f7c52","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":104,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"f703c037-cefc-4aab-9833-f18446ddab38","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":104,"box":{"x":69,"y":521,"width":607,"height":11}},{"id":"e6fa0a76-5b97-4e85-ae39-e0d46a055d45","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":104,"box":{"x":102,"y":543,"width":744,"height":12}},{"id":"0575fe52-1be1-4858-92fe-762d8c32eec4","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":104,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"f442425c-0be3-4a4c-89f3-819be0363a84","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":104,"box":{"x":69,"y":574,"width":433,"height":11}},{"id":"8861a2d6-4af8-424c-b53f-6627e699121d","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":104,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"ef72b0e8-b564-463e-9bf0-d558a986844b","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":104,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"9e49b20a-777d-4a11-b1d2-c867d3c372a4","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":104,"box":{"x":69,"y":627,"width":774,"height":11}},{"id":"88c5f3cd-49ce-42ab-bbf7-ecb56ec012f0","block_type":"box","text":"securities in the forward transaction.","page_number":104,"box":{"x":69,"y":642,"width":261,"height":9}},{"id":"66aca375-8413-4e59-9a02-a20935208b55","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":104,"box":{"x":101,"y":664,"width":785,"height":12}},{"id":"f5d2f635-896c-45e4-b9f4-2f4ae1fabca7","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":104,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"1802ea06-5a32-43c7-8961-53ca8e354ebc","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":104,"box":{"x":68,"y":695,"width":824,"height":11}},{"id":"9f06890e-c2b2-4be0-b622-a0735dc4c5e5","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":104,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"cce8d13c-4d1f-4d8c-a69b-63010324e026","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":104,"box":{"x":69,"y":725,"width":828,"height":11}},{"id":"72b43049-28b9-4b4d-80e1-ac39f8b02c08","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":104,"box":{"x":69,"y":740,"width":430,"height":11}},{"id":"f5b055ea-6f64-490f-a2b3-a359434fcc47","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":104,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"49ae76e1-2b1f-4d1e-958d-4ab63d5561da","block_type":"box","text":"securities (","page_number":104,"box":{"x":69,"y":778,"width":78,"height":11}},{"id":"7322e4f0-0fb6-437d-9ca0-813b7fd974af","block_type":"box","text":"e.g.","page_number":104,"box":{"x":148,"y":779,"width":25,"height":10}},{"id":"ff478e36-af9e-46f2-beee-bca28170ee71","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":104,"box":{"x":176,"y":778,"width":681,"height":11}},{"id":"5ed118a3-c124-46e7-8416-742386fe82bd","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":104,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"8bfcbfc9-98e9-43b3-bb98-069a2d88a8ca","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":104,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"dd224902-2e20-4a82-9592-b283586451a8","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":104,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"b815a44c-97a6-4f10-b835-3f412d452324","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":104,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"879dc9d4-39e8-45c8-8705-99cd85b2f85e","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":104,"box":{"x":69,"y":853,"width":788,"height":12}},{"id":"6983ca1a-5149-46a3-bd93-b8080b06ca7a","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":104,"box":{"x":70,"y":869,"width":489,"height":11}},{"id":"384e5be7-19d2-4964-bd2a-149dd54ff794","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":104,"box":{"x":102,"y":891,"width":260,"height":12}},{"id":"8790a364-66f7-4d63-af76-adc3a6db15d5","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":104,"box":{"x":368,"y":891,"width":473,"height":12}},{"id":"afafc7e1-9047-4e2a-b339-597a7ecd875b","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":104,"box":{"x":69,"y":906,"width":768,"height":12}},{"id":"2afb6df4-0add-42a0-888e-8c0e4763a795","block_type":"box","text":"II-55","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c515dd5e-73c5-4f2e-b43e-cffbf443f232","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eebff019-44a5-4221-b367-90e2aacdfc5d","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":105,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"067d4f17-23b0-470c-ab1f-7e2be2d50032","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":105,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"7cb3d163-2483-41ba-bc49-313707ebf60f","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":105,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"7a9ee7e3-b175-4766-9691-62b5cda3d67a","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":105,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"49a3a1de-54d4-4146-a0a3-c47825838dbd","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":105,"box":{"x":69,"y":105,"width":764,"height":11}},{"id":"6be77c1e-a5a1-42ee-b796-16ecb2252e86","block_type":"box","text":"Municipal Investments.","page_number":105,"box":{"x":102,"y":128,"width":169,"height":11}},{"id":"37874fe8-0f67-4951-8fec-b4ab16b1b13b","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":105,"box":{"x":102,"y":150,"width":763,"height":12}},{"id":"03b05d61-2104-4469-9073-eedb3e962366","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":105,"box":{"x":70,"y":166,"width":783,"height":11}},{"id":"664f2926-bc19-4191-a9a1-3d0d541defdf","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":105,"box":{"x":70,"y":181,"width":833,"height":11}},{"id":"01701263-b9e0-4aa8-a9b3-8ebe96467609","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":105,"box":{"x":70,"y":196,"width":813,"height":11}},{"id":"2068381e-0324-4772-b74f-c98052ae917e","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":105,"box":{"x":70,"y":211,"width":836,"height":11}},{"id":"41649d3e-3054-425c-865b-29e6834406e8","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":105,"box":{"x":69,"y":226,"width":779,"height":11}},{"id":"0626bae1-dca6-4b33-896b-34f3d65ef2af","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":105,"box":{"x":70,"y":241,"width":838,"height":11}},{"id":"592aa2c1-d846-4993-b7c9-9fa13ea00bcc","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":105,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"5251042c-f143-4e63-a39e-d894cb0834b7","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":105,"box":{"x":68,"y":271,"width":834,"height":12}},{"id":"75d6e2dd-570b-4ccb-a5d6-b800d7ce2465","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":105,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"7945d77e-6686-4b71-8f13-988c3ef7cb88","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":105,"box":{"x":70,"y":302,"width":807,"height":11}},{"id":"a5d58b29-4b90-4a96-94f2-336727125139","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":105,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"022385c8-637d-4e5c-99e0-cef9c9fcf34f","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":105,"box":{"x":70,"y":332,"width":809,"height":11}},{"id":"46e955f2-79d9-4531-9b47-2e73901d925a","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":105,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"4ce6f9c9-9ab9-4363-a41c-55b551ab33d6","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":105,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"5b187aaf-6be5-43ae-95b7-b07f7eb7aa42","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":105,"box":{"x":70,"y":377,"width":800,"height":12}},{"id":"45e39f22-90aa-4879-8de7-e4c279c364ae","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":105,"box":{"x":70,"y":392,"width":819,"height":12}},{"id":"1e5161df-2b4a-4abc-a6fb-2d6a26278636","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":105,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"dfe09b52-810c-44ca-ac61-9f5aa69c6dc8","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":105,"box":{"x":70,"y":423,"width":805,"height":11}},{"id":"5789f249-5c70-4c97-9b31-fcb1983aeab1","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":105,"box":{"x":70,"y":438,"width":721,"height":11}},{"id":"99bc2ffb-f16a-416d-bd45-9da02ee12941","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":105,"box":{"x":102,"y":460,"width":495,"height":12}},{"id":"0cce2ac0-6f66-4b30-a710-8401bc0ffa49","block_type":"box","text":"The risks and special considerations","page_number":105,"box":{"x":603,"y":461,"width":260,"height":10}},{"id":"f8d8ab23-e1b0-4064-ba0e-c92d6ce2d936","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":105,"box":{"x":70,"y":475,"width":806,"height":12}},{"id":"e7f9a8fe-c11b-4d3f-91db-bbde1882dd1c","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":105,"box":{"x":70,"y":491,"width":810,"height":11}},{"id":"167569ca-6b76-424a-a7c1-2221e04c1aa2","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":105,"box":{"x":70,"y":506,"width":544,"height":11}},{"id":"085cdc28-565d-4937-b2ac-93d951a074bb","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":105,"box":{"x":101,"y":528,"width":799,"height":12}},{"id":"9fd12129-a5c8-4b91-9112-3d1c85898d7f","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":105,"box":{"x":70,"y":543,"width":829,"height":12}},{"id":"b03e77c8-7d31-4553-a864-3fea21124300","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":105,"box":{"x":70,"y":559,"width":814,"height":11}},{"id":"47237e35-d36e-40df-a623-df0a04fdd2bb","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":105,"box":{"x":70,"y":574,"width":802,"height":11}},{"id":"275a25cc-dfff-4783-9f41-25749f1646c6","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":105,"box":{"x":70,"y":589,"width":834,"height":11}},{"id":"e0570601-6ee1-451b-aa10-23340b3fc30f","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":105,"box":{"x":69,"y":604,"width":761,"height":11}},{"id":"ea9a47a8-83a7-4241-b273-8075edfac045","block_type":"box","text":"II-56","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc69e204-9fb0-4b66-af12-0595e60b487a","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c27f1e1a-7865-4cbb-b345-564cb3e5cc21","block_type":"box","text":"Description of Municipal Bonds.","page_number":106,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"b7cbcba5-7a06-44ec-9152-8c40eeec07a1","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":106,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"423f26ee-bc57-4ec2-aab3-32a7e48fb6a8","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":106,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"b44132b9-dafc-47b1-98f0-cae4615815b4","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":106,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"fe140ee2-c4bc-4450-9972-d9fc475b4dea","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":106,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"5e071ac8-d607-4bc4-a8a9-95c3cc492840","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":106,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"f70280c1-ab4d-47ee-be7d-ed647aa7729d","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":106,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"fdb08557-4703-478c-ad8a-239f72144c02","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":106,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"618137a9-9194-4ee8-a106-d12170bf92df","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":106,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"fe05d516-9afe-40e5-8ef8-8f4f74ae5798","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":106,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"dd8fd9b0-78e1-4f09-9326-04d49e735b09","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":106,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"2bd19eb5-016d-4358-b68b-3471718d8bae","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":106,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"39292f9d-e7cf-4ddf-bbdc-ce8a768bc367","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":106,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"9377b4b4-f1e7-4675-9def-47e6db3c4980","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":106,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"b8bafab3-f046-4b32-84f5-3d3b591c5ef5","block_type":"box","text":"General Obligation Bonds.","page_number":106,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"413edd34-cfb6-45bc-80b6-03bbe87cb0b6","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":106,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"401b3306-8d27-4880-b06f-bcbe6530303b","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":106,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"81373275-81d5-4e2f-9b38-bb44fd2a35ba","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":106,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"d0a6b27f-3e0d-4a32-9da6-906d81212a71","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":106,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"410e423c-272c-4ad9-8337-765a4150243d","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":106,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"2e483aa6-0ba0-4cff-9dee-26570283bf58","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":106,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"097f28ae-683e-4707-8613-dfbb3ffd069d","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":106,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"7bb76bcf-d480-46e1-b121-38d59aa1a8dc","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":106,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"3ebe98c9-5b55-4390-bda7-c7c3fb367934","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":106,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"a0146e38-2b2e-44f9-9cd1-0d8a7547b9a8","block_type":"box","text":"Revenue Bonds.","page_number":106,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"5ad5cfd9-1658-488b-8ebc-9728c07d2491","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":106,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"9755301c-794a-4c76-8c67-b7ab9edcceba","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":106,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"a5103a95-4d08-43f9-ba3a-d38daa97fbc9","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":106,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"cec66c40-271d-443d-9d40-176705bfbb28","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":106,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"619261e8-cc9c-4255-8376-986719c435cf","block_type":"box","text":"viability of such facility or such revenue source.","page_number":106,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"21d28592-f6ec-4605-9dbf-71dfea5961b6","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":106,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"1b40932c-a7da-4d6f-8a41-2eb64efae40a","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":106,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"1dff67b6-2132-42f0-b4f6-ee13d5d97aa3","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":106,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"8641ac96-152c-466f-be45-9a137bd6e2ef","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":106,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"fa2e22b4-8cff-4f3c-b3fc-4017e7bf10d1","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":106,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"b4045b0d-000f-488e-9327-c7b5117f19a5","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":106,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"fe4deac1-8748-48ab-a16b-f6149e967c06","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":106,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"c9b4077b-e71d-4a3c-a25e-6bf985338e9b","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":106,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"9f5615cc-5f59-422e-932b-77cc0ece7e1f","block_type":"box","text":"PABs.","page_number":106,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"1116e5b6-3e83-44fe-8caf-173b2ff32a5e","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":106,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"8f8aa902-b1b4-408c-b271-bc2faa513f96","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":106,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"db750ce6-88e6-46ec-a7a6-4a17b2590bd3","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":106,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"a8a9db51-6b7c-4ce3-b552-c81a17744293","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":106,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"fd74a68b-fb35-46a1-b6bd-baadecb12a65","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":106,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"065a3dc2-28fd-430c-b40a-b3442e90b9a5","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":106,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"128de0d4-c973-4de2-86fe-fd18f4a4e2b7","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":106,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"5f2fff3a-22d1-447e-80bf-37330be3a341","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":106,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"c0c1d76c-7227-472c-ab39-6438c0e0bdc5","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":106,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"49766352-c570-44fa-ac05-6a09425366cb","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":106,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"f7927ca5-95ec-4ded-b7fa-065f4fc71d55","block_type":"box","text":"the par ticular facility being financed.","page_number":106,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"a76f578c-40cb-4264-a303-a6d88426dfda","block_type":"box","text":"Moral Obligation Bonds.","page_number":106,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"6025a6e6-1f16-4402-ae6e-a046ee84de6a","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":106,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"6e4dc904-4d9d-4839-bb5c-961a9ff0913b","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":106,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"e662caeb-b227-4f35-a054-0f3864dedeca","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":106,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"7ffb4b00-7377-4bc4-b448-1d2229f8c376","block_type":"box","text":"that issued the bonds.","page_number":106,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"430f68fa-5299-47bd-9ea8-f47ba12bf503","block_type":"box","text":"Municipal Notes.","page_number":106,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"b63ec7f2-d196-484c-8775-ae7b6c481772","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":106,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"98471346-7326-4b08-9d57-da7b50a53ab0","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":106,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"35a8171e-c37f-43e7-806c-5e6d667a85df","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":106,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"7aa366b4-737f-4818-99b1-30eba21b1520","block_type":"box","text":"II-57","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a0ea4d7-b076-4c3b-8057-84dbd2aaecb8","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa7f6e0a-e756-4764-b99f-af91da0e74f8","block_type":"box","text":"Municipal Commercial Paper.","page_number":107,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"34c16c54-5265-498b-a5d8-d1e3c6ab65c1","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":107,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"652dd3f9-aed0-42d2-b332-6fde9becae4f","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":107,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"a9c5889e-43bd-4964-8f72-6cd286cd9757","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":107,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"9a1b7764-aa3f-4141-9889-4287280427b9","block_type":"box","text":"Municipal Lease Obligations.","page_number":107,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"cbaf5265-c348-42de-b9d6-1b93c8deee36","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":107,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"b65a6031-96cd-4ed8-98a2-d9cd81a9d958","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":107,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"babe3d52-e708-44b1-9c65-b31b40cef769","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":107,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"5df4bae9-720c-46ea-9a76-80d548602ab6","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":107,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"3344e47c-4319-4cc4-a01e-b462ccc1509d","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":107,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"6344c97c-0bf2-4e76-a81a-2d5f8bc26eb5","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":107,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"088024da-30b2-4b3a-91c2-d95de30f2005","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":107,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"5158b3df-b378-4ece-be75-4882cf6ce613","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":107,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"6239bfaf-a330-49ab-8deb-6cc3d9618756","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":107,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"67fb9eb9-ae3f-41c0-b12c-fdf170354453","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":107,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"e05c8710-2eb3-47ac-9c8d-ab1e2665810a","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":107,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"8aacdcc8-e763-47a8-b93c-c29f37c64385","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":107,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"aae7fd4b-ac97-488a-b734-706fef9779b4","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":107,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"6841155e-e5c4-4a8c-bac1-4f4b4780a561","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":107,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"05583f11-56fa-4d85-abc4-7f89ef8ee242","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":107,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"c156f51e-4fa4-4eb6-a4b2-b34d8cae00b2","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":107,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"2bf39ccb-aa2c-4b96-972a-803b53cb0e1f","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":107,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"0e3e99a0-f5cf-4e84-ab3a-f19d1c01b00e","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":107,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"4ca7a0b8-3f0b-4dec-b49b-67d004ef0423","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":107,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"d0cdadaa-c2dd-4ea6-b539-2387710af601","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":107,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"5548272c-aefd-4c31-9a59-288b1e6b0719","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":107,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"71640b3b-2082-442a-9219-7e7c569a91aa","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":107,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"d6cdf06e-b9f1-4523-8d8d-24466bb5654f","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":107,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"b780142a-de51-49e3-bdaf-bccb97b68924","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":107,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"ec5f27a3-5e9c-4e7a-9814-84d4c011f1ac","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":107,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"827bfb98-f678-4a45-90fc-7c87e7eea497","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":107,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"0460a336-e7aa-40ce-b9e5-a21fec4a0983","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":107,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"c326d9b7-9066-4865-80a6-0bc409018d9d","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":107,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"73ca75b4-9c63-4e72-b9e8-c2d5bfa35532","block_type":"box","text":"Tender Option Bonds.","page_number":107,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"b6888f2d-36af-4fb9-8b20-81400defad78","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":107,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"a5b7832e-5e00-43e8-96cd-fefb9a7130c1","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":107,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"63beac12-2fd9-489c-86fb-be6ec63adc1b","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":107,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"c76df7ef-a528-4c4c-a793-924a62e0c2d0","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":107,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"26b2eac9-2648-4677-9991-15f1ebd440da","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":107,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"4741886d-50fb-4f58-a04f-10315c0689a0","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":107,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"d20178ca-d194-4502-ad0b-8feb2481eb48","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":107,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"96e10298-39d1-4605-b324-a4dc9b43c956","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":107,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"f441b8bf-c16d-498b-a7fc-d37d78508302","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":107,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"fd47f136-1e17-4b82-a9ff-df5b6cd146b3","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third-par ty investors, and","page_number":107,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"53694465-3d47-4c71-bef0-43244ceeab11","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":107,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"bfd2b581-3ed5-40fd-82ad-5bea53c58495","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":107,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"c5f5b6bf-e48b-4159-89ad-c5e6a8d64507","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third-par ty","page_number":107,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"d9589417-bf91-4016-9c19-808b255b4a5b","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":107,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"0d9b12ac-643c-4aeb-b5a0-70f17906313a","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":107,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"dd147969-c373-4fc0-83ed-3f044cab9923","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":107,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"f0f3bf6f-c662-4da5-8cf5-9f809dcacb7b","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":107,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"51551be6-7ab0-4464-bb24-c6f2dac98301","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":107,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"265aae89-2b3d-411e-9ed4-d29d8e298477","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":107,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"3bb6e20f-c610-4a71-b8dd-2b4d27033e3e","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":107,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"32cd937b-ff49-4ed7-ace9-ee94160967a2","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":107,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"672b30b9-e997-4a37-897a-75f4d3a24c7f","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":107,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"bc7fcfb1-14e1-424f-a89f-065d26911ff3","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":107,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"8ef39b1e-613c-45b0-9aa4-937a2fc0d52a","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":107,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"224f5280-6810-4b65-996c-bde14218b82d","block_type":"box","text":"II-58","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f0ac21e6-0ee8-4582-8b6a-0705fd1073f6","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a6faf0c-876d-4bcf-b004-4786b1ba42a3","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":108,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"f39dbb18-cb10-40c5-9b23-85d1a105b1a7","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":108,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"0ae07246-21f9-40cb-b23a-7deaf5ce1627","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":108,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"968c3ab8-d01f-4291-8c72-7d8e4e70dbd5","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":108,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"208ad085-c880-4aea-98cd-7214ca750e05","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":108,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"92a2b432-e42b-4676-9d08-d7cc8410f86f","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":108,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"b291ef96-37f4-494c-9c6c-e94ed3f91b81","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":108,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"7929ce4f-f6ab-4da7-842e-09c6605f6f7f","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":108,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"b10ab533-8185-4d5c-ab71-7e33d46ff176","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":108,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"3e490808-7413-4078-bfe7-dbdda30b2fd2","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":108,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"587c924b-0013-4aae-bb5d-859576e32657","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":108,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"59dbaa8b-4e4f-43d8-9885-5952ced6ba63","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":108,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"ff62a61d-f93e-430c-91ae-ad2f2d2f0de1","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":108,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"d7afe0d2-de35-430c-9c4c-7a460e2fe44c","block_type":"box","text":"issues.","page_number":108,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"5d2bc8da-b27a-47cb-9603-bc975bb44abb","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":108,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"f694967b-ff10-4c9e-b701-b087dcda7244","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":108,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"55eebf1f-6dbd-452d-b647-534b923e165a","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":108,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"c971da83-9f34-4800-9ad8-127ed885b446","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":108,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"e54fae1f-c443-45e4-9a5c-118e335ae40d","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":108,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"f7152ac7-f5ec-4bd9-9dab-cfda64b41487","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":108,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"57818537-8c9d-4c6e-a82a-844c3d164844","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":108,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"5e42234a-edce-47ab-9e89-3be8aa1df462","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":108,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"5a5e2370-9c9a-43e0-8507-c85ed701c4d2","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":108,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"733a3728-9a84-4614-863b-aea9a6b519d2","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":108,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"a2f97787-cabf-48ce-af6c-4ec7fbb41b4c","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":108,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"25dd6d7d-c438-44e7-97d5-59df2ad827a8","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":108,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"0dc21e16-5f5b-442c-9255-db4670309d90","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":108,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"aea0331a-5a8b-4dd0-975c-9cb582244142","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":108,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"9939f9be-06ea-4179-827b-dcfb1c7eafa0","block_type":"box","text":"i.e.","page_number":108,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"ce0a71bf-1eef-4183-8a91-69e4e1cc8e4d","block_type":"box","text":", the Fund). In contrast, in the","page_number":108,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"75e651e0-3d50-4813-8c74-d406e5b42630","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":108,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"b4fc3e3d-f3a7-4ebf-9093-44df25de8db8","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":108,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"0596093a-3fe3-403b-932e-0f8d4fe8c531","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":108,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"d8ae5acd-8730-43d0-bcc0-e8c9a83c1cf0","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":108,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"8a5d1f5f-6800-4fd7-b1c8-8312a70d72be","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":108,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"ca64eaf8-dc5c-4414-b635-577204ac72b7","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":108,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"b192ac25-412e-4cd8-8b8f-d2961d56915d","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":108,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"7d2162dd-c820-4eab-b92a-db37a3bb3b65","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":108,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"2a8a4872-c5b5-412a-8edf-a9ac1b9bc182","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":108,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"2ade909e-8da5-411d-b503-e3e29384726d","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":108,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"b2a30744-0583-4509-9684-be7ebe7b2723","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":108,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"f9619ae4-e748-4ea1-b153-e6a00038ccb9","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":108,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"0eb9cc7e-3a54-4583-95bc-b776e66692dd","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":108,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"234b5ce6-d69d-496f-bf64-48cc60ede32d","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":108,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"9dce2c34-8b45-4344-b531-027908e49412","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":108,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"c433c94b-1754-4192-8fef-daecd5631ffb","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":108,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"1c33e0e2-cdee-44eb-902a-d074b3e42d02","block_type":"box","text":"Trust.","page_number":108,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"b31034e0-87ed-4c88-a133-b167c9fd06ad","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":108,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"8eb7ee51-4b03-447b-8453-4e174eefd203","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":108,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"d1f0ffff-1a80-4ed3-81c1-5bd10afd2db4","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":108,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"c7f6beab-ad0e-4b47-bcef-0aff42d5c52a","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":108,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"d6b966fc-bdd8-4769-ab52-7b682ba5916d","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":108,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"e903f419-b442-43ec-acc7-f4a06cba3d44","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":108,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"fbf3a98f-4f90-46de-882e-7f7e9a9515a1","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":108,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"a365781b-d837-42fd-80d9-e578d5235c95","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":108,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"3b90df77-b771-40ea-9a66-f16fee288619","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":108,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"29ff7650-7409-41c2-bdd8-e4d9a016bf4c","block_type":"box","text":"II-59","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"50d23a23-3a06-463d-ae13-37c04d933b0f","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4658a05-25d5-490b-afb8-d59e13437922","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":109,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"e8ffb502-d974-4a95-b34b-2280ecdfe11e","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":109,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"549ae7ea-03ed-459d-ae55-e9203c58e08f","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":109,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"009e3ed3-b351-4be8-88ab-99a936e442cb","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":109,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"b3355cc0-2f64-4247-987d-13c5956e6c9a","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":109,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"86cee52e-8422-4d99-b173-984adc4d371d","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":109,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"f3295b1b-e888-4075-92c7-de8c5f4cc6f4","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":109,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"7f4eea8c-43ab-437d-8abc-cccb1f100dcb","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":109,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"ff7f9db0-4c02-44cd-846a-d89e04f74545","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":109,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"7672c856-4a2f-460e-aa95-728e67570b01","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":109,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"c9150701-c23f-4bec-8f91-cc9a46a7c9e8","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":109,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"1e879476-bfa6-4bbb-afd9-9294c30963ba","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":109,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"6ea65010-3cd3-4d98-be14-e40731f1e6cb","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":109,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"5c567621-285d-4802-a6b4-cef7b6e99b0e","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":109,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"546ab273-a776-429a-8d6d-e1cc1dfd92c0","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":109,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"b10cc018-5b92-4a91-b2e1-3ec170a1ad76","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":109,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"b490f9f6-68c9-43b1-b4e6-e0a3028d457b","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":109,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"362c1615-862f-4262-902a-0afc4cbbdeab","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":109,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"85fd5a55-9f5f-48cb-96c2-d79550d08569","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":109,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"0eabd306-1ede-4016-a24e-77234462287c","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":109,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"e2f5864a-e44f-4692-9d25-a6b2a42a3ff8","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":109,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"645848dc-001c-4a82-9510-ea24829c6cd2","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":109,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"f4649cf7-cb70-4d86-a585-3b25ec9db2c0","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":109,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"f9fc45b0-01e3-426c-8133-1bc5eab65069","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":109,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"f736ea56-ca39-4dac-bc35-10c15ee5c1d2","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":109,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"971f1b15-e9d4-496e-b883-9df4866656e3","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":109,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"df9665e2-08c0-4d37-9441-754c84415da1","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-par ty investors, and the proceeds of the sale of","page_number":109,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"e62fc7b1-160b-47c5-a2e2-09ffd5ab9502","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":109,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"cb95b593-3089-478a-b18d-8e85e59ea242","block_type":"box","text":"i.e.","page_number":109,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"c963860d-1f0b-4c2e-ad6a-d3b9a22d5fe5","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":109,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"049409ea-2d65-49d3-a3ea-1f6bfddd27ea","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":109,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"11164ac1-5c12-4ba5-80e4-d946a03f3ce9","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":109,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"9c66eb5a-f2f0-4d71-b40e-5077f9959a01","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":109,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"219b8ec2-eacf-40ab-9d7c-70ae8ac1c440","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":109,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"83ee9f25-74cb-4906-8603-5d7ae5253dd2","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":109,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"1c30ef2a-7e3d-4f04-b6b2-d2a96fcf14bf","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":109,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"4b4d74f6-ee99-4a53-a3c5-18f365c7773c","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":109,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"7c8f653d-c417-474a-b2c2-bee78f53477b","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":109,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"134ed606-e2f7-4807-9a7a-ecbcc9c8af84","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":109,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"0debd9bc-0b93-4336-8f3a-eefe455fc04e","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":109,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"25a3091c-6433-49f9-a5d3-dd5c6f4451cb","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":109,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"4c09935d-a1c0-4ecc-8fe8-30c16c062bd1","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":109,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"ca3130df-102a-43d1-8cf8-d6bb5af49ee6","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":109,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"25aa2088-b784-4671-b8f7-ff96c7c7a146","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":109,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"409d77a2-6881-4cdd-b067-4c00b36a8bd9","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":109,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"274f115c-a46d-4b98-a05b-879a84918049","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":109,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"465d8901-0207-4513-88e4-cf6d38db92a8","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":109,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"5aa77469-7ee1-444f-9dcc-b8d9b937a5c1","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":109,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"01dc28c8-5c11-46a5-934d-33875d9fc2cf","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":109,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"ff344b32-b1a8-4735-bd71-08729758ab79","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":109,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"1bf683cc-546b-4533-a95c-e4e379499148","block_type":"box","text":"market is not yet cer tain.","page_number":109,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"db328bde-fee1-4ebd-ac26-71679ecf465d","block_type":"box","text":"Yields.","page_number":109,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"cdb3c26c-3d91-401b-991e-314d84708350","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":109,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"6248b4fc-d8ad-4a34-868c-e2c1482768f8","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":109,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"74d447f3-983b-4f04-8e22-2874a7833569","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":109,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"a2fc47c3-9121-41ce-aeca-0bed41ce3d6e","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":109,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"22971531-9e93-449c-b18a-6e2c75608a4b","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":109,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"0686e8ac-29fd-40f4-8fee-9ea492dbb962","block_type":"box","text":"II-60","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f88fb6d-d774-4611-bf21-8c956926621b","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e359f106-c0fe-43cf-93b2-944c5064de0f","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":110,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"15f77305-ce2e-4ce1-99dc-71565d4153bb","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":110,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"3bd9acd9-d4e2-499d-ad3a-d0b89e97a7a2","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":110,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"880435dd-6a4a-43ad-ae38-afb691365540","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":110,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"fc879fb5-9252-4f8e-9903-bc40b71f2848","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":110,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"c53932df-f858-45ae-a2a6-fdc7f8fbbf11","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":110,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"463a802c-7af3-4020-9a4b-529976c50d41","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":110,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"d898d9e8-61d7-4a4a-9027-a2f92785c3f9","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":110,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"e5a14b14-dc90-4ed5-b172-739bfc15334e","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":110,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"edc092eb-218c-4c1c-9046-133115cdcbe5","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":110,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"bdf5869e-a853-4b7c-8389-15a7ba456083","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":110,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"726482a0-89fe-4f48-806c-c4dfe18f6d1a","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":110,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"ac551436-c228-4256-9dd6-30414edd7908","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":110,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"3b0bb867-4fce-4586-bc6a-32d1ec3125a1","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":110,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"a3c364c8-bed2-4f00-968c-aa602dc82943","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":110,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"006f9562-20a9-4219-a63c-763597e73711","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":110,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"9e5f62b2-1764-4eb2-bc46-d1e070395c16","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":110,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"65899947-be96-4884-9437-74b99859e960","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":110,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"96ac1c43-7073-437f-9c2f-d0a01f87737b","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":110,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"10dc740e-6a32-4610-a0fb-5303b9e8afdb","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":110,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"3e258359-4af7-4759-b876-d882c449a177","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":110,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"a6836ba9-178f-4612-8ec6-80d2d54be85c","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":110,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"fc120699-cecd-4c36-8d62-14e532dbca34","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":110,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"69c6e42c-50f1-415c-999a-aa71ec9144c4","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":110,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"adcc43e1-94ea-4ed8-bc19-aef529d2bc3a","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":110,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"d78357f6-9514-4708-bd9d-bd782767534e","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":110,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"a2365ddc-3a88-4aa5-8777-15631c65d775","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":110,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"8945461b-4e37-4a6b-93b8-92cab95ceeb1","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":110,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"8b0bdacf-4e46-41a8-94e0-bc60ba2a5479","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":110,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"0fad3bd7-f54e-4820-bb04-c98607f7676c","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":110,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"eda5fd03-f41c-4410-8cb9-d642465f8e7c","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":110,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"bb411ead-96cc-40d3-9739-a1dafa7eb1cd","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":110,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"8d22df8a-fe52-4258-9fe8-b8a19ca9ae6b","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":110,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"0de29f67-14e2-4cd5-977c-a7899090f48d","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":110,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"adbc7389-9c0a-4294-9af1-708f25dcfd62","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":110,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"9fc02c89-c467-4c65-95d7-0dd31d9ac31f","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":110,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"3daf77f8-84ca-4089-a838-ca238b352b6f","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":110,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"bd90219c-3154-4c53-a8e3-8be4d0057943","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":110,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"dcb10f51-caa8-419f-94e0-666feee79df5","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":110,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"13d84572-7254-4024-ada8-5d0f905ee344","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":110,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"22fafadd-fdba-41d4-8bdc-cf559e1e93d1","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":110,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"2d23bd74-d25d-4aeb-bd95-48993c20d531","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":110,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"2b19f6c3-ee11-45f3-9f52-618a332689b8","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":110,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"33e58cef-7b14-4c18-acd3-66990d537a05","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":110,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"aa45d42c-16c9-4b72-b69c-bbd56c9afacb","block_type":"box","text":"Call Rights.","page_number":110,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"2884e216-6b69-486e-93a8-7e19163c37ff","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":110,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"ee7a8cb4-bc61-48ab-8b20-7c644fe281d8","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":110,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"d4316c8e-3259-4f30-b37b-1c12bbaf7ca4","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":110,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"1aced575-71dd-4d50-83d3-8ee0ced7048e","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":110,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"af18e010-f39a-47b2-8ea7-51051b032f15","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":110,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"e729e2ea-823d-4015-a3d4-f6735cb33e3f","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":110,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"31157c7f-1ff8-4870-95a0-7801f4bb623c","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":110,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"da321413-a29d-4fbc-8636-2d9bf6ba11c2","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":110,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"bf736465-c228-4569-8fa2-4787e3fbee72","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":110,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"8dd3fa8c-2244-47a2-a897-9c219ad1e139","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":110,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"1ed938b9-e7da-4bb3-a81b-b1bda96d6b7c","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":110,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"9a45ccd6-7e6b-40c7-a9c7-e8efe78d9924","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":110,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"3a6ae673-a719-4a19-bca2-d3dbde67cdb8","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":110,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"47f29bf6-68dc-4891-8540-067be272b60e","block_type":"box","text":"II-61","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1738caa-10f1-4cf7-a2d9-02f096180bfc","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f88b840-28b9-43b8-af87-d2e5aea0c74a","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":111,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"73a8bc0b-a5c0-4ed8-939c-76fadc0c22a9","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":111,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"d3ffe183-23f5-4cc0-a890-11053023ebce","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":111,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"3106a6ca-fbb9-4bf4-b8a2-38653249adf5","block_type":"box","text":"i.e.","page_number":111,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"a00e5dc8-3fbc-4259-b95c-02f2ecf5e494","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":111,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"19ee3321-9e03-4d64-8c85-4d46c0dbaac5","block_type":"box","text":"rates).","page_number":111,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"634f1769-9004-42ae-a432-250d77227518","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":111,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"16c73a72-d21f-4cd2-8da7-bd8f13f343b6","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":111,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"b1d64449-f443-4692-9a21-f9133280406f","block_type":"box","text":"e.g.","page_number":111,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"34fb13f4-2b85-4127-8728-f6a1b8dc9075","block_type":"box","text":", an exchange of fixed rate payments for","page_number":111,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"b11c103a-b817-41b4-8f02-94d43de475d7","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":111,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"f60f03ca-8f1a-4e72-b485-97ab027dfe59","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":111,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"ba8eb2ef-c237-47c8-88f6-698b0f6904dd","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":111,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"4e0681f7-166a-42bb-961e-79e5a586469e","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":111,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"af281fee-389e-4791-a83e-bee9872258f7","block_type":"box","text":"with the same attributes as the swap (","page_number":111,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"597dedd1-20cd-4196-96bc-9aa5530f1668","block_type":"box","text":"e.g.","page_number":111,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"9f875745-967d-49fb-ac08-b670865e64ca","block_type":"box","text":", coupon, maturity, call feature).","page_number":111,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"f5e5d4d5-b823-4570-bacf-31715b83ef3f","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":111,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"3b484cdd-488d-4dab-8221-70e38b400f06","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":111,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"f540b399-4b0d-4860-9f76-cfe3ee4386dc","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":111,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"f6eea31c-7a1e-4359-8d6f-f64b8d314630","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":111,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"a49da3b2-6cab-4de0-af0a-8d6806185604","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":111,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"a76cc9e9-500a-4b9b-b804-371771005a69","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":111,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"0c1ed6d8-1cf9-448c-8837-a8d46099ecb5","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":111,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"dc49267a-8d23-4915-be71-3c803a0f3854","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":111,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"2b715078-9eb8-4912-a7eb-1b2b09f5b230","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":111,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"688a19c5-2714-414c-a1dd-1185c07a68d0","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":111,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"a5ea529c-2112-4e25-bd8e-aa4a8a2cd24e","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":111,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"7b49f4ee-cb91-4191-a7f2-b455bf5b6e68","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":111,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"ec632f4b-78f8-46d8-bc73-48b26afc29d5","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":111,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"d4ee10df-5abc-4f11-9b02-72804231f7fa","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":111,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"6165ab0f-1b41-407d-8d85-ad564eeabf13","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":111,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"d7d0253f-1d54-41c1-8208-bb1203fe54df","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":111,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"08a9974e-2ae2-4121-bdff-4d7195f51330","block_type":"box","text":"Insured Municipal Bonds.","page_number":111,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"d9280939-3be5-4ce6-a4eb-b1feec72fe2f","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":111,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"ecb648a6-cc5a-4993-920d-34dea9cb41aa","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":111,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"b8031cee-8b2f-4430-b625-ce99de2b5bfc","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":111,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"bb92bebf-44a1-4868-b1f2-c6070e2f7021","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":111,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"7a4e1a66-4206-43ef-8087-1e36f9f0193b","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":111,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"3950481a-f674-4daf-9052-f76b1a07d8b8","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":111,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"aa6fdd57-79f8-44f0-94bd-0f966ad90e16","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":111,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"a04a661b-77fe-44c8-a497-dd0d7277aa65","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":111,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"6240bd02-e2c2-446f-b9ba-ac1153e0ec8e","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":111,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"8cab20c9-7aa1-4f84-8dbb-75893dca4aef","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":111,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"1aca45ee-7807-4cfd-a9e4-540346227564","block_type":"box","text":"bond could drop.","page_number":111,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"39e9b681-75e2-4233-84b0-0f0229f3e54f","block_type":"box","text":"Build America Bonds.","page_number":111,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"fe7c2723-f146-4f5d-b484-881c2bf9ca2a","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":111,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"ac147e63-a020-45fa-8699-26a2f81034ba","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":111,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"3a008da9-3a46-436d-a415-a0ad80f334d4","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":111,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"d0253bb7-9404-4c06-b814-2e7ee3758e6a","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":111,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"7d80a6eb-66a7-4a82-950a-cd83989d75a3","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":111,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"3a99b22a-0437-4642-96bf-16aca52a58e4","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":111,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"17d40bb4-3d43-4c4b-9978-0ebc7fdf3e81","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":111,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"74473604-b444-4784-be67-14281c235778","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":111,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"da0649c2-1bca-45f6-bf8b-d287428af74f","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":111,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"5053f18a-ed1f-4274-b57e-cd24842ce467","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":111,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"c7cf85b5-304b-40a0-9e02-7fa7a92e82ee","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":111,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"2870ce5d-e7f9-4819-9500-12c56fca3a4e","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":111,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"a63a3b9d-a6fa-4c48-b315-0e138e8e3ae0","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":111,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"664c0c56-3130-4b70-a54c-24d1488e86a9","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":111,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"f0ba0522-f255-4618-be29-fde72ce9de9a","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":111,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"4440598b-4deb-419a-be1c-d792b0771f7d","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":111,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"8ff4fa72-bbd8-48de-b2e0-3cfd56074c2a","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":111,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"378b76ba-5afa-427b-953a-49e7df9d7565","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":111,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"028eaf7b-b58c-45eb-af5c-228b7ef55231","block_type":"box","text":"II-62","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e26bc301-21af-4b29-9994-550563d6a543","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60bbd5f2-0252-4806-816c-5384b8e3b6aa","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":112,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"666018f3-d62c-46d2-8d30-7e1383e744c6","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":112,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"c5c9ea12-5418-4854-8c11-243076a6c04c","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":112,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"f5dc9b4b-510c-4530-afc1-20358d30efaf","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":112,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"3d8ae72c-aca1-4897-8142-027d3e1c49e6","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":112,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"e754ae41-f87f-4dd5-8e76-ae4e8793d4f1","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":112,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"ecc355b1-5ae3-4226-86f3-99eaae29704f","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":112,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"ad5fa0e6-b840-4b5e-9fbd-8d278878e7be","block_type":"box","text":"their face value to the sponsor (","page_number":112,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"e7e12627-0742-4034-90c9-c7754435a6c4","block_type":"box","text":"e.g.","page_number":112,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"f9d102a7-e4be-4a7d-9ee0-03e2e5c771e9","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":112,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"4ffc67af-caf4-4cda-821c-0697d14b7d4d","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":112,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"6d183b02-3fc3-4588-b7b2-e67dde05e17e","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":112,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"de08b122-609b-4165-8025-f8d944a62083","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":112,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"8ed0ce46-ee53-4921-9f2b-ce11ef0d3825","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":112,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"ee9605c5-8099-4705-8c47-ac565f3c31f0","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":112,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"0a255766-425b-4401-be49-26e0c4500de9","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":112,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"9eb08323-26e8-4337-a98a-81f11819d01c","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":112,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"0a7807dd-4711-41fe-ad17-413eacb3ebce","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":112,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"254f7772-c535-4bd8-b07e-c5fbbb062362","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":112,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"9ed557ea-23ab-4e28-9f36-466e2da98e8c","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":112,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"1a57bbb0-50cc-4491-be31-ed3ade939ac2","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":112,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"ed8f9df2-32c2-4ce9-9309-0e9ff5f18cea","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":112,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"5128ba62-5e83-4ccc-9e29-80fb2fa76c67","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":112,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"e6725656-e767-4aff-aa3f-b4c51ddcfbe3","block_type":"box","text":"such opinions.","page_number":112,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"ea373f66-fb25-4835-851c-68744d247c69","block_type":"box","text":"Operational and Technology Risks.","page_number":112,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"04cf3aa6-a759-4a60-a582-294cb0656acb","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":112,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"32cbdce7-99ab-49de-ae7d-0211ba6727b9","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":112,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"91b7d8fa-7067-464c-9a32-ee4037267218","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":112,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"b46e40b9-212f-438f-98f8-17c8aa47406b","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":112,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"342c0bc3-e01c-4269-963a-fbdf4759c3e4","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":112,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"fe00d26f-49bb-4594-b4ab-684473b34e47","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":112,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"ad51ec08-8c4b-447b-baac-044c6553a5d9","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":112,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"0dfbf23e-5b10-46ec-9a43-6129b9d61377","block_type":"box","text":"governmental authorities. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":112,"box":{"x":68,"y":513,"width":837,"height":12}},{"id":"92478b64-2d01-40a0-82cc-d9be0c14894a","block_type":"box","text":"in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose","page_number":112,"box":{"x":70,"y":528,"width":814,"height":12}},{"id":"cf55cb47-d569-4918-91c3-4cf9dc6b1e28","block_type":"box","text":"value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":112,"box":{"x":68,"y":544,"width":694,"height":11}},{"id":"93a8b1d4-514c-413b-8fd6-6c58ceb7ed99","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":112,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"2bbc87a1-2be2-430a-9b0f-a426fea43058","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":112,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"deca5d60-e97e-40cc-a83d-83091eef92c5","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":112,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"751cf757-580a-4102-9164-c1dfefabf9bb","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":112,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"ac8834e6-e8e2-440b-9d6b-cecd0f63382d","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":112,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"2f344045-0d6e-43c0-90d2-6c3811e0e393","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":112,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"2e2907d7-2439-491f-9b7f-ec7a09077ddb","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":112,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"275bb644-f43b-4c8b-893f-7b51c2012446","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":112,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"c55c0b6a-170a-413e-9db6-f277ae6e58d6","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":112,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"fa9b0729-f1dc-4fc4-88dd-5a64c78fc89e","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":112,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"c38f2cd0-2669-4f0f-8805-3584dd69cdeb","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":112,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"a7be7f8f-aeea-4bf5-8a12-9c2170737292","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":112,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"40db8af9-cf23-4452-8e96-06b7dea5daca","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":112,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"4b7a9b2e-afde-4af5-9a24-b3176bc4c4eb","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":112,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"6a15ca08-0599-4e4b-a0ca-27df790615fe","block_type":"box","text":"systems, may also disrupt business operations or impact critical data.","page_number":112,"box":{"x":69,"y":778,"width":501,"height":11}},{"id":"f3d823ba-deec-4581-bb66-27999cac6e58","block_type":"box","text":"Ar tificial intelligence (“AI”) refers to computer systems that can per form tasks that would otherwise require","page_number":112,"box":{"x":101,"y":801,"width":766,"height":11}},{"id":"0abdd24e-6bd0-40f4-ad93-daf56d8882ef","block_type":"box","text":"human intelligence and encompasses various different forms of ar tificial intelligence, including machine learning","page_number":112,"box":{"x":69,"y":816,"width":804,"height":11}},{"id":"a785005e-6a9d-443e-b312-a129991729de","block_type":"box","text":"models. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve","page_number":112,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"59fd4b1a-c426-4790-9682-16a105dfd7ce","block_type":"box","text":"problems. The risks of increased use of AI technologies, such as machine learning, include data risk, transparency","page_number":112,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"9926c53f-853d-483e-8419-14c4c77720fb","block_type":"box","text":"risk, and operational risk. These AI technologies, which are generally highly reliant on the collection and analysis of","page_number":112,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"fad06f44-1eb7-4f24-80f5-abde6b3e75cb","block_type":"box","text":"large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate","page_number":112,"box":{"x":70,"y":876,"width":832,"height":11}},{"id":"9ba19a59-a6b7-4e1c-a418-87d0900607b0","block_type":"box","text":"all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":112,"box":{"x":69,"y":891,"width":765,"height":12}},{"id":"f435b361-5fbf-488b-8318-2384792efbc0","block_type":"box","text":"incomplete, erroneous, distor ted or misleading. Fur ther, AI tools may lack transparency as to how data is utilized and","page_number":112,"box":{"x":70,"y":907,"width":835,"height":11}},{"id":"ceb876a9-cfc1-4d78-8f38-57e59b3768da","block_type":"box","text":"II-63","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d2d4e38-bd08-49ef-ad9f-05c53fb3dece","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1bb3e44-167d-44c0-83d6-3ad2865a1546","block_type":"box","text":"how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":113,"box":{"x":69,"y":45,"width":773,"height":11}},{"id":"19c0df21-8a99-42aa-a104-2c452997477d","block_type":"box","text":"infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":113,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"57a04b24-a456-463a-9adc-8a44e3dd6a47","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":113,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"57d59e28-707f-40b9-b8a3-d71eeb1bf8cd","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":113,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"bb677dd6-3103-4219-9515-1e6039a2a7da","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":113,"box":{"x":69,"y":105,"width":542,"height":11}},{"id":"eae87b95-7538-4f5c-b63d-1fcaa9bb4ce9","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":113,"box":{"x":101,"y":128,"width":747,"height":11}},{"id":"87c36576-5ea0-46c6-9e46-4ea5db9bf238","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":113,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"46078c55-4612-4d62-b696-b62427dc5799","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":113,"box":{"x":68,"y":158,"width":823,"height":11}},{"id":"a4ac4f7b-7c8f-4101-98a8-961b5700f727","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":113,"box":{"x":68,"y":173,"width":755,"height":11}},{"id":"3fda4adb-4f75-49df-ad32-701eac3406f0","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":113,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"8bbe681c-7217-4e0b-a6c8-d68025f8bf0d","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":113,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"903efd4f-19b6-40fe-9d52-5dce42498b2f","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":113,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"b926bbca-751c-41c1-82e7-8999665f3866","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":113,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"960ad7e3-971a-49f1-8049-7024196947af","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":113,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"f33871fa-e572-4de6-882a-3e463103e360","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":113,"box":{"x":69,"y":264,"width":775,"height":11}},{"id":"e86898af-e62a-4bd0-98e4-67bc692a7030","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":113,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"d68430d6-b7a0-4dc4-b855-0d5af13fc6ed","block_type":"box","text":"Ar tificial intelligence and its current and potential future applications, including in the investment and financial","page_number":113,"box":{"x":101,"y":302,"width":785,"height":11}},{"id":"d3ba426e-d923-47c5-a91f-d6c4958141d1","block_type":"box","text":"sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is","page_number":113,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"8bfd29ea-9937-4b51-b9ef-ba929d6a8516","block_type":"box","text":"impossible to predict the full extent of future applications or regulations. Regulators continue to develop new rules","page_number":113,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"9c93f75d-8c13-406d-80d2-4c00165a8730","block_type":"box","text":"and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding","page_number":113,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"65b2a6ef-728d-4cea-985b-360846a94709","block_type":"box","text":"and costly, requiring substantial resources to monitor and implement required changes. Ongoing and future","page_number":113,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"ecdfcf2a-548a-4498-9cb7-19c4e2e39781","block_type":"box","text":"regulatory actions with respect to ar tificial intelligence generally or ar tificial intelligence’s use in any industry in","page_number":113,"box":{"x":69,"y":377,"width":793,"height":12}},{"id":"7955d6e4-5bdb-45ca-a9f7-b6bd4fc76465","block_type":"box","text":"par ticular may alter, perhaps to a materially adverse extent, the ability of the Fund’s adviser and other service","page_number":113,"box":{"x":70,"y":392,"width":783,"height":12}},{"id":"41f90288-f958-428c-b951-524c079f9901","block_type":"box","text":"providers or other market par ticipants to utilize ar tificial intelligence in the manner used to-date, and may have an","page_number":113,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"320052f7-56d2-4a02-acda-bb98dfb16eb2","block_type":"box","text":"adverse impact on the ability of a Fund’s adviser and other service providers, as well as the Fund or the issuers in","page_number":113,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"112eab05-422c-410c-8df9-beb04aa8ca93","block_type":"box","text":"which it invests, service providers, or other market par ticipants to continue to operate as intended.","page_number":113,"box":{"x":68,"y":438,"width":708,"height":11}},{"id":"d268ed09-a06a-433c-9883-d83272593036","block_type":"box","text":"Participation Notes.","page_number":113,"box":{"x":102,"y":460,"width":145,"height":11}},{"id":"9fce2358-8964-4d65-806f-69657b49571e","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":113,"box":{"x":253,"y":460,"width":641,"height":12}},{"id":"12bcf083-9f2e-46f7-bef4-d476b28ea2ab","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":113,"box":{"x":70,"y":475,"width":766,"height":12}},{"id":"882aa3ba-3a02-48ac-8bef-a9dcec419ace","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":113,"box":{"x":69,"y":491,"width":772,"height":11}},{"id":"3bf2354a-48e9-48ff-b824-57fb98ba0ccb","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":113,"box":{"x":69,"y":506,"width":475,"height":11}},{"id":"92e084be-e92f-4130-b893-09a411a35d5d","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":113,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"403f7b04-9a98-43fb-9f63-691d32c0a9a9","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":113,"box":{"x":68,"y":543,"width":831,"height":12}},{"id":"1f136cbb-60a5-4de5-9fc2-5d7661ec050b","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":113,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"5e5fd0c9-a6e6-413d-88bb-a4c755c84f60","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":113,"box":{"x":70,"y":574,"width":789,"height":11}},{"id":"6269b0bb-9d58-4601-b5f8-efed7a5129d9","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":113,"box":{"x":69,"y":589,"width":791,"height":11}},{"id":"29451a15-941c-4d84-8829-4cd779cc5987","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":113,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"60a6cd54-e6af-4273-ae7a-b8aaee47af84","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":113,"box":{"x":69,"y":619,"width":834,"height":11}},{"id":"44ab0b39-fc6d-4b94-8e4c-c4d348349f7d","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":113,"box":{"x":69,"y":634,"width":822,"height":11}},{"id":"6e28bcd4-a6ae-469e-bab7-02f3a002743c","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":113,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"03044ff3-178e-4fc9-a411-3cc0dc0df0b8","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":113,"box":{"x":101,"y":672,"width":743,"height":11}},{"id":"0b6ae096-7778-47f1-8be6-49d7135eedcc","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":113,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"21abaddd-02e3-472d-bf8d-777727848502","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":113,"box":{"x":70,"y":703,"width":799,"height":10}},{"id":"f8f8d185-c0eb-43ea-915d-a8a6c78db793","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":113,"box":{"x":70,"y":717,"width":776,"height":12}},{"id":"5c44c014-4cb9-4044-963f-84f7bb7598bc","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":113,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"6a1e7cae-b0ea-4841-a1ad-097443eea3e3","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":113,"box":{"x":69,"y":748,"width":834,"height":11}},{"id":"c485401e-f2f1-48f0-8ee7-16c9d914fc47","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":113,"box":{"x":68,"y":763,"width":454,"height":11}},{"id":"9bbd9b68-de1f-4e6a-8d6b-b69d023849d3","block_type":"box","text":"Portfolio Turnover Rates.","page_number":113,"box":{"x":102,"y":785,"width":181,"height":9}},{"id":"70c45e3b-8afc-4b7d-8d67-a86362c2086d","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":113,"box":{"x":289,"y":785,"width":558,"height":12}},{"id":"77b1411d-218c-4d4c-9c3c-272b9b1bd269","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":113,"box":{"x":70,"y":801,"width":804,"height":11}},{"id":"d3b4cd40-2e47-47fa-9c29-d7e3ced7c799","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":113,"box":{"x":70,"y":816,"width":806,"height":11}},{"id":"ab6d347e-0e8e-42cf-87e0-08d0b431cf41","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":113,"box":{"x":69,"y":831,"width":800,"height":11}},{"id":"1d7cb6ac-636c-43a5-bb6a-bfc1b480cb61","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":113,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"f0aa7931-65ec-4399-9f61-6ba9afed5b07","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":113,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"7fa4bc95-fe53-4793-b0a2-af11678fd4f3","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":113,"box":{"x":68,"y":876,"width":595,"height":11}},{"id":"e399950e-992d-4134-abe7-9a32d814e0d9","block_type":"box","text":"i.e.","page_number":113,"box":{"x":665,"y":876,"width":20,"height":9}},{"id":"9015a8a9-ea23-4bc4-887c-d447f0e7646b","block_type":"box","text":", 100% or more) may result in","page_number":113,"box":{"x":687,"y":876,"width":210,"height":11}},{"id":"93937cb9-e515-4b2f-ae47-7d96e1599f08","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":113,"box":{"x":70,"y":891,"width":797,"height":12}},{"id":"f3b6e892-3e8f-4cc5-8e66-3a1614ba54ea","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":113,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"a6df908f-0483-4f1d-aafd-e06be5903b81","block_type":"box","text":"II-64","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92756969-b3e6-4095-a63c-43acac813c58","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3613636a-83db-4fd5-bc91-e8c014c268f8","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":114,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"10786b9a-07c9-4a1d-8cdd-ae4ba69f27f4","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":114,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"79e25c2a-60ca-48e8-bb65-ced0f9d50b09","block_type":"box","text":"Preferred Stock.","page_number":114,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"ba8dbf1b-ba0a-46e0-ac19-80e4c8e508cb","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":114,"box":{"x":226,"y":82,"width":665,"height":12}},{"id":"7f4bbb2c-8335-4784-b4ed-911c49d3d576","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":114,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"5562741d-fe7d-4f79-9679-cc78c8b9fdb9","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":114,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"dc3ef08f-a0fc-4b77-b9fe-31e4372a3661","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":114,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"8d7f30b0-5063-4ba9-b23a-60b26ea376b9","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":114,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"e1707d81-63a6-4d22-86d3-23711046433c","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":114,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"1eff87bf-97fe-4b66-b7dd-a551659f2c37","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":114,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"774f361a-aa20-41c2-b654-ad825db7d1b1","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":114,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"aff00238-bfc0-4847-9c30-8e3b5b180cb5","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":114,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"8163c64c-ba6c-4ca3-a5fe-988358168c0a","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":114,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"ae300df3-d9e5-4571-a3a6-08d4e82009b6","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":114,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"b037e984-765a-47a1-ab6e-845887d8950c","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":114,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"ad21a90a-7fcd-4008-b798-570290281461","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":114,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"2b62f260-aca2-4d96-a88a-819a8cde0fbe","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":114,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"155cddd6-43c4-44e4-b4eb-2da5e9edf19a","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":114,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"cfdba904-d814-49f6-8f57-d6c50f35c074","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":114,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"5124906f-84d2-41a9-8c71-0b3fc1f3aac0","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":114,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"6a2b9668-f011-480a-88b5-7112821fbd25","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":114,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"d153e964-e318-4111-88f3-d8848f725f3c","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":114,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"4879a0ba-cda7-4f43-80df-88ba5270a427","block_type":"box","text":"Trust Preferred Securities.","page_number":114,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"421b4dc1-0d7f-4ede-a73f-5612739734d1","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":114,"box":{"x":294,"y":370,"width":599,"height":11}},{"id":"4c2356a1-3fa3-4d52-a62e-b15c9c1ef011","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":114,"box":{"x":68,"y":385,"width":737,"height":11}},{"id":"bce631bc-ad75-4717-a8ff-50d17a3e8319","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":114,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"00f2596d-70c4-4017-a732-4e792ac5d2ea","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":114,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"05d4a515-0982-46be-b30a-b67a3b3942e0","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":114,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"77d50aab-dff1-4ab5-b5b9-4d7f137d87b7","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":114,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"ab83e5aa-ba2d-4e6f-8011-165182f56acb","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":114,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"ee21a02e-507b-4069-80aa-5ab0e757649c","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":114,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"4048e3a3-5bb1-4218-951d-94fec54195a1","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":114,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"f525b3fd-be37-4338-aa9e-80f65657ae93","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":114,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"2f68262b-b11c-4f5a-b623-51c0bbc9dc0c","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":114,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"b09fa160-027c-4d8f-aae1-a67cee4ee4f5","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":114,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"e5370845-ef30-4629-92a3-593d1fca36c4","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":114,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"b11be1cc-b588-41b0-abd8-4b4525b1ec28","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":114,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"b81a75ce-6ac0-44ff-9ae7-7fa993a0042d","block_type":"box","text":"®","page_number":114,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"5c1a60c3-5071-40d4-9a27-2dd1f68f646c","block_type":"box","text":"”); monthly","page_number":114,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"6adc3d54-5108-4f38-9053-fdbffac9f23f","block_type":"box","text":"income preferred securities (“MIPS","page_number":114,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"c0f5c89a-fb42-49b2-828a-bf354c84c05a","block_type":"box","text":"®","page_number":114,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"9b6380a5-3b66-4e1e-8ae9-85477ec9b473","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":114,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"e34a2e8c-ef5e-48fc-8c76-35ad127655fa","block_type":"box","text":"®","page_number":114,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"eeaf3e6d-c2dc-4f02-93b5-3b39a503cb0a","block_type":"box","text":"” ); quar terly income debt securities","page_number":114,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"658614ef-b8ff-439a-8b9a-7bd51319744b","block_type":"box","text":"(“QUIDS","page_number":114,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"9460ac20-d56c-4bd9-b5f3-97c841b24be5","block_type":"box","text":"®","page_number":114,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"0fe97352-247b-45df-a4a4-6825743bdecf","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":114,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"9ed86710-1bfb-4584-a9c0-fa2fb3063c1f","block_type":"box","text":"SM","page_number":114,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"76e72782-9389-42c6-902d-09e2900c1935","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":114,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"4e2094f1-e7c5-4e3d-a6e0-9d1726cb4d64","block_type":"box","text":"®","page_number":114,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"5115098c-673f-4d11-b3b7-ceeafb646161","block_type":"box","text":"”); public income","page_number":114,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"c87d5de1-4c61-4fb9-bdf8-de714f0ec431","block_type":"box","text":"notes (“PINES","page_number":114,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"651ca868-17a4-4d36-abe9-9c94d2a206c4","block_type":"box","text":"®","page_number":114,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"a0b2b122-2e10-44fe-afe8-c9afab4d7a40","block_type":"box","text":"”); and other trust preferred securities.","page_number":114,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"a78470ea-6f6b-445d-b78f-ba8cb2bc060a","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":114,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"acd05cf5-dbf6-4546-b134-e7c46408b4c7","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":114,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"4ba169e0-616a-47cd-bc5d-ac694713dd63","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":114,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"90477c4a-4390-4b12-b43f-c40ce3a2500e","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":114,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"a701b590-073d-49f7-9b95-d85aa6aef7e3","block_type":"box","text":"regard to whether all payments have been paid.","page_number":114,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"461213be-6a97-45d5-b9bd-b2ce6afd0fa9","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":114,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"3ef18d00-2bd6-4758-84e4-89a7aeb375f0","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":114,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"89230cfd-d094-45b8-9e39-aa1f14fb1bf4","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":114,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"fc227275-1730-450f-a13c-bf6b26f532ad","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":114,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"e962d6a6-cc86-4b81-8a7f-dabc3c6f2532","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":114,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"7a018bd0-1fa2-4c95-ba4e-e1f4e7fb3922","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":114,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"05e77b23-28a7-4acb-98b7-273eeba855f4","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":114,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"cb1164d0-3141-484e-bd29-219669dc9d19","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":114,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"7b83d7d8-6128-40d0-9bb6-2ad2f0231433","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":114,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"af951bdc-50ea-4396-8a64-6f069ddf6389","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":114,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"da56e4a4-c9d6-4b1c-b6bf-3b53db9e9b70","block_type":"box","text":"II-65","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b6e73c8e-9196-4cd1-9724-e1aac4ec7d87","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ebaffba-d6c4-4c9c-8694-6a2539c72162","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":115,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"360d67eb-4bf2-44f7-af33-f2067eedb5ce","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":115,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"642fc7a4-62cf-428d-8c0c-738a7197b4ce","block_type":"box","text":"debt securities.","page_number":115,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"a8ce4bb7-8a06-4e68-8c0f-3d72b1a16948","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":115,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"277e5e86-4afd-40d5-a9dd-556660dc2bb9","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":115,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"1ac6ee78-ee66-4029-85c5-65c3b2bdca40","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":115,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"40d379bf-bd89-44ef-b48a-e49d8ba5355b","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":115,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"497b2cfe-a3bb-4528-a1e6-077f6c159042","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":115,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"dcad1487-b2b5-4b20-8a37-20fde2a33f2c","block_type":"box","text":"i.e.","page_number":115,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"54d5a454-0c15-4ff2-b73a-2df435bc7e16","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":115,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"f906f1c1-9121-4173-a888-a69201dbe75a","block_type":"box","text":"buildings.","page_number":115,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"19caf2b8-44d7-42d9-85b3-fb18498a2afe","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":115,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"4caa50f0-cdc2-47b7-8e79-71cbaad04fad","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":115,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"7763610f-0ef1-4c5e-b115-fede23659ff1","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":115,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"302ba7b4-96b7-4085-b279-c9f25b4eecef","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":115,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"c3ae2daa-b160-4b5e-968b-8fd471269451","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":115,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"a1ec350d-c9be-4d73-a156-d2558d221f73","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":115,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"16e9c176-9469-4c5a-b96f-f5fbce1e1941","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":115,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"8df282d8-284e-45b7-a883-4d38ece3fee0","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":115,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"bbe0b030-8f5c-4fa0-9e07-80d76b4284f0","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":115,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"53b7ef7e-eecf-4cd0-9f1b-a0852f8584a8","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":115,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"e8aa1aca-a235-46a6-9fd8-b7a3a58e4db4","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":115,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"0c8b028c-3e05-4d0c-94a2-00506bcc26b6","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":115,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"853bfe94-b87c-4a51-9017-a35fad145fa0","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":115,"box":{"x":68,"y":370,"width":812,"height":11}},{"id":"ebffdad6-c0b1-4f9d-bdfb-c65486530426","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":115,"box":{"x":70,"y":385,"width":838,"height":11}},{"id":"0298e6e4-b1e2-45fe-b796-d81a3c5c5db6","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":115,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"35512ec4-d7df-4473-a780-f706c9d9a74e","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":115,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"1850678d-35da-49b9-a1ca-62d5aba0e9e7","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":115,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"774fd7d3-1f5d-49ae-a168-fe934d2862c9","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":115,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"5db896e3-50ac-41f1-a8fa-e3a847ab57b6","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":115,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"3532d43f-a362-41db-989c-26c71f64a092","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":115,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"40c1755c-1e56-4975-adb5-ae6b266c89cc","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":115,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"de427b51-5a3e-4da4-8ba9-5e42863c610d","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":115,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"9b8cf861-78d2-43fe-b61a-cf4e8943a33a","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":115,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"5a63abbd-85ec-4356-90b3-b37158d3949e","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":115,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"35124bcc-8c0c-46d1-aafc-aa1afa4c909c","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":115,"box":{"x":69,"y":551,"width":820,"height":11}},{"id":"e90bb48b-8ee1-484e-9878-e3cad33f1644","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":115,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"60d753d7-e1c1-4297-8c8b-0d32f6973228","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":115,"box":{"x":69,"y":582,"width":801,"height":11}},{"id":"bfd1a231-b260-42f1-89e4-48f1fe113bd6","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":115,"box":{"x":70,"y":596,"width":631,"height":12}},{"id":"a60eb42d-cd0a-4f61-9606-b55214cbfb22","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":115,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"da109935-0249-48f4-8639-3629ead0f043","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":115,"box":{"x":70,"y":634,"width":790,"height":12}},{"id":"4f91de03-1017-4dc2-aa7e-1fd16ad7d0c0","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":115,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"53c08f23-db5f-4a99-a81e-810291965044","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":115,"box":{"x":69,"y":664,"width":837,"height":12}},{"id":"ce69f713-bbb0-4421-8ce2-fab6316ae957","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":115,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"82390f3c-58bf-4e4d-b4c0-46f9a1c85d8c","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":115,"box":{"x":69,"y":695,"width":759,"height":11}},{"id":"bcaaee92-9dc4-4db0-af99-1f40b9ec3623","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":115,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"0153b5c5-260f-42df-ad4a-603acb20a512","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":115,"box":{"x":102,"y":732,"width":773,"height":12}},{"id":"78ee9fff-0c7d-47a7-b01c-b5ec90e27ab2","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":115,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"5cb7c425-0023-41ec-8748-f20cdbc3a295","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":115,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"ff8e8d26-3f4b-41e7-9147-da2c5245047e","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":115,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"d7c505c4-20f6-4974-998c-9759b273c2ec","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":115,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"99f6a6ad-9a96-4a0c-8728-b1338c05f261","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":115,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"ef2c5c88-6249-4b05-a060-de79f858c09b","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":115,"box":{"x":69,"y":823,"width":804,"height":12}},{"id":"7c7f0d17-826f-4a9f-b5d6-242ce7b24a65","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":115,"box":{"x":68,"y":838,"width":761,"height":12}},{"id":"dbb98dd0-890d-4cdd-a410-715c7a5943cf","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":115,"box":{"x":102,"y":861,"width":275,"height":11}},{"id":"be79a4c7-0e84-4f9e-be7f-b40413e712db","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":115,"box":{"x":383,"y":861,"width":466,"height":11}},{"id":"2ac68fcf-765a-4758-8f48-062ef7b2b9ba","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":115,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"54889d11-adb5-4c69-ab26-d76e64213b00","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":115,"box":{"x":68,"y":891,"width":837,"height":12}},{"id":"b10d6e43-135c-44ef-95aa-38db107ed9b3","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":115,"box":{"x":69,"y":906,"width":795,"height":12}},{"id":"9ba78832-4c72-4cef-8488-1c6c45624b86","block_type":"box","text":"II-66","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aa9a39a3-48c0-4512-bd6a-1ad19ec484c6","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ff76546-7bd5-4547-adef-e59a3a1aaf98","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":116,"box":{"x":68,"y":45,"width":796,"height":11}},{"id":"e8bb05c9-9d6e-486c-adde-4766b4927ef5","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":116,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"4cd778da-8b86-4c29-8395-7d027dc8ac9b","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":116,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"6e03a0b4-aab3-4efd-b92f-09fe568031b9","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":116,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"8e2a9949-3073-4311-a209-564debbe4ee0","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":116,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"27729c3d-5100-48cd-9af0-a723233734f1","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":116,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"4e26f0e4-17fe-4bd4-b272-8cfbb512e208","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":116,"box":{"x":69,"y":135,"width":804,"height":11}},{"id":"65e97ba2-16cf-463d-9906-ed4cd139d28c","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":116,"box":{"x":70,"y":150,"width":787,"height":12}},{"id":"826e5baa-187f-48f9-a4d1-c1388d50aafc","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":116,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"ea2432af-0251-4fa8-b955-c49f640a331f","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":116,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"13fb226e-af66-442f-a0f0-7ff0cb71144d","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":116,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"88e6c1e8-e7f7-440a-8f66-70c173d24e95","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":116,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"74f2b38e-d44f-45f7-9f5b-cab74d299f9b","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":116,"box":{"x":69,"y":226,"width":776,"height":11}},{"id":"b27885e5-05ff-4d58-bd9a-61c42837d186","block_type":"box","text":"conditions.","page_number":116,"box":{"x":69,"y":241,"width":76,"height":9}},{"id":"7671b0fa-28a9-43d2-b005-635ab78f3d57","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":116,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"751cfc8d-25f4-40ef-9ba3-fbadf3870919","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":116,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"2a5b400f-8a49-418a-93f5-0dd87c13cd4f","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":116,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"241d71ec-c6c4-4b74-8c8d-fc09e4a6f279","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":116,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"94abeb92-07e9-4095-a6c3-51048a63d126","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":116,"box":{"x":69,"y":324,"width":799,"height":12}},{"id":"ce0783cc-7f1e-4af9-a291-620db4909a2b","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":116,"box":{"x":69,"y":339,"width":751,"height":12}},{"id":"08332bf9-68d3-495e-b12c-e2a9c888d94d","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":116,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"8656b7b7-68ad-4f4b-824c-49f3cca0c6b3","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":116,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"bd8ddc6f-d411-4b5f-a9f7-f9bc30419ad1","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":116,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"5b4739e9-d651-45e1-b15f-7d386af42fc1","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":116,"box":{"x":68,"y":400,"width":841,"height":11}},{"id":"1c517fe6-00f0-4106-9ed6-376aaf292516","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":116,"box":{"x":69,"y":415,"width":775,"height":11}},{"id":"aef28d92-8e17-40e7-b780-bc88e54bd458","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":116,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"056b5808-8683-4ffb-a94c-0207c339b868","block_type":"box","text":"affected by such events.","page_number":116,"box":{"x":69,"y":445,"width":173,"height":11}},{"id":"334e1f01-67b0-44be-b2e6-f106ebc849bb","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":116,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"5e5535d9-362b-4ba9-b39b-5a1dfda0f7b3","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":116,"box":{"x":68,"y":483,"width":830,"height":11}},{"id":"51e5edd2-68ab-4244-8529-7eb5e422f601","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":116,"box":{"x":69,"y":498,"width":796,"height":11}},{"id":"e5f22f89-c3e6-4c12-9c9a-9a16d8547db4","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":116,"box":{"x":69,"y":513,"width":820,"height":12}},{"id":"b6f56a28-3906-46c9-b616-f6600be2ba27","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":116,"box":{"x":69,"y":529,"width":833,"height":11}},{"id":"5e1408b9-d84d-4236-a3cc-2d4cbfab5df2","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":116,"box":{"x":68,"y":543,"width":759,"height":12}},{"id":"aa99a594-c02a-4159-8b47-10870c7bf733","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":116,"box":{"x":70,"y":559,"width":819,"height":11}},{"id":"a9b61feb-5314-43a9-9ebe-85f0925d6200","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":116,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"72b56468-4544-40da-a74a-35c1f683f5df","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":116,"box":{"x":68,"y":589,"width":837,"height":11}},{"id":"2650cc75-9d3f-46ae-bce3-1a3627a63c71","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":116,"box":{"x":69,"y":604,"width":795,"height":11}},{"id":"ac9b1341-1b84-4b93-9509-0703bc7b50f9","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":116,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"636c26b7-2a45-4bc0-87eb-aa62f22cd447","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":116,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"20cb609e-b4c7-4944-94b4-d40c6e22efb3","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":116,"box":{"x":70,"y":649,"width":816,"height":12}},{"id":"a07baec3-fab3-4159-a563-fff065a639c6","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":116,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"f2b9cf69-44a8-46f7-9e23-e106e212f330","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":116,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"19adf622-a315-44c2-a87f-78299c174c68","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":116,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"d9856239-5367-4be6-8de7-11672fd54878","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":116,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"0db4ead4-33b3-4862-8af0-a46cce737e7d","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":116,"box":{"x":69,"y":725,"width":785,"height":11}},{"id":"3e75f356-84db-4ff4-9ee1-197baf5ce14c","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":116,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"04cd6f36-c93f-4981-83b7-77ab548aaf46","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":116,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"3d547200-efde-472f-af91-c3f60e45abc6","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":116,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"8085eb36-2eeb-4ca9-95b4-ea5700da1047","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":116,"box":{"x":69,"y":785,"width":746,"height":12}},{"id":"3b958bda-0544-4752-abdb-a015650f2ff4","block_type":"box","text":"investments.","page_number":116,"box":{"x":70,"y":801,"width":89,"height":9}},{"id":"4dc5cc98-fe53-44d9-bbab-8583acfba72b","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":116,"box":{"x":101,"y":823,"width":802,"height":12}},{"id":"12a2d3a7-c600-4896-b201-75a6e476bbdc","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":116,"box":{"x":68,"y":838,"width":796,"height":12}},{"id":"0557f63c-3c01-439f-9c0d-3079af8c5755","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":116,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"1a805b4c-c05a-4c8a-b271-d1646beaf609","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":116,"box":{"x":70,"y":869,"width":813,"height":11}},{"id":"7a5c8a8e-ae92-46ba-8b0f-2103539463f5","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":116,"box":{"x":68,"y":884,"width":812,"height":11}},{"id":"de28e4f5-ef44-46ce-81ad-47d5604939e4","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":116,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"c01445fe-87e0-4f24-bf43-4608da3b8c27","block_type":"box","text":"II-67","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f0fb5974-e2b0-4268-ac32-cdc3a14a091e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc47cb73-aad6-43a8-af58-2f436ad74482","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":117,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"3c5b8a05-2f7e-4ce1-831a-b2b5b62c9921","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":117,"box":{"x":69,"y":60,"width":646,"height":11}},{"id":"31dc2af0-d92f-4194-ab3c-aa940a2da1ea","block_type":"box","text":"Legal and Regulatory Risks.","page_number":117,"box":{"x":102,"y":83,"width":197,"height":11}},{"id":"343cb303-0552-4677-bff2-cffc0c6c32ee","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":117,"box":{"x":305,"y":82,"width":583,"height":12}},{"id":"18ba7e87-4c89-4eb9-9a89-05713cd0abca","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":117,"box":{"x":67,"y":98,"width":819,"height":11}},{"id":"4e3b8ec8-d882-4bb2-b2ef-73dd44afcce4","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":117,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"6723b455-c073-42fd-ba24-3c84a65fb0f4","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":117,"box":{"x":68,"y":128,"width":781,"height":11}},{"id":"9cadb317-7c8e-4a67-8b59-f344f4e46cdb","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":117,"box":{"x":69,"y":143,"width":763,"height":11}},{"id":"82f0f718-3235-4f10-b88d-003b2390fa25","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":117,"box":{"x":70,"y":158,"width":838,"height":11}},{"id":"43300068-68f9-4cdb-a128-5f533b725271","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":117,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"0fcb20e4-8635-4309-a775-916c4fd06fc2","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":117,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"2dd10dca-df37-41d6-864c-66cee682a23a","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":117,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"a74e5ce5-6393-4307-80b0-630aab21134d","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":117,"box":{"x":69,"y":219,"width":666,"height":11}},{"id":"73744a37-6e6c-4a70-8082-fd4888afb33a","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":117,"box":{"x":103,"y":241,"width":202,"height":11}},{"id":"36dd4b12-539b-46e1-a350-0875e073ae6b","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":117,"box":{"x":312,"y":241,"width":593,"height":11}},{"id":"d0412a44-d480-4ab2-87bb-7d405f9534bb","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":117,"box":{"x":68,"y":256,"width":806,"height":12}},{"id":"835bcc32-39bb-45e6-858d-41f7edaaf3a5","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":117,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"ddcb7b0c-25a1-419a-b4cf-adb1fcfb3cbb","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":117,"box":{"x":70,"y":286,"width":827,"height":12}},{"id":"c22d5d88-8b56-47a5-97f2-216cec24444e","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":117,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"40d5fbb8-0bf3-440f-ace6-c3e221f1c741","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":117,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"55eecb41-09ed-43e6-bf5c-ac0d06d468fe","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":117,"box":{"x":69,"y":332,"width":559,"height":11}},{"id":"f201cd35-7afd-4570-bf91-abaa9bdf7bc2","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":117,"box":{"x":102,"y":355,"width":796,"height":11}},{"id":"ad4b7137-a5e6-4487-9e15-357a718be38c","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":117,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"bbcc3ecd-8fd0-4374-a744-99e15e8fafb1","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":117,"box":{"x":70,"y":385,"width":799,"height":11}},{"id":"674a9985-90bf-4cda-9c3b-2e7d3d22c295","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":117,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"5c55f190-7eb5-458e-b040-45d2fb844aab","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":117,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"94119298-4d36-4792-98d1-4ea47a9de135","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":117,"box":{"x":69,"y":430,"width":783,"height":11}},{"id":"5211457f-4003-48ba-83a5-6670fd423e4f","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":117,"box":{"x":69,"y":445,"width":753,"height":11}},{"id":"7b9b128f-75f4-4575-a0a5-713392f06cab","block_type":"box","text":"Geographic Risks","page_number":117,"box":{"x":102,"y":468,"width":123,"height":11}},{"id":"9cc6f799-87c5-4844-b0f7-11db743a0141","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":117,"box":{"x":226,"y":468,"width":671,"height":11}},{"id":"f7db3438-2a20-489d-9f97-11223050ee43","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":117,"box":{"x":68,"y":483,"width":835,"height":11}},{"id":"61670a2b-f0be-4444-b3e9-23deedea0401","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":117,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"d1936729-02b3-44c9-8da3-fc2271240a95","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":117,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"956956bd-3699-42e0-93f3-8e1b20ff5619","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":117,"box":{"x":68,"y":528,"width":840,"height":12}},{"id":"c4b16a28-5921-46ec-9b85-e2026f76bb76","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":117,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"912090b3-c0ac-4726-9677-4edee2ccf686","block_type":"box","text":"Fund.","page_number":117,"box":{"x":70,"y":559,"width":36,"height":9}},{"id":"41d9fd1c-a57c-4b8a-b7b4-394dd2ddb9fe","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":117,"box":{"x":102,"y":581,"width":255,"height":11}},{"id":"96fc74ea-c14e-41ba-8f94-20627de4b98c","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":117,"box":{"x":363,"y":581,"width":514,"height":11}},{"id":"97a10bf0-02a7-4465-a663-b7b81bd39516","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":117,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"0cd51c29-4669-469a-b640-7e153b545d49","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":117,"box":{"x":69,"y":612,"width":791,"height":11}},{"id":"c894e6ce-b802-4555-9452-11ab0d1783b5","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":117,"box":{"x":70,"y":627,"width":826,"height":11}},{"id":"e7035664-fbe3-4ad3-8af6-2c12973c99ba","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":117,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"55ad72c0-61c5-4668-8d78-e7e10b9099b4","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":117,"box":{"x":70,"y":657,"width":837,"height":11}},{"id":"14a8d142-0192-4c16-ad68-e4f4cf060af7","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":117,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"20f1767e-9025-4947-8b5a-cbea23c3e139","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":117,"box":{"x":69,"y":687,"width":779,"height":11}},{"id":"53c9b2cd-4cab-43d5-8b13-bf47eea1c328","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":117,"box":{"x":69,"y":702,"width":830,"height":11}},{"id":"4a14d645-86cb-4f38-bf3d-5b9e5122fd50","block_type":"box","text":"continuing to develop (","page_number":117,"box":{"x":69,"y":718,"width":160,"height":11}},{"id":"a01ed3f5-49ef-462b-b2d7-5df267660760","block_type":"box","text":"e.g.","page_number":117,"box":{"x":231,"y":719,"width":25,"height":10}},{"id":"67747001-ad8f-46bd-bf83-53913cef7151","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":117,"box":{"x":258,"y":717,"width":641,"height":12}},{"id":"0501881c-c37c-4e8e-be46-20569af93cfe","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":117,"box":{"x":70,"y":733,"width":777,"height":11}},{"id":"b3b2720c-0367-4ed8-83b6-5b6bf593f6c4","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":117,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"84f92743-9ba1-42b7-955f-3962aaff0de9","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":117,"box":{"x":70,"y":763,"width":493,"height":11}},{"id":"fcf749d5-eaf4-440e-b73b-38bbdf428cf4","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":117,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"8438020d-ef35-48d4-a046-9cc8522aafe6","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":117,"box":{"x":69,"y":801,"width":803,"height":11}},{"id":"aeb0d54b-ac22-4ef1-8ed9-edcbed112b95","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":117,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"9b96b4cc-8faa-44c7-ba8c-a5954f90b9ef","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":117,"box":{"x":70,"y":831,"width":801,"height":11}},{"id":"8aea709b-963b-4366-9a98-2f11bba1ef3a","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":117,"box":{"x":70,"y":846,"width":810,"height":11}},{"id":"c99b05f6-30ac-46ed-bef2-db9195cd8af4","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":117,"box":{"x":69,"y":861,"width":803,"height":11}},{"id":"84d306b5-3cc8-4e45-a2e8-2bd39b6920f8","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":117,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"f6e2e8bc-43a5-4356-869f-b0c8939de99d","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":117,"box":{"x":70,"y":891,"width":828,"height":12}},{"id":"ea6df443-292a-4a76-97e5-88cbb8399561","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":117,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"d33e95b2-6a61-4623-9b61-3cf4f23bb614","block_type":"box","text":"II-68","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"987dc868-606a-4892-9714-3d860e508254","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b84ecd81-8585-4d0d-ac94-fa1e795d1650","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":118,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"12b3117f-f59b-4a5e-ac92-e3385a2b1e3d","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":118,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"ed1eedc3-bdf6-4914-ad31-fa648fc73194","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":118,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"b91899c8-a928-4f7f-b66b-a0d80fe9225e","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":118,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"9d8ec826-a590-470e-92cc-2ea2af50b7fa","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":118,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"aa9dc264-e02d-475e-9cd8-4887c569df76","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":118,"box":{"x":69,"y":120,"width":827,"height":11}},{"id":"00205601-ab4c-49aa-91b7-b0786b0a4e88","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":118,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"38442fb3-c9e3-42de-920b-8904e19f4f0c","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":118,"box":{"x":68,"y":150,"width":384,"height":12}},{"id":"90e880e2-e33e-4437-85f2-06f59cfe2c35","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":118,"box":{"x":102,"y":173,"width":782,"height":11}},{"id":"42671e01-d7d9-474b-baaf-b071f2b77303","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":118,"box":{"x":68,"y":188,"width":786,"height":12}},{"id":"a1e406c9-867c-4276-bd68-dec887521f43","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":118,"box":{"x":69,"y":203,"width":746,"height":12}},{"id":"69726288-0fb2-42ee-9c1e-a8c1c0ba9c1f","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":118,"box":{"x":70,"y":219,"width":822,"height":11}},{"id":"a9cbd4a9-fc86-420a-bf7d-4a8fa41cc5e4","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":118,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"3f3e9f22-d443-4ebf-bd15-566d8a0dcf00","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":118,"box":{"x":68,"y":249,"width":799,"height":11}},{"id":"e3798753-de40-4623-9f9a-e84747f0cb4a","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":118,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"4de6d2b8-bf6e-443a-8f37-f113cd9e1a22","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":118,"box":{"x":70,"y":279,"width":757,"height":11}},{"id":"3b962cb8-7e1b-49db-9e49-2507b536df4b","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":118,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"4e6b8601-f41b-4309-be59-c4632f687196","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":118,"box":{"x":69,"y":309,"width":840,"height":11}},{"id":"a8dfe2fd-ed5a-4c9f-a5e7-179c9c004303","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":118,"box":{"x":70,"y":324,"width":782,"height":11}},{"id":"fa8f3cfc-dc3f-4b97-b0ec-7dec7966412c","block_type":"box","text":"consequences which cannot be predicted.","page_number":118,"box":{"x":69,"y":340,"width":298,"height":10}},{"id":"2f7d56a3-2a88-4a7e-88b0-7853443d6f19","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":118,"box":{"x":102,"y":362,"width":432,"height":11}},{"id":"a9abe653-0694-4f53-9e9c-c08b958d639b","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":118,"box":{"x":541,"y":362,"width":347,"height":11}},{"id":"d112dbe9-86f3-47ce-be5e-242841d5f43f","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":118,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"0c3cf213-581b-4e7b-a16a-864599e8deea","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":118,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"5777f4b4-96c2-455d-ac41-1cf20b7cf306","block_type":"box","text":"term of the agreement.","page_number":118,"box":{"x":68,"y":407,"width":164,"height":12}},{"id":"9267916f-df2a-4be5-b5c1-e3f15d1f0a22","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":118,"box":{"x":101,"y":430,"width":788,"height":11}},{"id":"a22f5b78-43c4-4f7b-8191-453208ffe269","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":118,"box":{"x":68,"y":446,"width":831,"height":11}},{"id":"97b6584e-bf97-4d56-bcb1-543fde7e3e28","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":118,"box":{"x":70,"y":460,"width":821,"height":12}},{"id":"5ba65543-64c4-4216-92c5-eb0bae4ed284","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":118,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"09f091b6-b3b3-464f-94d5-17a1f3ad486a","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":118,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"7db18f64-26c8-41e4-99a3-f43cd106b874","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":118,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"45980148-1dcf-4416-a43f-48d09ae2b8bb","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":118,"box":{"x":68,"y":521,"width":522,"height":11}},{"id":"180e94d2-356e-4ba4-8bb8-9ee9e18f0578","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":118,"box":{"x":102,"y":543,"width":792,"height":12}},{"id":"8ceb8039-4634-440d-8cda-660f6548a9dd","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":118,"box":{"x":70,"y":559,"width":784,"height":11}},{"id":"7d4432e3-b046-4997-ad4b-3c978db1c730","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":118,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"29ee8bd4-39a2-4750-bea2-1e4ac9ffa44e","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":118,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"72e6d838-bed3-4f68-a6ce-78351af1ab78","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":118,"box":{"x":68,"y":604,"width":770,"height":11}},{"id":"3570633c-72cc-46eb-a6f2-81b67194a504","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":118,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"9392e078-7a52-4e9e-9829-0c20bcc78e2c","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":118,"box":{"x":70,"y":634,"width":430,"height":12}},{"id":"3d8cc05d-c17d-4a6b-b070-0d97f9badbb7","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":118,"box":{"x":102,"y":657,"width":759,"height":11}},{"id":"93404ef0-59b3-4762-b5cb-b838c83c4dca","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":118,"box":{"x":70,"y":672,"width":765,"height":11}},{"id":"44099da3-3de2-47e6-9d0a-c6723e19cee0","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":118,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"5c0dc752-5452-4507-83ab-eae587adee29","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":118,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"6f015a55-7196-4fac-ae36-5121a7fda8ac","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":118,"box":{"x":69,"y":717,"width":801,"height":12}},{"id":"e188800d-2a01-4dc6-86ae-db1b2ad1acee","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":118,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"e42be57b-62bb-4c45-b13b-dbbbd04073a8","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":118,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"09e0c212-141c-42a6-8be3-f1266a737849","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":118,"box":{"x":69,"y":763,"width":810,"height":11}},{"id":"15f0a3e5-ffaf-4f31-a09e-87f6e2ab7e56","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":118,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"8a816b8d-2617-4207-b85d-1ce8808ade00","block_type":"box","text":"or by another authorized securities depository.","page_number":118,"box":{"x":69,"y":793,"width":329,"height":11}},{"id":"a327e30c-b981-4d95-94eb-10218dec98e7","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":118,"box":{"x":102,"y":816,"width":770,"height":11}},{"id":"ed419a88-c5bb-402d-8088-c7e3be7a6861","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":118,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"7a13f0a4-2fbc-4828-8696-8d3b6146783f","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":118,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"f1be5a7e-05dd-4eac-b7c5-90bb3b254860","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":118,"box":{"x":69,"y":861,"width":778,"height":11}},{"id":"9d18e68e-070f-46f5-aefd-1392b95b7ed5","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":118,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"682e3a4d-786c-4816-b33d-db2f7f471090","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":118,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"a0760e75-c2b5-4cd0-91a5-1a3341b9502a","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":118,"box":{"x":69,"y":907,"width":812,"height":11}},{"id":"87db286b-cfde-4da6-acd9-56308d85cbdf","block_type":"box","text":"II-69","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"862ab5c1-f716-4d9d-bebc-cd5c580a6791","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1740103-c3d6-404c-9b9f-9ef3f1da7fb6","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":119,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"bd5dbb4a-d7ed-4aae-ac6d-7bde17ea539d","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":119,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"3ad3f2cf-f603-4ad4-906d-57541915404f","block_type":"box","text":"the repurchase price.","page_number":119,"box":{"x":68,"y":75,"width":151,"height":11}},{"id":"e81ab2bc-c4b6-4c17-affc-f00bad3e1100","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":119,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"0f42e9a1-cd9e-41ab-8503-fe38f5111685","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":119,"box":{"x":70,"y":113,"width":837,"height":11}},{"id":"6c631815-21aa-4eac-990b-fae9fd2a747c","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":119,"box":{"x":69,"y":128,"width":788,"height":11}},{"id":"db8981b2-3cad-45ba-b67d-29cf25324bf8","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":119,"box":{"x":69,"y":143,"width":767,"height":11}},{"id":"10f3bf3a-f5c1-40de-8b6c-7bdd412eaeab","block_type":"box","text":"strategies without the repurchase obligation.","page_number":119,"box":{"x":69,"y":158,"width":317,"height":11}},{"id":"f4c21f3b-b286-4619-b462-98da1dec962f","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":119,"box":{"x":101,"y":181,"width":782,"height":11}},{"id":"42ba64a3-55bd-4440-9db7-cd9f8a4b926d","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":119,"box":{"x":69,"y":196,"width":776,"height":11}},{"id":"71039759-3020-4d05-9db9-08ed5c64276e","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":119,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"9fc37d8e-180d-4ff7-b780-220f58ea7413","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":119,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"fb7c0669-de02-4847-94c4-2855518ea497","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":119,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"9dc951e5-395f-4d65-871c-7622b8abf852","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":119,"box":{"x":69,"y":256,"width":374,"height":11}},{"id":"963d810b-5398-4642-9f1d-2ca596e8aa20","block_type":"box","text":"i.e.","page_number":119,"box":{"x":445,"y":257,"width":20,"height":8}},{"id":"5c43595a-a728-4d9a-8de8-10733bb17ed4","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":119,"box":{"x":468,"y":256,"width":434,"height":11}},{"id":"dbbf6963-a1e3-432f-b6b7-756d53830847","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":119,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"01492b3e-b031-45ad-b62f-362b4cd1e241","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":119,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"7951b8da-ddfb-489a-849a-97f0d93cdf1a","block_type":"box","text":"and income involved in the transaction.","page_number":119,"box":{"x":69,"y":302,"width":278,"height":9}},{"id":"2f7f88ee-cb35-4b9a-9896-940d3a3b23e9","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":119,"box":{"x":102,"y":324,"width":800,"height":12}},{"id":"18f7208f-34b9-4fa0-a62a-92e813b52ab5","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":119,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"4108e32c-d562-400d-99ff-8db9e6fe8b88","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":119,"box":{"x":69,"y":355,"width":814,"height":11}},{"id":"14bc37f6-db86-4213-b02a-634b250836fe","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":119,"box":{"x":68,"y":370,"width":790,"height":11}},{"id":"915523e7-67da-4921-9d19-b3c22f67dbb5","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":119,"box":{"x":69,"y":385,"width":818,"height":11}},{"id":"b5693301-fcba-4fbf-9b44-2997a2058a6c","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":119,"box":{"x":68,"y":400,"width":783,"height":11}},{"id":"eb36cf8b-c11d-4123-8323-5b0e843701b3","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":119,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"a4ad9308-8bf4-4753-bd11-7bf3347bb0b5","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":119,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"327aee54-32a7-4d3c-b99f-4609e76124c3","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":119,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"d14dd9a7-b25b-4772-9aac-969d90a0c9b9","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":119,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"64496021-9984-4b2d-a8f8-20b8dc855c3c","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":119,"box":{"x":68,"y":475,"width":824,"height":12}},{"id":"455613fa-7a01-4b55-aa45-73a50947ea0d","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":119,"box":{"x":69,"y":491,"width":279,"height":11}},{"id":"b3e12da8-1775-4d16-a68e-23c27745ca06","block_type":"box","text":"Restricted Securities.","page_number":119,"box":{"x":102,"y":513,"width":157,"height":9}},{"id":"e0a87ca5-cc60-40f0-afa6-67ac9d2d1011","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":119,"box":{"x":265,"y":513,"width":617,"height":12}},{"id":"552cbf8e-6be8-4949-aa3a-a34215b621a2","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":119,"box":{"x":69,"y":529,"width":801,"height":11}},{"id":"387e8683-0cca-442c-b5ba-28fa44647edf","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":119,"box":{"x":69,"y":544,"width":808,"height":11}},{"id":"eb8e8369-d895-44c4-84c0-3345587372a5","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":119,"box":{"x":70,"y":559,"width":802,"height":11}},{"id":"d46d8e92-380f-4189-9e68-31751f645170","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":119,"box":{"x":70,"y":574,"width":834,"height":11}},{"id":"8039cee2-df3e-48c3-a475-abaab1526ce7","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":119,"box":{"x":68,"y":589,"width":825,"height":11}},{"id":"67101a0a-6af8-4cba-bc8a-b43aa391a182","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":119,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"030eb05e-8c3e-4180-8012-32638ab39a44","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":119,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"e098f1a3-26e3-4292-93f9-583b04d4cd14","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":119,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"cd9f476e-7bc0-4dfc-9e6d-5b040612017e","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":119,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"ea733b05-c03f-45af-9cc1-fb2fef96cb2b","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":119,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"8fe944c8-b309-438f-8c34-53c2f3b3acab","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":119,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"20ba634d-064b-4dcd-9c1b-f07dadc7292c","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":119,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"6d5b849f-da94-4c87-b9a8-39719d49e046","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":119,"box":{"x":68,"y":710,"width":805,"height":11}},{"id":"a6f9d4b0-b1af-438d-a459-6ba03bff1ff2","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":119,"box":{"x":68,"y":725,"width":840,"height":11}},{"id":"529dc502-3368-439a-9724-38a68b0683a3","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":119,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"ef5d7b70-91fa-46fd-b0be-e75df2c65cb8","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":119,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"4ff08eb3-244f-4a00-90cb-0c923090b79e","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":119,"box":{"x":69,"y":771,"width":803,"height":10}},{"id":"9248cbe5-96b0-45e9-8136-346189c611b8","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":119,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"e764eda8-2619-4eab-9242-650ccdd0d4b5","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":119,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"82c7cea0-3823-4f89-98b8-1b44e01a786a","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":119,"box":{"x":68,"y":816,"width":825,"height":11}},{"id":"e573dc16-3ee1-47ed-861e-27c4b13a7037","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":119,"box":{"x":69,"y":831,"width":777,"height":11}},{"id":"77879842-23e7-44bf-9ff0-4d400829a9b5","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":119,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"3d2332fe-c220-4b71-824c-269d3825a6e4","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":119,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"d7fa75f9-a179-4c95-9e63-7015de99cb8f","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":119,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"1e3828cc-7352-49a6-9c92-915383f998cd","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":119,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"d1c6050e-4c41-4231-8f9a-1f572d89ed21","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":119,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"31c37fc9-4d53-443d-bc24-6eb7fcfa1c46","block_type":"box","text":"II-70","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b330c57f-91f8-4097-a1fb-8a732d4e6394","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a4f741e2-452f-4625-9dc9-f877696077a1","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":120,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"c77e3819-8841-4e2c-af5d-e5f9110ea20c","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":120,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"41b50568-73ee-4484-9737-39dfd3cbace9","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":120,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"61e27e81-7c2a-4b27-a4bb-1e317273d305","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":120,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"2a53e6df-084e-41cd-9854-d5986aa97355","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":120,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"09f59796-4239-45ef-8931-19c7873699fc","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":120,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"ea95b674-29b0-4c5e-865a-a932f8f42e6a","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":120,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"88d06028-7618-4fd5-86d8-1bf2cca95fa9","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":120,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"b08ed629-2641-4f15-9e04-27ff63023d4a","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":120,"box":{"x":68,"y":166,"width":804,"height":11}},{"id":"26bebc3d-5d2a-44e8-8b47-16d7427372b9","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":120,"box":{"x":69,"y":181,"width":647,"height":11}},{"id":"772c1608-0a96-4eb8-94a1-93a6f4db7a3d","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":120,"box":{"x":102,"y":203,"width":714,"height":12}},{"id":"ea5bb67c-17b0-4576-9ae7-d3912c23b4e1","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":120,"box":{"x":70,"y":219,"width":823,"height":11}},{"id":"a4b0ef18-e632-40d2-b9f2-6c44095574e1","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":120,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"3995ebd5-4be2-4227-8ce1-3624edc425b1","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":120,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"94fa61c5-6ad9-4907-8b9b-00afba3c824c","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":120,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"0652e48a-75fd-4be3-97ab-d017ef7fbb6e","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":120,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"01b7aaee-4506-4625-a290-9800736d5c4a","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":120,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"066c52b9-c1b8-4cac-bdfb-3f3a9855fe99","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":120,"box":{"x":69,"y":309,"width":759,"height":11}},{"id":"5d3506a2-b031-408a-827d-da11c6b8aa8a","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":120,"box":{"x":70,"y":324,"width":833,"height":12}},{"id":"f6ee5b3e-3874-43c1-90ff-4334b9a37931","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":120,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"1ba32230-4c64-446a-bebb-820d2b81ff78","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":120,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"3325dcab-3824-4d33-afa2-9f8fbfecae44","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":120,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"903c1807-3692-4e46-b698-ac449ee97bcc","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":120,"box":{"x":69,"y":385,"width":816,"height":11}},{"id":"6ec94942-2643-45a6-8c9e-fc8885ac9111","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":120,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"6cb7aac3-d3f8-4fd8-a5c9-f16db4cb2b58","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":120,"box":{"x":69,"y":415,"width":768,"height":11}},{"id":"3575944d-68ad-4c29-a573-90e9f40c0f4a","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":120,"box":{"x":70,"y":430,"width":815,"height":11}},{"id":"fa6f9aab-d676-47fa-988b-c2cebfdd38b0","block_type":"box","text":"especially as that Fund grows in size.","page_number":120,"box":{"x":69,"y":446,"width":264,"height":11}},{"id":"1e088015-08e5-44e7-8542-e5bf596d31be","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":120,"box":{"x":101,"y":468,"width":762,"height":11}},{"id":"bcd47a4c-ca8c-4d97-9977-ea91b87724c2","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":120,"box":{"x":69,"y":483,"width":795,"height":11}},{"id":"3c416769-e407-4c80-b4c7-7d6dc6a80142","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":120,"box":{"x":69,"y":498,"width":751,"height":11}},{"id":"13b69882-c76c-447d-8961-085a570cf6f9","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":120,"box":{"x":70,"y":513,"width":755,"height":11}},{"id":"938be738-12e3-4295-b6b3-8c97b976e168","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":120,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"9d14ac5e-6973-4b59-9379-d89bf7e824ee","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":120,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"e8f028a4-10d4-402b-9f1c-c2fde7bf7c87","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":120,"box":{"x":68,"y":559,"width":766,"height":11}},{"id":"3a533b90-a264-4178-9ee0-2a2338212055","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":120,"box":{"x":69,"y":574,"width":792,"height":11}},{"id":"1c8e77f0-b2ca-478b-8ffc-a3c51e3df743","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":120,"box":{"x":70,"y":589,"width":821,"height":11}},{"id":"089bb675-2b9c-4048-9a4d-d348d9d50d16","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":120,"box":{"x":70,"y":604,"width":771,"height":11}},{"id":"ac78a19a-9e2d-4072-ba0c-1d72143e8101","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":120,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"005c6cab-88e5-4e6a-9c0f-20ad74d790b1","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":120,"box":{"x":69,"y":634,"width":790,"height":11}},{"id":"ab9b9930-8a1a-4a28-8b27-36fd44a6a450","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":120,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"4f438ad5-e64b-4234-8cd9-75f100bc65c0","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":120,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"ef5ec000-d3d6-4e31-8bf2-75df8f5d4ed2","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":120,"box":{"x":70,"y":680,"width":818,"height":11}},{"id":"301e59cc-94c4-4ab2-851c-9e3df5053e06","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":120,"box":{"x":68,"y":695,"width":839,"height":11}},{"id":"a075b435-04a0-4673-b56b-a9d57d84f4df","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":120,"box":{"x":68,"y":710,"width":514,"height":11}},{"id":"1569a518-7df6-42ab-9fb7-b5d72a8fa4be","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":120,"box":{"x":102,"y":733,"width":385,"height":10}},{"id":"1e130de6-2ca2-448c-a180-a0ac19477686","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":120,"box":{"x":102,"y":755,"width":246,"height":11}},{"id":"42a59593-9f71-4e12-a5da-9af686a36f0c","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":120,"box":{"x":354,"y":755,"width":548,"height":11}},{"id":"e1d29f2b-07cf-4dfb-9ad8-b04c42701865","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":120,"box":{"x":68,"y":771,"width":830,"height":11}},{"id":"e8030bd3-63e1-48fd-a569-4d21677515e2","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":120,"box":{"x":68,"y":786,"width":793,"height":11}},{"id":"9e71fa95-f7c1-4f47-9170-149a2018befd","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":120,"box":{"x":69,"y":801,"width":784,"height":11}},{"id":"f4b0ece3-e4a5-4ad4-8259-2cf14a0cc1ac","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":120,"box":{"x":70,"y":816,"width":591,"height":11}},{"id":"98704b68-6005-48f2-9d05-d16d21c063fd","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":120,"box":{"x":101,"y":838,"width":730,"height":12}},{"id":"4b3c3d6e-e800-4e50-bcfe-a8a66d2d4b71","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":120,"box":{"x":70,"y":854,"width":822,"height":11}},{"id":"220decf8-3ea7-4a2c-9b60-a999c87e26fa","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":120,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"df49d0b5-0330-4d3d-b7ef-9285c1dc34e4","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":120,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"7f95df6a-da13-41af-b256-49eab71d1940","block_type":"box","text":"II-71","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d54b306-db55-4b34-8577-0c6f6e492407","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d807f8f-dc08-41d9-922c-ec4044857936","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":121,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"820a2524-492e-4194-bc87-97c808e5a956","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":121,"box":{"x":69,"y":60,"width":354,"height":11}},{"id":"0843e1b7-f341-4994-8389-ee300ca22694","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":121,"box":{"x":102,"y":82,"width":769,"height":12}},{"id":"5c914800-782f-4d05-8de9-c76f65e467a3","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":121,"box":{"x":70,"y":98,"width":815,"height":11}},{"id":"b1eabc85-59e6-46ad-a66c-858a811774a7","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":121,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"c933636a-9eff-4b27-9871-f12d00076973","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":121,"box":{"x":69,"y":128,"width":449,"height":11}},{"id":"7ca4a39b-ddd3-46d1-a90f-3385a8f70f11","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":121,"box":{"x":102,"y":150,"width":794,"height":12}},{"id":"7d5e6382-c1b3-47eb-bd00-46982e1c305b","block_type":"box","text":"similar financing transactions (","page_number":121,"box":{"x":69,"y":166,"width":218,"height":11}},{"id":"c2a21cb2-403e-4729-9130-f00127e33b5c","block_type":"box","text":"e.g.","page_number":121,"box":{"x":289,"y":167,"width":24,"height":10}},{"id":"e4f3c095-4715-4227-bb98-a5fbd26a6611","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":121,"box":{"x":316,"y":166,"width":594,"height":11}},{"id":"ceea2fb5-4832-482f-b624-ae8df478c1e6","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":121,"box":{"x":68,"y":181,"width":813,"height":11}},{"id":"fbe50d0c-bada-4926-b15a-be05e4e1251b","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":121,"box":{"x":70,"y":196,"width":789,"height":11}},{"id":"7cf4a155-b8c1-446b-9b1e-43e161cba86a","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":121,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"c45c84eb-80ad-4d1b-a8d9-346d7d099f98","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":121,"box":{"x":70,"y":226,"width":824,"height":11}},{"id":"266eca74-ef55-4596-83ef-9c6f77eff649","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":121,"box":{"x":68,"y":241,"width":758,"height":11}},{"id":"fe1b9664-dc92-43cf-a22e-49a2561b3ad9","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":121,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"0d057b59-9864-49d3-ba5f-6f25080f07a0","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":121,"box":{"x":68,"y":271,"width":838,"height":12}},{"id":"706f93fa-79b9-4f76-8996-4070fa5357e7","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":121,"box":{"x":69,"y":286,"width":538,"height":12}},{"id":"61ef4192-b91e-45d6-a389-c9cce2e46c62","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":121,"box":{"x":101,"y":309,"width":780,"height":11}},{"id":"24eb36e0-fdcb-4b9b-8079-91d764e49d86","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":121,"box":{"x":69,"y":324,"width":838,"height":12}},{"id":"50abe4a4-5a55-4d7d-ab62-a72cf829f400","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":121,"box":{"x":68,"y":339,"width":775,"height":12}},{"id":"13e2d808-ef4b-437a-b5de-f2eff7f2d6c2","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":121,"box":{"x":68,"y":355,"width":754,"height":11}},{"id":"42d0ec21-9f5b-42ce-b2e4-7d384027f379","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":121,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"8de2d040-8b7c-4ade-bff5-95708639895e","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":121,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"94804dab-8ba2-459d-8bdb-77274e730f11","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":121,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"2b930c7f-f2fe-4e4e-8ba8-bb86a3a62b1b","block_type":"box","text":"amounts to be received under such agreements.","page_number":121,"box":{"x":69,"y":415,"width":345,"height":11}},{"id":"b6426137-3253-42ae-a08d-4f392576b9ba","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":121,"box":{"x":102,"y":438,"width":316,"height":11}},{"id":"b0dbcde4-7ded-4425-be5e-35e83b13a4da","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":121,"box":{"x":424,"y":438,"width":481,"height":11}},{"id":"629e437e-3263-418d-b2b0-be6e3514255c","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":121,"box":{"x":68,"y":453,"width":822,"height":11}},{"id":"d74fcb77-1fae-4f85-aa9d-e2ce175541af","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":121,"box":{"x":69,"y":468,"width":776,"height":11}},{"id":"a1f20f02-a0d2-4f23-879b-b173a77e5c2e","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":121,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"27132fe9-1667-4b72-8787-81e42faf084b","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":121,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"9fa605e7-c39c-4443-b864-319ecd635808","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":121,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"0c4bd028-2ab8-4f73-8f20-2b86aa2dfc70","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":121,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"f946eb23-5130-4264-9b3d-f221f847235e","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":121,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"d82085bf-fdb9-4217-90d8-7c601ea774ea","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":121,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"524246a1-b1a2-4e46-a47f-3eb3e0049653","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":121,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"83326582-dace-4a45-9031-a6d8e9fd7a6a","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":121,"box":{"x":68,"y":589,"width":708,"height":11}},{"id":"f4f51582-695a-4ac7-9197-8ec7040c59d8","block_type":"box","text":"Rule 144A Securities.","page_number":121,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"03d50910-9d42-4844-8125-762fdf3df631","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":121,"box":{"x":266,"y":612,"width":560,"height":11}},{"id":"1d84f746-ac9b-40a3-b0f0-5d9dab819cdf","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":121,"box":{"x":70,"y":627,"width":741,"height":11}},{"id":"2298ea3e-5ab8-4fe6-a9de-4b53e9d7a088","block_type":"box","text":"Securities Lending.","page_number":121,"box":{"x":101,"y":649,"width":139,"height":11}},{"id":"cb18c2a8-5ace-4b41-814e-b6fd05d6aca1","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":121,"box":{"x":247,"y":649,"width":645,"height":12}},{"id":"cde967f7-c8c2-4661-b494-6a7ba8605b5d","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":121,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"6a964d70-8192-4125-8b36-8e885f014e47","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":121,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"2c1fb8d1-8f84-4b51-a098-df837bb33a1c","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":121,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"1834a7ec-5d7d-4643-acec-d4dd311c97ca","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":121,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"07973ebc-0eda-4f2b-b57d-2c813fdf042d","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":121,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"4e7823a2-06c1-4111-8651-9991706dbfd5","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":121,"box":{"x":69,"y":740,"width":838,"height":11}},{"id":"ee16fe1f-cb1c-48e6-9bfc-1410a2477e61","block_type":"box","text":"the securities were not on loan.","page_number":121,"box":{"x":68,"y":755,"width":225,"height":9}},{"id":"92dd8629-4451-4496-9f0e-fe25395fede9","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":121,"box":{"x":101,"y":778,"width":799,"height":11}},{"id":"352df54f-a9a9-4731-84a5-5042d5cd24f6","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":121,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a41629f5-8317-4b52-93ff-150406296f68","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":121,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"20697254-d01b-4e2c-982c-b9d3d090723a","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":121,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"18c305c8-6a8d-4f74-bd26-7ed2adb755a9","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":121,"box":{"x":69,"y":838,"width":810,"height":11}},{"id":"4ee218d8-86ae-42b1-8dd3-dabcc2b4bc1e","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":121,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"32cd77a2-c579-4b38-a897-c0841b314603","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":121,"box":{"x":70,"y":869,"width":643,"height":11}},{"id":"ea410ab4-b85a-425a-9c16-0000f536ac1b","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":121,"box":{"x":102,"y":891,"width":568,"height":12}},{"id":"4e4e3540-d51e-490e-812e-3763e0d7714f","block_type":"box","text":"i.e.","page_number":121,"box":{"x":672,"y":891,"width":20,"height":9}},{"id":"985b9aec-d511-4b5c-8b02-2cef38010f6d","block_type":"box","text":", the risk of losses resulting","page_number":121,"box":{"x":695,"y":891,"width":198,"height":12}},{"id":"ecf6bdec-bb03-4bd4-9c6a-24273a8484b8","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":121,"box":{"x":68,"y":906,"width":501,"height":12}},{"id":"be4075f3-5c28-4dd6-b482-58758fa09616","block_type":"box","text":"i.e.","page_number":121,"box":{"x":571,"y":907,"width":20,"height":8}},{"id":"4f1d5f12-32fe-488a-913e-471621272374","block_type":"box","text":", the risk of a mismatch between the return","page_number":121,"box":{"x":594,"y":906,"width":307,"height":11}},{"id":"0f852909-61ce-4aef-a0fb-6f6e8762e884","block_type":"box","text":"II-72","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f6b446e-71cb-4a7b-815a-97781035348f","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee702062-8eab-4336-a151-a734bc65d3c8","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":122,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"28894c9d-485c-4e45-812c-e685f9c7906a","block_type":"box","text":"i.e.","page_number":122,"box":{"x":865,"y":45,"width":20,"height":9}},{"id":"f73c017a-8837-446d-9c95-3c022dae2ec2","block_type":"box","text":",","page_number":122,"box":{"x":888,"y":52,"width":2,"height":3}},{"id":"a17c5ef6-8c41-4fb1-9060-dce478e7bfaa","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":122,"box":{"x":68,"y":60,"width":788,"height":11}},{"id":"9dd11b77-e77e-4e85-bbff-2924846883c1","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":122,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"b2e3a5e1-9fe5-4adf-bc45-5edf674267f2","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":122,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"45edb8db-2617-4534-9c8f-3035c9a72c22","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":122,"box":{"x":68,"y":105,"width":811,"height":11}},{"id":"5d8bb555-ec40-423e-b7b3-be6f96697bc9","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":122,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"b23bd8a7-96f7-47fd-b0d8-30dcda4be2cc","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":122,"box":{"x":69,"y":136,"width":790,"height":10}},{"id":"cd83aef7-e995-4614-8756-56259269b79f","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":122,"box":{"x":70,"y":150,"width":820,"height":12}},{"id":"f3a91cff-8d34-4a00-91d4-05e2d3477573","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":122,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"fddee2ae-5839-4d8a-8184-46f1ab9ef14f","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":122,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"a003bba0-eca7-48c4-8b10-b1156a34e4fa","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":122,"box":{"x":69,"y":196,"width":775,"height":11}},{"id":"23f5d183-10d1-4dea-a62f-b77d1d7323af","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":122,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"196500a5-af39-4768-b9d7-3d38c3a0650f","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":122,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"b9667260-af8c-41e9-94f6-fe75416ce313","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":122,"box":{"x":70,"y":241,"width":837,"height":11}},{"id":"d73b1b4e-df2d-4e34-b863-df150875282f","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":122,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"1ce87a52-fb94-447d-bb6e-db32ab6f9657","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":122,"box":{"x":69,"y":271,"width":839,"height":12}},{"id":"4cecd642-181d-4cfd-8c0b-d9a118e4f9bd","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":122,"box":{"x":70,"y":287,"width":832,"height":11}},{"id":"f3de7713-cfcf-406a-85f7-5b254013d5ce","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":122,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"05572cd4-7de0-4618-8b3e-3c01d2693570","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":122,"box":{"x":69,"y":317,"width":823,"height":11}},{"id":"82128ea7-83ff-41b7-967d-1da53b8092fb","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":122,"box":{"x":70,"y":332,"width":823,"height":11}},{"id":"4d6e0736-e080-45fa-acf2-8cd0fd0cb36f","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":122,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"39e4391d-c363-426a-894c-fca589d19745","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":122,"box":{"x":70,"y":362,"width":814,"height":11}},{"id":"6f86354b-24b4-49f6-bf91-adb58063bc46","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":122,"box":{"x":68,"y":377,"width":787,"height":11}},{"id":"fae4b888-6bab-400d-a5f6-f0eaf681153a","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":122,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"aa284e3a-bdc4-4d2b-be7a-973f351de99f","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":122,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"cf3a0437-4147-4c9f-9863-ec08bc800f88","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":122,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"1e6b5ae4-6044-4a7e-a074-0535fd9f426b","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":122,"box":{"x":69,"y":438,"width":731,"height":11}},{"id":"c66656c3-21fc-48ff-9790-1455682d00d4","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":122,"box":{"x":102,"y":460,"width":800,"height":12}},{"id":"68f640a2-571e-40e1-abc2-b6112c86db84","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":122,"box":{"x":68,"y":475,"width":802,"height":12}},{"id":"dabc4a8b-c4e9-48af-86a4-a2dd96c982e6","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":122,"box":{"x":69,"y":491,"width":783,"height":11}},{"id":"87072850-ea0c-48c7-9b56-f8a8d3d61e98","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":122,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"0ef09532-c7a3-4ffc-a2e6-fcfbcca22e3e","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":122,"box":{"x":70,"y":521,"width":747,"height":11}},{"id":"93e062dc-3dd5-4376-8790-96dcccf1de01","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":122,"box":{"x":69,"y":536,"width":806,"height":11}},{"id":"e1fdeb5a-60f1-4095-8d1f-fb87d09e8d02","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":122,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"89b85f0d-6e89-4f14-9b9e-bb60ce56a2a6","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":122,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"29077d3a-74bb-4975-bd9b-aeb76f3949ca","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":122,"box":{"x":69,"y":581,"width":827,"height":11}},{"id":"a4a480ff-801d-411c-a8f4-a9aff7d992e1","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":122,"box":{"x":69,"y":596,"width":794,"height":11}},{"id":"efce8bc5-9109-4d60-a517-03abad01d843","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":122,"box":{"x":69,"y":612,"width":371,"height":11}},{"id":"a831265f-5eed-4633-9986-2dc81275ff19","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":122,"box":{"x":101,"y":634,"width":753,"height":12}},{"id":"45c7eca7-b649-4bcd-ac4a-f94b6e481882","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":122,"box":{"x":70,"y":649,"width":808,"height":12}},{"id":"1bc96789-d890-4a78-b333-3a58537e94e2","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in early 2026,","page_number":122,"box":{"x":69,"y":665,"width":791,"height":11}},{"id":"7a30b2d8-cace-49ce-be89-e07cd400d7e7","block_type":"box","text":"although a legal challenge against the rules is currently pending.","page_number":122,"box":{"x":69,"y":680,"width":459,"height":11}},{"id":"fd23937d-dfc3-44e3-ad65-d503a195b817","block_type":"box","text":"Short Sales.","page_number":122,"box":{"x":101,"y":702,"width":89,"height":9}},{"id":"1517b511-100b-4766-8bcd-137856368e36","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":122,"box":{"x":196,"y":702,"width":696,"height":12}},{"id":"3b48bf12-ce45-4661-8e6a-60cd4c7a7cd2","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":122,"box":{"x":68,"y":717,"width":821,"height":12}},{"id":"31d1cce5-c432-4353-8f04-3c5eecc113d6","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":122,"box":{"x":69,"y":732,"width":778,"height":12}},{"id":"60966441-9d6f-4082-bf63-7b8ba6acc9e4","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":122,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"17b2db96-1874-43e2-81c7-e5583f197e59","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":122,"box":{"x":69,"y":763,"width":837,"height":11}},{"id":"16f7c94d-d471-4c4c-90f6-76efff3a26ee","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":122,"box":{"x":68,"y":778,"width":828,"height":11}},{"id":"b378cc79-32e1-4ed5-b50c-846c91f0b577","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":122,"box":{"x":70,"y":793,"width":829,"height":11}},{"id":"20aed4ec-3efa-47cf-b7a9-52d6409ff5b0","block_type":"box","text":"securities to the lender of the securities.","page_number":122,"box":{"x":69,"y":808,"width":289,"height":9}},{"id":"701596ed-1ff6-4cf1-b0dd-a13048ebaa5a","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":122,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"890736d0-3074-4310-bd0e-87944688b965","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":122,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"bc365182-48b2-41d3-9dcd-b03796708a07","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":122,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"a65137e0-e2c8-45ee-934e-9ca60db3c787","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":122,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"626ebb51-77d5-41c2-ab90-827c1ba1d715","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":122,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"e9669658-19ed-432c-b6e2-d854a3435e60","block_type":"box","text":"II-73","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bd255c2f-3015-4cde-bfb3-406f48cf796b","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bbbf6eef-32b1-4d7c-9a46-6355c35c4da5","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":123,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"2f749ff0-ef8f-4c41-989b-f81823bb97b9","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":123,"box":{"x":70,"y":60,"width":568,"height":11}},{"id":"ccb7cdff-b98b-4f81-9e01-b339730ebaa8","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":123,"box":{"x":102,"y":83,"width":806,"height":11}},{"id":"209ed357-363f-4d93-89a2-b21465bb4265","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":123,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"08c60232-313c-4493-b36c-960e72238c6b","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":123,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"79292682-ec7b-499d-af45-257609749995","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":123,"box":{"x":69,"y":128,"width":758,"height":11}},{"id":"35bbdf78-1e44-4358-908c-b32085a31439","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":123,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"ec7fa6ad-6e0e-47c5-93dd-ee03a9ed17aa","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":123,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"38e6d48f-73a5-4fb2-b285-4685ac4d4aaf","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":123,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"c251f2f9-f5b9-4e36-9f8e-866cacf9dc05","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":123,"box":{"x":68,"y":188,"width":821,"height":11}},{"id":"631142b6-6729-413b-ba3c-315f0960697f","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":123,"box":{"x":69,"y":204,"width":640,"height":11}},{"id":"a1f36d14-9b4e-4933-a358-60026f394f91","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":123,"box":{"x":101,"y":226,"width":673,"height":11}},{"id":"44d8fb11-d771-485f-933f-65ae413ba32c","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":123,"box":{"x":101,"y":249,"width":721,"height":11}},{"id":"284286a0-34b8-42ac-9945-9df045f60374","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":123,"box":{"x":69,"y":264,"width":791,"height":11}},{"id":"41652e1f-8165-4f5f-9978-99806894bee7","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":279,"width":489,"height":11}},{"id":"dda83dba-69a5-4b64-9049-7f43dcda1cf5","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":123,"box":{"x":102,"y":302,"width":745,"height":11}},{"id":"e3173b06-ff84-4b9e-98ea-9cbfa3009c51","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":123,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"80d9aaf6-b1eb-49ad-bf57-3bd8d705c96f","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":123,"box":{"x":69,"y":332,"width":796,"height":11}},{"id":"c2872cbb-a693-4e52-9514-e3c1ae871683","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":123,"box":{"x":70,"y":347,"width":766,"height":11}},{"id":"0c815305-f966-4e81-950c-fc97aeb21af7","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":123,"box":{"x":70,"y":362,"width":754,"height":11}},{"id":"a43f1f3a-006f-4dec-8e36-e23a4862dffd","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":123,"box":{"x":67,"y":377,"width":800,"height":11}},{"id":"ac70058e-8fb9-467c-8d67-a16a378b62ea","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":123,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"fc2d4a68-1808-44e8-9cc8-3254a4f13356","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":123,"box":{"x":69,"y":407,"width":782,"height":12}},{"id":"428eb839-8892-4bf5-86c2-95a97e0eaff6","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":123,"box":{"x":69,"y":423,"width":460,"height":11}},{"id":"6625463e-8f25-4685-98f3-ef5b0cccaa7f","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":123,"box":{"x":101,"y":445,"width":293,"height":11}},{"id":"94dfa0ea-d84b-4a46-829a-56d7839b0ba9","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":123,"box":{"x":400,"y":446,"width":504,"height":11}},{"id":"9fd6ba73-531c-4833-a315-b92b6d5711fc","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":123,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"186919d2-9ca6-417e-900e-bbc56fddf435","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":123,"box":{"x":70,"y":475,"width":793,"height":12}},{"id":"fb3afb61-3af9-428f-ad47-c9d01fe2cf83","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":123,"box":{"x":70,"y":491,"width":824,"height":11}},{"id":"4460bd14-26a1-41fc-9d49-4b330d916b78","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":123,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"cc6dcc17-cde1-4303-b7bc-ad54d82ad09c","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":123,"box":{"x":69,"y":521,"width":768,"height":11}},{"id":"96889bd2-f467-47a4-87e3-f625a1652328","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":123,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"8fda4107-16e3-4101-88fc-50a6161fd66e","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":123,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"7e95d18d-002f-4c1d-99e2-0aa7c8c3dfa4","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":123,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"7fd6e768-ffbe-49de-bf9d-6bc5914d01b8","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":123,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"71af7f7a-3e61-46ab-aace-d93b01a5415e","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":123,"box":{"x":68,"y":596,"width":788,"height":11}},{"id":"bd990217-2ff9-41c7-af1f-df7d980463f0","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":123,"box":{"x":68,"y":612,"width":794,"height":11}},{"id":"44bc2c25-d9a9-4514-9384-f34842591933","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":123,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"b59c7594-8e4c-4b77-b448-28d3a45adde1","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":123,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"aec30304-5f10-4494-8a32-88affccfaba7","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":123,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"d8d14688-30b6-4bfc-9066-a59e54c6d8f1","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":123,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"96daeb17-9657-480a-8fc1-0ee631b7243e","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":123,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"268aa100-7d29-4b3d-8b54-448e929c7720","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":123,"box":{"x":69,"y":702,"width":806,"height":12}},{"id":"2dc404f0-2668-45aa-8b9e-c6a3f140ca30","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":123,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"29cb2ae5-87c7-46ea-920d-9b3589c646da","block_type":"box","text":"Standby Commitment Agreements.","page_number":123,"box":{"x":101,"y":740,"width":255,"height":11}},{"id":"9e9d1090-2c43-4cfe-98d9-2d96e5e36d18","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":123,"box":{"x":362,"y":740,"width":511,"height":11}},{"id":"eca80575-f549-45de-9c94-8cbed875192a","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":123,"box":{"x":68,"y":755,"width":834,"height":11}},{"id":"03708ea7-4d5d-41f4-886a-8153122d5ee9","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":123,"box":{"x":68,"y":770,"width":834,"height":12}},{"id":"d6250b94-9d28-4850-ac99-8736328765d6","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":123,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"1a186fc6-3975-4d8b-b28e-48bf81978556","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":123,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"c9bd582f-9f47-46bf-9565-94d7d9e7efed","block_type":"box","text":"advantageous to the Fund.","page_number":123,"box":{"x":69,"y":816,"width":188,"height":11}},{"id":"2fed52f3-831b-4353-9fec-b89504640fb4","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":123,"box":{"x":101,"y":838,"width":800,"height":11}},{"id":"d0aab57f-992e-40dc-a331-c0740907af9d","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":123,"box":{"x":68,"y":853,"width":816,"height":12}},{"id":"4e860159-6772-4b2c-9352-858d1c798f7c","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":123,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"f9c6e11e-c6d5-4aa5-a1f6-954757cc30c6","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":123,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"083c6ac4-de85-48d0-8166-4e7ab411a6e3","block_type":"box","text":"II-74","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3885b07d-41c6-4cd6-ac73-f824d11b0ed9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"848db52e-de4a-4416-ad57-9631e6f01a00","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":124,"box":{"x":101,"y":45,"width":785,"height":11}},{"id":"bfee309c-6a75-4ed6-a695-9593b6585aa9","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":124,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"48100394-1bd0-4564-80b8-b2e8e231fc8d","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":124,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"83123ed7-4646-4246-87e5-9f387d8fc251","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":124,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"1beb43dd-ff6a-4b12-8f28-3c687393dda1","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":124,"box":{"x":70,"y":105,"width":415,"height":11}},{"id":"d325f6c6-95ad-4810-8c7e-b943242b3f9f","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":124,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"9409d18e-4f89-4b21-ab36-2feab7d2d2f1","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":124,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"8813d3ca-304b-46f2-8e58-6fd87ded2071","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":124,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"2686c1f0-0add-4087-b050-d422d8b859fe","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":124,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"df45cc6b-cb45-4aaf-843c-cc7601b1479f","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":124,"box":{"x":68,"y":188,"width":817,"height":12}},{"id":"233386c3-993a-47ed-a286-16cee8f5a712","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":124,"box":{"x":69,"y":203,"width":578,"height":12}},{"id":"d2bb1600-0fee-4a8e-8fa2-2300e44b9de7","block_type":"box","text":"Stripped Securities.","page_number":124,"box":{"x":101,"y":226,"width":143,"height":11}},{"id":"4c6d3a5e-58d8-4a51-86dc-8a67444f5c05","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":124,"box":{"x":251,"y":226,"width":596,"height":11}},{"id":"fb8d7c17-3b42-4904-b80e-63bb05f4850a","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":124,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"832c3501-6586-499c-9225-8027e9f44ba6","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":124,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"efd1ed88-55b9-471e-9385-5c5c318e1019","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":124,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"c6082548-a066-4506-b662-572a4fc5ac6b","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":124,"box":{"x":70,"y":286,"width":777,"height":12}},{"id":"ef51cbcc-74e7-4a55-a6cd-667cbdd3793c","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":124,"box":{"x":70,"y":302,"width":802,"height":11}},{"id":"4e8a79da-6498-44a2-9c4d-f1f1451064c1","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":124,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"0f4c45eb-db28-443c-843a-2fba946fdd4b","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":124,"box":{"x":70,"y":332,"width":837,"height":11}},{"id":"6ebf8110-1347-463a-a32a-f2c43a69e43a","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":124,"box":{"x":68,"y":347,"width":823,"height":11}},{"id":"45e26895-91a3-4398-94ed-0c7d2643b787","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":124,"box":{"x":69,"y":362,"width":494,"height":11}},{"id":"3edb1076-b886-4dce-8230-60746f28ced2","block_type":"box","text":"Structured Notes.","page_number":124,"box":{"x":101,"y":385,"width":130,"height":9}},{"id":"615a6966-566b-453c-8e77-f6e199edc154","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":124,"box":{"x":237,"y":385,"width":650,"height":11}},{"id":"6ab4fbac-103d-4f63-82e8-102ef6141907","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":124,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"11ccda90-ee45-43c4-9ce2-e99757fdfd73","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":124,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"1e1c35c6-4225-4bf5-aef4-7fb30f428b99","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":124,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"bfd3b147-5c90-4f4d-ad45-608743a1d9e9","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":124,"box":{"x":70,"y":445,"width":839,"height":12}},{"id":"c3b2345b-169c-4bb5-b69a-698c7a81b640","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":124,"box":{"x":69,"y":460,"width":801,"height":12}},{"id":"79a76d09-255a-4ae5-9f71-32be79bead7a","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":124,"box":{"x":70,"y":476,"width":813,"height":11}},{"id":"96e70a6b-d453-47e7-876c-37254679a6b5","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":124,"box":{"x":68,"y":491,"width":673,"height":11}},{"id":"5d4ab4b0-b15e-4984-8a61-0366c7d9b8d8","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":124,"box":{"x":102,"y":513,"width":768,"height":12}},{"id":"129d606f-bb7a-44b4-b32f-37b5701cd207","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":124,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"009f303a-3e37-46fb-a167-66d5cad1e2bb","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":124,"box":{"x":69,"y":543,"width":787,"height":12}},{"id":"b02718a6-39be-4e82-9d93-e34aa4d78e08","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":124,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"43f2a6ab-3710-4b91-a92b-c1582b58634e","block_type":"box","text":"the risk of loss.","page_number":124,"box":{"x":68,"y":574,"width":110,"height":9}},{"id":"bb82df58-c5c2-4a96-980b-fff2c549f0b7","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":124,"box":{"x":101,"y":596,"width":759,"height":11}},{"id":"9a50e1aa-e674-4cc0-87b3-4135b17a2ff7","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":124,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"67e6adf3-d69d-447f-acda-d4cfcdf33006","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":124,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"7fe20046-c56d-4056-9778-e87f73f5db48","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":124,"box":{"x":70,"y":642,"width":821,"height":11}},{"id":"0b84024d-2c89-477d-875e-560da533ae86","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":124,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"d313bca6-8fe3-4cab-83ee-eec4df5e44f2","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":124,"box":{"x":70,"y":672,"width":618,"height":11}},{"id":"e7409b14-4e95-42d1-a28e-dbba6af31610","block_type":"box","text":"Taxability Risk.","page_number":124,"box":{"x":103,"y":695,"width":109,"height":11}},{"id":"cebf9083-7c07-421d-998c-c5ad3d91e999","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":124,"box":{"x":218,"y":695,"width":644,"height":11}},{"id":"634f2fc0-837e-4e8f-afc9-b64793800d63","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":124,"box":{"x":70,"y":710,"width":817,"height":11}},{"id":"9fab5d73-be6a-45ee-86dc-8bd5d4698f9e","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":124,"box":{"x":68,"y":725,"width":827,"height":11}},{"id":"29f66d3d-bd2c-45fc-9d0f-9721eb136251","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":124,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"3f00d1af-5582-4e92-a601-ee943a0a2ce9","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":124,"box":{"x":68,"y":755,"width":809,"height":11}},{"id":"bdd5d1e4-7d4e-41e2-9cf4-fc006f40834f","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":124,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"d41b8472-8130-4578-b0df-76557cda637f","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":124,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"1f64f9d6-0ae1-4e56-b4c2-80c4f14135fb","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":124,"box":{"x":70,"y":801,"width":822,"height":11}},{"id":"e6aa27bc-32ef-4130-98cd-28b798f7909c","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":124,"box":{"x":70,"y":816,"width":818,"height":11}},{"id":"d6ce80fc-01eb-4d0b-8054-0bb7f5eacf51","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":124,"box":{"x":70,"y":831,"width":771,"height":11}},{"id":"bddd7745-45cb-479e-a683-31db50301b84","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":124,"box":{"x":70,"y":846,"width":765,"height":11}},{"id":"6ca174f9-6421-4d01-8f39-805356e04156","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":124,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"dba4826f-4815-4c6f-a8f2-5788d382dcc6","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":124,"box":{"x":68,"y":876,"width":807,"height":11}},{"id":"2ffbc441-476b-4dbd-a5d7-3482d9fd6cca","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":124,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"6151a993-f228-449c-966a-2ba57a4ecd2b","block_type":"box","text":"II-75","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"acf452ff-2b96-4026-91e4-d413eaa31107","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f74b4c69-70bf-4a92-9def-6ed19b6518cb","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":125,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"ac8f7827-718a-47f4-a197-40a2a14d6344","block_type":"box","text":"the value of an investment in the Fund.","page_number":125,"box":{"x":68,"y":60,"width":278,"height":9}},{"id":"3df66ab9-9c71-4fe8-9c74-60723c28ae1b","block_type":"box","text":"Temporary Defensive Measures.","page_number":125,"box":{"x":103,"y":82,"width":230,"height":12}},{"id":"05e42eab-16aa-4b61-be5d-88c5f7f18205","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":125,"box":{"x":339,"y":82,"width":542,"height":12}},{"id":"9b6dc77e-4c1c-436e-82cc-b4b0913e8a84","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":125,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"4268cf41-7be0-4217-9cb0-e8b6d9911864","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":125,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"f2a5c7c3-2058-4266-bffd-28862634537f","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":125,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"0eebe491-dcb7-4d29-a51e-49dd871e0ea9","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":125,"box":{"x":70,"y":143,"width":813,"height":11}},{"id":"45cfb4c0-8d21-4612-9aff-6a84ba1285e0","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":125,"box":{"x":69,"y":158,"width":795,"height":11}},{"id":"96166942-be1d-4f92-9d1a-21cd11cb3732","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":125,"box":{"x":68,"y":173,"width":806,"height":11}},{"id":"b06126ee-a1dc-417f-8123-aed6042f3c6a","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":125,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"9b88ea19-7eb8-4d34-9fff-eef991ee4e96","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":125,"box":{"x":68,"y":203,"width":820,"height":12}},{"id":"d0a0f8b7-7525-40be-853a-411e76aae477","block_type":"box","text":"its investment objective.","page_number":125,"box":{"x":70,"y":219,"width":171,"height":11}},{"id":"7de06a83-3069-4eae-b892-16fc007f26b1","block_type":"box","text":"U.S. Government Obligations.","page_number":125,"box":{"x":102,"y":241,"width":213,"height":11}},{"id":"475e77e8-e5fd-4913-a34f-2b3b7f03d3c6","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":125,"box":{"x":321,"y":241,"width":566,"height":11}},{"id":"5650e7b5-dc14-4eba-ad69-ae3f9d37e70e","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":125,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"28b21ec2-2f25-482d-9b2f-b836335539d3","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":125,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"265afc0d-ff6e-43f9-98dc-1d11efba2fcd","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":125,"box":{"x":68,"y":286,"width":779,"height":12}},{"id":"8641aa83-bfaf-4e1b-b9b5-f6b83578cc01","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":125,"box":{"x":70,"y":302,"width":798,"height":11}},{"id":"d1ace61c-12b7-4381-a931-32b60c494a1b","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":125,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"faeba2c3-1f60-44eb-aaac-ac6cef60d0f7","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":125,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"59ebe0c2-02ad-40de-a9fc-b52b32c224b6","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":125,"box":{"x":69,"y":347,"width":805,"height":11}},{"id":"4091c85c-40be-44c3-ba3b-dca6e3c9e72b","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":125,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"cb6d55a3-fb78-45a9-9002-f5e21be8da24","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":125,"box":{"x":70,"y":377,"width":832,"height":12}},{"id":"466a810f-f4e4-4015-b369-315d2638473f","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":125,"box":{"x":69,"y":392,"width":829,"height":12}},{"id":"1113e43f-1601-4f64-88d9-5f582000a418","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":125,"box":{"x":69,"y":407,"width":716,"height":11}},{"id":"a587c4ad-4bae-45ba-bf0b-d21829c5255c","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":125,"box":{"x":102,"y":430,"width":800,"height":11}},{"id":"b471ed18-d004-4432-8357-d39c58100b74","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":125,"box":{"x":68,"y":445,"width":785,"height":12}},{"id":"3a69a3fe-0127-4acc-8c85-7ca4d1a017a7","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":125,"box":{"x":68,"y":460,"width":813,"height":11}},{"id":"32ff71b8-fd62-4152-9515-d1192fffef0d","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":125,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"11a4eef6-b3ff-4938-8f88-8bf5e4ea2bbb","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":125,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"74728351-0385-4191-83fb-56cf6034a870","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":125,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"3539ab13-3262-4ad5-ab4c-6cf3602332c5","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":125,"box":{"x":70,"y":521,"width":777,"height":11}},{"id":"4f405a6a-6a5f-458a-b812-46baba00ad29","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":125,"box":{"x":70,"y":536,"width":749,"height":11}},{"id":"08b9a2fb-eb40-4904-9689-219aeb53d78a","block_type":"box","text":"U.S. Treasury Obligations.","page_number":125,"box":{"x":103,"y":559,"width":183,"height":11}},{"id":"487fabdc-3356-4fad-9255-683c19a069d2","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":125,"box":{"x":292,"y":559,"width":593,"height":11}},{"id":"f5047d98-0093-475f-a998-ec2bb3ba35eb","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":125,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"fde5f308-a2fd-4454-8ca2-3381f2cdcb6c","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":125,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"43add091-afe7-4901-a20f-277f58cd1aad","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":125,"box":{"x":68,"y":604,"width":823,"height":11}},{"id":"ad427f2c-0fee-4eb0-9ae8-d827de3e1a9e","block_type":"box","text":"do so.","page_number":125,"box":{"x":69,"y":619,"width":42,"height":9}},{"id":"c8ebb198-4969-4868-ba81-7cb8785018cb","block_type":"box","text":"U.S. Treasury Rolls","page_number":125,"box":{"x":102,"y":642,"width":139,"height":11}},{"id":"8fc9e361-5eac-4308-a35e-66fa587277d2","block_type":"box","text":".","page_number":125,"box":{"x":241,"y":649,"width":3,"height":2}},{"id":"5d1a00df-86f3-4534-8e99-c1cf3e3f83d5","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":125,"box":{"x":250,"y":642,"width":656,"height":11}},{"id":"d159d231-e283-4e47-9c6e-1764fcb82b7c","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":125,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"d3bd4737-7c94-4474-ad92-a8af59e42f26","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":125,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"0eacb978-9347-4381-a05b-b0d45ac3961e","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":125,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"07d4e8f0-35a9-46fd-aefd-74ebad954d6b","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":125,"box":{"x":69,"y":702,"width":828,"height":12}},{"id":"1dcf3935-6aaf-48a3-8412-ea057edc246f","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":125,"box":{"x":69,"y":718,"width":775,"height":11}},{"id":"6d875b7e-bc42-4b9c-ac44-0e931db978b6","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":125,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"766b1d57-b6c4-4308-a0bf-ee99afa02d0b","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":125,"box":{"x":68,"y":748,"width":657,"height":11}},{"id":"74833adb-04ea-4cf9-bd2b-efa26071736c","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":125,"box":{"x":101,"y":770,"width":756,"height":12}},{"id":"792e8d72-9473-46ab-a4c8-1197fef062c6","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":125,"box":{"x":70,"y":785,"width":800,"height":12}},{"id":"1ffd0fe0-a1d4-42d4-9b64-858b564c43f1","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":125,"box":{"x":70,"y":801,"width":617,"height":11}},{"id":"fdd801af-ea61-4a40-9053-ac52826ba5f1","block_type":"box","text":"Utility Industries.","page_number":125,"box":{"x":102,"y":823,"width":124,"height":11}},{"id":"c924c742-710a-46c5-b945-e4d67c6affef","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":125,"box":{"x":233,"y":823,"width":674,"height":12}},{"id":"e7f787d2-cb32-4ac2-9586-4bb2b39c2155","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":125,"box":{"x":69,"y":838,"width":812,"height":12}},{"id":"55775464-31cf-4959-a380-2ee414d98f96","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":125,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"43ad1d23-ad1d-4470-bd56-62d6c09fe610","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":125,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"5e729fd5-34ef-4f54-8063-68612979f76c","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":125,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"ae14f041-007c-4e97-a071-a0f7dea037d5","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":125,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"8acec337-23f4-42b0-bae3-81b0409f941e","block_type":"box","text":"II-76","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"26508021-f637-4792-b7a4-ce30291ee871","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d704e0b3-eb52-4d81-9700-57cd52deb00b","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":126,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"ab175aab-5c24-45e6-8997-7a53f1f00458","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":126,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"b0b5d7cd-b3bb-4d78-a973-f2212712e18e","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":126,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"843b964c-e39d-4601-9406-b361e1c746ed","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":126,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"e41442f8-100b-43a8-b823-b868f9d1c2b1","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":126,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"c3d5d688-57f3-41da-9662-4ae44f14783e","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":126,"box":{"x":69,"y":120,"width":761,"height":12}},{"id":"2682dc8a-2ffc-4b0a-8bf2-c959d4cedefd","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":126,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"3c02c702-3237-4ed3-9ee2-96c4eb517f6f","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":126,"box":{"x":69,"y":150,"width":777,"height":12}},{"id":"8ec6fd46-b65b-4a08-9560-3f127a851adc","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":126,"box":{"x":70,"y":166,"width":820,"height":11}},{"id":"696b3616-27d7-4568-9398-797a33bbc6b2","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":126,"box":{"x":69,"y":181,"width":835,"height":11}},{"id":"94aefa52-68cd-4de9-83b2-b366f86d33ca","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":126,"box":{"x":68,"y":196,"width":778,"height":11}},{"id":"90574142-c269-4bb2-a37e-08bd076c10b4","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":126,"box":{"x":69,"y":211,"width":808,"height":11}},{"id":"f2404cf2-c90c-4418-9c02-40f458cbbd51","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":126,"box":{"x":69,"y":226,"width":831,"height":11}},{"id":"a9d8f63e-1b3f-419b-91ed-7076b85a5541","block_type":"box","text":"utility.","page_number":126,"box":{"x":69,"y":241,"width":39,"height":11}},{"id":"fc00efa9-342f-4f1b-9e80-a554a12ca991","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":126,"box":{"x":102,"y":264,"width":744,"height":11}},{"id":"9cffa8a5-bf94-4837-8f71-f6042c49c425","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":126,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"49e072cc-6ecf-4e1b-9d20-26c0e4da5e96","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":126,"box":{"x":69,"y":294,"width":817,"height":11}},{"id":"4f18df07-dd4a-48ae-a60c-d719cca0f749","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":126,"box":{"x":70,"y":309,"width":464,"height":11}},{"id":"6fc73666-ea81-4c86-a122-55dc9ebc72db","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":126,"box":{"x":102,"y":332,"width":789,"height":11}},{"id":"e6f98ffa-3c4d-4160-941d-77c0cda6e1dc","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":126,"box":{"x":69,"y":347,"width":790,"height":11}},{"id":"9415fc29-27f2-433f-a4c1-ea679a1ae18d","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":126,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"1e9e30a9-22fd-4b45-9439-5731ecf969ae","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":126,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"ff10fb60-fca0-4586-9064-14bf379b9ec4","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":126,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"16c3353e-2df5-4f23-9f2c-d91803d3c483","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":126,"box":{"x":69,"y":407,"width":826,"height":12}},{"id":"2713f82e-eec3-4082-bac5-68214bd20196","block_type":"box","text":"continue in the future.","page_number":126,"box":{"x":69,"y":423,"width":156,"height":9}},{"id":"024fc0e5-ba47-42a1-afcf-8d6ecf851320","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":126,"box":{"x":101,"y":445,"width":763,"height":12}},{"id":"669163e7-eb25-4d41-a571-45b31b8e4e3b","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":126,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"994eee11-9aca-400e-9f55-c33c399e1fb1","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":126,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"d4cbd4e6-8844-43a0-a457-f4e537f520ac","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":126,"box":{"x":69,"y":491,"width":784,"height":11}},{"id":"affd041b-789b-4d73-b916-34539076230c","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":126,"box":{"x":70,"y":506,"width":830,"height":11}},{"id":"27208305-0bcf-4856-9c2d-aa187ca213e4","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":126,"box":{"x":68,"y":521,"width":809,"height":11}},{"id":"516e60de-7fbf-4c31-bedd-ad0614993ff1","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":126,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"e3109b27-c04a-4b34-8a2e-4d9c49a16acf","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":126,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"fa2bae99-92b3-4347-866a-0337b6d000b9","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":126,"box":{"x":68,"y":566,"width":840,"height":11}},{"id":"c4636f70-8c1c-4bb9-9e9c-d708f2430be1","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":126,"box":{"x":69,"y":581,"width":796,"height":11}},{"id":"ae15e701-2f63-4561-bf2a-f48332bba6d9","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":126,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"460ab9a6-455d-4d06-8776-08615fa42075","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":126,"box":{"x":68,"y":612,"width":831,"height":11}},{"id":"8189fa89-9f18-44e7-af7e-9c7dcbb26ca0","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":126,"box":{"x":69,"y":627,"width":812,"height":11}},{"id":"e361fc7a-4e14-43a8-b150-308bc692fd84","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":126,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"a40299e4-c9f7-4815-97fb-7d1531523df3","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":126,"box":{"x":68,"y":657,"width":831,"height":11}},{"id":"f204f00a-5095-48b4-955f-5be711c6d859","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":126,"box":{"x":102,"y":680,"width":720,"height":11}},{"id":"49772298-5838-425c-8abe-403bf19ec9cd","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":126,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"2d97b14a-ed2d-4b4f-a406-481916b706bb","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":126,"box":{"x":68,"y":710,"width":762,"height":11}},{"id":"c57fa9ed-8ed3-43e7-93a4-d01a3d55eaaa","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":126,"box":{"x":68,"y":725,"width":815,"height":11}},{"id":"87679b77-294f-4c17-a60e-98a5a4eaf9f3","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":126,"box":{"x":68,"y":740,"width":801,"height":11}},{"id":"87bbb6a6-680c-4698-a395-6ea48efd3060","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":126,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"dfea5adb-43aa-4699-9850-e2ae59b4f80f","block_type":"box","text":"ways different from regulation in the United States.","page_number":126,"box":{"x":68,"y":770,"width":365,"height":12}},{"id":"91cc03d9-99ec-4140-a8aa-453928362bc9","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":126,"box":{"x":101,"y":793,"width":745,"height":11}},{"id":"dc2e5ada-1230-4d5f-874c-cf448d48208b","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":126,"box":{"x":68,"y":808,"width":790,"height":11}},{"id":"6002f75f-0368-4d1a-b721-f6c68271ba38","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":126,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"04c7dd4e-4af6-4e06-9057-2a3c73ed62ab","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":126,"box":{"x":69,"y":838,"width":810,"height":12}},{"id":"031279d0-d655-4e52-a45e-fdae430ce193","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":126,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"c670c0ad-b560-4a85-a5e6-83d03abac19f","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":126,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"a9a55dc2-9b0c-401e-b515-a2b5230f0a4d","block_type":"box","text":"II-77","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed8927dc-41e5-41bc-8381-95ea6d57b2c9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"519bc1d8-f2c8-43d2-8889-6293991fb8ca","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":127,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"d77d3c38-64de-43cf-aa2d-3d7475015e9f","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":127,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"36bd6947-fdeb-4cec-9c76-04d32e7e908e","block_type":"box","text":"increase.","page_number":127,"box":{"x":70,"y":75,"width":63,"height":9}},{"id":"7520d25f-649c-4d91-a7fc-5a1a8dcd5ddb","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":127,"box":{"x":101,"y":98,"width":793,"height":11}},{"id":"3963c577-7bc9-4ecb-8d2a-1489162745f1","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":127,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"1ac3a20a-9cbc-4ace-93ef-fba097d1f3dc","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":127,"box":{"x":69,"y":128,"width":619,"height":11}},{"id":"69aa3f44-6b60-4073-b885-82893986670b","block_type":"box","text":"Electric.","page_number":127,"box":{"x":102,"y":151,"width":54,"height":8}},{"id":"8d896d42-fa83-4000-b896-6ec1792cb8fc","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":127,"box":{"x":163,"y":150,"width":684,"height":12}},{"id":"f0e21251-342b-4ddd-a18e-512317404226","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":127,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"05fccf0f-8522-4a48-82e4-787d540082c2","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":127,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"031562c5-7822-4293-9b69-5e13afb666ec","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":127,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"3757c3e0-428d-4dbd-a575-fa967460ed51","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":127,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"763b56d8-c55f-4580-8978-b985fa67bdba","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":127,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"aedb57c6-ecaa-45fb-97b1-d14cdad9308a","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":127,"box":{"x":68,"y":241,"width":803,"height":11}},{"id":"69a76b57-d58a-4101-b76f-6eba9d7c348f","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":127,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"5ebdf9e4-03bd-433d-9db4-c92b523db51a","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":127,"box":{"x":70,"y":271,"width":836,"height":12}},{"id":"b9842caa-3bb9-479c-a3fd-78ffb8cecf19","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":127,"box":{"x":69,"y":286,"width":793,"height":12}},{"id":"c475b600-0960-44c8-9b97-7a4a738762e1","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":127,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"77827d2c-b151-4abd-af9e-670363f39451","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":127,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"382170ed-4fd7-4473-b12c-b7e0f20f3f64","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":127,"box":{"x":69,"y":332,"width":775,"height":11}},{"id":"76bc0f45-de57-426c-9fb4-e5b15eb00d83","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":127,"box":{"x":69,"y":347,"width":770,"height":11}},{"id":"9b46c1ae-2a7d-4a64-a43f-84f43b746e14","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":127,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"da802013-84d3-489b-b060-c0453ec660ae","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":127,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"d48cb72e-ce5f-445d-a6c2-b227aea9ef9a","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":127,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"6d40c883-385e-401e-be21-93f6375f41f4","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":127,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"24984bd4-a64c-483a-9c73-dfca6123f063","block_type":"box","text":"and for decommissioning such plants.","page_number":127,"box":{"x":69,"y":423,"width":270,"height":11}},{"id":"04014b35-ef88-492e-bcd6-21664d1fcbfb","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":127,"box":{"x":101,"y":445,"width":776,"height":12}},{"id":"7047693d-c0b0-4eae-a4f3-721181eb0922","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":127,"box":{"x":70,"y":460,"width":802,"height":12}},{"id":"cbfa0042-f126-4506-b4fe-78ce43a06978","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":127,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"18a2f74f-c772-4bcb-8f67-da13eb6421f5","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":127,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"46d213e4-4a1f-42ff-8941-1d4f8f7d5d4b","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":127,"box":{"x":70,"y":506,"width":838,"height":11}},{"id":"e4a46ce3-5a51-4917-881c-b630af6c28a8","block_type":"box","text":"greater predictability of cash flow.","page_number":127,"box":{"x":68,"y":521,"width":239,"height":11}},{"id":"dfc654f0-c50c-48ec-bd5d-7387af422c00","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":127,"box":{"x":101,"y":543,"width":801,"height":12}},{"id":"5a3016af-60b0-410a-b231-302ab100c8ca","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":127,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"a19a2f69-9821-40ff-8dfe-7a64a6369876","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":127,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"a3ad7946-b90f-43c6-a242-527b6fd7385b","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":127,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"54716376-7902-43c8-8562-112edb4d8088","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":127,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"5524e8de-0a94-413e-a73e-d81ac7884b76","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":127,"box":{"x":69,"y":619,"width":777,"height":11}},{"id":"ae1ac7fa-d8c2-4d46-af51-9cbee895abe0","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":127,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"0ccf9b5a-6460-439d-896f-bb0f5b896068","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":127,"box":{"x":68,"y":650,"width":835,"height":11}},{"id":"a0ae18bc-4934-4dad-a315-57d6785a2400","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":127,"box":{"x":69,"y":664,"width":700,"height":12}},{"id":"c10be25c-52aa-4838-96c5-dfe03de6c05a","block_type":"box","text":"Telecommunications.","page_number":127,"box":{"x":103,"y":687,"width":147,"height":9}},{"id":"c9f62a24-17af-4a8c-ab6f-832702817400","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":127,"box":{"x":256,"y":687,"width":652,"height":11}},{"id":"8e4fc593-b1d0-4e44-9957-8ca13fd859c7","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":127,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"57f9ae4d-8fa2-4099-8ef3-6f4c15796311","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":127,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"09772aaf-6d51-4134-910c-2e03a32151b7","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":127,"box":{"x":69,"y":733,"width":786,"height":11}},{"id":"7743fd39-fd38-4305-97f7-d4267db994ce","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":127,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"a9696c59-c68c-49ff-ae39-948695ea7af7","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":127,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"f5cd78d0-2bf6-4d69-81da-0e597e7c1033","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":127,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"4ca4b2a3-d041-4fe6-94ed-542929cf18e1","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":127,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"08d69538-d1c8-401f-8f2e-60b54f4c1832","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":127,"box":{"x":68,"y":808,"width":825,"height":11}},{"id":"482fef14-bc0d-432b-bfcc-ca08eebd9797","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":127,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"a2bbb759-34db-46e6-a7db-002fdaf7497e","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":127,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"a026a76d-da07-4f0a-a8ca-c778504a9e3b","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":127,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"d4b2f057-f4fd-4584-8ad2-d5e9af77a3bc","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":127,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"0559ac90-328f-4e02-8367-675dab8abc06","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":127,"box":{"x":69,"y":884,"width":827,"height":11}},{"id":"7ce4b252-4dfa-4edf-b204-2964bdee95e0","block_type":"box","text":"II-78","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"995c207c-e64e-44c3-924f-8ebacab5bf2d","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"859589b4-ca2b-4c86-b454-c411f755ec49","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":128,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"411811e1-1fc8-4a73-912f-c08c78007802","block_type":"box","text":"residential, corporate and governmental customers.","page_number":128,"box":{"x":69,"y":60,"width":367,"height":11}},{"id":"930d66e6-ffed-4ceb-ad8e-9762a9c7d553","block_type":"box","text":"Gas.","page_number":128,"box":{"x":102,"y":83,"width":31,"height":8}},{"id":"b14b57e1-ed48-4d45-be0b-c8e07567b9c8","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":128,"box":{"x":139,"y":82,"width":740,"height":12}},{"id":"1dc6071f-729c-4596-a41f-8aa0ea55c1a9","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":128,"box":{"x":70,"y":98,"width":834,"height":11}},{"id":"ed376272-78f6-45e6-80f6-4b8a1e18ea56","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":128,"box":{"x":70,"y":113,"width":756,"height":11}},{"id":"308877f1-814d-4efb-bf3c-95b9cb6049db","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":128,"box":{"x":69,"y":128,"width":831,"height":11}},{"id":"f56db0d6-601b-450e-a9b5-4a5b57c7c073","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":128,"box":{"x":69,"y":143,"width":801,"height":11}},{"id":"cf53202a-ca76-46dc-89ae-542ff721666c","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":128,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"d5908a58-c2f1-4b30-8ef7-ec85f6375192","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":128,"box":{"x":69,"y":173,"width":782,"height":11}},{"id":"36c31463-8516-4c9e-aa8a-1bb26bf237fc","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":128,"box":{"x":70,"y":188,"width":829,"height":12}},{"id":"8b1460fa-a0fb-4477-9ee7-b624a6b59b33","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":128,"box":{"x":70,"y":204,"width":691,"height":11}},{"id":"65d72f23-96a6-4640-a7e5-e98ec6191c05","block_type":"box","text":"Water.","page_number":128,"box":{"x":103,"y":226,"width":42,"height":9}},{"id":"95da533e-628c-4b33-bd51-e7b516dc46fb","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":128,"box":{"x":151,"y":226,"width":754,"height":11}},{"id":"107c9700-385e-4547-8571-e0f2424636f5","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":128,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"f207edb4-f654-4154-8fac-532a5ac956e7","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":128,"box":{"x":69,"y":256,"width":806,"height":12}},{"id":"41b7ff8f-693d-4cc6-b5b3-5153a90c0edd","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":128,"box":{"x":69,"y":271,"width":814,"height":12}},{"id":"2bf53087-0f92-435f-a2ad-aabf3f0c7c5d","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":128,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"77e80ad4-5947-4f81-9606-a9076d964b26","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":128,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"8fa428b9-846c-458f-b8dc-fa166dd99012","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":128,"box":{"x":69,"y":317,"width":662,"height":11}},{"id":"e0154073-8a35-49ab-b50a-8ef0409fa8e5","block_type":"box","text":"Utility Industries Generally.","page_number":128,"box":{"x":103,"y":340,"width":186,"height":11}},{"id":"17d0a204-9bb1-4425-9da2-105226ad4eba","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":128,"box":{"x":296,"y":340,"width":584,"height":11}},{"id":"f039040f-b2a4-42a1-907f-9c54ddade4c1","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":128,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"678f6ed9-7d5d-4f82-b497-747d059aa85a","block_type":"box","text":"not develop in the future.","page_number":128,"box":{"x":69,"y":370,"width":178,"height":11}},{"id":"1ff1bba1-bfcd-4b02-bb59-4334b290588e","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":128,"box":{"x":103,"y":392,"width":585,"height":11}},{"id":"f7ae5ca1-817e-4e86-8791-9c141f6e8728","block_type":"box","text":"A Fund may purchase or sell","page_number":128,"box":{"x":694,"y":393,"width":200,"height":11}},{"id":"23c2edfa-bdf8-4daa-b61a-7f4e132b6a55","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":128,"box":{"x":69,"y":408,"width":795,"height":11}},{"id":"2cc9f53b-4a22-4cf6-b5ac-8c3f63738dce","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":128,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"fca80350-b1b5-43f8-bde8-8f9b8616a2ed","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":128,"box":{"x":68,"y":438,"width":820,"height":11}},{"id":"69b7af6d-02ec-4486-84b8-fa33ba0db3fc","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":128,"box":{"x":68,"y":453,"width":807,"height":11}},{"id":"dab5daae-a373-4dca-b6f0-b145b7aaf818","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":128,"box":{"x":70,"y":468,"width":430,"height":11}},{"id":"2a51c465-cccf-43d7-852e-8582da8ac0e9","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":128,"box":{"x":102,"y":491,"width":750,"height":11}},{"id":"b577fec6-3c48-46f7-8362-570816eafadc","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":128,"box":{"x":70,"y":506,"width":823,"height":11}},{"id":"466e124d-3fdb-46b7-a8ff-1612234ea88b","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":128,"box":{"x":69,"y":521,"width":788,"height":11}},{"id":"e3c91c4d-6329-47b7-961a-171171c9fc13","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":128,"box":{"x":70,"y":536,"width":755,"height":11}},{"id":"6fb3d013-b47d-4f08-a277-4ca4ea062876","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":128,"box":{"x":69,"y":551,"width":799,"height":11}},{"id":"a028b134-1b7c-4580-91dc-cb7d022f16ec","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":128,"box":{"x":69,"y":566,"width":614,"height":11}},{"id":"fb30ddab-272f-4d99-9e98-b183948bb7a9","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":128,"box":{"x":101,"y":589,"width":780,"height":11}},{"id":"55a4e559-520d-45fe-8d70-17eb0869582f","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":128,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"b9d50080-bec8-4f6d-918d-7d8082418f82","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":128,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"a52d8831-4be7-4f69-a33a-b071e09dee48","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":128,"box":{"x":68,"y":634,"width":839,"height":11}},{"id":"8031fee4-cfdb-4b98-8df7-1e63390ad268","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":128,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"720667e2-0e37-4f5a-9439-d51472b12991","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":128,"box":{"x":102,"y":672,"width":776,"height":11}},{"id":"1bcd65c8-1851-4f3f-a945-c71d6124501a","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":128,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"daa65276-d4d9-4da2-bf8e-ae4d1c200c8a","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":128,"box":{"x":69,"y":703,"width":799,"height":11}},{"id":"82b41451-8639-4664-88e9-972331ca90e6","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":128,"box":{"x":101,"y":725,"width":784,"height":11}},{"id":"fd056d56-eca0-4329-8215-a3132b639b38","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":128,"box":{"x":69,"y":740,"width":772,"height":11}},{"id":"535c89f8-f822-4dcb-a1bb-77919eb76b5f","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":128,"box":{"x":69,"y":755,"width":434,"height":11}},{"id":"14b066f4-805e-4c21-8031-bd9c91dbb42a","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":128,"box":{"x":101,"y":778,"width":745,"height":11}},{"id":"4a95bc65-de38-489e-a304-a64b37c0c8bd","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":128,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"65a6e9d5-68d7-42ed-bbd8-68ddd54f6883","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":128,"box":{"x":69,"y":808,"width":823,"height":11}},{"id":"11e325f5-b9d2-45b4-98db-24da825def3f","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":128,"box":{"x":68,"y":823,"width":514,"height":11}},{"id":"64547cb1-5362-4baf-aac9-e853a0c071fe","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":128,"box":{"x":102,"y":846,"width":759,"height":11}},{"id":"ed7d28ca-3416-4ad4-b8cb-7168f787e739","block_type":"box","text":"securities (","page_number":128,"box":{"x":69,"y":861,"width":78,"height":11}},{"id":"e6aebf73-1156-49a1-8600-4bca4fae6158","block_type":"box","text":"e.g.","page_number":128,"box":{"x":148,"y":863,"width":25,"height":9}},{"id":"77f5f7b5-3541-4746-82a1-038ebc37b007","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":128,"box":{"x":176,"y":861,"width":686,"height":11}},{"id":"67cdbb53-0126-4157-997e-68f5b2120e53","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":128,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"79d6d4d9-d6d1-4aea-af35-db9de9b7cd83","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":128,"box":{"x":70,"y":891,"width":822,"height":11}},{"id":"40681fdc-4def-44dd-85f1-81d158bf8fd9","block_type":"box","text":"II-79","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fe8596b9-d423-4af8-a360-231c1af3a7f6","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ef00126-0f3d-4b7e-90b6-f8a96b4ddbbb","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":129,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"01932560-d74e-4961-a9dd-49849ecf22fd","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":129,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"11f1da81-f46f-46f0-aa12-5752729cdc6b","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":129,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"6484e2d3-86af-4cf1-af08-8de774ea5bb5","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":129,"box":{"x":70,"y":90,"width":349,"height":11}},{"id":"9724b7c8-65ed-4c87-9f18-e75e9360d43b","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":129,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"400b7f40-335e-406a-aff0-75218102cd8b","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":129,"box":{"x":68,"y":128,"width":829,"height":11}},{"id":"419f3f7a-d9f3-45b8-a497-5e5540d24ebc","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":129,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"a4c7f3f6-a30f-4fc3-b644-bc7cf36507ff","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":129,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"3cfe95e2-530c-40d9-be01-044e38b0ba79","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":129,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"bd831585-a9b3-4d7a-8967-a9358fc59b35","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":129,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"ff5ce701-99ab-448b-ba18-8e032e0e0b35","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":129,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"010e9c57-fbed-48aa-ad6f-764a8f7813ca","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":129,"box":{"x":68,"y":219,"width":573,"height":11}},{"id":"f5ace21e-f556-4ec0-b8e7-be2b15327f3d","block_type":"box","text":"Yields and Ratings.","page_number":129,"box":{"x":103,"y":241,"width":139,"height":11}},{"id":"8d881d51-a940-4d5d-a70d-62e5ebc43d16","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":129,"box":{"x":247,"y":241,"width":628,"height":11}},{"id":"a5e8efa2-9fa7-43d5-a2fc-ef194f8cc993","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":129,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"83dc4c71-9271-45c1-a9b5-2d6d5585c20c","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":129,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"18cb1539-b3ae-48cc-a652-b0aab25e8cee","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":129,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"3185b3df-5428-4ea2-8962-953c24e1c6e1","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":129,"box":{"x":68,"y":302,"width":792,"height":11}},{"id":"781a4d75-bfaf-4b7e-9301-ea46ee1d6d26","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":129,"box":{"x":70,"y":317,"width":827,"height":11}},{"id":"4cea99ab-f671-4706-8ae4-a738cc479952","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":129,"box":{"x":69,"y":332,"width":786,"height":11}},{"id":"bc9d65d1-d06a-46c7-97cf-fb29805842ad","block_type":"box","text":"continue to hold the security.","page_number":129,"box":{"x":69,"y":347,"width":204,"height":11}},{"id":"83754643-d6b4-4164-ace4-5f9f4787b6b2","block_type":"box","text":"Zero Coupon Securities.","page_number":129,"box":{"x":102,"y":370,"width":175,"height":11}},{"id":"050ee9ec-479e-4010-a957-d53a27623ae9","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":129,"box":{"x":283,"y":370,"width":601,"height":11}},{"id":"cf46527a-6495-49b0-ba4f-889c1faa0417","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":129,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"48aaf7cc-adf6-45aa-989f-dad159b4e9d6","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":129,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"c525ff40-b240-4abd-89c4-1405fab156df","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":129,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"f860d46f-e278-4139-a5c0-c5f0b7dcd4d0","block_type":"box","text":"security.","page_number":129,"box":{"x":69,"y":430,"width":57,"height":11}},{"id":"d670aeec-5f8c-41cb-972b-7256470062d3","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":129,"box":{"x":101,"y":453,"width":749,"height":11}},{"id":"8df3ddd9-ea5f-4cef-b7f6-36eafe71a4d5","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":129,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"f21f7fa8-0048-4e9d-9c5c-e991dfb84612","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":129,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"d5cee13e-037b-4eb4-900f-5668814b6cad","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":129,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"4e825c9c-5a07-48d7-909e-bd7629de29b6","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":129,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"8559447d-8d2d-41bd-93f4-61dc4531eedc","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":129,"box":{"x":68,"y":529,"width":824,"height":11}},{"id":"df32185c-3bec-45ef-8f0d-9db0b4594292","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":129,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"688e8590-d185-4541-b347-509868492293","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":129,"box":{"x":70,"y":559,"width":837,"height":11}},{"id":"d0f79c0e-6dcc-4ab6-9089-0c0800de8b93","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":129,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"ab34e417-de65-4a54-939f-5af090b7938e","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":129,"box":{"x":69,"y":589,"width":800,"height":11}},{"id":"f53d627d-c950-433a-a247-af0e84c11a74","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":129,"box":{"x":69,"y":604,"width":400,"height":11}},{"id":"ea91208a-4783-48f9-9bb8-718f99889f12","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":129,"box":{"x":101,"y":627,"width":775,"height":11}},{"id":"65e1c2bf-c10a-4593-8fb5-db6053605192","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":129,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"df91ab06-01c5-429f-99b5-1497c5fdf165","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":129,"box":{"x":70,"y":657,"width":826,"height":11}},{"id":"3e0f2953-2a0f-4e2c-83c5-5778c19d969f","block_type":"box","text":"intervals.","page_number":129,"box":{"x":70,"y":672,"width":64,"height":9}},{"id":"71eb5030-4bc3-42c5-8755-af8475600972","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":129,"box":{"x":102,"y":695,"width":749,"height":11}},{"id":"5744698b-9229-4ff4-b830-7789c14de102","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":129,"box":{"x":69,"y":710,"width":784,"height":11}},{"id":"7b5b682d-6085-4731-9089-8fc57d6c6909","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":129,"box":{"x":70,"y":725,"width":799,"height":11}},{"id":"d0c89b6a-243c-4302-8e32-b48f37cabfdf","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":129,"box":{"x":68,"y":740,"width":799,"height":11}},{"id":"bd89a007-91be-4251-ba4a-1339eb538dea","block_type":"box","text":"exposure to zero coupon securities.","page_number":129,"box":{"x":69,"y":755,"width":253,"height":11}},{"id":"a261922c-006e-40f4-be71-8c8aa07e804e","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":129,"box":{"x":102,"y":778,"width":740,"height":11}},{"id":"8608d9f3-751c-4aa7-85df-93f88e101d2a","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":129,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"00506b18-198e-4a94-827a-f144a53d7ef4","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":129,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"f1fe72da-cf10-437b-8854-6ad281e802ad","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":129,"box":{"x":69,"y":823,"width":741,"height":12}},{"id":"878308f3-3ce1-4e2e-915a-072f1fda317f","block_type":"box","text":"Suitability. (All Funds)","page_number":129,"box":{"x":101,"y":846,"width":161,"height":11}},{"id":"4b885513-c163-4657-8903-6724756f1812","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":129,"box":{"x":101,"y":869,"width":793,"height":11}},{"id":"3eac268c-fda2-4977-b385-c3dbf886e1e8","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":129,"box":{"x":68,"y":884,"width":811,"height":11}},{"id":"f0aecdfd-9e02-41c6-83a0-2f93d6342274","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":129,"box":{"x":70,"y":899,"width":810,"height":11}},{"id":"c29e3b9d-49ed-4178-b708-0a45a8f611cb","block_type":"box","text":"II-80","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9aa04b6-fc2c-44d8-80a1-56526f7fd981","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62300065-7e45-4782-95cc-0979c0149c69","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":130,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"8fc672ac-8c1d-4b29-961b-6f3642933087","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":130,"box":{"x":68,"y":60,"width":460,"height":11}},{"id":"f4aef1c3-db6c-4f87-a2d4-c89d2867725c","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":130,"box":{"x":102,"y":83,"width":264,"height":10}},{"id":"dcba459c-76a4-4aa3-a42c-7b784556f76f","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":130,"box":{"x":102,"y":105,"width":745,"height":11}},{"id":"f9767d9b-2d1a-48d6-864b-5eeb18a019b4","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":130,"box":{"x":68,"y":120,"width":807,"height":11}},{"id":"dda066f5-71eb-4da0-9bdc-bf16ddbd0f0b","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":130,"box":{"x":69,"y":136,"width":528,"height":10}},{"id":"6276cf36-1edc-4b6a-a1aa-72363c26fa1a","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":130,"box":{"x":102,"y":158,"width":735,"height":11}},{"id":"67aafbd9-aa1e-4371-a825-0e44e9fc4eab","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":130,"box":{"x":69,"y":173,"width":775,"height":11}},{"id":"6b58df6c-4afe-42f7-b913-6774db9e1141","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":130,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"4dce6312-7c5d-43e4-9c46-8bc1be47c28a","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":130,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"4e3c864e-f20e-41d4-9777-90788b0af843","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":130,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"f4bd9aab-c6df-4dcb-ba79-bbc2ebdb3410","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":130,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"56d3e295-0bdf-4b68-bb54-92a189559403","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":130,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"50040d66-0e44-4aa1-9a6e-d3654c2d05c2","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":130,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"063d97fb-c893-40ab-a8e4-fa4283799b46","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":130,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"297abed8-7a46-4e6a-8508-e410718bf501","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":130,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"7363b0ba-0ce0-4192-bf71-cbf056ad80de","block_type":"box","text":"(","page_number":130,"box":{"x":69,"y":309,"width":3,"height":11}},{"id":"28400ebc-52dc-417b-b858-43886a41bd0a","block_type":"box","text":"i.e.","page_number":130,"box":{"x":74,"y":309,"width":21,"height":9}},{"id":"b6434502-d459-47a8-9f67-edfcc0b5da94","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":130,"box":{"x":97,"y":309,"width":806,"height":11}},{"id":"b49a69c1-bde2-4faa-b234-e41892bd5f52","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":130,"box":{"x":70,"y":324,"width":824,"height":12}},{"id":"0337dfcf-f315-4f63-a0c6-bc54c5b4549b","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":130,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"e5d6f9a0-204a-4dbe-a5fb-b82f9fb04cfd","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":130,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"2bc5190f-d320-444e-9ffb-34c0ccdd820e","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":130,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"aa191ea4-a2fc-471d-986f-35443beb6104","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":130,"box":{"x":69,"y":385,"width":781,"height":11}},{"id":"debb7089-9b3c-4178-a45d-5cd02610490a","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":130,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"04c7d1e8-f386-46cc-9bb0-3cec92c0edb2","block_type":"box","text":"regarded as the sole issuer.","page_number":130,"box":{"x":69,"y":415,"width":198,"height":11}},{"id":"678648ce-ee88-4d2f-8060-46d1e77459c1","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":130,"box":{"x":102,"y":438,"width":784,"height":11}},{"id":"f7196668-f851-4606-959c-aad390ab9431","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":130,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"a50cc5ef-0c88-4972-a382-95ef8766641d","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":130,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"729d1bff-dfb0-4a55-93cd-6fa0e1ba268b","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":130,"box":{"x":70,"y":483,"width":747,"height":11}},{"id":"bbd98006-d52d-4f32-b169-14ffd8cdd09c","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":130,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"5ca9f0f0-188c-4440-bab7-352d7c6ea6c6","block_type":"box","text":"75% of its total assets.","page_number":130,"box":{"x":69,"y":513,"width":165,"height":9}},{"id":"9609d1b6-35c0-4a54-8c17-b1619ba30276","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":130,"box":{"x":268,"y":543,"width":442,"height":10}},{"id":"169a0589-58f6-4b62-b2e2-ff0fc5408d26","block_type":"box","text":"Directors and Officers","page_number":130,"box":{"x":69,"y":573,"width":159,"height":9}},{"id":"788b04c7-56c7-4792-9575-7fa4956b6323","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":130,"box":{"x":102,"y":596,"width":733,"height":11}},{"id":"04306fce-3580-455f-8dfc-1d2a2374f624","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":130,"box":{"x":69,"y":611,"width":783,"height":11}},{"id":"65592a28-c574-4ceb-bae1-44739d07d57b","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":130,"box":{"x":69,"y":626,"width":795,"height":11}},{"id":"f86134f6-83ce-4e39-a084-5f02a086ec33","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":130,"box":{"x":69,"y":641,"width":789,"height":11}},{"id":"5ed74e82-a328-4a9e-a70a-0cd7f917c23d","block_type":"box","text":"Management Arrangements","page_number":130,"box":{"x":69,"y":672,"width":202,"height":11}},{"id":"7a67fb0d-13f9-4e93-a087-020484b98c2f","block_type":"box","text":"Management Services.","page_number":130,"box":{"x":102,"y":694,"width":162,"height":11}},{"id":"40b85efd-b158-4864-8a8a-b7f972485daa","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":130,"box":{"x":270,"y":694,"width":615,"height":11}},{"id":"084c0b41-2fad-4959-93e5-1761eeaae256","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":130,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"344cc93f-b6ee-45fc-9400-4181e9039cf3","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":130,"box":{"x":70,"y":724,"width":820,"height":12}},{"id":"f2e5fc9f-2d1c-42c8-874b-3dd0eed8a9c3","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":130,"box":{"x":68,"y":739,"width":832,"height":12}},{"id":"01df3fb5-619b-4615-877c-2fb9e75c330a","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":130,"box":{"x":70,"y":755,"width":801,"height":11}},{"id":"ac2a30a4-2c40-43f6-a058-7b8b24d8b0c4","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":130,"box":{"x":69,"y":770,"width":370,"height":11}},{"id":"37184a7d-5057-481c-9220-813d40b8b22c","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":130,"box":{"x":102,"y":792,"width":778,"height":11}},{"id":"53369b2b-f911-491c-84f9-57a3c3d7a11c","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":130,"box":{"x":70,"y":807,"width":800,"height":12}},{"id":"21b7ac2a-54d3-4948-894e-88c6a77fcaa9","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":130,"box":{"x":69,"y":823,"width":810,"height":11}},{"id":"b0d83bbd-2c76-4d5e-8985-c0fb08f34112","block_type":"box","text":"Management Fee.","page_number":130,"box":{"x":102,"y":846,"width":126,"height":11}},{"id":"89d0cbf9-f3b1-4325-9a69-0c66b6e400c3","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":130,"box":{"x":235,"y":846,"width":646,"height":11}},{"id":"54057e7e-070d-4e23-b70d-69d19f85d917","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":130,"box":{"x":68,"y":860,"width":841,"height":12}},{"id":"e29ae5eb-d399-4931-8b8b-d0905918a737","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":130,"box":{"x":69,"y":875,"width":833,"height":12}},{"id":"395f2124-de90-4343-a1a5-01c0a9efa1fa","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":130,"box":{"x":68,"y":891,"width":746,"height":11}},{"id":"da3ca49f-3101-4d42-a69c-3cbfd6f212f7","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":130,"box":{"x":70,"y":906,"width":825,"height":11}},{"id":"4add8503-cc53-40fd-b421-c685a8a25565","block_type":"box","text":"II-81","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4fed7825-f2c1-4dd0-91d9-27c796893bbc","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57dbf7ab-b12d-4de7-b822-73374cd6eb2b","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":131,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"b770f938-d560-4a70-9948-f2b30e8d9369","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":131,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ea2799e2-71f8-44a5-b96a-598da3b3ff50","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":131,"box":{"x":70,"y":75,"width":820,"height":11}},{"id":"77f0d946-6ae4-4e4d-a397-8452454e5083","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":131,"box":{"x":68,"y":90,"width":797,"height":11}},{"id":"94712c2e-50f3-420f-b9bf-08b0f92d14e2","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":131,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"4f7c74d2-61cc-40b9-8d0f-db9b43997f2f","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":131,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"575ec3b8-80d6-4ae6-9d73-83867bf61d3f","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":131,"box":{"x":70,"y":135,"width":809,"height":12}},{"id":"40698f88-a411-4fa0-826b-00bd52144568","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":131,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"edd758e2-977b-4ac6-b781-b420e35301f5","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":131,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"5f414ef0-0437-4906-865b-fe1592f3d720","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":131,"box":{"x":70,"y":181,"width":784,"height":11}},{"id":"db1373db-74f8-49db-8faf-7ae6769487cd","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":131,"box":{"x":69,"y":196,"width":767,"height":11}},{"id":"28bfa55c-d2fb-4896-aa44-befefd8650f4","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":131,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"d72a57b6-29d5-4600-b6a8-cc18840486a3","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":131,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"d8933278-e582-4e18-b5f3-21d2bd63ad8c","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":131,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"6e9c4b68-4c41-4974-8473-280a443affc2","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":131,"box":{"x":69,"y":256,"width":786,"height":12}},{"id":"3e6c7379-8933-4b71-acd4-8a245171ac79","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":131,"box":{"x":69,"y":271,"width":790,"height":12}},{"id":"c60ed491-a3eb-4e44-8873-3c822b01a181","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":131,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"392cbfea-546b-419f-8711-3a7e50aa4a65","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":131,"box":{"x":69,"y":302,"width":767,"height":11}},{"id":"55484c62-8414-432e-92a1-5dcec9424c0f","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":131,"box":{"x":70,"y":317,"width":743,"height":11}},{"id":"32f3ee99-aeec-4387-a066-f2df2cde9840","block_type":"box","text":"Sub-Advisory Fee.","page_number":131,"box":{"x":102,"y":340,"width":124,"height":11}},{"id":"e48ff4fd-ba33-4459-a7c2-68d9dd5fae8c","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":131,"box":{"x":232,"y":339,"width":643,"height":12}},{"id":"b35a49d7-a119-47a8-85af-2245223664fc","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":131,"box":{"x":70,"y":355,"width":839,"height":11}},{"id":"0ba741aa-b732-4b7e-8067-bdd19c888dc4","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":131,"box":{"x":68,"y":370,"width":830,"height":11}},{"id":"cb17ee5a-3ab1-4516-aade-5837b05f5b07","block_type":"box","text":"Organization of the Manager.","page_number":131,"box":{"x":102,"y":392,"width":204,"height":12}},{"id":"cbb8aafd-667e-45cc-a12c-2f26a3e28206","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":131,"box":{"x":313,"y":392,"width":560,"height":12}},{"id":"0bb6ca4c-eb25-4a42-9374-83ebfef14e8a","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":131,"box":{"x":70,"y":407,"width":819,"height":12}},{"id":"ac2b947d-1d8f-4133-95a3-1f296a6ca8a6","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":131,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"2d5598ba-4b47-4f23-972e-c6b8142f148e","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":131,"box":{"x":69,"y":438,"width":768,"height":11}},{"id":"a4f748d8-0d0c-43e8-b943-b9a778f30e92","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":131,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"535e8f6b-0139-41d5-936f-d1174cf0ba3c","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":131,"box":{"x":69,"y":468,"width":517,"height":11}},{"id":"d6e0ea10-0be9-4a4c-b56b-02ab22c55835","block_type":"box","text":"Duration and Termination.","page_number":131,"box":{"x":102,"y":491,"width":182,"height":9}},{"id":"a733b791-76fc-4b72-8996-89338da8ab62","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":131,"box":{"x":292,"y":491,"width":613,"height":11}},{"id":"0b378723-3e9b-4f99-8ef2-dd6781b33cca","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":131,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"fb4f2e00-3cf7-4d5a-9366-29ee660d950d","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":131,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"0c28af9d-4600-4dcf-a28b-cd1b84cc0423","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":131,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"4ddd4dc4-d9db-44c0-94db-c3fc69822158","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":131,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"ca3f0c0e-9ae1-4616-be80-9b1de8afd4d5","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":131,"box":{"x":69,"y":566,"width":832,"height":11}},{"id":"e925e842-1b9f-47a9-9e1e-ffbd48b7e6cc","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":131,"box":{"x":69,"y":581,"width":388,"height":11}},{"id":"be0459d8-6754-4159-b3ff-4a42b2e7ec1c","block_type":"box","text":"Other Service Arrangements","page_number":131,"box":{"x":69,"y":612,"width":205,"height":11}},{"id":"f9343759-74a2-4663-b93c-d2ad79a198f9","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":131,"box":{"x":101,"y":634,"width":338,"height":9}},{"id":"88625e9a-810d-4fa0-b458-f5986c874a9f","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":131,"box":{"x":446,"y":634,"width":439,"height":12}},{"id":"a1fa5315-f0c5-445e-8091-b561431036a5","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":131,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"d5a33d21-719d-4419-912a-5c6d7703baea","block_type":"box","text":"SAI (each an “Administrator”). 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Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":138,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"d9de0466-9d5f-49cc-98d1-ab244cbc07a6","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":138,"box":{"x":102,"y":256,"width":690,"height":12}},{"id":"2fa45444-ab23-42d1-88de-ecd954a5dc56","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":138,"box":{"x":70,"y":277,"width":573,"height":11}},{"id":"37c88028-e91f-41ba-97ba-70ee54e07874","block_type":"box","text":"11. Third-par ty feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":138,"box":{"x":70,"y":297,"width":827,"height":11}},{"id":"ea9ebc10-b95b-4181-a30e-309164c15a05","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":138,"box":{"x":102,"y":312,"width":741,"height":11}},{"id":"90496fe8-1feb-404a-81e1-221f7ada794a","block_type":"box","text":"providers.","page_number":138,"box":{"x":102,"y":327,"width":68,"height":11}},{"id":"93a109db-a254-4afc-a6a7-07819f66d67a","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":138,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"dae284ac-c2d9-4b0f-bc4d-710b85cbff41","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":138,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"190d7d15-6874-4080-8852-fbe5eb480b8e","block_type":"box","text":"13. 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In addition, the","page_number":138,"box":{"x":69,"y":594,"width":784,"height":11}},{"id":"a942dec9-610b-4735-b839-3050b0340a7d","block_type":"box","text":"Manager maintains an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":138,"box":{"x":70,"y":609,"width":808,"height":11}},{"id":"c9d5f2f3-eb28-4bdf-83ed-0406ebc82fcb","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential Information. There can","page_number":138,"box":{"x":69,"y":624,"width":833,"height":11}},{"id":"60003596-5665-48ba-9095-e96b3948e1f3","block_type":"box","text":"be no assurance, however, that the Fund’s policies and procedures with respect to the selective disclosure of","page_number":138,"box":{"x":69,"y":639,"width":783,"height":11}},{"id":"1959d2e0-f4ac-4c6a-8089-f0517e68fc55","block_type":"box","text":"Por tfolio Holdings will prevent the misuse of such information by individuals or firms that receive such information.","page_number":138,"box":{"x":69,"y":654,"width":817,"height":12}},{"id":"9239c09a-42a1-4cab-9817-f69eaba9286a","block_type":"box","text":"Potential Conflicts of Interest","page_number":138,"box":{"x":69,"y":685,"width":216,"height":9}},{"id":"8da72103-9017-471e-ad37-321c8d2e1816","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":138,"box":{"x":102,"y":707,"width":727,"height":11}},{"id":"52aa7b9a-480f-4d97-a2f7-797c9b78a572","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":138,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"3fd32e3e-274d-4fdd-b861-4f8367d72533","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":138,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"050783e0-d098-4926-86de-3e7e2a5ddd3e","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":138,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"d541fbff-2b65-43b0-aeb1-893b4d84c95b","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. 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These are considerations of which investors in a Fund","page_number":138,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"5d76c185-7cd1-4354-ae1c-fe7aed5f8201","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":138,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"f7b8705d-e1a5-4919-8100-067058ad8baf","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":138,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"8bea2a35-a2d4-495d-8f82-53774cc67e06","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":138,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"4ef410f7-8cec-43d0-a2e0-acc2cfcc996a","block_type":"box","text":"or sold by a Fund.","page_number":138,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"dc533707-ad4a-4236-aff2-cc40639b42b0","block_type":"box","text":"II-89","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"399700f5-baa8-4913-9d86-ccf3ffa74a69","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3187878c-dc4d-4026-b96f-49d004aeb1a2","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":139,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"947adc61-f36a-4557-9232-39438a79824b","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":139,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"8791d2c3-6b8e-48ee-9c4c-871318ffb6d5","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":139,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"c15f3290-7e25-44ba-88a2-76999361a331","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":139,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"d85a4505-8fbe-4dac-be2a-166d3deb5ba6","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":139,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"a2040640-a21f-4e1b-994b-9910a4225eaa","block_type":"box","text":"services provided by BlackRock","page_number":139,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"7e0d5148-f694-4c7b-903a-81b58f62978f","block_type":"box","text":".","page_number":139,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"7026cbbb-b275-4c38-89b3-051d2fc60574","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":139,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"dec1cbfd-4278-4312-9172-d746519e1f04","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":139,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"d164fe7c-4d17-4837-ad5d-76cff03f9660","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":139,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"b78710c6-63e2-443d-9ff9-3f243a517406","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":139,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"96d3a40b-7a2b-4431-a4aa-5d8e10da7da0","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":139,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"f8a0c52b-6bb3-4d39-94e9-389319ef39e4","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":139,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"da4f8999-eb06-4c1a-9ede-2da4ccbe442f","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":139,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"f5869680-6c51-4964-ac69-ae869a08f3bb","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":139,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"a7d981f8-0465-4687-85fb-1e1d7cf60efe","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":139,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"3fec3f89-8b1a-446f-bdd6-81fabe589bbd","block_type":"box","text":"based on the information received.","page_number":139,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"b9d0041b-14d3-49e3-b6f8-3b21a250735b","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":139,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"9d58103e-266d-497b-981d-bd253bd64619","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":139,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"44c6670a-6a0a-47db-b57b-4bb2ee874fec","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":139,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"2c73cb30-61f5-46bd-88f9-fc4ad6b44909","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":139,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"aeab48c6-38b1-4b38-90b4-1bc9d018bfcf","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":139,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"ddf46e15-4570-4156-88e9-a8016db7af7e","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. 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When BlackRock implements a por tfolio","page_number":139,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"21cdbc02-2a27-4bf5-a56d-a61cc523e6e6","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":139,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"9f6be89b-fc3d-4f4f-90ae-d0f95a413f0d","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":139,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"d3340518-e07a-400f-be41-27f2beedc63c","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":139,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"6eca53de-1299-4653-ab32-40eb6eec8de8","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":139,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"c01a3d31-a67c-4b98-be29-a735b3c97c6b","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":139,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"a69cfda1-213c-41a9-a662-b2a22894984a","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":139,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"5357164f-1bfc-4ec9-bcae-53839f246bcc","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":139,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"d5d5fdbb-6f25-4435-b8c7-34b8624be2f9","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":139,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"922bd560-18c0-4263-b08b-bb44317625ae","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":139,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"f889b190-1f7f-49ed-96b3-c0f60e43b96d","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":139,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"32f330e5-8ded-4007-9e9f-82d89f953ab8","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":139,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"2f8ba5b3-0628-40d2-8f19-541ce07d9539","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":139,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"c4935d97-7674-4c77-a0cc-9cba7086620f","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":139,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"8268eee7-0e19-427d-bce4-f541dd8e61d1","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":139,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"1901e59c-80f4-4d3e-87ff-f135768dff20","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":139,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"d12ee434-48b7-4657-907e-968ae992551a","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":139,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"c1907c5a-e3f6-4480-8701-a3eb231c2f8f","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":139,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"d7130d99-2ad8-4633-a238-d151c3c06a05","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":139,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"a10ddfe5-d448-42ef-8b82-5e9f7656ef94","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":139,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"fe84a30b-b46a-40c6-9ac5-8de007fb9625","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":139,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"309f7f8d-c9d2-4c33-aef1-b659c4a2a929","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":139,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"82ceeabb-d23b-4209-aef0-0f96d8d198cc","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":139,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"0430e488-755f-4452-9862-13c4b86d4b98","block_type":"box","text":"Funds.","page_number":139,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"db4c29e3-75d6-4edd-91b3-c9f3b00fbc7e","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":139,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"5e64f11c-550f-4b83-991a-b8d88f831f53","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":139,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"808ae5be-fa6d-48b6-b057-f5f94696b7f4","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":139,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"1e926c7b-cc90-4cc1-bf07-97846f4e63f4","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":139,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"9bdc00f1-bc76-445c-81eb-891358ec5936","block_type":"box","text":"II-90","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1e64504-697e-4e36-95db-8214a6b33ad2","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee628afa-e6f5-441c-986e-2ae2c2a49b17","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":140,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"38e48a02-2faf-43c6-a497-24e3e9dca9dc","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":140,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"ef84923e-b4d4-441b-b725-6dec2736a9d7","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":140,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"f4875210-7d99-4f54-9d5a-0e7449b578f6","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":140,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"9ed81c66-fc6d-46dd-af40-ae5098afcb74","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":140,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"15e79215-68c6-499b-b2c2-d2a66ffa7dd4","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":140,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"61b71e49-0bda-4225-a05e-7ec1cd0ef940","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":140,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"e62de80e-f5b2-4d7d-a86e-50cbf3e43cac","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":140,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"66bb8a98-1971-4068-83ea-9ba75d6dfbc8","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":140,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"ea2bf8fd-dffd-4378-acf3-ab5b5e703241","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":140,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"ab425488-e2ec-4fcf-a080-a3742f3b8d0d","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":140,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"7720192a-64fc-4e0c-bb4f-ec0929b4dc82","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":140,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"da3eafe4-51b3-47f1-bda6-13cc402bce0e","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":140,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"c4a0a9ab-7745-4ba3-97c7-199f2c8520e6","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":140,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"846f13d8-1b13-4284-aee6-ca3439da6b7b","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":140,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"cea32879-8211-4970-9fff-090a0c2d398c","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":140,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"d8c3f8b4-1740-4ca5-a901-e75ab21132db","block_type":"box","text":"case.","page_number":140,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"c48d5bac-6cd9-4c43-871b-99b64fb72687","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":140,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"d426b66d-fa15-4981-a08b-8145530c1345","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":140,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"ff7505d0-35bb-4a89-a075-4af434bfd917","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":140,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"fd67dd95-6f98-402c-ab5a-8351512f6ca7","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":140,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"1ed16497-241a-4e8a-8766-7991826ba592","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":140,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"b46dbb16-881d-4b77-a582-c39dcc6b8661","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":140,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"9df16de5-8268-41c1-bc41-d3d3ff448898","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":140,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"ad8138fb-f72a-477e-ab38-4917b8f2dfc7","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":140,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"6c5f02ee-08d5-4b2c-9f6d-3bbc31ad169c","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":140,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"de9f612b-0b00-4f53-a69a-d766f65f7a37","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":140,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"8c71899a-f4bd-4884-a5b4-347a38d02923","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":140,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"011e0eed-97ed-46d5-b719-20d060279bda","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":140,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"6cbfc63b-2ce1-49df-8b09-84990a8e12a8","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":140,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"535cc6c8-9911-4719-a5f6-5878329130bd","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":140,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"406eed99-7031-42ad-bb7c-41d7afceb53f","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":140,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"6fabd5d4-03eb-42ed-a3d8-515ae7cf6a45","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":140,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"7e82e0ba-dfd0-4bee-89c6-e24e9a0860e7","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":140,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"a59d9e31-3781-486c-8459-c024395ff163","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":140,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"4771a11c-cbcc-4615-a574-78728b00bf0c","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":140,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"af0ca531-614a-4b41-986b-db3329cc924e","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":140,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"bb9b9dce-7260-48df-b0a6-01d51f4703c9","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":140,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"549525ed-67fb-4bd1-99c8-601fa6258d66","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":140,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"8ed45011-936b-43b5-9b4f-99d37709465b","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":140,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"791c2426-f613-4098-bc94-3a010de4824a","block_type":"box","text":"managing a Fund.","page_number":140,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"0d85e27b-25fa-4fef-894b-e0f404b7611e","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":140,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"1dc6b39f-2585-4940-941b-167e4ee274f1","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":140,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"449a366b-9ff1-4fd3-996f-4b7e314e012a","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":140,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"37162394-af07-4212-8021-f1d0265f0316","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":140,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"14693578-fcd4-44d4-9e80-f30ea7ae1468","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":140,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"0f8478d3-0908-4b30-ba7d-744c285b31f2","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":140,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"8620b4ba-a52d-4df6-a3f2-d8c0b8be2c09","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":140,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"e75edef8-ae1e-43ba-bbf8-9a4ecfea7ff1","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":140,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"f8360ed3-8957-490f-8f98-5e199de3cf76","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":140,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"285869d0-6163-47b8-95a3-ce30635e7b37","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":140,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"95f6133b-5c2b-4ee3-bc20-f915e2ac3932","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":140,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"d127f3b0-dae9-4e28-a3ea-8155df7ca120","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":140,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"0007bfc2-3259-4732-bd38-8e4dcce9527f","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":140,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"2baae188-8bf2-4798-91a0-087290d9685e","block_type":"box","text":"II-91","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"deba9f5b-0224-4c43-a9f5-afe7fdd8dd88","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"adc8bec7-8997-4840-8018-a7a5265fd6ae","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":141,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"15d61198-82ff-4496-a716-21be3d3820b5","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":141,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"f959fa61-b4f0-4bc8-afd2-923fa812078d","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":141,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"f4d4ccf2-b314-45c5-a3b3-39f7263f7012","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":141,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"88396c40-51ae-4d7c-8cb2-8e5cd2216266","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":141,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"f9b42125-0c0a-4864-a260-fcd9520b0b37","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":141,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"41ae7c93-dd0d-4b84-9b94-310f7f434fa7","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":141,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"ef750ae8-da08-4e64-bd8b-21f8fab57b30","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":141,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"4b434060-3995-48dc-a6a4-109530b463b9","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":141,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"85880c08-2bee-4834-a9c6-5d5f6616657e","block_type":"box","text":"under management for BlackRock.","page_number":141,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"cbfeca64-46d8-43ef-b1ce-462c0d5a7370","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":141,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"db222a7b-254e-4c21-8d88-350c7fb9a46d","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":141,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"b0e746d4-d8dd-45b1-a5c7-50268a445cfe","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":141,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"10400e00-3c45-4524-9f40-50f6934a8a7c","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":141,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"2009c8d6-7410-407c-a66f-e04d6367b99d","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":141,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"2027faca-1cc0-4661-aea5-44187cdca838","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":141,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"4a489d8f-a027-40c9-beed-5530e6b88f92","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":141,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"9384c25a-f7b4-4823-b35a-447b87b41b82","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":141,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"cb3b67ec-bb48-4d0d-b67b-d26cfedeeb6d","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":141,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"de78a6ba-8d75-4819-b97a-8ca721c4467e","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":141,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"e4fabfb8-8986-4ad1-9678-7e9a8b851afc","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":141,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"de635242-f8de-46f5-a4b8-efc816354312","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":141,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"30b56fa0-73ab-413e-85e4-b01a19fd16e3","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":141,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"9711f471-1111-4250-9b66-3c2d4e62954e","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":141,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"b0ad1046-bc4d-4b6f-b65e-f73124cc0912","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":141,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"8cabf9f5-9bef-4938-a8da-3d398def1afc","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":141,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"84e158b0-ef7c-49e7-9816-be9cadfef701","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":141,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"427e3ff2-1960-4537-8cd7-c7c7bc774eec","block_type":"box","text":"any such fees or other amounts.","page_number":141,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"9c827556-8c1c-434f-a6b2-fc459eac4bf1","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":141,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"d8fc324a-d3bf-44b5-82da-2aa52aa81c3b","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":141,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"097b8cdd-8d5b-4cdf-9c3d-c3437b701b4a","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":141,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"211125a8-22a1-4435-b268-1a9bfdf56e0a","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":141,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"954018cc-d15f-4bc8-9cd0-e6c876acc10d","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":141,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"a0f33947-5d2c-48c4-89f7-b5020cb7c1db","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":141,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"bb6d8b1f-3fc9-48fb-a4d3-08b3bba13654","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":141,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"7b17c36c-500a-49ce-b920-07c4771eb10d","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":141,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"70c0e02e-b195-455b-9948-df92310b8ada","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":141,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"51808d58-0fc1-4c90-a663-f98cbb626fde","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":141,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"e32af26b-418a-4da8-a882-c620746566aa","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":141,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"aabb421a-4ab5-4f01-8740-0591c7a89358","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":141,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"9abbe5c6-f87b-46e3-ba7e-bb6af182544c","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":141,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"b80a91ec-0431-416f-8ffa-aadd3fd42ff6","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":141,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"9dc9a844-6cae-4500-af95-c7d41f65583c","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":141,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"777d533e-01d5-4d73-b5e4-48381b1a7395","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":141,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"9c42d273-d721-4261-8b3d-351ed8715a39","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":141,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"06fa6eb0-19c2-4a2b-9d7f-e1246cd85311","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":141,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"9a0e73b2-960b-4d65-a069-1abbf9232bc7","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":141,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"cbbbcc27-73d4-45d6-993b-992f570b4a55","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":141,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"9dc40776-f8ef-47d7-9971-cc3dfabc3f75","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":141,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"8419767d-a5cb-497f-bb33-6371847da45d","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":141,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"80b006df-8081-416b-a71d-827bc08661fb","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":141,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"87238146-88ae-449d-9bc4-929b18313adc","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":141,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"56e7b69d-ab70-4271-b84d-401c50a950ee","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":141,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"e2aa3328-6b35-4517-8cf3-c41a54b5de60","block_type":"box","text":"II-92","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f9a72a4e-e130-44ad-bbe9-be4ed6b02fb6","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5a01911-fe0b-4a84-92fe-06e21d681a18","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":142,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"2e63675a-a228-4943-80dc-f3a26b2ac629","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":142,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"a3c42a40-3e03-425f-b6fe-fc8cb88a5ebf","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":142,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"c13e431e-87d7-4387-bf5c-c84db05dba25","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":142,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"3d798f79-f018-4a4e-9762-eee223b32120","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":142,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"ab12096f-1d2e-41a6-9238-4eeb12f1f8ac","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":142,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"776da6ae-a7a0-40e9-8347-e28afad4b376","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":142,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"7eeba715-28f0-4f45-9266-e495d09ccf5f","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":142,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"68300ae9-ff33-41ba-9492-bf52fab8f086","block_type":"box","text":"regulation.","page_number":142,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"b3758396-d937-48a6-a29c-1d3ce1bc546b","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":142,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"bc5da4a4-9006-46cc-aee9-a373f068f2c9","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":142,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"c3c4baab-9d48-43c5-bdcf-d576ee90e831","block_type":"box","text":"various program limits (","page_number":142,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"1f01ca9a-5720-41eb-abc4-70d245b228ed","block_type":"box","text":"i.e.","page_number":142,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"ead579ea-54d7-494d-affe-25f089179dca","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":142,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"acbbd46a-1375-4ff8-8bcd-b1273941084a","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":142,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"0898e962-929f-4589-a1be-43ccc94f7dd6","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":142,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"7149664e-613f-4df5-930e-0f66742a30bd","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":142,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"1556ee5c-1761-492a-a478-68ac2af36cd7","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":142,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"108ecf4b-dd91-470c-997a-bf8ab3f1800b","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":142,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"3f302c20-b9fa-46d7-a663-2a8538fd42ae","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":142,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"b9f29562-1696-452f-8bb6-302d253d1cf6","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":142,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"bb599d75-35b2-428b-8d4a-e07e93cf2b76","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":142,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"b1c68530-4922-4f2d-8c9b-bf7305074b16","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":142,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"31f03241-f0c0-4a50-b053-047f3d32b95a","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":142,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"aac23cc4-0a6d-460a-9f15-82e7e9fbfbb5","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":142,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"4a69c626-5678-4fe3-9710-1449eeb2dccf","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":142,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"eddfcd59-90a6-49fd-a016-c7a0110d861a","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":142,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"d5459614-2ebc-465f-af11-bee64c2d4269","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":142,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"7f82d6e7-cfe6-4a93-8234-c3cdce7cde46","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":142,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"024ce74e-413a-4d6f-b6ae-d78ef17e9723","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":142,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"2c598a76-4789-4757-846b-3240a61a20ec","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":142,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"0d63b293-bb07-45f2-afcf-7500b6288c50","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":142,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"83fb7dee-fe23-4181-9d19-572eb600baf0","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":142,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"eff89c6f-0772-4c00-ac3f-2803bd3cd5ff","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":142,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"57f8e047-1f41-4ec1-9232-acd1f6c0d9b4","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":142,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"eca05fd5-d120-4969-9d48-56920387d8b6","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":142,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"da1b5f08-5469-4845-bf16-708a85740092","block_type":"box","text":"than through client commissions.","page_number":142,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"96f4f9a5-1deb-4da4-a51e-55c82a070c9d","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":142,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"b2dbafe5-d637-4bf4-b669-b83aa3892710","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":142,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"44378d62-60d3-4bf0-ab57-425161977e18","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":142,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"53989b04-6039-4ce3-9ee7-bba18e292e55","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":142,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"9d9b9bdf-e8c3-48e5-9094-9a6c12d13c81","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":142,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"89ddad3d-2c0d-4a8f-b06b-fc9300f350cc","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":142,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"1ab6b9f3-de8e-471c-9c48-c5784d292ff6","block_type":"box","text":"research-oriented software and other services and products.","page_number":142,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"c363da00-f418-4ecd-ad9e-6c8e62b7e6ef","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":142,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"23a74512-32eb-466a-a836-958520b06a04","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":142,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"2eace6aa-7123-463a-95c8-407d9f22f211","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":142,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"d5044887-3d71-4f9c-be69-7c6c1f576572","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":142,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"041397c8-838c-4817-8b81-3b1199dfd581","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":142,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"955ad16b-2de2-4abf-8b41-fcac21d3dc1c","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":142,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"8ae83157-5944-4a06-a97f-88265e9cb7e2","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":142,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"ed8c1e51-7521-4369-9afc-deb4d7014ddc","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":142,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"ae3ff36a-b11b-44e2-b282-b5ce68ab2d4d","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":142,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"a8c42b89-843c-4788-93d2-3eeae96777f2","block_type":"box","text":"and services itself.","page_number":142,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"dd4f66ab-13a8-4761-b8f9-5f771449f67a","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":142,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"a017ba22-bf46-4ba4-aa39-4101e6d663b2","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":142,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"b6857628-dcd0-430b-bf56-54015c6e4044","block_type":"box","text":"II-93","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"55f5620b-0e2a-478b-853b-5da16b3d96da","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"befae571-c7e1-470f-b9eb-609bbaa6e289","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":143,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"3ab134f3-bce2-444c-9efa-a68d09ab2511","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":143,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"18c789e6-72f2-471f-9c3d-14e240e7cf74","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":143,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"2b75d06e-cfb5-4aa9-97a3-6080506fb3c3","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":143,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"91551b7b-0c4c-4378-ba1b-55ff2c9919d0","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":143,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"684bdc06-000e-4cd2-993c-4d44efc995a1","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":143,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"e87230a3-2eb4-42a4-aae5-ba85586e69b2","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":143,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"4b1e3611-d864-4ba9-a26d-d5702c660852","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":143,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"093dd57f-a5ee-4873-8940-948068eb6e09","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":143,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"fcb61d8f-97ba-4fad-97a4-c00119ef5904","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":143,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"2ba29a4b-c928-42f4-938b-152f64fde84a","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":143,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"37fc8abf-3332-4a31-876f-6e215326e84d","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":143,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"fadaa367-c85f-42f1-9460-5b30e78b757f","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":143,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"928d2915-5eaf-4c30-98c4-78cfb8cdf316","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":143,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"b63badd8-f7ae-49bb-976c-306e0dbd4ac8","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":143,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"96f90d34-6173-4ca8-a881-ae76572d9832","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":143,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"be7952ee-102d-40f2-a10c-b59c6afcffc2","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":143,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"4944854b-cd1a-47e6-b455-e2c8ee0b17eb","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":143,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"685b09f8-238b-4637-956c-706852766db0","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":143,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"6bee5df7-db71-4831-8851-b8bca155f920","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":143,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"4cefe650-e16c-4347-b426-27e0289760ce","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":143,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"cc809a39-c873-4c14-a727-c0221707852b","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":143,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"4d93129c-316c-49af-83eb-1d8c7ab9af54","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":143,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"2ff4af7c-cd5b-4215-b07f-8af6f5dcbd92","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":143,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"55200219-7370-4e6d-8d25-644ed9af9460","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":143,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"07973068-ea0f-4158-8484-eff724923a6e","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":143,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"9861b213-5d04-4d36-a254-058c0a1a8678","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":143,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"15af2688-4870-4af0-b0e5-8e5beba458f9","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":143,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"74ebbc87-65b9-4000-9caa-21f8eef6584e","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":143,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"2b5938f9-e0a1-4e1b-b7da-61a2781cd3e9","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":143,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"5eff7184-15f2-43bf-af97-f3b2965b24f4","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":143,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"d5aefbd2-e07b-41c5-92f6-e4d33217f727","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":143,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"5694cdc8-245b-4e09-980d-23252d7adea7","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":143,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"445308c4-bc34-49b8-b57b-923f1a9e4ed7","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":143,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"222d0bb7-f9b9-40e7-9492-5d7125e13e78","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":143,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"51842075-97cf-4d19-acdf-c1debd80bfa1","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":143,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"e6d740d4-02e0-4cb3-a350-e5b62f70b005","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":143,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"2053abe7-05ca-46dc-a2c1-f040c90f5d32","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":143,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"60edb797-fa15-4de9-85c6-fe81d782d99b","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":143,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"b2b2a888-ba25-4bf6-9638-729284780dc1","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":143,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"5d5ec0cb-7322-4e75-ab98-b4e4c3b729c6","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":143,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"b4327f69-2dc9-42e0-b815-220b17f10dfe","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":143,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"5d0d94b4-487b-4a4e-98b8-927c3698ba6b","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":143,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"0c301351-a620-48e2-95f6-94b49e246188","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":143,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"ce87297f-25fd-45f4-8747-904a5a8d0baf","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":143,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"c4b60eae-7ed1-463c-b97d-333161a12936","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":143,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"ba60f700-4f85-42db-8266-0053e3f606cd","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":143,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"9cae6f60-929e-4111-8023-5c7e032ad751","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":143,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"330dc759-30ab-458f-923a-944c32df05a2","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":143,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"d808cc97-696f-4a6c-9475-05458aae830e","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":143,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"aa2a9026-97b2-4584-bcdb-f503d4453361","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":143,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"9f7f3217-a4c4-4ef0-a528-44ea6b27128c","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":143,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"21b59445-5ed4-482b-bc70-31dadc317947","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":143,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"00116889-8bba-416c-a5f8-81287c157320","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":143,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"bc2ee1f3-8c2a-4b4a-ad74-c77dd9b7e37f","block_type":"box","text":"II-94","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"108a97ae-74fe-4472-9811-9f58161cacb3","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94d12797-f268-41b0-9085-f37893f5fe60","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":144,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"3024192f-0b51-4208-a1ca-7d10593ee49c","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":144,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"8564c1e7-5c1a-445d-a9a6-ea4dfe6f2d09","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":144,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"20503ea2-cda7-4cd8-b04c-4939715d4613","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":144,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"decaf619-7d8d-494e-9881-5ae897bb7526","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":144,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"868083ab-eacc-4c16-a929-ce0e00ffcc6d","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":144,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"295bda75-1c46-4ef6-ab3c-0a7d2089c730","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":144,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"40bf55e2-fa5d-4f0f-9fd9-c1d2c4e92b34","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":144,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"fabd1b72-db7f-46f5-bf88-7c219c30b912","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":144,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"762f3473-2917-4ee9-9805-8e0293f2c336","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":144,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"1ce09bd9-980b-44f4-a8ae-646c8f2a9894","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":144,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"6093ab73-bc28-4679-8f39-afb92cfc7d41","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":144,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"29db1e08-4272-433e-8e57-41172b7d91df","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":144,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"b9c65d7a-3446-438a-aa94-3164bd9c4933","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":144,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"1b62829e-4b9f-4ec5-8fc3-8b3222f35487","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":144,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"fb879c1b-3ec9-45fc-84e5-e18f00681a49","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":144,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"4f9bf114-206f-47b8-98ee-e9fd27be0e47","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":144,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"4aaa1d2a-af31-40ae-9e4b-56ac803e7f2b","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":144,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"9a5fa973-df65-433b-abe4-5662ef53be26","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":144,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"d2db4309-4a77-4e73-bc00-afa0b423bb42","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":144,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"81be050f-175d-4035-9359-208abc8ad3a0","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":144,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"e93e62af-773c-417f-908e-d266f19f7c23","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":144,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"38a9930d-820e-4599-80c5-9108b2bfbc1b","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":144,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"73377ee5-d33c-41b9-8eac-e98372f1d5f5","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":144,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"3662dd98-c674-4c39-8dfa-5fa895f17402","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":144,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"4f84fdc3-2ed6-4642-a741-bf709978a13b","block_type":"box","text":"some additional expenses.","page_number":144,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"b9ce7264-7ea9-4ace-8c5c-a5755eccd0ef","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":144,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"05d28d5e-06aa-431b-8ed8-8a6017695999","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":144,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"177418e1-f603-48e2-88e0-d70160d9aae3","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":144,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"f3f9385a-ad1b-4432-9500-c075840e2116","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":144,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"9b82d30d-c0f3-43b6-9f85-9bfbfc602443","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":144,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"e6c7438d-90da-4f2d-93e3-1a093e830d1c","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":144,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"19ece5ab-1486-489a-9bf0-9088518ffe8e","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":144,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"55923d66-520a-436d-a508-fea0c2ab4fca","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":144,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"ca74a869-fd43-46bd-930f-b1468bbd5340","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":144,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"5918e27c-e391-4ee9-89e9-fd25f286a35d","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":144,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"e9c6b368-9a43-4b5c-9bff-160b72cba633","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":144,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"b9adf4fd-84e7-4332-898e-870702c412da","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":144,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"a160e4ce-1007-413b-87a5-1fc7cd7c7c44","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":144,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"a8bf8285-320a-4624-be5c-4906ecf2ee7d","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":144,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"58c6103c-ec32-428e-b72f-3db34776d5d0","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":144,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"c404d7bb-4bd4-4861-96d3-b5bd2b18e194","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":144,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"b66966b9-e379-43e6-870b-aa280e10f89d","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":144,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"6d1ba42a-94a3-42d5-9fc3-8b7938c7c34c","block_type":"box","text":"recommend cer tain types of transactions, or may otherwise restrict or limit its advice in cer tain securities or","page_number":144,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"3797b299-fcdf-44a8-949a-390899e7c4ba","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is per forming advisory or other services or has","page_number":144,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"fe0cf861-d609-4485-a731-d1f381b89974","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":144,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"2922c4ac-800a-48b5-87b8-bf60aecfc9f8","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":144,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"2ddb147a-ed35-4b90-8f77-171a72151949","block_type":"box","text":"of a Fund, par ticularly where such services result in BlackRock obtaining material non-public information about the","page_number":144,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"251b5741-04dd-4e32-854a-8d7ead689aa2","block_type":"box","text":"company (","page_number":144,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"51f14735-eacf-414e-a2b1-5719bdcabe56","block_type":"box","text":"e.g.","page_number":144,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"478d06f6-b0af-4a62-9722-45f4aaad39af","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Similar situations could arise if personnel","page_number":144,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"40de1060-037b-47ee-8321-47a7377e5103","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":144,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"ac245fa3-08fa-46dc-9cb4-c4e3d8507a84","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":144,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"995097f8-0733-4758-832e-ac0bdfce0b37","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":144,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"02908bc5-f3c2-4bea-935f-e6c199eefd6c","block_type":"box","text":"II-95","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"481d5739-0523-4680-aaa8-2e3d633577fa","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93e61bf5-a88a-460d-b118-b9abc03e4fc1","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":145,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"9cfb8794-ef8f-4dc6-9dc6-998192acd361","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":145,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"243d2bad-3b7c-41f7-a6a6-6e820f0482f1","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":145,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"57767be0-6b34-426c-a81e-4d00d08b2e5f","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":145,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"1572da54-2bc5-4012-8202-7859ee4edcf1","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":145,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"03b42798-16c7-4501-a7c0-5bf2a9454b5d","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":145,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"9336b5c4-ffa0-4754-bcb0-a487fc9c97ce","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":145,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"318e28c3-80be-415e-a8eb-54daefef99b0","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":145,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"beae8dba-0ac8-420d-8587-4090579deae4","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":145,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"df80277e-612f-4533-8225-22f0666f15c9","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":145,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"9fa7a9f2-8526-4b24-af79-0931cd5d01cd","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":145,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"95e59f97-5f28-4e0a-8e73-6104d7da2960","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":145,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"f40a676e-ef92-4362-805a-6300ec1b9a8c","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":145,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"e6fd96b8-ee33-40bd-a720-0a7dc563eb06","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":145,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"0548f6a0-b538-4fca-ab7f-aa6dd2e11a5b","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":145,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"c6d74aa4-ccbb-4b7f-ad75-a0eb54d648b4","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":145,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"4750f072-2ddb-4a2b-91e3-f2bb92d129fb","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":145,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"e4931bb8-03cc-42ac-aea9-358baf81ae2c","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":145,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"a09451ac-bb65-42b6-afc6-4267cfc24e48","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":145,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"2fe044ec-6ab4-4631-9997-b3b68a6cdf00","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":145,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"9df8967f-f890-4003-95fa-153a1b73f31b","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":145,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"e9d9bacb-f18a-4989-87c0-08644acf9a5f","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":145,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"42771e6d-2bea-46ea-b70e-64279b9ee2e0","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":145,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"2ad65251-a808-4e9d-bffe-6eae6a08700f","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":145,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"ce7362f1-931b-4e84-b1f9-7f5b655c90e4","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":145,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"c5dd6706-1ae9-4422-bfb5-82119e8b6148","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":145,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"732067cc-36b8-4bd3-9b01-aa5b2efae248","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":145,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"4457253b-ea81-4b54-b21c-1f65a689a9d3","block_type":"box","text":"a barrier.","page_number":145,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"13efacd3-23e3-4eb1-9b1f-d767a1cabf47","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":145,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"eeee6f42-ebd0-4c27-970e-baa55650b6b9","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":145,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"e8821f75-6743-431a-9e09-6b8a2b52d5b3","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":145,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"cd51fa01-8701-4d05-adf8-6ac9b4740936","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":145,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"355823b4-5634-45da-b8f4-ff03cbf3521a","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":145,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"bf051910-8b7d-4934-b11e-400f4028b311","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":145,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"a44a4eec-8e6a-4aec-99d9-4e5d353d94d9","block_type":"box","text":"that operate in cer tain industries (","page_number":145,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"9e14625a-a94b-411d-bf13-8bfcbae037d6","block_type":"box","text":"e.g.","page_number":145,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"e9335320-d466-4a94-83dc-901ac4d4bf1a","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":145,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"33037d17-0d92-4944-bed9-e96445b75333","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":145,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"e7b85c51-272b-4d0c-aba4-df80173ac731","block_type":"box","text":"e.g.","page_number":145,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"f47d0dc0-fddc-41a8-a230-c4dcfcf1ab61","block_type":"box","text":", with mechanisms such as poison pills","page_number":145,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"9084eed6-8ba4-4d5e-bec9-f18cd6440450","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":145,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"6473e1e9-9d26-4c89-b950-624433c5f702","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":145,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"59a1f6ce-d8ba-4b4a-9412-216464290dcd","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":145,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"2f163f63-0e48-4dd1-9d2d-ab5677f18214","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":145,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"c3e2ee1b-a6fb-4b92-a095-2e18f5a36d63","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":145,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"534f9302-4fab-4dae-b8da-5ea694f5cb2d","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":145,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"4926e88c-2471-472d-9f77-0488ea5aa206","block_type":"box","text":"seek to make indirect investments (","page_number":145,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"3b12e529-0c04-4349-aac0-9b3826091709","block_type":"box","text":"e.g.","page_number":145,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"c94fa798-b00f-4964-9bc5-47e516c69851","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":145,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"1bd58c72-3327-4235-a4a0-652c11ccd169","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":145,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"7d61f600-caa3-4869-adb3-9d7c03a1e5d8","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":145,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"e6df37cf-23be-4c1a-826b-bae6515185d4","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":145,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"5938682d-5955-43b1-bdb6-4045309e3c4d","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":145,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"4f4ef65a-1546-419d-ab83-55ee25f27a1a","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":145,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"46ad1c36-b015-40ad-b071-41472ec3c197","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":145,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"1f2baaf0-1765-4f19-bbe7-82a53baccead","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":145,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"970212c3-edcb-4cd9-8c29-804428b5f792","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":145,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"3e1f69a3-cb5f-432d-9523-270157672331","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":145,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"ad77feab-3ec1-4c76-9672-68cb7e078236","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":145,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"608738ed-721d-4442-82de-c63754f6ba6b","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":145,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"e9859662-3c84-4308-87f4-799a1ed540f6","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":145,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"c177b1e9-a29b-40bb-93d0-361176df83d8","block_type":"box","text":"II-96","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"471bc15e-fc4a-4dff-9636-496249b4507b","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46bc86eb-73b3-45e6-9e0b-3de0639eb02e","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":146,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"7cc7f839-6a89-4e76-957e-66c5f660b36e","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":146,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9108e7bd-c2de-4de8-ac84-3695c8a9fbb4","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":146,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"4b9ce01a-ec5e-4e5e-a78e-58619d7c3a7d","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":146,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"6e4de3b3-3a9a-4094-b680-805a4e98b6f3","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":146,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"ec585cc6-7a7c-4449-8b80-ac671c5a6165","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":146,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"63ed68c3-9312-4b6f-bdf5-37006efea192","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. 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The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":146,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"2585ad8a-b31c-45a6-a3a9-937158ca8123","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":146,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"c76d87b7-53d5-4c95-9592-d6d1f5a2164e","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":146,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"f4fab2e9-e2ee-4481-9c07-0bd44be78e88","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":146,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"9a4d81dc-1cc8-4a20-a96e-5b6789e632b0","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":146,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"f03fee43-e5e0-47e6-8b2f-b60e0c8767a1","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":146,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"9db23586-c73c-42e8-9cf0-5cae26a1b94d","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":146,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"389e5907-ecf6-4747-8198-e2f5ce685fd2","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":146,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"842b7863-83cc-4a6c-90c0-66344e19bef6","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":146,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"4ef46728-94c9-4a7a-af5f-f83df36c13f6","block_type":"box","text":"with purchases of Creation Units of such Fund. 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In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":146,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"b90c8945-4c05-4ac6-85b1-5916b765c7a8","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":146,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"2e80d714-0532-40b7-a209-d23216268391","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":146,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"d09938c7-6db7-4242-8048-3d1873a6f87e","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":146,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"c8d1302a-646b-4741-a929-8378d76aa31c","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":146,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"98d701e7-b257-4ea6-9ed6-63ad42c351e8","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":146,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"25e3f5d9-7eeb-4614-89b9-98308a425cbc","block_type":"box","text":"strategy with respect to such security or asset.","page_number":146,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"5c92720a-8f5a-4a6e-9659-5de7523047b6","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":146,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"e48767a6-98eb-4721-9801-4466bbd2a976","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":146,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"38da36aa-6ad4-470b-9334-40053fd13592","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":146,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"472190be-10c4-497c-a6c9-a0fc5bc3bdfb","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":146,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"30d5d935-dc9c-46dd-a749-b7effca393d7","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":146,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"9b81f736-768b-4789-9921-d35bd22f0ee8","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":146,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"a9e3d49a-9aad-4b01-9aeb-0683815e4b34","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":146,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"01b08412-f810-4641-9ad6-7e11137b9e20","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":146,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"bb6e72ee-6367-46f4-a928-e4a5c7488306","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":146,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"bbad051b-b5cf-4e51-a357-2edb8f39671d","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":146,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"7199ba57-ce14-4f81-af2e-61b2f44abb4d","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":146,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"57dde942-1914-4830-b5ad-06e242eee144","block_type":"box","text":"e.g.","page_number":146,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"caa9963d-b71e-4f7d-93f5-1007fef7344c","block_type":"box","text":", custodians,","page_number":146,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"6e3b5eb2-e0bd-4f99-a01a-dcb59e07d76d","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":146,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"97c33b5f-469b-4514-8d4b-fe7cbb715828","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":146,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"943699a5-916e-49f3-9f3e-89eb7cc3f2bd","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":146,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"95a25c4b-2637-4110-83ff-e7703bc824a1","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":146,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"efe62f74-9d46-401f-8058-e7e5381eb2c9","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":146,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"5207ac35-87e3-412d-82a1-948e293ada65","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":146,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"4b5b8b00-9590-4ae5-b568-9fb7e15bf91f","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":146,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"b9e8f2fc-316c-44bc-8772-846a9afdfe7a","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":146,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"5d631980-8a98-4177-8946-a883fd285dbc","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":146,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"dd31434a-04f0-4c15-864a-6794f35c9392","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":146,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"3acde002-737d-468d-800f-28b94c384000","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":146,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"6383baa2-df7c-43ad-a531-0a4abdb60b52","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":146,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"ac430d5b-50b6-4a6c-91a4-bdd0d4129cfc","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":146,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"6b9d1d8d-ff18-40bb-9f1c-36b874da33ae","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":146,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"c7ed82fe-7bce-4a33-9253-c386c3d361a1","block_type":"box","text":"II-97","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b03b7d7-9ef5-44f3-aba8-629bff0a2326","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58c7643b-5238-41c7-96d1-9a89cb87c9a1","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":147,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"3108945f-3527-479f-9ddf-be83333e4380","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":147,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"dd47bd14-5a56-417d-a2fa-10ee6dabb7df","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":147,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"d7b7e6d6-5637-42f7-bf97-4ab6d1e58c2d","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":147,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"94c32fe8-a62e-463a-932d-17f25446dd18","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":147,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"1c04187a-8b63-4ed8-8fb0-233431573f01","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":147,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"40bf3372-cc9b-478b-8851-44d5e9cced95","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":147,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"87764b35-bcbf-434d-9d4a-7a35fecf3fdf","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":147,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"b3a62ac7-8019-447d-bdd4-486d46661528","block_type":"box","text":"provider.","page_number":147,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"4a7d8ff4-26c3-447f-b05c-7e7df996199f","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":147,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"db93be6a-7349-48d2-94bd-ad3c9d3ca3cb","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":147,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"d34c4c5b-3986-47d5-96ec-7febe65a414a","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":147,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"24dfd2de-b36f-4b07-b367-ec4542026af0","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":147,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"752c2a7c-2e11-480b-85cd-5b82aa9d4b8e","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":147,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"63132f96-34da-47ec-a66c-7327e35b38e2","block_type":"box","text":"PURCHASE OF SHARES","page_number":147,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"ca490afa-53eb-44c3-9a00-3bc8ecde1cdc","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":147,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"5be46217-55f0-4103-8993-6b8f48b8f5b3","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":147,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"2f0138a1-da91-4d44-be41-22f17f6a9d5f","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":147,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"d3477924-1d01-434b-9df8-a16939dfca04","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":147,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"bb4acdbb-3d1f-4c0b-93a1-77591094e6ea","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":147,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"fbd2a10c-8660-4d38-bf19-9a30b3fcea87","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":147,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"68b63912-d836-47eb-9480-71d840ccd281","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":147,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"6c39e18b-b0e5-46c5-afe7-6034aeb69287","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":147,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"2057b635-3454-4579-b29b-7de39a9b26c4","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":147,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"d5a1e6d1-43c1-4b5b-8b92-ca14e68ad9d7","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":147,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"0ccc87a1-34ff-4291-a65d-0377020e7895","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":147,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"5dea3a32-9953-4059-ab66-2b4231d5cfdc","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":147,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"1d7f43a8-5500-45c7-88e0-260921556b73","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":147,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"1a320080-38f9-4dae-8a33-d56427978ea6","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":147,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"5a4aca84-5a9a-4e2a-a22b-e68bc2ac3b3d","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":147,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"bdd29a3c-cd54-470c-816f-8efb79740e88","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":147,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"120906ce-5676-4b58-891d-a5090e1aabe6","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":147,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"83da7bbc-658d-41cd-af14-467fc2dc3ef8","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":147,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"6ca17d9d-c43a-4ccb-89e4-343cd76a70e7","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":147,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"2a8e4ce2-0336-4d75-af24-10b1f8118502","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":147,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"f8bb91ad-0d25-4df0-ae68-4309e45f109c","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":147,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"a1026a22-2ab2-4de7-aea5-33d919d85c64","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":147,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"8d5790de-09f2-4ff1-8895-e03695d050d9","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":147,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"4efc5bd3-e461-441c-85f6-4a8133872f78","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":147,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"2ad16bd2-6adf-482e-aa23-7fba4d5d2346","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":147,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"cfa5d110-d2cd-4007-aec3-0e2152206e57","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":147,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"6d84c950-16c9-4f38-9f75-870831fcaa9d","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":147,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"14113a17-74de-4352-b6a7-ada8f6a8bf98","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":147,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"fc5e2ab6-68e3-4c5d-a484-c3594f1ca7bb","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":147,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"8b328ca4-193c-45dd-986d-8c70395655e0","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":147,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"03fb687e-a774-4c8b-8381-e39ef3f56e41","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":147,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"d65032c1-e533-4109-8b15-70b1ea9482ce","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":147,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"09133d71-ccc6-4975-8607-0d70bccc8d71","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":147,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"0ff888e6-2224-4283-a480-fd85589f3f9a","block_type":"box","text":"investment is $25.","page_number":147,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"58ac7f44-47bd-4fc2-a20c-0d52b9ea8bb8","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":147,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"5badfd14-c4aa-426f-80b8-6a2ba0015bd0","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":147,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"bf712643-1ee1-471f-84dc-5bf75f446918","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":147,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"bcbd40db-450d-47ab-b0f6-7e3255777ab1","block_type":"box","text":"II-98","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e133b51-4848-426b-9af7-3c2badc12e88","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2712eea7-14d3-4f7b-b496-1f3216106202","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":148,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"aee2ff74-babb-46c8-852f-06271a9c2ecf","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":148,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"0f527714-e392-46bc-8ee7-c157d045632b","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":148,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"add33f8a-e9ed-4512-9c44-9ea05ba68f28","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":148,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"bc6560b3-3220-472e-810b-2005e4d0e85a","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":148,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"dae26f80-9e95-418f-8aad-6796d5254f43","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":148,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"8cd3e39b-3417-4e9f-ab7d-93e4537616f7","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":148,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"86926514-ed9b-49cb-bae2-a3e3b5810102","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":148,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"e599f59b-567f-4fcc-a734-ad2ccd1c2598","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":148,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"36219416-8c0a-4cab-bd76-cfcab4786e76","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":148,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"a0177655-f7cd-4c6a-89a9-9b126bde2b61","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":148,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"1fa1b176-05d8-447e-8c40-bf1f04dd9ee2","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":148,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"1051a6b5-5111-47bd-ae78-acf1fdcc7e7e","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":148,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"8bcac248-c40b-4264-a826-0de5449db282","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":148,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"a30dd4ea-826b-4b3e-ad0c-89be30c0f3cc","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":148,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"002c90aa-849e-40f8-a8a2-582337a378e1","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":148,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"45bebd0c-b3e3-4d97-83d5-792df470add2","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":148,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"f2a00d00-f6a8-4695-bfb4-9708b181aecb","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":148,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"21fd4f01-abec-461b-af69-2207f3d9c71d","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":148,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"566e95f5-2434-4da3-b12a-191e8f996a3b","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":148,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"4ac86d00-be48-4a76-b9bd-78cf2af70c86","block_type":"box","text":"adviser.","page_number":148,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"5f769c32-14f0-431d-8bca-509abf2016f1","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":148,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"c7b7f8cb-8ca4-43f7-a65b-2b1aad7e13e5","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":148,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"1f52c7b5-f71f-4bba-9950-74d85fed8d50","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":148,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"5477e114-c104-4c1f-8304-8d5aa568fb22","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":148,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"c205b766-f7e9-47f4-8567-24cb07aa133d","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":148,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"d045b59a-1734-4d3d-86db-da1e33779e0a","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":148,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"1d2f0ae2-83c4-406f-872a-15bbd8f3f529","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":148,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"875ec1b5-e8af-48c7-9d94-29c02d5c6e7f","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":148,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"4fd99a11-009c-4d42-a98d-301eeb554fb5","block_type":"box","text":"also be restricted from making additional investments.","page_number":148,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"06b12629-0a38-40e0-9bd3-499650695f2f","block_type":"box","text":"In-Kind Purchases","page_number":148,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"ea946ca7-a31b-4b01-a706-e448fa955a88","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":148,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"2e35e33a-4ed0-480d-abc9-e6f086a52fee","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":148,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"f110d0e9-a275-4c53-81a1-c4d42e196285","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":148,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"826fcaf3-888d-4f5a-a7fe-0b9d901cff02","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":148,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"9fb8a03f-889d-41ec-b212-8350ab527ea5","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":148,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"f351b309-ad59-4d23-be8b-0fdc2f62f94c","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":148,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"ad242bfd-60a3-45ec-affc-27ad8b7f8428","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":148,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"6af38ab0-42dc-4ea3-88ff-c3f9e9042885","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":148,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"83a79eb2-68e5-48bc-bb89-d34b38171d66","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":148,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"22a718f8-84cf-4233-a844-70db0edcd595","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":148,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"724300cd-2636-4622-a70a-458893c864bc","block_type":"box","text":"has settled.","page_number":148,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"2214d551-a6f5-4cf1-b658-ad4f52869514","block_type":"box","text":"Institutional Shares","page_number":148,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"2c119f86-5993-44b4-93d3-0c9d99d961c9","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":148,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"f0761cf4-2657-4288-bf9d-2f8bb2e223ae","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":148,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"1ae38f2f-632c-47dc-900d-31688cbaae3c","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":148,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"10aa4ecb-f170-42c2-ad17-f9482396415b","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":148,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"a0cbae34-5def-42b4-a2bb-c1e09dcf81ad","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":148,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"6c7d5711-5460-474c-9679-2f20c1aa6d4a","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":148,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"2325ae0a-23ff-4567-98f8-ca9c39fd76dd","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":148,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"e0edb21a-1317-43c7-aeb8-7ea6d368645f","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":148,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"fdaf9f96-dfde-4c30-8c2c-71789326ae27","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":148,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"7c314db5-194d-4cbe-96f9-718d199ec6cb","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":148,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"eb2e7539-1dcf-4aba-a921-43f2c5c9e99b","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":148,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"3e0e9aad-ed92-4713-ae32-51dd16cea7f8","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":148,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"49416d7f-32d6-4d9f-a664-44a5f4903210","block_type":"box","text":"II-99","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ad51603-d371-4e35-8aaa-337e0a61fd97","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c392cac3-e9ca-4157-b74a-ef74deb471df","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":149,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"b3d5a094-834e-447e-af6d-7357442f1ccd","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":149,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"895c859b-49f8-4654-92d5-953278cf17b6","block_type":"box","text":"these fees and conditions.","page_number":149,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"28385d2c-09c3-453c-a7ba-d237b9cfc6ab","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":149,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"2d68b2d7-397e-405f-b96e-977395e75214","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":149,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"c388e6fa-9379-4359-ad1b-476a3b01764f","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":149,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"46953c50-0094-494f-878c-8a7b66dc83a0","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":149,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"7947583d-681e-4ab7-bafe-34d197d060f4","block_type":"box","text":"incurred by the Fund.","page_number":149,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"eafdf116-e87d-47ce-9373-81eb11474eff","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":149,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"756b802c-e939-4a79-971f-2fb2ef510857","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":149,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"d6f436a1-f31b-43f6-a0dc-790518dac11d","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":149,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"0b233775-2726-484b-809f-142480ce1eb7","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":149,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"4cf719e5-667f-49bb-af77-175429d84ab2","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":149,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"99a8ddf1-e590-4358-8806-12937463b3ba","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":149,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"a17b01a3-d335-43c6-a2bd-57569d023564","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":149,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"825087d5-257e-4098-8dd7-e0a458a15766","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":149,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"2da0f397-d624-466c-b644-bb5e34659a47","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":149,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"02c78b92-9ef8-40bc-b074-05e15f50e2d6","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":149,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"ca6b2505-a0ce-4f7b-b29e-7103be1b4194","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":149,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"8e48eaca-b7c5-4b5a-a8c7-1a1f66ef5840","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":149,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"d5f2f050-25e9-4a40-9b2b-815e1f3be248","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":149,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"ba5ec15d-60cd-4a2a-9389-6c71ee0a2b6d","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":149,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"1f0da019-3461-412d-b973-811757edfde3","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":149,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"7c6ba81f-52fa-4138-96c1-70727a5b1a77","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":149,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"fe18fed8-5c46-4f35-a896-71417da5e019","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":149,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"c783b9c4-84f8-4b5d-8d00-089cc96938b9","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":149,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"1a5489d2-882b-4bbb-b962-468dfb24de08","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":149,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"921b60ca-730b-46d6-a10b-50ad14cafff4","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":149,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"b053dc0a-426b-4153-9a59-40bf71d107b5","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":149,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"b3e6692c-080f-4758-ba2f-ad09dca77b85","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":149,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"b50998cd-f6a9-41e7-8704-00d7a5e5c626","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":149,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"52f873a0-00b6-48f5-bf35-3b8ceb7d8748","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":149,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"cee3c2db-416a-40f3-9915-6bdacf85ae71","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":149,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"cca6cc7c-67de-4be3-953c-50ab14bb6b13","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":149,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"d4ea74a7-f948-422c-a0bb-007bbef2c348","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":149,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"c967117a-c2ce-446c-91bc-c24eb05180ac","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":149,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"774b5df6-7528-4005-a79b-e6a50afccb84","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":149,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"0595f236-8d59-41ab-b1a7-9b6c117f1af0","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":149,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"62c7a5e0-3f0d-44f3-81cb-e625d7cd2be5","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":149,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"0e468eb7-79fa-4906-b661-896968f2c4e4","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":149,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"f2a661d0-8a3b-4192-ba54-9514cc5c2c47","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":149,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"321f6655-b56a-4376-a60e-4fb385d8a352","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":149,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"37dafdbe-faa2-4eb9-9f62-d7f3de93a8a8","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":149,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"c1294475-bf1a-4d24-9f18-5089dd67d338","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":149,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"b5065880-98d6-4799-a2d8-57077f1bc54d","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":149,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"0babff03-d1e6-4821-8c55-c9d0948bc8f0","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":149,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"d9c818c0-62dd-4614-93bb-e3436fc4bbd0","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":149,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"ce5f57b8-c74f-4025-955e-89054ee6adc7","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":149,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"dae645f3-d829-42a7-ae9f-5c079b42752e","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":149,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"d685a1ea-ff04-4c50-bd88-b3a7ff214f69","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":149,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"5e6b31f9-bc72-4bc0-ba9a-7d96d517b5b3","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":149,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"45266d52-92b3-424f-a2c4-2bc8719412e3","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":149,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"56ec41c8-a451-4f99-8ed3-b11049ef5d47","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":149,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"5c8c8dc0-e56a-48f8-b320-84741526ae7f","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":149,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"4318e4c2-347d-4dcc-93bb-e389d785218a","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":149,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"c06e91fa-37a0-4c35-afee-68374498b6a3","block_type":"box","text":"II-100","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"11ece49f-a21c-4013-8fd1-46402de7e99a","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c213839c-4676-4371-8adc-76abd732b430","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":150,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"3322c018-e975-447d-b73d-a3c22292eafe","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":150,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"dd355a81-195b-486e-ba82-8fec8fc7cd2c","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":150,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"f6fdf13e-7083-4743-9cee-4b622088bb06","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":150,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"09c54d09-d60b-4bf4-8b51-326e908b302d","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":150,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"ca557ce3-f7c5-40cc-848f-71b70ac4ffae","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":150,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"f559d4b2-d704-4231-bec3-a7f0634f45ec","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":150,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"828834f3-00ad-4010-9aed-af7cb941be6a","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":150,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"a3b13471-3389-4e4f-a59e-7fffc2654fd7","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":150,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"b9091597-a964-4e13-bcda-d4cb98f18164","block_type":"box","text":"periods indicated.","page_number":150,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"2649e04b-1ffd-4ee0-8061-d5c2bdbca4f3","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":150,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"893ff78c-41f8-4938-8775-43be5443e727","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":150,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"6f51e36e-da6a-47fe-8951-678dfd8d5a84","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":150,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"0225099a-e2ba-4a54-bc4a-a0617b84c6e2","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":150,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"edd68773-901b-4c21-aa5e-f1e6943ade34","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":150,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"3405fab3-dbc3-4c46-95a4-82302d35bdbd","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":150,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"99835ad4-d51e-44fe-8835-341d00218791","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":150,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"bddfd8e3-e395-46f9-878c-b7e66b997558","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":150,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"62d1ef9a-7338-4a57-acef-259a96dcf10e","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":150,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"e1b37b2a-5aba-4803-a7ae-93e596995b54","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":150,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"2c0049f3-9d95-40b7-9cf0-4f38f84100b0","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":150,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"bb975c59-882d-4b87-8562-0020380fe11b","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":150,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"76bfc11a-bb39-48ac-9896-6e82c51c9a04","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":150,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"c0446910-ad47-489f-9502-b2acab9791ef","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":150,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"4d82ff9a-0c38-463b-8081-7a7066de28f7","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":150,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"b32a48f7-1220-4365-9744-0561350b56b5","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":150,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"78cd0a34-743a-4435-865c-9d2e5bb53567","block_type":"box","text":"Reduced Initial Sales Charges","page_number":150,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"a52b5cdb-94f8-4740-bb56-c83e543d9cc4","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":150,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"8b46d970-234b-4d35-a71d-48b0a7cf14e7","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":150,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"9da29145-b505-45d1-bb0a-c0045cd86281","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":150,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"1e0ca84d-da6a-4826-a103-cbc2114fb54c","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":150,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"ac9d041c-4801-40f4-9253-9957371e2bcb","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":150,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"b75a25b6-dc6f-465f-a0f4-ed77f30435a7","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":150,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"ebddc195-07b7-4647-b219-c4a78fc9a32a","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":150,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"90cbf4e1-3ea9-4f0e-af5f-537fff89bebd","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"45cc51c3-76c8-43d9-b3d1-22df722f7992","block_type":"box","text":"Reinvested Dividends.","page_number":150,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"1ce9236a-269e-41b8-a558-b2f468acda90","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":150,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"01cad715-711d-4059-9518-07187a469a0c","block_type":"box","text":"reinvestment of dividends.","page_number":150,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"2cd5788c-b5a3-4881-93c0-be79a5ea5c83","block_type":"box","text":"Right of Accumulation.","page_number":150,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"61c8f8c8-c675-4303-8fc3-3cdd3cfb83b9","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":150,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"ef01d964-d84c-464e-b8b7-7c27aa56051d","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":150,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"e7977eb0-8e9f-41b3-8032-445b0773cc49","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":150,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"3162f90e-5934-4aea-b803-d0576ee39acc","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":150,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"7614eb7b-2081-4953-98cd-a33f2ba33ffa","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":150,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"a08519d4-401e-4110-a5ed-cc447b9aecd4","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":150,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"14cead7b-18bf-45d4-85d4-2edb8ceccdf4","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":150,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"ce13267e-1be2-48ef-bfb8-18a27b362583","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":150,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"bf363c40-fe95-4257-a2d2-16097ed3d78c","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":150,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"3bb4470a-5bb5-46ad-95a0-ef94017c389e","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":150,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"43b8cecc-d3c5-4881-b348-2e5f7c0aa985","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":150,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"af37d2cf-8d2b-4cf4-abcc-5d17936b02ae","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":150,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"169233ec-98df-4811-8f57-388935b43919","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":150,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"710b9575-88d4-4fb3-9c0b-8d6a43517cdb","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":150,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"f7246945-bf1f-491c-9207-655dbf5599c0","block_type":"box","text":"II-101","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1b0287a7-6e62-49c9-b998-7f7e9bc194d7","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cdb8784e-9372-4a82-8d74-03cabe26b94f","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":151,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"757ca854-1ce1-4e29-a3c0-1061281a8f56","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":151,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"7a652a7d-64c6-4c26-a2b2-9ea8b15e8fc2","block_type":"box","text":"Letter of Intent.","page_number":151,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"25f75cfa-9495-4272-907e-618b694c1231","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":151,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"066cdad8-88af-4826-8386-99d4670d5726","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":151,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"81606c03-3159-4c5d-a20e-2d6fe61dfe29","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":151,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"ccbc8544-df65-4fa4-920d-54b737e37bae","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":151,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"f85f02f4-c355-46e6-87a3-20123f8545c2","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":151,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"889ec434-7e57-4b99-9c1f-ebab8cfe3e8c","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":151,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"0ee2e45f-6a82-4a25-a492-62ad5fc6ac73","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":151,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"22355e71-d303-4d79-bbcc-5cce5882c8ee","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":151,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"2e0a38ff-cd27-4430-a2c4-816697fecf76","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":151,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"660d483c-771b-4504-830c-72c0445e90ce","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":151,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"1dd1ba18-c6ec-416d-b165-13bf61df6983","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":151,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"b7f71ca8-0708-41ae-9376-fd32c6bad7a6","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":151,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"354b936d-0fee-4734-97e7-d6e80e7d0309","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":151,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"baf6df36-5e49-4c93-a401-bea3e53493e0","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":151,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"f1c4456a-a2cf-46af-9dac-abd4cb6b590a","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":151,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"c5c1b18c-4830-4cd6-bf3a-e407bda79bea","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":151,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"2fd10d38-9d5a-4a7e-8521-0ecda32d6877","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":151,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"dc341872-b900-45a3-93ca-752cff919293","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":151,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"bc66932c-7e31-4410-8280-3307227076ac","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":151,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"51b58ed9-2f1a-4efa-af95-6d09a017adaa","block_type":"box","text":"Placement Fees.","page_number":151,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"6e6773fa-d69e-4dde-a037-854d876a5bb6","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":151,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"3a177fe2-e44f-4089-a938-ccb34a5ab23f","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":151,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"9cf08a6b-ecb9-4d40-a07d-627ea43fde4f","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":151,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"436b345e-1fa9-4fa2-ac39-192dd07a1c27","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"31726c62-3990-4300-b628-2a81f0cba26d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":151,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"5e90662a-08a6-4288-9786-66673b98f05f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"bc2e3e33-c745-4361-bf93-c83add5b84fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"971efc8e-fe45-4f52-87b8-5b691be24fb6","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"bb52a63b-b0f3-429c-b660-8a91d1151287","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"07406d69-2051-46f8-8807-5e8c42d86b9a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":151,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"04eca222-f454-43c6-bde4-109c1e20a2ef","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":151,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"ef2faa95-f8d8-4767-86ad-feabbece6e53","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":151,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"0c27f8ab-86e3-4957-80d7-577777b993aa","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":151,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"c8ba32ed-32d4-40ba-b770-f666d3c4c23e","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"bf6ad35d-a33a-4bec-a598-6743169d5e44","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":151,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"12878fe2-e6d0-40e4-99df-d2958a0962e8","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"ca201bee-32c0-4a29-8dca-fd62c8319cdc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"2ca2c525-916d-4ada-86fc-a7db5fb93052","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"75f70620-f310-469e-ab54-b22d1dce572e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"6e558321-3c3b-48b3-a1a6-dafe18ec6468","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":151,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"b971ff7a-da31-4d28-abea-e4cc1dd8c7d2","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":151,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"c3878ebf-c5e1-4e85-95d3-16c435722786","block_type":"box","text":"SM","page_number":151,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"e14d985e-47d5-4595-b82c-8b69dc2a169c","block_type":"box","text":",","page_number":151,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"5fb33876-8f41-4b95-aadc-fe40dbc77408","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":151,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"c4c09759-e6e7-455e-80e7-93fb4fe598b2","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":151,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"ea1d9cab-96a0-4493-981c-9e52bc127290","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"bc3e51cb-ed1b-491e-9338-f56262724831","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"a46f333e-aa21-4b53-b168-5401830ee212","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"bc41948a-20c1-4237-8aa8-a4a5cdfd5438","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"31dfe9a7-76cb-4a9d-bd33-268c8956c38c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"40952bdf-e54c-4f82-8f99-7cb07a8c55ba","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"d0cc8c99-4c2c-40b3-8894-4674e8b220fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"7fe51a65-c5b1-41e4-a0f4-4d3a6a8b5e16","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":151,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"46c8b737-4633-4e66-a138-868ce7105885","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"6d101268-2b56-4b23-b438-4e027d2b9a9d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"dd2a49df-07eb-4936-9b3d-387c48392ef6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"6393c997-d86f-4821-8a85-bfd79956deb1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"83f3fe26-3cf1-41f9-9059-1ebd83acc233","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"30611f06-a80e-48ad-ba2f-dd81e4dead2e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"d5157e6c-089a-4d9b-a974-d8a45a9e9c9c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"3930aebc-982b-40af-be83-449b1dc64d35","block_type":"box","text":"II-102","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d328fcfe-ab76-4d8e-8e79-b266274e1d41","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ee02bbb-0317-4b2d-af88-94d12942f594","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":152,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"abe4ddc0-5806-40ab-a3b8-83c29664395b","block_type":"box","text":"may be up to the following amounts:","page_number":152,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"5ee7ca14-15c7-4037-bef1-cbe97752feda","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"9ca85623-2ac2-4aff-a963-b9007c54296e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"96ac7a2a-257b-4ed8-b6ae-787421472736","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"1e3ae0e1-e8fb-41b7-9bab-9fcd2907ae80","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"faf72428-871d-436b-a095-32465e6e7fc3","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"848437b6-35db-4cf3-a3e1-9c89d8ec8583","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"04d9b098-83f1-48c1-b01d-11d965d43bc3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":152,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"624d59b0-df66-4cbb-b6b4-e51dbf36d1f2","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"bba4995c-929c-42fa-9765-84313068ce18","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"da65e8b4-6870-44f6-807c-aae446d622ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"2ecbe911-6f69-47d7-8d3d-ad0fd27717dd","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"48a19d5c-e71c-4a6d-831f-fb4867ab7f8a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":152,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"ec8ef958-64e5-4645-8c24-47b2a7235f70","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"38dcb46c-4f01-4ade-ac45-d6b841ed1091","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":152,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"6290d637-85c0-46ad-88cd-d5b494ca5f43","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":152,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"6898b64d-7195-4c37-a0f3-19be6e98b323","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":152,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"b3af523f-bc95-4db2-9798-a8084b9bb128","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"b76ad2a1-186b-4d66-81b2-5ccb661a53b3","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"702f4804-b82d-4526-9a7b-7dcf618a2b36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":152,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"a65cd72c-fe6e-4738-bc18-ccb5b97f6462","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"f8854da5-04f6-4b1a-9c96-fecbee0843b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"3eb7b8c8-3148-43db-9b8d-61d9333ff155","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"7482558b-440e-4e9e-b6fc-f48a358b8ae6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"81558a1f-b3c0-4b97-a636-131fb6f2b880","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":152,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"8d38eb13-3428-4157-a19f-8f237498896c","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"ed58a186-a41a-4ae9-aca5-5f96833fc51a","block_type":"box","text":"$250,000 and above . . . .","page_number":152,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"3ab4cc49-b931-482c-9545-44ec263f9ff4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"b8f7e1a2-b273-4716-a999-618473cc06f9","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":152,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"fc8b9184-a330-42a5-b161-9015acbb69e6","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":152,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"d6e958da-a73e-4271-a5f1-281dbf7a57c6","block_type":"box","text":"the following amounts:","page_number":152,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"8cfcd0e6-d340-4ce0-87be-02b8a98b6be5","block_type":"box","text":"$100,000 and above . . . .","page_number":152,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"c402dc33-8934-4c26-90fc-f63d174d2400","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"e653f799-f9c7-4640-ac6e-7840fed6e84c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":152,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"04c907c1-4e06-42ca-b754-a8f386604844","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"7bbf3559-6283-4bfe-baad-eec8ce475dee","block_type":"box","text":"$250,000 and above . . . .","page_number":152,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"d4389cab-8bde-4df9-bfa1-c11b47885ddf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"a7011eba-6995-416e-a474-b2b16fa979d4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":152,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"11424d67-fa0c-4120-96ac-54f90e178272","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":152,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"ea1f013e-0588-4de3-977e-2aa16f77a9ac","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":152,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"a5f03472-6fa9-4e7d-a289-8c2b7e13f6d9","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":152,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"c3ed1386-2112-40c1-97dc-e969cd972755","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"462e385b-8095-4638-83ad-8bfab78bc91b","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"6d0e3e1a-087f-4388-80e1-00495ca19120","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":152,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"44bd4d22-c88f-4b01-8942-397f914609ff","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"91ccd1a9-479b-424c-8aa4-21ad6eb19565","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"54f5f37d-397e-498d-b9bc-6617269fce4e","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"d667d155-6bf7-4d9a-b108-b609ef9faf65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"4d56be97-028f-4f1a-88d5-3c5fb5b590df","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":152,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"c2e397cc-45f6-47c6-8802-633180655bf2","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":152,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"51ea5426-083b-48fb-9609-7e1330295479","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":152,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"e4d69ff8-e66b-4831-8378-f3aeac2e49e5","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":152,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"a6a130a6-c984-4f8d-862a-de47b73c9210","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"41b4530d-de6d-450d-8c34-8dd6934deeeb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":152,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"c8dceedf-f070-45a3-b506-1d8662ec7123","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"9ad934fd-eeb7-4f8e-9fc4-ae45ba2073a4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"3203f889-481b-4922-a5b2-8b13fe808049","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"feda99f2-a919-4a91-a400-97d0b87553e1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"35260104-62e7-42cb-aa08-b146ec6cf3e0","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":152,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"a0920d4c-6b5c-4cc5-a617-f7fa3552e7a1","block_type":"box","text":"®","page_number":152,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"2fde90ab-df68-4958-81c9-16a1f9163bed","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":152,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"81d8cce5-e2b2-444c-951a-e331ca771913","block_type":"box","text":"®","page_number":152,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"a8b17a4f-f669-43ac-90d4-409d25f4c23a","block_type":"box","text":"Index 2035","page_number":152,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"14251203-b902-4b6f-8387-1874ccf9433c","block_type":"box","text":"Fund, BlackRock LifePath","page_number":152,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"8a6388ba-26e1-4cfc-9428-c1f7b7ba0e30","block_type":"box","text":"®","page_number":152,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"72ebb977-2ffc-4e19-aec5-4ce95afe44ae","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":152,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"ebad017e-d38b-4533-abd4-576f29007176","block_type":"box","text":"®","page_number":152,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"896cc5e8-1630-47d9-be20-8fc71dc9087c","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":152,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"62831716-5391-4067-9c2c-2086d32c47ba","block_type":"box","text":"®","page_number":152,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"2396e8b9-8244-4520-947d-1304a6abe44f","block_type":"box","text":"Index 2050","page_number":152,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"779c0ca7-b662-4048-a16e-c464bdb83f79","block_type":"box","text":"Fund, BlackRock LifePath","page_number":152,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"39416fd5-bc95-4ab7-8b90-495f8ed01a54","block_type":"box","text":"®","page_number":152,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"a07b783b-ddb0-4d1b-9e9f-f74c2e1211dc","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":152,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"9469ede9-91d6-4ef8-b6ba-aeac9dbd2c7e","block_type":"box","text":"®","page_number":152,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"4b808c7a-d52e-4eb8-abc8-7895cea971b0","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":152,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"d3a19937-b7c2-401b-963e-8f58666b65f2","block_type":"box","text":"®","page_number":152,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"d1df8fe4-fbbd-4379-9630-a4a1eefc9ba0","block_type":"box","text":"Index 2065","page_number":152,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"551fa8ee-1ede-4e82-a2f8-27e96e19b1bf","block_type":"box","text":"II-103","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2cf12f6a-5e6a-466c-8560-10dfc0d4b899","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8f7409a-4197-4012-aa6f-ed87463f713a","block_type":"box","text":"Fund, BlackRock LifePath","page_number":153,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"d3192c32-d98a-4a14-b931-88836563046c","block_type":"box","text":"®","page_number":153,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"b20d045f-d211-453b-816e-4af61a6d9a95","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":153,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"8468e65c-a10c-4107-b7f4-bb1d742c2f3c","block_type":"box","text":"®","page_number":153,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"998a1319-1682-4ecb-aaf4-4ee9fbf6d6e1","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":153,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"da0eafdd-f22a-4da3-a347-60ffbfc79d59","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":153,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"9b192e87-8054-434b-9569-f0864be92bd0","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":153,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"da547d9a-35af-42d4-9585-f93448cac447","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":153,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"1ef3c6e6-f0bf-403c-8763-e0ec5416a948","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":153,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"9a2f83f2-e239-4559-93b2-72ecf8c9135c","block_type":"box","text":"SM","page_number":153,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"f851c4e7-8476-47e5-8469-988655a3b433","block_type":"box","text":", the placement","page_number":153,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"44e31e07-9345-49a7-9b66-9d6ad663ec61","block_type":"box","text":"fees may be up to the following amounts:","page_number":153,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"4c681a49-55da-494c-9aad-eeb86208096a","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":153,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"31b74bd7-1cd3-4fd7-88ea-b2e85e7b1312","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":153,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"0abb8361-20d3-407c-81da-01f72eabed8b","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":153,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"dcf70d4f-06a6-465f-a80e-ded9d993d3b3","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":153,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"0a100cd7-6ab7-43f6-a155-b653eafbc4af","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":153,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"2fc6fc9c-63cf-4207-89f4-d78107b7fb63","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":153,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"29d97362-3a97-4a8c-bf6d-620006ec1beb","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":153,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"0f7e6d89-d228-4e07-b7a2-fcef6d5028ae","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":153,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"b89ec747-85d0-43a7-9ab6-85deb53fc3a5","block_type":"box","text":"$1 million).","page_number":153,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"60b02d9f-dabc-4e8a-80bd-b590a54c4a7c","block_type":"box","text":"Other.","page_number":153,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"162c0e3b-fd2e-4c2b-b007-3fc21ad3052f","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":153,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"b4af7b1c-6bcd-4280-b6d8-0447b824cb7f","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":153,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"167808ef-bfe3-4c65-9ea7-aa6c4f8a7900","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":153,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"fd4e0028-9748-4db3-bc45-cee7ec09fc39","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":153,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"999ca9f3-370c-4a6a-b5d7-5f0feeccb38e","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":153,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"1f6dfe4b-9c74-4c1b-9fdc-d4ac3e02eb11","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":153,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"e019c1c2-80d5-476a-ba7c-a4c165fd5a9b","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":153,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"485ee3a5-a885-465e-9baf-d32cd1d0262f","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":153,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"aa2d0e2c-35da-49e5-950e-bb02ed7fb88e","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":153,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"e3b95006-7735-48ed-98a2-210ea75cb8a8","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":153,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"fc10e7d1-306b-4d92-97b6-717d50888edf","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":153,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"94d25e07-0d9c-45f5-8f81-b20cb504c4e3","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":153,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"1c92be85-2032-4a5d-9077-d58bf65365e6","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":153,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"112d2707-0d48-497b-8d01-9917640cdcb2","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":153,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"faa75038-9224-4ea7-bf84-e78bc5e534d3","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":153,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"e58a5003-4017-425b-a88a-d988a40ebf61","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":153,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"4d590f85-549d-418f-baef-ca956b8ea788","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":153,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"1b1e5a56-b2df-43db-a041-47e415e28172","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":153,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"91bf0ede-cd2a-4085-ae46-1948d9e49265","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":153,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"75a5db61-fa23-4313-97b4-5628ec8bde5a","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":153,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"81c6f992-c8e4-43d7-b042-710253d8c797","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":153,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"75adff7d-b194-4c75-9a7d-99e3b71bd7d4","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":153,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"267953c1-0401-45df-845f-52f098280e02","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":153,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"6c8791a9-e8dd-48ac-93e9-0ba42384d09e","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":153,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"5e14d20a-888f-4005-9147-0757589611fa","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":153,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"1ed3ca10-565f-4a3e-8764-f2188307e40c","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":153,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"51948491-f33b-452f-a602-f1eddc240558","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":153,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"fa5f27bb-c30a-4f14-b8e8-07f01aa4ba7e","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":153,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"a4bedaad-ba71-4eeb-abcf-3394d7d35030","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":153,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"dd5c1ab3-f556-4a6a-ba3b-f179f9475c2e","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":153,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"b82c714a-1b30-4b0e-9ad5-a2c93de4b97e","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":153,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"601a1be2-54ee-4c4c-8483-ae161f7fd92c","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":153,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"d6a7631a-b63f-43be-a088-9d083b49bd8b","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":153,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"7920d313-8f8a-4007-8fcc-f863476616a9","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":153,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"6a5a07e9-fc84-4fa0-aada-667991760855","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":153,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"7a8c1c65-539f-4215-b41f-07a132e17809","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":153,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"e4b08208-b66f-4bf3-a5bf-0321e5db095f","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":153,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"3297ce6c-cfc2-484b-bb12-6ed5de6853e0","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":153,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"4c61d38a-1107-46ee-b65d-4ae0147d41f6","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":153,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"a97bd8cb-de13-43ba-b825-f11dcefa5f1f","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":153,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"bcc5fb3e-a169-485c-b2f5-53c158f6822b","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":153,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"751d903c-ffdf-4290-8263-0e9b604ba73c","block_type":"box","text":"II-104","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c5caf918-5729-4219-8128-f6cb89627844","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47f6d75c-7272-498a-9087-ab1f94039e1b","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":154,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"0cee0279-acf6-441d-928b-dde0f0d1ac4e","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":154,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"4414db42-8f11-4e4e-9336-ec79b9908c91","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":154,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"ea6c54c6-0570-4dd1-8d4b-75a5048dae2c","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":154,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"72470ec1-39c1-4527-8ee8-c9abb50d1848","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":154,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"b3e3fbcb-b43e-455f-b8a4-7ceb63fb7714","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":154,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"3b7b09d5-7f86-49ac-80c1-3acec30f8b1f","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":154,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"052349e5-3ec8-4699-8354-95d6c499ba14","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":154,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"1e78b271-6027-443b-a17a-c9028d668a6e","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":154,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"ac86b87c-8609-49db-b85a-a09aec4f94cc","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":154,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"97bba65e-6371-4f05-b568-3d6bda9e463c","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":154,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"416ba6de-f930-42a5-b8ec-e295e6af709b","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":154,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"c5ebadc6-9633-4e59-9e32-9339151b6df0","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":154,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"737cb3b8-cf3d-4e53-a5ff-369ef146a996","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":154,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"d7954585-292b-41ce-95d2-d1b604ef6b5f","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":154,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"655516db-a819-4db5-93e8-0a86ec5bb5a0","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":154,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"e595312e-402a-48b1-a8d4-0331b7c4bbd4","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":154,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"0fc4c832-ec38-4d35-97c4-ef99521cf901","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":154,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"5f3589ac-024b-4561-af5f-f13972ee5e90","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":154,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"706e5076-ddc6-4279-b584-5292b9c6552b","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":154,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"f6b672a2-b45e-40b1-b9cc-981e599ed659","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":154,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"6448c6f6-78a6-4f69-93f5-ab86a351bf1a","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":154,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"050854e7-d601-4f5a-b894-3462152e757d","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":154,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"8cae18cf-935d-4eff-9896-6740b967dbb5","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":154,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"1892ceb1-2d3b-49c0-839e-3100e4313a51","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":154,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"e71beda0-3870-4a77-965a-a268713b6a8b","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":154,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"1d5cf4c9-848d-4baf-a257-be163f81bdcb","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":154,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"4c438ab7-c3e2-47cf-96eb-96b98513e243","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":154,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"a190ef97-12a5-4bfc-83a4-87dc3b39f4d8","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":154,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"e16de320-df12-445c-899b-1d275a170d5e","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":154,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"1b600bef-a1c6-4161-b121-e46d1a599cae","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":154,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"323f6387-27ae-498c-90ef-09c9c10a2c03","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":154,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"7b0897fd-259b-4a20-a71a-901af720816a","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":154,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"d05d78ab-510a-4d4c-a607-dd6460d825dd","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":154,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"cccafd07-364b-4e9f-b212-0dfebc9cb43c","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":154,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"32da4bc6-859e-4ef7-b30d-5e85c1f1a88a","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":154,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"ee45acd3-e06b-4442-8b8f-9f42752eea34","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":154,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"e8871bcb-b165-4569-a5c4-251211554e37","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":154,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"3004e4c7-7bff-4ff5-8371-42aa45a43860","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":154,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"b217074c-f62b-45ab-aebf-3e8d97449bae","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":154,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"d89bbfa8-ab9f-4fb3-a73e-1815afcc4f8e","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":154,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"05c6e638-93d9-4499-9dc8-2fa722dbc5e6","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":154,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"77550f9a-018c-4b68-b6b2-5d016cd1b3c4","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":154,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"ad37cdc0-4486-454b-a042-465c40e08941","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":154,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"f19649e5-455f-4624-972e-c8cc318df1bf","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":154,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"e242ce58-887f-41cb-8a26-bf57f37033ab","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":154,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"7efe1aa1-feb3-46e8-aefc-8bc6d8c2d1fa","block_type":"box","text":"public or private investment company.","page_number":154,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"b1bc9f64-1036-4811-a148-bad865e598fb","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":154,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"c3365e88-f8be-421e-adde-e8c3ec41ee2e","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":154,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"2d4f525b-f30a-4af7-930f-1ab8ba8408eb","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":154,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"d062a5d0-62aa-4031-a2d7-61dfe8e037f0","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":154,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"b2bc2061-2334-407e-9f23-eefda6d97466","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":154,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"1b9bbc12-d5b5-47aa-bffa-6c5944adc255","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":154,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"032aed5b-b3e2-451f-b27c-3585041aa24e","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":154,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"a47cd24f-c7ff-4e96-beec-a8ca12753a4f","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":154,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"85aea3b6-f1f4-4650-a0d6-10c5304682d8","block_type":"box","text":"II-105","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6838bfa6-9e48-4ae3-973f-d86092bf5668","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc5db399-1dd8-4d8d-b295-f32fc97c4433","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":155,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"bb7b4bde-64f3-4da9-9d1e-718d7c39e495","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":155,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"db3b7863-586c-4b79-9185-3d2fc88245dd","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":155,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"6a82e708-305e-4b8d-a2bb-16a88aa0ef18","block_type":"box","text":"intermediary associated with the account.","page_number":155,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"8d0f5455-5fb3-4bbf-a3bf-e18f05695f53","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":155,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"0793634b-f83c-4949-8f91-7256aabe5799","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":155,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"824d1737-eb79-422a-b3f1-bf71ccba797c","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":155,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"0a4c863c-ac8c-4624-8433-82569f24a28d","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":155,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"1ec7a759-d719-410a-a65f-18b84836f2c0","block_type":"box","text":"CDSC shares.","page_number":155,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"0d7eb659-a149-4313-a571-bbf32f8b7385","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":155,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"895e31fe-e8de-4a84-b846-89c0406eafdf","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":155,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"a38e62b6-70af-4a47-9586-78ead137b774","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":155,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"8995beee-98ab-40cb-9085-ea582cd5b627","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":155,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"d61b91e0-f8c0-46ec-b2e2-972b5792541c","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":155,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"b2c35617-5035-40b2-9930-9c5a94bf5c5a","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":155,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"337b4f99-8b2b-4f2d-b99e-6301185305de","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":155,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"563d14ee-83da-4217-ab5b-a681b7cab104","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":155,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"fdae0f2a-334a-4111-a15a-2dc2f0842d34","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":155,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"98b04624-31c8-4ba1-950f-12b4c5e00995","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":155,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"fc2c7431-0b3f-41f5-84af-5ed250078ba5","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":155,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"89d75114-667b-4d3d-9716-c37e208f4498","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":155,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"fa7b649f-6c61-4563-a23f-b7003ce5f216","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":155,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"815f356b-c133-4d94-83db-7b2c7db28307","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":155,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"4f9c667d-8b54-4949-b212-9d6d5113244b","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":155,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"8613b5ba-effa-40d6-affe-fde07d0332b5","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":155,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"d12ba7eb-7d05-4d93-b8d7-a5a97dbda7be","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":155,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"4a15c3a5-f043-4859-acf4-7e728e7c7039","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":155,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"5ff9f5e2-314f-4883-a1e7-f56dcf9189af","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":155,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"b40ec107-7997-4409-9ae8-d5427b681eda","block_type":"box","text":"Investor A Shares.","page_number":155,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"ec221e93-62ca-45ee-ab4a-a60a6df27e40","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":155,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"d995722a-0253-4aae-a76e-e19e18d7440f","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":155,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"9ee02f7e-4548-4a60-8b96-8d8efa8875cd","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":155,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"865adb76-496e-45f0-9d7f-9bf5c87be3aa","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":155,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"0c7349b7-9f1c-409f-a040-a2f405153001","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":155,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"9cb4cb1c-772a-4b4c-9af7-613bcf6b08d6","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":155,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"611a34ac-c081-4fd8-99ba-359c0f56214f","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":155,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"d21ee9b8-757f-465e-a82d-37c6c4b06855","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":155,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"ca2fba82-3459-448b-b789-b456c2b9fe4f","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":155,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"9b98501d-a213-40b6-94cd-c6f8ed214d4c","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":155,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"3e5e46f4-efe7-4cc4-a7b6-6bdbe8705641","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":155,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"ac7d31b4-b830-4822-8f2b-7161ff8e7c1a","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":155,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"b3dc868d-0f1e-42d0-99b6-b7b2c85eefc1","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":155,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"d8fc024a-c82d-46e2-b8e8-695930e58a1b","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":155,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"4f96ce5f-cab0-45c4-baf4-cbdb12b637e3","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":155,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"2720232f-a75d-48a8-8f2a-e72a4be95165","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":155,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"41e22f32-fc35-416f-9811-0d5f36fc2e52","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":155,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"83e0ee7e-42ca-4a03-910e-bc684f8d1713","block_type":"box","text":"“Investor C Conversions”).","page_number":155,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"4f7fac4e-360e-414a-81a4-02caf42f0e0b","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":155,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"6f231d3c-12b2-48ec-b5f0-55485628f4e5","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":155,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"c94c8bfb-aef9-4f85-bda6-0214fca1cc34","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":155,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"0a543af4-bb34-4f5f-8d08-5c59096df125","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":155,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"d795a53f-4bbb-4334-9cd8-191eddae2f03","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":155,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"8ee967df-6232-457f-8470-cac41519e46c","block_type":"box","text":"II-106","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b777b95e-d4a4-4ee0-b365-f66200a02fd5","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07f3fb22-e119-4b1f-8c3e-4525dafdbdb3","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":156,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"2b076e80-ae50-42fa-954f-2c6577fffd2f","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":156,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"412d848d-66f6-4a3f-9e07-ba9e87105f1b","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":156,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"a48e7b56-f49a-4548-9fc3-d49c3471d339","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":156,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"722a7c4a-d701-4957-a524-cc34ec096d0a","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":156,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"c59cff40-9c41-4bbe-bae2-a7ad8c2f2392","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":156,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"5a9bf0b8-8dab-4aae-bbce-0443fccb6b7d","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":156,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"df087c46-a630-4554-be10-e02d29267895","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":156,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"3f61fb0d-013f-41c6-9d64-1f2f24f3b043","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":156,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"455e477c-7aa5-4ac1-bd18-417db285a93a","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":156,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"677584fa-382a-40cd-a946-b081ec416c86","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":156,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"3184475c-f958-4a93-8e0d-bb6c2a0921fe","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":156,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"474161a9-1c20-4557-80b6-edd9d58a05d5","block_type":"box","text":"redemption.","page_number":156,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"713bdd8e-fe7e-4478-8f60-53818ff582ab","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":156,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"900afcd2-bc7e-468c-807b-9e6e039f59f2","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":156,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"5140c663-c752-4743-be4e-256068e48362","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":156,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"c6d15005-3c86-45f5-ba57-4c4355bee51d","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":156,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"8c5b85fa-e1c8-4e17-858c-10e65d452b5a","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":156,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"6fa0247a-8382-416a-a258-20e074a266ad","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":156,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"cbf6a778-0a91-4a9e-8323-3ab1419771dd","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":156,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"db14f3be-6e3d-4030-be42-f50dbd755bf3","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":156,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"fabcc89b-4f34-423c-a413-c3c83dd69e45","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":156,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"4550fa52-1cf7-48c6-b296-3d462e3090da","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":156,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"939e18de-717a-4f66-b338-9fec02e21b6e","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":156,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"7b637032-d279-4980-abd7-fd8b8e8cba81","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":156,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"c3dd30e7-7833-4d49-b88c-027a08d0fea9","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":156,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"8fc978f6-f214-4638-94d2-7bdccff07643","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":156,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"8eee0d52-8366-4242-8e93-07d8efb8874d","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":156,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"47b44bdd-ec8c-46dc-95f0-bf37f7477ed7","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":156,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"ea2cfff7-0ac6-4a8d-82d1-d1d79b9bb7b3","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":156,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"73cee900-191a-4355-b25d-a51de2e375b8","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":156,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"9154df8d-2126-4245-83a0-4e69f7dbcedb","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":156,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"a4dd59bb-f6bf-4b19-8cec-de414c171fb3","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":156,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"47434260-1989-48c0-9b94-43e44ca54584","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":156,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"d42df467-9abe-4411-bc54-59667cd96046","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":156,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"3509957f-ebd3-44f8-bd77-c37ac99b145a","block_type":"box","text":"Class R Shares","page_number":156,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"313accdb-1c7d-4aa1-9fc5-84bda36eb07a","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":156,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"36dcea4d-de94-4644-9e85-c8df6850d822","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":156,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"834ad89f-735d-4bba-b9f7-e4531854da4c","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":156,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"6c91333e-e757-4f91-8d7b-834ff52f2758","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":156,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"1136c852-98dd-41cd-8b0b-2a32ba7e48c7","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":156,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"5a6b4419-ecd9-40aa-9267-6f50c10aeb0e","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":156,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"22180f25-7901-4453-add6-2aa8a8a48ac0","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":156,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"3aac8ad3-965a-4795-a424-722d634a1bc9","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":156,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"d8b03860-bba5-4a0a-ad04-e7e2844fe0f6","block_type":"box","text":"Class K Shares","page_number":156,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"f735fdf8-5f12-413f-96c2-3fba49ba1c1e","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":156,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"808dacf2-abd8-4628-b3ce-9709d53c8e22","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":156,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"3ffac8eb-7877-4b20-b8d5-c055b3ed312b","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":156,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"b9e1d068-c8e3-43c5-a115-0467001d70f2","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":156,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"9f49271f-303a-42b8-b990-fa3e14ac3574","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":156,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"2b01219b-a921-4400-bf05-e94cf7116533","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":156,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"97c5c15e-f72f-4206-8744-3b99c802ccbf","block_type":"box","text":"II-107","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ad648597-9a75-4d46-9edc-fae7ce91a701","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7f927cb-0c94-4c5c-9fb3-4f9c4490b764","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":157,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"67104bc2-d8c9-4989-b03b-f93d9abac725","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":157,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"40ffa051-2604-4b72-803e-3100ea3b3f6c","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":157,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"958c2f47-7920-4b1d-98a5-3b2f7d6bf7e4","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":157,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"56e69d9e-6269-4068-bfec-47472cbf6167","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":157,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"66c16b5c-397c-4773-b993-461daad5cbfe","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":157,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"0191a68c-504f-45af-be46-2470133087f2","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":157,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"80d28d48-3c31-4acf-9804-e35e97c9376d","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":157,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"abd30169-88b3-4c19-bf18-fd25316d3776","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":157,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"c69f4ad2-1520-478f-9dd8-25a46e5d9ca1","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":157,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"3cc27363-0316-4563-b9ec-0fcfa2635254","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":157,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"777b50b7-5e50-4b60-811b-b3bcdf58d474","block_type":"box","text":"distribution and marketing agreement.","page_number":157,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"7457fea5-b8fb-4823-b3f0-7f6d04ba5a20","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":157,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"6300f058-3cca-4b51-bfa7-58de450fdd16","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":157,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"ba28ffcc-fb1e-4223-9172-702a99542873","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":157,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"3ef1c843-bbef-43d7-98ea-45aad871477a","block_type":"box","text":"Class G Shares","page_number":157,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"29d8a361-6b26-40a5-9d11-e27a13475ef6","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":157,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"91fd5f8d-ec86-4ec8-b935-977df968074d","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":157,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"7e50d993-8fac-4c16-a135-cf94d6a3719b","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":157,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"8b8bc8e0-7c8a-4459-8603-470e28a88ebc","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":157,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"73f29a1a-4b0b-4654-a490-eefbca45ff72","block_type":"box","text":"eligibility requirements.","page_number":157,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"38b8816a-2534-4ca5-8151-5f1d252f40eb","block_type":"box","text":"Service Shares","page_number":157,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"8964564d-9a4d-4324-a95d-8e633f02b6bd","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":157,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d8235797-2bb5-4a02-ac0d-1d2cd1d47e25","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":157,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"5f8a0535-7e47-410e-aa7f-3263b600899a","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":157,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"b5b331d7-e5fe-49e1-9543-84788f5d454d","block_type":"box","text":"®","page_number":157,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"a36f069b-3ae2-4508-95c3-45502b2245f8","block_type":"box","text":"Fund in 1996; and","page_number":157,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"cbca6467-52e2-4e94-ae0c-e585dccce3ce","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":157,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"0f390e2f-d2ea-41b8-9c3a-6e8f4503060f","block_type":"box","text":"SM","page_number":157,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"498622e6-eeb1-4074-9f34-40868c56fe07","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":157,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"a645f81e-cc1e-42b7-913d-9d931b299c3a","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":157,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"ee870183-b13e-4c45-b734-7f08c780ddc0","block_type":"box","text":"BlackRock Shares","page_number":157,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"92813f6a-f20f-490e-bad1-27b2f85e5cb3","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":157,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"6c4ee3b5-a52e-44dd-95b8-e008136ac332","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":157,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"4a0c2d29-8afb-46cd-9bd3-c0b54985b65a","block_type":"box","text":"fee-based programs.","page_number":157,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"9ff32c9f-e150-4e3a-9dc9-989c7e5730fd","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":157,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"fad221f5-d144-4b5c-be05-69565bef77ca","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":157,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"64a1e2a3-4054-4dd8-80fa-9e137922d109","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":157,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"89c5446d-5935-49fa-8c08-f9932109404f","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":157,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"ef248536-bed1-4793-b1a1-5350c7786dae","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":157,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"2042f0e0-c0a9-42cd-8c1f-a022f3eb7e1c","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":157,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"ce147e6a-9781-4480-85df-42a77093d83d","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":157,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"7c47ad3a-7422-45bd-a900-51242e546cb9","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":157,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"f42870a6-a336-4947-9b17-c94667112c88","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":157,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"f4e54bab-c8d9-48c7-9c04-99db7af46fb7","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":157,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"2baa75ae-fa96-408c-a916-15586ff7970e","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":157,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"86b4ab40-fa32-4253-8420-59c9acb45820","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":157,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"3a7f065f-4582-41a8-9c7c-f9547ef37675","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":157,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"9efa0044-fdbb-4b5c-94ed-5b5db42a86bd","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":157,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"7ae86b2a-7752-4c22-961f-8d07439a4bb7","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":157,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"94d3068d-f2cd-4c9b-8170-0c79da243db2","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":157,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"b01cba75-4d3d-4039-8a7a-58c47424cc2a","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":157,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"622b124c-dbba-495f-ba55-79845b0419c8","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":157,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"b1d161d2-037b-4e52-bb9a-e7f80e23616f","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":157,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"b0466f35-da31-4552-a54e-f01ca178dd8c","block_type":"box","text":"II-108","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bbaedd35-d437-4707-b627-032b7b6fc9b1","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67ac870a-7247-4eb9-8f89-50998443266a","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":158,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"65d0adf3-c4fa-48f4-8526-8db5681bd37b","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":158,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"989764c4-3e81-43a4-9ce6-518b8d252b4c","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":158,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"4d4445f8-4de4-43aa-8503-4a671d1fa756","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":158,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"a9060177-e790-4f08-ad23-4f549abdcdd3","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":158,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"333d639d-5ff0-49c5-af6b-caf501a5de18","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":158,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"05b26e22-5905-4b28-901e-7495c501d074","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":158,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"e17767ad-ef44-4cc7-9666-de121ae15fd2","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":158,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"1cfd4e02-6848-4bf3-8257-1b14da64de20","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":158,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"39978384-cd8e-4d0a-ac26-ce8d8423d194","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":158,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"fe284bdb-5b37-42b9-9561-8c8789caac44","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":158,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"3788fd2f-460a-4304-acd7-2ae8dc97abb6","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":158,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"be63419d-913b-4930-85fb-c79d892baafb","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":158,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"da0c535f-16f6-4863-9d2c-7023c0ff8e23","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":158,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"10743229-eaff-4ced-b4ab-e160d635479b","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":158,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"21e39966-3f2c-49eb-8bf4-6fa7c5c1ad9f","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":158,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"ea024375-5054-437a-98a8-94af8083b7fb","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":158,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"601eec75-f945-4659-98e8-798deabe1c90","block_type":"box","text":"compensation for selling different classes of shares.","page_number":158,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"1ba7489b-d915-4a25-be88-3896075fe4f2","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":158,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"f7c0a46b-32f5-4d0e-9cb4-63d38bc22e7f","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":158,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"d220c5e5-6da5-49ee-8bc0-688b84c347bd","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":158,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"c8bf4990-f457-4fcd-94fa-1c318d2856e1","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":158,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"c01a4e8c-048d-45c5-9045-3581f09971b2","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":158,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"a41bbbfe-94b1-447f-9927-f715666da5a8","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":158,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"62b8d64a-8ef8-4a87-ac0d-950390dcb98c","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":158,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"95491ac4-5650-4949-9719-24a1fdc481f6","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":158,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"7b2e26c2-29ee-47c1-a6f9-f116dcc2e8dd","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":158,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"c1fe7c6d-9a3b-4029-ab01-6acc65597d86","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":158,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"9e8dad3f-be6c-4c2e-bedb-632b7b96a8b8","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":158,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"c4a21fe8-6fb2-4fbf-86b8-b9131843475e","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":158,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"f468f785-0297-460f-8cd9-3a82a6a9a443","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":158,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"ea26556f-db9b-4727-aa49-003f0857c9f5","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":158,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"6a316205-6e21-42b9-9deb-353ba3884852","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":158,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"7c94e2d0-d5ec-40ca-a311-f7c797666efe","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":158,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"0694f808-e6c3-4a60-ab1f-2b176af90b6e","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":158,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"643b28c8-f6bd-4e87-9466-a48217527ed9","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":158,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"cb35e7c7-bc22-4596-8e74-51e9c75815e7","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":158,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"1197bfcf-e9f6-400b-b45a-e8335272c4b7","block_type":"box","text":"easily accessible place.","page_number":158,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"75349f88-9343-4c15-a6eb-648d00326043","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":158,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"8f5717ad-9fd3-493a-81ba-d506fff86ca7","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":158,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"b31f5564-394d-41c3-a80d-cea775185f20","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"08fa1c54-83da-4615-920a-32895336016d","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":158,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"ae866ed5-4f6a-4deb-8edf-c5385e8e72a2","block_type":"box","text":"fiscal year.","page_number":158,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"e6fa52ee-65c4-4667-8162-78559c675497","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":158,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"5205b9a6-0e3c-4bbd-b45d-b8d174de5713","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":158,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"6562b8b3-bef0-40f1-a163-2aaf93039310","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":158,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"977dbbaf-452c-46f2-81ef-d7651d9f15f2","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":158,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"2949f253-2377-4f75-a470-25d013a2d13b","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":158,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"dcfec3a0-0f3d-4aaf-9da1-6526f8079b7d","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":158,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"1ab0571c-3e00-4ed0-af2b-e40e7874f88a","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":158,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"ef1cb698-492a-4fce-a6f9-4e1fb5df2d9a","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":158,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"d7fdf7be-e982-47cb-af0f-e259b958218e","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":158,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"ab973470-68a8-447a-ac3e-10bde42c8940","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":158,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"ba4fb343-0e3d-42de-be62-61fec36015ce","block_type":"box","text":"II-109","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7b8e87a4-bfcb-4bea-9838-49e38836bcfe","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a471805b-3f1a-4695-ae4d-01563c0e810c","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":159,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"16480dd2-2a84-4dec-b772-117bc00df82e","block_type":"box","text":"and Class R Shares of your Fund.","page_number":159,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"9d951a12-0d1c-488c-b645-9922ed463692","block_type":"box","text":"Other Payments by the Fund","page_number":159,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"18e2747c-0171-4b10-aaca-2a16553c7018","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":159,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"f2affbab-ef0e-4dda-85ea-339057979377","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":159,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"8a5f0c24-8a12-43fc-a9b3-2049558efae3","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":159,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"cf983e42-724d-4658-969d-4da7f52b27dd","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":159,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"b61cad7a-4c15-40dd-838f-9e6444b27259","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":159,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"3cec35de-7bfa-4888-b0e6-59a23d73aa66","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":159,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"0cf46638-79d2-4270-8a93-56f0c98a24fb","block_type":"box","text":"of these payments may be substantial.","page_number":159,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"0544744d-78e1-445a-b7af-33f86a730baa","block_type":"box","text":"Additional Payments by BlackRock","page_number":159,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"df795242-7d64-4164-9d77-198daea68f27","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":159,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"094afc14-2031-44d2-ba12-72ac36436b5f","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":159,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"04eac096-3f57-42ed-857b-3e05beaa9deb","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":159,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"cf2e2eff-3825-43ec-b868-68d25bda9508","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":159,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"2c025c1d-804c-4044-85a3-4d22078422ea","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":159,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"c9ca41e9-fb4b-474d-9b78-7361af4a0634","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":159,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"974ab160-50a3-4f62-b4e9-60c44eb21013","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":159,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"d69104bb-5511-4359-b27f-b2657bf8cd22","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":159,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"354d066a-1d8d-44f7-adae-25db1481d577","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":159,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"8451b76a-6892-4ed2-9733-b9285472de5a","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":159,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"17971d3f-c32a-47ee-9a0b-d9f908f347c9","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":159,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"cea02793-8e7e-43e3-8701-a2115920ce7c","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":159,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"564f403d-f5fc-4f11-863b-a95ae4bb339f","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":159,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"bc9d5d41-781a-457d-98d4-2652b775dbb1","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":159,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"c802733e-6c01-45d8-a627-ae645aad99d3","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":159,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"c1eed866-1709-4c66-a11a-f42beddddb32","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":159,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"cfd4ce57-697a-47da-842d-14d7ee461a02","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":159,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"8454a70c-12a2-4deb-9518-dd3a8211efb9","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":159,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"48d02e61-d093-4a02-a6ed-d2c9492348b3","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":159,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"5dd21cb8-03a6-4c91-a9e4-24f456dbd9bb","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":159,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"c251f0ce-64f1-440c-9555-f23ae8e3ae64","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":159,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"733aa58e-2fa1-4698-b83d-a8ac7b803f8c","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":159,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"985497dc-c4aa-4be9-9537-060ac0f3ac34","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":159,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"bc7acfe9-1f36-481f-8a88-021c576411ba","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":159,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"a8a0d1d5-51e1-44c5-9248-a18c775dd6d6","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":159,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"4317e6df-86ad-4908-91ea-a36986dc77ad","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":159,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"fca34b0e-52f2-4cf8-bb8f-a205fe3ff975","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":159,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"426b9982-8f08-4efc-91ee-1286c873e9b3","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":159,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"7cd21545-a2f8-43e9-ab43-6a6daddb2953","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":159,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"384656b6-b668-472e-bd9d-d135e4048cb7","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":159,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"a634ec22-baa9-469e-8c24-9f434d6d1496","block_type":"box","text":"Funds.","page_number":159,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"1c053e7a-fe6d-41b6-9fd3-eaa4edd272a1","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":159,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"ebff897b-17bc-4f03-8dfb-e1e4556be786","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":159,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"1375bfe8-cf90-4929-b9f3-12132b7dbf08","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":159,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"efb418c3-3d95-40bc-afbb-f51bd26d6723","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":159,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"07627bdc-97d8-4127-8ebc-09449b6a57c1","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":159,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"ce60418e-53e7-44e7-a449-b2a18b9f596b","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":159,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"faefae86-7dcf-47e5-81a0-5a44068af832","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":159,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"a7a3ba2c-1063-4ff2-9030-37c166e58e00","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":159,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"86cafe58-8f5b-4d59-a829-30e0f29c5250","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":159,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"07bf9f69-b34a-4d3a-ab6f-7625dca9e154","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":159,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"eb23124b-2d9f-4c2f-9daa-94fcb50038bf","block_type":"box","text":"II-110","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e85c31bc-8372-463f-a759-3534593510ec","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b28b2caa-996e-461b-8fbe-c479422a899b","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":160,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"a987cb41-9787-4367-8197-d7ef28d10f4f","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":160,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"05e8245e-35f2-4f2d-ab84-d078883cb5c9","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":160,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"2c618df8-68ed-4044-88c4-133daf0c42d2","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":160,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"518c6ff6-9ac6-4cea-bfc1-e790e650dd36","block_type":"box","text":"B. Shareholder Services","page_number":160,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"1a277a8b-254e-4c1d-8763-11b45e227c36","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":160,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"32453f4e-0fae-4dc4-9b9e-2f04118f15c3","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may per form","page_number":160,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"8216b6fb-0f76-48de-b83a-00e80ae22a6b","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have per formed if the accounts","page_number":160,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"e953e604-7040-4ed4-9e08-1ae98208c56e","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":160,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"2b906848-1523-4083-9076-737461889469","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":160,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"dbce42e0-11a8-448a-849e-9f748d8d6f2f","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":160,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"da227210-46db-4828-8252-d8a52293f1c5","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the per formance of these or similar services. These","page_number":160,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"14933f1a-a4bb-4b1f-8d42-752a21049e6a","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":160,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"346bf4af-4438-40a2-8e00-f21051f842a1","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":160,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"2e49f435-730b-43b4-9385-25a1af00fe00","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":160,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"a58fe173-6b0d-4b2c-8869-67fe28df8c0b","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":160,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"c89fd88c-1384-40cd-a6de-61098dfdc72e","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":160,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"108bd3d2-d122-4c6f-9da5-a9fda86270eb","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":160,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"2cb841ce-2d27-4316-9d1d-8ce3a8f2ef2a","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":160,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"9edc33a9-faab-43d3-9a46-d91c0d8d8aac","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":160,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"8ff257c4-bc13-4ca8-8644-a4b59aa3cdc7","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":160,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"a0c5eb38-a5d4-4b63-b6ee-b4509fb3069d","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":160,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"ae4173ca-a539-4d9d-a137-8422d5f9dd8e","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":160,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"dae8ed91-b39f-408d-9c70-24b6b7a509e8","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":160,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"1b75cff6-3684-4f03-802e-1e97fddcaafb","block_type":"box","text":"&Par 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The","page_number":164,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"07ae728f-58f9-4e26-932d-b7b33883f66a","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":164,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"611b8698-5a5a-4fc2-9cd5-fd68ea63aedb","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":164,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"1d45d2d5-0305-44ea-80f0-e0c0933a23f9","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":164,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"f024a655-ad90-4f92-8084-f10ff3495640","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":164,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"9b2c8f0c-c492-461d-8928-48d8ead90161","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":164,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"a0b3323d-5905-4436-9509-abffad5a14fb","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":164,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"66ad5965-efba-418a-8373-4b1884360f5f","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":164,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"d5bd508d-2eee-4fdd-8ef6-a4e93a793715","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":164,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"5968c983-e9e4-441c-87d9-ca72863f0b09","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":164,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"4f5d4750-d2fc-44b4-b655-dcf039c29087","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":164,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"ee1373c6-1674-4d9e-a195-2ba7716b4068","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":164,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"abceeb5d-be73-413d-bb3d-03fa907490a2","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":164,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"3d80ae41-7f65-4910-b8ce-be217e480a6a","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":164,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"cc2d8d15-a2a8-493f-a4b2-dff58aa4f655","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":164,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"3b47f1f4-8fd0-430d-a213-266d2fc971d6","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":164,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"ef27f030-38b4-42dc-b538-004b2801d5ee","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":164,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"25717eab-dc7e-4414-b81c-6eb5530f564c","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":164,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"28c22422-8f6d-4e1a-9c8b-cbfea71c5938","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":164,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"e9f57a0e-9680-45a2-9e4a-f94badf5f8b6","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":164,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"7467a25c-cbec-45f6-84e0-5227a0bfef5a","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":164,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"e609d8c3-af25-4601-b89d-ea488a6ac17a","block_type":"box","text":"Redemption","page_number":164,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"c1adff79-753e-4d25-8489-6093d36d8c9d","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":164,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"f9dd944b-5e8b-4022-971c-0a3971e1547f","block_type":"box","text":"Redeem by Telephone:","page_number":164,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"a3662a32-ec7f-4092-82ce-9eba1b66693f","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":164,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"87defaeb-e2d3-4213-bd97-6fd15b914869","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":164,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"e6f132b9-a676-4005-91cd-74de2d020483","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":164,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"e0806832-2e57-49c8-a689-576d964f7069","block_type":"box","text":"II-115","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d83365d5-e10e-4b79-ab28-450017f3c51d","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7fd9afef-aadc-454b-ae4e-c0de64149e96","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":165,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"1b1245e5-39bb-45bd-a699-0639a2d3d9c1","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":165,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"0087d4f2-aac0-4dc2-a603-eaf5359bf945","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":165,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"2a58e295-2550-4ae0-bdb7-4b8dc06f33d9","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":165,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"92bb3fde-64c5-431b-965e-616989d0d9f8","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":165,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"d02c7446-4134-4ca9-9c59-4fe0303ab751","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":165,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"f9f14fdc-dd98-4c4b-8c9a-cf958b654558","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":165,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"29632f50-18f4-484c-864b-3f85d3829a22","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":165,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"e20794ad-e135-4652-8f9a-957b1fe1c615","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":165,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"41e7f441-ddea-441a-8e96-fc1e26f92841","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":165,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"6a34413f-7f0a-4c2a-a6d1-8d5c7e8096dc","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":165,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"f6e2bf8a-695a-4e24-b353-8cdf3a234c01","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":165,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"cf4a1b96-7e62-4836-9c9c-f07ae2c4102b","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":165,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"ef5b1293-18b1-4c8e-afab-6181d68b0f40","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":165,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"b9650cf6-c5a6-42da-b1ec-5998da30119c","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":165,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"76e88722-fa74-40f9-a620-2e20307bb9ad","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":165,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"bafba2e0-2554-45b7-bcf2-b37b22434896","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":165,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"d2da1666-7c24-410b-b303-a85ff3c77a39","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":165,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"839459a2-33cb-4d3a-ab76-6909f9af51fb","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":165,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"49726274-7c36-4a75-ac3c-e45ba43d106b","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":165,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"a5a53a27-5cbd-41c4-a476-6b5ca8e3007b","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":165,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"f88c6567-6521-4084-82ac-8df140c90a09","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":165,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"059c8c44-d561-457d-a10e-2decb9ff37d6","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":165,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"77e8f0fb-48d0-46ca-b9ab-36dcc1706e5f","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":165,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"842778ac-d16a-4789-b8ec-bd87ebf15f61","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":165,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"c057e035-3f81-44fc-a346-e89a0b0e5b87","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":165,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"d43874dc-8b26-4b59-b3ff-8c8e842a87c0","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":165,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"f2530463-e82c-4124-86e4-cdbc836ca3d1","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":165,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"54ea6c42-4427-46da-8c03-f6d3779c406c","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":165,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"cee2a36e-84c6-472f-91f4-9c5cafb432a6","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":165,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"89863927-439e-4253-8cc2-8f8c2176e2a4","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":165,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"bbd87ae0-687c-40d8-833f-8aa723f889d2","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":165,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"6501d41b-fcd3-4012-9c71-8575249746ba","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":165,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"be9ddf6c-638c-40ae-a5d5-23f7abf07330","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":165,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"79d66bb9-972e-4bca-9ec2-210210539663","block_type":"box","text":"Redeem by VRU:","page_number":165,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"18b18be3-7cf0-4da9-bf6b-e9758a2aacec","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":165,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"b465fe2b-5e43-4e41-9b27-8eafc223848e","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":165,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"93d7c751-620c-43d6-85ee-ea8920d125d9","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":165,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"8b0f2195-a9d5-4832-b6ee-ed8bc9a28e21","block_type":"box","text":"Redeem by Internet:","page_number":165,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"9975f369-a92a-4a15-a508-b481fc5c5374","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":165,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"3a6e7767-0455-4d95-b35d-cedfbd927d25","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":165,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"2c78ac0a-44d7-480a-9bb0-fa10c12a714c","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":165,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"cef4e78d-abb0-4c63-b4d7-bfdaeffc70c9","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":165,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"3116b224-2e1b-4703-8fbc-fccacd93c8b1","block_type":"box","text":"institutional investors.","page_number":165,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"8c34cd96-ef6d-4d2e-98dd-52863175e7db","block_type":"box","text":"Redeem in Writing:","page_number":165,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"eaa6404a-4f69-4567-a766-0782f7b91d62","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":165,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"c98494fe-ad12-496b-92f7-58056130d374","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":165,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"acb67b29-ea60-4b98-bc2f-fad7ba29d09c","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":165,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"43fcbbe4-79b9-406a-b4d8-61311f3c81c9","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":165,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"ad7e5e73-cf5e-405f-8603-75e4cbb63efc","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":165,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"ee945b43-fe38-44b3-9c31-1ed90dae3a1f","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":165,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"55140fdd-1ed2-4f85-b157-90d8df310dd1","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":165,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"44754372-8579-4895-b07b-2af5a8a07d18","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":165,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"869be07f-1a3c-46aa-bfff-25ada64526ea","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":165,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"a1bbd60e-7dea-48fb-bcbe-3f4b7d3a76b8","block_type":"box","text":"the bank account of record.","page_number":165,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"d923a6a1-6149-4242-a05b-ce0bf4033b86","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":165,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"574cf0ce-65a7-4fca-b24c-c838ba1a3ae6","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":165,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"d606ebc0-97b4-4450-b94a-f291c17c139d","block_type":"box","text":"II-116","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"578c539b-eae7-4a54-b2c5-1b45745ab1f9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cab53772-6abc-4ab2-a2ac-331f1388675f","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":166,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"57633b73-9350-448f-8116-76395d9d013e","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":166,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"49f5453a-d40c-429d-a853-2501a8074abb","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":166,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"a1b1c887-b6c3-4ba1-9998-7891f150fe22","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":166,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"eb950a6b-96a1-4716-9d81-07b192e79f26","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":166,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"45f83e0b-957e-41ec-aaad-f7bd4b30ac14","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":166,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"b48d9bf6-2a2f-45af-9573-751d3a019174","block_type":"box","text":"redeemed by the Fund.","page_number":166,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"49946d21-309d-4153-a4d4-5057a7b663b4","block_type":"box","text":"Note on Low Balance Accounts.","page_number":166,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"1b07186f-99a6-4e22-94ab-195d5fb74e91","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":166,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"ede2f604-fb6b-46a1-ad2c-b3ba4284f61a","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":166,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"075ca50b-c0de-4102-b536-e0db99f2cf0f","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":166,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"405f37de-9700-4d1c-b32c-bf84cd593d0a","block_type":"box","text":"for any reason, including market fluctuation.","page_number":166,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"fdfc4cd7-1a26-4dc8-9247-d03b8ed3493d","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":166,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"87495e22-9bb1-4486-bc1d-fc2be64ba27a","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":166,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"7fa4fd37-7d90-42f2-8668-f28bda0056a4","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":166,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"e237e209-36e2-442b-b2ac-cffeece83e13","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":166,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"0202bda7-6b27-48c4-bb62-10add19cdaaf","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":166,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"11619132-82dc-4e77-b382-dd00bd135868","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":166,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"0192b0bc-c92c-4732-a343-d95cf53b65a8","block_type":"box","text":"Repurchase","page_number":166,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"2ac60390-1baf-4f5e-8aa3-170cb6c2f87b","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":166,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"e135d568-79a0-4884-b339-22d880b42b88","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":166,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"9fdd362b-dfab-4329-8791-4fb3f20be570","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":166,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"8c8f3a07-c334-4da1-905a-40bb08d57987","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":166,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"e0ea93f6-63f4-4716-b4e7-2f80bab3cd69","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":166,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"ddddab08-7b5c-44a8-af71-8399b47ef456","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":166,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"224c8180-7b77-4341-a38c-ca2547850963","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":166,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"f249c4ec-c04f-4d51-8507-b104723028ad","block_type":"box","text":"next business day.","page_number":166,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"d0f805bd-9bea-4095-b89d-84e5029c458c","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":166,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"ff3ccdb2-0101-44ec-aa8c-3f28d6cc3957","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":166,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"0cab80fd-2bfd-45a3-a57d-2ece7e7144cd","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":166,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"e10c8326-e06b-4452-b31d-f1b649e75f75","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":166,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"b0dbb497-3d67-400f-9c9c-0e1097698789","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":166,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"b9c3b3d3-9251-47d0-a433-d6c563d2d0af","block_type":"box","text":"redeem shares as set out above.","page_number":166,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"d219ccc7-4cb3-476f-9e95-e43f1d6d52f2","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":166,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"5d165b02-b189-4e98-8793-bf4415b9f041","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":166,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"b3838f69-2891-4513-becc-6fe2c1edd094","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":166,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"3ae8d1e1-a74f-447c-a2e5-3cbb6183e688","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":166,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"c06ef320-8019-46e0-8486-90d61e458a57","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":166,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"96143eca-471b-41c3-997c-895bd8ad5780","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":166,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"5e462bb5-a281-4e68-b024-10d0ad7d29f4","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":166,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"22620250-0934-4dff-bdfc-1cc7d6da4d52","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":166,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"74ebb99e-647c-4377-80f1-f7574321409d","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":166,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"9559b154-6a56-4454-8f90-026deadd7055","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":166,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"621894e7-97cc-4c1d-948b-ee4c8db44c3e","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":166,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"62b9cfb5-8897-42c4-a35a-968ee3b11ded","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":166,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"9175644c-ac8e-4ed0-a5f6-8b6ff50d9b20","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":166,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"63834ea5-b370-4dcf-9c44-f24d38b10902","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":166,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"4427d388-d0a5-407d-af6b-bcc175d4811b","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":166,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"8d5a0cf6-f801-43e6-8e35-3c151f272de8","block_type":"box","text":"II-117","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87092a3e-04ef-479a-8ff0-8597911d7fbe","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"674d9ab3-24c7-44f2-9031-1fce7f230423","block_type":"box","text":"Investment Account","page_number":167,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"776bcae4-4ab9-419f-b6e3-2f0100804ec1","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":167,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"d9f78ae1-dd30-42d7-bd84-52bc2d01ecb3","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":167,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"880e4577-27a1-470c-b3ea-4e92f645515f","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":167,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"d052331c-78b7-417d-b06b-61517fbd9e6c","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":167,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"9f5c9085-a0be-4852-bee5-cf2d924dc5c3","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":167,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"c306a5b0-4525-4368-8cb1-1d6c2cd69e56","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":167,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"f87be42e-6d8a-44dd-94ff-0c42d6495076","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":167,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"f561d701-2134-46e3-b377-211147e44f38","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":167,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"49c56fc8-0eda-4fad-bfef-fadf77994d7c","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":167,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"7b474cbe-a29d-4dbf-84ac-b7a3daff25a5","block_type":"box","text":"automatically at the Transfer Agent.","page_number":167,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"a6c18387-d54a-4f43-bdef-06cb336804df","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":167,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"1e2aa66f-ca4d-4a7c-968d-5b6ee5f9c127","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":167,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"a3522dce-9d78-4b81-92e0-92a69a89eb5a","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":167,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"b2f73b7f-7f43-41c9-a1db-36b41a182a5c","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":167,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"52496ea7-18ed-4767-8d3f-154338e6e4e2","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":167,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"ca0094ed-072c-4483-9eb3-d3edb07f7e4c","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":167,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"348f4a57-ee63-42ad-9eb0-4bdd5fb0231f","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":167,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"effac540-82f4-47e3-8ea3-47e0b847fc35","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":167,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"7ff312cd-034f-469f-8600-97263ada8364","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":167,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"8a1970d4-9ab7-4f87-a20a-d3eace7e0ccd","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":167,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"ef460bac-5945-4589-8a7b-b8c247b2ddb5","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":167,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"2bc0eacf-dd80-44ed-a1f6-35c9b71b78d5","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":167,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"32f2e360-5f7e-43f8-a4e8-22182dbab60e","block_type":"box","text":"issued.","page_number":167,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"18430960-ace2-4b02-b7b9-26c1ab696cdb","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":167,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"b958e1e2-dfd4-46ae-a05d-593539df7598","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":167,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"20d4a59e-94fa-4537-8f04-a1a4301c3eef","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":167,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"f041bf0c-8f29-4816-b4c7-d86d2fdb4590","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":167,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"05b2e30a-f0c7-4406-9ec7-e1085472fdfb","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":167,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"0299e285-1731-4791-96c6-02b59fb5bb42","block_type":"box","text":"Exchange Privilege","page_number":167,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"24531bf7-7e08-4b85-859e-f5fc8ba7e4b6","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":167,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"e468ee0e-8def-427b-8600-8d2e4a83e7b8","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":167,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"c2a26640-1887-4797-9330-00ca07dd1736","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":167,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"ac78b3db-196a-4039-a079-d47ce189ecee","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":167,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"731d30cc-11bf-4881-95db-f08e49dc1a57","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":167,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"bace3694-7930-4a47-bfca-b90dcdcd35b8","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":167,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"e438479d-81cd-43a8-9d36-9ff9e0446f08","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":167,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"80142f44-63d3-40a3-8efd-259c868af5f8","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":167,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"aa445112-1328-4462-89c8-9c081e54003c","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":167,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"00d81c07-876f-4a66-bbd9-3ab2eeb3d80f","block_type":"box","text":"Institutional Shares","page_number":167,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"3947e9c5-f41d-4212-a32d-d77ce8998e5b","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":167,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"fcfaf0a6-8b28-4102-9faa-e6343f1319be","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":167,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"dad81839-743b-4693-b6da-de3836e376f6","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":167,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"77e1ffc6-c2d9-4f8f-93ef-9d3bfea1cc5e","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":167,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"8048ea96-849d-470c-ab88-a915eb58f121","block_type":"box","text":"for Class G Shares of other Funds.","page_number":167,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"66ff595b-1ac6-49b8-b186-d5060517155b","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":167,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"644f09eb-5ee0-4b97-9f2e-3f9878f5a196","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":167,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"3756380b-da93-4236-b662-a47081921ff8","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":167,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"58ffc450-fbbb-4c58-886a-b95f9f6dcd5c","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":167,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"48c8b864-2424-4934-a414-e9119b8c0a06","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":167,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"992bc13f-2a8a-422e-9610-d404ab7addb6","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":167,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"8c13ca9b-6a69-4c63-9cf9-7d3cb27ebe34","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":167,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"82341891-2354-44de-b0e2-c3a46b4ad66f","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":167,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"92db4638-cc40-4527-9e85-6635212da56c","block_type":"box","text":"II-118","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1abbf467-9485-4d1a-8d9c-47c241ebdbf0","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"169a083a-3e08-49cf-af64-4e4ab889b6dd","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":168,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"93fe4dad-c0d3-429d-a912-8305453b2933","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":168,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"b6299629-f74d-4323-8678-da94075ad1c4","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":168,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"0905b345-bf32-4892-8106-b1ddd9fa318b","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":168,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"2c213d70-b45c-4ea6-9c95-64986bacc30b","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":168,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"247e253c-620e-40de-8e1d-32c8567cc2dc","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":168,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"330e1cad-672c-47c9-9f41-5b425c40f658","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":168,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"3c08753d-6b1b-4156-9602-9f18d261d4b5","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":168,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"97c5f402-aceb-4539-bda3-6b694e8819db","block_type":"box","text":"Exchanges of Service Shares.","page_number":168,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"bfbc1cbb-b93d-4e22-80a7-3902ecb76a5b","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":168,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"ffd05dcb-1bc1-411e-b739-fab32c3f2d37","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":168,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"de9a062f-f419-4c45-8a43-71a23d70c5b4","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":168,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"7f77d3f1-c580-4b19-a733-7fa0ddb4d87b","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":168,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"60f3f31c-ec11-4930-8377-021da0f2decb","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":168,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"4f9cb79f-df6d-4bd1-bcb3-b77321afb5d1","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":168,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"80b028e6-ce3f-4d46-9898-f99011f67198","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":168,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"d20b8eca-21ee-4287-8bd3-e4d6c8b60541","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":168,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"409fc2d6-dcdd-4f94-9d3a-a11ae7464e35","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":168,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"74cccecd-0191-49c6-bbab-f476ee08b0f8","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":168,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"0a303c3b-f033-4f2f-9a86-0ad9f1324914","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":168,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"ea11d3a8-8753-42be-924d-03c968e9ad0c","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":168,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"b3557feb-0ceb-4f8c-9a4c-3ac539a92495","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":168,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"a1e41171-4bcf-4ea3-8030-15cae9fdd235","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":168,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"9f17bbce-389e-4849-a081-5b0ea7f84e5e","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":168,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"9a742478-d3c5-45c7-ac89-0abbd069c1d4","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":168,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"7fcf1858-5954-4ac6-896d-a8b585e54c75","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":168,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"f4a04b7d-3de0-474c-9351-7a354b70df88","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":168,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"00fe089e-ef77-40df-9873-d7d568fda968","block_type":"box","text":"exchange.","page_number":168,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"943cfa04-5159-4096-8ec9-9c006c4458c0","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":168,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"caa04f58-aa76-41e6-a478-5e52c9217c31","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":168,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"bdff756f-d0da-4683-a6e2-3fcee53790d0","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":168,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"c7bec809-108f-493e-a45e-50f35dedc0b1","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":168,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"15f53746-f029-4a80-a78c-b600e5f67b55","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":168,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"e72c818e-077c-4828-906a-8d6299f3d639","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":168,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"343ff84c-50c2-4da2-aa88-cadab3908864","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":168,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"58d07ef6-559c-4e80-8723-c641e499faff","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":168,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"65bef5a1-33b1-4246-8c85-903ab560a5cf","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":168,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"b542d5df-e46a-4740-acda-379a0d4b246b","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":168,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"be1dd6f1-8779-4f39-8a11-9a38b2ed3b2c","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":168,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"9b7ce7f0-1e44-4bd8-8c77-5ddd7a9dcff2","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":168,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"2cda1135-0b48-4330-91ed-b5ecef9a8e6e","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":168,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"c624be92-94d6-4cdd-bc1c-93f726118f33","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":168,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"994613a3-da53-4d64-9da4-6fff6957f25e","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":168,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"5ba0615e-8b91-49f2-893b-fbaf84ffbec5","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":168,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"d3c468e6-a29f-4708-8a83-6c03ea10dbfd","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":168,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"681d6d58-063f-47af-8b24-209b63e13168","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":168,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"fb1f74a1-3ba4-47f8-9323-ff486010b7cd","block_type":"box","text":"Transfer Agent in writing.","page_number":168,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"ad1d8cbb-eba0-47a4-9578-e63a13b203a4","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":168,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"8801c5ed-831c-4ec6-ae58-e5aa1d5bbe38","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":168,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"bd0bb621-6b6c-4c52-9a84-2ae3a63aa4af","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":168,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"68aec163-b996-4888-a41b-187044edf95c","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":168,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"f9dc18a2-2352-4796-967d-23cc39a87a79","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":168,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"6331febd-cf3f-4f2b-b7ba-080f422020d3","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":168,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"23311002-3999-4cef-89ec-bde2f5e143bb","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":168,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"71964944-40fd-4b02-b005-a85203ca8f6e","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":168,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"ab85a1af-5510-4b83-b636-c98c6a7c89a8","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":168,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"43354502-5953-40aa-ae64-470ba340b138","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":168,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"34b477fc-88fd-4e77-8379-0c1270e2651b","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":168,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"3d8271e7-dd18-4818-b494-5e52847de15f","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":168,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"b68d3220-1980-4661-a7e7-912f62ffa3ea","block_type":"box","text":"II-119","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b3e0a02f-03e5-450b-a597-953448585aa9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b17e00f-e7ba-431d-9f07-7def5561e8a2","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":169,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"73fd9de0-6d03-4562-99ef-440b0637a02f","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":169,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"e8ea00b5-ad6d-457a-9ffa-5700c76cbe9c","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":169,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"f9721065-bf8b-4c3b-98db-7e37f6d5606e","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":169,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"c7499560-2ec0-41ad-9084-04020f9ff73a","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":169,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"8f0d5155-f2d2-4469-9990-5fd9464bd259","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":169,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"a5c58db9-9e46-4f8f-8c11-a6044301e349","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":169,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"6b7ddee3-3489-4b64-bb76-b814e6de5b6a","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":169,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"42ec5ce8-7a4f-4bfb-ab46-bedf04c2a1e3","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":169,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"17e51fea-a5fd-49bd-a7ab-4a9dcde28eaa","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":169,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"16e8d008-d304-4e1d-9531-edfe1a4b0e45","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":169,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"bc1185e4-556e-47f5-be7c-68504c95b157","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":169,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"9eaec5a1-5101-413b-b6a8-67151a138b2d","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":169,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"3e56e7f1-d61e-4ff0-b6f6-e18194bae369","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":169,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"706f19ac-1625-49db-a681-e3718edfa29e","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":169,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"fd3b0f76-739c-4fdd-bfbc-1fc3b8943a4e","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":169,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"ea850870-f077-4fb1-867a-ab3088ab1fb3","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":169,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"a09988f8-c369-4613-9c3b-d22cd016ac95","block_type":"box","text":"may be distributed by the Distributor.","page_number":169,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"90639fc2-1ce3-4908-86dd-ea496619ba4f","block_type":"box","text":"Participation in Fee-Based Programs","page_number":169,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"58baed5d-20da-4e2b-826b-b977a2c95e96","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":169,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"b64502f7-a633-4c5f-acce-e7dbbba1e254","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":169,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"aa7ab3ea-f82d-4b01-81e0-d0cf448bf914","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":169,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"3f28afea-0400-48e5-869b-d4973e88ca42","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":169,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"98661116-894a-4e84-ba18-07e87bf31be4","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":169,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"ec5fdc96-fdb7-4807-bcbd-d54dc4ab2440","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":169,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"4b8ebcda-9315-4782-8d66-90777d8556d1","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":169,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"49c20770-49b7-4d88-9dc6-23e1ea3d0e42","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":169,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"9f2e4cc3-51be-43d6-9387-c09af19b8a92","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":169,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"ac1abc21-d72d-4e4c-867c-1ffcdeb65d60","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":169,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"f4e97420-55d0-44d1-b62e-1a16e8caf66f","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":169,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"d423b58c-28a8-4999-bd86-93eaa34d43f8","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":169,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"c22ec61e-db4e-43b4-abac-bc50b8e84e45","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":169,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"728e409c-1881-47ba-b40e-45575479e641","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":169,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"1c9b8203-39e3-4013-8bfb-43bd4ec116e1","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":169,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"2455b6da-fb40-4195-9658-dcb6ad4c5abc","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":169,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"ebf04a89-5fd9-4778-889e-ba195755522e","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":169,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"cf32545b-2900-477d-85b9-7bed3e33da9e","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":169,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"b2b0b34f-7fad-4095-ab73-489e67420875","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":169,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"69b70adf-544d-422f-ab5c-4dfcb61662ff","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":169,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"efdad812-acf7-4125-9924-c53512c9081c","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":169,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"86cd5a51-cbcc-4cfc-a18d-4ee329ea93e6","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":169,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"757a2eb4-78b2-495a-b019-224019dacf58","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":169,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"2928c27a-6b82-40bb-8deb-8a55e7d09b18","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":169,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"0aff4e6c-bb9d-4c6e-8a39-44a8460936e3","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":169,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"a20bf888-e6a3-4ef3-a3dd-93aa3e16acf5","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":169,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"d0da77ba-3f83-4127-91c4-52d3e7a5b402","block_type":"box","text":"information.","page_number":169,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"de267af7-4057-4483-aa10-04649e8db4b2","block_type":"box","text":"Retirement and Education Savings Plans","page_number":169,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"0ba9e457-7767-46b7-ad36-a279918ecb1e","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":169,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"d9806caa-2c6c-4de6-ac41-7af484f1b198","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":169,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"d6a2467d-78f3-4156-a4a9-d209d2ff120f","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":169,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"6469065b-4462-4797-96b5-c7c871f1d6ca","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":169,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"3611ba97-7853-4f7d-aee3-99b0ffac42b0","block_type":"box","text":"your financial intermediary.","page_number":169,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"6a4891e3-29e0-4da3-8c9d-3eb6aa9277ba","block_type":"box","text":"II-120","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"56ebc9f2-673a-4d36-8583-56c14cd4cbe0","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d6f8cc9-aaea-498f-914e-520ca373fdb1","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":170,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"3cc0447f-0a02-4ecc-9ac9-9a369ccd982d","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":170,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"55434095-13dc-4017-b56f-4283da1c43e8","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":170,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"b5c55902-7fcb-417b-ac62-89137fadd01c","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":170,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"8bc2eeba-eb9c-4f72-a98b-2dcf602a1d6d","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":170,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"aa47d5d0-c86b-4202-aa5c-fceb257dcc68","block_type":"box","text":"Automatic Investment Plans","page_number":170,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"e20b1572-5a68-42fa-9382-abf0ae25503c","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":170,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"53a2bf6e-879d-4e23-9673-451194ccbd1d","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":170,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"47461b3c-26f9-4b46-ab9e-4415026c4c35","block_type":"box","text":"®","page_number":170,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"2d86e553-fe1e-4138-8343-517280a4eb0b","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":170,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"0576a363-efab-4454-bed6-a9abd5114300","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":170,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"16d5afbf-b458-419c-be5c-3ba2b8211f74","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":170,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"d79c3a32-e288-43b3-8e33-9bc90020ca2c","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":170,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"153791d9-d3d5-4ee6-915a-deb7812774b2","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":170,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"61b5d3f3-2a98-4299-9d36-e70edb87ec37","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":170,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"aad79b28-ce5e-4cd4-98e8-8697cfeedad7","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":170,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"553bbee3-51ba-4c6b-b136-47ed5abb3398","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":170,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"d70ef57c-ab89-45d9-8f29-bb3751861efd","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":170,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"bd8493dd-7a8a-48c4-9c27-a9f13900865f","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":170,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"7f34847a-6134-4500-8ad6-0c99e907eb7f","block_type":"box","text":"Systematic Withdrawal Plans","page_number":170,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"5a63c977-f13f-4843-8a2f-e2a3363b6ad1","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":170,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"4ad458ef-9d45-4462-b61f-18acc1e28928","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":170,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"09b340ce-ebc4-4730-b756-642f2f43ec94","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":170,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"dc8b253d-766e-4952-ac73-dcf6233753f4","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":170,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"89c1ab8c-0bdf-416b-a206-b6eb0b1addea","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":170,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"430ce278-865e-418c-8afd-ad8134099719","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":170,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"6bfb6966-52cc-4b15-979f-44c66f604a82","block_type":"box","text":"www.blackrock.com.","page_number":170,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"4e4b4641-ffe7-405b-abb3-756647a58636","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":170,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"cbde5e79-b950-4960-94b9-426ee44a1b9f","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":170,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"21f0615c-1130-43ea-8309-a7c3ae1a7846","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":170,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"a12fa01e-e32d-429a-98b7-3f95f829887d","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":170,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"3d303f4f-46d5-4cb2-8d23-4444e0b3d299","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":170,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"cd25f76a-c084-4a35-9f5a-b1d36b76c47a","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":170,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"7706998a-2340-4120-8723-13d9dcff36eb","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":170,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"14aadbdb-4446-4b41-ad52-374f9f7e00dd","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":170,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"7d77611a-2612-41c4-bd32-b3bda40ed864","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":170,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"3474a076-6236-4977-b569-cedf5750b266","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":170,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"8a4e529c-03a4-48cb-9f60-3e588f078f8a","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":170,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"9b0493b9-d3bd-4b1b-a304-623d4ea0e50c","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":170,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"63bc23e8-624e-4923-9035-98e00cf2cdc4","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":170,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"1d0e6b45-f281-490f-93d7-c21eee185207","block_type":"box","text":"Dividend Allocation Plan","page_number":170,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"f352d0e9-c79b-4547-8210-aa6ed5813b24","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":170,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"44bf9d8f-5770-426e-bfc5-4701d81a5c02","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":170,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"0f58c6fe-a7a0-4108-b1cc-328836540959","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":170,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"0eecd3ae-a0d5-4f74-8a72-4a3946c76fd8","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":170,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"0347c906-3e48-403b-a744-2edc71b356fb","block_type":"box","text":"PRICING OF SHARES","page_number":170,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"dd94df58-9836-47b0-ab88-608d85ba00c3","block_type":"box","text":"Determination of Net Asset Value","page_number":170,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"b83c9c0f-d3a3-49f7-91ce-801a7b06c441","block_type":"box","text":"Valuation of Shares.","page_number":170,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"4bc6a616-0079-4ebf-930e-1d4470a8c798","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":170,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"41cb734a-9793-4700-bd45-4518b4d5cd6d","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":170,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"297a787f-3cd1-48e4-ab1c-4336de405f8b","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":170,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"2b6d5da8-c59a-42b0-849f-8222d14418f3","block_type":"box","text":"II-121","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c7479781-fb81-4ee3-9627-85c60d32e627","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1286653-1701-4111-a7ac-031dc9f0786b","block_type":"box","text":"Equity Investments.","page_number":171,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"0e1d4472-2fe5-4301-91bf-15e549610b0a","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":171,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"45abe0a0-210c-44d2-891b-2c70970e926c","block_type":"box","text":"e.g.","page_number":171,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"ce5d75da-d39d-4eb9-bc39-43163c277180","block_type":"box","text":", NYSE), on separate","page_number":171,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"8fbed7b2-d12e-4518-a65c-13236f4beb64","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":171,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"26b76c9b-8929-494e-a0d2-84dd5a213243","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":171,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"cb9687ef-f221-405d-a58c-075602779403","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":171,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"21b5a5cc-e814-4e02-bc59-40131a3b14d7","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":171,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"a0079cf9-8c0d-4a53-a8b5-f257f0c71780","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":171,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"2752f1a3-6be8-4488-8758-f8dbbad43f74","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":171,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"b5aa432e-4a27-4e1d-baea-d382a2221772","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":171,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"2a946ace-2fbb-492b-8191-ac1a72a02f03","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":171,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"753da002-ca97-4fee-8b2f-8432ea3cccd2","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":171,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"d6c72ee0-12f7-49c3-8d0d-fe63c0c3af89","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":171,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"ef269405-9891-410e-aedf-95476c13fa97","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":171,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"71b73ab3-fa27-45ab-bcdf-c36813d43bc0","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":171,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"8637b75a-baa8-4e1b-83d9-f014900ed947","block_type":"box","text":"defined below).","page_number":171,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"e0cd6a21-6ad6-47e5-b100-a59387fc59e4","block_type":"box","text":"Fixed-Income Investments.","page_number":171,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"de2c2417-963a-4d7a-bd0b-bf25e8ee803d","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":171,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"d3921be3-23b3-48b0-b21a-1f3e5024fe8d","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":171,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"9ca5b231-3a24-4ac2-8010-ce0d6a0ffae3","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":171,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"477c2724-d733-40ce-8b0a-cf35f8c07999","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":171,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"6ee5dbb0-8773-47ce-b91d-ec85042dda8d","block_type":"box","text":"e.g.","page_number":171,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"fa4afa14-8c6e-4fcd-a8c6-5ff0bdfcc6eb","block_type":"box","text":", recent representative bids and offers), credit","page_number":171,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"0815ab5e-a67c-4432-adb4-3ad3922da673","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":171,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"2ff18376-82e0-4bec-8230-d5b2a5113683","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":171,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"5be51141-d438-4491-b22c-9e36f0e12281","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":171,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"e1657188-4ddd-4599-ab1c-987cfbc04131","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":171,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"16503ed3-f5fb-492b-bff8-17efb1194bc2","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":171,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"880ab689-9f01-4756-9eb8-f4f27398c970","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":171,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"c66603c8-f4f6-49ac-b9c4-395156304af8","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":171,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"d38945c0-ffd7-4abe-ae1c-0e02838085c1","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":171,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"d7528c3e-6ad6-43c6-8c92-1dec4be1faf1","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":171,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"3fff5cf6-9a64-4ade-b712-66357dd5b4f1","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":171,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"d4477ab7-9f97-4e4a-9bc5-5d95bdf7870d","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":171,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"a9a0dd24-b045-48c3-b585-c1e8363ba80a","block_type":"box","text":"attributes of the tranche.","page_number":171,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"e135ca6d-cfd7-4893-b684-39a043d9d1c0","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":171,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"82e884fc-8569-40fe-9e6f-918d1d400200","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":171,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"1967c19e-7232-4cdc-944c-16c9e8225bf9","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":171,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"fa886c68-ac72-48e8-84f5-b1c5e704f0e7","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":171,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"5925bf47-7b0c-4141-b252-b50d87c03da6","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":171,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"8c1fe9c8-cdef-4b2c-a42a-fc5524cf0edc","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":171,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"b3cf97c4-4686-4965-a38f-6a3c61838000","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":171,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"58c340bb-149d-4fdf-bec6-19e3f06ed460","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":171,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"0974440e-224e-4049-855a-937405a57e29","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":171,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"acf311ed-8e2a-4d2d-9100-268cbe917942","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":171,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"d562e0b3-9bc0-4d03-8609-2964103985e1","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":171,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"eeeecc61-5a1b-46a8-a905-801ef2b840d7","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":171,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"2d14bd38-cc8e-42e6-8130-78b497d827e3","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":171,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"1b9d19d9-e1c7-4f13-874c-5259278de46e","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":171,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"818c35c3-e6a4-498d-a167-736c3309e89a","block_type":"box","text":"Underlying Funds.","page_number":171,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"2736533b-9b98-4168-b4e0-d4d8ddf1cd57","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":171,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"e797ff06-b181-47c3-9aab-fbe70e0d2f7e","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":171,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"483f9f02-5b9c-450d-b122-6107853d77b5","block_type":"box","text":"General Valuation Information.","page_number":171,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"d6aa7bad-1697-4ccd-bca7-0ace21475362","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":171,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"f482b4a7-3811-496d-a1c5-3bc45b4694c4","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":171,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"014f6154-7055-41af-8066-8f7ca6ece2f8","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":171,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"eaa3171e-6138-46cc-825b-8604bfdc33f6","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":171,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"fa99e868-bb79-4695-afa1-cc07f8e77da2","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":171,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"a2e9abfa-da19-41a5-a58e-2333f32f2a2d","block_type":"box","text":"the revision.","page_number":171,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"3a687cc7-72fe-455b-a9f0-1ccf186a104c","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":171,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"6983599e-b895-449f-9c76-d736b6738a97","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":171,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"f5130f7e-b080-41a0-9a5a-3ce77457e280","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":171,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"7100320f-1f73-4376-b19c-c154f98abe45","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":171,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"6e608a65-f969-41b8-b10e-8e7da335ebfb","block_type":"box","text":"II-122","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ad44f4ae-738c-4341-b1b7-50848f13c9d4","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14bde70c-53ee-49af-b76d-85c0fb45edf0","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":172,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"32019ffa-9875-4c10-a19e-40032ab7d66c","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":172,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"c8e2a180-d0c1-4f3a-aea6-4d0f33732d52","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":172,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"dbb70650-5801-47ed-97c7-8234dac5181a","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":172,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"a3b0a5d5-e495-463d-aa81-fc53d0f48d59","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":172,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"2583d5d6-3056-4376-ad53-6c0b9430b44a","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":172,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"57741a7c-3506-40b4-a667-f3f8bf4c5be3","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":172,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"f64cde5d-450b-4c8e-b711-add47d9f0387","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":172,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"9523eb2d-8cd7-4ad2-b39d-240e4a582b4c","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":172,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"e36220db-775b-410d-b481-bba2d698510d","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":172,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"7ba652fb-4a33-4761-8de5-f6bad03b0199","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":172,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"c77faed9-ef48-4acd-b809-b14e0780a9c4","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":172,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"bbde56db-a2a2-4dfd-9a0c-30fdfb17e3bd","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":172,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"75442b32-e5e6-4568-a7ce-795ae8eb6d63","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":172,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"92d560d9-d32c-4fb5-a8b2-37e17a922cf2","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":172,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"c481c9f2-7fb7-4204-ba35-ddf4082c1b42","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":172,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"803e2273-1b10-4035-a85b-9b48d56cb2b7","block_type":"box","text":"Fair Value.","page_number":172,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"2eccb7cd-30d3-478c-8655-a0f66a68c556","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":172,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"91382536-40be-4fad-b9a6-63d33735342c","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":172,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"8c269358-ee68-4491-974f-969974ae73d1","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":172,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"dcd7fc13-9f2b-4509-9be4-c112b4e4bdc1","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":172,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"bdbf4e2b-1b42-4dc6-b5fe-7d61d9e0742c","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":172,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"4dedffbb-bf61-4efa-840e-afd93f90c0c9","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":172,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"a0aaea4a-ab1a-4db7-9423-336100ee0312","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":172,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"bae0d0b6-5626-4712-8035-a92f43cdba56","block_type":"box","text":"(","page_number":172,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"fe591990-c0ea-4575-a460-a78bb7737fcb","block_type":"box","text":"e.g.","page_number":172,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"e5a2d97a-3db1-4395-b8ef-ab45295ecfb6","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":172,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"45bfa3d9-4389-4f8b-8de6-f46c9b18c968","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":172,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"66a70815-be96-4ee3-be85-ea3f4bb9c441","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":172,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"78cc9c8f-d7bc-4aaf-9d07-9d3df99d637c","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":172,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"1078dd88-8f81-4541-9719-5c5abe66003f","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":172,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"4247ad7a-2694-4b27-8a55-efab881235ff","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":172,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"54a07dcd-e158-4961-bbbf-a928050f166c","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":172,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"4c363c16-1014-4ce3-aabe-8dfd5c9b826d","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":172,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"3e9a991e-0388-4067-b82c-6a95ee8c5060","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":172,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"6d7b74ce-8d32-46ab-97d6-f3b6bc7529e2","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":172,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"a13ae41e-f98f-452b-a0b5-813225170e36","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":172,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"423fef68-b8b2-4dae-ad36-e893b661e5ba","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":172,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"70fa89e0-2c41-4de3-b247-210f931cc9b2","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":172,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"8b765b05-f106-4fd8-879f-b6b876fef738","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":172,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"e5e9e0a4-3e78-4291-b829-8ba59e906142","block_type":"box","text":"pricing time.","page_number":172,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"b7c481de-3a4c-4dc6-bd5f-2e9c9db48872","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":172,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"5aa6e748-ec8d-46ef-b74f-db9e8cd96600","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":172,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"d3003da5-e328-4352-8f8d-d8957878528f","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":172,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"bc05072f-8db8-447d-8b1f-da2d64cf326d","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":172,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"7771fac9-bad6-4a48-881c-f0eba2681fb4","block_type":"box","text":"assets and liabilities of the Funds.","page_number":172,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"6f0b8680-56b5-4666-8685-12a9eecb4ae1","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":172,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"aa73c79a-b607-4ae5-af40-556485800e5b","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":172,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"2d2c607e-0844-4bd4-8c95-7e8e84462405","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":172,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"490a6c8f-40b9-4801-8a5e-aa9cca8cbfc2","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":172,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"bcc44f77-6c5e-4468-9d58-81cb102ca5bf","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":172,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"d23d8470-8bc4-41b9-9649-b014b9aea039","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":172,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"c2a9b6b6-a89c-4501-8551-7edc2f12b283","block_type":"box","text":"valuation models.","page_number":172,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"49a41349-9424-4746-820d-dad8fac50bea","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":172,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"24b0e4e3-f72c-4927-8fe7-9a68a24c2b57","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":172,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"6ca57a5d-7ec1-4a38-94d3-65fade9d11ce","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":172,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"9cef4b34-c871-4bc4-aa24-6f936ff55942","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":172,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"96766c7c-e5d2-4b62-839b-6e060d524938","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":172,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"726a5c53-814a-4383-a6cb-db66565c4dff","block_type":"box","text":"II-123","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fdaf8e66-aa48-4e77-897a-3ec4dc8c607c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b11eab8-3d13-4398-ad8b-20746ac194fe","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":173,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"fade716b-aa36-4926-bf23-ed21c62c830a","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":173,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"5f1ce643-70c4-4b7b-9acb-3dd60d72e99f","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":173,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"493c62cd-d2e6-436e-88bb-58b0b82243c0","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":173,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"252027bb-34bc-4d53-84c0-0c443abb4998","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":173,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"d37a163c-117d-4a8c-a3c4-197d609f7bb3","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":173,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"6deebf5c-9312-452c-822f-06f415497a89","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":173,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"192db5f5-43c9-4023-9a9c-8e8c3b1a90c0","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":173,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"3dc38e6c-ee4d-4ae9-a235-071da7dc82ed","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":173,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"99550345-61c7-40d7-a678-4e56978978eb","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":173,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"cac063c5-d16a-41d4-9f4c-fcb7eda96032","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":173,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"be811ec1-8992-4ec3-a83f-77d639a0fa44","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":173,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"75ef0106-5f36-42ec-88e7-3691b9f06245","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":173,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"2d6fb98e-ddad-432b-b447-9530e89565b7","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":173,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"a3ec07b0-8011-4f72-b952-98260b030b47","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":173,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"d8d284ce-d088-40dd-99d6-6aa58cd68bbe","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":173,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"9d82004b-d713-445a-9c29-d3b2261a38d3","block_type":"box","text":"par ty determination of fair market value.","page_number":173,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"5882fce9-6bfe-442f-8df7-5bbdecbd4c2b","block_type":"box","text":"Computation of Offering Price Per Share","page_number":173,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"08355b39-914e-4a72-89b1-3902c10b0a69","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":173,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"6fe4d340-9243-4e04-b756-c4085046703a","block_type":"box","text":"the offering price for shares of your Fund.","page_number":173,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"5286c018-212f-409c-b018-4e4e42ceba54","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":173,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"905299b3-1d8b-4aa8-b019-90942c999683","block_type":"box","text":"Transactions in Portfolio Securities","page_number":173,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"acc31aa3-99a0-49b1-bb95-25ecb1cf8908","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":173,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"5adcf68e-82b1-4e9d-8922-3a56e4259b84","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":173,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"5ac58970-1659-4b4e-9966-c449c5a052d8","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":173,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"4e7cbe9a-83c5-4343-8d56-2e9802392b7d","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":173,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"40bcb256-805a-45a7-94e7-7cd44c66258b","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":173,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"f1eef1f8-a9f8-4acb-a2a3-7116a311fde3","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":173,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"c82dd6c7-6ff2-452b-b5c4-f640207defdd","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":173,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"cd29b244-2c2b-40b1-a0a2-194d9c4560de","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":173,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"de71b097-1b96-431e-8638-d5230f4eb8b9","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":173,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"33b002b8-9b8c-4bbd-ae6a-a18e7f57cbbf","block_type":"box","text":"reasonable in relation to the services provided.","page_number":173,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"54502fcf-3331-4c9a-bc19-be29ab1f1f0a","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":173,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"c8100c28-956b-4c65-902f-a86d3ee2f2b7","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":173,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"70189160-4375-40cc-a47b-db4c0c389cb9","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":173,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"7bcadcc8-ff9c-4119-8d78-34e957d2f764","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":173,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"912544ce-b3ab-4c27-ab1b-518e8cd06f75","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":173,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"fd5a11a1-7125-4a4b-af7b-85b1e825814e","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":173,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"86f393ee-0dac-468f-a71d-c108eb52aba3","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":173,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"805fbf1b-7aa1-457f-b7ac-b66693df0302","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":173,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"12c26e43-5997-4676-960a-5fa72443e991","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":173,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"5d441079-5c5f-43ab-93f2-04ebd909b74c","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":173,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"7a06137d-afb1-4c62-967a-3d05daed4519","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":173,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"30156813-4f17-4802-80e0-d86bce45918a","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":173,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"848672dd-7b21-44c1-93eb-605705043db3","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":173,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"a8bd80ba-12c6-4032-bd9a-f4fe805d938e","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":173,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"e3c95a9f-c6f3-4fa1-8dc8-3dbdeed93fba","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":173,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"56ea0e5b-08cb-48ca-ba5e-af9a810cea34","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":173,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"38aee577-664d-492a-a499-db26f3bd4e8b","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":173,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"bbb7b908-eb95-42a5-852a-6a9b6a0f3a1d","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":173,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"b1aa4fb1-cdd8-4767-a9e1-17c95ef034be","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":173,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"82e8eba0-30ad-456c-b049-707f7d2612dc","block_type":"box","text":"II-124","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7daadb18-a509-479a-96e3-a76c4f1078de","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7ce1a40-8741-48c9-b5b0-16d38bd7a308","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":174,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"97ef64c6-21de-44b0-bfae-05e1aeea6b6c","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":174,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"000ac8fd-74f3-4ea8-842c-3a03ecfd2977","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":174,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"a277020f-b2c2-4faa-b210-a58a1ff4beee","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":174,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"e3284b2a-e758-40fe-8e1f-e386442865db","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":174,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"b17cfad6-f9e7-437d-88f8-e2e0a2105fb7","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":174,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"9f3c5761-9ea2-4c73-a2cd-aa31297b7c45","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":174,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"78b606b5-9852-4907-a2fd-0da6d488291a","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":174,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"184064c9-0b26-4926-99c7-25731d932e3b","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":174,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"4593457a-9870-4dc8-8aa3-d77b27a22243","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":174,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"8f5a1a16-5308-40bf-9f29-55a7cd06105d","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":174,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"b7661be6-d5d2-45a6-b5e1-c34affee8475","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":174,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"c2de2a2e-1fec-42fa-b4d7-db94ab429f55","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":174,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"2f2160ea-3b11-4ee8-a2f3-9de7a690db18","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":174,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"9699c7d0-e0c1-48fb-bafe-009fd77000b2","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":174,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"7fbfff80-7181-429c-a3aa-10b9501a8171","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":174,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"cf5aa689-df60-4081-86f5-fc7137631279","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":174,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"2bc7329f-51b6-418f-87cb-7285a8eecc1b","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":174,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"c124bc68-8c55-4328-ab19-c3683589fd4d","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":174,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"46fc5eeb-dce4-47ca-9a2b-1997b05669f8","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":174,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"8b959f3b-009c-41e9-b2ed-f3d73e6226f6","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":174,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"cfdff3d5-5212-413a-b970-6450cbf653c2","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":174,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"3422bd6f-05f7-4e16-b5e1-817e19823637","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":174,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"0c8a26ab-80bd-4279-a0a5-5959ee6708fc","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":174,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"38b86fd4-24eb-46b1-83a5-17ae53021d08","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":174,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"d850765b-0804-4b2b-9a0a-6622131bdd22","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":174,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"fff9fb8e-ed04-4da4-9cae-311ac3aede33","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":174,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"fb6e5ebc-aa78-450d-83e1-b598699c9e26","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":174,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"288cd147-53bf-4c80-80a4-fb71566bb934","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":174,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"a467d22b-d474-409d-9124-971970555cfd","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":174,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"d9c2e975-6d56-43f6-8cae-74933670bc20","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":174,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"d26e820c-8171-4f2a-aa89-5b053b8ab9b1","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":174,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"326c1a0d-3a48-4449-848c-c37d568549bd","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":174,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"9cefc146-db30-4d90-b15a-23dc769b9984","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":174,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"d8b2105d-37e0-42c5-b1bb-da4ddc21df83","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":174,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"9518320e-4bc2-4685-9cb0-d85ff0f4c43f","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":174,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"d3b65da0-fa02-44da-bb71-cef8a3af8af7","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":174,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"9a716d45-6c40-4b5a-beda-baa3432d7b03","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":174,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"fd6b5bd5-a5df-447d-9b4b-f28376010af4","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":174,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"f94be9ef-40a0-4474-815e-287b215f9908","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":174,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"0431c5dd-d0c9-4d1c-a1ba-640bf0012dc5","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":174,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"2d67c6d5-7a2c-4c80-86e1-aa755867abb2","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":174,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"4f43dd47-6a2b-4e7d-821f-fc6696751dcd","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":174,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"d6a3b5df-587b-408f-b25c-d41e439ec835","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":174,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"0e0cd484-869b-4eeb-9acc-8794527d4faa","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":174,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"330dc622-7040-4f52-94dc-231e1e7f9f5e","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":174,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"7f42fc7e-56fe-4e22-8de5-1997d8d09ec3","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":174,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"cfd7e3fa-c068-4975-a96e-3126bc12019e","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":174,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"46d1bdd5-d65d-4eab-9d39-67a7b170aa21","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":174,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"5caa1d98-d565-4503-ac8d-21c0a6118406","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":174,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"8e162306-fb09-4333-80b6-38f07637f837","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":174,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"5dd9609b-090d-4ecb-a962-ca355a80a89d","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":174,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"3c994895-af95-40a7-93b1-275c403d5afb","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":174,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"b9112f68-ebd1-421f-9ed2-246320c78017","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":174,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"21cd38b6-b876-4a8e-af43-5105d8eedff2","block_type":"box","text":"brokerage.","page_number":174,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"6d68e416-35fb-46bd-bd9e-916660ab72f4","block_type":"box","text":"II-125","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1bc028d1-0df9-46f9-bf37-8ed99cf71eff","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f75ee12-86fc-49ba-a4ad-3402515e8937","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":175,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"e86b8620-3902-4275-9eda-eb6b36f2c8a9","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":175,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"48399a46-165d-4146-a885-b1c90566909d","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":175,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"b3cc1faa-9747-479a-87d2-f50a037b3caf","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":175,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"c07b3140-23ad-4e91-a8bd-0284d5056981","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":175,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"6451fe66-5880-4501-8acc-bbb8a56cc6bd","block_type":"box","text":"Section 28(e).","page_number":175,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"189043bd-fcc9-476a-8ac7-207d46b86afd","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":175,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"b4eab806-23af-4e7c-ac47-2a560790024b","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":175,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"3142fc30-a366-468e-a2a7-57b581a62fb5","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":175,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"d4dabc9a-925a-4e91-ad9a-f121402dfd71","block_type":"box","text":"execute transactions for those mutual funds.","page_number":175,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"c8a0c561-5c8d-44ae-b356-2eeaf5b68ba3","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":175,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"5ba3c581-f97e-4475-8237-0cb44c98e9a2","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":175,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"6d61a00b-fe26-4eae-85fb-75c4eb761e00","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":175,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"c396da30-4453-4ad1-a11d-bb673aa3a02c","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":175,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"3874ff87-349e-4a3d-b88b-aa740daec4e4","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":175,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"8a6ca8d2-cc63-43e5-a264-8549d3a03e44","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":175,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"f006ec8e-62ac-4485-b938-19e4146460d6","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":175,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"06d0c810-64ea-4936-b5d3-e702ced1e0e5","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":175,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"0c64ea83-256d-49a2-be72-52f6414c98a7","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":175,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"5e779306-b1d8-49d1-9345-1d4551c55c7f","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":175,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"7ef2a0ae-78a3-4c41-b8b2-143fbc298972","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":175,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"0b7ed4e7-6534-4763-9229-bba3bf51f5f1","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":175,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"bc9375a1-1bca-49fd-bc12-81b16e072ad2","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":175,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"12463e16-dc5d-48cf-aca5-a9662c77a3d1","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":175,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"71d3536c-5563-4195-a5e4-870b594d2f62","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":175,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"2d0b9caf-8562-424f-a776-343a68cb1c40","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":175,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"3b911475-d284-4e40-82a3-765b342c696c","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":175,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"a46d3376-82f7-42fd-a753-ccb8fcbf61cf","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":175,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"7056056a-8c59-453a-adde-a976ba9633de","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":175,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"ec9d7ee3-4e1b-4dfa-9fe1-51395c11e3cf","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":175,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"764c7a1d-642d-42cd-820f-ab719c5b317a","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":175,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"889d75dc-3372-4b13-94de-e36ab4916a61","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":175,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"0bbfcf91-667b-4bc4-865d-5a6183652408","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":175,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"dc844f7f-ea1e-42f1-9e6f-ecfd9d911b94","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":175,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"a8e41153-e1ae-4252-a004-be2f23a6b33d","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":175,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"11269a97-cfcb-4c5b-8c08-e71f7db95fac","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":175,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"f0aaddc3-6183-4c90-a320-970ce8131f9d","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":175,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"2efd4af1-2b10-4e77-be88-ea3fbb8d5daa","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":175,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"7c1ac7c9-2941-400d-ac8b-f547d0f5cc8a","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":175,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"6a1abae8-19e0-4b7c-a6c5-dce9a95b0813","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":175,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"8f7c0d9f-e926-4e21-b7f0-cc64debf5910","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":175,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"530bbea0-8209-4398-8aba-1d9904516390","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":175,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"179473c1-d5f4-4b4f-b853-a15ce4f79f56","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":175,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"9392a5a3-5667-4bda-9f16-4a5a5c89ec50","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":175,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"eab1bf33-78f8-4397-b642-0e1471703db4","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":175,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"01eccb9e-846c-461c-b269-ca7a077a6eee","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":175,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"643bb5af-c436-4d3a-a0a9-1794a0cbf606","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":175,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"f08054ab-95e1-42f0-a818-9a1518dcfa5f","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":175,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"210892d8-d143-45f4-8eb5-24916c49b27d","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":175,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"ff67b375-29b7-40ac-8312-7c17803274d4","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":175,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"0a0a0286-a14c-45a1-ae00-788992be3708","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":175,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"a66116a0-e8ba-4572-bb06-694ce8c4631f","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":175,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"e48b9f88-3a22-4a84-9e12-d38342562a27","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":175,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"0eba503e-ce6e-4b49-ab4c-86f4d4550985","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":175,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"eabcb7b7-3677-4799-a719-269aefd6cba5","block_type":"box","text":"II-126","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1db3f8c2-9d56-4251-b082-dff90f0e7655","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4dee56d-e42c-4bc2-87e2-3a3345dd649c","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":176,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"5706c405-3c96-44f6-9208-3c0b78734970","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":176,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"7750947e-3b11-44bf-935d-8d5fd51017ee","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":176,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"055b30cb-180e-406d-a5b5-822ed89a5d02","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":176,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"1573f0a1-da0d-453f-8892-9777a910b102","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":176,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"4671e559-29c2-4cc6-8e0c-0fac18c0490e","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":176,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"d145385e-5092-4820-8f09-6a2477744506","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":176,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"5083f6a3-31e8-4531-b86b-9d098f4ff9b2","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":176,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"c243db5e-bc61-4ef0-a30c-8e9f82916162","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":176,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"546e8e41-5028-4eeb-ab6f-f2b5294b04b2","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":176,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"73c72424-4f55-491b-a37f-0c97ad6a3e5d","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":176,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"673beea2-48c8-4a5c-840b-b16a6b733f03","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":176,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"00b0e1c8-5e74-4e7e-9531-e9047cfee038","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":176,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"60f4fb16-1d9d-42d7-bb0b-ee6ef5377cf1","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":176,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"1c7a7e62-3602-4da7-8a01-f839b4071189","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":176,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"c6dc0538-8d28-4ea0-bc24-36835e09d1f3","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":176,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"4f354642-7434-430d-a246-7548a2c19379","block_type":"box","text":"accounts and compliance constraints.","page_number":176,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"5c539c95-330e-4bb1-addf-91a4070615a4","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":176,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"e7ed904c-4ebb-44e6-a570-b826b4d41e39","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":176,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"409a5ac7-30f4-4067-96b4-e6c564451b6b","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":176,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"4f9b1acf-bbef-49f5-ab62-123863f62e87","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":176,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"3637ffc2-f65e-407b-99c1-4960dcaa1fc8","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":176,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"81aaabd2-adcd-4e3c-b1c5-7db29d39d271","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":176,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"62e3aacd-b2c7-4111-925b-e116f784bb0d","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":176,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"a48e0984-4e8d-4159-9046-78eb64231c06","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":176,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"c363f0ba-0b0d-4685-afab-21500939d948","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":176,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"6e40f1aa-0465-451b-9391-ee4571321e37","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":176,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"3dcd257d-5281-42f6-9d6b-a60a6c43925f","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":176,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"137cfce6-bdce-435a-9261-7201afb11657","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":176,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"eb4557b1-b4e5-488f-9889-635dd62d2935","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":176,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"f748f526-21d4-4af2-a071-1422ccc07b22","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":176,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"e4d3fd3f-c1c1-41a6-89ac-8c6cbd3cae92","block_type":"box","text":"clients may be used as well.","page_number":176,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"78561b4e-22cd-4fae-a18f-079827f5d119","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":176,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"ad2de1b6-9807-4f11-83c0-8f674e198846","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":176,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"b4fe917f-7863-4c5e-9625-d391fd6a47ab","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":176,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"e43297f0-d108-493c-90ff-53ae760106e5","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":176,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"5014dabb-efb4-405a-a2e4-fa110032c7c9","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":176,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"83449498-a5f3-4c19-a4eb-aa03ce5e0e3b","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":176,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"9021324f-3d46-444d-91bb-9c39f016b322","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":176,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"497244d4-caa3-4f17-a7f6-414124d657d7","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":176,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"56639557-fcc9-40d5-ba6f-0aeda4b152d3","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":176,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"42393a04-82f0-4b1d-a777-59edcf1405ea","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":176,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"05e1664b-cf70-4451-8af3-e55deb986267","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":176,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"05dd7f35-e43b-4f9a-984e-e49a1c4ca55a","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":176,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"49801f6f-c880-4cd1-9f6d-cfa818eacc31","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":176,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"473f50cd-248d-41ae-b4ba-0b9fea667acf","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":176,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"4ecd148b-0274-4b75-bac3-3b88d95aaf75","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":176,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"b8d89e9b-afef-4d10-beb4-05aa8d3d77ad","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":176,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"8403313d-eea6-40b2-b3ac-04f45006a8f7","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":176,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"ac581e00-edb7-4199-82e6-eaa5895b0397","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":176,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"602c06a5-fbaf-4550-9728-727ada42750d","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":176,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"fe110b05-1c4a-4b5d-901d-1f933f9727f6","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":176,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"47182989-2475-415b-be5f-61aefcfd8c25","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":176,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"40040a93-6e69-49bf-88a0-9d9a1c7dcd33","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":176,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"cfe110d3-2df1-4881-ad6f-fe483a7e5f96","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":176,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"04d2bf72-f68f-4c00-83aa-05698d7dbb3f","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":176,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"8de30fc4-8ed3-4df0-858f-8efd817b4a54","block_type":"box","text":"II-127","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"69338f2c-5eb9-49b1-9440-361e131e3f57","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d3f73ad-e509-4d69-9739-9f5b5efb0319","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":177,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"d00769f1-ae75-45f0-8408-353e0d620326","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":177,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"9a1d8fc8-b5cc-4b09-8cb7-ae4ac7e17aed","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":177,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"9443ff6c-c4d4-4caa-b8d7-e655f10a3642","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":177,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"86e3d9b9-628f-4e92-9c3d-abeb9859d183","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":177,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"61312f0a-bd0f-4e8e-aebf-a666bd79bec9","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":177,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"c1ee7128-0c57-4c3d-ae40-b13585bc2d0a","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":177,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"53c4b445-95c1-4602-b617-751fc7e2c78e","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":177,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"18736a0a-9781-48d6-ae7c-b3e09d12ee11","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":177,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"56f84c40-2b3d-4be4-bc71-8996a5105d04","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":177,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"54e971b9-9066-4acb-9a5a-2ae9d63d5b59","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":177,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"752e2502-b92c-4304-8376-df77a4b2990e","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":177,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"9586c743-3bab-4b65-b796-8f7dff821e8a","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":177,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"0ca3c74c-2db3-4663-86a4-4bd1e3b1bd99","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":177,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"928a18d9-936f-40e4-9c99-c5022038e6a9","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":177,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"c802a765-0391-4f73-9419-c28ca74285eb","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":177,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"7da7eecc-3978-47e3-ae6f-e3e1a08af778","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":177,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"290b0f52-eaf8-4022-8269-359728cbcdb4","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":177,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"4176f51d-cf55-4013-8ca2-93108436f062","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":177,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"9e3f7753-3529-4529-83bf-91ca46517d39","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":177,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"4d9c2190-fa46-48cf-92ef-636340e2d3af","block_type":"box","text":"Portfolio Turnover","page_number":177,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"603e769a-2d15-4632-b5cd-669b1b4bc599","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":177,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"85a78d86-a519-4fc1-9d9f-470800972553","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":177,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"813ae6a8-0ed0-4dbc-a527-bdb84e849aee","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":177,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"1890ac54-629f-417b-a838-325910eb2c33","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":177,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"53e5e32d-2ce3-4e89-978c-6af89700b658","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":177,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"858e2630-7de2-4f90-a1d3-6ff18cb1d1d1","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":177,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"39177a45-9fb7-422b-94f2-2beea0a4fd41","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":177,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"30661869-853c-4e1d-b36f-450cef76c61d","block_type":"box","text":"Dividends","page_number":177,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"ba07d273-2fb0-4282-8149-89cff8bc2ed1","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":177,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"3ee07c44-e63e-4174-9998-3854652b6b58","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":177,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"d34952c9-ccb2-40b4-8e84-7c87f73f1b83","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":177,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"e38f3c94-b598-4647-bf1a-d7393a3e45c7","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":177,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"70d902fc-c5a1-4d97-a33b-0d05d6ee99bd","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":177,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"2d877cbc-dcbc-420c-bd85-ae0a154bfedc","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":177,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"35e50f54-ca31-4c1e-ad76-b2fbb6281bc0","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":177,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"b132e43f-e092-47bf-97b5-e9e654c6307e","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":177,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"809888d3-e957-4ded-b1f5-7329cd3f45b0","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":177,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"6bbc69e4-e612-4105-994f-9a331eaa3410","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":177,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"9d0ff6dc-43a9-4183-bc22-67b808cfb100","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":177,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"b7dec88d-0c0f-4309-b0ee-7eacb19546c6","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":177,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"c4d01e1d-77b2-43db-b374-850c6678dac9","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":177,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"d383a444-99b9-4a19-a92b-16931267c827","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":177,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"a0e00568-70a6-4840-8f42-e1aab693f111","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":177,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"327d9614-7f39-4dfd-bd99-12388ddaa2e6","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":177,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"ab0e012c-d655-4ed9-a26e-72ac52f90abb","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":177,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"63058ad8-116d-4988-aeef-3454882afc77","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":177,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"037e57dc-4c9a-45ad-aaa6-284cb999de7e","block_type":"box","text":"Taxes","page_number":177,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"8ce4a550-92ca-407b-8d2d-76357909ecbe","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":177,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"0fa4a71a-e430-451a-99b3-0c3858b95b82","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":177,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"78759916-e805-438e-a154-510f3e0c12b2","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":177,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"51263c7f-f482-4624-a367-df9973fb8a39","block_type":"box","text":"II-128","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ec6693aa-22a5-4989-b276-a737cbdfc9bd","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18d2bdac-3cea-4d69-96d7-fbb41505ef09","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":178,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"b7d0a6e9-f6c6-4867-9507-ff03f3a4768f","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":178,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"f43ee031-19aa-4878-9422-cb5cb8c93b73","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":178,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"39364907-dd76-4cf6-8d48-30b512feb38a","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":178,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"5f54b1e9-b104-4d13-abfc-12ad237856c8","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":178,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"2ac11024-f755-4c9c-86f6-d359e01fdd2d","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":178,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"7bd3a486-df00-4903-a206-4e817d775a4b","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":178,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"1a297731-1aa0-4f2c-98ae-e735de8451d6","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":178,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"4e6192a9-fab5-480d-a645-4fb0e66d5821","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":178,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"f7a99906-e93a-4cd3-b6b2-3bc7ec05d31b","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":178,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"b9881ed0-6e3e-4f22-b94f-09d2936177f1","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":178,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"ba01ddeb-831e-4233-b0d7-542e53211130","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":178,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"9564d598-4eca-4ab4-ac4f-5635eedd067e","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":178,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"f58f419d-6b9b-462e-b511-822f008822bb","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":178,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"5e73fd85-45af-41bc-a4aa-21f78c1256dd","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":178,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"73a44562-bee3-474d-a9fa-e2e2c11d8408","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":178,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"67bb8581-c53d-48c7-87bc-14b665a877ef","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":178,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"1434be3c-01c4-4986-bdaa-53903ab6d7d0","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":178,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"ac3324c7-3a86-4664-a3c1-b4c7c019c701","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":178,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"f93684e0-b963-49ef-ac34-4457d5bd69ba","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":178,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"77482022-178f-46cc-aab5-4ecbf2831c02","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":178,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"ff1f4e18-09e5-469d-bff9-e12d9accc275","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":178,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"c2fb8dbb-7b2a-4927-8a42-c6fe00e39c70","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":178,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"bd61288c-3d87-4330-a758-8b9c22cde78d","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":178,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"9fc05146-cdb9-4c98-879c-d49caf1f93e8","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":178,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"4fa933de-3b5a-459a-b766-ec49c9860ffb","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":178,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"af3af73c-fcce-4080-94a4-4e6945665ed1","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":178,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"6f3affa9-bf0d-417c-a780-095d897c4917","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":178,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"953bb312-0ff1-4f27-8602-d79572cacf48","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":178,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"d41866b9-8550-43c3-ace0-9cd97677e15b","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":178,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"1b38df9b-ca58-45cf-991e-3588555c2bc6","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":178,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"322b8fad-ab04-4648-a7f9-4a56f7286e7f","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":178,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"08f65721-85ed-4e8b-a1a4-b196f16ea9bf","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":178,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"0e948e06-2f08-49d1-b896-b1a6af3f5196","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":178,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"580b0a1a-de30-4e82-af80-f33947a9deb8","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":178,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"26a2b8c1-7534-4fb7-96fe-81e916e96683","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":178,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"3de91357-4875-4ee4-b0b1-2e7df7430107","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":178,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"6a7f19e7-5f9a-48dd-8b2f-4d003a91d047","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":178,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"6679bd43-ed34-408a-8208-02c937a30dde","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":178,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"73380687-66c5-458f-9361-0b49689244e4","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":178,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"d39f1da8-adf1-4b8b-b297-7bea5870be18","block_type":"box","text":"limitation.","page_number":178,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"8e3dc8e2-d51e-4309-a34e-eb582bd8d248","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":178,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"315ecd32-72ee-4f53-a722-8b5cdb20c11b","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":178,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"d297183a-d652-46bb-8cf0-55a12e2e3b76","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":178,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"42b008a5-bd3c-427a-accd-caf3cd9e4485","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":178,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"26e2f98d-5419-4aa6-8221-d51d52fd2215","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":178,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"5a349dac-8d1c-4bbd-8ac3-6d044419263d","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":178,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"c373f1a6-03f1-42dc-8c25-a9a3a82e3244","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":178,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"f015d3be-6938-422d-a5fe-9b3ae14419e9","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":178,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"5182e5b6-35d0-4831-8fce-a90d104ab5b4","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":178,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"3f79ac55-983d-4e35-87d8-57a077522fa8","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":178,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"c343da39-6d0a-42ec-a985-114dfc46edd7","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":178,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"acea79a6-1c0f-4be0-9736-b35b0a61c93c","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":178,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"40e922b8-abb2-4bc6-a09b-410087362809","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":178,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"ea1613d1-7bb8-4ed3-85bd-5f23d117e671","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":178,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"a7b0e162-b08d-4bc1-a1d4-db5e52202e62","block_type":"box","text":"II-129","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87f15122-4299-4539-82c1-c69bb2e360d5","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16d33ee6-5be3-4893-8bfc-bb12004d695f","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":179,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"b821c9ec-73d1-4e55-af1e-e6d8f7d23f96","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":179,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"ec0dd3c2-e6d6-4667-815a-ac44ef7f219f","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":179,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"b3e99f7f-4d82-4434-9947-4e0d704b1bfc","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":179,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"5093d7c9-eaac-4efa-8355-66ec24ec21b9","block_type":"box","text":"constitute “qualified dividend income.”","page_number":179,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"f56c325e-2f87-4470-a697-2692ed06bee2","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":179,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"1a3245b7-e2f9-4fc7-86ab-9db39fb65ccc","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":179,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"d316ab28-66a0-4946-8e73-3d1ba67bcafb","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":179,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"9400edda-d0c0-448b-bf7b-74abae4f0b7f","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":179,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"236ddff1-8673-4543-aaf6-9abce25027d2","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":179,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"2e93f117-1a4b-4e24-bc42-dcfcb28a6f46","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":179,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"45f0ad0c-df77-401e-80d3-e8444f6d29b9","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":179,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"ca784759-fc35-4d06-a5e0-020ec3417578","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":179,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"80843a7a-6081-4d65-a7d1-a2698718144b","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":179,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"229d381c-e81d-41be-9b61-7376ae2cf324","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":179,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"18df176a-13b1-4eb6-ab09-3dd755b2f08f","block_type":"box","text":"against their taxes.","page_number":179,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"45effa8c-7ae6-47dd-b1ad-a76003d45838","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":179,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"8e8250df-7d8d-4a82-85f7-4195f3ff9d29","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":179,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"155c22bc-f69e-4601-9967-6a3b647531e2","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":179,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"33c864e4-451b-4f0b-a825-32f708b7fcfe","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":179,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"0600448e-c7ac-4aef-a84a-87fc685a6caa","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. A Fund’s capital loss carryovers, if any, carried","page_number":179,"box":{"x":69,"y":370,"width":807,"height":11}},{"id":"532e0204-50b0-4885-b2c8-15c99eae8e10","block_type":"box","text":"from taxable years beginning before 2011 do not reduce current earnings and profits even if such carryforwards","page_number":179,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"fb1dd1e0-d601-46f2-a2a6-7d74c3268de8","block_type":"box","text":"reduce current year realized gains. In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and","page_number":179,"box":{"x":69,"y":400,"width":803,"height":11}},{"id":"f1cc79dd-28f0-4415-a423-d52558b6f8a2","block_type":"box","text":"profits are allocated first to distributions made on or before December 31 of the taxable year, and then to","page_number":179,"box":{"x":70,"y":415,"width":752,"height":11}},{"id":"78c8d557-db06-4c88-9785-3d30d235e107","block_type":"box","text":"distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of Fund shares held","page_number":179,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"3949eee5-6e2a-4723-9e34-5155738ebdd7","block_type":"box","text":"for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received by","page_number":179,"box":{"x":68,"y":445,"width":829,"height":12}},{"id":"f8ad89a1-3504-4125-be79-bcb512a20b79","block_type":"box","text":"the shareholder.","page_number":179,"box":{"x":68,"y":461,"width":115,"height":8}},{"id":"badf4acc-1be6-4399-b703-2bce1e09fb76","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":179,"box":{"x":102,"y":483,"width":792,"height":11}},{"id":"2b5d50e2-418d-40e0-a8a1-5cc6610d2c8a","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":179,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"bca9ef1c-a4d9-4809-b1eb-0a26f4cfc757","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":179,"box":{"x":68,"y":513,"width":809,"height":11}},{"id":"d7f121e2-7790-4f82-884c-0bf1dfd19a98","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":179,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"e6b2d6ab-e23a-4be7-9c47-809eed84cc74","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":179,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"d38ac5ea-487b-44ba-b472-e447c0d5b440","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":179,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"375976db-ccdc-470c-b618-4698c2841e2d","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":179,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"c72b5573-6d06-42d6-ab28-b6590d7277d0","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":179,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"46cc93f1-03eb-4baa-959b-6496b6f33674","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":179,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"9bd6e388-a494-4c3a-abd7-8e8a9745fc32","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":179,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"d6527978-480e-4a76-bf1e-30b50d827212","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":179,"box":{"x":70,"y":634,"width":772,"height":12}},{"id":"9e3896ad-3bbb-47af-9be0-f21ed3cfde8c","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":179,"box":{"x":70,"y":649,"width":795,"height":12}},{"id":"787732b8-5976-491d-be60-8eea32741c58","block_type":"box","text":"taxable year.","page_number":179,"box":{"x":68,"y":665,"width":89,"height":11}},{"id":"95355378-7363-4660-b841-d088c75539d3","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":179,"box":{"x":102,"y":687,"width":733,"height":11}},{"id":"c5a868fe-b75d-42bb-bc2f-083b76f45da6","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":179,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"14b80448-44af-4a29-9a26-8e825315239c","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":179,"box":{"x":69,"y":717,"width":809,"height":12}},{"id":"de297fc2-7b0a-4c5a-9f6c-631597e2c990","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":179,"box":{"x":69,"y":732,"width":362,"height":12}},{"id":"d35d3b27-e631-4a50-913a-22e1c1e83aba","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":179,"box":{"x":102,"y":755,"width":795,"height":11}},{"id":"c6ea953e-3b1b-47fb-b4b8-9e10ccf4ed04","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":179,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"eb101d3a-b6b0-4f55-9bdd-17015b5e9836","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":179,"box":{"x":69,"y":786,"width":797,"height":11}},{"id":"12f5338c-f45d-4732-892f-45662073092d","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":179,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"25066071-4c02-474a-a8ff-4189c26eb8ef","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":179,"box":{"x":70,"y":816,"width":646,"height":11}},{"id":"7d33efa0-412c-48ce-8add-d09fcf46c0da","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":179,"box":{"x":101,"y":838,"width":807,"height":12}},{"id":"45066a03-02a9-4ae7-ade2-e81163ff7389","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":179,"box":{"x":69,"y":853,"width":839,"height":12}},{"id":"4fa5b4c9-2f3d-4748-b9ef-60426897f377","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":179,"box":{"x":69,"y":869,"width":799,"height":11}},{"id":"efc6163b-4eb2-4548-9952-cd4f6fe43303","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":179,"box":{"x":69,"y":884,"width":534,"height":11}},{"id":"2e721104-7c12-4f9c-955d-e33c68aa7a8a","block_type":"box","text":"II-130","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4db5b9ab-359c-485a-be09-59255c2c91df","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d18b17e9-e0eb-46e8-8239-38a564a6d654","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":180,"box":{"x":101,"y":45,"width":792,"height":11}},{"id":"af0d7dc2-2ca5-47f4-b3f6-31e27eeb90bf","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":180,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"723292d7-ebd4-4038-8e7f-b19b1daa7e83","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":180,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"af51b6d1-027c-4c32-a054-3d65f98c893b","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":180,"box":{"x":70,"y":90,"width":824,"height":11}},{"id":"40eacc36-318c-4795-9004-424b662f0dc1","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":180,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"dacab316-15f0-4e98-a836-e4b9495f905f","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":180,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"27c03c3d-a40b-4c47-8375-dc22e7b28bbe","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":180,"box":{"x":68,"y":135,"width":840,"height":12}},{"id":"de38834c-fd20-47f6-b267-3c9b4e1c5fde","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":180,"box":{"x":69,"y":150,"width":822,"height":12}},{"id":"a57ef049-534d-481c-b6eb-2fc58bd5124b","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":180,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"3a4e232b-ff38-466d-80ee-bf28ace005d4","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":180,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"4b0cf7a6-e7a5-4a50-a1f6-fcd26f2d0ebe","block_type":"box","text":"redemption of such shares.","page_number":180,"box":{"x":69,"y":196,"width":195,"height":11}},{"id":"c0b2c2d6-fc5e-4580-b971-17188a45fa93","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":180,"box":{"x":102,"y":218,"width":799,"height":12}},{"id":"f9d9b886-e405-470a-b584-52997a143cbc","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":180,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"4398da3b-600e-4bf1-9bc1-4b077a022cd1","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":180,"box":{"x":70,"y":249,"width":826,"height":11}},{"id":"ada9b3d9-3a61-429f-9a9f-5d09a8bc0c83","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":180,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"b396b609-f428-4cfb-ae10-2aca3a95fb0d","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":180,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"ab3e7948-11f7-40bc-b69d-9d04fe9d463f","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":180,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"45c89e45-0533-4261-a573-543e966f4a1e","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":180,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"80357d01-16d9-4430-b0e1-ccb120afc6a4","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":180,"box":{"x":68,"y":324,"width":831,"height":11}},{"id":"b9376878-a04e-46aa-bebc-c82dcefbcfea","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":180,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"cb6a6fa9-d664-47d3-bab9-ba6730a9bd2d","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":180,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"afaf9ee7-9df6-4636-8de6-0ef5d653b278","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":180,"box":{"x":69,"y":370,"width":658,"height":11}},{"id":"55238dce-35fc-480d-9e4b-36506e3e5a05","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":180,"box":{"x":102,"y":392,"width":744,"height":12}},{"id":"d73eb201-5d24-4e99-8712-2b071ba08aeb","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":180,"box":{"x":69,"y":407,"width":751,"height":12}},{"id":"f3d035f2-f11c-4125-a0dd-4f1696db3051","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":180,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"dbd476ce-bb97-4e75-a535-cadf237b0bfc","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":180,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"0c22da0b-fa01-4d7e-b8be-72b9a0860660","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":180,"box":{"x":70,"y":453,"width":802,"height":11}},{"id":"2b25312b-9e01-4ae4-a164-cc034ddbfa1e","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":180,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"f0c4b6b9-35ee-43c4-8c1d-80429b35295f","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":180,"box":{"x":70,"y":483,"width":839,"height":11}},{"id":"7482512c-1b05-4840-927e-fb52c209da92","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":180,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"bd9f530e-b967-49c0-8591-9f50369f4239","block_type":"box","text":"gains.","page_number":180,"box":{"x":68,"y":514,"width":42,"height":11}},{"id":"355b1967-88f7-4e10-934d-ec0e18a4cfa6","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":180,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"f0f2395d-c099-4a15-9b59-d0a46e9d4fb3","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":180,"box":{"x":69,"y":551,"width":769,"height":11}},{"id":"38167aa6-04ff-4601-881d-6171edceb79d","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":180,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"8356b375-0f5a-42af-84e9-875645d09f0b","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":180,"box":{"x":70,"y":581,"width":819,"height":12}},{"id":"21e67399-4af6-4461-960a-14019bcb4f7f","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":180,"box":{"x":68,"y":597,"width":818,"height":11}},{"id":"ed44cd33-1014-4841-93e2-2db103c641cf","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":180,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"4b82ecd2-1cf6-4471-a016-20e4ed4c4ab2","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":180,"box":{"x":70,"y":627,"width":792,"height":11}},{"id":"99891a51-b424-4fc8-a36e-12a92c3f1264","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":180,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"d877498d-979c-4856-a8bb-72e2779bab0a","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":180,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"822c7a67-c993-4a41-9997-00914369d711","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":180,"box":{"x":69,"y":672,"width":570,"height":11}},{"id":"82b687ca-d674-4049-90b9-a541a1a8f9ae","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":180,"box":{"x":102,"y":695,"width":795,"height":11}},{"id":"50336202-acad-4a5b-8b8d-902e08ade4f3","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":180,"box":{"x":68,"y":710,"width":816,"height":11}},{"id":"849e9488-9d01-4225-a438-802841896654","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":180,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"5b77f315-d9ef-47f2-bcf7-4339158b3c21","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":180,"box":{"x":68,"y":740,"width":815,"height":11}},{"id":"17e9b26b-da01-41a1-b963-78199722e516","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":180,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"027c337d-b40c-435e-b04a-950646bf0b95","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":180,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"8020adfa-cd0f-4a6c-a076-060627507222","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":180,"box":{"x":69,"y":785,"width":781,"height":12}},{"id":"41ca9b32-a75d-4aa5-9017-216f2ac044f8","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":180,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"cbe01e47-8fed-4a7c-8602-8c9416fbfe10","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":180,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"cb1147ef-62f4-4567-9a76-18671c9d4cc0","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":180,"box":{"x":68,"y":831,"width":808,"height":11}},{"id":"ce5510e0-905b-4f45-844c-997f250151f6","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":180,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"2a81b89c-cf11-4ab5-b727-50b0ac6aaf0d","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":180,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"fa10e0e0-69eb-425d-802b-45de9057c6f2","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":180,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"3447696b-835c-481a-8c15-7102b9bc99d3","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":180,"box":{"x":68,"y":891,"width":784,"height":12}},{"id":"8f9fce2a-44b7-4011-929d-0131a28e8f0b","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":180,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"11e10152-aa01-44b6-a118-f71c19175a95","block_type":"box","text":"II-131","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d5f17762-9531-4e07-8d0e-a3a6a6e8668e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf3d36dc-626d-4a9b-a21e-2b007cc3d6ec","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":181,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"cd72ac38-4566-4345-9da0-99bbea0c75d7","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":181,"box":{"x":70,"y":60,"width":772,"height":11}},{"id":"8003765e-b03b-4d88-abd1-b7e0b6e1c5c7","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":181,"box":{"x":70,"y":75,"width":791,"height":11}},{"id":"1a69cfcc-8942-42cf-bf64-ace42eef0709","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":181,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"d992f9eb-ec4d-4b1b-80fb-3cecfc3f0ed6","block_type":"box","text":"dividends under these rules.","page_number":181,"box":{"x":69,"y":105,"width":201,"height":9}},{"id":"dfa50bcb-a2ef-4731-9bca-e48f9478360b","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":181,"box":{"x":102,"y":128,"width":747,"height":11}},{"id":"945b0799-6ae0-45de-8839-23466695933d","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":181,"box":{"x":70,"y":143,"width":838,"height":11}},{"id":"cf175909-37a6-4425-b1dc-972045190733","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":181,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"619d8516-deec-44f9-8e5e-60317bcb170e","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":181,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"725231cc-1d11-41db-bcc8-69947f5bb54e","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":181,"box":{"x":69,"y":188,"width":786,"height":12}},{"id":"52695dd4-6886-4756-bae1-d324516c9c9e","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":181,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"8dc5ef15-7df4-4000-9178-12cff80d97a0","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":181,"box":{"x":70,"y":218,"width":807,"height":12}},{"id":"9debda35-4dad-48bf-a3e8-6ce054bab403","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":181,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"5fa4148f-6ce7-46df-9152-ce11a2fb4a18","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":181,"box":{"x":68,"y":249,"width":818,"height":11}},{"id":"628c689f-bfbf-4494-9597-5e9da9ecf540","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":181,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"96f230ae-38a2-4166-a556-60ea0751dc74","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":181,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"a7eadbca-0d78-4c2f-bb57-5f99a54b6744","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":181,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"63ce5e49-cb03-41b8-9aaf-1ea068e173e2","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":181,"box":{"x":69,"y":309,"width":774,"height":11}},{"id":"b9e0d5c1-2040-45ba-b57c-97e461336146","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":181,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"20075c10-ce7c-4299-af52-7ef3b8ecda0a","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":181,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"103a1390-dbf4-4934-9ac7-d2af4b12992b","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":181,"box":{"x":70,"y":355,"width":827,"height":11}},{"id":"312bb5f4-3f61-4f92-b940-9434e2915b31","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":181,"box":{"x":69,"y":370,"width":823,"height":11}},{"id":"329ca27b-69e9-4895-b111-683347e50601","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":181,"box":{"x":68,"y":385,"width":827,"height":11}},{"id":"7b5339b7-33e4-4c9b-ad58-647a9f4f3e4e","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":181,"box":{"x":69,"y":400,"width":596,"height":11}},{"id":"64124086-be87-4f50-8b49-79d8f568bbdc","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":181,"box":{"x":102,"y":423,"width":802,"height":11}},{"id":"38aca6f4-3bae-4b3a-ab2e-058e2fe34778","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":181,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"001715c1-e855-443a-a91e-10295f9751f5","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":181,"box":{"x":69,"y":453,"width":804,"height":11}},{"id":"0b1c71dd-2e98-42d9-ad18-08b19e0b1337","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":181,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"91d2c565-37dd-4614-ad2b-e1a59a756673","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":181,"box":{"x":68,"y":483,"width":801,"height":11}},{"id":"5d4c58ec-7120-480e-b871-fe74cbdcfa6f","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":181,"box":{"x":69,"y":498,"width":803,"height":11}},{"id":"ac2927c8-85fb-4ba1-ad4e-5834159550b6","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":181,"box":{"x":69,"y":513,"width":785,"height":12}},{"id":"30148478-e26c-414e-9c2c-0c271dbb366e","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":181,"box":{"x":69,"y":528,"width":676,"height":12}},{"id":"ad949ec6-348c-4cb0-9dcd-0ee834388ad9","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":181,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"db2868dd-5e74-4487-801f-8974e04682a0","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":181,"box":{"x":69,"y":566,"width":651,"height":11}},{"id":"26267944-b630-4994-aa36-68f9c0c7266a","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":181,"box":{"x":102,"y":589,"width":731,"height":11}},{"id":"f086c5e2-aab6-4f6c-8b11-b80976b9cdf9","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":181,"box":{"x":69,"y":604,"width":570,"height":11}},{"id":"7e9cffa6-4a97-42d5-a036-d70e041b5c6d","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":181,"box":{"x":102,"y":627,"width":763,"height":11}},{"id":"aebe641b-80a3-4236-8fff-f20929db5aa1","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":181,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"d5bbfcb1-483c-41e0-b8a8-3cb707f3da23","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":181,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"a41109ec-c4c8-4459-b378-7d77c3d01b8c","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":181,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"af49f23a-9ebb-448a-ae3f-eaf58216aa4d","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":181,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"6ebb5c94-e362-4bb2-baa6-e0a40c5bb20b","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":181,"box":{"x":68,"y":702,"width":791,"height":12}},{"id":"bf76ced1-16a4-4b19-8aba-b849419eef70","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":181,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"da295bb2-ebcb-4fa8-a47e-c67127739307","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":181,"box":{"x":70,"y":732,"width":739,"height":12}},{"id":"a4354a36-7176-4e65-9dd3-9194a235687d","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":181,"box":{"x":102,"y":755,"width":786,"height":11}},{"id":"e4963eb0-8ff8-4b5b-abc4-48d249977b0b","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":181,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"46ed017d-c534-4178-9b81-4bd238f0a4fd","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":181,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"63a703ee-4f53-4718-9143-3e3ccfea286d","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":181,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"cb363f29-34e3-4fcc-a3d1-2ee5aab43c3e","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":181,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"e3d59cc0-83c6-4e11-b92e-46af08f11ad2","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":181,"box":{"x":69,"y":831,"width":826,"height":11}},{"id":"a1eeaec6-c49a-4cc6-bb14-ffa0dcf726fe","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":181,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"d4e674f9-59ab-4f95-8acc-89356cf3e684","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":181,"box":{"x":69,"y":861,"width":364,"height":11}},{"id":"24f6b9bc-906b-4552-aa7d-56e07d25e65f","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":181,"box":{"x":102,"y":883,"width":742,"height":12}},{"id":"84463592-db6a-4c85-8488-07835b61dfee","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":181,"box":{"x":69,"y":898,"width":832,"height":12}},{"id":"79704a04-be79-44c5-8293-1a418d401777","block_type":"box","text":"II-132","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"142b2026-a982-42ba-b1e9-f3cd5f8bfba6","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c1043a4-f0e1-4a4c-97dc-789d7ffcfb77","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":182,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"40793753-dba6-4f52-b8c8-6cb5b6bcff81","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":182,"box":{"x":70,"y":60,"width":781,"height":11}},{"id":"e3556e20-a98a-4816-81e5-a4426baa7207","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":182,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"996d379e-1fdd-48b7-b1f6-240b85aeb615","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":182,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"a39a7c7a-34ed-4bc0-9012-f0726d52dbce","block_type":"box","text":"individual circumstances.","page_number":182,"box":{"x":70,"y":105,"width":177,"height":9}},{"id":"5dc25533-513b-4452-9f0b-129de4fa3346","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":182,"box":{"x":102,"y":128,"width":758,"height":11}},{"id":"a78db79a-e0a7-4ec5-ba7b-839e0cacce5a","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":182,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"637f1473-7fbd-48e0-9be3-ec94a8492bdd","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":182,"box":{"x":70,"y":158,"width":783,"height":11}},{"id":"fc5ea1f4-ab69-447e-9f60-99f4bb688939","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":182,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"61f4b0cc-7be7-4b08-a6d0-a4cf52cb10c5","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":182,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"cc9dfcac-00a0-435f-a742-a3f01d4ac62a","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":182,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"907b1fa7-3289-41bb-84be-22a6d40bb19d","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":182,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"2baac233-71b9-4820-b9fe-63b6f7dbbad0","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":182,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"35c9e466-bcdc-4d39-ad19-d90c4ff2cfc5","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":182,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"2f997001-4bb9-44fd-876b-a20214a80930","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":182,"box":{"x":70,"y":264,"width":770,"height":11}},{"id":"4cd81f98-a95a-442c-8583-1ecec8c1f7c8","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":182,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"14a5e9dc-da56-4c0a-a0ba-60e2ef899df8","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":182,"box":{"x":70,"y":294,"width":796,"height":11}},{"id":"3c2d366e-f550-4195-80f2-b103308427d3","block_type":"box","text":"investment oppor tunities.","page_number":182,"box":{"x":70,"y":309,"width":180,"height":11}},{"id":"70df7106-c788-49a5-8e37-19f63347f0d3","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":182,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"5f98d7d5-c9df-405e-9ed6-2d638ccad474","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":182,"box":{"x":70,"y":347,"width":839,"height":11}},{"id":"cea4649e-fa0e-4e96-86e1-62c8b7b514b1","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":182,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"52c85bbc-f96a-4898-b3dc-4936d9dca0f0","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":182,"box":{"x":68,"y":377,"width":837,"height":12}},{"id":"45a1663f-f49c-494c-a5ff-14ecc2d6aa6a","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":182,"box":{"x":70,"y":392,"width":774,"height":11}},{"id":"b8215231-dae7-469d-94a6-5b3456034ea1","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":182,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"e7c9abc2-fb1f-4524-add5-2c1b81c8f15d","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":182,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"4b696b21-6eaf-4828-a7ae-41760259d103","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":182,"box":{"x":69,"y":438,"width":755,"height":11}},{"id":"e8496bd1-c3be-4d2f-b49a-3b00dc40409d","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":182,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"57d24a0f-63c0-4fdb-abdc-8e506575262e","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":182,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"1593087c-c716-4651-9689-4244adeabf31","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":182,"box":{"x":68,"y":483,"width":812,"height":11}},{"id":"3ada2931-0ec0-4f7c-b7b3-bd03c56daaac","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":182,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"2bf5b7df-5201-43be-bd0a-26f0fe1c84c2","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":182,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"6a59e3d5-ea4f-4a0d-a545-13e8d1b39e11","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":182,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"acd8bf58-2f1a-4688-aeec-df4aca84587b","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":182,"box":{"x":68,"y":544,"width":825,"height":11}},{"id":"7f85318a-2bfe-46ac-93a1-88027ece482a","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":182,"box":{"x":69,"y":559,"width":788,"height":11}},{"id":"507df7b1-2e11-45ce-8a11-fd3881a54862","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":182,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"3046da72-4656-4c8c-a2d3-6d76ac7fed83","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":182,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"1d66a19c-5653-4745-87a0-5d2a5393106f","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":182,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"2f71e172-bdeb-42a8-adb3-9a03ce0daa6c","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":182,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"154cd38e-889f-4787-85bf-7b378d9f0576","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":182,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"4f0a25e7-c434-495c-94cc-319664c6015e","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":182,"box":{"x":68,"y":649,"width":527,"height":12}},{"id":"a91e3db5-fb10-4145-89cf-fc95d52bc131","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":182,"box":{"x":102,"y":672,"width":768,"height":11}},{"id":"fbb4a685-7466-4ef1-93de-0b4cadeb944b","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":182,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"927c38f1-97e2-4cda-90df-48af5082d6f8","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":182,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"0104af4f-94b7-41df-89ba-9b65fa850cba","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":182,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"9b5c467a-72d8-4f29-abe4-2cf92c761c58","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":182,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"2421ae7e-11ec-4069-8843-5047e14c8027","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":182,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"218d2641-77c2-4092-a760-18a3f0381952","block_type":"box","text":"positions in its por tfolio (","page_number":182,"box":{"x":70,"y":763,"width":177,"height":11}},{"id":"d75e6d57-a0b8-4de0-9c6c-358e956c5db6","block_type":"box","text":"i.e.","page_number":182,"box":{"x":249,"y":763,"width":20,"height":9}},{"id":"b3fd552a-ceb9-45e1-8744-fbcdc9c9335d","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":182,"box":{"x":272,"y":763,"width":636,"height":11}},{"id":"3c522939-f392-4d88-8cd5-f4146a2fcd1f","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":182,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"b923780a-9b9b-48c6-956a-d1f04bbbee3e","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":182,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"dc3fd87e-4e65-49aa-805e-0a8ffafea7fc","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":182,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"e8dbb22a-b277-4034-859f-b9c50f1a342e","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":182,"box":{"x":69,"y":823,"width":415,"height":12}},{"id":"8452f05b-9e30-4e32-aaf8-c1080b29d90d","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":182,"box":{"x":102,"y":846,"width":787,"height":11}},{"id":"0e839b8c-acee-4ffb-bb7a-72afc8e2fd2f","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":182,"box":{"x":70,"y":861,"width":836,"height":11}},{"id":"1d227baa-36d5-4453-8f76-9aef020e3351","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":182,"box":{"x":69,"y":876,"width":812,"height":11}},{"id":"7e0d3522-4703-4998-9a15-254ab443b6fd","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":182,"box":{"x":69,"y":891,"width":805,"height":12}},{"id":"70d0936b-e6f2-42c8-9666-1fb74afba0ec","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":182,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"9c8e4bb1-aec2-4e57-bc71-b487e0a2386f","block_type":"box","text":"II-133","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"17cd5488-b1fc-4674-a916-31bb2fcb29a8","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce9261dd-ddb9-4bbd-988a-7a5beac54286","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":183,"box":{"x":70,"y":45,"width":803,"height":11}},{"id":"b3ffebb4-4a26-4be7-92d3-9e0c4f24341f","block_type":"box","text":"Fund were to invest otherwise.","page_number":183,"box":{"x":70,"y":60,"width":216,"height":9}},{"id":"f72200b3-fc06-4252-b75e-95a3bfd9cd17","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":183,"box":{"x":101,"y":82,"width":721,"height":12}},{"id":"d79b4188-625d-4bf3-ac03-00376d33fc20","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":183,"box":{"x":70,"y":98,"width":787,"height":11}},{"id":"ba9fda6b-bd14-41f9-af76-d424b1033584","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":183,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"6bdeaa06-9c4e-4078-9b57-aa91eefde9d0","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":183,"box":{"x":68,"y":128,"width":823,"height":11}},{"id":"9680d152-b8ca-4266-827b-8b176c446d56","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":183,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"4c3f65e6-7204-4259-a93b-ffd00176a4e3","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":183,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"d9b205f0-07e8-4c85-88ac-170497060578","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":183,"box":{"x":68,"y":173,"width":830,"height":11}},{"id":"b41fc2af-bb32-4779-9bfe-584b417d391e","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":183,"box":{"x":69,"y":188,"width":515,"height":11}},{"id":"f67d65f9-deb1-4265-b069-f71660f48e89","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":183,"box":{"x":102,"y":211,"width":798,"height":11}},{"id":"a4aec4a0-7fab-417e-af0e-cd80f1952cfd","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":183,"box":{"x":68,"y":226,"width":835,"height":11}},{"id":"c064b8e8-23a7-4921-8418-4264df2a1219","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":183,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"bd0bd5dd-e5b7-48be-a039-94543f7c26af","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":183,"box":{"x":68,"y":256,"width":830,"height":12}},{"id":"8359da1d-0feb-4eec-bc40-7c943ac66d7f","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":183,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"a66f1f0c-df8b-4c34-9d1a-2a963bb57c19","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":183,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"440f3438-bca1-43d4-9731-09c113744bde","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":183,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"72960b21-0dfd-475c-b3d7-b0e173003485","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":183,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"c61ad87b-8029-4f89-8405-41d9b4bc3e10","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":183,"box":{"x":69,"y":332,"width":818,"height":11}},{"id":"4c0cdd9c-8e7b-4d8d-87ee-f1a1851dc5f8","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":183,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"57fd1d82-578b-478d-a77e-108f4f447c5f","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":183,"box":{"x":69,"y":362,"width":824,"height":11}},{"id":"a9cdaeed-20fd-4396-8139-dd7e8de9e31b","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":183,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"a620ec70-7eb1-41c3-a134-e81b26e0f1a6","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":183,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"c768732f-6c43-46c3-996f-9099197461fd","block_type":"box","text":"PFICs.","page_number":183,"box":{"x":69,"y":408,"width":42,"height":8}},{"id":"0ed790ae-d58b-4775-9f3c-ad13dbe759fc","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":183,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"7cba133a-431c-4b94-be64-21106b88af04","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":183,"box":{"x":69,"y":445,"width":816,"height":12}},{"id":"c47355ca-98b6-4242-bca6-5263cbf44099","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":183,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"73c6bfcf-c445-4b5e-b9b8-b95dc60862cd","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":183,"box":{"x":68,"y":476,"width":840,"height":11}},{"id":"2ed93f3c-2bf8-4d11-aa75-9b5b728ac7ef","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":183,"box":{"x":68,"y":491,"width":804,"height":11}},{"id":"a2969c88-bc12-42a7-b2e9-d5bb39b6129f","block_type":"box","text":"difficult or impossible to obtain.","page_number":183,"box":{"x":69,"y":506,"width":225,"height":11}},{"id":"b153a578-7db1-4ea1-8a3f-621af5697af3","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":183,"box":{"x":102,"y":528,"width":796,"height":12}},{"id":"d40d6c1c-0731-4108-9dae-eea5d10bf47f","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":183,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"b63eff92-a819-4ebb-bb10-d94244eb88a2","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":183,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"cea12d7f-1312-4e74-b0dc-c75b0403e1f0","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":183,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"9d55163a-15d0-4883-a866-5699dba62c81","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":183,"box":{"x":68,"y":589,"width":824,"height":11}},{"id":"a71e39df-e9ad-4221-a229-2e4d247fb4f3","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":183,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"e31ebe35-59fa-4139-94df-d4fb2e579a23","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":183,"box":{"x":69,"y":619,"width":511,"height":11}},{"id":"e1fafe9a-edf7-4fdd-8998-b3e8587d2b69","block_type":"box","text":"Municipal Funds","page_number":183,"box":{"x":102,"y":642,"width":115,"height":11}},{"id":"2361de34-7f2a-44cd-b931-6faa5b3a0b36","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":183,"box":{"x":102,"y":664,"width":798,"height":12}},{"id":"5ebb8cd1-052a-4570-8f5b-ff8be7da4bbb","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":183,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"9d2ba015-d9c0-49e2-a562-7f50de4d9b89","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":183,"box":{"x":70,"y":695,"width":803,"height":11}},{"id":"3ca8f97e-f279-49e7-9428-e774267e5685","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":183,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"1b1399d9-3569-460a-a41c-702f4d307baf","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":183,"box":{"x":69,"y":725,"width":752,"height":11}},{"id":"660e5d7a-23df-496d-880f-0946dd85cbd8","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":183,"box":{"x":70,"y":740,"width":817,"height":11}},{"id":"0359cb4d-16d5-4225-a9e7-d12a10cb41ac","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":183,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"dfd5c473-8251-4a9a-ba09-3c44d7375003","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":183,"box":{"x":70,"y":770,"width":815,"height":12}},{"id":"94d8d1c4-a308-4189-8a60-a5789aa9de1f","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":183,"box":{"x":69,"y":786,"width":839,"height":11}},{"id":"5652cf72-4421-4993-ad16-6643e38280b3","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":183,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"1f94ee35-2bdf-4b33-bba7-70a28d7c21a4","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":183,"box":{"x":68,"y":816,"width":730,"height":11}},{"id":"07824d1d-5feb-4d4d-b43f-1ab7e6774f39","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":183,"box":{"x":102,"y":838,"width":763,"height":12}},{"id":"a55fadc9-e6ac-43e4-bfd7-d6c73511bf6c","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":183,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"4576b595-0581-4eab-b4a2-f2898bf61d15","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":183,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"1b5f0a54-c2fa-42d6-947d-8477012a1625","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":183,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"85674e72-d1cd-4369-a298-fc608bcfce71","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":183,"box":{"x":68,"y":899,"width":800,"height":11}},{"id":"95b3b9ce-a9a1-4d1b-a17d-bfbba8ecb4e6","block_type":"box","text":"II-134","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"585e8aa3-dc07-484c-8bbe-748b11ea3488","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a817f13-5bd4-4a10-bc35-19a8d3eeb153","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":184,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"d0b75d57-af20-4b04-9ec0-cfbe6ff0ebeb","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":184,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"b897adef-3d9a-44cb-a06d-d0addc4594af","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":184,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"1e19611a-877b-44ff-ada7-17bbee1e950b","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":184,"box":{"x":69,"y":90,"width":217,"height":11}},{"id":"df0ad606-d441-4c0d-b231-9d4c8d476457","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":184,"box":{"x":102,"y":113,"width":788,"height":11}},{"id":"4b28de6a-c739-4f3f-a642-dfcb95b58f38","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":184,"box":{"x":70,"y":128,"width":790,"height":11}},{"id":"b64cb273-091c-4f40-91cc-160ccae7d004","block_type":"box","text":"constitute exempt-interest dividends.","page_number":184,"box":{"x":69,"y":143,"width":261,"height":11}},{"id":"156ba8d4-9dfb-45b9-84b2-afb6599de35d","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":184,"box":{"x":102,"y":166,"width":765,"height":11}},{"id":"569c8836-cb70-40b3-8873-ff345bf59504","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":184,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"6a3e7a20-101d-4590-8314-9b848835cb59","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":184,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"7f025ab1-c317-4748-bc44-ae21754d96d0","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":184,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"4a07aa84-efad-480b-a5e8-ceb9d1e1503a","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":184,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"4a2fa270-6709-4f33-b483-b2a5e98d5c41","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":184,"box":{"x":69,"y":241,"width":388,"height":11}},{"id":"e276621b-022f-4dc0-8283-67808afbfcc0","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":184,"box":{"x":101,"y":264,"width":787,"height":11}},{"id":"ced328b8-cd1d-4f8e-b167-6dba511f553a","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":184,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"13b47839-e29d-40aa-8784-1eb4a570d01e","block_type":"box","text":"income dividends received by shareholders.","page_number":184,"box":{"x":70,"y":294,"width":309,"height":11}},{"id":"b865af72-43b1-47b8-b11d-5472c8980250","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":184,"box":{"x":101,"y":317,"width":766,"height":11}},{"id":"58a909c9-4ad4-4202-8dfc-343d8c7ec21e","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":184,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"3e8d92fc-223e-4cef-9791-15bb2363bece","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":184,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"fecd9599-ed97-47c0-b66a-7e69d42bd825","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":184,"box":{"x":70,"y":362,"width":815,"height":11}},{"id":"f388e350-c72f-4d6b-a8ab-607fad7d28ab","block_type":"box","text":"the accrued market discount.","page_number":184,"box":{"x":68,"y":377,"width":208,"height":9}},{"id":"0cad90db-b21c-4b22-92c5-79c81071f130","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":184,"box":{"x":101,"y":400,"width":801,"height":11}},{"id":"a7a8133e-24e6-486d-aca2-fb914f58df4c","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":184,"box":{"x":68,"y":415,"width":818,"height":11}},{"id":"145da970-51e6-462a-a38b-5dab2b154cd1","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":184,"box":{"x":69,"y":430,"width":816,"height":11}},{"id":"597cf7cd-9fe5-463d-96d7-fe5d5726b464","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":184,"box":{"x":69,"y":445,"width":351,"height":12}},{"id":"be379cb5-6fdd-4d64-85cc-9e048c1f2c9a","block_type":"box","text":"e.g.","page_number":184,"box":{"x":422,"y":447,"width":24,"height":10}},{"id":"80384698-cc69-4970-9022-77667845318d","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":184,"box":{"x":449,"y":445,"width":441,"height":12}},{"id":"b83bf390-2db3-47a5-ba55-4b5dcf25f530","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":184,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"3496b3ce-7897-4ba0-97b3-ae1d61bf6a31","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":184,"box":{"x":69,"y":475,"width":786,"height":12}},{"id":"dcfd7439-c504-4b1c-b7fd-23e3361c58f7","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":184,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"d1d23814-d594-4b3b-a9c9-1741c1529529","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":184,"box":{"x":69,"y":506,"width":740,"height":11}},{"id":"5f0d58d5-debb-43ca-895f-08f6451fd152","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":184,"box":{"x":102,"y":528,"width":802,"height":12}},{"id":"a6291f15-53b9-41e4-bd0c-2526400ed378","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":184,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"95e7d0f8-9ce2-48b1-bc89-9404c7d8f945","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":184,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"bf0c9c31-39e9-4ff2-95d3-8abe88969570","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":184,"box":{"x":70,"y":574,"width":776,"height":11}},{"id":"b1619844-4c4a-41ec-a91b-6bbea79d22ee","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income propor tionately, they","page_number":184,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"e9b7d351-4bca-4af9-beec-6c5abbbea683","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":184,"box":{"x":69,"y":604,"width":436,"height":11}},{"id":"ee49c1bd-7420-4bf6-aefd-3f83df05af3b","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":184,"box":{"x":102,"y":627,"width":771,"height":11}},{"id":"c7632214-1b0b-4601-90fc-b399afdd1d4a","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":184,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"df21d1fc-eca8-4b16-bb9f-32e20150e144","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":184,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"cc123c02-3efb-466c-a864-a8d1364776ec","block_type":"box","text":"within each applicable state.","page_number":184,"box":{"x":68,"y":672,"width":203,"height":11}},{"id":"d0049cbc-b32a-438b-98c4-2029117fa0ab","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":184,"box":{"x":102,"y":695,"width":774,"height":11}},{"id":"63436355-d88c-4944-8b76-7bfcacd5db8d","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":184,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"3b148456-6f06-4d0b-8e4c-5f71d76e7e1f","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":184,"box":{"x":70,"y":725,"width":816,"height":11}},{"id":"978de364-ca67-4937-9605-0263778ddd76","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":184,"box":{"x":69,"y":740,"width":830,"height":11}},{"id":"046af865-2403-444c-88ba-c3cb9b46f18b","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":184,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"83e038e4-2eea-467a-8a72-c407cef910ea","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":184,"box":{"x":70,"y":770,"width":783,"height":11}},{"id":"bc60b199-33fe-4a43-8e5b-3825d3f75a0f","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":184,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"9a9f1afb-856e-4e61-b310-9f3df59097e8","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":184,"box":{"x":68,"y":801,"width":710,"height":11}},{"id":"89f4fbf5-420d-423c-be28-a5f6a9eef5f1","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":184,"box":{"x":102,"y":823,"width":796,"height":12}},{"id":"36f7c0e3-a4ac-433b-a065-0d230aa0a2d4","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":184,"box":{"x":68,"y":838,"width":828,"height":12}},{"id":"b4f7a210-54ae-4dea-a754-862a7ba62e3b","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":184,"box":{"x":68,"y":854,"width":841,"height":11}},{"id":"441872c1-0be0-44b1-b57f-aa9e79119ad6","block_type":"box","text":"exempt from state income tax.","page_number":184,"box":{"x":69,"y":869,"width":216,"height":11}},{"id":"2c3d7e6f-6ba9-4591-acf0-027c7d0bfb0e","block_type":"box","text":"II-135","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"df006f75-90a4-457c-9b81-3cc0ab94c589","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"481464d6-594f-40ba-9b64-76412a1f40a7","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":185,"box":{"x":102,"y":45,"width":771,"height":11}},{"id":"ef2ec870-1c34-4301-88e4-c7c6ff920f23","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":185,"box":{"x":68,"y":60,"width":823,"height":11}},{"id":"c0f4b085-9e66-4a2d-a350-e34bbcb27fa4","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":185,"box":{"x":68,"y":75,"width":309,"height":9}},{"id":"4b573ee3-e471-42a8-bc40-56c846d2aba3","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":185,"box":{"x":101,"y":98,"width":749,"height":11}},{"id":"d77ad7f4-8edd-41e9-b90c-1c0368a04d49","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":185,"box":{"x":69,"y":113,"width":803,"height":11}},{"id":"f470d812-7cfc-445b-88b9-dcf4fba84d17","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":185,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"082e57fa-4a05-4d9f-8e75-e898f256b712","block_type":"box","text":"decisions may have a retroactive effect.","page_number":185,"box":{"x":69,"y":143,"width":283,"height":11}},{"id":"92c4a1b5-0f6d-4aec-9bff-d237002c5212","block_type":"box","text":"PERFORMANCE DATA","page_number":185,"box":{"x":403,"y":172,"width":173,"height":10}},{"id":"3104396f-b7c8-48a6-9929-065e4c6e3da7","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":185,"box":{"x":102,"y":195,"width":738,"height":11}},{"id":"eade93f8-d586-4047-9b5a-68092c5b4832","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":185,"box":{"x":69,"y":210,"width":779,"height":11}},{"id":"83cb9b20-cd96-4264-9fe7-720875885541","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":185,"box":{"x":69,"y":225,"width":833,"height":12}},{"id":"0d10676d-4525-40af-ae9a-1a1f5d4a9b45","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":185,"box":{"x":70,"y":241,"width":792,"height":11}},{"id":"cbde4166-7a6f-4381-941a-075a6c0cb005","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":185,"box":{"x":69,"y":256,"width":473,"height":11}},{"id":"b7d12fd8-336f-4eb1-8922-b71803484248","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":185,"box":{"x":102,"y":278,"width":761,"height":12}},{"id":"b1c7f042-7d42-4c2f-9c64-9940a6ac69d5","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":185,"box":{"x":69,"y":293,"width":836,"height":12}},{"id":"c2405322-e520-4d1e-a27c-d28eb80ef802","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":185,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"4feeb29d-e670-4c3d-b8fa-719689422f17","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":185,"box":{"x":69,"y":324,"width":765,"height":11}},{"id":"4775d4c0-90dd-4361-a790-3aac3097f022","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":185,"box":{"x":69,"y":339,"width":808,"height":11}},{"id":"04d993bf-b58b-4445-908c-0946445d861b","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":185,"box":{"x":69,"y":354,"width":813,"height":11}},{"id":"82ede334-e011-4494-86fc-922b75a749bd","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":185,"box":{"x":69,"y":369,"width":839,"height":11}},{"id":"6b1c7cbf-4cff-42b7-8f4a-8e850484481a","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":185,"box":{"x":69,"y":384,"width":546,"height":11}},{"id":"c981c7ac-2da9-400c-bce6-3ed0a4007ae8","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":185,"box":{"x":102,"y":407,"width":781,"height":11}},{"id":"42d6befe-d871-408b-ac53-cf81a962a790","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":185,"box":{"x":68,"y":422,"width":819,"height":11}},{"id":"40fd7455-1f93-4655-bddc-67b53f429fcb","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":185,"box":{"x":68,"y":437,"width":810,"height":11}},{"id":"1e7c337e-7ef2-4b6a-bdbb-8337c9730cd2","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":185,"box":{"x":70,"y":452,"width":823,"height":11}},{"id":"68acc5b7-81c4-4353-a9bd-933e6d6ce944","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":185,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"d4be7a3b-5273-440e-928b-7aca0ee68e47","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":185,"box":{"x":70,"y":482,"width":825,"height":12}},{"id":"e2c4a388-0283-415e-98df-3dbea0316ae8","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":185,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"76120f6f-a0e2-4658-ad56-87bcc463a51b","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":185,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"41943406-24bb-42de-97f8-d9bd8df15dbc","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":185,"box":{"x":70,"y":528,"width":833,"height":11}},{"id":"8995ecb6-b230-4971-ac00-16f238874c06","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":185,"box":{"x":69,"y":543,"width":797,"height":11}},{"id":"969d2f32-afa4-45cc-9881-852949315e93","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":185,"box":{"x":68,"y":558,"width":824,"height":11}},{"id":"673e2643-0a8a-43b3-bf44-03087fde24a6","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":185,"box":{"x":69,"y":573,"width":837,"height":11}},{"id":"43c1912f-309b-407b-8758-11648d92dfab","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":185,"box":{"x":69,"y":588,"width":814,"height":12}},{"id":"21ae6f83-26b9-45ae-937b-717cc3745a36","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":185,"box":{"x":69,"y":603,"width":830,"height":12}},{"id":"3753d0b4-38c5-49c8-a0d4-344c6cb663dd","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":185,"box":{"x":69,"y":618,"width":774,"height":11}},{"id":"2f292fb7-30f3-48b4-bdd1-b49d847206c4","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":185,"box":{"x":102,"y":641,"width":752,"height":11}},{"id":"983a04cd-5324-4876-87af-54358c0f4e77","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":185,"box":{"x":70,"y":656,"width":835,"height":12}},{"id":"76863116-77cc-4470-a3c0-c412e021578f","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":185,"box":{"x":70,"y":671,"width":820,"height":12}},{"id":"40c91b2f-fc65-431e-9233-d6cb50feb466","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":185,"box":{"x":69,"y":686,"width":756,"height":12}},{"id":"38eafaa6-95f2-4e3d-988d-18e260be9cda","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":185,"box":{"x":69,"y":702,"width":772,"height":11}},{"id":"356e9692-cad9-4197-917b-9b86bb818dd2","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":185,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"c7cf72f4-a83e-401e-9007-00fa2554d617","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":185,"box":{"x":69,"y":732,"width":825,"height":11}},{"id":"1b832a9b-193f-4ac5-ad83-17f99c8806ba","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":185,"box":{"x":70,"y":747,"width":812,"height":11}},{"id":"3a907081-2ae1-4cc3-9412-c8de3221ca4b","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":185,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"632e7dc5-fa4b-4c5c-a02f-1e12ad67a70c","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":185,"box":{"x":69,"y":777,"width":768,"height":12}},{"id":"f3c3d1da-3c7b-4b3d-acdc-b20fba2e3aa0","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":185,"box":{"x":69,"y":792,"width":810,"height":12}},{"id":"5e7270f8-d4a6-415e-940b-723dfd199e65","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":185,"box":{"x":69,"y":807,"width":802,"height":12}},{"id":"f42f6f0e-2f03-4e00-8f55-5c66179e566f","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":185,"box":{"x":70,"y":823,"width":825,"height":11}},{"id":"53e49335-4fe5-4249-af23-9a18b015800d","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":185,"box":{"x":68,"y":838,"width":823,"height":11}},{"id":"833b2deb-9ece-44e8-b9dd-c3f4d58488f5","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":185,"box":{"x":69,"y":853,"width":743,"height":11}},{"id":"166dc2f8-c6d3-4306-87a2-04d0f4615d31","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":185,"box":{"x":69,"y":868,"width":814,"height":11}},{"id":"3cbc8355-48c2-4bf3-aa3e-1a10e1a64eae","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":185,"box":{"x":68,"y":883,"width":422,"height":11}},{"id":"7d7522fd-2352-4e79-a1f1-24af4aa7febc","block_type":"box","text":"II-136","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4c2bed5-d47d-4635-a9f8-c3e5d39c9f7b","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb5a09d7-6a3a-4705-9946-42bcf4e3c543","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":186,"box":{"x":101,"y":45,"width":720,"height":11}},{"id":"5afcb7ec-d827-41cc-be62-a2036b5ca837","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":186,"box":{"x":70,"y":59,"width":813,"height":12}},{"id":"475e1439-8131-4588-ab62-69f602f69987","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":186,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"fe96a2b9-e3bc-43be-8916-4b73a81d3a0c","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":186,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"7d696ae6-2f5d-4ae6-9adf-f3f85f5f93b3","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":186,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"660bd857-474c-4e34-a2e6-37060ae5fd60","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":186,"box":{"x":68,"y":120,"width":815,"height":11}},{"id":"a8351756-1e6b-4e6d-a7e9-a999dde05a2d","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":186,"box":{"x":70,"y":135,"width":801,"height":12}},{"id":"26bf68ea-a882-4ddc-8e11-db264cdebbf3","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":186,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"7c3d360b-705d-471f-8211-60aecd5b419d","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":186,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"ee014274-156e-41cd-baa0-004bd6a3d5d2","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":186,"box":{"x":69,"y":181,"width":686,"height":11}},{"id":"935536d3-f313-4de8-b217-8f22ce9134a8","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":186,"box":{"x":101,"y":203,"width":796,"height":12}},{"id":"41e9bb30-ae89-44fd-b098-c23c834a204a","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":186,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"031dcedf-e74a-42a1-9a50-e16a6fa637d0","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":186,"box":{"x":68,"y":234,"width":817,"height":11}},{"id":"009f4373-7678-4817-934c-60622eb243d1","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":186,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"1854c3d9-4aff-4ef7-b5b8-e211d8a455ae","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":186,"box":{"x":69,"y":264,"width":759,"height":11}},{"id":"4bd3cc12-4519-4e99-8115-4db18a74ba44","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":186,"box":{"x":101,"y":286,"width":779,"height":12}},{"id":"6f9767df-1019-4742-ae68-bfe49d4c54a2","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":186,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"bcfda418-d803-4e1f-b428-383f20f21389","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":186,"box":{"x":68,"y":317,"width":830,"height":11}},{"id":"09b3393b-e0e4-4f96-a6ee-18afcb0ec39d","block_type":"box","text":"less than their original cost.","page_number":186,"box":{"x":70,"y":332,"width":196,"height":11}},{"id":"0a3ddb23-afab-496b-aabb-5f4996b8f615","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":186,"box":{"x":102,"y":355,"width":782,"height":11}},{"id":"36659811-18f9-4b35-9522-59254905c856","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":186,"box":{"x":68,"y":370,"width":836,"height":11}},{"id":"b72579f8-3d7f-4fbc-892e-c821a29d77df","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":186,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"635857e0-ef48-4e32-ba2b-4e200b95f55d","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":186,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"4d7fcf87-ccd7-402a-a92b-1d1e80335a1b","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":186,"box":{"x":68,"y":415,"width":824,"height":11}},{"id":"7da89fb5-37d0-4ab0-b0f3-fd2e409d41da","block_type":"box","text":"lower amount of expenses is deducted.","page_number":186,"box":{"x":70,"y":430,"width":278,"height":11}},{"id":"b948e06c-cb80-4c5a-992a-807b45af3091","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":186,"box":{"x":102,"y":453,"width":741,"height":11}},{"id":"d881aa02-ebe3-49f3-b1bd-1cb2285efdda","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":186,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"8a2d248f-ed67-4367-9e03-57337b562f41","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":186,"box":{"x":70,"y":483,"width":646,"height":11}},{"id":"01931b3b-40a5-478e-899c-1c50677df54b","block_type":"box","text":"Money Magazine, U.S.","page_number":186,"box":{"x":724,"y":483,"width":156,"height":11}},{"id":"eaed3c77-c67f-487e-b972-a6c8cb8c4e53","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":186,"box":{"x":70,"y":498,"width":533,"height":11}},{"id":"831eb8cd-7619-444f-9b22-71dd73c24923","block_type":"box","text":"or other industry publications. When","page_number":186,"box":{"x":608,"y":498,"width":257,"height":11}},{"id":"2e86ea6e-04ad-455f-b822-160105aea815","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":186,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"090060b1-6ba9-4fa7-a71b-8a8f3069955c","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":186,"box":{"x":69,"y":528,"width":803,"height":11}},{"id":"c910024b-40a4-4148-a9e1-3683f41d2b5c","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":186,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"680bbe5f-4317-48b7-9c6e-924b57776c02","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":186,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"cc73458a-a501-4b03-add6-ab4a572af61a","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":186,"box":{"x":69,"y":574,"width":793,"height":11}},{"id":"bad3a587-31ab-43f0-abee-772ca3dfdb92","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":186,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"a83d2a6e-4f2f-4640-9c89-f9fb1db3afab","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":186,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"2c600957-fe07-4de9-a57a-d8e7f419948c","block_type":"box","text":"developed by Fund management.","page_number":186,"box":{"x":69,"y":619,"width":233,"height":11}},{"id":"ed30adfe-71c3-40ea-a4a8-d21a3cf10709","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":186,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"19422e5f-ab83-4aff-bdd4-11628a04fdc4","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":186,"box":{"x":70,"y":657,"width":810,"height":11}},{"id":"295efd6f-52ec-4cc0-b9b7-4c1e0ab5c207","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":186,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"e9fb0927-48d9-4bc4-a3ab-ec05b8f16fe4","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":186,"box":{"x":69,"y":687,"width":792,"height":11}},{"id":"807d9132-d70e-4a01-bd5a-dbcb001b5e32","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":186,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"47bbfffd-69df-4f2b-bc12-38345d23e907","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":186,"box":{"x":70,"y":717,"width":835,"height":12}},{"id":"2e05a6e4-ce50-40d1-a69d-07bf2a7d240b","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":186,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"3fc40f54-42a5-433a-8e83-35c5f5484427","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":186,"box":{"x":68,"y":748,"width":461,"height":11}},{"id":"5bdfbe22-77ed-4ec9-99d4-98914b7871b1","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":186,"box":{"x":308,"y":777,"width":362,"height":10}},{"id":"652e3887-74ad-4139-8afb-374bb99c6717","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":186,"box":{"x":101,"y":800,"width":802,"height":11}},{"id":"e793ab46-9aa6-40ae-b0a0-757726218174","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":186,"box":{"x":70,"y":815,"width":809,"height":11}},{"id":"d8a78377-a824-424e-b94b-6aec39d260b9","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":186,"box":{"x":69,"y":830,"width":833,"height":11}},{"id":"c8820d06-00a4-47df-b452-02b5a194575f","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":186,"box":{"x":70,"y":845,"width":755,"height":11}},{"id":"ec9dcf33-4112-4147-9aaf-6bbe7c3a414d","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":186,"box":{"x":101,"y":868,"width":785,"height":11}},{"id":"e77a25db-de86-4b94-bc4c-a2d0fb8039fe","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":186,"box":{"x":68,"y":883,"width":822,"height":11}},{"id":"40995d17-2019-4ce4-a0b5-e25a75cce4b8","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":186,"box":{"x":70,"y":898,"width":824,"height":11}},{"id":"1a661fbe-1341-4145-a314-80292b3bbbc4","block_type":"box","text":"II-137","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7a58c342-bb66-45d1-a7cf-e5a40dbf0bdc","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d27df0d-9a45-4608-a86b-e05cfd1ca492","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":187,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"02570ea2-d398-451e-b1e0-d53a1db3d407","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":187,"box":{"x":69,"y":60,"width":392,"height":11}},{"id":"8d2ee854-3015-4ea6-8de6-a795d29ddd9f","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":187,"box":{"x":101,"y":83,"width":749,"height":11}},{"id":"fe1eeafe-bd24-42c0-aded-fd395e0d4504","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":187,"box":{"x":70,"y":98,"width":759,"height":11}},{"id":"007aae29-fbf5-4e29-b60c-84cfbfe60dd0","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":187,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"2e6fbcef-4f01-4fef-ac44-2c984cd9a976","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":187,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"871f9d33-62b0-4147-a240-b1e8b879ee7a","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":187,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"340925ad-3f29-444d-a866-fb0cf6f9f45d","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":187,"box":{"x":69,"y":158,"width":392,"height":11}},{"id":"8981eaea-8430-4dd8-a6fb-45d362cf2254","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":187,"box":{"x":102,"y":181,"width":767,"height":11}},{"id":"5e0b357b-356e-40cb-b2b1-d1c6fb96fb96","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":187,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"d8d70d32-4f01-4f0a-bfd1-08266abf8419","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":187,"box":{"x":69,"y":211,"width":819,"height":11}},{"id":"d75bee7e-06c9-48ba-a065-91c70c1b97ec","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":187,"box":{"x":69,"y":226,"width":684,"height":11}},{"id":"53adcc60-02c4-4a52-aa98-0e3ca36e65b6","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":187,"box":{"x":102,"y":249,"width":766,"height":11}},{"id":"c42f1073-1a9a-41e3-bd8a-49d274f78f7b","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":187,"box":{"x":69,"y":264,"width":784,"height":11}},{"id":"d391927d-2fee-416c-86b3-9698751dadeb","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":187,"box":{"x":69,"y":279,"width":805,"height":11}},{"id":"5a478087-0fe0-444b-bbf6-0c237e6e5213","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":187,"box":{"x":68,"y":294,"width":790,"height":11}},{"id":"65ac9652-b19b-4707-9257-98287d4ca34a","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":187,"box":{"x":70,"y":309,"width":810,"height":11}},{"id":"fefa7917-fa4c-401d-afb9-4a7d021a8bfd","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":187,"box":{"x":69,"y":324,"width":788,"height":12}},{"id":"f53abd2d-220c-47a2-ac3f-10ce25790bf9","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":187,"box":{"x":69,"y":340,"width":327,"height":11}},{"id":"a43c41b5-aff0-4fe5-ba6c-febbbb75a360","block_type":"box","text":"GENERAL INFORMATION","page_number":187,"box":{"x":391,"y":369,"width":195,"height":10}},{"id":"daea6c0d-dff4-4202-a79b-e9011ee97080","block_type":"box","text":"Description of Shares","page_number":187,"box":{"x":69,"y":399,"width":156,"height":11}},{"id":"0a5a41f1-7efe-4833-85d6-1a1acd94ab80","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":187,"box":{"x":102,"y":422,"width":800,"height":9}},{"id":"d0b0b937-242d-4f7e-a5cc-dcec5a4abb86","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":187,"box":{"x":69,"y":437,"width":811,"height":11}},{"id":"f3443b47-dadf-4184-8e8d-83d267a55249","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":187,"box":{"x":69,"y":452,"width":825,"height":11}},{"id":"a5355cc9-dfb8-4cd0-b6fa-1b12ecaf91fe","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":187,"box":{"x":69,"y":467,"width":838,"height":12}},{"id":"30ed4400-7c44-4bbe-af34-fb4318d24add","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":187,"box":{"x":69,"y":482,"width":835,"height":12}},{"id":"3da5ac67-47fb-4aa2-84fb-e8359b479194","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":187,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"b307a5ec-289f-4067-9e9b-33fb487d43c8","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":187,"box":{"x":102,"y":520,"width":801,"height":12}},{"id":"f579bab8-cd77-465a-9557-3774a667bfad","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":187,"box":{"x":69,"y":535,"width":760,"height":12}},{"id":"19cbe8fb-205e-4906-84c4-f0a5f787d020","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":187,"box":{"x":69,"y":550,"width":810,"height":12}},{"id":"00b16d6b-b9ef-4449-9a53-5241f31846a3","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":187,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"1542f615-e035-406a-8235-958617c4d1e0","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":187,"box":{"x":69,"y":581,"width":787,"height":11}},{"id":"15b7f5da-c379-424b-b191-7ace11ace356","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":187,"box":{"x":69,"y":596,"width":797,"height":11}},{"id":"923d203f-7ce7-442c-b5ed-87b652822864","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":187,"box":{"x":69,"y":611,"width":658,"height":11}},{"id":"e662430e-0b9f-4ed5-b6dc-f34ff1ea077f","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":187,"box":{"x":102,"y":634,"width":741,"height":11}},{"id":"9540a595-121b-421d-9a5b-56b63d4061eb","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":187,"box":{"x":69,"y":649,"width":790,"height":11}},{"id":"33c03322-c9f3-4a7e-940f-91882def52d7","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":187,"box":{"x":69,"y":664,"width":546,"height":11}},{"id":"3104478b-3404-49f2-ac4a-06b13eb8db6f","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":187,"box":{"x":102,"y":686,"width":712,"height":12}},{"id":"54ebe276-a742-4a8c-89e9-aa01cf5b29b3","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":187,"box":{"x":69,"y":702,"width":765,"height":11}},{"id":"b95c5a76-f402-44d1-9149-8419736801a6","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":187,"box":{"x":69,"y":717,"width":834,"height":11}},{"id":"09573cd2-d5e8-4674-bcda-17926e828da6","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":187,"box":{"x":68,"y":732,"width":729,"height":11}},{"id":"77fb803e-4a2c-4d90-9d3f-8e0d1798b4d0","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":187,"box":{"x":69,"y":747,"width":815,"height":11}},{"id":"42aa1460-3899-48f7-8ac6-70a6cc0f6b11","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":187,"box":{"x":68,"y":762,"width":761,"height":11}},{"id":"45ef956b-e456-4602-88ce-b2c57cc95bd2","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":187,"box":{"x":69,"y":777,"width":824,"height":12}},{"id":"d9810243-7e3a-4c91-a8a5-6ff3714e6fd3","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":187,"box":{"x":69,"y":792,"width":839,"height":12}},{"id":"a96d83a4-a3cb-4cf2-919c-dce72a821bd5","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":187,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"b0070ec2-4b67-433a-8ba5-e1d779ccea26","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":187,"box":{"x":68,"y":823,"width":827,"height":11}},{"id":"9a3891a9-a81a-4be5-84f9-455c0309ed24","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":187,"box":{"x":70,"y":838,"width":699,"height":11}},{"id":"1aa68ba8-ddc8-48b6-a8e1-b7a05eef4191","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":187,"box":{"x":102,"y":860,"width":413,"height":12}},{"id":"9e97e85f-9787-4999-a7d5-9d95d2048700","block_type":"box","text":"II-138","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"98c1aee4-2750-4761-a960-bb2a74b09846","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e5d9a57-32b3-40e4-a37b-c0462198418b","block_type":"box","text":"Additional Information","page_number":188,"box":{"x":68,"y":45,"width":161,"height":9}},{"id":"5a2bcaab-4b5f-4275-b183-ce6df1751fe0","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":188,"box":{"x":102,"y":68,"width":789,"height":11}},{"id":"f9a9a7ce-f21b-4d13-bd2a-342c55ceb9dd","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":188,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"42ca3144-99e8-4002-a062-bb12da576d26","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":188,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"412d7176-8b72-4286-a6dc-a1683adea98b","block_type":"box","text":"such name to any other company.","page_number":188,"box":{"x":69,"y":113,"width":238,"height":11}},{"id":"14ab25f0-8562-4a91-9e36-8da6fc0678b6","block_type":"box","text":"II-139","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2b4b6ca1-dbd8-42b8-9de9-b0ba0c5c4c7f","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b316c22-f045-4d3d-b83b-9690d23ac1a6","block_type":"box","text":"APPENDIX A","page_number":189,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"87d40673-485b-4cc3-907b-6cc6a7133796","block_type":"box","text":"Description of Bond Ratings","page_number":189,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"dbfedcfb-9a0a-49dd-b394-4a70b9e268b2","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":189,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"5723c9a9-a01c-4c21-88a0-792009010a1e","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":189,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"0d854dcf-9aaf-40a5-844c-9dc1a3d9edfa","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":189,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"9ba2640b-272d-4ddc-923d-258d1464a338","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":189,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"13f42f74-4f26-4fe2-8ec7-4da4c37ad6bf","block_type":"box","text":"date.","page_number":189,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"eadb0679-dd21-40de-95a5-50de407cc232","block_type":"box","text":"NRSROs may rate specific investments (","page_number":189,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"5c8e9fa6-e09c-42c2-bc1f-cfef086aceb8","block_type":"box","text":"e.g.","page_number":189,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"0e544963-f766-4d63-ac6b-6e5a081fdb97","block_type":"box","text":", bonds), issuers (","page_number":189,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"55bb7913-645a-4b51-a192-d4959ab4c944","block_type":"box","text":"e.g.","page_number":189,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"68497c04-65f4-47bb-bbfa-bc4d6c59988c","block_type":"box","text":", corporations, governments and financial","page_number":189,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"cb73bfd1-1c5e-4270-8ad8-52059eb2cdea","block_type":"box","text":"institutions) and/or programs (","page_number":189,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"554cb211-f1c9-42d7-8abb-50777c0419dc","block_type":"box","text":"e.g.","page_number":189,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"abdebae7-36d1-4133-9973-d96307743463","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":189,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"3959309b-5c1b-4575-8d26-ae5af59586af","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":189,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"cafd7a53-f2cd-4847-b3f4-a0ade7759c1c","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":189,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"ca961ba1-1a67-4aa6-83aa-f9df7b01ef38","block_type":"box","text":"security (","page_number":189,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"b6d89347-367c-4e01-bd9b-a135d09e8f3f","block_type":"box","text":"e.g.","page_number":189,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"d36bf2de-d6ca-4f67-a5fb-be73e11d0b21","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":189,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"114e0ca4-1b53-45c2-abbc-505fead07f8e","block_type":"box","text":"highest of the multiple ratings.","page_number":189,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"d5eaa7b3-5841-4bbb-896d-5b0d6cc8c775","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":189,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"6ea052b6-cdb5-4d0a-8a5a-8de1ffd866c4","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":189,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"7552dda0-f1c7-4a5c-8844-80a1f716098e","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":189,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"9d7422d0-7233-4a16-aa36-747d149c08e1","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":189,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"cc9c9f2d-076a-4527-80dd-2bc32601d33f","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":189,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"9d4f8868-25f2-4f4f-8df7-dcbc7cdcc500","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":189,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"871b5482-8ccd-46a0-859e-efd0806b2868","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":189,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"1af1bb93-d358-41b7-aaa5-e07b6e0d5bf9","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":189,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"9dc2048e-406a-4074-9e4f-4bde0e82ff27","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":189,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"2fdb2cbb-18c5-4c8a-8ae5-4162a49d226c","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":189,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"ed950960-be2f-483e-9348-1cab4c46ff0a","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":189,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"228c7564-a224-4ab1-a89e-3df05b151010","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":189,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"7d7f18fa-dceb-4d25-9a39-d966078bd616","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":189,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"0436f2c4-ca92-413e-9484-7e6f35cdfe7e","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":189,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"ef41f3b0-ba0c-441b-8ce4-4db2a3c034ea","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":189,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"6e89d403-da0e-468c-ac9b-6449e238022c","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":189,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"39806cfe-0e31-4a90-8468-673065a360c4","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":189,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"c6bb2f41-a93a-47fc-a76e-e65eca828061","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":189,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"33840209-1bde-4f16-b62a-77d5cae66392","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":189,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"3625330d-f31c-4e80-b077-8fe76108bf22","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":189,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"1bcdec60-b6c4-4943-9433-762cbe6a9dd2","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":189,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"c780c73d-ddb4-4341-af60-e3d53f5267ee","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":189,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"4f01b645-79bc-4c74-bc2d-9102a61f46c5","block_type":"box","text":"Fitch.","page_number":189,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"39860352-5cfc-4bd3-bdd4-a366285bdea6","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":189,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"15175072-b337-4439-a47c-6d26625a6b38","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":189,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"987ad333-6788-4e7e-b1a1-3f14d57ad62c","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":189,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"4ca05542-ffeb-4ffc-98f9-6f478a8d8d27","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":189,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"f936b04b-fd88-4362-a450-22b6dc8b3e5d","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":189,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"baa886e3-80a1-4398-aba5-daa7e00c77a4","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":189,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"b4b7bd93-4412-46bf-b586-082326fb3be1","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":189,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"04d5a53b-e780-4167-a7d1-8a826528119f","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":189,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"8073e466-f62a-49d3-a26c-15c6c67ea160","block_type":"box","text":"sources of variation (","page_number":189,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"f4a36f31-505c-4072-975d-dc7ec76aa37e","block_type":"box","text":"e.g.","page_number":189,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"4527eccc-5264-4585-ad2a-57c2e0e226e9","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":189,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"3699fea7-4c58-4d17-a280-6d26948118c9","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":189,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"1620d6cf-830b-4575-8144-07aba16fd712","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":189,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"86b16cea-8574-4fe1-9d32-62e53b37274e","block_type":"box","text":"e.g.","page_number":189,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"bf20d79f-9eed-4b27-84a9-c13aee8aec27","block_type":"box","text":", equity indexed), absent an express","page_number":189,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"3b837cf7-55a3-473c-9747-deeede0a2739","block_type":"box","text":"A-1","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"5fe08250-66e5-44ce-8435-ef8661cd678b","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8738b25-de1a-456e-b9e5-5498273bb328","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":190,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"68a481d9-2494-46c5-8258-551afe52c0ab","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":190,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"92ffa712-0319-4229-be07-fb615566e6ba","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":190,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"706d12c0-d32c-44f8-b028-0881d5123175","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":190,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"d3f8a99a-6d7f-41f5-830b-9e14b466dab5","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":190,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"870e667e-938c-401f-ad7b-3f0183e396a1","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":190,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"9703508e-226c-41ea-bef0-b03a0d130292","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":190,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"e321258f-2b7a-4e2f-a920-1ddd964b4a77","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":190,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"49a52410-d777-4e70-90ea-e4caed14da5e","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":190,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"ca42d690-c234-45d0-8bf4-57974ee762d4","block_type":"box","text":"i.e.","page_number":190,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"62bbcbd2-7492-4b8c-81a4-9d912a5db0be","block_type":"box","text":", ratings on nonfinancial","page_number":190,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"a2068139-2c4c-41e7-bc83-40d18b13a48b","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":190,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"a1857f60-7057-4773-aeaf-b5f8c79b0ec2","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":190,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"f99ce135-e72d-4acf-b17e-730be68c33c8","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":190,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"98cbe0cc-5074-4653-baa4-2c6e26ad7702","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":190,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"8b6d7554-db80-40f0-8213-adcf52c04838","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":190,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"0e428e0e-7a17-42b7-b8eb-f70f1f056007","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":190,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"80195ea6-5d23-449e-a706-add4c3d7a24f","block_type":"box","text":"of time.","page_number":190,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"2a1de3fe-9c84-49ff-a92b-e6870726621e","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":190,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"43cbea2c-f011-40a7-bd79-8773e916f791","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":190,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"e9b17c7c-d30f-4679-9a1b-e14b54746bf9","block_type":"box","text":"risk.","page_number":190,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"854b993b-70cf-42bf-a3b6-096bada40e0a","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":190,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"ff214327-8aa2-47a2-a80d-ca267493f1ee","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":190,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"d6daab8a-6e96-41fe-a459-6201f08522ff","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":190,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"fd6f154f-c84e-4877-94e8-fb1788ea8a63","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":190,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"5c305029-3468-4b19-9d64-cc0c0bbaa1d4","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":190,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"33cbe893-fa37-4268-a63f-83678397b843","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":190,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"530adbd8-dc17-490c-9629-6f010f8c7236","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":190,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"d8d262a3-3672-42d3-b23c-513f40e6a666","block_type":"box","text":"credit risk.","page_number":190,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"1917e003-3b95-4ff5-b246-32a4f70129f0","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":190,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"ecd3631f-8b15-4f57-8c98-d60d73f9632f","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":190,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"bca31a30-4696-4ced-962c-b869f8dd58e2","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":190,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"d700339f-eb5a-4e1e-a3de-d294bb04cac0","block_type":"box","text":"of principal or interest.","page_number":190,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"ec181768-5844-4387-9905-3630c03e0af7","block_type":"box","text":"Note:","page_number":190,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"82e50ddb-edc0-4f6f-9b67-8425e8d386e1","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":190,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"83879ac4-d750-4d1b-bc91-8b6364f7c339","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":190,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"f4c34f80-416e-4930-99d4-ca1503ff7099","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":190,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"02adda88-ebf4-4c1c-a139-6311f0081c6a","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":190,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"14909c95-709e-41c9-a645-05e90beda663","block_type":"box","text":"companies, and securities firms.","page_number":190,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"ee864b1c-c1b9-4d8d-853f-b0d9a4ecb273","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":190,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"939f167a-1ff2-4837-aa43-208e89258862","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":190,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"66a3dd12-9f44-45e5-93ee-d0bdb01353e7","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":190,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"04cad9b5-58f1-4930-a701-b517094cfbc2","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":190,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"8bdebd10-74ea-4edb-9d98-0f511ff91087","block_type":"box","text":"that security.","page_number":190,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"6d47d649-0374-485a-9a1e-35d3e32e4ccf","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":190,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"dba77ec6-d521-42ce-877d-bfdd42e50ed6","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":190,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"1488f542-c6e9-4ae1-8201-d9ed036de651","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":190,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"80118f62-3929-45ce-b070-7e37b70d7831","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":190,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"300cff9a-2e5e-4914-bd3d-07a79967f70e","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":190,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"e9fefde4-0434-47b2-8b4d-20668175318b","block_type":"box","text":"categories.","page_number":190,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"093c9ca8-cf12-41e0-9edb-dde9358162f6","block_type":"box","text":"A-2","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"8b081969-4bf8-4e4a-87c0-2951bd4c2616","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c41ec03-1c0d-40ad-a312-9c1739120ac1","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":191,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"b6d85deb-53c6-4f30-8123-8df8938c132e","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":191,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"caaf3748-988b-4bf0-915a-eb879f45bb4d","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":191,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"3ecb4518-05c3-4f78-bc7d-36bf9f585e12","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":191,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"c5367f3b-291a-443b-b3fc-e02aefa406d6","block_type":"box","text":"an issuer’s self-liquidity.","page_number":191,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"192b47eb-3187-4a38-acae-24fd2ed60895","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":191,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"e37b22b2-7692-4b34-95fd-f40420406c51","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":191,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"17003f47-589d-4743-abf6-21ee6c977c7f","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":191,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"b6c1e19d-fb37-4ee3-9ea4-d6bd9fece191","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":191,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"97f2ef97-8b64-43e7-b194-c416c7a8606a","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":191,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"88dda506-0fe9-4340-a383-3e8d389821c4","block_type":"box","text":"MIG Scale","page_number":191,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"999faa2d-a79d-4695-acf0-188360725899","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":191,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"be71b272-1243-45c3-a01e-a236657ee4bf","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":191,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"e19aed00-9ab2-4403-9c98-22cb36709c7a","block_type":"box","text":"refinancing.","page_number":191,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"504c3619-891c-49ae-b156-88404d2bea8e","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":191,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"103e1a7e-6f49-4180-89f4-b0e25fd7ec78","block_type":"box","text":"large as in the preceding group.","page_number":191,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"7f2f9efa-fadb-41d6-8e51-79e3be9d7107","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":191,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"19ebb93d-6824-48b1-ae48-e94139562b0e","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":191,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"a806c090-31b8-4bc3-bf26-f93cdb331495","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":191,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"1055ef78-bec6-40ca-8e87-728c03504607","block_type":"box","text":"lack sufficient margins of protection.","page_number":191,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"7efd330c-218c-45f3-a9f8-9e5bf1bacca3","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":191,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"76a7a4e7-1d98-407e-9106-9eb3e861afa8","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":191,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"5f63ce00-2d0a-43c2-b76b-ac48e88fa949","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":191,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"0fccf568-2867-4c55-9cc9-3a69fdb59223","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":191,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"5e3eb153-2d7a-4327-a374-db1dc372cbb4","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":191,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"78755dda-e262-45d3-be3c-5865f47ff941","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":191,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"36b25707-6007-4dd3-86e8-57ad3cde6988","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":191,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"b7ca18a9-da06-4b3b-8c8d-e9c1c44a07e0","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":191,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"21adea9f-09e2-4fa5-a08a-fdcc155bf82e","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":191,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"5fe323b4-0067-4092-92fe-76e5241dde70","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":191,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"e9d23cfd-a94a-4255-b2ac-9cf4238cbd74","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":191,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"dd596894-d7df-42bd-8816-5b75f0529d08","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":191,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"24eb48e1-7aaa-480e-8164-4667b4399577","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":191,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"6578794e-1c96-42d4-836d-00a29d031991","block_type":"box","text":"VMIG Scale","page_number":191,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"e6d15db6-69af-4fff-9f30-132c942f0394","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":191,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"ac8f3196-bd61-402c-b6de-23350bbc0fb9","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":191,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"4357ea09-1907-47b1-b8e5-1888388e3aa5","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":191,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"bc7c33a3-d4a1-4684-9c12-e8762e293bf3","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":191,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"78e8f584-b830-40d7-b143-b1eaad80eaad","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":191,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"aed7ff00-fb75-4531-881f-6342ec5b5f81","block_type":"box","text":"payment of purchase price upon demand.","page_number":191,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"3b439f94-cfcb-4f43-bcac-19d4b5aaf675","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":191,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"aac8fd4b-3d9d-45d0-a515-cee9dbbebc7d","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":191,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"0425a408-54cc-42b1-9a8b-c7b811c1ed92","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":191,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"de567149-b0ec-40c1-94f4-c285dcce8b4f","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":191,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"78c5e665-153f-40e2-97f3-4a164c641f35","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":191,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"35ff4b36-904e-48c2-a7f2-7ca952a90cb8","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":191,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"2f7d53f8-ff3e-41e2-aad1-4d768458c398","block_type":"box","text":"price upon demand.","page_number":191,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"7be58daf-5fbb-423b-b17f-0c3bb17a0e72","block_type":"box","text":"A-3","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7d754029-7802-4fc3-bfd5-e916ded1871e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90e4c516-13c2-4500-ab6d-7b6d80238801","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":192,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"93f244c7-bd74-4a9e-a5e7-14b74d75fa08","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":192,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"32bdcd9e-2e02-4963-b006-f8dd00f94254","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":192,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"4842f360-4120-453b-a4b1-087a9148973e","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":192,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"96fd69de-3651-446c-8f44-2e2fd494f4c1","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":192,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"febbf409-a8af-431d-b644-6d3550be1751","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":192,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"7ca705f1-d63a-448c-924f-bb04894e8fbb","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":192,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"bc94e8e9-3310-4efc-ba92-2f89a148a8f0","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":192,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"620d0e09-24db-48b0-ab9a-dcdc99d4fe2e","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":192,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"d10e15a3-7487-4c3b-bfca-99d8e63d3909","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":192,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"5cf7602a-b281-40b1-aa32-1fdc959528a7","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":192,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"84d32ece-1b68-41e6-bca9-f12853118b2f","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":192,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"f6b1100b-ef7b-4a07-ba91-e881e2042823","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":192,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"cdad34dd-9c2f-4570-8687-de7ddc77df60","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":192,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"4898b490-d5aa-4f2d-85b8-c9aa747f4bb0","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":192,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"5143f057-b751-4433-abef-f25db34ca4b6","block_type":"box","text":"•","page_number":192,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"b6226bfc-f28d-4e28-8186-f80c429eb7d6","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":192,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"d509524a-ebb0-4d6e-abac-9755da9bb648","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":192,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"a0c4c550-43d2-4be5-9d66-effbededed31","block_type":"box","text":"•","page_number":192,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"faf4dc99-9978-43d7-9493-eefc2d57ee1d","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":192,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"7a1ebf7d-26c3-43ab-bd46-a37c56278d5d","block_type":"box","text":"•","page_number":192,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"c19c2bc0-c98a-48ed-9905-af1bf6d66e4a","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":192,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"c1b76a7f-7579-4990-951b-e293c02438ee","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":192,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"dec714e1-ff0f-412f-ace5-9809fd9f2ee2","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":192,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"de4656a1-4638-4dde-b510-3e9940e9a9f9","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":192,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"7f00c5bd-1db3-46bc-9884-2f367e7eca6b","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":192,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"5f1a51de-88a5-4f6e-ac35-5d8324428963","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":192,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"afc6ed78-4432-4ecb-952c-de2e8d997a05","block_type":"box","text":"obligations.)","page_number":192,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"600c61bf-6e16-4244-8ab5-89754f0c04a0","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":192,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"087aa9ad-7642-4b10-a72d-5cf6bcfc669f","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":192,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"996efbd4-c4d8-4637-ba1b-60dcd478c1e1","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":192,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"7df1bdb3-682e-4b0f-ab8a-72e34d17ca05","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":192,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"99c24543-c199-46d0-a508-4faeefdbf356","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":192,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"1766e69e-1e97-481a-b06a-e6c303eceed8","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":192,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"9d31200b-de92-4ebb-895c-ba5afb44ea0f","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":192,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"3bb05386-594b-49d1-9ca8-9ccd87c80585","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":192,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"6f8b406d-0ec1-468a-9890-ed52241a5d57","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":192,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"d4bdee4d-0674-4ebf-b7b0-56f780e99e1d","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":192,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"d7fdec31-dce5-4160-aff9-d9b5dbc6fde9","block_type":"box","text":"financial commitments on the obligation.","page_number":192,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"bc2ee482-499d-43a5-8b20-d1c7b986a9a7","block_type":"box","text":"BB,","page_number":192,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"c6aac57b-d2de-40d2-9e73-9a09445ba1ae","block_type":"box","text":"B,","page_number":192,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"8f21d1bd-5acd-4f8f-aa1b-141325805202","block_type":"box","text":"CCC,","page_number":192,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"92e9937d-e3f5-4d58-914b-c01f1569bf78","block_type":"box","text":"CC,","page_number":192,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"0daf348a-c1a6-458e-9302-d5fb2d8de955","block_type":"box","text":"and C","page_number":192,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"33f289a0-4003-44bc-aaba-9ea314a29e9d","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":192,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"4535cfa1-f9a2-4a40-ac50-e165fce1793d","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":192,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"bb368a21-801a-4fbf-a9d5-065828f486bd","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":192,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"91768595-24a6-4d75-8991-d4e1ce6053e3","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":192,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"72c981c9-e441-4656-b488-4523f2a3339f","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":192,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"1206492a-8b44-4407-9882-1932905e7953","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":192,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"6c75acba-cad5-430e-884a-b67475795bc2","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":192,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"5b900077-5154-412b-8955-bc2015d35892","block_type":"box","text":"on the obligation.","page_number":192,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"e39d3d7a-0330-49a7-b3a6-cbe73ac5dd74","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":192,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"fa011e88-3a9b-4a43-bcdb-4c8bb212d9fc","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":192,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"0e6c9b57-6bfe-4350-a202-335ad6c23079","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":192,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"c695f813-fda6-4ef8-bbe2-a7fd42b1e7ad","block_type":"box","text":"financial commitments on the obligation.","page_number":192,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"34f0c902-ece9-425a-ae90-bfa84f2bb9fc","block_type":"box","text":"A-4","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"30876892-40b0-4c2b-917f-2bfd0c06a985","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fed79828-c797-4628-872d-a403f8c52c40","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":193,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"99855f0b-5dd7-4f82-a736-11773869e3cb","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":193,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"83019415-d4e6-48fc-b984-3f19adc748b7","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":193,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"b481fa43-1696-4051-8d2d-cecd1ee4f1d0","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":193,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"943d1d07-6c60-4d1c-b434-9d73df8dd335","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":193,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"de0f6f8b-4f13-4a2f-8746-0c5bea845289","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":193,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"4e36af38-c620-45e6-8eef-9239d7633efe","block_type":"box","text":"anticipated time to default.","page_number":193,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"437e2ef5-448e-4554-8952-a62588ced54f","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":193,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"860aadbd-9ac8-40c9-87b8-129103457b0d","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":193,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"ec466965-90b6-4337-b32a-80491f9503d3","block_type":"box","text":"higher.","page_number":193,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"b42feb79-002a-4c55-a153-a2bf1583b7aa","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":193,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"ef1c0312-eee1-41de-8762-664c2613b27d","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":193,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"d7756706-3e3a-4edb-9e33-e1f952cff93c","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":193,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"f28b7bbb-c2e3-42d2-9242-56929090a82f","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":193,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"5e271d43-0ecb-4644-8d41-0126aef0e215","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":193,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"a0a53dbb-aeb4-4c02-b194-4f4be128e6c9","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":193,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"41c1008d-2227-406d-b77f-2204df1ce2e9","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":193,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"2f400ce3-47c9-4a6d-8b9d-52b55a538a13","block_type":"box","text":"restructuring.","page_number":193,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"b6033e34-56c5-43be-9c2a-5b4c78c53c75","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":193,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"e741e551-4c10-4edc-a8ec-5949b1b54c86","block_type":"box","text":"standing within the rating categories.","page_number":193,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"3c582633-b68b-459d-93ef-4e8276dc5af0","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":193,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"b3cc68d9-c46f-4847-be14-f2a23bdfcee4","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":193,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"7a9ea89e-f9f1-426b-8bd2-724c4c25afcb","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":193,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"0d88e122-78a8-4143-a634-3f808acaf2b3","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":193,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"a1ec58ec-cc4c-4670-9dd1-e57ae1369a14","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":193,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"fbec46a9-26db-4aa6-9a86-55a2982c296e","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":193,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"55d2e324-d2ff-4290-8d43-b85544f54623","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":193,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"d941f5ed-9a78-478d-ab2f-5f196e7af2f0","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":193,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"efeea2b9-b633-4ec4-9be9-75e0231ff61c","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":193,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"11e64363-84c6-4ec0-b189-163782232874","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":193,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"6141c346-feda-4369-9c5d-e2bdfaf6e038","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":193,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"55ad8078-6fa2-4ac7-98d1-9f8dcd52c52f","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":193,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"367c2da8-b428-492b-8222-7bf14690c66f","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":193,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"21f96b89-dfbb-4a2b-9283-32bcff33ae9e","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":193,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"1b240b73-3f8d-4add-8fb6-d21ee5455fec","block_type":"box","text":"financial commitments.","page_number":193,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"061dd13c-66b8-4136-a3d3-6dc3ce1dcdf7","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":193,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"61c6469d-f9ab-4b3d-ae6f-308537d99327","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":193,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"9506bf27-1838-485c-a5bd-af4b1017af7b","block_type":"box","text":"commitments on the obligation.","page_number":193,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"e679f7a0-02a4-41e9-9cc1-506527abb683","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":193,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"9228d1f9-bfd3-4a70-ba5f-199c485eac54","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":193,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"5a1fd850-5194-4099-b7cb-d9116aabb0d3","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":193,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"4b9b6218-ae02-40fc-a335-2a9a47aec005","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":193,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"a0acec4e-2507-4eba-a119-499237316c1d","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":193,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"2a22b7c1-264d-490f-8d7f-7d41eadc95e1","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":193,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"0f57f434-57f8-406a-9870-28c965bf7da9","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":193,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"c9ad10c9-7a40-4a30-b5c1-051bdd6936fe","block_type":"box","text":"debt restructuring.","page_number":193,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"7cc7b0fb-bb13-4d8e-a144-3f44cea09b11","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":193,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"cd577049-8854-4f97-b99c-e3f6c0c1bc7a","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":193,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"18fec15a-0c29-461b-8d87-d1459b97ad56","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":193,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"579fb5a7-c0d7-4794-a919-2f5e0d681c28","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":193,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"24e4bc00-7786-4bc6-9a47-fa03d0533538","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":193,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"686769aa-590c-4d64-a35a-0c3712808dc7","block_type":"box","text":"A-5","page_number":193,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"cb12589f-e169-40a0-a88b-e960f72a95e6","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1c1c44c-119f-456b-adab-573e2787622a","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"73ccb9d3-ea56-410a-88ae-c59430b972fd","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":194,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"36692041-f805-4edd-8853-7c00c5b57baf","block_type":"box","text":"as a note; and","page_number":194,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"2fd96323-e03e-43f2-8f46-9a1cb7579ae0","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"e7089922-4346-4631-b20c-34bbfd9dceb9","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":194,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"6e6a988f-4c24-49fa-a706-87c8eb2ecdca","block_type":"box","text":"treated as a note.","page_number":194,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"4750d97a-6e3f-4289-a11f-54a8375311f2","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":194,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"5513a4ea-88c3-4bda-9f77-012bf8a001a0","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":194,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"49f7e648-2263-476d-ac60-7cb985923bd1","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":194,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"cad6ea31-506e-4efc-940f-94d059b90512","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":194,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"94231827-3b93-4eb9-a6a6-69c79499aaa5","block_type":"box","text":"economic changes over the term of the notes.","page_number":194,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"790e3fe5-0a71-45dd-b6ba-a380578fa9ed","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":194,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"5b9fd063-7703-4b5a-9a06-a397b434dd32","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":194,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"8def48fe-01d3-499a-837a-b1631d2e3e28","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":194,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"fd8ca446-113f-4310-88c1-7dd03d7c8bc2","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":194,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"ff083a56-c590-4d3e-987b-fcbb3446f371","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":194,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"32196fed-dae3-46ce-bec7-2bac13314693","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":194,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"c57d6b85-a218-422d-92a5-ef02993fbeee","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":194,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"83f94f69-9bfa-4633-91ba-b75f2c85c6e4","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":194,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"da23e217-9e28-499a-84a3-f9add179490b","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":194,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"61049467-5f0b-46ae-8194-cb7880c06354","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":194,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"b019fdb8-845d-4854-8a0e-1e3fe7b206d7","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":194,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"bd11c374-5e6b-4917-8be4-d4dc2f285459","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":194,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"690e40d7-ce2a-4300-9bc5-8bf72af32ccb","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":194,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"8881e632-abd5-4f78-9051-4017bc9a20ac","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":194,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"cc41767a-68d8-46da-ab93-7c66d19d765e","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":194,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"83294579-4456-45d6-8eee-0e6104e83f28","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":194,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"2e738fac-1e2f-441a-a2b8-0693499e8bfb","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":194,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"880b45fc-a4b7-49d7-936a-f7e634bf4e95","block_type":"box","text":"receivables or other financial assets.","page_number":194,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"f8d1330d-1bd7-4fbc-8c59-59937917bb26","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":194,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"5a926bdc-0a50-42ce-9a64-714955490ead","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":194,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"1d394826-c45c-4dab-bcf2-588a8211001a","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":194,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"4b48b996-772e-4508-9cfd-5daf157d561a","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":194,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"c88cc576-2fe7-4617-8024-0b632ce358d4","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":194,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"66611ca2-4098-4e9c-b438-839e0bd04960","block_type":"box","text":"occurred.","page_number":194,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"1c0dbd0f-ebd1-4fb6-8e7c-24b9b0351c7d","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":194,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"8f3c4dc4-d8fd-483e-9825-abb810875d33","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":194,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"291cb73d-170a-4662-9568-261700212936","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":194,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"a50bb116-d17f-4714-be55-f843c08e5e03","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":194,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"1cbe79a5-5c27-4961-ac80-2a96254c17e5","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":194,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"f5ca7601-2fc9-45b6-a276-3070c3a2737c","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":194,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"8a84008b-3101-42ea-9f18-0036845be44c","block_type":"box","text":"rates.","page_number":194,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"89056585-c5ac-4a6d-b132-30d8640bea4f","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":194,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"94cca0cf-b9a9-43d4-aa68-2e9ccf15694f","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":194,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"44572ec5-3bd8-4b51-bbc2-065f22b517f5","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":194,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"ef883db5-777c-40c3-9af2-a2535449f3e0","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":194,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"28121f7e-9350-4e64-a6e3-87aaeb132fe2","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":194,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"39528f82-5f70-400b-b103-507ccb56eb06","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":194,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"1578daa1-eba9-4113-b36c-cab0a9c32d07","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":194,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"5a2aaef2-3f8e-4502-9f12-b9df2d4e30fe","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":194,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"dc3a5e39-58f6-428b-b9d0-cc141ab0fcfe","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":194,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"23e71946-7359-4c3a-bfd0-6b4469f5dc23","block_type":"box","text":"i.e.","page_number":194,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"70fe3fcf-0d75-459c-9a91-4ddf22b6e909","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":194,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"d08cac3b-afbe-4cad-b483-590b5d1bbf29","block_type":"box","text":"the obligation’s documentation).","page_number":194,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"5f3ed837-a75f-4ae6-b421-817c71919b22","block_type":"box","text":"A-6","page_number":194,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"cf54a3ad-cf63-4a71-a7bd-000c875e7acc","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f96fa594-a17b-434e-9ead-dfde34416fa2","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":195,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"afee52c2-a49c-4a1e-a2fa-d3108cd52c76","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":195,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"a7491f08-88e7-420d-8b4b-17c7c33fb4d7","block_type":"box","text":"agents in the form of a rating letter.","page_number":195,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"86c9c326-a799-4320-b6ff-8d043e00a4c8","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":195,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"7adf26d2-d0e3-478b-b4bf-96efcb143a98","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":195,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"3c37a55e-76d4-4564-8234-64c551f5f718","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":195,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"983a1a39-e923-4bf6-a1de-d5a6f64a1cd6","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":195,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"ae112083-e2fe-44ba-bfb6-c5e724a33d8e","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":195,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"ac947e56-5284-45cd-8fdb-ff6f9dcb55c2","block_type":"box","text":"e.g.","page_number":195,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"746bcfb8-e9ff-4366-aba4-1af0a7ce6258","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":195,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"5d33c8b1-e723-4c34-be29-7947458f8d4e","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":195,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"4dd72ae4-197d-4534-8177-ceb80d44fdee","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":195,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"e6574b52-1c11-4af2-a454-069b6595a6a9","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":195,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"335af48d-cd45-48d5-849d-76dc2d87301d","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":195,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"27be89e2-3f0a-47da-bbc5-c06bbc9d8d62","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":195,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"de2ca738-fcac-427d-9d73-98d86d5ce3f7","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":195,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"df884daf-2494-4e6c-90f4-2af9f3939944","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":195,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"b53951d9-02a8-4fea-94ca-e4275f66177d","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":195,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"ca9be888-f6fb-4932-9567-e7270cb4b50d","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":195,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"732409ce-b475-4aed-b6d8-d0dc2cb373b0","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":195,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"c9ec736d-ab5a-42b1-8d5b-af9a86c215e0","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":195,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"c639b49e-43eb-47ed-a0a8-cb289abe7b53","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":195,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"871d0598-a2b6-47ba-942e-dfdda7dd537d","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":195,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"9cbf5dfa-3707-4661-a2b5-de3f07467c16","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":195,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"271f9599-a2c4-496c-9ec3-b7debc2a9f76","block_type":"box","text":"Ratings.","page_number":195,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"b93dec39-5a13-4eae-8987-e359fb9da715","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":195,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"48ff77b3-4367-4f73-a7b9-cb14cc6ce127","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":195,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"b72d8ebb-7d22-4043-ac84-426c70c0c9c1","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":195,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"4356ec3f-cfd9-49b7-b252-30b53b43bc06","block_type":"box","text":"obligation ratings.","page_number":195,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"a87e018d-71d2-485f-8828-6c9693b0b6f1","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":195,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"88639f5f-4a15-4f7f-9701-4ee3e591a6c5","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":195,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"4ef1f0a9-8e1b-4512-9a84-ed821aaf21cf","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":195,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"7ab4c1b6-d26a-4889-8ec3-cf67b700f2c8","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":195,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"2a8f1ab7-abaf-445d-abae-05a2e58a061d","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":195,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"1c6dec51-78ad-4e51-8181-2bd79e80f912","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":195,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"7615a3c3-2dc2-4e02-a214-db36ec0b1c54","block_type":"box","text":"to foreseeable events.","page_number":195,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"2a690def-ccf7-4b63-8d6b-5a0c70ab69f3","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":195,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"66fd2cfd-ce7e-476f-b386-d61e12b945b5","block_type":"box","text":"financial commitments is considered strong. 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The modifiers “+” or “-” may be appended to a rating to denote","page_number":195,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"660585ae-c2f3-4515-aaa4-9644d61fcee3","block_type":"box","text":"relative status within major rating categories.","page_number":195,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"60411a8f-e6dc-4e79-afb0-6c4a7aed910b","block_type":"box","text":"A-7","page_number":195,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"a06469e7-2ecd-4e03-9005-e09d5699ffcc","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"950d72c2-6eb9-4e9b-8d46-f1bdda7cee8b","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":196,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"e4ae47c6-ef30-495b-a1e3-333d9c4bd1e5","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":196,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"a10b3e4c-b5eb-4ebe-91ba-ac73f8f54c8f","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":196,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"6c17f59b-74ea-424b-abbe-f672a3b1db72","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":196,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"5dd746e0-841c-40ff-a52b-5ca3fac41068","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":196,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"3e047ad9-624e-45b6-ae17-73d815d7a41e","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":196,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"08c66305-9fcc-4d1b-9f1a-6b380b739868","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":196,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"11e66ed7-d11e-4c19-8674-541ec811b101","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":196,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"2ef4e626-c78d-40d9-9b55-feec1f8c17ff","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":196,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"e4eaab91-6a4a-479f-95c6-f0dfe285991d","block_type":"box","text":"finance markets.","page_number":196,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"36044b34-4f37-4477-9bc3-3f333521c79c","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":196,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"32b6f318-51f4-431e-860d-41a744175959","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":196,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"576ccc00-4df7-49fc-b849-f09caab498c1","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":196,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"ed2abc6d-1a95-4d5c-8d14-37a8e0d1622f","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":196,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"8c68fffd-afee-4f69-a1bd-72f6d13885a7","block_type":"box","text":"commitments.","page_number":196,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"24a87043-dc60-4a74-a963-044d2b4ec51c","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":196,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"ac8b895a-6f7d-4a5b-a511-31ddc72b86c4","block_type":"box","text":"adequate.","page_number":196,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"9f47515a-5752-4eda-9396-18827127bb6b","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":196,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"f206afcc-173d-490a-9f22-5766645291e6","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":196,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"d53aa06a-ac1a-4775-a1cb-c9fa1a9d8b7f","block_type":"box","text":"economic conditions.","page_number":196,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"d8cd51ac-65ac-4a74-8491-3fe8e353fe1a","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":196,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"4161cdec-743e-4fcb-8b4d-f077022b447c","block_type":"box","text":"RD Restricted Default. 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Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":196,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"a23a50fe-e89d-4da2-87a5-ef69e15b32ac","block_type":"box","text":"obligation.","page_number":196,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"d2f77fc7-a156-43bb-b6c0-d2f5d0cbbbeb","block_type":"box","text":"A-8","page_number":196,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"8c692c42-f25b-4f67-8460-0879f5472f22","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce8dc3a0-c592-49fd-81c8-a3306a501569","block_type":"box","text":"APPENDIX B","page_number":197,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"5d57600e-0fa9-4e78-af4a-66a5053d4607","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":197,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"91577d45-7868-4961-ba51-abe6ba95254f","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":197,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"f9b566d4-fbef-4bd3-baf1-fe431be7aa01","block_type":"box","text":"Effective Date: January 1, 2025","page_number":197,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"31d17009-a45c-41ae-9275-7637bb190d80","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":197,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"73651289-6bc2-476a-ba06-fbc2732f31a0","block_type":"box","text":"□","page_number":197,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"036b4228-4803-4012-ad30-e40b80ffc14e","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":197,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"4e852111-20b0-4082-a2ed-74e9141b8024","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":197,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"198248a7-a959-4e75-85b5-ef0d87b23408","block_type":"box","text":"□","page_number":197,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"d1928b75-cf34-44e2-85bb-efebec15dfd5","block_type":"box","text":"Money Market Funds","page_number":197,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"94275b49-051f-41c4-bbbb-0d9e28a0d58f","block_type":"box","text":"□","page_number":197,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"2066fb84-e331-48cf-9c36-6d7f529632d3","block_type":"box","text":"Closed-End Funds","page_number":197,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"5780e920-c745-471b-8140-161064f7456c","block_type":"box","text":"□","page_number":197,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"46057640-aadf-49c3-b800-d499dd8203a1","block_type":"box","text":"Other","page_number":197,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"e3bb1f36-4418-420c-ac80-9cae48fe63cb","block_type":"box","text":"Objective and Scope","page_number":197,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"e052413a-8e09-4c4b-835e-4775183d261d","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":197,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"c8944ad9-73b1-4d94-9501-52389e72f69e","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":197,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"669ebd4b-497d-41ae-a087-e2bd6340b92d","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":197,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"1d2a3fca-592d-43ab-9e62-07cbaf697fcd","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":197,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"c2f76d57-0677-4c3a-ad47-6933af311ed7","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":197,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"cccfdb5f-60f3-42e4-938d-f4e3436c22b9","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":197,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"edfe0e06-0ccb-4f4d-8574-45392a31bf36","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":197,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"b89eb2e9-6381-4413-a2d6-10888fb1bb04","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":197,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"20b4f9d4-5d84-4738-9d33-b4bfa777eb3e","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":197,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"d00ac38e-f94a-4f78-83bc-eb48fe8aa149","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":197,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"4149b3cc-5ffa-4545-ab23-07783a93aed8","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":197,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"fa45ef85-8362-40fa-90aa-7e66f74f8152","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":197,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"f0a5a229-d0cd-468e-bc00-953ab0f2e9be","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":197,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"4686c558-347a-43fe-b351-61a47369c377","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":197,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"81267bfa-11fc-4c7b-801a-eddbdf3ae530","block_type":"box","text":"Conflicts Management","page_number":197,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"e65c4c8c-0125-41e5-b8c2-ee581385baa2","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":197,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"5c32994e-8d34-4376-88c0-848cc7fc978a","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":197,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"3b63a591-2690-4ff4-904e-4a85a7e66991","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":197,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"3e927f8c-2735-4772-8626-9f6c1193bafd","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":197,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"43a25cac-8f67-4d03-929d-481b2dac79e8","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":197,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"6f36b342-b882-4e00-a5c1-130d2e83e902","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":197,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"a7b09244-9481-41c7-a0a3-ba11114affe8","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":197,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"1a5a86aa-29ce-4c56-8865-fea65a5dea5a","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":197,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"b5ed6226-3eaf-41db-935e-220623165612","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":197,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"7652a226-d870-4a46-8ab5-59525791273b","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":197,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"ec10dd91-85c3-40e9-be08-b381db5b1dad","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":197,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"23c4c3d1-4988-4788-8db2-c8801ac6045b","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":197,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"52807027-b077-42d7-84b9-b62a565de1b4","block_type":"box","text":"in clients’ financial interests. 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BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":202,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"633a2fad-6c4b-4229-b807-9a0181012214","block_type":"box","text":"this work with research, data and analytics.","page_number":202,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"b1600c7c-2e4c-46ec-9144-569c74a858b5","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":202,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"1418b354-0942-4b7c-afe2-bfbff9c7621b","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":202,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"f7f7db11-9243-4863-91b6-2ad46ff56db1","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":202,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"0ef6b30e-e862-40ca-81f2-c97cf0ac659b","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":202,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"e11bf58f-412c-45b8-8a70-575978007811","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":202,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"ffafecd2-90d8-4d8f-95f0-eb06ffde9af0","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":202,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"dc8fd422-eddd-47f6-95d7-ee84bb3eb85a","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":202,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"a042064c-b9b3-4098-895b-21d518f37039","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":202,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"64251e4b-68c9-4476-9413-20a3017ccbdd","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":202,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"5cd928c2-8821-437b-bbcc-f81e240e3be0","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":202,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"c917ce23-14a0-468d-b469-29d188d4d952","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":202,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"3391dde8-779c-41a5-a3aa-dfb6e51aa654","block_type":"box","text":"shareholder meetings.","page_number":202,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"f594b87a-5153-471c-8785-7fb513d38577","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":202,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"3a3e12c5-6b8a-4b30-ac39-c882bcb05b3c","block_type":"box","text":"investing.","page_number":202,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"3a9d55f4-fb9a-45d3-abac-d2dc14111628","block_type":"box","text":"3","page_number":202,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"39658f75-1a49-46ba-8a47-95b98ad074ec","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":202,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"b52bdc33-36e1-4517-93d6-0559d8483578","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":202,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"84212c61-a880-414c-b3bc-4ae73d8ef701","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":202,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"bfdcc030-2728-4046-bf90-3cf219ad406c","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":202,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"30d54b9c-2ff1-4178-a71f-2012d75ea78f","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":202,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"8473fb56-5a0d-411b-b21f-71901be3673c","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":202,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"ebfc8797-bc27-4fe9-b716-6380f0b4f8a7","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":202,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"205d6947-ac79-405a-8c03-e26d38420a3f","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":202,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"5bf8f27a-348c-40cb-96a4-8d3227e3f79e","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":202,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"96706c35-fd07-44ed-89b0-df52553067aa","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":202,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"d5fe5572-0b76-42d4-a3ac-f6d670428579","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":202,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"120e0bdc-ead7-4cf4-a5b7-48fb738a6a77","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":202,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"e8b3c0ca-26f7-4971-b9bd-1dc0badc0881","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":202,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"432bb725-d1d8-4a6f-b0d3-5ba3cd8465ba","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":202,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"8a552711-a18a-4857-8f62-8362499aff72","block_type":"box","text":"management teams and board directors","page_number":202,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"8798656c-aa2f-49e8-b148-c1e996ef734e","block_type":"box","text":"4","page_number":202,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"bceda4d8-9a5b-4b56-96b7-7e76f8eff376","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":202,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"9a5794b7-5cef-4281-a268-0d21d824050d","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":202,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"2e9a3b99-5c59-4da3-b506-d84542fdeab6","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":202,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"891e171d-4d3d-489e-b969-9eb3a50a56ea","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":202,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"af746bd7-4d6b-46ac-a66a-09555625f237","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":202,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"e00547df-0b83-42b0-a0aa-63606978097d","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":202,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"6aebddb1-9073-4764-84da-ad251f541ca8","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":202,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"81debf59-41d4-4172-91eb-a35a7ea61310","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":202,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"50edf281-b4a4-4fde-91ac-69cc5f467596","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":202,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"38f6aad5-365c-4bec-be7d-bda572889370","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":202,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"5810ed79-2336-4ffa-9857-ecb87f552d08","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":202,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"cc00294c-c352-4bdc-8258-9d0e95aeed40","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":202,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"6ebf2743-b7c2-4345-89dc-e6832a3942f7","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":202,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"656a7684-d29a-48bb-b96e-01e9a92c8e4c","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":202,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"c3313f6c-1c10-4ad4-bdc6-fec43af38c5c","block_type":"box","text":"3","page_number":202,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"ca27b7b3-fd2a-4ee7-942e-04b1c133b3d4","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":202,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"bc1cf4d9-e563-4e21-9605-c416fd48c0a9","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":202,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"cdb0f8a3-7fd9-47ea-9f68-2ea1d384194f","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":202,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"941aca05-6e20-42a7-9d44-e01d68e9ffd3","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":202,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"d221a0a7-674c-482d-8845-5caf7820961c","block_type":"box","text":"4","page_number":202,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"4d66f934-6eb6-43e4-8832-9da5592ea369","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":202,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"32a73578-9ab2-4b57-a99f-74c8f568b96f","block_type":"box","text":"boards and their members, where relevant.","page_number":202,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"5547d203-a10a-47ad-8f79-7b8a3bbe22a8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"db63a2c8-493c-4cfd-a8bd-034217a1d12c","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"6c453cea-d17d-46da-8cab-7a4d15439c7c","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1770b12-f204-47ff-8ed4-bb0028050e42","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":203,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"6d49d8d8-6f32-4b54-9fd3-9fc9e71fa2a9","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":203,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"868c7d01-3499-403d-9265-28eb28d78728","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":203,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"5c24277c-c845-4391-a976-939e4a5b5ab7","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":203,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"5ecc0738-a003-4038-b47d-fbc7fb8420d4","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":203,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"df0aa59e-f23f-446b-834d-c53ec0117c98","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":203,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"eff6a991-3e20-4780-9a5b-02c5a5544732","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":203,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"7543d60a-9e5a-4798-8883-fbbdabd93b54","block_type":"box","text":"5","page_number":203,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"d4616b5a-735e-4c24-b95b-2ad88dfc1ddd","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":203,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"c6f7acd6-4712-404a-8f1d-30a878b79601","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":203,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"e07dd3fd-c8b7-4083-bd86-cff58b06d677","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":203,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"03475516-1711-484e-9390-f587c7a6b6bc","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":203,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"0d9575c0-cce4-4c35-bb7e-5ce9ed20fd75","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":203,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"7b3ba8dc-3b19-466d-9afa-04ac16c2ba13","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":203,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"72e1fe85-f4ac-460f-8656-10bb731c366e","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":203,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"9b609da6-03a4-4b20-afcc-00f5f1eb9600","block_type":"box","text":"5","page_number":203,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"66e22cb5-17e2-4a49-bc1c-83d2ff5251dd","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":203,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"6b33f790-56f3-49ae-b6e2-9f825ee8fec5","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":203,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"35f5d428-deaf-4486-ac95-99d9da9cbfe9","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":203,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"614fc64b-5073-4324-8d57-74d667b3b21a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"52998c61-6b65-4e83-879c-c63ee321d224","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"890f1e2b-03df-4eb8-b76b-a270881af4fa","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e356549-4baa-4378-b87d-fb6838ac6759","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":204,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"f8b5b235-49d1-456d-9be4-ae90eff8b1f1","block_type":"box","text":"Roles and responsibilities","page_number":204,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"5b13eaa0-e723-4ef0-88ff-b2bf3db4f1b0","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":204,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"52e9182b-9854-4d3c-9541-957cf41bde77","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":204,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"fedde2b1-3954-4ab8-b173-233b84d935a4","block_type":"box","text":"6","page_number":204,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"ad0e186b-8eed-4fd5-b3db-c3e5f908dd1a","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":204,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"65b7b2d8-693a-4338-8b2c-312f16f884d2","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":204,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"aedb8fed-d33a-4e9d-888c-77740d5916b7","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":204,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"4e6e03ef-98c0-48ff-864a-e3ebfdde0c81","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":204,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"8e40e2b3-da0a-49d6-841f-27ec7f478603","block_type":"box","text":"per formance over time.","page_number":204,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"2cbd70bd-d17f-4389-975f-687126bfa508","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":204,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"41a20c78-4fff-4630-906d-d15da141d415","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":204,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"f2348831-7a54-48c4-a92d-06c7068266c6","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":204,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"56b93cba-f99b-4250-b4bc-eff63836a1a1","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":204,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"64b836aa-de1f-4f72-a50b-1ea62bdd5823","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":204,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"3efc28b7-4ccd-4cd8-a967-b8682b2aafad","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":204,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"c79411eb-aa95-4c39-93d2-e97b9411d858","block_type":"box","text":"Composition and effectiveness","page_number":204,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"4be32746-7f22-4e5a-ac6f-3328c5570d2e","block_type":"box","text":"Appointment process","page_number":204,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"66129817-4f7b-4c2a-ba65-80d9b2386bcf","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":204,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"6a07d11f-adc4-4b49-868a-f1c3ae59f717","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":204,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"df081197-8664-406f-9cdf-a8c6ed12e7db","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":204,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"b6256c25-c010-42cf-a264-cf8a950de0a5","block_type":"box","text":"e.g.","page_number":204,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"b4b3365a-6587-4ec0-8272-41e3fe526d93","block_type":"box","text":", sector, maturity, geographic","page_number":204,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"a1d60c26-15a7-4025-b557-9408e14081cd","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":204,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"0c05acaa-1df1-451b-af9f-06db64ac2211","block_type":"box","text":"e.g.","page_number":204,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"777ad1a0-1e6c-4e54-8edb-ca8df9f5d1a8","block_type":"box","text":", financial exper tise, industry track record). To","page_number":204,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"5b5dba47-738f-48ec-858c-3d18dc1c6c2b","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":204,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"60eee537-d6e9-4722-a028-d0539d290e35","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":204,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"489da78a-6ada-4baf-b572-2c3315c216ab","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":204,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"cd04b34c-8db2-4b2d-88d7-35fa3b567564","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":204,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"e64bb762-c5ef-4542-b5f8-da0df70af6d1","block_type":"box","text":"and local market requirements.","page_number":204,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"a1bdf326-e2cb-43d9-b0b8-e636a49d9934","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":204,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"1f1f557d-fba8-4c71-8dca-86723bd03ab9","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":204,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"462ee092-571a-409f-8fdd-622131a05f72","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":204,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"122b0929-8562-46c4-be90-ff9e1e52ed97","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":204,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"fb7dd53a-bd83-49e3-9682-f2465f3cc12d","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":204,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"02fb3d2e-8785-44cd-9951-ff15c1afafe9","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":204,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"d1519b37-c851-4741-a393-2c37e3eaa9ea","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":204,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"5e86b8b5-b324-4e04-9f58-80b1aeb441d4","block_type":"box","text":"Independence","page_number":204,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"ac17c8f7-7f5d-42f4-baaa-99aab26a399a","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":204,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"928fef5a-8fe7-41dc-a2e3-618531d6a2a4","block_type":"box","text":"e.g.","page_number":204,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"1dd54318-9096-432a-8d0b-9c521b8fc710","block_type":"box","text":", government or","page_number":204,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"7c4146f3-2654-4755-99bb-1906928ca2db","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":204,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"31d6b30b-ab0c-41a3-b016-c63ef7cc9c38","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":204,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"d8287d6d-4917-4b5a-9d8b-643f5d5e1321","block_type":"box","text":"conflicts of interest or undue influence.","page_number":204,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"968280b9-f6fa-4ca2-b4ee-059ff4ccfeee","block_type":"box","text":"7","page_number":204,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"a3a5747e-376e-498c-9ebc-59993da14dff","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":204,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"4d4e85dd-9e30-4ecd-9a75-97958caa46b7","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":204,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"b8903abd-0a4d-4c0d-9e05-4f6bf782ae88","block_type":"box","text":"independence should meet those local requirements.","page_number":204,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"22f18211-6ad0-48d0-9dc6-b6185116c3fd","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":204,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"4ed3f567-f567-46e1-a011-2cbbcf20bc7f","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":204,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"6e4aef1a-9d7e-453c-ac20-4670f34f364a","block_type":"box","text":"composition if this is a perennial issue.","page_number":204,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"cfe03825-e895-4c55-a8e6-f250727ae476","block_type":"box","text":"6","page_number":204,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"9488a27a-6ad7-4e52-9b14-026a071aff4b","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":204,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"e615d7f2-9d98-4c37-bd64-f392bcdbfcdb","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":204,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"cde409e1-f47b-460c-bdda-ae6385264f7f","block_type":"box","text":"7","page_number":204,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"8d37ee5c-77fe-4278-b681-b17bf0c6e2c4","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":204,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"8a7d0c49-a6de-4693-bef2-c74d04c9eca6","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":204,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"8dc8d93e-a199-4216-9f16-ffa3381e4bab","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":204,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"3df18ce7-7aa2-412a-a573-4b2898476fec","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":204,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"fab437fb-2261-4b04-bc1a-b0d3231cb325","block_type":"box","text":"of the company and shareholders.","page_number":204,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"111e1cff-1bda-47a4-9274-89e8ec3b12d9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"14326a0d-ff63-4587-9439-ca53bbce1431","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"500356ff-100e-4bbc-a8e4-c26b0e3f8df0","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8504e398-85f2-44af-89d2-50e30118edb7","block_type":"box","text":"Independent board leadership","page_number":205,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"74d61547-fdfd-4d97-8fe1-e24110470dc7","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":205,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"d02fb59c-27a8-43a9-82e3-50a103d84dfd","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":205,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"9bee0f4e-ceb0-45b7-a43d-f7d09937cf76","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":205,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"873ca4bb-e758-437f-a21e-11e8332c99dc","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":205,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"aa7ea40d-5d20-4d38-aba3-67cd0d881073","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":205,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"c4f3b47f-74b9-4a9e-9fc9-9965c0ee7002","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":205,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"e59780c9-4e37-4803-a19a-e292abc67526","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":205,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"83e2bfe0-d48d-41a7-ab25-7279ce9a83a8","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":205,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"504bf945-9edb-428c-ab4a-236b18f56cd5","block_type":"box","text":"how it serves the interests of shareholders.","page_number":205,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"96c8b534-e8bb-45af-a6ca-14d59d80a2fc","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":205,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"eb1b425b-036f-48a2-9f51-c88b561aef25","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":205,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"d80ae469-57b1-49ef-8108-12fcdc9d2a11","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":205,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"457f118c-d549-4cac-bf1e-85de7a418789","block_type":"box","text":"Tenure and succession","page_number":205,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"ccae5377-2ad5-4d99-bbc7-f9413d2aa8fe","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":205,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"c2d2d155-5ea4-418b-8bbe-6dd60d3c4aa1","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":205,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"2d3efd11-75a1-4d6b-bd3c-855dc133c22e","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":205,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"e9b0ea8b-cbed-47e5-b27d-cee91cb01d7d","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":205,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"2f5a8a1f-7292-4d39-9bd6-facc09819582","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":205,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"36742da9-5692-42c6-8e75-cc7f83d63acc","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":205,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"f79bd0de-9b51-44a3-bd15-dfda0752494a","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":205,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"93259d15-7b01-4000-95cf-56bee949f9d7","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":205,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"36ceeba5-ab25-434f-85d8-208132bfcc1e","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":205,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"fb1998a7-7624-495a-ab60-dc83b06f086d","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":205,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"4bdee0ff-9088-4cf2-a809-57bfb36b8993","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":205,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"bf716f5d-3a56-4b4d-becf-1c72596030e9","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":205,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"592a0b26-4e71-4831-a644-2708dad8178b","block_type":"box","text":"for their continued service is not evident.","page_number":205,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"55188e05-afe3-4cc4-bda9-9276f9da612f","block_type":"box","text":"Capacity","page_number":205,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"963e29dd-da99-40ea-93fc-cb31bf76e1a8","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":205,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"e03d98ed-6f48-4859-b85f-96331ad2ec78","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":205,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"30a6e48c-5fc9-4e6e-b591-fa1dfffd06dd","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":205,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"bcdae257-a52d-4f79-aec3-629b06996df6","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":205,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"ada79d52-c077-4a74-ad52-ee98b232955e","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":205,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"6d3f6476-51cf-4eb7-bfaa-b47c3d028358","block_type":"box","text":"determinations across markets.","page_number":205,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"86a3f10d-82d1-41a4-9902-7ba29f683c44","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":205,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"1b63c529-18cf-4ae7-ae07-c1a8c298cbca","block_type":"box","text":"their duties to the board and company.","page_number":205,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"83d85af8-c777-4307-9113-18df7f45137b","block_type":"box","text":"Director elections","page_number":205,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"e347c0ed-02d1-403c-84e2-6e324c5278c9","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":205,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"9daa48f8-ff87-4850-b476-0c08be43f2fc","block_type":"box","text":"structure","page_number":205,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"2db2c774-6b2e-4948-9228-06fc9b2a38fd","block_type":"box","text":"8","page_number":205,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"0b806b1b-f8c5-42f4-a840-6b20e3d0190f","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":205,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"aa053a41-6b02-4baf-9b03-efd8a2ab49c0","block_type":"box","text":"basis of its business model (","page_number":205,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"23006225-1d77-4137-b437-0e3cba207b88","block_type":"box","text":"e.g.","page_number":205,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"28febcc3-40e0-4371-b415-d9bfe0af7dbf","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":205,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"3ae5baf1-2ca3-4480-a728-65ef3ac09fdf","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":205,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"3fc37f7c-4142-4be2-8e99-c656cb14251d","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":205,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"0ceaa1c5-16e8-4485-95b7-aadb684e8e51","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":205,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"da7f3255-b505-411b-9d2c-e8e36dd55a4c","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":205,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"b5813ae5-e4d5-4d68-a3c4-5a7acd65d87b","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":205,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"3a103dc7-e084-40eb-bf96-aeb502dc652d","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":205,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"a7ec0974-8c6b-4d6e-b3d1-85eb5e067da9","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":205,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"c4887d5f-1544-4e25-970f-fd794337a5ec","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":205,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"39df0198-0db3-4ca5-afd5-0d9672bf43c4","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":205,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"3194e435-dcdb-4336-acce-877941f625fb","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":205,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"1a876912-3623-4f98-96df-93c7e55cc84f","block_type":"box","text":"8","page_number":205,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"85416046-21ca-40b5-83fa-a86c05e7dee3","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":205,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"9ccaa732-d881-423d-9df5-094a02b146bf","block_type":"box","text":"directors stands for election in any one year.","page_number":205,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"76c3d082-dd13-40f2-be0e-b85c0a060ddb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"40fa1526-c142-489a-9e3e-dc4386a93dcd","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"3935a602-8a75-49bb-96d0-b3393de8f8a1","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca8364bb-a970-4bee-9d86-e09a598c9ba5","block_type":"box","text":"Committees","page_number":206,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"e8013f40-6bd2-4457-b74a-4beb3276b3c6","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":206,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"14960e9a-189a-4403-b19e-29f36eac3497","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":206,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"47f7ab05-89ae-463c-956e-31626f54171a","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":206,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"959fcb7f-ee30-4393-b56c-2186e7bbc03a","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":206,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"7db29e38-e436-470b-af63-3734d62821f8","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":206,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"4e2daf87-9b64-4b15-9afb-8a537d714adc","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":206,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"ac27ffc0-9f26-4fa2-a5dc-9e4526218964","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":206,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"8a3cb25c-eb57-400d-b2ad-c772dde4c345","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":206,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"2edea297-6318-436f-9728-23a1b21e2900","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"096825c5-c02f-4b2f-b226-c81ba4a50954","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":206,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"d47d1424-abf7-4eab-84a9-26c9d2d1f725","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":206,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"3cff2c01-643f-4580-b499-10c3541b7b50","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":206,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"82a24110-0270-46c4-9a0e-535df617a495","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"36b63cbf-b42a-4fe7-8ff4-da94cf399287","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":206,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"2f92a1b3-d8c3-452e-aadb-44a0386c3da5","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":206,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"9e94640b-7736-4c76-ab03-2abec374382c","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":206,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"e346ade4-f94d-4c17-92cd-4685d103e8ff","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":206,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"e0432e1e-b80e-48fb-8c98-50796b368c3e","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"953d90f1-da6d-4711-ba2f-bb0a40bb4689","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":206,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"59163fa4-bdcb-4898-b7fa-9101c3b07cb6","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":206,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"6c94ca71-6f6b-4ecf-b36b-a13f0c0c4b05","block_type":"box","text":"firm-wide compensation policies.","page_number":206,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"f89594bf-6936-4b5a-ae50-9957788a5f6b","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":206,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"177bc515-4586-403b-af53-8483ce88d2bd","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":206,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"f3a77c93-22ca-41d4-97a0-0f3a4c681d46","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":206,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"9192995a-9dd8-44d5-9415-b02a2b79a098","block_type":"box","text":"Board and director evaluation","page_number":206,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"1580f357-aea6-4891-b878-38a4a49a038c","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":206,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"cc51d6d7-dc1c-433b-823d-5e6af78f97c2","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":206,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"e1320b9c-7752-4990-a8f9-74cd0168c2c9","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":206,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"94a1e3f3-c944-4ff9-9266-5a4ebdc8f772","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":206,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"aba6696c-f56c-46e3-9fef-33f2dd47e730","block_type":"box","text":"a result.","page_number":206,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"e80889fb-1aca-4051-957a-4bc13211f93f","block_type":"box","text":"Access to independent advice","page_number":206,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"6c026965-4185-49f0-b0e9-d4341ed0576c","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":206,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"8213d593-bb5a-42ae-9b04-4b6b37357806","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":206,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"fcb7aa87-cdc6-4678-acec-0e920ef71514","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":206,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"b26b6f80-4126-4411-b137-d340823a4641","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":206,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"fc7e2323-1bca-4dff-889a-a67acda66f84","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":206,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"26a71037-5369-4725-9783-1eeff26053f4","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":206,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"0eed6786-5a48-4c45-a4bc-7bd952fce9e2","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":206,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"528ee80a-0413-4462-aa17-da0e1fbeb48e","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":206,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"6e2e820a-6c9a-476a-a0e1-db6e26e34a48","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":206,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"6517b2a7-8186-438d-be51-12d121ecab6c","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":206,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"fea9c139-0275-41fb-b2d5-c1a5af10a470","block_type":"box","text":"per formance.","page_number":206,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"ee685550-e4a8-4fe9-bb45-e6297f407ea3","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":206,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"41676bf5-cddb-42f3-be4c-f68c27e89e68","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":206,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"b7ad5c04-81bd-4e67-b448-d2cbb9577d61","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":206,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"581c13ca-ae02-4acc-8e91-d3dc1378dedf","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":206,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"b10df1b0-71d5-4471-aee8-764265cac670","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":206,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"a3498aae-24b0-4702-a3af-fa584e4d6593","block_type":"box","text":"recruit and motivate.","page_number":206,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"f8fbbf62-37b1-445b-bcdc-c144f304e4da","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":206,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"585727ed-0ab9-4858-9a93-166b48fc4d0b","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":206,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"2e20d039-05b3-4c86-9b7f-c7cfccca76b3","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":206,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"c4e5664d-445e-4738-a399-13c814b658da","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":206,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"1f42295b-be45-4b4d-8782-d19568f4dd4a","block_type":"box","text":"arrangements include:","page_number":206,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"2cf19680-5daa-4f9a-88d1-957a32cf12e0","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"c69d15b9-789c-447f-9401-acc9364470c8","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":206,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"75c0e147-f2aa-4b26-8723-57f945292846","block_type":"box","text":"the company’s size, sector and market.","page_number":206,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"b8092eed-b7cc-406a-b630-4952b0fbf183","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2fb5f60b-ceae-4046-a4f6-53bcf483afe7","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5562e783-5018-4e3d-ac2f-8bf32df7ce38","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a53f614f-7526-4fc2-9ce9-a70fc36d512d","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"3df3265c-c4c4-4c3f-9b91-615dde65303e","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":207,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"8aa7724a-2807-433e-9d8f-9ca86cf83588","block_type":"box","text":"strategic objectives.","page_number":207,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"b2ec7aad-9921-45ea-839b-04c504272db2","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"664012bf-4347-4e9c-9afd-685abf8e5666","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":207,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"b2243b33-4acb-4497-8332-ed781613d316","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"e29b95d6-a52e-45b4-a208-2c28caad4c3e","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":207,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"eefb9516-0768-4cc0-b09f-644835b447c9","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":207,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"f31256ce-4e40-41ec-a09e-db5ee8b87631","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"4831736f-ed85-4fe2-8e61-38dbcd7687d3","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":207,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"cc2c51c7-c855-44a0-a125-284ebeee1103","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"d5e0b323-1da7-4825-8c87-476eae7436a4","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":207,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"e698d043-5541-4c11-be55-1d7ffc4712a7","block_type":"box","text":"transparently.","page_number":207,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"1b877b4f-8a9d-4dba-a333-53ff0452fe13","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"5736bd95-26ac-4cef-a5fd-7fec2c2832a1","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":207,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"55055123-480b-4565-8c09-719b31f024ed","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":207,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"68fcece8-60ec-4876-bfd9-866ffe8bc201","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"44df6ac8-2514-4175-9c1f-0fa49d294c08","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":207,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"229ae28b-4640-482d-8aae-48404fba1874","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"3f53ab9b-85c4-4b30-a0ab-d15ff408726a","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":207,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"ab83a87e-23fa-412a-9975-28391d7e7eac","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":207,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"b3b6bf59-5c3a-4b4c-bc38-fd9315699ff4","block_type":"box","text":"misconduct.","page_number":207,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"3870c6cf-380a-4011-a080-813591a5ce2d","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"8ba30934-48db-4d44-93ea-73f4af1a35e1","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":207,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"ee5645e8-b1c2-4e75-b1a0-05908eddd166","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":207,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"a587167b-1c19-43fd-88b0-f5704e3b0526","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":207,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"01f7eaed-1b9d-4863-85ef-fce859f5a414","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":207,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"1ac4b9c2-434c-4979-a1d7-6aacdbefc883","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":207,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"4dc3e119-d640-4041-b7f8-11b4a30c3888","block_type":"box","text":"committee, or the most senior independent director.","page_number":207,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"42459e13-3565-4820-b210-9d45f7c397c6","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":207,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"bec29dac-4910-4a70-b65f-ae1c8c8831b5","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":207,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"1ddc2229-fbac-4b11-b2b6-418b0d0972bd","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":207,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"e8495536-42c1-492f-b95c-f32bd3d76187","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":207,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"793b5144-d547-4240-b349-b8d1057a1a5b","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":207,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"6ab91273-a6ef-4768-ba8f-102292ec9839","block_type":"box","text":"CAPITAL STRUCTURE","page_number":207,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"0131bcfe-3a6a-48c4-918d-1e85b37fc62f","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":207,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"e36d1d7b-9c48-484d-bc86-b27beec42fdb","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":207,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"75b36347-66c3-4b52-910b-913912be0072","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":207,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"dbba8693-f25a-4dbd-9dcb-706f0beff7b0","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":207,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"35d5bab8-79ed-40b6-9f02-6e3948f3f9be","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":207,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"5561b3e2-1a9f-4eaf-a684-3b5acbeff768","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":207,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"26c2869a-4681-4bba-9f80-08becdc147ae","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":207,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"dcc07546-e3a7-4713-a389-a6ce265ec89b","block_type":"box","text":"Share issuance","page_number":207,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"f7f1063d-4dac-4721-85fc-ff9d431eaab2","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":207,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"d3fc408c-2dd6-46ae-ac20-8656c18d78ba","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":207,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"9fa6c861-2995-416f-af27-8d35c7d47bb8","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":207,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"77dec3c2-4b4a-42e4-8677-c18c45549e72","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":207,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"6d89db11-db86-4cfe-938f-85bf1b21e47e","block_type":"box","text":"market environment.","page_number":207,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"6b7d318c-e229-4487-a33a-6d7f65c44423","block_type":"box","text":"Share buybacks","page_number":207,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"474794c2-15a1-4f9b-841c-ff6efb61659e","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":207,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"e22e49dd-46e2-4aef-9a12-2274b3aa1e4a","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":207,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"10075472-5a69-4fde-8ee9-b26e5b031b5e","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":207,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"7b85f14f-8e10-430e-99c4-40f334586619","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":207,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"b8c94e46-7d39-4fc0-9627-27b74411146f","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":207,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"a9072c7c-cfa8-4a06-b367-f3fa39d7cd64","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":207,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"b7512b89-dc85-4c78-8643-690a638da06e","block_type":"box","text":"of the company and the market environment.","page_number":207,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"4842ba36-a100-4014-9078-3e1e21ef9b81","block_type":"box","text":"Dividends","page_number":207,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"f868f545-c389-40c3-b6e3-c5316165d410","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":207,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"ed0fc856-9715-4826-bf52-0491b7c51974","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":207,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"b02b1caa-d080-446b-b79d-c60854fed4d8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7e378ddb-5656-43f9-9e2e-2a8197120286","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4d289d79-d030-4137-acf8-bdd3513b0e92","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5eac82a-4109-4dc9-933f-93d54fe6dae8","block_type":"box","text":"Differentiated voting rights","page_number":208,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"29331128-1442-4ab0-a337-81c9b7c6feea","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":208,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"7143b6de-f960-4fca-b6e3-635d426979ad","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":208,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"dd427b3c-48c1-42d6-8069-0338fd3ea5f2","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":208,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"8b653159-0f19-4de0-b45b-bad78a6d8b62","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":208,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"017e4a40-7937-4f97-8459-110fab5248cb","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":208,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"3b7ab310-f651-476c-a49a-2a3d7a977c51","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":208,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"1fbdafc2-fb5e-46d0-ac62-fae0738c04e5","block_type":"box","text":"analyses of proposals.","page_number":208,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"b07f74e8-6966-49fd-b308-87a1f693d61d","block_type":"box","text":"Mergers and acquisitions","page_number":208,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"43608631-79af-4e50-904a-489a5da723c0","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":208,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"5263dcc9-972b-4479-8a46-8436cf3fabec","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":208,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"377edd8d-f3a2-496f-bccd-7dbb6c131803","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":208,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"ea59c058-7ef4-4a36-ae9f-82bceedb216e","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":208,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"4f20a595-899e-4c7c-b898-1790ef07b38f","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":208,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"71e08603-5c06-41c1-b75c-afd13135016a","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":208,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"662f5cb7-b975-4c9a-9542-2986c2e3aa7f","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":208,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"e4928bb4-1e86-4128-a535-6cf8db5647bb","block_type":"box","text":"Anti-takeover defenses","page_number":208,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"42d428d9-78b0-4a31-ae6d-afd3c521a090","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":208,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"ef5dc8e2-b701-4d18-b8b8-109d28cae3a4","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":208,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"ce292bf9-68d1-411b-bf59-826dbf741f97","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":208,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"74fff9e4-1972-4825-bb3d-4d1f82dce164","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":208,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"4af4ab8b-79f5-4b6b-a999-3bb28e239baa","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":208,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"8d28806b-c054-4308-b27c-e7790f57ad26","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":208,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"326705a7-fd74-4da4-8cbf-8a3ccda9b056","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":208,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"c6451c7c-06fa-467c-babb-151aaf58a31d","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":208,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"cdd7a8e0-e6f1-4b53-8737-1036366bfb97","block_type":"box","text":"Shareholder activism","page_number":208,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"cd7830db-af5b-469e-8d50-7a04e17004ba","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":208,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"c685957e-f9bd-4fe3-ac07-c31dabcf5aba","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":208,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"3170a152-5d19-492f-9caa-c2d7ea4ac879","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":208,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"e7b9feda-25e3-4627-85f3-08029e147bb6","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":208,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"f2d24cac-afde-4fcc-8597-041f9197e005","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":208,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"d8c3f597-ff4e-4018-b629-4fdccebc6ab8","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":208,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"5f9d58f8-e495-4403-99cc-6ade872e620b","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":208,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"03e7dae1-d3b2-4c7f-9947-af2f9f0a875d","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":208,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"9bb80eaa-f133-4711-a0d9-2a1ce43eda79","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":208,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"55897cea-f716-4f83-bdfb-dca980539c59","block_type":"box","text":"protecting shareholders’ interests.","page_number":208,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"37fd38c3-8a01-4add-b68b-f1c97ef13cc3","block_type":"box","text":"Significant shareholders and related party transactions","page_number":208,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"83a21d41-c12f-4a66-9abc-0b7789e81520","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":208,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"9a5a2dde-509d-4760-bb4a-af93597f2918","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":208,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"bb026715-9a1b-414d-a859-2d27c5797282","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":208,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"f94584cc-1c6d-40e4-a24c-56520325e3e3","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":208,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"8c43ad97-4fbe-4243-8cef-8cb0652b0d71","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":208,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"b4220c77-5947-450e-8b42-152926307846","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":208,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"90d10f06-9bee-4cdc-8b53-d8c3c35236ef","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":208,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"250cfcd9-09a3-46be-9e41-a302bf2f688e","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":208,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"089c74b8-37e0-4f98-ac51-8d0469a65188","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":208,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"3674cdd8-7276-487a-a7ad-8beb1320e5c8","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":208,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"af936ef1-2c95-4058-919a-879faa02b0f3","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":208,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"fbe345f3-fc61-4650-9b5a-245a1f2aa736","block_type":"box","text":"audit.","page_number":208,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"e965e8c8-f48a-4e62-a82c-adbf1fda80ca","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":208,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"7a430867-0b53-46f7-9a7a-7bd698e3f614","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":208,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"772ffe74-6121-478b-9df0-471d96df905e","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":208,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"730135b9-b540-42d5-93ec-e6f078e77116","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fc058492-b88f-4405-97e0-1ab7cfc15f2e","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e5a0eef7-20d5-4a89-a828-8c038600041d","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"496c19d5-7e14-41f1-912f-4ca59c880df7","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":209,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"aef43086-5237-4897-a0b2-a5df9b460c3b","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":209,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"701fa144-8261-4d30-8eb0-cca6861fa4f2","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":209,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"686ba2bf-ac3b-4de1-afff-95e09fbf0b95","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":209,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"89de1778-c10d-4a67-a0e3-f9759ee24a9d","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":209,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"c4fd579a-ce1d-42bd-902a-ec8dd6477c43","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":209,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"f462e2d3-ee06-4903-a467-780796244bcd","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":209,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"37235219-d484-4ea3-9b70-2a842e2c646d","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":209,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"66774a40-abe7-4d0a-932a-76bc17095a08","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":209,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"d1e00c3c-ea32-4ec8-b026-9a20c055a5a7","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":209,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"7b4c34bf-5b63-4272-8753-ba7ecef0b93e","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":209,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"5e7f922e-579c-4579-a3a7-66a6830db679","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":209,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"689f36a7-beed-4339-bfef-afdf34096001","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":209,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"2d2aab18-7c54-413e-a540-633db9475d3c","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":209,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"a31a71bf-6f01-4bd8-bdd6-8d22eff99290","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":209,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"9e5afa7a-c8c9-4b74-ba92-f2431f8f9ad8","block_type":"box","text":"9","page_number":209,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"31e000a5-a138-4a90-97fc-1435690dbc03","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":209,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"dd873bb2-538f-4782-969e-0baa534a74f5","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":209,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"4f48eff2-6593-48c5-b8ca-c2d33cc92b7f","block_type":"box","text":"standards specified by policy makers.","page_number":209,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"de8ddf8c-2aa3-46cb-822f-2a2c698f3b92","block_type":"box","text":"10","page_number":209,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"36ac2f0a-acc1-43fc-9b8d-f9c9c0296122","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":209,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"7526cfd2-508b-40b0-9820-366e238342e5","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":209,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"9a7e2863-c250-498c-823d-2fda4421ae16","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":209,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"bd1da370-2cbc-4d67-8f81-ebab91843147","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":209,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"af4347d8-f762-4e84-8436-56f65288463e","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":209,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"d2d6d7d7-b8e8-4828-a676-e557c4a0fd40","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":209,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"00f99760-a3c1-4115-9f5d-34e408de571b","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":209,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"78bbfd5f-02c6-4e5d-8f77-bcc910f79a01","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":209,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"eda2a221-25ea-4c04-988b-629ccf5c53f6","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":209,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"504c48e4-38ed-4e75-8da9-cb189cff41e7","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":209,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"121a9e0b-c568-415f-a8af-c1bb4f24ad5e","block_type":"box","text":"remained independent.","page_number":209,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"9e3de2e3-8dce-4ac5-a01c-39b92ca21204","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":209,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"2364b44f-c2bb-434f-bd7e-0f55d069bd0d","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":209,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"be329da5-4418-4978-b316-5834c73cf1e4","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":209,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"f7555dd3-21c5-4799-be7d-568045e40897","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":209,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"e034056f-7a43-4b9e-a4fb-1d6c6356b7a5","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":209,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"d10774ba-9ff3-460d-8636-d7390e1304d6","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":209,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"5b57abe7-812b-402f-8aeb-9179c1508d6f","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":209,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"a52e5b44-d12b-4d51-8663-11464c187907","block_type":"box","text":"General shareholder meetings","page_number":209,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"86f53cf5-bdb6-4430-9040-fd56f0a868ba","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":209,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"863d7d51-a113-40b0-ada7-74b1b3a19661","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":209,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"e5d090ec-5faa-4f09-a4e0-6e08ca8734c2","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":209,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"b1fb3aa5-20ac-48b5-9dfa-0ad551405e72","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":209,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"3b1b4aa5-77e3-40c5-aec1-e47643d472f7","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":209,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"b8e9bf5f-d54a-43cf-8a6d-8d5d2d08b200","block_type":"box","text":"an in-person meeting.","page_number":209,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"1a2818b0-3a16-4be0-890a-ca79865a35d8","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":209,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"d9d1f384-5ca5-4ca7-8d46-7fff76963103","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":209,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"81d1d175-a240-4908-8361-5ac4d969a187","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":209,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"2c27f738-2995-4d65-b904-3bf6803c0eb4","block_type":"box","text":"par ticipation.","page_number":209,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"0e63c313-e951-4cb2-aabd-90d68120e237","block_type":"box","text":"9","page_number":209,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"818644f9-3a18-4183-a763-f2a47d5f77d5","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":209,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"ed6766ab-75a7-4284-8dfe-3fed70a04d96","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":209,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"53ba1982-ce81-46d3-9ccb-3a305d771bed","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":209,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"b885e62d-bb38-438d-970a-766983e263ca","block_type":"box","text":"Disclosures.”","page_number":209,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"ba399ead-bc57-4ac9-8b7d-b509fec8f317","block_type":"box","text":"10","page_number":209,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"ae032022-18bd-4092-be34-48f01b8defef","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":209,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"c62cafa5-be90-4e23-8424-cfc54e301812","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":209,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"82d42ca2-f18c-4d58-8e0f-bd7cb1d1418c","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":209,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"bcb759e4-5f67-47f3-8fd2-5c0b0e00a762","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cf6c2f46-d970-46a4-aaed-51163f360f3f","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"efb80f15-d38a-4cfd-996e-dd62b15268e9","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f012bc91-0f59-4aa3-9bd6-e73e16610237","block_type":"box","text":"Bylaw amendments","page_number":210,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"389acb8f-51e0-4b1d-894e-030ee95756d5","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":210,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"5debeb99-079b-4033-a6af-ebe933e7a71a","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":210,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"afe2e92f-4471-42ff-b99c-c618e308f9d2","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":210,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"be6042f6-c3ab-4dfc-ab90-f313a2e574fe","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":210,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"011fe883-6d6d-48dc-a05a-320243323387","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":210,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"8ba5b53a-8843-4390-be38-6a9687c29a72","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"f785dbcc-639a-4ee2-9c9e-54ebba981a9e","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":210,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"b589b89c-63e8-4b07-b6ee-a2a42560cdf1","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":210,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"dcc0bb8d-7392-4a8c-b1ac-b0d5964be3d0","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"53602029-441e-4f83-a9ff-4041d9b698bf","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":210,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"462795fe-c5cd-45e5-a85b-9548d6be1aaa","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":210,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"fe39caae-b8f0-466a-beb8-ce974c5def41","block_type":"box","text":"nomination process.","page_number":210,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"e4942e1e-b155-4ff5-9e02-44924ee076c5","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":210,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"c1c05c73-744a-426a-8dd4-d5a845c823f5","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":210,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"5869fd1a-4ea0-4991-9f30-122f4be97142","block_type":"box","text":"Change of domicile","page_number":210,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"9b46f52a-8163-4d70-9678-5d6a58c49f8e","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":210,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"fed415b7-b645-4d74-82f7-0e0c41973b47","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":210,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"8be345ee-b668-4ba4-845c-e0883224f62e","block_type":"box","text":"immaterial.","page_number":210,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"76126ad0-02e7-408b-a5c0-0526071dbbba","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":210,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"4772233d-3fda-4540-9062-d45645edf523","block_type":"box","text":"with our clients’ financial interests.","page_number":210,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"1f3bd6de-1fd6-44be-afaf-356aedfaac5c","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":210,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"2ec5d4b5-52bb-4905-afd2-5ca038300dbc","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":210,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"13929b59-6c9f-4d50-b2c4-8c5ed581319b","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":210,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"a04ec1b9-402a-4c49-996c-654b3d23353c","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":210,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"0e87e6fd-3eba-4314-8929-2d3b8750c87e","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":210,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"2f6c9c77-6af7-4e6f-89a2-43f27f1032ee","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":210,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"60649a40-396e-408f-a16c-0c08936e619f","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":210,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"361e254c-ee1a-492a-807a-170ac91b4c25","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":210,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"7194125a-0a12-4d05-b7c9-258ee4564e78","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":210,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"a955a04a-8fda-4775-8277-097d4124e63d","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":210,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"f6a1c3b8-a212-45b0-a020-02837304a98c","block_type":"box","text":"relevant to a company’s business.","page_number":210,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"5f28b9a4-d351-4ecb-8110-d8e957fa0080","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":210,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"a9d9de4a-6f90-4155-849d-70cc22ed3d21","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":210,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"6f2dfde0-2a84-4f66-8b82-440d160ba55c","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":210,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"3d566026-8bf4-4c80-9c80-c38312499f2e","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":210,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"ffbe1a29-5668-42fd-8179-523454b434fd","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":210,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"8801d2e6-6304-485f-a4f8-9adb89c59210","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":210,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"8c5e8158-f329-4325-bfc7-f5002b87ce4f","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":210,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"de7ef155-84e4-4846-b3c3-4442410d6df6","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":210,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"c80dd89d-3667-42a6-8093-9b31f3ac20da","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":210,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"ec4074b0-fc58-49b1-b7a5-8efb37554d67","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":210,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"7e3683c0-700f-488a-abfa-671a805c1432","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":210,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"c4320d2d-f160-4173-8b61-e132ec2fdb9b","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":210,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"2971495e-703e-40ee-bebc-6e5abce921ac","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":210,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"cc83014a-5d3c-4c72-b7a7-5fe2f4364af8","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":210,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"eea42b99-f2aa-4eae-869f-9fa272d490c4","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":210,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"d738d0f4-83ab-4400-b445-9fa3fccf52c0","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":210,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"e378b938-3815-4b99-a4f0-ba3355106d50","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":210,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"99f0d0fc-a5d4-4422-8b06-c4d09fbb3b62","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":210,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"7ec4f276-2b1c-4085-918d-2d56d85d3b12","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":210,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"25aea1cb-cc1d-47f3-b764-2f5f997ac75a","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":210,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"64a05835-466c-4207-9ea1-98cc01585786","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"12b2ae08-3de2-490c-9767-df49a5be2ccd","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"1bc0d98f-a6b0-49d8-aef6-f57837cbcd9d","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4dbf56a-6c1a-4ae0-b895-befc31dd1cfd","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":211,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"f54ede6c-3fae-4ad0-a5b9-77aab7589a6b","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":211,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"9ee4dd86-9f6b-4681-8c75-a6d2bd587fa9","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":211,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"bfa517ef-f6c0-4f1f-a17c-1026177f0bb9","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":211,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"7d054541-8370-47a6-b999-cda790181634","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":211,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"d95429c5-b3d3-4fd3-aa44-1a07c6bb4f25","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":211,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"5cab324f-ecdd-441f-8058-f0056b70d67b","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":211,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"207d538e-3705-4c75-8670-51c4165c6d0a","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":211,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"5612bda0-efec-4ae5-a256-5686a454ca3d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5ef24443-aeba-4dbf-8202-62329f0fa8a3","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"6072cfd5-8cd9-4058-b1a3-134ea89141f7","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57be9368-4a5f-47d7-8d81-3e925c115cb0","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":212,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"7c38dcbe-1f2c-4524-9fde-d1ff1af0c4ae","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":212,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"51e88c22-5c51-469d-bf43-9a971938e784","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":212,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"223afd46-32c4-4f58-9c95-46afa78301ab","block_type":"box","text":"11","page_number":212,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"b90f63f7-e367-499c-872c-9cd8948e62f2","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":212,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"10422ea9-3977-487b-8313-5a80b626ce02","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":212,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"c4aca29a-5a6a-41e4-8e7e-6e07235ac5e6","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":212,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"25805d59-673c-40b2-bd0d-d74a461253f5","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":212,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"58694f92-3cb5-4f9d-8116-cba701fa6efc","block_type":"box","text":"regulatory requirements.","page_number":212,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"2d390b2a-583b-4474-8f43-e86a2ff4c4e8","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":212,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"bd5c5621-d4db-41ee-8b83-819e1b57d9f5","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":212,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"904c666c-b580-44e4-afbb-7b2691a3eedd","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":212,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"e666cd2f-be3f-454c-8e4c-da25f8b67e27","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":212,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"bb544521-be87-45f0-93dd-86daf4bcee47","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":212,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"fad1932c-4335-4eeb-859b-eeaaa9722a7f","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":212,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"a8a9fed1-0cec-483d-a175-26366bac19ef","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":212,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"6470ad54-8d6d-44c3-b15a-7f9a4237f3df","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":212,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"3dbb0e41-3384-4b13-8e24-e760618af8f3","block_type":"box","text":"returns.","page_number":212,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"79975517-2bc9-460e-8230-a8faed628e7b","block_type":"box","text":"KEY STAKEHOLDERS","page_number":212,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"a79fe83c-2657-432b-8639-49fadaae70dc","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":212,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"59715951-611c-4d29-9e3c-4672d483af4c","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":212,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"c46602fb-8b8f-42f7-8f98-a4d66d7dbe43","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":212,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"cf57a8cc-b385-40ed-9967-50572d3a6ef3","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":212,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"e34871ed-adc4-4703-86a4-d2af6b831909","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":212,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"6d5c4800-c5c5-4ec1-b48c-c0c9fcba7a41","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":212,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"2c56f483-66c8-4887-883c-ac4aa8b8c1a6","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":212,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"fec390a7-fb6c-4dd8-9781-6d2b048d41db","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":212,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"f3415f76-f6d5-4dca-bced-3c658a6776b8","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":212,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"f1074886-3581-4ff8-b5f7-cfa7484587ac","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":212,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"1fdd8dfe-f1cc-4c43-848a-11d1c3ebd056","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":212,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"d8a3ee7e-9323-4606-9512-18e3b8dc04fc","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":212,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"4f3f089d-20d9-4c1a-b788-4041f6392913","block_type":"box","text":"i.e.","page_number":212,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"7bee6bbc-9555-4c8d-9601-0eeb5c610d8f","block_type":"box","text":", one in which global","page_number":212,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"1826b0d9-8207-441d-90f6-e83c1a505ac9","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":212,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"f81a804f-bfcf-490a-95b4-da455eb3deab","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":212,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"8525fe6c-3768-41fe-9868-c32b6fdefcd4","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":212,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"8eaf6a8c-c874-4d45-bd9b-e71d10006d26","block_type":"box","text":"client.","page_number":212,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"def9cbd3-bb3d-431c-8c23-0f38ff9b6a5c","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":212,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"fce247e9-84c4-49a9-ae90-9b875aad4289","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":212,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"5e4979b7-24aa-4734-b65e-b969bf5149d8","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":212,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"3aca3a0e-16ab-4530-844a-030ffdbc7b45","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":212,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"5b4977d9-538a-43ce-b662-4fb0b0554e01","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":212,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"61fa42d7-6fe2-4ec1-9682-7d61e6ac51a7","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":212,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"ebdcc134-6df5-45aa-b09f-8326dc2d2a5c","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":212,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"af3dbe74-3287-48f9-a5d4-eece2d25d2b4","block_type":"box","text":"1 and 2 emissions.","page_number":212,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"bbceda3f-15e6-4e7f-b684-3eb60f0609c6","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":212,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"ebd44027-9f94-4a76-afc8-50d325985b97","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":212,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"3918f35c-b3cb-4658-b4b5-a4833d22a0c5","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":212,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"faedfe75-877d-40ca-95be-5bdfafedd5dd","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":212,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"42bb0c9c-c199-4b50-b8b9-080117b9111a","block_type":"box","text":"11","page_number":212,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"ecabe0b6-af8a-4bff-8462-a7f2d9fee11f","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":212,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"6ec6b173-2a9f-4b80-a7a7-dfb2432e11b1","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":212,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"4643b7cf-9db2-418b-bb11-0aeceda2beab","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":212,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"6cc7a2e9-2a90-4a12-8632-8d7acf9dad13","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":212,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"68d96d03-a7dc-48b7-b161-58ed65dc6714","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":212,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"436fc84e-65a7-4639-b18f-47a9a01e7838","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":212,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"3ad377f4-22cc-4980-8524-77a29b6c2fed","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":212,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"e0dd3529-08d8-44d5-a949-25d06877a2b9","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":212,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"43b9a4c3-2237-40e7-ac72-cd8edde67577","block_type":"box","text":"sound governance framework.","page_number":212,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"b073870d-2263-4b72-b99e-71e322d09ba8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5a27310b-4ff3-4062-8986-4289ca1bc8d8","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3027c95c-ce6d-484d-b8c8-d0acae71aff0","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ef3de08-f8f9-46a6-8766-35558fffa623","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":213,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"cbbfe0c0-18c6-4f97-83bb-7759396c02f8","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":213,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"1f24fb8d-1df5-40e9-8bef-e174b6fe9e9c","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":213,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"9c9fafd0-c87c-4a25-80a8-b8010abcfe7d","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":213,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"8afb06d3-2603-4cf8-9289-24fa003d2d52","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":213,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"c4579bce-0993-41ab-9238-f14162fa583d","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":213,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"c58f76c1-0068-4f75-95fd-ac35603b0a5a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"94127e33-0ba3-4e8e-9728-c03b3c74b200","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c7b1fc21-2651-4fd1-9917-048d3a946167","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c118b628-42b3-497a-9a0c-eadf74038d8e","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":214,"box":{"x":121,"y":45,"width":736,"height":9}},{"id":"19899a8a-c3c8-4d47-aee6-8746eff53bc8","block_type":"box","text":"Oversight","page_number":214,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"3d255629-6483-424c-97ab-e1b0aace80e9","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":214,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"a4d4092b-d369-43b7-8227-6120b32e2afa","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":214,"box":{"x":69,"y":101,"width":778,"height":11}},{"id":"02e5ae91-1c04-40db-b612-cc2b87edfcef","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":214,"box":{"x":70,"y":116,"width":814,"height":11}},{"id":"2fc2d2c4-dccc-42d9-b0ee-e0faf6660870","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":214,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"2a4b268b-8619-4f4c-9cb6-b839ee6b3189","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":214,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"0875dac0-3977-4586-97a6-5f28b1014b6f","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":214,"box":{"x":101,"y":164,"width":744,"height":11}},{"id":"20356052-86e9-4dd4-b599-b2f46fe99218","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":214,"box":{"x":70,"y":179,"width":786,"height":11}},{"id":"d30ba569-0231-46ae-85a1-ad9c550657d2","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":214,"box":{"x":70,"y":194,"width":839,"height":11}},{"id":"deb3585b-31b5-42d1-98fc-d21ed29e6629","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":214,"box":{"x":68,"y":209,"width":822,"height":11}},{"id":"979b4979-8b74-4ac7-b28b-9cabf058cb69","block_type":"box","text":"relevant active equity investors.","page_number":214,"box":{"x":69,"y":224,"width":223,"height":11}},{"id":"efbcef22-47bb-4e7c-b596-d8a6f79b9f99","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":214,"box":{"x":102,"y":242,"width":797,"height":11}},{"id":"1d9c637c-131f-49b0-8d89-3d9a8c7e4d8b","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":214,"box":{"x":68,"y":257,"width":810,"height":11}},{"id":"154ad6c9-bf7c-4d2a-8dba-37c2f50c24e6","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":214,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"99535d57-f5e9-44c3-93fc-97ffc57bd7a1","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":214,"box":{"x":69,"y":287,"width":801,"height":11}},{"id":"e0be3067-4f2f-43c8-ae56-79e155dc7889","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":214,"box":{"x":70,"y":302,"width":836,"height":11}},{"id":"acc76c5d-7883-41e9-963c-49b278ea8e08","block_type":"box","text":"third-par ty vote services providers” below).","page_number":214,"box":{"x":68,"y":317,"width":305,"height":11}},{"id":"c780460c-c816-4e2b-9f78-48345baef127","block_type":"box","text":"Voting guidelines and vote execution","page_number":214,"box":{"x":68,"y":339,"width":269,"height":11}},{"id":"d84899fb-b8e2-4e6e-9697-1adaa087f338","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":214,"box":{"x":102,"y":357,"width":790,"height":12}},{"id":"3a9fa7a4-efe2-4005-9fb5-ff407f87ae45","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":214,"box":{"x":69,"y":372,"width":838,"height":12}},{"id":"d43d7ba5-5ae4-4ba9-a541-fdc72bb37b15","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":214,"box":{"x":69,"y":387,"width":831,"height":12}},{"id":"093a2ea1-203e-425f-b29b-14369ed3e161","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":214,"box":{"x":68,"y":402,"width":809,"height":11}},{"id":"57184eab-225b-4efa-a421-0a45389c3010","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":214,"box":{"x":67,"y":417,"width":749,"height":11}},{"id":"802d9a91-8d7a-43f6-b276-533a66206bf2","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":214,"box":{"x":69,"y":432,"width":825,"height":11}},{"id":"917cd6ab-710d-40c4-9128-b82437203221","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":214,"box":{"x":69,"y":447,"width":445,"height":11}},{"id":"9d13e240-e75a-4a69-8fd0-ad1ed5293603","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":214,"box":{"x":101,"y":465,"width":803,"height":12}},{"id":"6e48bdaa-c864-4677-b762-a474a6a3561b","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":214,"box":{"x":69,"y":480,"width":806,"height":12}},{"id":"79a81f02-f66d-4fe6-af2b-08d104353c59","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":214,"box":{"x":69,"y":495,"width":752,"height":11}},{"id":"b7067765-291d-4f47-ab7e-42b21b4e015d","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":214,"box":{"x":101,"y":514,"width":782,"height":11}},{"id":"85892685-5645-47ef-880f-8802e31f0513","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":214,"box":{"x":69,"y":529,"width":837,"height":11}},{"id":"b25fc62e-2f06-4725-84b7-c432f5a25430","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":214,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"07e90424-4c70-48eb-838c-7590bf3a3cba","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":214,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"d36766bf-963f-48b4-8478-5725b1f34b12","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":214,"box":{"x":69,"y":573,"width":829,"height":11}},{"id":"0a5ddd2a-a825-4698-b04e-af6408f41929","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":214,"box":{"x":69,"y":588,"width":802,"height":11}},{"id":"ffe55e1c-1227-48ce-900a-ab0007bfe12b","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":214,"box":{"x":69,"y":603,"width":718,"height":11}},{"id":"c62dbcd4-04c7-4e4d-bb3a-ccdc891ddbc2","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":214,"box":{"x":102,"y":622,"width":792,"height":11}},{"id":"bed447e9-f6e9-4784-840e-845ce5bef024","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":214,"box":{"x":68,"y":636,"width":791,"height":12}},{"id":"232ac890-afde-463f-8ceb-08825f078e0b","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":214,"box":{"x":69,"y":651,"width":805,"height":12}},{"id":"0e245d16-df40-4b24-914d-55a77e08bf9d","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":214,"box":{"x":70,"y":666,"width":784,"height":11}},{"id":"23a85007-62c5-46b8-809a-d580a6675478","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":214,"box":{"x":69,"y":681,"width":775,"height":11}},{"id":"c6177098-04ed-4d3d-8dcb-4d37af761082","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":214,"box":{"x":69,"y":696,"width":824,"height":11}},{"id":"3ab77d05-8a81-433e-a32e-d10b85c5b6a8","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":214,"box":{"x":70,"y":711,"width":806,"height":11}},{"id":"25b345a3-4abb-4504-b9cf-e63e2dc032b2","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":214,"box":{"x":69,"y":726,"width":704,"height":11}},{"id":"8356662c-0e63-4549-a1da-cf5702584e70","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":214,"box":{"x":102,"y":744,"width":796,"height":11}},{"id":"7be78535-b4ba-42bc-8ce0-c9a88c03a99d","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":214,"box":{"x":68,"y":759,"width":799,"height":11}},{"id":"e600cbc4-d642-453a-bd33-18e471f0affd","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":214,"box":{"x":69,"y":774,"width":829,"height":11}},{"id":"26807ba0-3262-4bdd-9cf9-4cb1c33777d4","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":214,"box":{"x":69,"y":789,"width":661,"height":11}},{"id":"31ea5865-0a7c-408d-a168-e505d0e051e6","block_type":"box","text":"Voting Choice","page_number":214,"box":{"x":68,"y":811,"width":101,"height":11}},{"id":"1eb87016-34dd-47ad-9200-682ab1ed5a98","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":214,"box":{"x":102,"y":830,"width":800,"height":11}},{"id":"ff84da91-7c52-4c75-81f1-fc78251c4ecb","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":214,"box":{"x":68,"y":845,"width":447,"height":11}},{"id":"0cd2aee0-ddf7-4d8e-97c3-685e13e7775c","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":214,"box":{"x":101,"y":863,"width":786,"height":12}},{"id":"1c947245-8194-4ce9-a246-f5cd608a004d","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":214,"box":{"x":70,"y":878,"width":834,"height":12}},{"id":"3ad00441-2db9-4c2d-ae81-7d06858081ce","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":214,"box":{"x":69,"y":893,"width":774,"height":11}},{"id":"b644f335-7653-4aba-a46f-e460f6c1fcf7","block_type":"box","text":"strategies.","page_number":214,"box":{"x":69,"y":908,"width":74,"height":11}},{"id":"6ba48c75-c98b-44e5-91db-0a2b51c62a44","block_type":"box","text":"12","page_number":214,"box":{"x":145,"y":908,"width":9,"height":5}},{"id":"d9a62305-2db6-4dd8-a56c-3da0361840aa","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1a77ec09-8c94-4a4c-b28f-93d15e0171f9","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"0e9a026a-e5a4-4c73-83cd-a4b7eb9b6d7f","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5efcbdf-8476-4a83-944d-b6975984e24b","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":215,"box":{"x":101,"y":45,"width":788,"height":11}},{"id":"b45fdfd8-8565-4e4c-a565-1355c12f63bd","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":215,"box":{"x":69,"y":59,"width":834,"height":11}},{"id":"620ee389-6339-40df-b623-3156b3577e4e","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":215,"box":{"x":68,"y":74,"width":823,"height":12}},{"id":"86196740-fb03-4cf9-80f4-24af5455fdac","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":215,"box":{"x":69,"y":89,"width":360,"height":12}},{"id":"3338e5d1-62e4-4c22-8127-8fbe92b184f6","block_type":"box","text":"13","page_number":215,"box":{"x":431,"y":90,"width":9,"height":4}},{"id":"9fd0cf1c-3ab4-4e2d-a628-d66414a6cbcf","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":215,"box":{"x":69,"y":112,"width":403,"height":11}},{"id":"a65d137c-e0e0-48a7-aeac-2a443d1d62b7","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":215,"box":{"x":101,"y":130,"width":794,"height":11}},{"id":"da2abae0-fcb9-44db-96f1-78f89691688b","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":215,"box":{"x":68,"y":145,"width":770,"height":11}},{"id":"f9339c2c-ec9d-4893-a1bb-79051183bc89","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":215,"box":{"x":70,"y":160,"width":807,"height":11}},{"id":"ef7b85cc-2934-408a-8328-e4211489bacd","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":215,"box":{"x":69,"y":175,"width":839,"height":11}},{"id":"6fe904d5-e165-4d92-9464-a121221468e8","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":215,"box":{"x":70,"y":190,"width":839,"height":11}},{"id":"fb1501b5-9342-47a8-87d5-67cd6187bfd9","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":215,"box":{"x":68,"y":205,"width":840,"height":11}},{"id":"807edb13-dc72-425e-a8c3-7ac518a8d6c5","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":215,"box":{"x":69,"y":219,"width":578,"height":12}},{"id":"deb817a6-2785-4a67-8282-b1d55cbaf7a6","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":215,"box":{"x":102,"y":238,"width":795,"height":11}},{"id":"e34209c4-2259-4395-ac03-c1e41aa5cc57","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":215,"box":{"x":68,"y":253,"width":795,"height":11}},{"id":"9f2fc214-4d25-449b-97ef-7efcf73fc1f1","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":215,"box":{"x":69,"y":268,"width":799,"height":11}},{"id":"52f839fc-391b-4eb3-9a32-761d1062ef44","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":215,"box":{"x":69,"y":283,"width":819,"height":11}},{"id":"3e4ca5c0-5c0e-4198-97ec-0a8a64e3e9ca","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":215,"box":{"x":68,"y":298,"width":785,"height":11}},{"id":"05973031-f255-417c-ba07-cf8baf7e7559","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":215,"box":{"x":69,"y":312,"width":837,"height":12}},{"id":"ec44b236-bc2c-406f-90a8-5b5adb4390e6","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":215,"box":{"x":69,"y":327,"width":775,"height":11}},{"id":"970dbcc8-2ae5-48a6-a615-a962855d4006","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":215,"box":{"x":102,"y":346,"width":807,"height":11}},{"id":"b41f06a2-cac9-4f25-b114-846fabe400dc","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":215,"box":{"x":69,"y":361,"width":788,"height":11}},{"id":"396c9645-1f6a-41b3-95cf-840585fa2086","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":215,"box":{"x":70,"y":376,"width":760,"height":11}},{"id":"e81f0d2a-d0a0-434d-b6dd-e99c705969da","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":215,"box":{"x":69,"y":390,"width":824,"height":12}},{"id":"7a31f671-e539-429b-acb8-290e686a1ef8","block_type":"box","text":"policies.","page_number":215,"box":{"x":70,"y":406,"width":56,"height":10}},{"id":"34104a94-ad50-467c-a491-f0579d88f350","block_type":"box","text":"Conflicts management policies and procedures","page_number":215,"box":{"x":69,"y":428,"width":342,"height":11}},{"id":"5f267993-34af-4758-b3c3-a1b8d26870ad","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting 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While this has occurred in a limited number of","page_number":216,"box":{"x":69,"y":510,"width":836,"height":11}},{"id":"b6f9457c-4b60-4aa7-80e2-319c397a485c","block_type":"box","text":"cases, the decision to recall securities on loan as par t of BlackRock’s securities lending program in order to vote is","page_number":216,"box":{"x":69,"y":525,"width":824,"height":11}},{"id":"4305aa44-47dc-4da9-8984-ea2211747141","block_type":"box","text":"based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending","page_number":216,"box":{"x":69,"y":539,"width":823,"height":12}},{"id":"cc427464-b6b5-4171-a80d-ba5fa4c93a77","block_type":"box","text":"revenue alongside the potential long-term financial value to clients of voting those securities (based on the","page_number":216,"box":{"x":69,"y":554,"width":761,"height":12}},{"id":"87e35daf-0cb6-4dc8-ae0b-532444567b50","block_type":"box","text":"information available at the time of recall consideration). BAIS works with active por tfolio managers, as well as","page_number":216,"box":{"x":70,"y":569,"width":789,"height":11}},{"id":"b8232123-c5bb-4ef6-bc55-dfee93a140f6","block_type":"box","text":"colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":216,"box":{"x":69,"y":584,"width":821,"height":11}},{"id":"29b56b5b-3244-4705-b1d3-f48f8151ff61","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":216,"box":{"x":102,"y":603,"width":770,"height":11}},{"id":"2f9269e7-f568-461f-b423-f6ad32b4e355","block_type":"box","text":"shares would not warrant recalling securities on loan. 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All other trademarks are those of their respective owners.","page_number":217,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"92117e9c-b957-474f-a97a-49d0c148c23e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"323ad3cc-fede-4753-8790-d074de70a6ea","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"251b2287-de1e-470f-a958-d5711c5b6e53","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cddfb8b1-241e-420c-b9f7-db9d8c0c58f4","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":218,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"4ec898b9-5de3-47f6-aa03-3f2afdfe5532","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":218,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"e87a1832-331e-442f-abc3-ec3dd4b3cd3a","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":218,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"03bc1a42-ae89-42fd-a4e0-46a372b7fd52","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":218,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"42917dbc-d2e7-4dcf-80f1-6c1bd7d5563f","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":218,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"01cff9e3-1c82-4fa4-83fe-8d03138fd2b9","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":218,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"c6e487bd-5a81-4124-84e6-a1d876eb24ad","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":218,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"a4492716-5eda-4a20-b53c-bc578e641823","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":218,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"1ed4f4b6-1acd-42f0-8d71-0537739da5fd","block_type":"box","text":"Appendix A.","page_number":218,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"57cd3378-59b4-4f08-be37-a6e84391fa67","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":218,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"4ec7c57e-e047-4a99-a9b7-3f62d929d37f","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":218,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"809ce9dc-d26e-4bb1-b1cf-7ca93d3d0380","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":218,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"0bbeac82-0df1-4431-aa0f-9abc2fbb0768","block_type":"box","text":"Conflicts Management","page_number":218,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"29bf5534-f7b4-4cbd-9cc4-63cc792b3bab","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":218,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"5d459608-8e83-4cec-9e63-d650a35a2054","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":218,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"b42fd8f8-6132-4af8-95aa-6660be44721b","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":218,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"4f3dfa10-761e-40c3-a917-12e5272195b5","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":218,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"ab517254-d814-4493-b774-a0853d76817f","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":218,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"c89a4274-f648-4d97-b2bf-48b4a959e743","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":218,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"ee9fbae0-12c5-44c1-961e-4c5602b5f317","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":218,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"ec079a3b-58e3-44aa-af51-f77d6479c3dd","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":218,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"9c883871-9f67-417b-8cb8-85fbf6e84266","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":218,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"2d2a09ee-7bff-4258-90d7-4afe53ffbbdc","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":218,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"7927e370-6e12-41ee-9b52-bd6dce1d0e74","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":218,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"b1ef54eb-5399-44ef-9935-80e84fe82546","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":218,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"30dfdebe-7f39-4f7c-bc8d-53f6e4845c16","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":218,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"754e75e4-b019-4ce8-a7d0-80a98fbf0e1a","block_type":"box","text":"connection with proxy voting.","page_number":218,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"fe0a0d13-9350-4181-8d81-65d54a97dc35","block_type":"box","text":"Reports to the Board","page_number":218,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"a1c6732e-b3c0-48d3-9ff3-ee8db44e1aa2","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":218,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"4fbe02fe-9bf2-40d1-bcc8-21a569847af8","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Engagements provide companies with the","page_number":222,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"01e94402-bd10-44c7-8ce2-49c876d38a49","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":222,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"f2a64b65-f6e4-4240-ae8f-624aeead6b37","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":222,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"dd615a11-56b1-42b1-9841-dbd4b4129831","block_type":"box","text":"1","page_number":222,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"66e3a8ca-b7a6-4ea6-83f3-62a902e87825","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":222,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"8c33fbb5-7e02-48ca-877c-193320d7981c","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":222,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"31c6f005-dca4-4890-9a91-781dcdb86063","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":222,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"6a178567-34b0-4051-9ba7-eb94a864a42c","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":222,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"6c49f41b-24f4-4919-9d91-d2d2b0ab3af5","block_type":"box","text":"2","page_number":222,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"6ea207f2-bd85-4d8b-be07-10370e895ad6","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":222,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"f0f18ead-903c-4b04-8c5a-c1c0709b5bfc","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":222,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"bbd62406-888b-4fef-90ab-405ddd4c86cf","block_type":"box","text":"material business risk or oppor tunity.","page_number":222,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"9843919e-5bb7-4230-9210-f759cd6b309e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"bc300204-ffd0-4766-8f50-88b8f0612aaa","block_type":"box","text":"Global Principles | 3","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"fe291b51-4962-4614-8522-ee2203f92081","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22fdc690-65fc-42cd-a1df-24128f7297e1","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":223,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"c4b18e66-abbd-48eb-af00-278c059f4e6d","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":223,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"ec9b199a-dd2b-44fe-88c1-8fbadd2c209a","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":223,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"e6548107-128b-4725-8266-c222a6b95425","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":223,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"5137d896-b802-4ff4-a7be-888190410d81","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":223,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"7bb4a818-8fe9-4a73-964b-d11bba109038","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":223,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"a0db75a5-9d41-4dea-ac10-661dd07b8b03","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":223,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"4f2c27cd-987e-4ff2-ba63-9c4962752624","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":223,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"73a8adb6-f91d-4556-8a62-6d371f3f1246","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":223,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"0ccfa79f-2930-4b2c-9ad9-87097762255b","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":223,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"e36b9179-a058-4224-b550-efd5b8d062f2","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":223,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"3ad18e58-c885-4330-bc92-aa572bce98ee","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":223,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"70eaa28b-21ea-4691-a234-fb18b8d5584f","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":223,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"84fc6c82-0288-4383-8b54-02cf5b09d2f8","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":223,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"5866c88b-c1bc-4beb-913c-64bdf06b69f0","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":223,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"d9de7a0f-5614-443a-a086-528ec9997d27","block_type":"box","text":"3","page_number":223,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"bdb6aed3-8215-4757-b06f-631a872b8fd9","block_type":"box","text":"For example, in","page_number":223,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"23609656-7883-468d-ba4b-3f1340d2b7ca","block_type":"box","text":"most markets, shareholders have the right to:","page_number":223,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"81859578-aabc-4ab9-a86f-c8b6f893c80a","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"356309d3-6033-4974-a117-90179dc57a81","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":223,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"2ca433fb-a556-49be-95b9-dbc3f4198414","block_type":"box","text":"char ter or bylaws.","page_number":223,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"3a9c6a34-bb35-4c02-8ef1-af7839766bd7","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"4aa9444d-14d9-4404-9c2d-2df919c99eca","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":223,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"90582512-ea81-4ab8-88ea-45bb9067da47","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":223,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"0a50ad84-4cdb-4e9c-b7ef-121d987ce7d4","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"29f2194e-2c26-416e-87d4-5a381a8f67c7","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":223,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"950cf8f2-ca07-4e1e-a8e2-e6a6a0744f60","block_type":"box","text":"are material — to make informed decisions.","page_number":223,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"58c9283c-fcac-486d-8fc8-0e55099fc5a4","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":223,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"f9f07321-2335-43f0-b5c8-95c1de56dcad","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":223,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"ef6d91c1-2bad-4d10-bcd7-045437c7f246","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":223,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"c2f2a3e4-770a-4f29-9676-ac33e22264d2","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":223,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"a17c87a7-8007-41e6-9444-ca049262b1a9","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"d1cc26c9-1243-417f-8a95-ea3dc040b188","block_type":"box","text":"Boards and directors","page_number":223,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"47640dda-fa61-4bd9-94c0-00f0f76758ed","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"8d609618-a133-42d0-9d66-f4c2b170dd83","block_type":"box","text":"Auditors and audit-related issues","page_number":223,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"8e1fbbd4-91f3-46fd-96e1-def428f601b9","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"37b5d318-175c-47f5-a3b2-54c99aee8540","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":223,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"ec2e98f3-4c1b-40fd-ba0f-c06f37208d71","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"16395715-3df7-47a2-93dd-7b0d6dbf5f0e","block_type":"box","text":"Executive compensation","page_number":223,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"e05a7d6e-3bdd-4822-820f-f5b7adb5a28c","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"08e0697f-be5c-42a9-9dc8-b26b1d1655e2","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":223,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"8a3f7321-bb18-4b05-8019-58767d667571","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"e69455ca-6bb0-4fdf-b3e9-2afb013aec0a","block_type":"box","text":"Shareholder proposals","page_number":223,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"d4ffb0ff-fe50-4663-8349-c2aa353dd1ae","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":223,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"0926e8b8-f9ae-4774-b909-2b6360871f48","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":223,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"18da793d-2e47-4303-94ee-46f29a2974b0","block_type":"box","text":"which companies operate.","page_number":223,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"ec0bbcc9-63ca-42e4-865e-901a17fa40fc","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":223,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"79aa04c2-0e3c-43af-951c-c0ecb646b9af","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":223,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"abdef55f-9d8a-4bcf-9928-5eef8a19e389","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":223,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"563ee5b6-9c78-4222-8e13-f2df98ced05d","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":223,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"32ab8f2d-01f5-4cd6-97a4-f8dcd586679a","block_type":"box","text":"4","page_number":223,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"23676fab-b04d-4baf-b45e-48396c0fcf7e","block_type":"box","text":"3","page_number":223,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"9b8015e7-9e05-42a0-a265-d90ed453f68e","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":223,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"1653cf79-99f7-4efc-abb5-2b88aff8c25b","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":223,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"7af80cd2-65a9-4c47-b6cd-74ab48dae102","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":223,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"04c42d9c-c67a-43cd-bf13-a6a1b2cda48d","block_type":"box","text":"4","page_number":223,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"28494725-60eb-4574-be8f-8a38659459fe","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":223,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"323360f4-9755-44d4-ba1f-c9ace7848525","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":223,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"8dc838bc-953b-4aab-a551-7033b5ff9b4f","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":223,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"9dc17292-fadb-4463-b6fb-f3decd96e119","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":223,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"224c682c-d77d-4adb-9012-ee1cc258c7d9","block_type":"box","text":"guidelines.","page_number":223,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"f130fc11-3112-44a0-9a1f-eb959f83c4d8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"682836fd-71cc-4481-9876-40b2fde4a816","block_type":"box","text":"Global Principles | 4","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4d807bd3-363d-489b-87ea-4829d9b02957","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8156d352-d2d0-4c0d-a9bf-8db471a928ca","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":224,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"ab2288e3-97ee-4f33-82b8-1fdcab43eaa5","block_type":"box","text":"Oversight role of the board","page_number":224,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"d906c5ec-d136-46da-9565-af3d23f15f2c","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":224,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"35f8417e-c66f-4592-abe0-96236f42bbaa","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":224,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"5e3f2c9f-ce1e-4c46-b438-35127e95f6a9","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":224,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"ce908f7b-7628-45dc-b6ee-b6bb4ee06474","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":224,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"a46cffe9-dd08-4158-a325-cdaad55066e5","block_type":"box","text":"long-term financial per formance.","page_number":224,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"ebfc8be0-c292-43e9-b4e5-3c3a5fa0d973","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":224,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"1c8bba08-bbe5-4934-be1a-0c19d73df254","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":224,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"2a8a57d8-7c16-4e09-bbe0-db9c0c18735a","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":224,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"321cf76f-a5c9-4cb0-ae31-6413f71eecac","block_type":"box","text":"the business environment in which a company is operating.","page_number":224,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"10d7376c-1b2f-4f12-b714-075f58aa337f","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":224,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"211846a1-0900-42dd-bc52-9068cf23c09d","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":224,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"c115bdd0-e984-4bba-90c6-6258bfee83ef","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":224,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"00641699-08ce-4148-aa29-8b362a6ee4e2","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":224,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"104b4f65-5d3c-4970-a77c-3f02aaa61e69","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":224,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"274615b3-3bb5-45e9-ba42-45babfc72ddb","block_type":"box","text":"mitigating such risks.","page_number":224,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"cf7c4cc0-0f01-4402-8c2b-010b4d0af14f","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":224,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"92cda875-eb53-4b14-98f4-3b01c05f2a65","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":224,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"073a2c58-63de-4c60-84f7-8bf10b2d1905","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":224,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"d3994579-6620-4fc7-9c94-a44920d7cff7","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":224,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"64f64bb3-8c7d-44d1-9fcb-fce9b8386b33","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":224,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"aae97898-d6a7-409b-89cc-11f98e0d236b","block_type":"box","text":"strategy.","page_number":224,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"10321cd9-05e5-4346-8406-4d554bf5335b","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":224,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"818aafc5-e558-46ec-b109-5b0e60465db6","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":224,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"b1863860-c1ca-422b-913c-f81b48e676a2","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":224,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"a096a423-448e-4285-9980-bfc193537034","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":224,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"9ba6585b-881a-482a-a102-9878876bf2c2","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":224,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"44796626-1dea-40b3-992c-569e5b97af53","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":224,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"83ce5e6f-2faf-4849-abd5-9779a5f561f1","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":224,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"5f4d34c7-7217-45a4-baf5-0e34b36c906e","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":224,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"05293119-1293-4b18-9a9d-9b01da80f588","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":224,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"33702baf-cf98-4beb-b235-ef23a7c1a118","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":224,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"8c1ba707-89b2-4fc7-b58b-ff849dac93ad","block_type":"box","text":"Regular accountability through director elections","page_number":224,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"73d97f23-3e35-4212-b627-bbd530720932","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":224,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"04bf05c8-2ab3-4f14-bb3d-ee0aeddd07af","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":224,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"bc464cf3-4e23-4fb7-8321-31ecd59c7eae","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":224,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"b1d87dad-f88b-4fe0-bcd1-12e145c7eef6","block_type":"box","text":"5","page_number":224,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"8a7b0674-05da-4004-9daa-8d7341843c69","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":224,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"00754335-35a1-43bc-9ebe-dca6e91e8e71","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":224,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"83d81232-d862-46bc-9f9f-45ea342297c6","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":224,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"5f09d51b-76e9-46dc-b300-676de1fc5350","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":224,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"72511b3d-fe40-445f-8b97-81b01da59660","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":224,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"17fe5e9f-5bac-4fc7-909f-bdd9bf12e978","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":224,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"a87037cc-6397-4b96-b5b7-c9f536a58cf7","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":224,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"cfdf77c5-f7ec-4fff-8884-69728e0fccc0","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":224,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"c1b0da5e-6444-47b4-952a-f752ddfdcd87","block_type":"box","text":"5","page_number":224,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"22702765-a7b2-4246-a588-584a5728aa5b","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":224,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"d1d105d5-aac0-4c1f-8f7e-dda7416cf08d","block_type":"box","text":"market regulation or voluntary best practice.","page_number":224,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"282e45f0-82ee-4477-9f1e-87a52c98da99","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"14cd4a7f-1f19-4763-b962-69da69883ee5","block_type":"box","text":"Global Principles | 5","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"8dc77bae-1eb4-4439-a2d6-2d06610bbe51","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d86cbf8c-398b-405a-a4f0-bf64d81ff4c8","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":225,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"3b69cc64-0479-4308-95c9-831cc29c7267","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":225,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"cd5eecd9-4080-4e71-a07c-3643a7812214","block_type":"box","text":"recently.","page_number":225,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"09df192e-d457-463b-8ef5-23f212b79eb5","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":225,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"ca8900fc-830f-4e30-8f8b-396ad3f85344","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":225,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"dbb38398-efce-40a0-acff-a54df8a6f771","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":225,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"86321395-8fbf-4404-b75e-95fb34f1b590","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":225,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"eb7b43a5-72ff-42d3-9846-ddf7824e63ad","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":225,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"434cf5fe-77ca-4d1a-952a-3fae84720ecc","block_type":"box","text":"Director independence","page_number":225,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"05afd4d9-4960-4fcd-9384-ffe984752a7d","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":225,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"6e1e9fcb-5dce-4d1b-b434-615eff6288b4","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":225,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"0312fdd4-f10d-488b-ab72-cfcfee962ce0","block_type":"box","text":"6","page_number":225,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"b1858a4f-e7a3-441d-94f2-6570abadd5d2","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":225,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"80daeebc-8f65-4e96-a879-addee9378897","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":225,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"95604bcf-4ffc-4269-a2d8-cdb8fc2b6af9","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":225,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"5e1b4d6c-ee6f-4703-9f52-391c267d4ba8","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":225,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"c4d06909-b948-443c-8bfd-07de8743ff08","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":225,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"9bfc4876-52d2-4970-ae77-12362d51e036","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"45cf07f2-ee8b-48e1-9a5f-91eeac9e3bde","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":225,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"43c4f8cd-5379-46d3-8f73-db941fd017d2","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"92c3d3f7-77d8-4bee-a5f3-5ff12f9b72a8","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":225,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"092fa4c7-8359-46af-a331-dc35d4763212","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"46e4a466-26ba-4fb6-a174-80cd4490f113","block_type":"box","text":"Interlocking directorates","page_number":225,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"ca8c3e97-90e9-4ea2-af14-ada612c68174","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"3679171b-3ac5-4447-b7b3-614c7180a2c8","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":225,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"9f4db260-52d5-4647-be8d-bb84303c842a","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":225,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"fbc5f0fe-975d-491c-bf19-8c3c4f7e0d46","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":225,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"a0d53725-cab4-46fc-8366-589aa1d7605c","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":225,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"990439db-8d8d-4ab4-8973-3fc6b46e0db0","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":225,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"b7827750-4645-4a14-a6bd-96cb98d22ce7","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":225,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"8c348704-b3c9-4701-9953-545ce8bfe979","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":225,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"5ed8e818-fcdc-492d-b11f-2101a5361784","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":225,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"f6b8b88e-f845-4171-bb7a-257ecf3ce89c","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":225,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"420f11bc-c129-4b63-a8b1-7d148e4abec8","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":225,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"4dec8081-3121-40cc-aae3-6db73ac427fa","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":225,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"591d04c7-16ba-49cc-88cb-521810b15b2f","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":225,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"e6faabf5-7424-4c95-b120-e1875a80671d","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":225,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"76ec7b8d-a5d8-412b-9654-cc5a6dd0c994","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":225,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"f3d969ad-9a18-4490-8902-ae14aa43f2e0","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":225,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"02b9a68f-0d35-4590-8942-9d70706775e9","block_type":"box","text":"Sufficient capacity","page_number":225,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"cae8de69-4cf4-442b-80fd-fe32c5972065","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":225,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"4706a29a-b5de-4cb9-a1a0-52a412c1e30b","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":225,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"9a313a35-6f02-41bc-8b46-ca527864baed","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":225,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"47a07d09-470c-4d57-9755-820c36b2b20e","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":225,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"eb9950bf-9729-4fd7-a6e3-1f9f32aaac10","block_type":"box","text":"Board composition","page_number":225,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"91a5f4cb-4ea5-46df-82e7-1078d12329cf","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":225,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"ffb9daf3-e718-41ed-90ab-1d30a999c0bf","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":225,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"2d7358c5-d1ed-4858-9b9c-140aa8f26770","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":225,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"a2e6da62-8fdb-46c4-82c2-1dbb3a4b2eff","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":225,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"40beaefa-4411-457b-a794-ec7af5d9343c","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":225,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"e534dd4d-0767-46e4-8e58-4c3182897df9","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":225,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"f9a02f81-7255-4cba-b1c6-46c9606bba5b","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":225,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"5700fb78-0f8a-4351-9019-0b5cf1d521a8","block_type":"box","text":"6","page_number":225,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"f1052b67-0cd7-4af9-a5a9-7214fb369e22","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":225,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"1b4225ad-17ec-4d5d-bcb5-bbd958877dcf","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":225,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"455d4157-4b11-45a6-a59b-dfcd33c03b2c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f7c77605-4d76-45d6-b9cf-ae0272a1e6d8","block_type":"box","text":"Global Principles | 6","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"24783af5-f44f-4490-9b49-210578f3f257","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57c8a4aa-24d2-4a16-9437-97277c436e48","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":226,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"c5d09f2e-dfcb-4010-b7a9-c0feb9f06274","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":226,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"1e2d81de-ca88-47e4-9f88-bbf5643e70ba","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":226,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"f030b82d-ff4b-4d29-a6c4-3c44f4f86d96","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":226,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"52d9c615-46b0-4236-86aa-6286d4fd53b0","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":226,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"efbb7d43-e76f-407a-8d8c-5bcfed469b49","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":226,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"c4956a69-7d21-407f-8c5c-05c16db7421f","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":226,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"379089f6-a217-45bb-9de9-cad91e4ad401","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":226,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"1f038143-62ca-4eb1-91b1-6247fa05a633","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":226,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"98f68b95-081f-4b41-ad2d-6b3a8957a7f0","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":226,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"3ab9770a-7f2e-472a-aa3c-2b5ef25919f3","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":226,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"24bd3c76-a740-40f1-914d-09c45e234706","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":226,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"ee0d8014-a7ba-4562-a82b-00cf62a44c00","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":226,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"31ab4d0f-0511-4788-893b-8f79525466b9","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":226,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"8a295a8a-be1f-44ce-a137-a297dddf8e2f","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":226,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"05505fe5-e4d5-4896-b446-c06372db4ae6","block_type":"box","text":"systems.","page_number":226,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"e68d2e17-4780-410d-b18e-e9221bf1fc55","block_type":"box","text":"7","page_number":226,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"e0a435a1-e0bd-432b-94f4-0e8b64e278a4","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":226,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"9130b5f1-5199-466a-a0ea-ebcc0acfddda","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":226,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"9f4f9238-155b-4498-97da-9bc0d6724916","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":226,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"a4a02676-cfa6-4660-9829-1f157b7bf751","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":226,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"f79c32a2-5ea3-49b7-a72a-343198cfb329","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":226,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"e266ab8b-1c26-413f-8151-07a543f5d3b5","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":226,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"7b88adc4-a9ff-4ac6-9d8f-5a22cb547f32","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":226,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"ff9f90cc-fdc7-429a-ad80-153a0b9771f9","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":226,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"5194b31d-ef03-4a79-9f3f-b9b9979e4333","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":226,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"45613e85-7cb0-4a1d-a97a-0f811add367c","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":226,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"f545d017-06b4-475a-bb4a-236940b30df0","block_type":"box","text":"or internal audit function.","page_number":226,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"fa35d118-c915-48ba-ba94-9824361150b2","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":226,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"9260cef1-d33d-40dc-8ff2-28cfbe270c08","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":226,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"9b0a09ca-b8e4-460d-b9c2-8332bcea88b0","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":226,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"30c03218-ffbf-4a0c-800b-acac43b71944","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":226,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"0ddb3c68-05f1-4313-b4f1-cfb0a1e49dd2","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":226,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"c8e7c625-890e-49b8-8e11-efaf3575dd67","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":226,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"bf3757b7-9483-4f68-9b3e-f98fc3c1e965","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":226,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"a4c4beaa-d433-4b20-b759-8a2425483f80","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":226,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"760eb6e8-eaab-4320-80f1-c56c3b0e58be","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":226,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"a5831892-e050-413c-8085-37cac08542b9","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":226,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"5d890af9-058e-42b3-b6a6-44dac5f8b26c","block_type":"box","text":"risk.","page_number":226,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"ce1d725c-efd4-43a1-9ca5-81c5a8328df8","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":226,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"f2100cc4-6574-4485-93f1-f9b2103d78c9","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":226,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"41fb937e-6eaf-488d-a711-e75ed20f857a","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":226,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"f49458fb-7f67-4a2c-bb8b-9f596fb4d60d","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":226,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"ab08c114-4f53-431b-85e5-e0fcf31659ac","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":226,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"86f12330-0064-4435-b901-0df943633414","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":226,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"3f89f684-0ff0-4c0f-abc0-954cbebc4c70","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":226,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"ce2076b0-65c9-443d-a0be-38b848774811","block_type":"box","text":"7","page_number":226,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"50516821-4b69-4c04-a013-f61e82d6aa5f","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":226,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"076bd119-6511-41c7-8848-0627062f8e76","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":226,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"3968427d-0d42-4c4e-a023-52521a9c8aae","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":226,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"96c2b1ae-2853-45eb-a6ac-0f7b66778ca9","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":226,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"28c05cab-1892-490d-93bf-6c869544911f","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":226,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"fd9b6b11-d899-4d38-97c8-ac0fc633232c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"398dc168-b89e-459a-ac6d-15d3f92a441a","block_type":"box","text":"Global Principles | 7","page_number":226,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"11d8494f-0059-4e67-9226-bbd47a1bba11","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f51c9f6b-698a-4e90-a14d-51977f1afcbe","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":227,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"60da7617-ffe2-48eb-b6ad-50593c8f957d","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":227,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"456c717f-a432-48f6-85bb-94d06e274b01","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":227,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"e061c7e4-ad5c-4297-babf-62b2dd51f378","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":227,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"abce002a-3b95-4943-ab2d-1f142c1fa5b6","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":227,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"0ba156e3-d4d0-493e-b6eb-7e05e4b34d0a","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":227,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"c6a197bb-8f0e-4794-9685-4cded0d5ed46","block_type":"box","text":"minimizing costs to shareholders.","page_number":227,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"cbf9f553-5308-47f4-837a-5ff06e97f4c4","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":227,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"c23c6d83-2b5d-4dad-aecf-1981b418488a","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":227,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"9b8f9fb4-fe23-4576-be37-07d654000e34","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":227,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"83193add-1f8a-47c2-bc3e-3cfd33d785ec","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":227,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"850498b0-2ad3-403f-bb91-b1dcb7eeaa2c","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":227,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"947f9a79-9daf-4b58-bcc9-c301acd43a5e","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":227,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"a38c15e7-fc87-4451-9ed0-e7474964af05","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":227,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"6b79a434-61a2-4c44-9b52-58629785b993","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":227,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"9b5d1207-2718-4db3-a6dd-f4c07b2c6003","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":227,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"1dd74712-415a-4b2e-bed6-04a274bf1e17","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":227,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"248092c8-31ee-4ea1-a808-220d2d088e65","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":227,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"c01925f5-016c-4584-b39a-55bd838891d6","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":227,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"364d6ea7-f5c6-4d29-ab97-d47c9bb64598","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":227,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"c0d4d95a-eb0a-4af7-b130-f7c062b12879","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":227,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"bd40de8b-396b-41bf-b123-66bb0f46f7de","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":227,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"cbd26075-ab8f-4acb-82eb-0bac58afb652","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":227,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"3546e457-8b55-45dd-a0b7-51e9efa3d611","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":227,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"da7abd57-6683-4d1f-8806-713b7a4b4f33","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":227,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"c4069b76-6837-46ba-a416-7899eb1dd787","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":227,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"d02042b4-4588-439d-b333-263e4a887641","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":227,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"69024faf-7608-4cd6-ba76-746503beaea6","block_type":"box","text":"ownership.","page_number":227,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"e0dfa7a9-d91f-4da0-8a48-97c86994019d","block_type":"box","text":"8","page_number":227,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"0ccd4c59-28b4-4479-9db5-dd293b41cb31","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":227,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"de96a063-3e26-46b6-a318-74815f237c3e","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":227,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"de14ec90-866e-4d22-bd78-d948f6c7bf4c","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":227,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"6b51c03c-71f5-474b-8ca9-123252b4638e","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":227,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"7f82fb08-c0ae-4490-a025-6f7589e9c6b6","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":227,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"3f5e698e-fb17-4616-9106-10d60e458885","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":227,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"78264691-f32e-46bd-a919-29ff58f88632","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":227,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"d50c88a3-b182-4d99-8352-312a24e5447d","block_type":"box","text":"results over a period of years.","page_number":227,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"1c96da15-c149-47c4-abd9-0bad87692354","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":227,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"5d1673d9-1f4b-43a6-9d1b-fa859c9619bd","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":227,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"3c10c9c5-9260-458d-9ee8-308b61694237","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":227,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"a76ce955-1b84-42e4-a540-28f4b99cbf32","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":227,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"910cbbb3-79fe-4f4d-87e0-c2a414c424c7","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":227,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"21d989e6-08a4-4d71-b263-48f143329992","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":227,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"1b4e1762-9ff1-4ca8-9471-b5d0808af60e","block_type":"box","text":"executive compensation strategies.","page_number":227,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"86ba1127-5ada-454f-86b2-f2eec7aab25f","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":227,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"8e2ba46a-f3cc-4d5b-8667-bb8a18ea6890","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":227,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"0985513a-46c3-4bee-9bff-3fdcd00d9e82","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":227,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"0500804f-28ee-4da4-a441-40689ec5ab37","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":227,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"92704d47-7822-41e1-ab00-1c79c96ae7ec","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":227,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"4734b5ea-08cb-458a-9d67-103ba2b713f1","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":227,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"956bf274-37c8-417b-b583-e669a8a325fa","block_type":"box","text":"8","page_number":227,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"ca83709d-a416-4e30-8a3d-1013f79e7000","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":227,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"fe220713-d867-44b5-acb6-f92ebafb674d","block_type":"box","text":"different markets.","page_number":227,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"3953a1f7-1f87-4360-aaa1-be5fde3f5796","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8bbffb0f-7538-415b-8513-d072a98c1dfc","block_type":"box","text":"Global Principles | 8","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"57715fc9-6696-4e24-b030-c170a516cdab","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a627d560-b049-457e-85fb-21d2bb1a834c","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":228,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"95642e55-389e-4b55-862b-a69a4d142746","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":228,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"bc2d594e-1a24-4737-afe9-fd93f96a1a38","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":228,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"3878eca0-32ee-49e5-b3b2-a0a58f55b3a6","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":228,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"d829348a-9878-4950-b366-a243113e6e42","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":228,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"4d67b011-eb80-4c39-864c-37c929215114","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":228,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"ee33921c-ed70-4e54-bfb2-550ca1734cec","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":228,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"ec4c2034-9c11-41e0-8984-da77a475cf5c","block_type":"box","text":"whom they are charged with overseeing.","page_number":228,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"ca05213c-fb02-4522-acad-596eaab15e53","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":228,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"8e4388d0-0a13-446a-81f4-c2e0fd3cc2bf","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":228,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"5ca886c8-455b-4c64-8463-34750b3a8a10","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":228,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"999247cb-660f-4e59-9af5-cb94dec327e7","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":228,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"16607119-4315-4e92-b098-856fe86d5056","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":228,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"b87e2204-1ae4-4e89-9789-8f01432bbbf6","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":228,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"b3d5672a-f278-4156-a77e-f7cc146b1bb8","block_type":"box","text":"structures.","page_number":228,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"192c7b49-0431-47db-9edf-10ad32889b37","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":228,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"831aaeaa-2603-4696-94b8-25a6e33c87ac","block_type":"box","text":"Corporate form","page_number":228,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"6278723f-bab5-4927-a177-6ab2fb92d859","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":228,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"b3af38c3-348d-46b3-88eb-7a8a7506cbf4","block_type":"box","text":"the company’s purpose and business model.","page_number":228,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"9614f68e-695e-4361-b910-4a87d0ad8644","block_type":"box","text":"9","page_number":228,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"c65edc33-e60d-47ca-9df5-49771a33375f","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":228,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"2426228e-8334-4d6d-af3e-935f8eaa71b6","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":228,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"4ab42000-8d93-4eed-9ea1-da413c53a419","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":228,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"53b5dcb0-b00e-40e0-9e54-a2d48176b61a","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":228,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"81e53755-430d-4c3c-921b-2d4c0dad57a8","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":228,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"f39b7544-31c9-473e-9337-046cf8919ed6","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":228,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"ddd4aa60-3cd9-47c7-8c30-2418b0f1e80b","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":228,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"2869c35b-307c-4291-8c54-9071171864b2","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":228,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"9fe7f934-7a0f-462e-8c6c-3c45d891839b","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":228,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"3434f585-9d88-4a6a-b26c-97c5cc51e7c0","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":228,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"b821a7c2-c794-4498-82c4-e535c9333d8a","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":228,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"735f5313-274f-40fe-a75e-a46c924864cc","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":228,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"dcde4adc-c438-4804-88b2-e1e333be84ba","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":228,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"a2d8fc12-b79f-4d56-bf6a-ce228b25dc81","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":228,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"5cade904-641a-4e94-9d32-1d6a7754e21e","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":228,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"6b020efb-c0e1-4a9b-a353-0489f99d1c0f","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":228,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"97aaa475-4787-4a29-b931-ae75584aac92","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":228,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"ed27d8d7-5c1f-4768-8599-a51bb987f3a9","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":228,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"451240d1-54ca-4604-8166-fddf563f863b","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":228,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"a2613c68-1bb3-400e-8f3a-9c986d633a27","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":228,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"8bf81302-d25f-4e10-a9b9-e19fa29dd5ba","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":228,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"9f62d9a9-fb53-4225-aa7e-6a999ec439c8","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":228,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"21173cf5-de96-4a34-a4f7-1877bb337e3a","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":228,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"c61577e8-9ef7-4792-a132-051841d32b43","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":228,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"4d91be55-34bf-4dbd-b1f4-54547fdc0e4a","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":228,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"a54d110e-a8e0-4d06-8c0a-3e01d0466584","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":228,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"f4f8f8d1-1e41-4876-b361-43d2609b6f86","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":228,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"b914ed89-5e27-4dbb-83db-9d850cc3aedd","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":228,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"00b1fdac-2137-4e97-9691-e2b1f207bccf","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":228,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"25eb3a7d-ea6a-470e-ac12-48ede1f62c4b","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":228,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"e2b8d6bd-ca11-45f7-baf5-2b61ce53e79e","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":228,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"69c6436c-416b-451e-ab40-b9211c0101c4","block_type":"box","text":"9","page_number":228,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"f68dc5dc-2f7d-42fa-b52e-ff1d3a2e851d","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":228,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"aaea15d3-6c89-452b-b0db-78b5f1600842","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9bfc5017-0096-4027-8ca9-c1b68478f587","block_type":"box","text":"Global Principles | 9","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"2b48e8e7-d797-47b4-a9ba-088985a9fc9e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d96f781-be3f-4707-bed0-5623df469bfd","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":229,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"e251f13a-3903-432b-a239-a7723af7e93d","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":229,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"65a05683-733b-4450-b885-1d13c1c65360","block_type":"box","text":"long-term financial interests.","page_number":229,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"d86ebfe7-6228-4abf-9d9c-8cb3c5900bdf","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":229,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"6b8c74d0-90cf-47b7-8014-ac438033be75","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":229,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"54ff1d70-3ad8-4f67-882f-20c812867d01","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":229,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"1b98b9ea-e07a-4a75-8cf8-6ae57f4a05de","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":229,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"ac57402e-3ded-41b0-9b35-54ce19bb8a32","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":229,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"69ec41b5-f86a-4626-99a8-8c471d31e182","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":229,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"30176184-9351-408a-8fde-1a53367faeee","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":229,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"8b2d54e1-484b-40d4-ba70-e8cccecf4de6","block_type":"box","text":"term financial value creation.","page_number":229,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"6f404873-2b0b-47e5-b8e9-273673e5c56d","block_type":"box","text":"10","page_number":229,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"492b5ade-c10c-4452-96e2-a558d484601d","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":229,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"e7968286-f8c7-48f0-9d5e-fccebcf2a70e","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":229,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"74c72ff2-1775-4108-be03-5110360b15e2","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":229,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"d0b73d99-8447-436f-bae1-ea09285d4728","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":229,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"befb2c12-266b-4797-8153-2bcd72c9108f","block_type":"box","text":"industry-specific metrics.","page_number":229,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"642019ea-3f4c-4c2c-8224-4d7c1b10b53c","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":229,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"d92b496c-da81-41f7-98cb-166931930b65","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":229,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"e1df2c56-0cf1-48a4-ad2c-2a3dfdf2fd09","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":229,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"af06ee5c-fb3a-40ac-b337-a5f983fa32f9","block_type":"box","text":"11","page_number":229,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"8602369d-a9ca-4e63-97a1-913d04c9dcaf","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":229,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"c6f3feeb-d86c-47c4-bd9d-6a4cc9c1489c","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":229,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"14664323-46e4-4426-ac43-404d77a9ca8f","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":229,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"a76f7d2c-83c0-4599-aa50-345c30c646bc","block_type":"box","text":"specific.","page_number":229,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"7e23888d-2552-4459-9dbd-fa293b3d7a27","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":229,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"4aef1ad4-5ac3-4b2f-8116-8d2dbc44e26a","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":229,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"bc113070-ae16-466a-b53f-96ab823e2852","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":229,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"70a7a542-e096-47d2-933a-1f34a5132dc5","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":229,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"0b6ddcaf-1b2d-41da-b22b-6cca8f3d80cd","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":229,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"de349197-15a2-4212-b60b-2d16c5f016bf","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":229,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"23534478-9ce1-4d9e-9e32-38324af16c46","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":229,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"fb7b758c-2f20-46e8-8389-fa5f355380ff","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":229,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"c9df5e3b-71fc-4a02-822a-6254890bd135","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":229,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"ab10ff0b-d2b8-4d56-905a-44973db6a588","block_type":"box","text":"10","page_number":229,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"bd7c32e2-e856-48d6-8d99-c88dfc0cb54a","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":229,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"23a7bf39-af04-43c5-8c9a-acf2d5ae38e4","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":229,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"d3ed4032-563c-4926-adcb-29185a7c4805","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":229,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"a2455e15-6d6c-4fc8-a7fe-fa54a97c4741","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":229,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"5f4775a8-f6ec-467d-bec3-59eafbf86069","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":229,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"63d06612-e7a0-4e1f-b117-654fb7f25919","block_type":"box","text":"11","page_number":229,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"9ee7bba5-3e09-4961-a22e-a186663f9733","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":229,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"f5d6bd9d-70d0-496e-94a7-3a8ce4c4b8fa","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":229,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"dc329645-0611-4d08-a2f0-4ac7961f10b2","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":229,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"0983ea67-b071-46ef-94e6-4975884d9aa8","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":229,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"3d10c2c2-b8a3-438a-a85f-52b31e87f140","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":229,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"1cc0dbbe-ec2c-4f70-b1b6-50ee48e371f8","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":229,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"5d7a745d-f1a1-4a47-bc4d-afb047b8fa9f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f4b8c26e-855b-400f-acf9-43ca1611d26e","block_type":"box","text":"Global Principles | 10","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"fce2fca7-0cb1-444e-b174-9f2cb6872229","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0ab31f1-26d1-4816-901b-1465b5f8a645","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":230,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"090c28e8-df81-4d6e-92d1-1977c3373740","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":230,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"19e8bc68-d774-49b1-93f9-0e0ebd3f4a56","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":230,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"34e6a9da-62e3-4999-9e33-6e5714581332","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":230,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"97eadd42-b66c-48cc-a5b6-2933deb0fc4b","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":230,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"a480189b-128d-42a8-9769-0ad0900e5f11","block_type":"box","text":"12, 13","page_number":230,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"058d4d35-4551-49e9-b25d-11915cc05b05","block_type":"box","text":"From company disclosures and","page_number":230,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"2504ae5d-c222-4d8a-8769-10dc3d1a1d8b","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":230,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"98ed73bc-56b8-4f87-8436-cb63ae9ce236","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":230,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"015fdd07-668c-460a-8998-53b3abb7fc38","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":230,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"4b5991d4-3035-466a-b25b-89a2eb9f2b94","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":230,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"c0cd2e70-722e-4cac-af7e-dfedc61125c6","block_type":"box","text":"viewed as best practice in the market.","page_number":230,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"28a100fd-f664-4c4c-afee-7a4acfae391a","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":230,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"ce0d9df0-cbe8-4353-96ac-e8cf627e7ee5","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":230,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"fad4b5aa-75a0-4eb1-8976-c060dc071e3e","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":230,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"256fe3a3-d70d-4a55-a7e5-6b253f06fb01","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":230,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"3fab46cb-7af7-46ab-932c-ff95c0adc5c1","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":230,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"fb3e5dd5-1c5b-496a-b171-848b9a132bd8","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":230,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"669ea5c2-8ddc-42df-9276-4159ff48308f","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":230,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"ac226c72-97c0-482b-8567-9c381269f36d","block_type":"box","text":"interests of their investors.","page_number":230,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"0e44c1a7-8825-48ec-9be2-bca010ae9c32","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":230,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"954eb9e3-74fb-4b43-923d-bad4db9989d8","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":230,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"2ede7a28-64b8-435f-b28e-9c97a1feda53","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":230,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"ad2f8952-ca9f-483f-9aeb-829765fbabce","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":230,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"2f07dc15-5ffd-4d69-a072-bb7e7d664877","block_type":"box","text":"good-faith basis as methodology develops.","page_number":230,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"858d9a7a-c36a-44b7-a3b8-a3d6f2c71acd","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":230,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"501b05c0-d169-4fff-853c-c35e619693fc","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":230,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"257eb00a-dc28-4a62-98e6-77a218d38ff7","block_type":"box","text":"generate long-term financial returns.","page_number":230,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"53f985a5-a46b-4111-93f6-8e4e4b47a684","block_type":"box","text":"14","page_number":230,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"16302d7d-8ce4-40a9-8046-10efe559e27a","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":230,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"20a8b3b3-3736-412c-b573-052b02eddeb7","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":230,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"eff6f54d-4d27-4776-a453-3147732a9ad5","block_type":"box","text":"15","page_number":230,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"5318923a-3901-4ee0-8065-ffacbce9746c","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":230,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"9b81ef14-0e40-4410-8d29-f4b112fc8a7f","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":230,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"63456285-fed7-4d15-80ea-454ad4e6f2a3","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":230,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"b267ba19-e93c-4078-8cee-d572bff1a799","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":230,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"ed78d7b3-e0af-4ba9-989b-d985906f7439","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":230,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"95a26d82-f28e-4295-9cc9-7bf81b857144","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":230,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"aba64086-8190-407d-90e0-15797a7e933e","block_type":"box","text":"12","page_number":230,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"5c152001-fff8-4e73-90ff-263ce95a4298","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":230,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"1752d09b-490d-4978-8810-5d609a685696","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":230,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"7a71542a-11e4-460f-ad91-0c0a8dd7459a","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":230,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"7ce1ba62-0a9f-4f5c-9fdc-60d061ba1929","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":230,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"c6485154-8791-4000-b286-6249cbed1a2c","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":230,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"0152bf03-634f-4269-b54a-69478d773f24","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":230,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"762217db-e7b4-4f83-9847-3347114a2d11","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":230,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"ca056edb-37f4-4b99-b93c-a551ff3a2471","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":230,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"ea9b04a0-e098-4182-ab37-4631102ebcf2","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":230,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"16b64a8d-2923-4d3e-b363-b6eb596d469c","block_type":"box","text":"13","page_number":230,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"5241763d-d90e-4097-a987-99e7f0fb8ea1","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":230,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"19d58009-1c9e-4105-a82a-ac2a97e7e4e3","block_type":"box","text":"2025.","page_number":230,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"ff7f863d-2c64-4ba0-8434-68d5b159888f","block_type":"box","text":"14","page_number":230,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"ece62e49-427e-444e-aabb-27d72b43b64c","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":230,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"296716aa-3062-4fc4-89e9-3c71a56f401e","block_type":"box","text":"2025.","page_number":230,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"ac81256d-b963-450a-a558-d46734379b23","block_type":"box","text":"15","page_number":230,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"418ce124-3d9f-4f52-84e3-5abe9ac8d4d5","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":230,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"59de56fb-9b2f-4c6e-850b-ee201d7b6830","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":230,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"b2c9d9d3-01d3-4ae8-9050-3d892d4f0cef","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":230,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"a831328e-55a4-421b-89bd-97ea89dd7756","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":230,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"0723c60b-5874-4d11-8024-98782f99cf3f","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":230,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"e0c802f4-a609-415d-be3e-d3399163a385","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7915c0a4-6562-40bb-b83d-8bb677bdbeac","block_type":"box","text":"Global Principles | 11","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"74c071a9-0528-458d-868a-13e14096e164","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5f9b8fe-c0af-4c8c-8814-c2bcdb273398","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":231,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"9c20d5a0-e07c-4832-8e5c-33f7aba7a8f9","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":231,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"89907ea4-7a31-409f-bc03-a9aa1c200120","block_type":"box","text":"16","page_number":231,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"d39463b9-cf5f-453b-920c-b638174cfc9c","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":231,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"ce275860-8e0f-4b6e-a217-58ea395f77ae","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":231,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"dba4ac5f-8753-4ca8-abee-2622946b8595","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":231,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"64427484-01e6-4bad-9230-e8af329f99f0","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":231,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"9b36bbe5-8f09-4210-b841-d4fdded89741","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":231,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"5d337887-6ba6-4cc6-aaa6-a5423641f373","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":231,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"a9835f12-bcdc-4ec7-8ff9-5a37ff9c309e","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":231,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"8e7ce893-d89f-4b86-b2c7-54f041459ac9","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":231,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"0a5580dd-19b2-4591-8b80-a91728006196","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":231,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"ffed02b0-db6b-4a13-9f4e-429d1cb044f1","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":231,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"be4b919d-85b8-43db-93ee-b13eab93db97","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":231,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"a478a63a-3082-4904-8987-5229dd2ee5bb","block_type":"box","text":"impacts.","page_number":231,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"a0d904fc-4c39-43ff-a825-99f3cca8ab53","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":231,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"d392000c-8fff-4e79-9e59-da28098f8782","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":231,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"5e0b287c-8712-4ef5-b885-f39b8cd40745","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":231,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"b4f706a1-0a7f-4b5f-a4ae-84996f5718b8","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":231,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"1907cf3c-27cf-49aa-a109-bb8cfd1fbbe9","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":231,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"6d391344-5846-4125-9d68-8cb6c52a736b","block_type":"box","text":"clients at the global and regional level.","page_number":231,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"5827aa1e-12d9-4eba-b9a7-8eefa96b6963","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":231,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"c250a9e1-ac3e-412b-9f95-37f68718adcf","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":231,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"48c40a8d-c930-4cf6-9b38-958d13dded7d","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":231,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"44dd4d81-c778-42ad-b6a7-dade2e0b05a3","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":231,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"03884a10-f395-4f35-bf8e-5179600f62c7","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":231,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"06266d61-dddf-4e0e-8a8f-05a6eb24a99e","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":231,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"32ea123f-5fdc-4992-a388-f72dac82be45","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":231,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"95078e9b-49ba-4290-a9ab-a89ea8397411","block_type":"box","text":"are independent from the investment stewardship function.","page_number":231,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"47a3a634-a04f-4248-9eca-6e39cc81bed3","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":231,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"6e88b6aa-3359-4c27-86d9-d564fc015acc","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":231,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"a3287509-4e97-431f-ba7a-84da8a455580","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":231,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"db87df81-588d-4249-b37a-9e6908006c9b","block_type":"box","text":"VOTE EXECUTION","page_number":231,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"9db1e9c3-58cb-41f7-b9f0-8e37cf0d9b87","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":231,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"c18baf8a-b0a8-4b7d-b1bc-2a9393f06247","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":231,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"9ba6f2df-8af4-4755-9c27-ff546c7f8faf","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":231,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"3b509cd1-88f3-4902-88a0-6a84741f87c7","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":231,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"0c9d67f1-deca-472b-b1cd-7b28c21ea20b","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":231,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"f423a11f-f82f-47b1-ad3a-21565147d396","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":231,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"be243996-0dda-41ed-8df3-7a396a56c978","block_type":"box","text":"management policies and procedures,” below).","page_number":231,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"d328520e-76fd-4f26-8aba-fa97258533ec","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":231,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"8c8945a3-e557-455e-a064-0c10550d7d4c","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":231,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"f20a9c12-176b-446e-b251-5dc0339cdbd6","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":231,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"0fd9ade7-ac27-4be0-9b3f-875edf27cfea","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":231,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"b23bc4a2-3061-4a88-8f34-3c3fdc806e38","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":231,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"f1033f64-98ad-4f12-a043-a91624ed704f","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":231,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"dc6019cc-7af7-4593-b9e9-1ccd452c7c9e","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":231,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"95f06c4e-8659-42f6-a1d8-0d7d204426c6","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":231,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"c6d23ae9-98a2-4e0c-a582-a61ca6c2348d","block_type":"box","text":"16","page_number":231,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"4606bc15-3526-42ea-b961-ebe1b3f1fda5","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":231,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"86954871-e7e5-4793-935b-fd27645eb9b2","block_type":"box","text":"December 2025.","page_number":231,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"c8c2ae2c-f9c1-4ca8-8446-795d59a3a912","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c2bb99e9-a385-46ae-8f63-f224cf78d318","block_type":"box","text":"Global Principles | 12","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"23d839dc-620f-4ef8-89b3-71ec1cdbde4e","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59acb7c8-d664-4bdc-a3ca-08823f096e37","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":232,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"95cc5001-c24c-44cf-a06e-dd03d90fd77b","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":232,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"fe66c941-17f5-424c-ac18-ff565a8ebe3b","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":232,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"88a1cf5f-6638-44eb-a4db-2d6e3da5342f","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":232,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"f14161ec-edf0-4ccd-a6ee-cec225d3478b","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":232,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"6b72095a-22b1-409d-a218-c4c4fe350390","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":232,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"8ec383a8-a866-4da3-826b-93b23eb863ca","block_type":"box","text":"enterprise-level vendor management activities.","page_number":232,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"29ae4956-b90b-4bba-9823-f3112d2591c4","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":232,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"32684507-5f3d-49cf-8a30-d555800b0cc3","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":232,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"82b5e848-bae8-4d4e-b766-889539c52167","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":232,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"4c44900d-2698-44be-b030-77892b1fe6a1","block_type":"box","text":"BlackRock employees.","page_number":232,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"16abda34-b43a-40df-8c3a-e89f9d2ff505","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":232,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"2edc3c0e-6961-4a82-8030-b98866f77230","block_type":"box","text":"SECURITIES LENDING","page_number":232,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"f44faab8-758d-4c5d-8f40-31d693c4d7cc","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":232,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"f9607fd9-53db-42a6-b0b2-9765bdceff5a","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":232,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"f9cd3884-429f-4840-9834-6cd342abd1fa","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":232,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"b1406a19-071e-4cf3-80ed-613cb3878608","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":232,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"d8a0610c-d3be-4351-bcb9-f6061097bcbd","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":232,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"f689d586-d922-47a4-9ad7-e98e6a7a0d1c","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":232,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"83295add-7fad-4c57-9d14-a424c8bfb729","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":232,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"8c13eeda-be8b-4869-aac2-b9bf638d3506","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":232,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"704efb4e-a9b3-488d-a0ed-b529c4439674","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":232,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"90dbd249-0cf3-4b8a-99f1-8528c374199c","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":232,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"5b35b7cc-6f8f-47d3-9a8c-37b3bad2ddfb","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":232,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"406fa931-7ea5-48f7-be0b-ed3e2cab0376","block_type":"box","text":"of recall consideration).","page_number":232,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"a0912611-f73d-459a-8e53-f084b48de4d1","block_type":"box","text":"17","page_number":232,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"8493401c-e562-416e-bdb7-df97bd9696c5","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":232,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"5045f2e9-915f-413c-a58a-f57c4812360e","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":232,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"9affcb1b-3438-472b-a8e2-2e4550057eaa","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":232,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"2ecc7b24-ed12-42c7-a529-71c05111bf38","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":232,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"70b7fdf2-edb2-4ac4-a45c-369bb54b5fda","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":232,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"c0092406-0db5-48e1-99d9-4d895f29aa4e","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. 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In the U.S., for example, the record","page_number":232,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"af958c5b-243d-4000-b263-e0f34a954cb4","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":232,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"103756b4-8861-498a-b550-527c87a5cf63","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":232,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"5ed52fd3-1ed5-4f2b-a050-091aeb4f72f7","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. 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BIS does this through:","page_number":235,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"620dde3c-a252-47f8-be00-9c2bc506ddf9","block_type":"box","text":"1.","page_number":235,"box":{"x":70,"y":171,"width":11,"height":9}},{"id":"444d77e1-dddb-4d1d-9d83-dc47149b5b27","block_type":"box","text":"Engaging with the boards and management of companies","page_number":235,"box":{"x":102,"y":171,"width":418,"height":11}},{"id":"7e1df466-cd6a-49f4-9d96-6d5199ed17f1","block_type":"box","text":"in which clients are invested to deepen our","page_number":235,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"1d232d79-a910-4253-8f8a-2571a1c7cb8e","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":235,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"1fe89ec3-d921-4eb9-bf83-d7db2b8c4d16","block_type":"box","text":"oppor tunities over time, and to help inform our voting on behalf of 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They also incorporate the more ambitious","page_number":235,"box":{"x":69,"y":594,"width":834,"height":11}},{"id":"5166d9fe-aa1b-4e5b-81b9-9c021e503f37","block_type":"box","text":"goal of the Paris Agreement - namely to limit average global temperature rise to 1.5°C above pre-industrial levels.","page_number":235,"box":{"x":68,"y":609,"width":806,"height":11}},{"id":"78cb8468-9dc5-4047-ba38-db9bfe544bb1","block_type":"box","text":"6","page_number":235,"box":{"x":876,"y":609,"width":4,"height":5}},{"id":"52f6e06d-41fb-422b-bf3e-9fc28a113e57","block_type":"box","text":"The Guidelines apply primarily to companies in sectors that play an impor tant role in the transition to a low","page_number":235,"box":{"x":101,"y":632,"width":766,"height":11}},{"id":"6400eac2-552a-41d5-9169-02f1ff0fa834","block_type":"box","text":"carbon economy. This includes companies which produce goods and services that contribute to real world","page_number":235,"box":{"x":69,"y":647,"width":753,"height":11}},{"id":"4d45f8db-fae4-4368-a758-4aec43fc61c2","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":235,"box":{"x":69,"y":662,"width":836,"height":11}},{"id":"fa6b7a50-a712-4f01-83ac-fb8709f1b41b","block_type":"box","text":"1","page_number":235,"box":{"x":69,"y":692,"width":4,"height":4}},{"id":"9b675d5f-aec9-479c-95da-eecd6355f8c7","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":235,"box":{"x":79,"y":691,"width":790,"height":11}},{"id":"a29d83cd-b900-4da4-bc70-a12110be274c","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":235,"box":{"x":69,"y":706,"width":836,"height":12}},{"id":"925c5c7a-7781-4c77-86de-507cb147f5f7","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":235,"box":{"x":68,"y":721,"width":805,"height":12}},{"id":"cc37c48f-bbf6-4819-b38b-82f63c0ba0a7","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":235,"box":{"x":69,"y":737,"width":405,"height":11}},{"id":"d32cb72e-28c2-4f0f-8bbb-9ad520654270","block_type":"box","text":"2","page_number":235,"box":{"x":69,"y":755,"width":4,"height":4}},{"id":"353bbf44-9176-44e6-a052-565cb50c9c06","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":235,"box":{"x":79,"y":754,"width":780,"height":11}},{"id":"3ba5b61c-5e7d-4d09-a702-52255dea75b5","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":235,"box":{"x":69,"y":770,"width":793,"height":11}},{"id":"96cc6a0a-7b96-434a-918f-2281b3608610","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":235,"box":{"x":69,"y":784,"width":820,"height":12}},{"id":"9fbafb6b-3ec0-4353-9473-80ef238c1685","block_type":"box","text":"commitment to offer clients choice.","page_number":235,"box":{"x":69,"y":799,"width":252,"height":10}},{"id":"8c78c82f-8bc4-457e-b0d0-d6e72ec59ef2","block_type":"box","text":"3","page_number":235,"box":{"x":69,"y":818,"width":4,"height":4}},{"id":"96347e3c-a27d-4eb3-a4f7-b3c90af1ae88","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these Guidelines are explained in","page_number":235,"box":{"x":79,"y":817,"width":788,"height":11}},{"id":"64882ad6-35cc-4e4d-b9b1-a249490f54dd","block_type":"box","text":"appendix 1.","page_number":235,"box":{"x":69,"y":833,"width":81,"height":10}},{"id":"a5f61045-0f16-4962-aa96-e0825071ae60","block_type":"box","text":"4","page_number":235,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"8d185349-b39c-4221-96eb-bac78c9279ab","block_type":"box","text":"Includes a select group of our largest client relationships. Net zero commitments are sourced from respective","page_number":235,"box":{"x":79,"y":850,"width":782,"height":11}},{"id":"e9007e08-efb6-4c70-8345-d0b035342459","block_type":"box","text":"company websites, as of January 2025.","page_number":235,"box":{"x":69,"y":865,"width":284,"height":11}},{"id":"335fedd0-4c5a-404b-97eb-52a3b9b7bea0","block_type":"box","text":"5","page_number":235,"box":{"x":69,"y":883,"width":4,"height":5}},{"id":"0c80201e-8d15-4a23-9023-6e15b31b2640","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":235,"box":{"x":78,"y":883,"width":401,"height":11}},{"id":"cccef237-d7a0-455c-925d-ed198b91a83f","block_type":"box","text":"6","page_number":235,"box":{"x":69,"y":901,"width":4,"height":4}},{"id":"abb1430b-a15c-4a0d-9d1e-9de5209a2a75","block_type":"box","text":"United Nations Climate Change, “The Paris Agreement,” accessed in December 2025.","page_number":235,"box":{"x":79,"y":900,"width":614,"height":12}},{"id":"5139cdad-ce68-4426-8c43-70caf2f2d820","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7176ab6c-e919-4e69-a153-6b358db66558","block_type":"box","text":"par ticularly those representing the major sources of scopes 1, 2, and 3 greenhouse gas (GHG) emissions across","page_number":236,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"165ddd62-6034-4f39-a468-019f9c7fd685","block_type":"box","text":"companies held by in-scope funds and accounts that have selected the Guidelines.","page_number":236,"box":{"x":69,"y":60,"width":590,"height":11}},{"id":"128ba476-b040-49df-8e97-7773bec1c204","block_type":"box","text":"7","page_number":236,"box":{"x":661,"y":60,"width":4,"height":5}},{"id":"df37a757-e106-4e39-9356-a5ef4363cdcb","block_type":"box","text":"For companies and matters not related to climate and transition risks, the dedicated team follows BIS’","page_number":236,"box":{"x":102,"y":82,"width":731,"height":11}},{"id":"0c5c3bb7-6435-4f3a-9dd7-228c7bf1de75","block_type":"box","text":"Benchmark Policies.","page_number":236,"box":{"x":70,"y":98,"width":141,"height":9}},{"id":"4a652c35-2e8c-4cae-a753-672030ad7891","block_type":"box","text":"8","page_number":236,"box":{"x":213,"y":98,"width":4,"height":4}},{"id":"05058a40-84ec-4503-8d94-bc5325036ab1","block_type":"box","text":"In addition, for clients who do not direct BlackRock to prioritize climate risks and","page_number":236,"box":{"x":224,"y":98,"width":572,"height":11}},{"id":"c446022d-a7da-486d-b46c-323de7a36dad","block_type":"box","text":"decarbonization as an investment objective, BIS under takes our stewardship responsibilities in line with our","page_number":236,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"b7600533-8875-4e63-abe7-32b50137885b","block_type":"box","text":"Benchmark Policies, with a sole focus on advancing those clients’ long-term financial interests. 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As","page_number":237,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"45df9904-506a-4982-9848-cd24a428c21a","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":237,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"3fe784fe-adfa-4ec7-8bfe-1872d53d57c8","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":237,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"f7f70e33-b8d9-4065-b91a-401893a471c1","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":237,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"f971c7b8-c7e5-4eb7-b9e6-f1adc37c489a","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":237,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"c62e60a8-8995-4e2f-90d8-9dda7189644e","block_type":"box","text":"Corporate Disclosures","page_number":237,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"583698cd-d6b8-4171-bcb1-f3bd58857d64","block_type":"box","text":"13","page_number":237,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"4365c5e0-b3a0-490d-a115-70113ea8cdc1","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":237,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"e009b4d8-19cd-4f01-8841-a422921d3701","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. 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In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":237,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"6d77f13c-076c-4f78-9c51-2ba5ab78ccd2","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":237,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"7be552bd-ab84-45a0-9ed1-13d609e94f59","block_type":"box","text":"14","page_number":237,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"916d2bce-2a23-4c7d-b405-a10bdfa52354","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":237,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"d348e763-246b-45e3-a545-8c49a47de6a2","block_type":"box","text":"(IFRS) Foundation. 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Please refer to the IFRS website to learn more about the framework and standards S1","page_number":237,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"18daaf34-b5e6-4c7d-b472-89e47103b807","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":237,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"1a101186-277a-4bea-be16-5884bfc71b03","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":237,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"25cf0225-4840-4636-878f-e1f3ec220555","block_type":"box","text":"15","page_number":237,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"265e99db-5c67-4689-b3af-e45b0ee5fe23","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":237,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"eec6312c-f6f8-4dab-be41-7b8b9307e6fc","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":237,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"2af79fbe-1a85-4ad2-9506-b5c3384efe38","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":237,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"6265942e-9492-4b65-926f-a32545925da7","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":237,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"5d183b9b-48b2-4942-abf0-408d57655322","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":237,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"685e4df4-1fd8-4a9a-8b55-f2d98a0dfc3a","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7442ddba-6584-4b7e-b115-8cf2f44bce89","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":238,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"effc3aba-a38e-4a2a-9896-09eaf2d2343b","block_type":"box","text":"16, 17","page_number":238,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"9d5f64bb-d319-41bd-a5d2-6034fce9f702","block_type":"box","text":"In addition, the dedicated team looks to","page_number":238,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"8aeb732f-62cc-4c54-be8b-5bfd70f095ec","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":238,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"9c6cec1e-a240-48c0-b077-171df48d1e80","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":238,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"6280daf8-0368-4311-b9cc-062cbeb40378","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":238,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"cd6d4ed6-9d77-46d3-b0d6-d1e6c67ad616","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":238,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"0d2ba30a-2cf2-4c57-9638-f4bbf251614e","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":238,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"ea2eb360-6a66-4dd1-833f-8763aa543f0f","block_type":"box","text":"18","page_number":238,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"098d6da4-92d8-43f8-98c1-ed3dc99121f6","block_type":"box","text":"However,","page_number":238,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"e5431740-0b3b-49ea-881a-40c407908040","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":238,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"e60f56cc-5b44-4826-adb9-5255f1df8e6f","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":238,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"33d0e125-6310-4efe-a18a-7c4700ba0a83","block_type":"box","text":"their decarbonization targets. For some companies that play an impor tant role in the low-carbon transition, scope","page_number":238,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"e38fa35b-a17b-4765-ac43-853f26d5ebdd","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":238,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"ab728690-8796-4bd6-b30a-077fcc8283e9","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":238,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"c133057e-6d26-4922-8a03-46c119e1a5f4","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":238,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"202f0ce3-7eb6-4956-a35f-7bffcce233c3","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":238,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"e2c3862c-d620-4b98-a027-7355178655c0","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":238,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"ded6b5f3-7b85-4efd-bebf-04fa13b48963","block_type":"box","text":"transition risks.","page_number":238,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"9bbcaaca-f334-4f6c-82e1-30c598293f10","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":238,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"8df36d94-040f-4d7b-92e4-4d1879dacf9f","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":238,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"b81d49a6-204e-4ca9-8276-32458d0cb41e","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":238,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"490ada55-bf18-41b1-9147-34c008405555","block_type":"box","text":"Transition plans","page_number":238,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"85881d8d-835a-4c93-a053-dc924590cbe3","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":238,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"f5f1b93e-fecd-4819-886d-64ebe88952e2","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":238,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"e513844b-4d2b-4311-8273-605e6bed2af5","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":238,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"f028c1cd-a4d9-4470-9b9b-86d619022d55","block_type":"box","text":"(see Appendix 1).","page_number":238,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"59847d2a-08fc-4b10-b24d-2c7fd7757371","block_type":"box","text":"19","page_number":238,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"7150c9e4-d97a-4029-9305-52a6ab88401f","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":238,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"76bcc6a0-dcf2-48ca-982d-142ea65a66ad","block_type":"box","text":"transition plans.","page_number":238,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"0d1c54f5-3195-4b9b-90a6-ec7303af9405","block_type":"box","text":"20","page_number":238,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"77adecb8-1164-4a5c-bfe3-9e28f94b779a","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":238,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"a1f80385-1209-473e-8e34-5cfe38ca327a","block_type":"box","text":"repor ting approaches.","page_number":238,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"3dc7d560-6cfb-482d-929c-886e52dc03ce","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":238,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"709a2543-712f-41b6-8f0b-70115dc6056e","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":238,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"8d14a814-f29f-4b87-94e7-0386d1e64c5b","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":238,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"938bd99b-b400-4880-91dc-b38b4806a8c2","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":238,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"406deeb5-3b9e-4840-bc6f-08b117044a65","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":238,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"44ae2e15-b090-4a64-8302-64f972da7c74","block_type":"box","text":"informed voting decisions.","page_number":238,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"d52b5160-917b-4423-b4ef-e04bc1e6184c","block_type":"box","text":"16","page_number":238,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"dd9426b0-75ee-4c40-9973-bea275eb7b95","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":238,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"6b70cd2b-173f-4f55-8b43-b36039255e7a","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":238,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"2e1aa37a-022e-4791-97c1-85e16a24b950","block_type":"box","text":"December 2025.","page_number":238,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"afd205dc-0caf-46d1-a9dc-26e76bf65936","block_type":"box","text":"17","page_number":238,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"a98116f6-ee55-409a-83e6-4443ecf5b5f2","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":238,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"f8dceb02-d7ae-4df7-a138-f7334b5909f7","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":238,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"550fdba0-fd8c-4353-81f9-a38ff928d213","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":238,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"a3f29b83-de4d-46ba-b8c5-6c31f46ec495","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":238,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"bbf829c5-de03-4eaa-9143-f6e07412e5e7","block_type":"box","text":"18","page_number":238,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"921ae837-1b44-4df8-9adf-73ecdc544973","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":238,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"75d416b6-3056-4f90-9b85-8e65e3518ad2","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":238,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"37dfe02b-2019-4349-839c-8139c472ac5c","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":238,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"6eaac0e7-441d-43bc-9faf-d70d34ffcf12","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":238,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"327208c1-8ada-48b3-87c3-e292654f6506","block_type":"box","text":"material to their business models.","page_number":238,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"d9e1ce65-fb43-4d3d-8216-64a908d4f898","block_type":"box","text":"19","page_number":238,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"31060ee1-623c-44c4-9e4f-47045f124096","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":238,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"218418b5-8901-4151-a5a8-cfcec43c128a","block_type":"box","text":"December 2025.","page_number":238,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"1020ee10-a795-427a-9c63-bf00d2d3c7cf","block_type":"box","text":"20","page_number":238,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"47841811-1a66-4677-bd89-7d933afe6401","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":238,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"52a42b9d-db9d-487b-a9ea-43877a49d69f","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":238,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"fca2deda-4690-4dad-8da9-27a973600d88","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":238,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"6d0bf1ab-4ff7-435c-9444-6c0f8b6fe662","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":238,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"4b20fb85-2777-4dda-ab96-90b1298cd704","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":238,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"7dd4d355-92a1-4fcd-b441-c62676ccf05c","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Generally, voting on these matters would","page_number":240,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"f20c269d-931b-4e36-b134-edb2d974194f","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":240,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"270da7de-77af-4e52-bfe3-90522360e985","block_type":"box","text":"Executive compensation","page_number":240,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"5ea00ead-619a-419b-b567-ff9a8fc0955b","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":240,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"218bd05c-79c4-4c74-b691-8c46ecbe74b5","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":240,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"1f33d84b-72ae-4b67-8c28-c7749886fd12","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":240,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"a85791e2-a66d-4e4a-bd4f-d580107a6695","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":240,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"a7308e7a-bdb7-493a-ba2e-406a7c672973","block_type":"box","text":"24","page_number":240,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"7ea9e50b-fd41-40b9-b3f0-d0aea00543b4","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":240,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"d5220b45-66d5-49c8-a371-3d2acc381720","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":240,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"f4c22da6-1833-4d5d-a838-1831ed256763","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":240,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"3e274079-ead7-4dc8-896b-fd542f21dbf4","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":240,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"8cd40e39-9993-41f2-b693-e539b5b88801","block_type":"box","text":"25","page_number":240,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"b14d3974-db89-43e1-b154-c1e9ef234d66","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":240,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"73b95502-e088-469f-acb9-8b2c7d5ed427","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":240,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"f54a3340-9a23-4d56-81fb-e2bd9094a778","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5bfb897e-f094-4822-8e25-f57666238fec","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":241,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"1747e347-209a-4e03-81bf-d0c5b289fea2","block_type":"box","text":"strategy and risk management.","page_number":241,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"90ff68b3-171b-4e55-b48a-515239c67a9d","block_type":"box","text":"Auditors and audit-related issues","page_number":241,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"678c754a-1eeb-4d04-a585-d12442665e4f","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":241,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"28e42c1a-5f76-45db-be4b-e576e543b55f","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":241,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"97e10c80-9bda-4446-ba62-a91f5f8ccb29","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":241,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"bb74e144-5d83-4d1e-a1bc-c2add9d198e0","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":241,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"a2670fc8-ccea-47c0-a711-9e11d599182c","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":241,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"619111f5-52f2-4e09-a90c-a3091465ac93","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":241,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"8b12a4b0-077c-4c64-a174-7b7f7aafa841","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":241,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"5c514917-5c65-4636-85d7-65edf5decc29","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":241,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"d32dbc4b-cbc8-4ee0-ab5a-8f78b8c61eaf","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":241,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"30f262c6-d6a9-4cdd-8011-47a7017b7a8d","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":241,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"468e9b35-7c1c-4870-b065-7fd9cdcf4b76","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":241,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"799019b3-0306-448d-995f-b63d974c8e3d","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":241,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"cc63b437-e452-4ba6-9af4-11aacb8006f7","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":241,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"28513a3c-7981-4028-80f8-8289a8ee7a58","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":241,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"a1afb756-63dd-498a-8e2f-9eb73b097c4d","block_type":"box","text":"stakeholders.","page_number":241,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"ceac4ca4-a5e4-45a9-a41b-93a44ccdd088","block_type":"box","text":"26","page_number":241,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"35ea68c3-6860-4a83-a27a-ea9e89e8f063","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":241,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"f15f21e3-e786-48a8-8bed-6c8b76d4a2b4","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":241,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"bf24c911-4a85-4bca-9257-62c09429d477","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":241,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"ebce8580-bda5-4eb6-ab5b-26c1100307bb","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":241,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"d4f4925a-ec68-4d5f-a595-d8d22a3c6f73","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":241,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"f31da4fb-660c-4bd8-8f5a-a24ead8ed84e","block_type":"box","text":"26","page_number":241,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"14d52bff-4a65-420c-a155-c7709056e20c","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":241,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"4addfd3f-ed24-40bc-8b93-dab190cb9977","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":241,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"18a548c9-657b-43d8-a872-544e6711b464","block_type":"box","text":"BNM1026U-6033078-19204814","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08a685c1-64b9-4f83-a7c0-808865aab038","block_type":"box","text":"Appendix 1","page_number":242,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"4ee3fa12-ddba-4289-ac4f-f12bc9b747b9","block_type":"box","text":"Terminology","page_number":242,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"ad9e8752-9a20-4364-8da6-6f493bb25a35","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":242,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"a19df9cb-9962-4c4b-8710-fdd410449a28","block_type":"box","text":"Climate risk:","page_number":242,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"38adad7d-b8bb-408b-8009-a5c1e6fec36d","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":242,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"349b8da4-d20e-44ef-b9d8-4491d311848b","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":242,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"1584725e-79b8-48b0-bc94-3882cbd9d7cf","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":242,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"7d464ef0-b9f6-432f-b347-d963d7f2405c","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":242,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"31194eed-f3ca-4160-9eea-5dd73a6d8ef8","block_type":"box","text":"The global economic shift toward lower","page_number":242,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"828636c7-c3c9-43e4-a2c8-db47ec52456a","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":242,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"f1101fec-8631-409d-86ab-748e707c9a72","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":242,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"d99ad9a9-2566-4269-967b-f4b9d4df21f3","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":242,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"116a5469-f547-4bc9-8173-0796b6d10b3e","block_type":"box","text":"Decarbonization:","page_number":242,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"8c184dff-a1ec-4a4a-a41d-b97824ac289c","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":242,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"e2875c53-4869-471d-8e8f-925481b318d3","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":242,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"f072b5e9-06d1-4895-ade5-a10a575ba108","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":242,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"d7cfbdc3-e552-4d32-8e98-8947eec73352","block_type":"box","text":"e.g., methane.","page_number":242,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"bb5d6a23-9407-4a88-9796-34feba46ae94","block_type":"box","text":"Climate-related risks and opportunities:","page_number":242,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"a063c42d-2416-4e1d-aa93-93629da1dc12","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":242,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"199cd224-a69b-40b3-8cc2-11bd06c2b614","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":242,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"8d5eb9e8-895b-4623-a37f-c842b5761586","block_type":"box","text":"to physical climate change.","page_number":242,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"3245d909-e386-4ee0-831f-af962e7655ba","block_type":"box","text":"Climate-related transition plan:","page_number":242,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"c50482e9-2cdd-4166-90ae-b9fb21bb2119","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":242,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"e38e6cec-22cb-4847-add4-389974e3496b","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":242,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"16c36e81-eebd-48e1-8ac7-0d0454489ee1","block_type":"box","text":"greenhouse gas emissions.”","page_number":242,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"52bff057-b5a3-45b5-9ed0-7bc83f3240b5","block_type":"box","text":"27","page_number":242,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"02b8eb43-5749-4550-bf65-41a04f9a8aec","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":242,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"a67d289f-a240-4562-88b9-75ff3cd0b35f","block_type":"box","text":"Targets that “","page_number":242,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"decfdd9c-a2b2-4cc9-9e68-0c5cb01d9621","block_type":"box","text":"are in line with what the latest climate science","page_number":242,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"0d3955d3-9d08-41ed-8427-44ec39ef08ce","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":242,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"0e12f504-4831-4b07-ba99-75ed18d3e3d9","block_type":"box","text":"levels. 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