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I-9","page_number":16,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"5e25c7aa-edee-4fc8-b2b2-f7d9aeab6ca5","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"a47c788b-6b35-45cc-8812-5383a30aef24","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"1f3af58b-8c4e-4fa2-a10a-43e66af2f1ef","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":16,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"9446e61c-a44a-4e51-ac03-76248f454d25","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"344ad28d-8f18-4b6c-a515-96591dc9b4aa","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"62f4a83d-e683-4684-986a-b6f44fb013a0","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"538354d8-0316-40c5-a2b3-f52273b8de58","block_type":"box","text":".............................................................. 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I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"ab64adbc-ff51-40d5-8634-0e17237a28b8","block_type":"box","text":"I-136","page_number":16,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"5e6266ab-c4be-4991-adfe-7eef8f946ab8","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"2c9a087c-59e6-4c8e-a6be-bddf4110e198","block_type":"box","text":"........................................... 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A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"657c2c25-6442-45c9-baa8-1fa1d5ee40e8","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"3f868cfd-0712-4094-8149-679278d0d132","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"b13c6910-c2cc-4cb2-9ab4-ff4fb1d4937b","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"139c2d94-75e6-4701-8f35-9188e038d2ce","block_type":"box","text":"PART I: INFORMATION ABOUT THE FUND","page_number":17,"box":{"x":340,"y":45,"width":298,"height":9}},{"id":"b966e8fe-c881-4572-960b-b6c73e4c82b5","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about the BlackRock Inflation","page_number":17,"box":{"x":102,"y":67,"width":774,"height":11}},{"id":"26d99bba-5e16-45ca-b54b-f4b1a415c7d5","block_type":"box","text":"Protected Bond Por tfolio (the “Fund”), a series of BlackRock Funds V (the “Trust”). It includes information about the","page_number":17,"box":{"x":69,"y":82,"width":826,"height":11}},{"id":"6eb95c51-2aa2-4c7f-aea2-45e8c5e7401a","block_type":"box","text":"Trust’s Board of Trustees (the “Board” or the “Board of Trustees”), the management services provided to and the","page_number":17,"box":{"x":68,"y":98,"width":813,"height":11}},{"id":"3355020f-ac48-4997-8f1f-9bb27befa2be","block_type":"box","text":"management fees paid by the Fund and information about other fees applicable to and services provided to the Fund.","page_number":17,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"14c1153d-96da-423e-89ce-8c97cc93d0cd","block_type":"box","text":"This Par t I of this SAI should be read in conjunction with the Fund’s Prospectuses and those por tions of Par t II of this","page_number":17,"box":{"x":68,"y":128,"width":839,"height":11}},{"id":"1a71ca27-2f8a-4985-bf14-f680c9d2d873","block_type":"box","text":"SAI that per tain to the Fund.","page_number":17,"box":{"x":69,"y":143,"width":201,"height":11}},{"id":"a595623e-7f54-4ead-a02d-c3edb7aa2f84","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":173,"width":262,"height":11}},{"id":"c94cf22a-e4e5-4303-b800-6debbdec89c4","block_type":"box","text":"In implementing the Fund’s investment strategy, from time to time, BlackRock Advisors, LLC (“BlackRock” or the","page_number":17,"box":{"x":102,"y":196,"width":799,"height":11}},{"id":"07d0ee85-b2d0-490f-8fa6-a164435977a1","block_type":"box","text":"“Manager”), the Fund’s investment manager, may consider and employ techniques and strategies designed to","page_number":17,"box":{"x":70,"y":211,"width":784,"height":11}},{"id":"7dd671f6-aa58-42a4-b8b5-c6b313c1cc5d","block_type":"box","text":"minimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection with their","page_number":17,"box":{"x":69,"y":226,"width":805,"height":11}},{"id":"6f825001-c8d8-4538-8343-9ae128270b3b","block_type":"box","text":"investment in the Fund.","page_number":17,"box":{"x":70,"y":241,"width":165,"height":9}},{"id":"57707fcf-5df0-4802-b0aa-c2d8932b8717","block_type":"box","text":"Set for th below is a listing of some of the types of investments and investment strategies that the Fund and, if","page_number":17,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"d69203d1-bfab-4494-b009-a32165dea79e","block_type":"box","text":"applicable, its underlying funds may use, and the risks and considerations associated with those investments and","page_number":17,"box":{"x":69,"y":279,"width":813,"height":11}},{"id":"dbbfb65f-ae8e-471a-8174-ab30895f2723","block_type":"box","text":"investment strategies. 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The U.S. Treasury and some other issuers use a structure that accrues inflation","page_number":21,"box":{"x":101,"y":745,"width":780,"height":11}},{"id":"5c252118-a685-4bab-9faa-08a6445ebc8b","block_type":"box","text":"into the principal value of the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of","page_number":21,"box":{"x":70,"y":760,"width":829,"height":11}},{"id":"5dbc931f-5cc3-4bc2-a58f-4a6425b8f1e1","block_type":"box","text":"a semi-annual coupon.","page_number":21,"box":{"x":69,"y":776,"width":159,"height":10}},{"id":"29dc1c43-77ab-48f7-9d26-dd2a5b8bb886","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":21,"box":{"x":102,"y":798,"width":792,"height":11}},{"id":"989febaf-b972-4ffd-886a-e0d0b2f2ea31","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":21,"box":{"x":70,"y":813,"width":833,"height":11}},{"id":"b658eebe-8901-4327-85ca-f5e566958b6d","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund","page_number":21,"box":{"x":69,"y":828,"width":824,"height":12}},{"id":"ed1277b8-6429-4a93-9fed-0d326b077bb5","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":21,"box":{"x":70,"y":843,"width":814,"height":12}},{"id":"7ff43b9f-e99b-4aaf-8eb9-660c5051b439","block_type":"box","text":"semi-annually), and inflation over the first six months were 1%, the mid-year par value of the bond would be $1,010","page_number":21,"box":{"x":69,"y":858,"width":822,"height":12}},{"id":"5d1626a0-e709-402c-91b5-72ecfce87aae","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":21,"box":{"x":69,"y":873,"width":828,"height":12}},{"id":"0f5a6fe3-8764-4f87-bd2d-068ced681a1c","block_type":"box","text":"of the year resulted in the whole years’ inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":21,"box":{"x":69,"y":888,"width":828,"height":12}},{"id":"cc1aec2d-333e-4683-b664-f1be3e8b6196","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":21,"box":{"x":69,"y":903,"width":610,"height":12}},{"id":"20609395-33aa-41d6-a274-46beace20863","block_type":"box","text":"I-5","page_number":21,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8a3849f3-6b99-4f23-875d-429e4a850316","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":21,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"410e81cc-ed47-4396-bc83-0e956c5ac7ee","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":22,"box":{"x":102,"y":45,"width":767,"height":11}},{"id":"57412999-5243-4128-a0db-b801dcb75fb4","block_type":"box","text":"adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller","page_number":22,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"cf229f21-3879-4bfe-9f7f-a478dbed7eb1","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":22,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"0e7d17c4-d2b1-4a71-9c66-5fb35a83307a","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":22,"box":{"x":68,"y":90,"width":795,"height":11}},{"id":"98743118-f543-4f4e-a24b-14ecb820678b","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation","page_number":22,"box":{"x":69,"y":105,"width":813,"height":11}},{"id":"0150abb6-ba4d-4787-a404-ee40f40e2448","block_type":"box","text":"related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the","page_number":22,"box":{"x":69,"y":120,"width":791,"height":12}},{"id":"54a8b163-fd39-4a4d-9a84-dea80c46f6db","block_type":"box","text":"adjusted principal value of the bond repaid at maturity may be less than the original principal.","page_number":22,"box":{"x":69,"y":135,"width":665,"height":12}},{"id":"d509344c-d12e-4075-a975-d62c59a5daa0","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":22,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"2878c4aa-39de-4326-8bcf-24458defa07c","block_type":"box","text":"interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if","page_number":22,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"41b5de87-1a0a-4f6c-bff5-1e1a6badcc39","block_type":"box","text":"inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":22,"box":{"x":70,"y":188,"width":794,"height":12}},{"id":"67cfd593-6dab-4b96-9b78-6dcbfbb6b330","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":22,"box":{"x":70,"y":203,"width":796,"height":11}},{"id":"94f15e89-8e8d-4d27-be35-0e9623f1ef80","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.","page_number":22,"box":{"x":70,"y":218,"width":684,"height":12}},{"id":"d46eea4e-580e-4049-80a3-4a0b2e21083f","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":22,"box":{"x":101,"y":241,"width":788,"height":11}},{"id":"62d2d685-4637-4ea5-8eaa-f68d54c75297","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":22,"box":{"x":70,"y":256,"width":825,"height":11}},{"id":"aaa6d40e-012d-4f73-b184-c39e1f94e1a7","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":22,"box":{"x":69,"y":272,"width":784,"height":11}},{"id":"b01b385f-32f9-4780-996f-57acd08e977d","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":22,"box":{"x":70,"y":286,"width":403,"height":10}},{"id":"b4e17f1d-10ac-4eea-bd8f-fd6339309550","block_type":"box","text":"The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers","page_number":22,"box":{"x":101,"y":309,"width":805,"height":11}},{"id":"3e7f465b-48d5-427a-b24c-5dd650ed2280","block_type":"box","text":"(“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes","page_number":22,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"b3be1a0c-a9c2-4172-8012-8935f4b6f313","block_type":"box","text":"in the cost of living, made up of components such as housing, food, transpor tation and energy. Inflation-indexed","page_number":22,"box":{"x":70,"y":339,"width":798,"height":12}},{"id":"048ade25-92fb-40ab-82ae-695e29473a0e","block_type":"box","text":"bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by","page_number":22,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"2bab6201-6999-4e62-96a9-a48a97bace37","block_type":"box","text":"that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the","page_number":22,"box":{"x":68,"y":370,"width":829,"height":11}},{"id":"48efbb09-d7d1-4f76-a3c8-266898572837","block_type":"box","text":"real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of","page_number":22,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"80b86476-c4de-45dd-967f-1db234e8b6fe","block_type":"box","text":"inflation in a foreign country will be correlated to the rate of inflation in the United States.","page_number":22,"box":{"x":70,"y":400,"width":636,"height":11}},{"id":"a9dbb388-a922-45a7-8f96-a0a496e1a090","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":22,"box":{"x":101,"y":423,"width":774,"height":11}},{"id":"55d93231-725f-4882-820d-4d6a9a086a70","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":22,"box":{"x":69,"y":438,"width":464,"height":11}},{"id":"4aebb1dc-a8ef-4882-a7b8-4066a2ec8fbc","block_type":"box","text":"The Fund may invest in securities rated in the category “C” and above or determined by a sub-adviser to be of","page_number":22,"box":{"x":101,"y":460,"width":785,"height":12}},{"id":"2b7b4456-6988-4d85-bc98-d5d0c8a1b247","block_type":"box","text":"comparable quality. Securities rated “C” are considered highly speculative and may be used to cover a situation","page_number":22,"box":{"x":69,"y":476,"width":796,"height":11}},{"id":"eb6de2a7-5bae-422c-9c8a-38496b91a725","block_type":"box","text":"where the issuer has filed a bankruptcy petition but debt service payments are continued. While such debt will likely","page_number":22,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"0d4665fa-8c16-48a3-b2c1-0f200111b043","block_type":"box","text":"have some quality and protective characteristics, those are outweighed by large uncer tainties or major risk exposure","page_number":22,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"6de2c703-c2f7-4baf-afc5-cdbbd896f79e","block_type":"box","text":"to adverse conditions.","page_number":22,"box":{"x":68,"y":521,"width":157,"height":9}},{"id":"843a4851-cf2d-4d64-a4a2-f55f07e480ab","block_type":"box","text":"The Fund may acquire stand-by commitments with respect to Municipal Obligations held by it. The acquisition of","page_number":22,"box":{"x":101,"y":543,"width":797,"height":12}},{"id":"8f540134-0b88-4630-8780-33c896a7d1f2","block_type":"box","text":"a stand-by commitment may increase the cost, and thereby reduce the yield, of the Municipal Obligations to which","page_number":22,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"74711f38-8bbd-43ad-8a3e-a4a864f3e807","block_type":"box","text":"the commitment relates.","page_number":22,"box":{"x":68,"y":574,"width":174,"height":9}},{"id":"f7103744-ce81-45c0-a34d-b1a72dd2ca12","block_type":"box","text":"The Fund’s primary vehicle for gaining exposure to the commodities markets is expected to be through","page_number":22,"box":{"x":101,"y":596,"width":731,"height":12}},{"id":"0b30bd8f-3d45-4a65-ab01-69d11535b856","block_type":"box","text":"investments in the Cayman Inflation Protected Bond Por tfolio, Ltd. (the “Subsidiary”), a wholly owned subsidiary of","page_number":22,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"f8ca702d-fbcb-4614-9d5d-8dfa6b1c4cb8","block_type":"box","text":"the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary","page_number":22,"box":{"x":68,"y":627,"width":811,"height":11}},{"id":"61f412f1-c9f0-4a37-ba20-bd308f33e2b7","block_type":"box","text":"may also hold cash and invest in other instruments, including fixed income securities, either as investments or to","page_number":22,"box":{"x":69,"y":642,"width":809,"height":11}},{"id":"2ddac128-59f3-4476-b095-c0a5da4d8922","block_type":"box","text":"serve as margin or collateral for the Subsidiary’s derivative positions.","page_number":22,"box":{"x":69,"y":657,"width":495,"height":11}},{"id":"382aba2e-2cf1-493a-a4e4-912dcda0469e","block_type":"box","text":"Investments in the Subsidiary.","page_number":22,"box":{"x":102,"y":680,"width":213,"height":11}},{"id":"a0c46fea-51d3-4b65-80bb-438a9f3c844c","block_type":"box","text":"y. The Fund may invest up to 25% of its total assets in the shares of its wholly","page_number":22,"box":{"x":315,"y":680,"width":554,"height":11}},{"id":"4fc5d75e-3553-4b0b-bc5b-b15fa5474690","block_type":"box","text":"owned and controlled Subsidiary. Investments in the Subsidiary are expected to provide the Fund with exposure to","page_number":22,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"ddc95e35-c6a2-4d40-93f2-058c0446da71","block_type":"box","text":"the commodity markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as amended,","page_number":22,"box":{"x":68,"y":710,"width":821,"height":11}},{"id":"3be5f131-da5d-41c7-9ba9-c9380f00b1bc","block_type":"box","text":"and Internal Revenue Service (the “IRS”) revenue rulings, as discussed below. The Subsidiary is advised by","page_number":22,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"9fc641d1-d1d9-4b8b-86b4-e2791fffee95","block_type":"box","text":"BlackRock. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However,","page_number":22,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"563c2fad-9ed9-4f21-9e29-d6a5721d64aa","block_type":"box","text":"the Subsidiary is otherwise subject to the same fundamental, non-fundamental and cer tain other investment","page_number":22,"box":{"x":68,"y":755,"width":777,"height":11}},{"id":"0dde3394-3d27-4660-ae2e-31301cb18512","block_type":"box","text":"restrictions as the Fund, including the timing and method of the valuation of the Subsidiary’s por tfolio investments","page_number":22,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"682a8a46-5b4b-4f70-87ea-4aafc376c94e","block_type":"box","text":"and shares of the Subsidiary. The Subsidiary is managed pursuant to compliance policies and procedures that are","page_number":22,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"e478b7cc-8469-4ef6-ad11-0cd1d7a0430e","block_type":"box","text":"the same, in all material respects, as the policies and procedures adopted by the Trust. The Subsidiary is a company","page_number":22,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"d101ff29-db06-4f41-afbc-5792f40ff0c2","block_type":"box","text":"organized under the laws of the Cayman Islands, and is overseen by its own board of directors, which is comprised of","page_number":22,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"ba94ab2b-87e8-4b87-a96b-6aad6a159ea3","block_type":"box","text":"John M. Perlowski, a Trustee, President and Chief Executive Officer of the Trust, and Trent Walker, Chief Financial","page_number":22,"box":{"x":69,"y":831,"width":806,"height":10}},{"id":"3500331f-49b2-4164-a69f-306a227c296f","block_type":"box","text":"Officer of the Trust. The Fund is the sole shareholder of the Subsidiary, and shares of the Subsidiary will not be sold","page_number":22,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"828dd871-393d-4440-9f4f-6ae11d1972ab","block_type":"box","text":"or offered to other investors.","page_number":22,"box":{"x":69,"y":861,"width":204,"height":9}},{"id":"54b5d0ea-98fc-4082-894f-75dcf697c554","block_type":"box","text":"The Subsidiary invests primarily in commodity-related instruments. Although the Fund may enter into these","page_number":22,"box":{"x":101,"y":884,"width":760,"height":11}},{"id":"6cc1aa5f-4ebb-4c73-88ab-9ee06cca8521","block_type":"box","text":"commodity-related instruments directly, the Fund will likely gain exposure to these commodity-related instruments","page_number":22,"box":{"x":69,"y":899,"width":808,"height":11}},{"id":"9f075d2a-731b-4da3-85eb-c7aaf0534c6b","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"1929c7f7-e93b-47fb-94ad-8a61897a877d","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8e13859-f3a2-4162-9a5d-933edcf049c7","block_type":"box","text":"indirectly by investing in the Subsidiary. To the extent that BlackRock believes that these commodity-related","page_number":23,"box":{"x":70,"y":45,"width":764,"height":11}},{"id":"2e796ff9-a473-496b-a0a0-36f919e2a2c7","block_type":"box","text":"instruments provide suitable exposure to the commodities market, the Fund’s investment in the Subsidiary will likely","page_number":23,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"a158480b-a5b2-4283-8ca2-46206558d4eb","block_type":"box","text":"increase. The Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either","page_number":23,"box":{"x":70,"y":75,"width":839,"height":11}},{"id":"7f0de4e6-e9c3-406f-b231-aa5d6a1dd2df","block_type":"box","text":"as investments or to serve as margin or collateral for the Subsidiary’s derivative positions.","page_number":23,"box":{"x":69,"y":90,"width":647,"height":11}},{"id":"47f5b7d3-13d9-4ec7-befe-8d18877fc3ae","block_type":"box","text":"The Manager manages the assets of the Subsidiary, but receives no additional compensation for doing so.","page_number":23,"box":{"x":101,"y":113,"width":761,"height":11}},{"id":"f700ae8e-8a32-4aad-8959-04f1cdf23dbb","block_type":"box","text":"BlackRock also provides cer tain administrative services for the Subsidiary, but receives no additional compensation","page_number":23,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"aaedb8ba-7534-45bb-9fea-0da1bccb62af","block_type":"box","text":"for doing so. The Manager has entered into a sub-advisory agreement with each of BlackRock International Limited","page_number":23,"box":{"x":68,"y":143,"width":819,"height":11}},{"id":"f4c1c253-4611-4f1e-a8b6-261b38c9f2a8","block_type":"box","text":"and BlackRock (Singapore) Limited with respect to the Subsidiary. The Subsidiary will also enter into separate","page_number":23,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"aaba47bb-be36-4abe-b87c-569ea544bb94","block_type":"box","text":"contracts for the provision of advisory, custody, accounting agent and audit services with the same or with affiliates","page_number":23,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"931f288d-a2fd-4c7f-98d1-432306c0d72a","block_type":"box","text":"of the same service providers that provide those services to the Fund. The financial statements of the Subsidiary are","page_number":23,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"4ad54bec-04e7-4aeb-b64c-95366aa73abe","block_type":"box","text":"consolidated with the Fund’s financial statements in the Fund’s Annual and Semi-Annual Financial Statements and","page_number":23,"box":{"x":69,"y":203,"width":815,"height":9}},{"id":"7b18c34f-f604-4b9b-9268-60d3e44485b8","block_type":"box","text":"Additional Information. The Fund’s Annual and Semi-Annual Financial Statements and Additional Information are filed","page_number":23,"box":{"x":68,"y":218,"width":832,"height":9}},{"id":"d9346deb-615b-4dc4-9419-1277525598a7","block_type":"box","text":"with the SEC on Form N-CSR and are provided without charge upon request as indicated on the front cover of this","page_number":23,"box":{"x":68,"y":234,"width":809,"height":11}},{"id":"895458be-a521-4e91-b5d5-936a66b5e01b","block_type":"box","text":"SAI. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in the Fund’s","page_number":23,"box":{"x":69,"y":249,"width":825,"height":11}},{"id":"641f1d33-278c-4674-83e8-ed339bf844cd","block_type":"box","text":"prospectus or this SAI, is not subject to all the investor protections of the Investment Company Act. However, the","page_number":23,"box":{"x":70,"y":264,"width":806,"height":11}},{"id":"92d8d0ee-1434-4bdf-b81b-68bc1f069dbc","block_type":"box","text":"Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock,","page_number":23,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"2ced0d1b-a83a-4757-8466-9f7230b60120","block_type":"box","text":"making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The","page_number":23,"box":{"x":69,"y":294,"width":825,"height":11}},{"id":"5690a991-1d6c-48c5-90ef-2e7ba225f1a4","block_type":"box","text":"Trust’s Board of Trustees has oversight responsibility for the investment activities of the Fund, including its","page_number":23,"box":{"x":68,"y":309,"width":764,"height":11}},{"id":"9bc94d51-688c-4c11-968c-ec478b19fae0","block_type":"box","text":"investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. As noted above, the","page_number":23,"box":{"x":70,"y":324,"width":773,"height":11}},{"id":"2ef16c74-48b8-441b-91ca-22cf8cccc6de","block_type":"box","text":"Subsidiary will be subject to the same investment restrictions and limitations as the Fund. The Subsidiary is","page_number":23,"box":{"x":69,"y":340,"width":772,"height":11}},{"id":"8de48da7-cee7-4ad3-9bac-acf22cfdfe95","block_type":"box","text":"managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies","page_number":23,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"07c34547-c861-4076-b5aa-a6d975896bf3","block_type":"box","text":"and procedures adopted by the Trust. In addition, changes in the laws of the United States and/or the Cayman","page_number":23,"box":{"x":69,"y":370,"width":790,"height":11}},{"id":"006257e1-1c44-4d37-bb4d-971565a6ea41","block_type":"box","text":"Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in the Fund’s","page_number":23,"box":{"x":70,"y":385,"width":762,"height":11}},{"id":"979b22d4-1f80-40d3-b4d5-2851293734fd","block_type":"box","text":"prospectus and this SAI and could adversely affect the Fund. For example, the Cayman Islands does not currently","page_number":23,"box":{"x":70,"y":400,"width":809,"height":11}},{"id":"0f08c0f9-f02a-456f-a152-c424ad24ba7b","block_type":"box","text":"impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the","page_number":23,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"199d78f1-41bf-4c47-9ac9-2273043462c6","block_type":"box","text":"Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund","page_number":23,"box":{"x":69,"y":430,"width":757,"height":11}},{"id":"33a14cfb-b35d-4f93-ba9b-d6a36aeb2e7d","block_type":"box","text":"shareholders would likely suffer decreased investment returns.","page_number":23,"box":{"x":69,"y":445,"width":448,"height":11}},{"id":"b7f0c0a0-f9fb-4890-b1d8-c67eb6dcfe6d","block_type":"box","text":"The Fund, as a “regulated investment company” under the tax rules, is required to realize at least 90 percent of","page_number":23,"box":{"x":101,"y":468,"width":801,"height":11}},{"id":"c66e4d4a-f634-48f2-8f30-9deee4eeba44","block_type":"box","text":"its annual gross income from investment-related sources, specifically from dividends, interest, proceeds from","page_number":23,"box":{"x":70,"y":483,"width":779,"height":11}},{"id":"5d56236b-e6be-4954-9a6c-5064806ff9bd","block_type":"box","text":"securities lending, gains from the sales of stocks, securities and foreign currencies, other income (including, but not","page_number":23,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"96e3c208-1900-4940-89b2-1317f7566a10","block_type":"box","text":"limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such","page_number":23,"box":{"x":70,"y":513,"width":824,"height":12}},{"id":"37185b7c-8b29-4bc3-b120-983b3d923f9d","block_type":"box","text":"stock, securities or currencies, or cer tain types of publicly traded par tnerships (referred to as qualifying income).","page_number":23,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"b510592f-83f6-46f9-8ed5-274a04c2b842","block_type":"box","text":"The Fund invests in commodity-linked derivatives indirectly through the Subsidiary because direct investments by","page_number":23,"box":{"x":101,"y":551,"width":805,"height":11}},{"id":"f63c7242-d532-46d8-9feb-f5896173977a","block_type":"box","text":"a regulated investment company in commodity-related instruments generally do not, under published IRS rulings,","page_number":23,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"0753fda1-d5a0-4529-b5a7-fce725756193","block_type":"box","text":"produce qualifying income. The Fund expects its income with respect to the Subsidiary to be qualifying income.","page_number":23,"box":{"x":70,"y":581,"width":789,"height":12}},{"id":"b71172bd-d153-46c1-8cb2-9dd583f19429","block_type":"box","text":"However, there is a risk that the IRS could issue regulations or other guidance holding, or could asser t, that the","page_number":23,"box":{"x":70,"y":597,"width":795,"height":11}},{"id":"ab8fa13b-4206-46a8-9522-d1ba0d6126bb","block_type":"box","text":"Fund’s income with respect to its Subsidiary will not be considered “qualifying income” for purposes of the Fund","page_number":23,"box":{"x":70,"y":612,"width":799,"height":11}},{"id":"8f22e3e1-4fbe-45f9-aa88-b3c1e7186c3b","block_type":"box","text":"remaining qualified as a regulated investment company for U.S. federal income tax purposes. In such circumstances,","page_number":23,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"06ec77c6-b6b1-497d-a494-71804655550d","block_type":"box","text":"the Fund may be required to make changes to its operations, which may reduce the Fund’s ability to gain investment","page_number":23,"box":{"x":68,"y":642,"width":832,"height":11}},{"id":"558d0c47-3208-4c86-901d-b68ef01216e9","block_type":"box","text":"exposure to commodities. Fund shareholders may also experience adverse tax consequences in such circumstances.","page_number":23,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"08d7dae5-760c-4840-9763-fb23c33fc2d8","block_type":"box","text":"The Subsidiary will not be subject to Federal income tax. It will, however, be considered a controlled foreign","page_number":23,"box":{"x":101,"y":680,"width":764,"height":11}},{"id":"768aad5b-0480-41bd-99fd-0014edeee44a","block_type":"box","text":"corporation, and the Fund will be required to include as income annually amounts earned by the Subsidiary during","page_number":23,"box":{"x":69,"y":695,"width":811,"height":11}},{"id":"d33a8fb4-4bf4-4450-974e-a042ceb5ad36","block_type":"box","text":"that year, whether or not the Subsidiary distributes such amounts to the Fund. Gains from the sales of investments","page_number":23,"box":{"x":68,"y":710,"width":824,"height":11}},{"id":"c179b97f-e4f8-45d7-a473-33c1e33f0f1c","block_type":"box","text":"by the Subsidiary will not be eligible for capital gains treatment but instead will be treated as ordinary income when","page_number":23,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"e2485125-b131-438c-abc1-0f3042f51963","block_type":"box","text":"included in income by the Fund. Fur thermore, the requirement for the Fund to distribute net investment income, if","page_number":23,"box":{"x":70,"y":740,"width":809,"height":11}},{"id":"fcade87c-2dde-496c-861e-cf4775aa932e","block_type":"box","text":"any, and net realized capital gain, if any, at least annually, will apply to such Subsidiary income, whether or not the","page_number":23,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"e3f6bd7c-9247-42d5-bd20-5e40f26df3f1","block_type":"box","text":"Subsidiary makes a distribution to the Fund during the taxable year. If the Subsidiary incurs net losses in any year,","page_number":23,"box":{"x":69,"y":770,"width":816,"height":12}},{"id":"90a6ed7b-fadb-496a-925f-44630f638270","block_type":"box","text":"such losses will not offset the Fund’s income or gains nor carryforward to future years.","page_number":23,"box":{"x":69,"y":785,"width":621,"height":12}},{"id":"b4b16bf6-ddcc-4787-a8f7-320360615325","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":23,"box":{"x":102,"y":808,"width":246,"height":11}},{"id":"43cea920-bb39-4c10-b48c-7a502621f0f7","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers to","page_number":23,"box":{"x":355,"y":808,"width":530,"height":11}},{"id":"90aa9da5-9913-44ae-b5f3-afba9b32c51c","block_type":"box","text":"registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either","page_number":23,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"457829de-819a-49be-bf14-b6d89065d3ce","block_type":"box","text":"(i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC regulated futures, options","page_number":23,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"11f1687e-b7e0-4053-81dd-6fda486128f7","block_type":"box","text":"and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. Due to","page_number":23,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"51a73d66-26a1-40a8-ad36-94e8bc1dc579","block_type":"box","text":"the Fund’s potential use of CFTC Derivatives above the prescribed levels, however, the Fund will be considered a","page_number":23,"box":{"x":68,"y":869,"width":803,"height":11}},{"id":"32d0bd93-ad92-4027-81d0-a7ff7c564e2b","block_type":"box","text":"“commodity pool” under the Commodity Exchange Act. Accordingly, BlackRock, the Fund’s investment adviser, has","page_number":23,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"5a9657b9-bc6b-41f7-8b00-c9f91b8bae71","block_type":"box","text":"registered as a “commodity pool operator” and is subject to CFTC regulation in respect of the Fund.","page_number":23,"box":{"x":69,"y":899,"width":709,"height":11}},{"id":"ba0a7de2-2897-43c7-be10-b184ccb6c262","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"cb1d4017-bdf4-4fd1-b650-eb4aa846c9cb","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"11cc66c0-db59-4978-8b2c-d34b85bff19c","block_type":"box","text":"II. Investment Restrictions","page_number":24,"box":{"x":69,"y":45,"width":194,"height":9}},{"id":"be43c7a3-4aba-42f6-8e54-52cf928d85bb","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":24,"box":{"x":101,"y":67,"width":800,"height":12}},{"id":"058da2f9-d3e2-42c2-8f99-b318378291da","block_type":"box","text":"Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":24,"box":{"x":69,"y":82,"width":825,"height":12}},{"id":"fc2d3835-900f-4e77-9327-d88b4bbd1a69","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":24,"box":{"x":69,"y":98,"width":809,"height":11}},{"id":"6e33dba1-913d-401a-a01c-de685a6994f7","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":24,"box":{"x":69,"y":113,"width":803,"height":11}},{"id":"5c7b712a-1e04-48cf-88de-44e30f24841a","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":24,"box":{"x":69,"y":128,"width":608,"height":11}},{"id":"b79aaef7-2463-4ff2-8295-95a30ee074c4","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":24,"box":{"x":102,"y":150,"width":485,"height":12}},{"id":"169daddc-6018-490d-ae24-a9e57d117798","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":24,"box":{"x":102,"y":173,"width":770,"height":11}},{"id":"a768f513-6efc-467f-bf59-9555b49c0bc8","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":24,"box":{"x":102,"y":196,"width":528,"height":11}},{"id":"1fb13bfb-4c75-4897-b33f-ff1aa74a515c","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":24,"box":{"x":102,"y":219,"width":694,"height":11}},{"id":"51752064-08bd-4a83-a749-5cd93ccacc97","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are","page_number":24,"box":{"x":101,"y":241,"width":802,"height":11}},{"id":"1e18dd0e-b6c8-4ebf-a010-52a4735b613a","block_type":"box","text":"secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mor tgage-related","page_number":24,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"2bdd4b25-c2e5-4709-b9d9-112191b0fe35","block_type":"box","text":"securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real","page_number":24,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"ac362fea-0a1a-41e0-968e-1e9e34d03a7d","block_type":"box","text":"estate as a result of the ownership of securities or other instruments.","page_number":24,"box":{"x":69,"y":286,"width":497,"height":11}},{"id":"bd866a2c-d6e5-42ce-b3de-9b5f25bdcbe3","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the Fund","page_number":24,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"8e101a8c-8c2b-4f4f-ba1e-aaa8694050ec","block_type":"box","text":"may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":24,"box":{"x":69,"y":325,"width":588,"height":11}},{"id":"d0300f54-783c-4313-ba97-89fd72ed429c","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":24,"box":{"x":102,"y":347,"width":787,"height":11}},{"id":"363ecb7b-6a52-4dfa-83e1-718c2004fae2","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":24,"box":{"x":102,"y":370,"width":506,"height":11}},{"id":"05801a5e-af69-4421-9527-246e80524528","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":24,"box":{"x":102,"y":392,"width":511,"height":11}},{"id":"be41ff7f-e080-479d-8c28-206b042827ba","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":24,"box":{"x":101,"y":415,"width":799,"height":11}},{"id":"bf8b774a-8841-4f91-bad8-6958a0d80c74","block_type":"box","text":"subject to change without shareholder approval.","page_number":24,"box":{"x":69,"y":430,"width":341,"height":11}},{"id":"be2813e2-8c85-417d-85e8-adea13942c65","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":24,"box":{"x":101,"y":453,"width":796,"height":11}},{"id":"8c4d3a27-c4f6-4ae9-9619-2622c38172c8","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":24,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"b3cbdcca-eb08-40ce-8fcd-2bc55a02f31a","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":24,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"34fa67dc-61ba-4d89-920d-1873e649755d","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":24,"box":{"x":68,"y":498,"width":836,"height":11}},{"id":"8d5228be-8818-4597-a916-32ce39161264","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":24,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"b89de771-57cd-4252-85ba-a6b68f590998","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":24,"box":{"x":70,"y":528,"width":813,"height":12}},{"id":"0e6d4635-ad02-4b6e-9945-8fbaa77f15b3","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":24,"box":{"x":69,"y":543,"width":820,"height":12}},{"id":"aa5f2b48-0848-45c7-9ffa-27710d7aebfb","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":24,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"a8e8c19e-c7af-4b0d-bc5d-160360c491b6","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":24,"box":{"x":69,"y":574,"width":772,"height":11}},{"id":"2d6b5001-8686-4f5c-ba18-f3095b82f395","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":24,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"b322a524-4342-41a0-8e05-ab97d0c5430c","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":24,"box":{"x":67,"y":604,"width":829,"height":11}},{"id":"df7ea97b-ec01-4e0c-a14a-3df7237ee2ea","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":24,"box":{"x":69,"y":619,"width":805,"height":11}},{"id":"f22ed65c-97ae-4902-8226-450220be55d8","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":24,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"26b1f9c9-5e0d-4034-b6a2-1fab3b02d0c3","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":24,"box":{"x":69,"y":649,"width":803,"height":12}},{"id":"022a671e-0c7d-4615-b8b9-01ed991a6c53","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":24,"box":{"x":70,"y":664,"width":807,"height":12}},{"id":"fb884146-43af-4cf6-a81b-e1d21861c0a5","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":24,"box":{"x":70,"y":680,"width":438,"height":11}},{"id":"1556c648-33ac-48b4-b23c-9b65f9633a18","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th above, the Investment Company Act","page_number":24,"box":{"x":101,"y":702,"width":805,"height":12}},{"id":"0de960ab-b027-41fc-99c9-e578a8f6b9da","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any","page_number":24,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"0b427e14-b2ea-4ab0-943a-3b89a4c65072","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":24,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"2cb09b04-1242-4adf-9c3a-6a2fb4029b35","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":24,"box":{"x":70,"y":748,"width":816,"height":11}},{"id":"5a93c192-db6b-464b-9998-d2210ae27ca9","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":24,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"17a6d3e6-e564-4dec-828f-7d4b5423b91c","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":24,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"e1e09d19-e509-4d63-957c-536a26fc1257","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":24,"box":{"x":69,"y":793,"width":775,"height":11}},{"id":"0c43e505-607a-4dbd-97eb-f31e4957352c","block_type":"box","text":"increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments, such as reverse","page_number":24,"box":{"x":70,"y":808,"width":801,"height":11}},{"id":"84a8b011-71d0-4aa2-8339-a05bc259394d","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":24,"box":{"x":69,"y":823,"width":772,"height":12}},{"id":"8d3e3d49-8cf5-4f4f-a60f-ca520102f8ef","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company Act, when the","page_number":24,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"35708699-477f-4578-a3c0-5f15e480d3d4","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":24,"box":{"x":70,"y":853,"width":828,"height":12}},{"id":"33c45716-c289-4d6c-801e-e526f0c30408","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":24,"box":{"x":69,"y":869,"width":803,"height":11}},{"id":"e06a6f0c-93fc-4b63-b4fa-c17a9e081f22","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such","page_number":24,"box":{"x":69,"y":884,"width":746,"height":11}},{"id":"ef3c5c2c-4dc0-4a9d-bc54-7e573a1759b0","block_type":"box","text":"transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":24,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"833e901d-c0fa-4428-b544-9e77712ed136","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"853bfdc1-1f4c-40ca-98a1-e5a2963d1ce0","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7255fdd-c597-452b-9a6b-8aa3fdf8d052","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":25,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"f79c6959-3c2e-4813-90fc-6fb401b49287","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":25,"box":{"x":69,"y":60,"width":643,"height":11}},{"id":"ba0cba68-4883-4573-b445-1689ddc915d1","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":25,"box":{"x":101,"y":82,"width":788,"height":12}},{"id":"80d4e517-ca17-45d2-8b80-4eaaeeb5014d","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":25,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"dfd0cf05-3680-43da-8c81-ff21f9f76641","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to have underwriting","page_number":25,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"bbdfae32-2f65-4370-900a-e1d25e5797be","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":25,"box":{"x":69,"y":128,"width":811,"height":11}},{"id":"94ecce36-21bf-411b-aee3-dbc52c4a4da7","block_type":"box","text":"amount of the Fund’s underwriting commitments, when added to the value of the Fund’s investments in issuers","page_number":25,"box":{"x":69,"y":143,"width":796,"height":11}},{"id":"c108a913-faf6-4f71-a26c-4bda381dc12d","block_type":"box","text":"where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25%","page_number":25,"box":{"x":68,"y":158,"width":818,"height":11}},{"id":"5dea51c5-de4e-4854-b82d-3972aee2c53d","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":25,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"9db20bdc-a064-418e-b826-98eb241a16e5","block_type":"box","text":"to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed","page_number":25,"box":{"x":68,"y":188,"width":831,"height":12}},{"id":"5fd66a99-efc5-4877-a91c-d4670cceda8c","block_type":"box","text":"that the application of the Securities Act provisions described above would cause the Fund to be engaged in the","page_number":25,"box":{"x":68,"y":203,"width":799,"height":12}},{"id":"642a1cbb-a939-4609-ac2a-5745718bf872","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":25,"box":{"x":69,"y":218,"width":769,"height":12}},{"id":"c04b7c5d-5ad9-492f-8ecf-a5b68cb9191d","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":25,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"7ec79364-6502-457e-829c-8a6681117e89","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":25,"box":{"x":69,"y":249,"width":834,"height":11}},{"id":"c1bc57b1-789b-440e-b105-0531e46e9645","block_type":"box","text":"extent permitted by applicable law.","page_number":25,"box":{"x":69,"y":264,"width":245,"height":11}},{"id":"cc54c223-cb62-4191-a369-423b6de0fed8","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":25,"box":{"x":101,"y":286,"width":778,"height":12}},{"id":"622831a5-29f6-41ad-b11d-63b93fbd926c","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":25,"box":{"x":69,"y":302,"width":759,"height":11}},{"id":"52518023-57db-4eed-8ade-6488e0980966","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":25,"box":{"x":70,"y":317,"width":807,"height":11}},{"id":"051b0509-9630-4272-ad51-b620c770b44e","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":25,"box":{"x":69,"y":332,"width":784,"height":11}},{"id":"c769d252-a642-472e-867d-6b8095533a77","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":25,"box":{"x":69,"y":347,"width":791,"height":11}},{"id":"c91a73b5-eff2-4a84-87f8-5b14c6565165","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":25,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"23e8e679-626b-439a-ba11-512b55b8aa8f","block_type":"box","text":"loans.","page_number":25,"box":{"x":70,"y":377,"width":40,"height":9}},{"id":"646237dc-5994-4386-aadb-185615ee28cd","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":25,"box":{"x":101,"y":400,"width":777,"height":11}},{"id":"43c6ea43-2014-4364-b748-1167440873d1","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":25,"box":{"x":70,"y":415,"width":751,"height":11}},{"id":"a6fb95ca-5efc-4247-ac0b-43b946d61a46","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":25,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"666cd3b6-3995-47dd-88be-32679815388b","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":25,"box":{"x":69,"y":445,"width":827,"height":11}},{"id":"d1f6f5a2-a38e-41ab-aa52-9307846182d2","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":25,"box":{"x":69,"y":460,"width":781,"height":12}},{"id":"038fec8a-f3c0-48bd-8a0d-d36a53282489","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":25,"box":{"x":69,"y":475,"width":759,"height":12}},{"id":"ea4f2c52-02a7-44e7-bfa4-f91b7ced00b4","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":25,"box":{"x":70,"y":491,"width":774,"height":11}},{"id":"5d15ae43-1048-4f63-be04-b87a833c6ddd","block_type":"box","text":"shareholder approval.","page_number":25,"box":{"x":69,"y":506,"width":153,"height":11}},{"id":"85a6c5d5-97c5-4bb0-b0dd-532f516862ef","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":25,"box":{"x":102,"y":528,"width":768,"height":12}},{"id":"b7f929c2-3ee6-4e99-b47d-fb79630d550f","block_type":"box","text":"approval, the Fund may not:","page_number":25,"box":{"x":69,"y":544,"width":197,"height":11}},{"id":"69a1690b-8ac7-4170-99d4-c63b8223c2de","block_type":"box","text":"1. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":25,"box":{"x":102,"y":566,"width":743,"height":11}},{"id":"8b3425ea-d84f-44e0-90d7-64d02d702fb1","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":25,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"1cbb09b6-41d0-4a7d-a4a8-d2dab1710e4c","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":25,"box":{"x":70,"y":596,"width":829,"height":12}},{"id":"3d148f28-8509-4c54-aba8-91b88ecdce6d","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":25,"box":{"x":70,"y":612,"width":808,"height":11}},{"id":"5fb6b5ed-0aa7-4598-bfdb-edc41be60b97","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":25,"box":{"x":69,"y":627,"width":763,"height":11}},{"id":"e425afb0-6d55-4130-abc2-c9020c72aeab","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":25,"box":{"x":102,"y":649,"width":744,"height":11}},{"id":"fb0b1183-7b7d-411a-83f4-708e6c1c9a6e","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":25,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"32a28c25-73f6-4f36-b9df-a2a0ca7b0995","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":25,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"bdb0c48f-5b68-47b9-a515-d982e2f2d05b","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":25,"box":{"x":70,"y":695,"width":780,"height":11}},{"id":"0919dea1-ced9-435d-abfc-ef7a07a08e6d","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences. The Subsidiary will follow","page_number":25,"box":{"x":70,"y":710,"width":827,"height":11}},{"id":"49d2a27d-4e37-4658-a87f-584482107176","block_type":"box","text":"the Fund’s fundamental and non-fundamental investment restrictions, as described above, with respect to its","page_number":25,"box":{"x":68,"y":725,"width":779,"height":11}},{"id":"31f3f438-cca8-4833-90ae-0548d964a560","block_type":"box","text":"investments.","page_number":25,"box":{"x":70,"y":740,"width":89,"height":9}},{"id":"bae6dac4-8d3b-4c35-8e01-cf2baf664689","block_type":"box","text":"III. Information on Trustees and Officers","page_number":25,"box":{"x":69,"y":770,"width":290,"height":9}},{"id":"3610922b-af06-47c3-8307-c32f29a5d4f1","block_type":"box","text":"The Board consists of nine individuals (each a “Trustee”), seven of whom are not “interested persons” of the","page_number":25,"box":{"x":101,"y":793,"width":780,"height":11}},{"id":"ff134f69-631d-40d3-a29d-e8be8fea07b7","block_type":"box","text":"Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment companies","page_number":25,"box":{"x":68,"y":808,"width":833,"height":11}},{"id":"bc90ae8b-60bd-4394-ac46-81d9e08eb770","block_type":"box","text":"advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset","page_number":25,"box":{"x":69,"y":823,"width":838,"height":12}},{"id":"9aa12c27-9913-4c6a-bb85-9e106bd16baf","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund Complex”). The","page_number":25,"box":{"x":69,"y":838,"width":824,"height":11}},{"id":"3983b8c7-f408-4e93-8b19-3292a20ee983","block_type":"box","text":"Fund is included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex. The Trustees","page_number":25,"box":{"x":70,"y":853,"width":817,"height":11}},{"id":"02265d52-e982-46d7-a5fa-fceec3c98da8","block_type":"box","text":"also oversee as board members the operations of the other open-end and closed-end registered investment","page_number":25,"box":{"x":69,"y":869,"width":769,"height":11}},{"id":"80a87cff-f880-4b46-a6c8-1d5c83d27fca","block_type":"box","text":"companies included in the BlackRock Fixed-Income Complex.","page_number":25,"box":{"x":69,"y":884,"width":431,"height":11}},{"id":"d597e40e-127a-4d96-8caa-72c6500495b8","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"038bd484-5074-4cf1-9ca9-3f516e6282e0","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9789bfbf-8fb5-4c32-b1c4-e602a4bf2366","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board and the","page_number":26,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"3096651a-de4e-45fe-8d05-3c346560dcbb","block_type":"box","text":"Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also the","page_number":26,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"17b2619c-1c79-4f18-b2e6-8ebe1e084aae","block_type":"box","text":"Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has six standing","page_number":26,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"80578f66-d061-4d21-ae33-082bed865055","block_type":"box","text":"Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":26,"box":{"x":69,"y":90,"width":750,"height":11}},{"id":"03391b11-e661-4725-8348-7e0e37fe304c","block_type":"box","text":"Per formance Oversight Committee, a Securities Lending Committee and an Executive Committee. The role of the","page_number":26,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"896265eb-0809-46ae-b435-f493d69d0309","block_type":"box","text":"Chair of the Board is to preside over all meetings of the Board and to act as a liaison with service providers, officers,","page_number":26,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"5e392cb8-9e1a-415b-8a7b-194993b35368","block_type":"box","text":"attorneys, and other Trustees between meetings. The Chair of each Committee per forms a similar role with respect","page_number":26,"box":{"x":69,"y":135,"width":824,"height":12}},{"id":"1ddb5cab-b7d2-4d39-b085-820f0958e6f3","block_type":"box","text":"to the Committee. The Chair of the Board or a Committee may also per form such other functions as may be","page_number":26,"box":{"x":68,"y":150,"width":770,"height":12}},{"id":"813787c5-3338-42e7-b249-96688260581d","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":26,"box":{"x":69,"y":166,"width":809,"height":11}},{"id":"d73543ad-10f6-4503-98bb-aba5eac3ea76","block_type":"box","text":"presence of the Fund’s management, in executive sessions or with other service providers to the Fund. The Board","page_number":26,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"04e3bae0-b3f8-4a1c-851f-b170752da822","block_type":"box","text":"has regular meetings five times a year, including a meeting to consider the approval of the Fund’s investment","page_number":26,"box":{"x":69,"y":196,"width":780,"height":11}},{"id":"3223c771-aba2-4495-93d5-78beb1610e3e","block_type":"box","text":"management agreement, and, if necessary, may hold special meetings before its next regular meeting. The Audit","page_number":26,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"2bdad7a3-48a0-4707-b451-9fd8aa9e575a","block_type":"box","text":"Committee, the Governance and Nominating Committee, the Compliance Committee, the Per formance Oversight","page_number":26,"box":{"x":69,"y":226,"width":801,"height":11}},{"id":"b7edfae3-5971-42ad-b5fe-9ac6acbac55f","block_type":"box","text":"Committee and the Securities Lending Committee each meets regularly and the Executive Committee meets on an ad","page_number":26,"box":{"x":69,"y":241,"width":837,"height":11}},{"id":"83b0f435-3b53-4e01-8cfd-0f4fc06561eb","block_type":"box","text":"hoc basis to conduct the oversight functions delegated to that Committee by the Board and repor ts its findings to the","page_number":26,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"51a2ee41-491d-44c5-8643-ffe810ce94f7","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":26,"box":{"x":70,"y":271,"width":773,"height":12}},{"id":"8ec6d287-3a8a-46d5-b9e9-b18db7182af7","block_type":"box","text":"structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board","page_number":26,"box":{"x":69,"y":287,"width":838,"height":10}},{"id":"c01b9758-1d11-440f-bcb8-ce1495263068","block_type":"box","text":"to exercise independent judgment over management and to allocate areas of responsibility among Committees and","page_number":26,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"26a80c4b-9546-4286-bb1b-b7a91161d084","block_type":"box","text":"the Board to enhance oversight.","page_number":26,"box":{"x":68,"y":317,"width":227,"height":11}},{"id":"ddf70dfe-0265-4007-8c63-8d0485d2fced","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that having","page_number":26,"box":{"x":101,"y":339,"width":805,"height":12}},{"id":"f331f5b0-f972-4306-8d62-d34e3a947ff2","block_type":"box","text":"an independent Chair:","page_number":26,"box":{"x":69,"y":355,"width":155,"height":11}},{"id":"584365f9-bbb5-422e-b856-2c735de02ef2","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":378,"width":6,"height":4}},{"id":"6f61fb32-43cb-4646-b955-9cde7e3fd2c2","block_type":"box","text":"increases the independent oversight of the Fund and enhances the Board’s objective evaluation of the Chief","page_number":26,"box":{"x":135,"y":375,"width":771,"height":11}},{"id":"72dab4b2-41cf-472a-a65e-392ea694c87a","block_type":"box","text":"Executive Officer;","page_number":26,"box":{"x":135,"y":390,"width":121,"height":10}},{"id":"50f92090-b97c-4e4c-8802-603b685d93e4","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":413,"width":6,"height":4}},{"id":"9f03eeea-453c-4fc4-8d4b-a67fc013c805","block_type":"box","text":"allows the Chief Executive Officer to focus on the Fund’s operations instead of Board administration;","page_number":26,"box":{"x":134,"y":410,"width":717,"height":11}},{"id":"5651044d-8a15-4401-b37c-ad4322a5c239","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":433,"width":6,"height":5}},{"id":"f498345c-2924-49a2-8ada-959be6d3a47f","block_type":"box","text":"provides greater oppor tunities for direct and independent communication between shareholders and the","page_number":26,"box":{"x":135,"y":430,"width":742,"height":11}},{"id":"d47653ea-8026-44e5-bd2a-9517a34b8512","block_type":"box","text":"Board; and","page_number":26,"box":{"x":135,"y":446,"width":76,"height":10}},{"id":"7639e47e-638d-43b4-9b56-90dfacce5d13","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":468,"width":6,"height":5}},{"id":"f09ed818-9581-4dee-9d5e-3c2077bbfa64","block_type":"box","text":"provides an independent spokesman for the Fund.","page_number":26,"box":{"x":135,"y":465,"width":356,"height":11}},{"id":"4c90ccf5-6f76-417d-aa30-f480e146f84c","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":26,"box":{"x":101,"y":488,"width":777,"height":11}},{"id":"445ae20d-93d7-455a-b728-e58824581af3","block_type":"box","text":"overseeing the Manager, sub-advisers, other service providers, the operations of the Fund and associated risks in","page_number":26,"box":{"x":69,"y":503,"width":811,"height":12}},{"id":"c5e3934f-bcd0-4064-a3fb-5587e9bbab8b","block_type":"box","text":"accordance with the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s char ter,","page_number":26,"box":{"x":69,"y":518,"width":826,"height":11}},{"id":"6dcff301-8697-41a9-a1b8-e7f6d4b3ae38","block_type":"box","text":"and the Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s","page_number":26,"box":{"x":69,"y":534,"width":743,"height":11}},{"id":"c405b43e-3a5d-44ca-bbe4-009f8e31f1d6","block_type":"box","text":"per formance, operations, and investment strategies and techniques. The Board also conducts reviews of the","page_number":26,"box":{"x":70,"y":549,"width":776,"height":11}},{"id":"c93c46c1-41d8-4fc4-bcb0-87c4ad90b07e","block_type":"box","text":"Manager and its role in running the operations of the Fund.","page_number":26,"box":{"x":70,"y":564,"width":419,"height":11}},{"id":"a26dd7a7-c55d-42e3-a27a-932b9e972a82","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager, sub-advisers or other","page_number":26,"box":{"x":102,"y":586,"width":793,"height":12}},{"id":"7c302917-7677-4d39-bce3-0268a049238a","block_type":"box","text":"service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":26,"box":{"x":69,"y":601,"width":787,"height":12}},{"id":"154c9efb-677f-4477-87f2-97b2ec5753fa","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":26,"box":{"x":69,"y":617,"width":832,"height":11}},{"id":"d06928a5-5e5a-4624-ad7e-9c55c04540d3","block_type":"box","text":"there are a number of risk management functions per formed by the Manager, sub-advisers or other service providers,","page_number":26,"box":{"x":68,"y":632,"width":839,"height":11}},{"id":"5dc724be-cb58-4226-bb2d-893ab576586f","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight is par t of the","page_number":26,"box":{"x":69,"y":647,"width":789,"height":11}},{"id":"5964b35e-4777-479f-b364-3a2906dc6d28","block_type":"box","text":"Board’s general oversight of the Fund and is addressed as par t of various Board and Committee activities. The","page_number":26,"box":{"x":70,"y":662,"width":790,"height":11}},{"id":"143bf047-88e1-4151-9923-2b5c49987405","block_type":"box","text":"Board, directly or through Committees, also reviews repor ts from, among others, management, the independent","page_number":26,"box":{"x":70,"y":677,"width":799,"height":11}},{"id":"f272c65b-9b22-40b4-bb53-3a313055e292","block_type":"box","text":"registered public accounting firm for the Fund, the Manager, sub-advisers and internal auditors for the Manager or its","page_number":26,"box":{"x":69,"y":692,"width":833,"height":11}},{"id":"768acd53-16da-4a14-9a4b-8440a023ae67","block_type":"box","text":"affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s risk","page_number":26,"box":{"x":69,"y":707,"width":774,"height":12}},{"id":"22a39afd-336b-4b9d-9774-8105575717c5","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees and","page_number":26,"box":{"x":68,"y":722,"width":809,"height":12}},{"id":"2ef6d4dd-9bda-4a9c-baa2-ffef6786fa1e","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities and","page_number":26,"box":{"x":68,"y":738,"width":818,"height":11}},{"id":"ab7351b1-c6ad-4d15-be36-ffebfc7470d3","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":26,"box":{"x":69,"y":753,"width":831,"height":11}},{"id":"3e9057d7-2d3e-4d46-beb1-d6fb98f81b97","block_type":"box","text":"implementation and testing of the Fund’s compliance program and repor ts regularly to the Board regarding","page_number":26,"box":{"x":70,"y":768,"width":760,"height":11}},{"id":"d9dc95a9-07be-43ae-99e3-9167b6d26184","block_type":"box","text":"compliance matters for the Fund and its service providers. The Independent Trustees have engaged independent","page_number":26,"box":{"x":69,"y":783,"width":804,"height":11}},{"id":"01d843e1-6575-4c0b-a268-3accf7d68e18","block_type":"box","text":"legal counsel to assist them in per forming their oversight responsibilities.","page_number":26,"box":{"x":70,"y":798,"width":524,"height":11}},{"id":"70913f04-e6ad-44b5-8220-3f9e3dbe33f2","block_type":"box","text":"Audit Committee.","page_number":26,"box":{"x":101,"y":821,"width":122,"height":9}},{"id":"2252b305-979e-4b98-b8cf-c74eece46f17","block_type":"box","text":"The Board has a standing Audit Committee composed of Lorenzo A. Flores (Chair), J. Phillip","page_number":26,"box":{"x":229,"y":821,"width":651,"height":11}},{"id":"af4f3cc1-ca4a-42f3-a308-71c68287c114","block_type":"box","text":"Holloman and Ar thur P. Steinmetz, all of whom are Independent Trustees. The principal responsibilities of the Audit","page_number":26,"box":{"x":70,"y":836,"width":819,"height":11}},{"id":"55928137-8642-4992-9190-728bf8cea90e","block_type":"box","text":"Committee are to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial","page_number":26,"box":{"x":69,"y":851,"width":810,"height":11}},{"id":"36ee857d-51ff-4742-86bf-04c75f5c3ac7","block_type":"box","text":"repor ting policies and practices of the Fund. The Audit Committee’s responsibilities include, without limitation:","page_number":26,"box":{"x":69,"y":866,"width":786,"height":11}},{"id":"d78c5fc1-a7c4-4ddb-93b3-f33a1c06e8d6","block_type":"box","text":"(i) approving, and recommending to the full Board for approval, the selection, retention, termination and","page_number":26,"box":{"x":69,"y":881,"width":739,"height":11}},{"id":"35e53290-b410-48aa-bcbb-37b4631b6775","block_type":"box","text":"compensation of the Fund’s independent registered public accounting firm (the “Independent Registered Public","page_number":26,"box":{"x":69,"y":896,"width":792,"height":12}},{"id":"e8ae11ab-fb23-41cc-bc04-58f4752dccc6","block_type":"box","text":"Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered Public Accounting","page_number":26,"box":{"x":68,"y":911,"width":824,"height":12}},{"id":"f21dede9-45a3-489a-af4b-dd053ddb65f3","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ad294139-985c-425d-b69d-c48a06ca29a4","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32a4e55c-57a8-4269-8b4a-6b6d43a8df22","block_type":"box","text":"Firm; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each","page_number":27,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"6ee787b5-2e4f-4ccd-8e18-2c4b8da34fda","block_type":"box","text":"audit; (iv) reviewing any issues raised by the Fund’s Independent Registered Public Accounting Firm or management","page_number":27,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"618b2d02-77c5-41d4-bea2-55ea6a9f06c5","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund, its internal controls, and, as","page_number":27,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"d5727703-c991-4946-93f2-bfa352ec0b77","block_type":"box","text":"appropriate, the internal controls of cer tain service providers and management’s response to any such issues;","page_number":27,"box":{"x":69,"y":90,"width":791,"height":11}},{"id":"0d480527-745c-4dd6-96e3-bcd6fe7a1cf9","block_type":"box","text":"(v) reviewing and discussing the Fund’s audited and unaudited financial statements and disclosure in the Fund’s","page_number":27,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"195ed78f-ce08-4551-8b1e-18a92fdf0da1","block_type":"box","text":"shareholder repor ts relating to the Fund’s per formance; (vi) assisting the Board’s responsibilities with respect to the","page_number":27,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"458090e7-03f8-4aac-9e93-f1c59123cc59","block_type":"box","text":"internal controls of the Fund and its service providers with respect to accounting and financial matters; and","page_number":27,"box":{"x":70,"y":135,"width":764,"height":12}},{"id":"e67cb73e-0fc5-45d3-a4af-c95ca2be5e32","block_type":"box","text":"(vii) resolving any disagreements between the Fund’s management and the Fund’s Independent Registered Public","page_number":27,"box":{"x":69,"y":151,"width":809,"height":11}},{"id":"3ed33103-a5f7-4668-8b2d-b76a995e494d","block_type":"box","text":"Accounting Firm regarding financial repor ting. The Board has adopted a written char ter for the Board’s Audit","page_number":27,"box":{"x":68,"y":166,"width":770,"height":11}},{"id":"e5630dfb-852d-47bb-8ffc-42555d025d93","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":27,"box":{"x":69,"y":181,"width":706,"height":11}},{"id":"6ac17003-150b-40f3-ad42-a081d55bb52a","block_type":"box","text":"Governance and Nominating Committee.","page_number":27,"box":{"x":102,"y":203,"width":286,"height":12}},{"id":"b15b797a-ff86-4514-be50-2dfe044cd847","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":27,"box":{"x":394,"y":203,"width":471,"height":12}},{"id":"00b8f84a-9c53-405b-afe4-2b8216a9d6ab","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman and R. Glenn Hubbard, all of whom are","page_number":27,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"7a50858d-184e-457f-8395-fc0df71c3831","block_type":"box","text":"Independent Trustees. The principal responsibilities of the Governance and Nominating Committee are: (i) identifying","page_number":27,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"9e4e3e4e-6e08-485b-a99f-89e5161abe3c","block_type":"box","text":"individuals qualified to serve as Independent Trustees and recommending Board nominees that are not “interested","page_number":27,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"635ba8bc-d7a9-471e-8afe-e810c7f30b92","block_type":"box","text":"persons” of the Fund (as defined in the Investment Company Act) for election by shareholders or appointment by the","page_number":27,"box":{"x":70,"y":264,"width":829,"height":11}},{"id":"12da89d4-a410-42e7-816b-9cf28276e1e2","block_type":"box","text":"Board; (ii) advising the Board with respect to Board composition, procedures and Committees of the Board (other","page_number":27,"box":{"x":70,"y":279,"width":806,"height":11}},{"id":"1b887393-4cff-4749-b3b8-37f8922f5647","block_type":"box","text":"than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees of the Board","page_number":27,"box":{"x":68,"y":294,"width":800,"height":11}},{"id":"7cbab267-c1bc-4a5a-b1ca-7d28322a88e9","block_type":"box","text":"(other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent Trustee","page_number":27,"box":{"x":69,"y":309,"width":801,"height":11}},{"id":"8df4e086-058e-4b4e-8cc1-2286fb42f2eb","block_type":"box","text":"compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof to the","page_number":27,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"ccd0da14-f381-4868-af11-d4d308f25408","block_type":"box","text":"Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee policies","page_number":27,"box":{"x":70,"y":340,"width":831,"height":11}},{"id":"92631c77-2e16-4c64-ac5f-cb1af08b3bab","block_type":"box","text":"and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent Trustees;","page_number":27,"box":{"x":69,"y":355,"width":808,"height":11}},{"id":"9f535d67-750a-4715-8e6e-756836688014","block_type":"box","text":"and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the Independent","page_number":27,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"38b59e2a-7dbd-4f72-bb98-e3df78712169","block_type":"box","text":"Trustees. The Board has adopted a written char ter for the Board’s Governance and Nominating Committee. During","page_number":27,"box":{"x":68,"y":385,"width":817,"height":11}},{"id":"74009ce2-f960-4c82-a3a4-f01cfb69ea0f","block_type":"box","text":"the fiscal year ended December 31, 2025, the Governance and Nominating Committee met four times.","page_number":27,"box":{"x":68,"y":400,"width":734,"height":11}},{"id":"c3527c9c-2515-4f98-a25f-0f8217190d37","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":27,"box":{"x":101,"y":423,"width":803,"height":11}},{"id":"e6ff840e-cd54-4e17-90e8-79b292e614ea","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":27,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"6de53a56-4b6d-4822-a70c-519d7ebe466c","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Fund’s activities. In so doing, the Governance and","page_number":27,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"ef04ff01-eac1-40ad-afbc-342ad49733a3","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Trustees and their tenure on the Board,","page_number":27,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"7bb45d41-2934-420e-9414-87d929272500","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Fund in determining","page_number":27,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"e15b6fc2-9392-4dc8-b6c1-add658f85d58","block_type":"box","text":"whether one or more new trustees should be added to the Board. The Board as a group strives to achieve diversity in","page_number":27,"box":{"x":68,"y":498,"width":836,"height":11}},{"id":"4370be7b-e3d0-4c7c-a003-0a8bfea77d8b","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":27,"box":{"x":68,"y":513,"width":775,"height":12}},{"id":"715a857e-ff7f-446e-bde6-eab4fc9e2ab7","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Fund. The","page_number":27,"box":{"x":68,"y":528,"width":801,"height":12}},{"id":"67dac216-044d-4238-8507-88be50b8c2b3","block_type":"box","text":"Trustees’ biographies included herein highlight the diversity and breadth of skills, qualifications and exper tise that","page_number":27,"box":{"x":68,"y":543,"width":815,"height":12}},{"id":"955c5ac8-cd7c-4b98-9771-f3b276c64937","block_type":"box","text":"the Trustees bring to the Fund.","page_number":27,"box":{"x":68,"y":559,"width":219,"height":11}},{"id":"193536a4-5429-45e7-8748-ac58e4a30a18","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Fund’s","page_number":27,"box":{"x":101,"y":581,"width":741,"height":12}},{"id":"8f1822bf-2bbe-40ad-ad82-90c361c757c4","block_type":"box","text":"shareholders as it deems appropriate. Under the Trust’s Bylaws, shareholders must follow cer tain procedures to","page_number":27,"box":{"x":69,"y":596,"width":803,"height":12}},{"id":"1a975dc5-99d0-4102-9ac8-aabac355d236","block_type":"box","text":"nominate a person for election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under","page_number":27,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"50d15069-a5a4-47bf-9b50-2079f92fc32a","block_type":"box","text":"these advance notice procedures, shareholders must submit the proposed nominee by delivering a notice to the","page_number":27,"box":{"x":68,"y":627,"width":801,"height":11}},{"id":"ca1057f6-d079-4ceb-a43c-74878a5ad894","block_type":"box","text":"Secretary of the Fund at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":27,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"1863da72-98b7-4e52-811a-aab885246bf3","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":27,"box":{"x":68,"y":657,"width":784,"height":11}},{"id":"36189a11-29fe-4c99-a4b5-b56a32826d7d","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":27,"box":{"x":69,"y":672,"width":302,"height":11}},{"id":"054c9303-e5c5-4e23-b04f-65328a544953","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about the","page_number":27,"box":{"x":101,"y":695,"width":769,"height":11}},{"id":"5a303966-d15e-410d-90d9-b34fee38f9fe","block_type":"box","text":"shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":27,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"6fe5320d-0e0f-4f0b-8c27-47a28d68c964","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details.","page_number":27,"box":{"x":69,"y":725,"width":615,"height":11}},{"id":"46a04ef4-7352-477b-b585-55e826245fac","block_type":"box","text":"Compliance Committee.","page_number":27,"box":{"x":102,"y":748,"width":168,"height":11}},{"id":"55e7e1e0-e71a-44df-abe2-ffe543d85782","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":27,"box":{"x":276,"y":748,"width":628,"height":11}},{"id":"7609de2a-bac9-48c5-b949-4f6e892bcd75","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":27,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"ff87d4c5-774b-48d4-ac4e-ea25d6f56628","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary","page_number":27,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"fb2c836c-6898-4532-b163-098ec3941944","block_type":"box","text":"compliance matters involving the Fund, the fund-related activities of BlackRock, and any sub-advisers and the Fund’s","page_number":27,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"3a62a823-a794-48d5-ab08-b8803db7a695","block_type":"box","text":"other third par ty service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":27,"box":{"x":69,"y":808,"width":765,"height":11}},{"id":"4eeb56e5-3d26-4df2-a97f-17bad7299969","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Fund and its service providers and recommending","page_number":27,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"8b5987d0-e334-4914-a521-3b70842f641d","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":27,"box":{"x":69,"y":838,"width":762,"height":12}},{"id":"052f3179-0f50-4c7f-8ea8-867fa9695668","block_type":"box","text":"recommending policies concerning the Fund’s compliance with applicable law; (iii) reviewing information on any","page_number":27,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"7b088934-2468-4f8f-86bd-8445def84ebd","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Fund and","page_number":27,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"a4a01435-919f-4186-847e-9e75ffaab7b3","block_type":"box","text":"any employee complaints or published repor ts that raise concerns regarding compliance matters; and (iv) reviewing","page_number":27,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"fe8e8126-dbd9-418a-844b-f76c6e5aaae3","block_type":"box","text":"repor ts from, overseeing the annual per formance review of, and making cer tain recommendations in respect of, the","page_number":27,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"df407563-bbc9-42bd-b9d5-59b1bdde8f1e","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bb4e5dea-77e0-44ff-9a67-24c85210ebca","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c901fd7-ec38-400d-b22f-8aa40b8aa6ab","block_type":"box","text":"Trust’s CCO, including, without limitation, determining the amount and structure of the CCO’s compensation. The","page_number":28,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"8223025f-56c0-4402-8f79-3c4a1f686e95","block_type":"box","text":"Board has adopted a written char ter for the Board’s Compliance Committee. During the fiscal year ended","page_number":28,"box":{"x":70,"y":60,"width":747,"height":11}},{"id":"e290aa66-3ef6-447b-aac2-edfd9c00b04f","block_type":"box","text":"December 31, 2025, the Compliance Committee met four times.","page_number":28,"box":{"x":70,"y":75,"width":460,"height":11}},{"id":"4837e581-dc5f-4759-ba02-f3c341a2ca64","block_type":"box","text":"Per formance Oversight Committee.","page_number":28,"box":{"x":102,"y":98,"width":248,"height":11}},{"id":"8aeb9344-8bd6-4111-8590-013d694f266b","block_type":"box","text":"The Board has a Per formance Oversight Committee composed of Ar thur P.","page_number":28,"box":{"x":356,"y":98,"width":530,"height":11}},{"id":"aab1f8d3-83e0-4ea1-a29e-17e4c4f8e64c","block_type":"box","text":"Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard and W.","page_number":28,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"e84ad87d-0395-42ea-887c-dcf361a761dd","block_type":"box","text":"Carl Kester, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":28,"box":{"x":69,"y":128,"width":832,"height":11}},{"id":"bbd57441-9f4b-4f54-b829-39385d85a2ea","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to the Fund’s investment","page_number":28,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"704ba46d-84aa-486c-ac23-87c9ddfad4b3","block_type":"box","text":"objective, policies and practices. The Per formance Oversight Committee’s responsibilities include, without limitation:","page_number":28,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"e1aaaf36-f088-4afa-82ff-7071139e5102","block_type":"box","text":"(i) reviewing the Fund’s investment objective, policies and practices; (ii) recommending to the Board any required","page_number":28,"box":{"x":69,"y":173,"width":803,"height":11}},{"id":"a52b13f0-4da8-411d-a860-811ea17fe29e","block_type":"box","text":"action in respect of changes in fundamental and non-fundamental investment restrictions; (iii) reviewing information","page_number":28,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"6d5cf1b8-6acd-4cf8-bc14-828ccef506fc","block_type":"box","text":"on appropriate benchmarks and competitive universes; (iv) reviewing the Fund’s investment per formance relative to","page_number":28,"box":{"x":69,"y":203,"width":823,"height":12}},{"id":"31ff0d78-c575-4004-a370-d17e0d195176","block_type":"box","text":"such benchmarks; (v) reviewing information on unusual or exceptional investment matters; (vi) reviewing whether the","page_number":28,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"b59b3455-9db1-460b-98ac-22742c3e48d0","block_type":"box","text":"Fund has complied with its investment policies and restrictions; and (vii) overseeing policies, procedures and controls","page_number":28,"box":{"x":70,"y":234,"width":837,"height":11}},{"id":"f99abbe5-dca7-4e2f-8219-4fa364e9bf61","block_type":"box","text":"regarding valuation of the Fund’s investments. The Board has adopted a written char ter for the Board’s Per formance","page_number":28,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"7837654a-c702-4297-8a16-f289c7c33b21","block_type":"box","text":"Oversight Committee. During the fiscal year ended December 31, 2025, the Per formance Oversight Committee met","page_number":28,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"930d3970-20e1-4aef-bd81-3d10aaf90f3c","block_type":"box","text":"four times.","page_number":28,"box":{"x":68,"y":279,"width":76,"height":9}},{"id":"5d0adfd3-23a6-4fb4-9203-192dd2bf36b6","block_type":"box","text":"Securities Lending Committee.","page_number":28,"box":{"x":102,"y":302,"width":217,"height":11}},{"id":"ca4e907d-0883-4d00-a82b-723ea569903a","block_type":"box","text":"The Board has a Securities Lending Committee composed of Cynthia L. Egan","page_number":28,"box":{"x":325,"y":302,"width":547,"height":11}},{"id":"d511dd17-baaa-45db-8960-daf0e9bfe98a","block_type":"box","text":"(Chair) and W. Carl Kester, both of whom are Independent Trustees. The principal responsibilities of the Securities","page_number":28,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"59467339-2d17-4e02-a4bf-c66a5daa7c9b","block_type":"box","text":"Lending Committee include, without limitation: (i) suppor ting, overseeing and organizing on behalf of the Board the","page_number":28,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"834b24e2-0400-43f1-b528-2108d2d8114b","block_type":"box","text":"process for oversight of the Fund’s securities lending activities; and (ii) providing a recommendation to the Board","page_number":28,"box":{"x":70,"y":347,"width":804,"height":11}},{"id":"c67265fc-26c3-4993-bb65-90006156fd41","block_type":"box","text":"regarding the annual approval of the Fund’s Securities Lending Guidelines and the Fund’s agreement with the lending","page_number":28,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"a7ce0290-bb3f-4e63-a4af-5449ea65dee1","block_type":"box","text":"agent. The Board has adopted a written char ter for the Board’s Securities Lending Committee. During the fiscal year","page_number":28,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"b1d747e5-f4b7-4e50-982b-b2efb00b9b63","block_type":"box","text":"ended December 31, 2025, the Securities Lending Committee met two times.","page_number":28,"box":{"x":69,"y":392,"width":555,"height":12}},{"id":"1401138c-b621-449c-85ca-462557cae106","block_type":"box","text":"Executive Committee.","page_number":28,"box":{"x":102,"y":415,"width":152,"height":9}},{"id":"38c7d67a-1833-4823-9f18-ef93ef76ec7e","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":28,"box":{"x":260,"y":415,"width":645,"height":11}},{"id":"dae2c761-faca-4fae-b88f-0e40877b9e42","block_type":"box","text":"Kester, both of whom are Independent Trustees, and John M. Perlowski, who serves as an interested Trustee. The","page_number":28,"box":{"x":70,"y":430,"width":815,"height":11}},{"id":"1a41f783-f0a0-4b61-8740-6d0e4b52f2be","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":28,"box":{"x":70,"y":445,"width":832,"height":12}},{"id":"d65b8e0f-4717-4e63-b513-09876cf041c3","block_type":"box","text":"meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and","page_number":28,"box":{"x":69,"y":460,"width":828,"height":12}},{"id":"a23e6eae-3888-4fd0-80db-b39ba94db578","block_type":"box","text":"(iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board.","page_number":28,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"b30bc2b7-2665-4973-aa82-1e39c323b27d","block_type":"box","text":"The Board has adopted a written char ter for the Board’s Executive Committee. During the fiscal year ended","page_number":28,"box":{"x":68,"y":491,"width":764,"height":11}},{"id":"270349cd-c415-4bec-ade9-07eacdb8425d","block_type":"box","text":"December 31, 2025, the Executive Committee did not meet.","page_number":28,"box":{"x":70,"y":506,"width":429,"height":10}},{"id":"db984a51-df92-4a49-9e7d-2f9c784a52d3","block_type":"box","text":"The Independent Trustees have adopted a statement of policy that describes the experiences, qualifications,","page_number":28,"box":{"x":101,"y":528,"width":775,"height":12}},{"id":"e03d8ed4-d280-4dc6-9866-3bbf774c4d76","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":28,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"7242117f-fed1-4441-b125-76d854744c13","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":28,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"9ee5ff3f-716e-4158-8fce-9a0135192e3b","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":28,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"da63f1c4-4ca4-485e-a179-492cbc17fee4","block_type":"box","text":"standards set for th in the Trust’s Bylaws. Fur thermore, in determining that a par ticular Trustee was and continues to","page_number":28,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"36b8015a-9307-4122-8693-4a0b499655c8","block_type":"box","text":"be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":28,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"1f4a4ebb-c0a7-46b6-bea5-5aab80c38618","block_type":"box","text":"controlling. The Board believes that, collectively, the Trustees have balanced and diverse experiences, skills,","page_number":28,"box":{"x":69,"y":619,"width":773,"height":11}},{"id":"1d441d3f-a7c8-4abe-82d0-544ba648b1ad","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing the Fund and protecting the","page_number":28,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"f89a5eba-a57f-4aaa-add1-d033c90dd547","block_type":"box","text":"interests of shareholders. Among the attributes common to all Trustees is their ability to review critically, evaluate,","page_number":28,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"dace214d-f377-4a1f-85a6-2a8dd19c08e1","block_type":"box","text":"question and discuss information provided to them, to interact effectively with the Manager, sub-advisers, other","page_number":28,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"2571a0a0-3d5b-4ff2-89c9-5f612175d70b","block_type":"box","text":"service providers, counsel and independent auditors, and to exercise effective business judgment in the","page_number":28,"box":{"x":69,"y":680,"width":744,"height":11}},{"id":"43e54a4c-f27d-4524-8213-32a2aaf2fa6c","block_type":"box","text":"per formance of their duties as Trustees. Each Trustee’s ability to per form his or her duties effectively is evidenced by","page_number":28,"box":{"x":70,"y":695,"width":840,"height":11}},{"id":"7b528dc7-7355-4965-b987-1b1bd432d580","block_type":"box","text":"his or her educational background or professional training; business, consulting, public service or academic","page_number":28,"box":{"x":69,"y":710,"width":768,"height":11}},{"id":"2244a835-4aa8-4dd6-8966-14d8b758360a","block_type":"box","text":"positions; experience from service as a board member of the Trust or the other funds in the BlackRock Fund","page_number":28,"box":{"x":70,"y":725,"width":771,"height":11}},{"id":"b454b3ad-a2f3-43ba-8e1f-11cf13ea791a","block_type":"box","text":"Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other","page_number":28,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"a20cc624-1746-4d6f-a721-b5820f454948","block_type":"box","text":"organizations; ongoing commitment and par ticipation in Board and Committee meetings, as well as his or her","page_number":28,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"9fe71172-c5e3-4cb2-adb3-9985cebb82c4","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":28,"box":{"x":70,"y":770,"width":719,"height":12}},{"id":"dbc3c6cc-e9d9-4c37-9819-40bf6f6dbfd6","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"58bdbffe-df63-4ed5-945c-30a8a5095382","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1940764c-a5fa-485d-829b-4731c6054287","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Trustee that suppor t the","page_number":29,"box":{"x":101,"y":45,"width":784,"height":11}},{"id":"9d640977-0e92-44e5-b98a-558d1af85f6a","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":29,"box":{"x":69,"y":60,"width":378,"height":9}},{"id":"5c1e9f4d-4bc0-4afb-99d2-d570c8fea96c","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":88,"width":409,"height":9}},{"id":"41ecb15d-fd39-45cd-a759-2b85e72d6494","block_type":"box","text":"Independent Trustees","page_number":29,"box":{"x":70,"y":105,"width":154,"height":10}},{"id":"4f455005-53c4-473e-bac7-9340685de5a4","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":29,"box":{"x":70,"y":120,"width":814,"height":11}},{"id":"c2055454-cfdc-4f08-857c-7d87a1003181","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":29,"box":{"x":264,"y":135,"width":606,"height":9}},{"id":"70719bc3-7d1b-4cbb-9385-cf1f38faa92b","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":29,"box":{"x":265,"y":150,"width":635,"height":10}},{"id":"69439c94-9b92-4c4d-a5ad-5686d200da73","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":29,"box":{"x":265,"y":165,"width":602,"height":11}},{"id":"a0d8fe9b-c5e3-434c-b0cb-f76fd5019971","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":29,"box":{"x":265,"y":180,"width":608,"height":11}},{"id":"5fad0899-e2a3-4cf1-ad42-2fb01071df68","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":29,"box":{"x":265,"y":195,"width":613,"height":11}},{"id":"38180177-1e9f-46f9-b838-386aaf021616","block_type":"box","text":"adds a dimension of balance to the Fund’s governance and provides perspective on","page_number":29,"box":{"x":265,"y":210,"width":595,"height":12}},{"id":"250c6965-52a7-43ba-aec3-c1ddd2cc33bf","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":29,"box":{"x":265,"y":225,"width":597,"height":11}},{"id":"6926845c-1119-4677-baa6-18e6a85c5417","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":29,"box":{"x":265,"y":241,"width":581,"height":11}},{"id":"4d55bb91-c83d-4e52-979c-d468b7fb849d","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":29,"box":{"x":265,"y":256,"width":632,"height":11}},{"id":"90bbb2c9-ba1d-45c1-a142-7acbdac9a072","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":29,"box":{"x":265,"y":271,"width":594,"height":11}},{"id":"e0e53f1a-e8c5-4ddf-87b7-48e44226b08c","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Fund, its","page_number":29,"box":{"x":265,"y":286,"width":573,"height":11}},{"id":"24a4b519-bc89-4b16-b3e7-e1c9c787a9ce","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Hubbard’s","page_number":29,"box":{"x":265,"y":301,"width":589,"height":11}},{"id":"e6f5f54a-94d9-4e4f-99cb-de986a6e037b","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Chair of the","page_number":29,"box":{"x":265,"y":316,"width":595,"height":11}},{"id":"c977e043-96b7-4899-98db-48b028760b80","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":29,"box":{"x":265,"y":331,"width":562,"height":11}},{"id":"8890a240-3778-4fe0-a5bc-395fbd7bc7d9","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Per formance Oversight","page_number":29,"box":{"x":265,"y":346,"width":592,"height":12}},{"id":"33967e46-81ad-4830-a64e-047f1417f276","block_type":"box","text":"Committee.","page_number":29,"box":{"x":265,"y":362,"width":80,"height":8}},{"id":"9e7b9065-e858-4191-b499-4309eeccfefe","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":29,"box":{"x":68,"y":384,"width":786,"height":11}},{"id":"8825fded-a621-4166-823d-0c6073c16522","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":29,"box":{"x":264,"y":399,"width":578,"height":12}},{"id":"277b5ac4-cb9a-420b-8b77-5868e72e7d85","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":29,"box":{"x":264,"y":414,"width":618,"height":12}},{"id":"4224aa46-6770-466d-8783-9cd481dc7da7","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":29,"box":{"x":265,"y":429,"width":581,"height":12}},{"id":"3f9ad955-5ef3-436d-990d-4311015bc0d3","block_type":"box","text":"exper tise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":29,"box":{"x":265,"y":445,"width":613,"height":11}},{"id":"19871fdc-f001-425e-a560-4d0a49469c5c","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":29,"box":{"x":265,"y":460,"width":641,"height":11}},{"id":"0f800f92-c0b2-4d77-b420-ff01d62c3b7a","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":29,"box":{"x":265,"y":475,"width":599,"height":11}},{"id":"4ebe48fb-7075-47b6-b6ab-c65ce8303555","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":29,"box":{"x":265,"y":490,"width":605,"height":11}},{"id":"1e149d13-8c46-49e5-b716-c8395d5e8141","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Fund, its","page_number":29,"box":{"x":265,"y":505,"width":613,"height":11}},{"id":"1107600b-4807-4b76-ae2a-b78cd8944d96","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Kester’s","page_number":29,"box":{"x":265,"y":520,"width":576,"height":12}},{"id":"d0007253-53b2-44e8-8c65-fa1bac8f5f8c","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Vice Chair of the","page_number":29,"box":{"x":265,"y":535,"width":630,"height":12}},{"id":"b410af22-c73c-49e6-aee6-bac4a88dcdf6","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee and a member of the","page_number":29,"box":{"x":265,"y":550,"width":576,"height":12}},{"id":"8a272921-d027-4206-9ca1-8e881069adf7","block_type":"box","text":"Executive Committee, the Compliance Committee, the Per formance Oversight Committee","page_number":29,"box":{"x":265,"y":566,"width":634,"height":11}},{"id":"a01f7542-4fbb-4e30-b087-be0782635947","block_type":"box","text":"and the Securities Lending Committee.","page_number":29,"box":{"x":265,"y":581,"width":275,"height":11}},{"id":"33461892-7291-4da3-b6de-02650594e171","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment","page_number":29,"box":{"x":69,"y":603,"width":775,"height":12}},{"id":"2e3dbd19-37e7-4756-a4ec-848f81e5e3b3","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":29,"box":{"x":264,"y":618,"width":613,"height":12}},{"id":"c09a3612-8e81-46ff-b5b7-365970383c75","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":29,"box":{"x":265,"y":634,"width":633,"height":11}},{"id":"f5ed3045-5b2b-4628-8a36-94659a102daa","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":29,"box":{"x":265,"y":649,"width":636,"height":11}},{"id":"3e40aa03-a9bd-4ad3-b298-ff077a63cd9b","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":29,"box":{"x":265,"y":664,"width":629,"height":11}},{"id":"8c17096c-72c4-446d-b486-252bd2ebb494","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":29,"box":{"x":265,"y":679,"width":617,"height":11}},{"id":"a55a48a9-fbe7-4e39-8925-70d62adea15a","block_type":"box","text":"Depar tment of Treasury as an exper t in domestic retirement security. Ms. Egan began her","page_number":29,"box":{"x":265,"y":694,"width":642,"height":11}},{"id":"a23e53fd-cb41-4832-b1d8-30b12d974f83","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal","page_number":29,"box":{"x":265,"y":709,"width":608,"height":11}},{"id":"8b26aa75-f7c2-4958-8551-c0bda7bd5984","block_type":"box","text":"Reserve Bank of New York. Ms. Egan is also a director of UNUM Corporation, a publicly","page_number":29,"box":{"x":265,"y":724,"width":620,"height":12}},{"id":"cd3f8556-ab23-465d-b778-e3706740edb9","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":29,"box":{"x":264,"y":739,"width":643,"height":12}},{"id":"19798f65-163e-4e65-a5d3-9c5f13168635","block_type":"box","text":"the Board of The Hanover Group, a public proper ty casualty insurance company. 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Harris’s leadership and governance experience gained","page_number":30,"box":{"x":69,"y":269,"width":832,"height":12}},{"id":"58d0e2f2-004c-4e67-997a-b28f866eac7a","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":30,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"9eb36492-da85-4e81-a921-dda59d4ea503","block_type":"box","text":"United States Air Force. In her most recent role, Ms. Harris repor ted to the Secretary and","page_number":30,"box":{"x":265,"y":300,"width":637,"height":11}},{"id":"ea698c06-1bff-4619-a602-34bb21c95478","block_type":"box","text":"Chief of Staff of the Air Force on matters concerning Air Force effectiveness, efficiency","page_number":30,"box":{"x":265,"y":315,"width":617,"height":11}},{"id":"037cdc78-ba9b-479d-8d33-cfdd80cdb420","block_type":"box","text":"and the military discipline of active duty, Air Force Reserve and Air National Guard forces.","page_number":30,"box":{"x":265,"y":330,"width":635,"height":11}},{"id":"4c3dfe80-5102-49ae-8f22-e2b909d66c65","block_type":"box","text":"Ms. Harris’s experience on governance matters includes oversight of inspection policy and","page_number":30,"box":{"x":265,"y":345,"width":643,"height":11}},{"id":"d73fd2f0-565d-4c65-bd91-fc5731054f53","block_type":"box","text":"the inspection and evaluation system for all Air Force nuclear and conventional forces;","page_number":30,"box":{"x":264,"y":360,"width":614,"height":11}},{"id":"fc376388-ed6f-43cf-847e-d4b74c943707","block_type":"box","text":"oversight of Air Force counterintelligence operations and service on the Air Force","page_number":30,"box":{"x":265,"y":375,"width":573,"height":12}},{"id":"ca43b17e-9c2c-4cd8-9250-c0bcff9a34a0","block_type":"box","text":"Intelligence Oversight Panel; investigation of fraud, waste and abuse; and oversight of","page_number":30,"box":{"x":265,"y":390,"width":612,"height":12}},{"id":"54e30c61-76a0-4552-817c-78bb0354b7ed","block_type":"box","text":"criminal investigations and complaints resolution programs. Ms. Harris is also a director","page_number":30,"box":{"x":264,"y":406,"width":630,"height":11}},{"id":"0d860d5f-882b-4b2c-942f-bff4e3055ad8","block_type":"box","text":"of The Boeing Company. Ms. Harris’s independence from the Fund and the Manager","page_number":30,"box":{"x":265,"y":421,"width":599,"height":11}},{"id":"4c0a6244-0e32-471f-9023-0a4aabfdc872","block_type":"box","text":"enhances her service as a member of the Compliance Committee and the Per formance","page_number":30,"box":{"x":265,"y":436,"width":623,"height":11}},{"id":"251615e4-55c1-4c19-8ab1-57888b884b61","block_type":"box","text":"Oversight Committee.","page_number":30,"box":{"x":265,"y":451,"width":151,"height":11}},{"id":"3f1a3c85-229a-4f58-ab11-591bea510006","block_type":"box","text":"J. Phillip Holloman The Board benefits from J. Phillip Holloman’s many years of business and leadership","page_number":30,"box":{"x":69,"y":474,"width":800,"height":11}},{"id":"ccb90d96-4477-4b9e-90f0-5536b1ca982b","block_type":"box","text":"experience as an executive, director and advisory board member of various public and","page_number":30,"box":{"x":265,"y":489,"width":612,"height":11}},{"id":"f91881fc-cf35-4c89-8d61-e7fb52a27cda","block_type":"box","text":"private companies. In par ticular, Mr. Holloman’s service as Board Chairman of Vestis","page_number":30,"box":{"x":265,"y":504,"width":607,"height":11}},{"id":"bb9d8933-86e4-44ee-b722-1dc941573df4","block_type":"box","text":"Corporation, President and Chief Operating Officer of Cintas Corporation allows him to","page_number":30,"box":{"x":265,"y":519,"width":612,"height":11}},{"id":"b1a90675-20cd-4e33-99e9-f0c11c7d69a4","block_type":"box","text":"provide insight into business trends and conditions. Mr. Holloman’s knowledge of","page_number":30,"box":{"x":265,"y":534,"width":581,"height":11}},{"id":"54ef393a-5d55-4104-aa52-d3deb80de0a0","block_type":"box","text":"financial and accounting matters qualifies him to serve as a member of the Audit","page_number":30,"box":{"x":264,"y":549,"width":579,"height":11}},{"id":"01b876be-a572-4e67-a7ac-e84c928eea66","block_type":"box","text":"Committee. Mr. Holloman’s independence from the Fund and the Manager enhances his","page_number":30,"box":{"x":265,"y":564,"width":629,"height":12}},{"id":"f094663b-1424-44fe-a818-8c988fa08691","block_type":"box","text":"service as a member of the Governance and Nominating Committee and the Per formance","page_number":30,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"77ad0996-0253-49fc-8bae-c4c24f76c1db","block_type":"box","text":"Oversight Committee.","page_number":30,"box":{"x":265,"y":595,"width":151,"height":11}},{"id":"09c241f6-5588-4962-8faa-56597d9b38f4","block_type":"box","text":"Ar thur P. Steinmetz The Board benefits from Ar thur P. Steinmetz’s many years of business and leadership","page_number":30,"box":{"x":68,"y":617,"width":808,"height":11}},{"id":"f9841b56-5bf4-4c68-99e2-b776d29fa218","block_type":"box","text":"experience as an executive, chairman and director of various companies in the financial","page_number":30,"box":{"x":265,"y":632,"width":624,"height":11}},{"id":"194abdcc-f672-4153-8fd9-ed43d64b4b7c","block_type":"box","text":"industry. Mr. Steinmetz’s service as Chairman, Chief Executive Officer and President of","page_number":30,"box":{"x":265,"y":647,"width":622,"height":12}},{"id":"d0df558e-cd56-4d3a-a298-90337cf055f9","block_type":"box","text":"the OppenheimerFunds, Inc. and as Trustee, President and Principal Executive Officer of","page_number":30,"box":{"x":264,"y":663,"width":629,"height":11}},{"id":"65d21f00-35f0-478b-a241-eb214538c20e","block_type":"box","text":"cer tain OppenheimerFunds funds provides insight into the asset management industry.","page_number":30,"box":{"x":264,"y":678,"width":621,"height":11}},{"id":"14a71ab9-ef34-4c4f-a6f0-3c5761b1418f","block_type":"box","text":"He has also served as a Director of ScotiaBank (U.S.). Mr. Steinmetz’s knowledge of","page_number":30,"box":{"x":265,"y":693,"width":604,"height":11}},{"id":"9ad15a7b-57ea-40e8-a97e-ff7a4d880285","block_type":"box","text":"financial and accounting matters qualifies him to serve as a member of the Audit","page_number":30,"box":{"x":264,"y":708,"width":579,"height":11}},{"id":"141bbd03-92dc-4631-8851-be7411f8988d","block_type":"box","text":"Committee. Mr. Steinmetz’s independence from the Fund and the Manager enhances his","page_number":30,"box":{"x":265,"y":723,"width":632,"height":11}},{"id":"0bfca6f0-3ce5-436a-a0a1-255555d581f8","block_type":"box","text":"service as Chair of the Per formance Oversight Committee.","page_number":30,"box":{"x":265,"y":738,"width":415,"height":11}},{"id":"a50270c5-e402-42a2-a7ac-672d28b4dc7b","block_type":"box","text":"I-14","page_number":30,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"32b066f6-36a9-44c5-b2b3-4459df7d4eed","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f656e4d-537d-4c2f-a9cb-abad95f8836e","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":31,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"2c45c8bb-a9f3-4246-9de9-1590b534ebb5","block_type":"box","text":"Interested Trustees","page_number":31,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"49fac005-bd7d-43f0-8fa9-60fb3e8bc249","block_type":"box","text":"Rober t Fairbairn Rober t Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":31,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"bc789c53-cbfb-4fe8-92ae-16ef817effef","block_type":"box","text":"years of experience in finance and asset management. In par ticular, Mr. Fairbairn’s","page_number":31,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"f5dcef07-c213-4969-bdbd-aeb09cd6f416","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":31,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"18e3b766-805d-482b-ac05-5a2316501d28","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":31,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"e250e444-ed43-4b85-9ea1-c91da6344cd8","block_type":"box","text":"a wealth of practical business knowledge and leadership. 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Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":31,"box":{"x":69,"y":254,"width":821,"height":12}},{"id":"91836615-8859-4641-a9d8-de5b67ab1206","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":31,"box":{"x":264,"y":269,"width":595,"height":12}},{"id":"10a60fa6-914f-4880-8cec-f2ae94bfa4ee","block_type":"box","text":"President and Chief Executive Officer of the Fund provides him with a strong","page_number":31,"box":{"x":265,"y":285,"width":542,"height":11}},{"id":"75deab8e-7268-4073-9869-a2792b2f050a","block_type":"box","text":"understanding of the Fund, its operations, and the business and regulatory issues facing","page_number":31,"box":{"x":265,"y":300,"width":634,"height":11}},{"id":"fff5fcc7-f425-428e-b981-ead7810cffd3","block_type":"box","text":"the Fund. Mr. Perlowski’s prior position as Managing Director and Chief Operating Officer","page_number":31,"box":{"x":264,"y":315,"width":633,"height":11}},{"id":"c3e34a9d-529e-43a8-8123-67ed9ca2ff67","block_type":"box","text":"of the Global Product Group at Goldman Sachs Asset Management, and his former","page_number":31,"box":{"x":265,"y":330,"width":589,"height":11}},{"id":"4c2d5fd5-fd07-43f0-8ad0-459d147e2544","block_type":"box","text":"service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and","page_number":31,"box":{"x":265,"y":345,"width":629,"height":9}},{"id":"3aa55506-e5d0-4131-bb28-7273840277ae","block_type":"box","text":"as Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of","page_number":31,"box":{"x":265,"y":360,"width":629,"height":11}},{"id":"c00f3b6f-3a0f-4418-a3f6-d3e1baf1cae3","block_type":"box","text":"his experience with the management practices of other financial companies. Mr. Perlowski","page_number":31,"box":{"x":265,"y":375,"width":641,"height":12}},{"id":"803fcc9f-7d89-4d4c-a8a5-44f7bfd489d6","block_type":"box","text":"also serves as a board member for the funds in the BlackRock Multi-Asset Complex.","page_number":31,"box":{"x":265,"y":390,"width":600,"height":11}},{"id":"12b0916a-1d70-4099-bc4f-879846b974f2","block_type":"box","text":"Mr. Perlowski is a member of BlackRock’s Global Executive Committee. 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Perlowski","page_number":34,"box":{"x":78,"y":598,"width":127,"height":9}},{"id":"40f40362-5349-4691-b0fe-2da6ff7c06a8","block_type":"box","text":"................................................","page_number":34,"box":{"x":211,"y":605,"width":385,"height":2}},{"id":"2033470e-47d6-4718-b598-6fff71009a23","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":666,"y":597,"width":228,"height":11}},{"id":"a866b802-bb72-4d5c-a7cd-86af112eb4e1","block_type":"box","text":"* Includes share equivalents owned under the deferred compensation plan in the Supervised Funds by cer tain Independent Trustees who have","page_number":34,"box":{"x":70,"y":622,"width":815,"height":9}},{"id":"54883f20-39e5-4618-8d46-1b927b57b1c0","block_type":"box","text":"par ticipated in the deferred compensation plan of the Supervised Funds.","page_number":34,"box":{"x":69,"y":632,"width":414,"height":9}},{"id":"2862e0f3-9790-4d7d-8dbb-93f0562ab2e8","block_type":"box","text":"As of April 2, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned an","page_number":34,"box":{"x":101,"y":653,"width":792,"height":11}},{"id":"8802b91d-5a48-49fb-bf79-42f150540342","block_type":"box","text":"aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025, none of the","page_number":34,"box":{"x":69,"y":668,"width":837,"height":12}},{"id":"3ffa4738-3c45-4f70-9582-7c036261e06f","block_type":"box","text":"Independent Trustees of the Trust or their immediate family members owned beneficially or of record any securities of","page_number":34,"box":{"x":70,"y":683,"width":840,"height":12}},{"id":"fb205e9d-d729-4748-9074-ea2497098305","block_type":"box","text":"the Fund’s investment adviser, sub-advisers, principal underwriter, or any person directly or indirectly controlling,","page_number":34,"box":{"x":68,"y":699,"width":800,"height":11}},{"id":"1424c811-f610-42bd-adfd-8a1fd597ef47","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":34,"box":{"x":69,"y":714,"width":412,"height":11}},{"id":"4c629086-7940-46e6-ae95-f8706948efaf","block_type":"box","text":"Compensation of Trustees","page_number":34,"box":{"x":69,"y":744,"width":190,"height":11}},{"id":"444f5484-324d-4efb-88ac-0be823c76000","block_type":"box","text":"Each Independent Trustee is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":34,"box":{"x":102,"y":766,"width":775,"height":12}},{"id":"d3252502-97e1-4c69-8477-9d69e46bbbad","block_type":"box","text":"member of the BlackRock-advised Funds, including the Trust, together with out-of-pocket expenses in accordance with","page_number":34,"box":{"x":69,"y":782,"width":838,"height":11}},{"id":"300a11e3-8d7f-401e-aaeb-f8dd5e17c243","block_type":"box","text":"a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair of the","page_number":34,"box":{"x":69,"y":797,"width":838,"height":11}},{"id":"097a3e1c-a525-4727-80ca-ab2932598edc","block_type":"box","text":"Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000, respectively.","page_number":34,"box":{"x":70,"y":811,"width":835,"height":12}},{"id":"8700892a-b397-41f2-b8c7-6eb01c1d97a5","block_type":"box","text":"The Chairs of the Audit Committee, Per formance Oversight Committee, Compliance Committee, Governance and","page_number":34,"box":{"x":68,"y":827,"width":801,"height":11}},{"id":"0fc92121-31cd-4470-9d01-4f5b964e3fa4","block_type":"box","text":"Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of $55,000,","page_number":34,"box":{"x":70,"y":841,"width":780,"height":12}},{"id":"655991db-f294-4454-b435-383f0537e38b","block_type":"box","text":"$42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit Committee,","page_number":34,"box":{"x":69,"y":857,"width":779,"height":11}},{"id":"5cbfdb06-bc60-404d-9c68-b9ddeaa85947","block_type":"box","text":"Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are paid an","page_number":34,"box":{"x":69,"y":872,"width":798,"height":12}},{"id":"e3602deb-4d1a-4db8-a449-8c0869bf36e9","block_type":"box","text":"additional annual retainer of $30,000, $25,000, $25,000 and $15,000, respectively, for his or her service on such","page_number":34,"box":{"x":69,"y":887,"width":826,"height":12}},{"id":"c3791317-9380-4418-84a7-5ac85d41c74a","block_type":"box","text":"committee. An Independent Trustee may receive additional compensation for his or her service as a member or Chair,","page_number":34,"box":{"x":69,"y":903,"width":839,"height":11}},{"id":"4c09024a-c122-4ae5-be34-18dd17881829","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"82d3a505-3c68-47b9-9a47-f602baebd3e0","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94acfe47-69b5-4793-a220-05fe8a87fbd6","block_type":"box","text":"as applicable, of one or more ad hoc committees of the Board. The Fund will pay a pro rata por tion quar terly (based","page_number":35,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"eac7154c-a68a-4162-9cce-7c8d72dda1d2","block_type":"box","text":"on relative net assets) of the foregoing Trustee fees paid by the funds in the BlackRock Fixed-Income Complex.","page_number":35,"box":{"x":69,"y":60,"width":789,"height":11}},{"id":"df6eeea6-c8c1-4e4b-885c-13d5923115e5","block_type":"box","text":"The Independent Trustees have agreed that a maximum of 50% of each Independent Trustee’s total","page_number":35,"box":{"x":101,"y":82,"width":711,"height":12}},{"id":"6a69184e-5165-4ce8-9cd2-3b0bba292090","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":35,"box":{"x":69,"y":98,"width":801,"height":11}},{"id":"a8141174-375e-48cf-b705-f7ba1078d142","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":35,"box":{"x":70,"y":113,"width":833,"height":11}},{"id":"8bb509d1-4563-4676-b534-8360c23f6381","block_type":"box","text":"a return for the Independent Trustees as though equivalent dollar amounts had been invested in shares of cer tain","page_number":35,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"6ebad8bd-d817-4dff-b044-bf89d0d42fbc","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has approximately the","page_number":35,"box":{"x":68,"y":143,"width":802,"height":11}},{"id":"cfcf2f49-3cd0-4da7-bfd5-f1e114d51552","block_type":"box","text":"same economic effect for the Independent Trustees as if they had invested the deferred amounts in such funds in","page_number":35,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"ee954ca7-cd2b-46f2-864a-6bff1331df1a","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":35,"box":{"x":68,"y":173,"width":800,"height":11}},{"id":"62514559-1488-44a6-9ec9-95880963461f","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":35,"box":{"x":69,"y":188,"width":760,"height":12}},{"id":"1e54036a-cf2e-463c-8a31-f6752eec163e","block_type":"box","text":"accounting purposes.","page_number":35,"box":{"x":69,"y":204,"width":151,"height":11}},{"id":"cbb28ddf-d04a-48e8-81fc-501e590822b3","block_type":"box","text":"The following table sets for th the compensation paid to the Trustees by the Trust, on behalf of the Fund, for the","page_number":35,"box":{"x":101,"y":226,"width":796,"height":11}},{"id":"5b02efc1-78b8-4a0c-898f-f8b7cf57a531","block_type":"box","text":"fiscal year ended December 31, 2025 and the aggregate compensation, including deferred compensation amounts,","page_number":35,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"44c07958-3a4d-47d2-b706-933742b54a8b","block_type":"box","text":"paid to them by all BlackRock-advised Funds for the calendar year ended December 31, 2025.","page_number":35,"box":{"x":70,"y":256,"width":670,"height":11}},{"id":"51d9d8b9-914f-44a5-a019-b24747247d66","block_type":"box","text":"Name","page_number":35,"box":{"x":69,"y":325,"width":32,"height":7}},{"id":"8e58a1ad-bb86-49d7-94b1-1ff26b98c29f","block_type":"box","text":"1","page_number":35,"box":{"x":102,"y":325,"width":4,"height":3}},{"id":"064a0f7b-51ca-47ac-9806-243c1a62f5e3","block_type":"box","text":"Compensation","page_number":35,"box":{"x":551,"y":315,"width":83,"height":9}},{"id":"34493746-5432-4102-a74c-fa1f937b7517","block_type":"box","text":"from the Fund","page_number":35,"box":{"x":552,"y":325,"width":81,"height":7}},{"id":"d1577b8a-3dd4-414f-a1b4-c8c81a4be201","block_type":"box","text":"Estimated Annual","page_number":35,"box":{"x":664,"y":305,"width":102,"height":7}},{"id":"60e7181f-6152-483b-9ea3-c70c15352798","block_type":"box","text":"Benefits Upon","page_number":35,"box":{"x":675,"y":315,"width":81,"height":9}},{"id":"e31cbd7b-9e56-4ceb-81ff-ff8a03ec3b38","block_type":"box","text":"Retirement","page_number":35,"box":{"x":683,"y":325,"width":64,"height":7}},{"id":"ba8c36eb-2ba6-41ce-a266-e28299490da0","block_type":"box","text":"Aggregate","page_number":35,"box":{"x":822,"y":285,"width":61,"height":8}},{"id":"4deab8f7-a9bd-48a5-be4c-efa336f06c71","block_type":"box","text":"Compensation from","page_number":35,"box":{"x":796,"y":295,"width":113,"height":8}},{"id":"638a007f-74aa-4cb8-9603-bef5dc5f92e6","block_type":"box","text":"the Fund and","page_number":35,"box":{"x":815,"y":305,"width":75,"height":7}},{"id":"690812a9-4dc2-4269-a5c9-8aa6af70108b","block_type":"box","text":"Other BlackRock","page_number":35,"box":{"x":802,"y":315,"width":102,"height":7}},{"id":"c0d6790b-d0aa-4549-890f-b2a18e1d7d5b","block_type":"box","text":"Advised Funds","page_number":35,"box":{"x":806,"y":325,"width":84,"height":7}},{"id":"3f53c8f1-cbbc-40a4-8abe-9be1d4d30db1","block_type":"box","text":"2,3","page_number":35,"box":{"x":890,"y":325,"width":9,"height":4}},{"id":"cd99d25a-a875-494b-a978-277b780a6b74","block_type":"box","text":"Independent Trustees","page_number":35,"box":{"x":70,"y":343,"width":154,"height":11}},{"id":"ea141e54-f276-4c3d-87a0-bd8b3dd60406","block_type":"box","text":"Cynthia L. Egan","page_number":35,"box":{"x":79,"y":358,"width":108,"height":11}},{"id":"af60d4be-2a18-4b04-a4b3-5dfd4017aa35","block_type":"box","text":"4","page_number":35,"box":{"x":189,"y":358,"width":4,"height":4}},{"id":"eede63e4-471c-4de9-9ad9-81b07e4320dd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,013 None","page_number":35,"box":{"x":200,"y":357,"width":533,"height":11}},{"id":"3a765b47-a1db-4515-8a79-cfe6bdf906ee","block_type":"box","text":"$580,000","page_number":35,"box":{"x":817,"y":357,"width":72,"height":11}},{"id":"c4344150-f1ac-4f31-9fb9-73074bb27e34","block_type":"box","text":"Lorenzo A. Flores","page_number":35,"box":{"x":79,"y":373,"width":121,"height":9}},{"id":"8f303d12-ee8c-49dc-9207-8f9f46b897e7","block_type":"box","text":"5","page_number":35,"box":{"x":201,"y":373,"width":4,"height":5}},{"id":"19689502-b9cd-48ad-baa8-042674ef55a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,426 None","page_number":35,"box":{"x":208,"y":372,"width":525,"height":11}},{"id":"9110ffe4-e2a1-494c-afa7-7687b620c38a","block_type":"box","text":"$400,000","page_number":35,"box":{"x":817,"y":372,"width":72,"height":11}},{"id":"6115b947-e2c1-4f2c-99a2-901995bbc3b3","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,391 None","page_number":35,"box":{"x":79,"y":387,"width":654,"height":12}},{"id":"be6c8fea-989a-4526-b893-7a4851eb56f2","block_type":"box","text":"$395,000","page_number":35,"box":{"x":817,"y":387,"width":72,"height":11}},{"id":"134a174b-c5fe-4646-a191-8739ca1ce2d9","block_type":"box","text":"J. Phillip Holloman","page_number":35,"box":{"x":78,"y":403,"width":130,"height":11}},{"id":"3cbe8dd4-b2b9-4ab4-82fc-fcc83a25b32b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,567 None","page_number":35,"box":{"x":217,"y":402,"width":516,"height":12}},{"id":"3b9fe4ab-827b-40a2-ab52-4325cfd9c915","block_type":"box","text":"$425,000","page_number":35,"box":{"x":817,"y":402,"width":72,"height":12}},{"id":"144f395f-fdf1-4d9c-ba17-e8cdf2c40929","block_type":"box","text":"R. Glenn Hubbard . . .","page_number":35,"box":{"x":79,"y":418,"width":148,"height":9}},{"id":"4434c335-2624-4415-8bef-9bd84b2e618c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,363 None","page_number":35,"box":{"x":233,"y":418,"width":500,"height":11}},{"id":"8b44523e-e5d6-47e8-9209-67301ec3a42a","block_type":"box","text":"$560,000","page_number":35,"box":{"x":817,"y":418,"width":72,"height":11}},{"id":"e8b3783c-ad6a-4fb5-a011-4b0746f92846","block_type":"box","text":"W. Carl Kester","page_number":35,"box":{"x":78,"y":433,"width":102,"height":9}},{"id":"aceec27b-459a-42d7-9c9c-f1a1484cfff1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,461 None","page_number":35,"box":{"x":184,"y":433,"width":549,"height":11}},{"id":"a8f953df-249e-42a0-bdc6-7a3b66fcd74d","block_type":"box","text":"$671,500","page_number":35,"box":{"x":817,"y":433,"width":72,"height":11}},{"id":"6a602ef5-b526-44a9-8f0b-4dd5cf4331c8","block_type":"box","text":"Catherine A. Lynch","page_number":35,"box":{"x":79,"y":449,"width":131,"height":11}},{"id":"bedbee30-95e1-41e8-9906-d9f6c3f8c5a4","block_type":"box","text":"6","page_number":35,"box":{"x":211,"y":449,"width":5,"height":4}},{"id":"d2e4104d-6412-4a75-87f4-aa5d97a3bb6b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,123 None","page_number":35,"box":{"x":225,"y":448,"width":508,"height":11}},{"id":"6d3de1de-e15f-4984-8652-6de45a0ce16e","block_type":"box","text":"$610,000","page_number":35,"box":{"x":817,"y":448,"width":72,"height":11}},{"id":"3abc6f0e-bd0d-4e71-a99e-6a96f0b6adb4","block_type":"box","text":"Ar thur P. Steinmetz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,758 None","page_number":35,"box":{"x":78,"y":463,"width":655,"height":11}},{"id":"83ae3448-c046-40cb-a985-f318c7225a1f","block_type":"box","text":"$537,500","page_number":35,"box":{"x":817,"y":463,"width":72,"height":11}},{"id":"0ed69de2-5427-4d36-9487-dd8883680d0f","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":479,"width":138,"height":9}},{"id":"38558f87-ac48-42d2-a759-85605a8544fb","block_type":"box","text":"Rober t Fairbairn . .","page_number":35,"box":{"x":79,"y":494,"width":131,"height":9}},{"id":"98ed8547-a9c8-4633-9cb5-0ece8de51a44","block_type":"box","text":"......................................","page_number":35,"box":{"x":217,"y":501,"width":303,"height":2}},{"id":"102f5f9f-edbd-4f3c-8de2-5531fed700d7","block_type":"box","text":"None None None","page_number":35,"box":{"x":575,"y":494,"width":296,"height":9}},{"id":"f6a2c49a-1c20-4e28-95b9-9a97e320b54f","block_type":"box","text":"John M. Perlowski","page_number":35,"box":{"x":78,"y":509,"width":127,"height":9}},{"id":"c3988295-3ca1-4e42-8b97-31097f533108","block_type":"box","text":".......................................","page_number":35,"box":{"x":208,"y":516,"width":312,"height":2}},{"id":"646d584b-0ce2-4ab1-9bac-8b6adf3a34e5","block_type":"box","text":"None None None","page_number":35,"box":{"x":575,"y":509,"width":296,"height":9}},{"id":"8d34d938-a749-4002-b946-5182f6aa673c","block_type":"box","text":"1","page_number":35,"box":{"x":69,"y":534,"width":3,"height":3}},{"id":"91266bfa-249f-4731-88c6-8ab961aef86a","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation see the Biographical Information Char t beginning","page_number":35,"box":{"x":94,"y":533,"width":811,"height":9}},{"id":"b9cf6385-3be6-4390-a083-48f968c906bb","block_type":"box","text":"on page I-15.","page_number":35,"box":{"x":93,"y":544,"width":74,"height":8}},{"id":"d08d1625-15c7-4487-9388-189780c4b91f","block_type":"box","text":"2","page_number":35,"box":{"x":69,"y":556,"width":3,"height":4}},{"id":"ca947a66-7d88-4d1c-801b-e523f834afe8","block_type":"box","text":"For the Independent Trustees, this amount represents the aggregate compensation earned from the funds in the BlackRock Fixed-Income","page_number":35,"box":{"x":94,"y":556,"width":782,"height":9}},{"id":"11414cb3-2bb6-4884-8015-f65c6808cacf","block_type":"box","text":"Complex during the calendar year ended December 31, 2025. Of this amount, Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard, Dr. Kester,","page_number":35,"box":{"x":93,"y":566,"width":801,"height":9}},{"id":"7c6bf0ac-6256-4ecf-a172-c55ccc0d676b","block_type":"box","text":"Ms. Lynch and Mr. Steinmetz deferred $200,000, $197,500, $212,500, $280,000, $546,859, $603,900 and $268,750, respectively,","page_number":35,"box":{"x":94,"y":576,"width":776,"height":9}},{"id":"0dea5d4c-e9db-4a7e-ae15-7bff9393657d","block_type":"box","text":"pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":35,"box":{"x":94,"y":586,"width":457,"height":9}},{"id":"be41d13e-4647-4520-9b82-60a20fd7590b","block_type":"box","text":"3","page_number":35,"box":{"x":69,"y":599,"width":3,"height":4}},{"id":"ff0711f6-f93a-4a3e-ae4c-8ac80e12e175","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":35,"box":{"x":93,"y":599,"width":810,"height":9}},{"id":"c0db260c-e040-45cd-8a2e-d4c39508dc4a","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz is $1,055,218, $1,032,387, $1,101,752, $5,907,215, $2,544,830, $720,927 and $603,379,","page_number":35,"box":{"x":94,"y":608,"width":787,"height":10}},{"id":"c8b50b51-3928-456b-8f5e-0abc484ad25b","block_type":"box","text":"respectively, as of December 31, 2025. Ms. Egan did not par ticipate in the deferred compensation plan as of December 31, 2025.","page_number":35,"box":{"x":94,"y":619,"width":748,"height":9}},{"id":"3ded65a2-6a57-4f18-84ca-a2e9f56e3135","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":632,"width":4,"height":3}},{"id":"22c87338-c3b3-413b-894e-06a34545b199","block_type":"box","text":"Ms. Egan became Chair of the Securities Lending Committee effective as of March 9. 2026.","page_number":35,"box":{"x":94,"y":632,"width":525,"height":9}},{"id":"60ca0224-5c86-4bea-becf-8beeeac7b08f","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":644,"width":3,"height":4}},{"id":"3b65f698-d7b9-4481-89cc-52dcf507cc84","block_type":"box","text":"Ms. Flores became Chair of the Audit Committee effective as of March 9, 2026.","page_number":35,"box":{"x":94,"y":644,"width":455,"height":9}},{"id":"63377055-936d-4abb-9f2f-dfe79fee4a83","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":657,"width":3,"height":3}},{"id":"6d1dc6da-e373-4544-8b1c-8f4fd0dfc741","block_type":"box","text":"Ms. Lynch resigned as a Trustee of the Trust effective as of March 9, 2026.","page_number":35,"box":{"x":94,"y":657,"width":433,"height":9}},{"id":"fe78329c-be75-4535-b230-55da9fa5a61f","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":685,"width":432,"height":11}},{"id":"8f410df7-a393-4cc4-8644-c8c135aa6c11","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with the Manager (the","page_number":35,"box":{"x":101,"y":708,"width":767,"height":11}},{"id":"72d98716-f92e-4317-86f9-a50599568b37","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager receives as compensation for its services to the Fund, a","page_number":35,"box":{"x":70,"y":723,"width":830,"height":11}},{"id":"697afd09-813b-48cf-ae7b-e147b65dddc6","block_type":"box","text":"fee with respect to the Fund at the end of each month.","page_number":35,"box":{"x":68,"y":738,"width":389,"height":11}},{"id":"b905d4cd-828a-4e60-b795-fff41f93f3df","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":35,"box":{"x":102,"y":761,"width":762,"height":11}},{"id":"9ab89ce0-2809-4034-a737-94fd8edf84c4","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":35,"box":{"x":69,"y":776,"width":799,"height":11}},{"id":"fa1ace7a-87f7-437d-b315-11599a46ed0a","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":35,"box":{"x":68,"y":791,"width":726,"height":11}},{"id":"de74e4a4-68ba-4eb2-a868-1ca045771404","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":35,"box":{"x":69,"y":806,"width":799,"height":11}},{"id":"5771369f-7da0-46c8-abcc-d2775f5371ed","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":35,"box":{"x":70,"y":821,"width":780,"height":12}},{"id":"a0cc3f9c-d000-4f5c-baab-09608f6c3ab6","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":35,"box":{"x":69,"y":836,"width":835,"height":12}},{"id":"863da226-452b-4e22-8fb2-db2f12151995","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":35,"box":{"x":69,"y":852,"width":774,"height":11}},{"id":"2f88477d-7e11-4158-8ad7-0ab1ca5f041f","block_type":"box","text":"securities of the Fund.","page_number":35,"box":{"x":69,"y":867,"width":158,"height":9}},{"id":"241e9251-0bd1-44c2-a916-2595e7dafbc7","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":35,"box":{"x":101,"y":889,"width":792,"height":12}},{"id":"60f4a1b8-6a8e-4c0c-b107-7ddcaa719192","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":35,"box":{"x":68,"y":904,"width":787,"height":12}},{"id":"94c82a6f-9d7e-414f-b79f-15e205ae2ad6","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"ba5d6931-5dee-424c-94fe-b4346ca55898","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"504698fd-a6cf-4ac5-9daf-66d72ec5a15a","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and expenses and cer tain other Fund expenses (as defined in the","page_number":36,"box":{"x":70,"y":45,"width":811,"height":11}},{"id":"fbe6b489-c112-4a27-89a1-fe9ca82a83b6","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 0.59% for Investor A Shares, 1.34% for","page_number":36,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"292184e1-6985-43c2-bfb8-c337755934fe","block_type":"box","text":"Investor C Shares, 0.34% for Institutional Shares, and 0.29% for Class K Shares through June 30, 2027. The","page_number":36,"box":{"x":70,"y":75,"width":779,"height":11}},{"id":"4df5360a-cbde-442c-bcd5-1e8a1b46d228","block_type":"box","text":"contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a","page_number":36,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"403e0ab9-26e0-4726-aa4a-95369ef90368","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":36,"box":{"x":68,"y":105,"width":468,"height":11}},{"id":"9673658a-7f68-4818-9984-4f3b6211529f","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":36,"box":{"x":102,"y":128,"width":800,"height":11}},{"id":"e515c869-cb0f-48a9-9cb3-8911ca4d9d4e","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":36,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"04a5be9a-e9e2-4758-937c-198573ae638f","block_type":"box","text":"to per form investment advisory services with respect to the Fund. In addition, the Manager may delegate cer tain of","page_number":36,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"f1834bc3-c997-4bf1-8b0f-4d148136d58c","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":36,"box":{"x":70,"y":173,"width":801,"height":11}},{"id":"5bbf0d5b-c0f4-4941-8071-0e38f5931a47","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":36,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"d26b66ff-14fa-4d7e-975b-72a54db64d99","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":36,"box":{"x":70,"y":204,"width":508,"height":11}},{"id":"a5cd93b7-d190-4eff-b952-db65e6345089","block_type":"box","text":"The Manager entered into subadvisory agreements with BlackRock International Limited (“BIL”) and, effective","page_number":36,"box":{"x":101,"y":226,"width":782,"height":11}},{"id":"563d6259-3d3a-4f88-b368-fa74dfe3d5de","block_type":"box","text":"October 1, 2021, BlackRock (Singapore) Limited (“BSL” and together with BIL, the “Sub-Advisers”) with respect to","page_number":36,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"78ac8227-9d2a-440d-b71f-f95742e5aed0","block_type":"box","text":"the Fund pursuant to which each Sub-Adviser receives for the services it provides for that por tion of the Fund for","page_number":36,"box":{"x":68,"y":256,"width":803,"height":11}},{"id":"f132f519-5f80-42ba-b7af-0a352a9e03f7","block_type":"box","text":"which the Sub-Adviser serves as subadviser a monthly fee at an annual rate equal to a percentage of the","page_number":36,"box":{"x":68,"y":271,"width":749,"height":12}},{"id":"0869cbc7-b192-48d0-bfdd-bc3c8ecc6a8b","block_type":"box","text":"management fee paid to the Manager under the Management Agreement.","page_number":36,"box":{"x":69,"y":286,"width":524,"height":12}},{"id":"7e393deb-a2cd-4a86-b10d-b6b4068f40d3","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Fund to the Manager (which","page_number":36,"box":{"x":101,"y":309,"width":802,"height":11}},{"id":"2843f127-aee4-4d97-929b-311b8195d987","block_type":"box","text":"includes amounts paid by the Manager to the Sub-Advisers), and the amounts waived and/or reimbursed by the","page_number":36,"box":{"x":70,"y":324,"width":794,"height":12}},{"id":"7f0c3d01-0889-4217-a655-03c09bf526a0","block_type":"box","text":"Manager, for the periods indicated:","page_number":36,"box":{"x":70,"y":339,"width":247,"height":12}},{"id":"6348305c-a5a4-4ecf-b214-829538dddc2a","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":586,"y":368,"width":56,"height":7}},{"id":"28a8739e-8ec4-4f39-94d9-a73919c152ef","block_type":"box","text":"to the Manager","page_number":36,"box":{"x":569,"y":378,"width":90,"height":9}},{"id":"d8aba7b2-997f-4ef0-9078-e78e547a75be","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":698,"y":368,"width":72,"height":7}},{"id":"77b98d66-7595-4cae-a1b3-0eaa3a8701e9","block_type":"box","text":"by the Manager","page_number":36,"box":{"x":689,"y":378,"width":91,"height":9}},{"id":"bee98831-7edd-465e-b776-152dbf482971","block_type":"box","text":"Fees Reimbursed","page_number":36,"box":{"x":810,"y":368,"width":99,"height":7}},{"id":"77bf0f32-afd0-49cc-8919-8fa458d292be","block_type":"box","text":"by the Manager","page_number":36,"box":{"x":814,"y":378,"width":91,"height":9}},{"id":"979b95d6-afc1-4fdc-9ae9-65e09247b04b","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . $4,450,483 $451,792 $2,063,994","page_number":36,"box":{"x":70,"y":395,"width":833,"height":11}},{"id":"678f626a-0853-47b7-ba68-8014fe85c76d","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . $4,822,003 $437,783 $2,162,604","page_number":36,"box":{"x":70,"y":410,"width":833,"height":11}},{"id":"90df7d6b-7b09-4660-b841-7d0e261a18a7","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . $5,932,298 $701,479 $2,018,432","page_number":36,"box":{"x":70,"y":425,"width":832,"height":11}},{"id":"4231aa03-db63-414a-a2da-c8fbaf86dbd3","block_type":"box","text":"Administration Agreement","page_number":36,"box":{"x":68,"y":457,"width":191,"height":11}},{"id":"2268ef90-600d-4ec1-9495-3852ffb172a4","block_type":"box","text":"BlackRock serves as the Fund’s administrator pursuant to an administration agreement (the “Administration","page_number":36,"box":{"x":102,"y":480,"width":771,"height":11}},{"id":"d3db5e82-b745-4d24-ac00-a2bf63c55fbd","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for the Fund; furnish the Fund with clerical,","page_number":36,"box":{"x":68,"y":495,"width":761,"height":11}},{"id":"a42225fd-5037-4b5a-b032-2e4975dec1df","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of the Fund’s net asset value;","page_number":36,"box":{"x":69,"y":510,"width":819,"height":11}},{"id":"c18b4e89-b688-482d-9582-70857c20a24f","block_type":"box","text":"oversee the preparation and filing of Federal, state and local income tax returns; prepare cer tain repor ts required by","page_number":36,"box":{"x":69,"y":525,"width":830,"height":12}},{"id":"9e9e3709-8ad0-488d-926d-dde8ef3b859b","block_type":"box","text":"regulatory authorities; calculate various contractual expenses; determine the amount of dividends and distributions","page_number":36,"box":{"x":69,"y":540,"width":822,"height":12}},{"id":"5c9ef300-e412-48cb-9014-30d7ea4923c9","block_type":"box","text":"available for payment by the Fund to its shareholders; prepare and arrange for the printing of dividend notices to","page_number":36,"box":{"x":69,"y":555,"width":800,"height":12}},{"id":"a3c47948-8ad3-46b3-b47a-9e4e35ea9fd4","block_type":"box","text":"shareholders; provide Fund service providers with such information as is required to effect the payment of dividends","page_number":36,"box":{"x":69,"y":571,"width":830,"height":11}},{"id":"f12743fb-6d12-4673-ac31-88fc64992566","block_type":"box","text":"and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal counsel, custodian,","page_number":36,"box":{"x":69,"y":586,"width":825,"height":11}},{"id":"86dbec6b-d865-48d6-b11e-c4bfd416b084","block_type":"box","text":"accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of the Fund and","page_number":36,"box":{"x":69,"y":601,"width":824,"height":11}},{"id":"25021432-9672-46ae-ba67-063ced68b5cf","block_type":"box","text":"monitoring financial and shareholder accounting services. BlackRock may from time to time voluntarily waive","page_number":36,"box":{"x":69,"y":616,"width":773,"height":11}},{"id":"fb07df26-df8b-485f-8756-f95753a45b6b","block_type":"box","text":"administration fees with respect to the Fund and may voluntarily reimburse the Fund for expenses.","page_number":36,"box":{"x":69,"y":631,"width":700,"height":11}},{"id":"82327112-b0b1-4aec-bda0-80acf3be474f","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of the Fund, pays to BlackRock a fee,","page_number":36,"box":{"x":102,"y":654,"width":789,"height":11}},{"id":"b3796e06-8fce-459f-ad36-605b57ec6a01","block_type":"box","text":"computed daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the","page_number":36,"box":{"x":69,"y":668,"width":792,"height":12}},{"id":"2903e7ac-740a-49b6-8cd8-40f0dc686bc3","block_type":"box","text":"Fund’s average daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of","page_number":36,"box":{"x":70,"y":683,"width":838,"height":12}},{"id":"144f9284-786b-4bf9-9277-f9ccece44b6f","block_type":"box","text":"the next $1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily","page_number":36,"box":{"x":68,"y":698,"width":821,"height":12}},{"id":"b9eeb3fb-f7b4-48b1-b945-5c06f645898d","block_type":"box","text":"net assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily","page_number":36,"box":{"x":69,"y":714,"width":816,"height":12}},{"id":"8bb49e28-ecf0-48f8-8f35-73209d6cdbdf","block_type":"box","text":"net 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":36,"box":{"x":69,"y":729,"width":833,"height":12}},{"id":"c97cc1d9-ddf9-4b54-9dda-810acd835cfd","block_type":"box","text":"shares of the Fund.","page_number":36,"box":{"x":69,"y":744,"width":137,"height":9}},{"id":"924e54f7-6888-4898-998a-ba7327aa0af5","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":36,"box":{"x":101,"y":767,"width":798,"height":11}},{"id":"da6b2920-05b0-4436-b932-1f1f78e960f0","block_type":"box","text":"BlackRock, and the amounts waived, for the past three fiscal years.","page_number":36,"box":{"x":70,"y":782,"width":480,"height":11}},{"id":"6dfb21b3-fec6-4aa9-a3a6-10c4cbf9f23a","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":728,"y":811,"width":56,"height":7}},{"id":"4e513cb1-d40a-40f4-b9ef-add541db89ac","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":716,"y":821,"width":79,"height":7}},{"id":"875f91f9-df59-46b5-b989-05bfc7292379","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":833,"y":811,"width":72,"height":7}},{"id":"2f9ef18e-8c39-4ef9-b169-7bbf25bd843a","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":830,"y":821,"width":80,"height":8}},{"id":"f89c9ebf-9ffb-4b4e-b7e4-8f23922ff598","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":36,"box":{"x":70,"y":838,"width":273,"height":11}},{"id":"50bf426f-fc0b-4d25-be97-b20eb7935041","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":36,"box":{"x":353,"y":838,"width":382,"height":11}},{"id":"4fe34cb8-51fc-4098-ad58-34f913f8304a","block_type":"box","text":"079,803 $362,540","page_number":36,"box":{"x":737,"y":838,"width":168,"height":11}},{"id":"9d1f013f-7b30-4286-bf93-d8d4a989328e","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":36,"box":{"x":70,"y":854,"width":274,"height":10}},{"id":"2084d773-8004-4463-ac65-2829260ed3ed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":36,"box":{"x":353,"y":853,"width":382,"height":11}},{"id":"798e2e9e-fc7e-4bd0-9ac7-12665fa8e747","block_type":"box","text":"168,227 $393,501","page_number":36,"box":{"x":737,"y":853,"width":168,"height":11}},{"id":"59a70c7f-877f-45f9-ac8b-ddc3f8453392","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":36,"box":{"x":70,"y":869,"width":273,"height":10}},{"id":"0f262e63-a9a2-4ce7-be2a-7d18272eea7d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":36,"box":{"x":353,"y":868,"width":382,"height":11}},{"id":"96d1a9b3-e039-4f9c-b5f8-d6ea868393bc","block_type":"box","text":"424,068 $486,025","page_number":36,"box":{"x":737,"y":868,"width":168,"height":11}},{"id":"2a71d023-c8e4-479d-8f98-4df311b404ac","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":36,"box":{"x":101,"y":893,"width":708,"height":11}},{"id":"8abca84e-719a-4ffe-babb-586574021b4a","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":36,"box":{"x":69,"y":908,"width":838,"height":11}},{"id":"58102f0e-20a8-4a60-83d5-b6149586299d","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"796fc14d-cee7-4d68-b728-78fb83cbf3e2","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"683b56ea-c8cf-45e6-a139-cfe1025cc3a8","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":37,"box":{"x":68,"y":45,"width":800,"height":11}},{"id":"86112e6f-1862-43e9-bda6-d990afc46551","block_type":"box","text":"shares of the Fund.","page_number":37,"box":{"x":69,"y":60,"width":137,"height":9}},{"id":"0123392b-454d-41f3-b10b-06edea775251","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":37,"box":{"x":102,"y":83,"width":740,"height":11}},{"id":"eab96d06-d761-4d36-b37c-22944b27e10f","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":37,"box":{"x":69,"y":98,"width":824,"height":10}},{"id":"01089d09-2f5d-4da3-bd50-b930918649eb","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":37,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"438d11ed-dd18-47ce-899a-ccdc4207e8b7","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":37,"box":{"x":69,"y":128,"width":531,"height":11}},{"id":"f5216f99-a0d7-405a-99b0-124a66a7a56a","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, paid to BlackRock and BlackRock waived fees for","page_number":37,"box":{"x":102,"y":150,"width":752,"height":11}},{"id":"6cf4b985-bf4a-46bf-9a0c-3a3e470321a6","block_type":"box","text":"shareholder liaison services pursuant to such agreement as 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Compensation may include","page_number":37,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"0a442ceb-4da5-496d-97a9-f03f95ab7087","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":37,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"01c720c7-4534-4bdc-886f-b51b42cab89d","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":37,"box":{"x":69,"y":627,"width":799,"height":11}},{"id":"a92b1228-57d8-4e38-9c6f-b6cc5f3d5eb8","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":642,"width":670,"height":11}},{"id":"e1429052-d217-4412-b0f9-580c6ee1a844","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":665,"width":148,"height":11}},{"id":"8b68a63a-1fb0-45b8-83af-3bec3d1f8c48","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":664,"width":640,"height":12}},{"id":"5c57910b-7b21-43df-8b0e-a9e7a8dbc71c","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":680,"width":32,"height":8}},{"id":"0105cdae-d3da-4057-9a65-0e02cf64b6ac","block_type":"box","text":"Discretionary Incentive Compensation","page_number":37,"box":{"x":69,"y":710,"width":277,"height":11}},{"id":"d4de5291-d5ce-4b85-a400-39fbc09207d0","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":37,"box":{"x":102,"y":732,"width":792,"height":12}},{"id":"c856865f-2042-4155-b5b4-09ce9ebe6685","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":37,"box":{"x":68,"y":748,"width":800,"height":11}},{"id":"865b0816-64fa-4ec5-93ed-9f29cd34838c","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":37,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"422fa17c-c43e-4272-ba60-94214a587748","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":37,"box":{"x":70,"y":778,"width":817,"height":11}},{"id":"04d5c47f-315a-4dc0-baee-768e79704b5f","block_type":"box","text":"por tfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":37,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"d39a206c-20fe-4ac8-9fdc-32365c415b38","block_type":"box","text":"which the per formance of the Funds or other accounts managed by the por tfolio managers are measured. Among","page_number":37,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"7065c108-ce74-4dfb-af69-87245553f512","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each por tfolio","page_number":37,"box":{"x":69,"y":823,"width":819,"height":12}},{"id":"f1d089e8-9ac8-4a27-b68c-6d6aff7ad105","block_type":"box","text":"manager’s compensation based on the per formance of the Funds and other accounts managed by each por tfolio","page_number":37,"box":{"x":69,"y":838,"width":805,"height":12}},{"id":"68e7ac26-c6c5-4ff0-aabb-0aba22066fb7","block_type":"box","text":"manager relative to the various benchmarks. Per formance of fixed-income funds is measured on a pre-tax and/or","page_number":37,"box":{"x":69,"y":853,"width":807,"height":12}},{"id":"d1770b19-a77c-4103-a54e-bb297732e825","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5f0ca3f5-07a7-4241-97b3-a52efe75c02f","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd04ca6f-28a1-4bd7-b3d0-4340b348145d","block_type":"box","text":"after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these","page_number":38,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"8c15adc2-119d-4902-9673-bdd2d5ea5dce","block_type":"box","text":"por tfolio managers, such benchmarks for the Fund and other accounts are:","page_number":38,"box":{"x":70,"y":60,"width":534,"height":11}},{"id":"8209bf28-6e92-4b34-9a5a-62aaddf4339a","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":38,"box":{"x":69,"y":88,"width":267,"height":9}},{"id":"55d3f22a-d07f-46fd-a5bc-e31b84f64ac8","block_type":"box","text":"Russell Brownback","page_number":38,"box":{"x":70,"y":105,"width":133,"height":8}},{"id":"e8a782e8-e8b2-4fa9-aa3e-325e699abd48","block_type":"box","text":"Harrison Segall","page_number":38,"box":{"x":70,"y":120,"width":106,"height":11}},{"id":"35ba66e2-b542-4ce6-89c3-811d1c780381","block_type":"box","text":"A combination of market-based indices (e.g., Bloomberg U.S. Aggregate Bond Index),","page_number":38,"box":{"x":264,"y":104,"width":603,"height":12}},{"id":"2d1a751d-dbd9-483a-9f7b-2dfae485ca38","block_type":"box","text":"cer tain customized indices and cer tain fund industry peer groups.","page_number":38,"box":{"x":264,"y":120,"width":469,"height":11}},{"id":"85ce473b-87e6-4609-9060-58dcac22de93","block_type":"box","text":"Johan Sjogren Varied Euro-Based Benchmarks and global inflation benchmark.","page_number":38,"box":{"x":69,"y":142,"width":645,"height":12}},{"id":"7916f6e1-f200-4a97-a548-dc6cf55c8a37","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":38,"box":{"x":102,"y":166,"width":389,"height":11}},{"id":"11b48219-6bd7-4248-943b-c07f8a19ee0a","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":38,"box":{"x":499,"y":166,"width":383,"height":11}},{"id":"3f12f146-7f37-46f9-9df8-65dff037dbaa","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":38,"box":{"x":70,"y":181,"width":815,"height":12}},{"id":"c25bc4a0-a587-4e5c-b227-5ab425328db6","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":38,"box":{"x":68,"y":196,"width":522,"height":12}},{"id":"3b8454cb-ab86-4d59-8c8a-548141e93f55","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":38,"box":{"x":102,"y":219,"width":760,"height":11}},{"id":"5fa53e51-4dc1-4ea8-a556-7a577a6f1943","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":38,"box":{"x":69,"y":234,"width":795,"height":12}},{"id":"4925bb2b-386e-44e6-9cb1-f93009d405d1","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":38,"box":{"x":69,"y":249,"width":805,"height":12}},{"id":"1fc5c848-61c5-40d7-af5d-68cb1093c1fa","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":38,"box":{"x":69,"y":264,"width":822,"height":12}},{"id":"d7c6260a-f3e3-4a19-89d0-3c996e097cf5","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":38,"box":{"x":68,"y":280,"width":839,"height":11}},{"id":"76168173-f850-4905-94b8-3628aca9b68a","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":38,"box":{"x":69,"y":295,"width":802,"height":11}},{"id":"e1246821-413e-4a74-aac4-2755349e3f51","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":38,"box":{"x":70,"y":310,"width":820,"height":11}},{"id":"596ad589-de08-4e3a-80f4-5e3c38a128a5","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":38,"box":{"x":70,"y":325,"width":801,"height":11}},{"id":"3ade1d4c-c9de-4b29-885c-fe81bc028810","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":38,"box":{"x":70,"y":340,"width":831,"height":11}},{"id":"6cbbb6d5-200a-48af-b886-95841df08fdc","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":38,"box":{"x":69,"y":355,"width":479,"height":11}},{"id":"aaca840b-efc3-4a54-a81e-eb67e2817f12","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":38,"box":{"x":102,"y":378,"width":785,"height":11}},{"id":"d0c158f8-1eff-4eb4-9162-8033128aa943","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":38,"box":{"x":68,"y":393,"width":836,"height":11}},{"id":"7fbe53bd-d70e-487b-8ea0-2fc3ec5f516c","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":38,"box":{"x":68,"y":408,"width":821,"height":11}},{"id":"09b5f453-c8d1-4311-9203-a232ace4221d","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":38,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"19b1ed39-e312-460f-84b9-65b7a3ed0f68","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":38,"box":{"x":70,"y":438,"width":835,"height":12}},{"id":"ec45e3b8-4d68-4a42-a36e-e44057d7e20a","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":38,"box":{"x":69,"y":453,"width":414,"height":12}},{"id":"48c87536-1a27-4ef6-9713-81bc9dfcba15","block_type":"box","text":"Other Compensation Benefits.","page_number":38,"box":{"x":101,"y":476,"width":218,"height":11}},{"id":"e851f717-16c3-4b70-ad6b-7ada96e02ac4","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":38,"box":{"x":327,"y":476,"width":552,"height":11}},{"id":"1573b154-edbd-45ab-bd9a-798a9731bf78","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":38,"box":{"x":69,"y":491,"width":582,"height":12}},{"id":"4fdb9f47-c6c4-4644-a912-10b5030f81ab","block_type":"box","text":"Incentive Savings Plans","page_number":38,"box":{"x":102,"y":514,"width":167,"height":11}},{"id":"43d0a2e9-4548-47c3-86c4-b2c97341a9d0","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":38,"box":{"x":274,"y":514,"width":614,"height":11}},{"id":"bab74557-e4e4-4daa-bbe0-402319d6ad00","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":38,"box":{"x":69,"y":529,"width":831,"height":11}},{"id":"b2980aa9-4590-4a9f-a09a-0d5724dafca1","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":38,"box":{"x":70,"y":544,"width":785,"height":11}},{"id":"340cd9df-33c4-4b24-8938-7aa764f9e878","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":38,"box":{"x":69,"y":559,"width":830,"height":12}},{"id":"30cf6dc4-8c4b-4a38-9007-fed4bb8ee3f1","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the IRS limit ($350,000 for 2025). The","page_number":38,"box":{"x":69,"y":574,"width":836,"height":12}},{"id":"14d39214-8cf6-46dd-80d9-f61f3c96ef41","block_type":"box","text":"RSP offers a range of investment options, including registered investment companies and collective investment funds","page_number":38,"box":{"x":70,"y":589,"width":838,"height":12}},{"id":"d8fe3c8c-5db2-42c6-8105-67cc1f700d25","block_type":"box","text":"managed by the firm. BlackRock contributions follow the investment direction set by par ticipants for their own","page_number":38,"box":{"x":69,"y":605,"width":781,"height":11}},{"id":"e9a49e60-dd78-4b05-a166-b74940ca4512","block_type":"box","text":"contributions or, absent par ticipant investment direction, are invested into a target date fund that corresponds to, or","page_number":38,"box":{"x":69,"y":620,"width":832,"height":11}},{"id":"cf758f33-43c6-4136-bb4f-5d43584a1a8d","block_type":"box","text":"is closest to, the year in which the par ticipant attains age 65. The ESPP allows for investment in BlackRock common","page_number":38,"box":{"x":70,"y":635,"width":830,"height":11}},{"id":"c44c57f7-532c-492a-811d-62a9d2c064c9","block_type":"box","text":"stock at a 5% discount on the fair market value of the stock on the purchase date. Annual par ticipation in the ESPP","page_number":38,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"3382e730-f7a1-424f-8e34-46d157920aa9","block_type":"box","text":"is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market","page_number":38,"box":{"x":70,"y":664,"width":812,"height":12}},{"id":"ef76f461-7f24-485a-9f9c-4189c543ddba","block_type":"box","text":"value on the purchase date. Messrs. Brownback and Segall are eligible to par ticipate in these plans.","page_number":38,"box":{"x":68,"y":680,"width":718,"height":12}},{"id":"22a03cd1-cd32-4ce8-a825-23718216bce3","block_type":"box","text":"United Kingdom-based por tfolio managers are also eligible to par ticipate in broad-based plans offered generally","page_number":38,"box":{"x":102,"y":703,"width":796,"height":11}},{"id":"b08e5a54-43dc-4a0d-9fd1-c8d33d43c846","block_type":"box","text":"to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example,","page_number":38,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"88bd1f2a-371c-46bf-b6f9-508c3e4f005c","block_type":"box","text":"BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to par ticipate,","page_number":38,"box":{"x":70,"y":733,"width":825,"height":11}},{"id":"ba651a6a-f478-48b2-9df6-7c41189d0b59","block_type":"box","text":"including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP).","page_number":38,"box":{"x":70,"y":748,"width":809,"height":12}},{"id":"57fb91d2-872c-4a15-9a7d-6dd3329d7e67","block_type":"box","text":"The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £160,000 per annum. The","page_number":38,"box":{"x":68,"y":763,"width":824,"height":12}},{"id":"41a8f3b0-1531-4103-87cd-a3f9cc09f176","block_type":"box","text":"RSP offers a range of investment options, including several collective investment funds managed by the firm.","page_number":38,"box":{"x":70,"y":778,"width":776,"height":12}},{"id":"dbf2a68c-c8f4-413d-abe8-bb941e555791","block_type":"box","text":"BlackRock contributions follow the investment direction set by par ticipants for their own contributions or, in the","page_number":38,"box":{"x":70,"y":794,"width":790,"height":11}},{"id":"2b97e95e-5831-45fd-8109-f02a708bb83d","block_type":"box","text":"absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest","page_number":38,"box":{"x":69,"y":809,"width":839,"height":11}},{"id":"581f71c8-cda8-47a6-b001-ee1fea64dc87","block_type":"box","text":"to, the year in which the par ticipant attains age 65. The ESPP allows for investment in BlackRock common stock at a","page_number":38,"box":{"x":68,"y":824,"width":835,"height":11}},{"id":"9db7566b-4b45-4047-a252-19df5fae4c75","block_type":"box","text":"5% discount on the fair market value of the stock on the purchase date. Annual par ticipation in the ESPP is limited to","page_number":38,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"6c709df1-6695-4285-b7f2-fc4d29a06953","block_type":"box","text":"the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on","page_number":38,"box":{"x":68,"y":853,"width":814,"height":12}},{"id":"c86de08d-5876-4a5a-b9c0-44150a38659f","block_type":"box","text":"the purchase date. Mr. Sjogren is eligible to par ticipate in these plans.","page_number":38,"box":{"x":68,"y":869,"width":504,"height":11}},{"id":"ffedcb0e-267d-4978-8c2a-f29e67bfafe3","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a0b8b663-8d70-4bac-aa3a-bf7687242d04","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"821429c8-375c-4775-a2ef-cb6e6211b7c1","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":39,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"560e4a6d-1061-469d-8b9a-ce92f701c9c1","block_type":"box","text":"The following table sets for th the dollar range of equity securities of the Funds beneficially owned by each","page_number":39,"box":{"x":101,"y":67,"width":752,"height":12}},{"id":"d7aa82d1-bc76-4195-bbf5-e95e6bc089f7","block_type":"box","text":"por tfolio manager as of December 31, 2025.","page_number":39,"box":{"x":70,"y":82,"width":320,"height":12}},{"id":"cd18ca35-2a7a-4927-945f-83c71e456cf6","block_type":"box","text":"Portfolio Manager","page_number":39,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"9703d32b-05a9-434b-b903-ec0884095523","block_type":"box","text":"Dollar Range of Equity","page_number":39,"box":{"x":757,"y":111,"width":129,"height":9}},{"id":"5626def1-c1f0-412c-aaef-a416918e997a","block_type":"box","text":"Securities Beneficially Owned","page_number":39,"box":{"x":732,"y":121,"width":173,"height":9}},{"id":"106903c9-6104-49d4-8640-cf166f026a8a","block_type":"box","text":"1","page_number":39,"box":{"x":906,"y":121,"width":4,"height":3}},{"id":"9db848b4-3cf2-456b-b18d-e8297dfda932","block_type":"box","text":"Russell Brownback . .","page_number":39,"box":{"x":70,"y":139,"width":150,"height":8}},{"id":"bdaf528f-1bdc-45e3-ba08-5c6728fdb1cb","block_type":"box","text":"...........................................................","page_number":39,"box":{"x":227,"y":146,"width":474,"height":1}},{"id":"456cfcc7-acc6-4e94-8b09-af3315d82108","block_type":"box","text":"None","page_number":39,"box":{"x":804,"y":139,"width":35,"height":8}},{"id":"2dd26c2b-c9d3-4a42-a329-31d7cecbe491","block_type":"box","text":"Harrison Segall . .","page_number":39,"box":{"x":70,"y":154,"width":126,"height":11}},{"id":"1cf86e87-6f50-441d-8a91-b44d159d38fb","block_type":"box","text":"..............................................................","page_number":39,"box":{"x":202,"y":161,"width":499,"height":1}},{"id":"7c807341-77e3-452d-8a84-442d1de26101","block_type":"box","text":"$10,001 - $50,000","page_number":39,"box":{"x":752,"y":153,"width":139,"height":11}},{"id":"b6a37fc2-6161-43f2-952a-902cafa270bf","block_type":"box","text":"Johan Sjogren","page_number":39,"box":{"x":69,"y":169,"width":98,"height":11}},{"id":"253c6cbd-b813-481b-812f-c50ed285e691","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 -","page_number":39,"box":{"x":178,"y":168,"width":623,"height":11}},{"id":"97391a31-0037-448f-a8b5-3284ea000a9a","block_type":"box","text":"$10,000","page_number":39,"box":{"x":807,"y":168,"width":61,"height":11}},{"id":"d5dd3324-5145-403e-b923-4c6ffaeee7fe","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":193,"width":3,"height":4}},{"id":"fa80566c-6f3f-49cd-9f1d-cf17ae16d6fe","block_type":"box","text":"Includes securities attributable to the por tfolio manager’s par ticipation in cer tain deferred compensation and retirement programs.","page_number":39,"box":{"x":94,"y":193,"width":746,"height":9}},{"id":"9ec89b4e-b0cc-42a4-9516-ad2fa2ec37fd","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":39,"box":{"x":69,"y":222,"width":403,"height":11}},{"id":"6da2004d-4f90-44cc-9095-1b78a1c86339","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":39,"box":{"x":102,"y":244,"width":727,"height":12}},{"id":"604e7617-11a3-40fa-9ac4-062932719245","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":39,"box":{"x":70,"y":259,"width":814,"height":12}},{"id":"9e80b530-db2f-4415-8357-afb876080d7f","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":39,"box":{"x":70,"y":275,"width":837,"height":11}},{"id":"cac092ca-47d0-4ca6-b5ff-ef901a69800a","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":39,"box":{"x":70,"y":290,"width":810,"height":11}},{"id":"a47f9900-8130-48b0-a407-577cfe3c5164","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":39,"box":{"x":69,"y":305,"width":782,"height":11}},{"id":"3531a97a-19d3-4d02-bf5b-f0515c7661e7","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":39,"box":{"x":69,"y":320,"width":830,"height":11}},{"id":"8d740db7-7c4b-4415-908b-89465ec6c245","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":39,"box":{"x":69,"y":335,"width":828,"height":11}},{"id":"b3d59c6b-593f-4cd2-bcfd-f8d0cee1e2d1","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":39,"box":{"x":68,"y":350,"width":834,"height":11}},{"id":"6d254ad2-9033-4b35-9dd1-8ee1704ee984","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":39,"box":{"x":70,"y":365,"width":777,"height":11}},{"id":"6377303f-5290-4428-97f5-a47ac952e618","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":39,"box":{"x":70,"y":380,"width":821,"height":12}},{"id":"4618c016-deea-4157-bae2-9d7f70e9196b","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":39,"box":{"x":69,"y":396,"width":819,"height":10}},{"id":"5f34fb85-149c-4458-9f20-ad98adad8efc","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":39,"box":{"x":69,"y":411,"width":832,"height":11}},{"id":"ff25e127-4ac8-4c65-a7ba-a12b96efc712","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":39,"box":{"x":68,"y":426,"width":804,"height":11}},{"id":"93dfacc9-8b4d-49f7-939f-c3f2a0d17177","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":39,"box":{"x":69,"y":441,"width":760,"height":11}},{"id":"1f9040d1-0e28-4236-a36b-c160a774cfeb","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":39,"box":{"x":69,"y":456,"width":834,"height":11}},{"id":"fbd6d168-3fc6-49a1-9a78-d5569aaac977","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":39,"box":{"x":69,"y":471,"width":836,"height":11}},{"id":"b1949fba-7194-4adf-bce9-792342a89585","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":39,"box":{"x":69,"y":486,"width":822,"height":11}},{"id":"3c50a9cb-ae55-426b-aba0-1ca06128641b","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":39,"box":{"x":70,"y":501,"width":835,"height":12}},{"id":"551e1742-a09f-43b9-8350-b67c2ab87ea3","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Brownback and Segall may be","page_number":39,"box":{"x":69,"y":516,"width":825,"height":12}},{"id":"844ba010-c10b-473d-af05-cca12fc1b060","block_type":"box","text":"managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only","page_number":39,"box":{"x":69,"y":532,"width":811,"height":11}},{"id":"c6359066-1647-41d7-bb37-0c66e853cb86","block_type":"box","text":"accounts, subject to incentive fees. Messrs. Brownback and Segall may therefore be entitled to receive a por tion of","page_number":39,"box":{"x":69,"y":547,"width":826,"height":11}},{"id":"0f294ab5-14e8-4bff-8b71-c471753d991f","block_type":"box","text":"any incentive fees earned on such accounts.","page_number":39,"box":{"x":69,"y":562,"width":316,"height":11}},{"id":"151b0cc1-9d6a-4442-8299-331314d0ac70","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":39,"box":{"x":101,"y":584,"width":788,"height":12}},{"id":"59dd4a29-a178-4534-8e91-ac2479c08967","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":39,"box":{"x":70,"y":600,"width":839,"height":11}},{"id":"5b6fcb8f-1497-406d-a150-9e7a24eefa2c","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":39,"box":{"x":68,"y":615,"width":823,"height":11}},{"id":"ef13bfed-0e0e-4215-8f64-a59d59c9925d","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":39,"box":{"x":68,"y":630,"width":812,"height":11}},{"id":"5e870dd9-581b-4d3f-8923-6ad45791763f","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":39,"box":{"x":69,"y":645,"width":777,"height":11}},{"id":"9db04dd8-d613-466f-b4b4-ff75697ccf86","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":39,"box":{"x":70,"y":660,"width":826,"height":11}},{"id":"164cc226-e627-4721-b3e7-22a8828e3a65","block_type":"box","text":"Accounting Services.","page_number":39,"box":{"x":101,"y":683,"width":154,"height":11}},{"id":"85564eb9-ed36-4119-839d-3a13ed7f7390","block_type":"box","text":"JPM serves as the accounting services provider for the Fund. JPM records investment,","page_number":39,"box":{"x":261,"y":683,"width":616,"height":11}},{"id":"ca594cb0-765c-44a0-8557-bc4d45b7b088","block_type":"box","text":"capital share and income and expense activities; verifies and transmits trade tickets; maintains accounting ledgers","page_number":39,"box":{"x":69,"y":698,"width":820,"height":11}},{"id":"74c045df-999c-4208-9770-aafe9e2e8126","block_type":"box","text":"for investment securities; maintains tax lots; reconciles cash with the Fund’s custodian; repor ts cash balances to","page_number":39,"box":{"x":68,"y":713,"width":812,"height":11}},{"id":"928cbdca-84c3-48a8-9fba-ce4b670516c3","block_type":"box","text":"BlackRock; prepares cer tain financial statements; calculates expenses, gains, losses and income; controls","page_number":39,"box":{"x":70,"y":728,"width":765,"height":11}},{"id":"968a1a62-de8c-4ee4-83dc-6eed70b29dad","block_type":"box","text":"disbursements; works with independent pricing sources; and computes and repor ts net asset value. In connection","page_number":39,"box":{"x":69,"y":743,"width":815,"height":12}},{"id":"ed9d72c7-9980-4147-bbe9-9d3ad0f602a7","block_type":"box","text":"with its accounting services, JPM also provides cer tain administration services to the Fund.","page_number":39,"box":{"x":68,"y":759,"width":653,"height":11}},{"id":"380b7c8d-819a-4118-bcb9-09f06550acdb","block_type":"box","text":"The table below shows the amount paid by the Trust, on behalf of the Fund, to JPM for accounting services for","page_number":39,"box":{"x":101,"y":781,"width":787,"height":11}},{"id":"78963fc5-1ac4-4023-a272-110a68ce1734","block_type":"box","text":"the periods indicated:","page_number":39,"box":{"x":68,"y":796,"width":154,"height":11}},{"id":"9d165c8c-19bf-4abd-bc05-711029deb6e1","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":845,"y":824,"width":56,"height":8}},{"id":"6057a801-5a85-4b34-a8ed-f04891bf5582","block_type":"box","text":"to JPM","page_number":39,"box":{"x":853,"y":835,"width":39,"height":7}},{"id":"6d3c1f7f-56d3-4ae0-b058-294825beb5b7","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":852,"width":426,"height":11}},{"id":"d40c1dcf-6670-472f-9144-19633deedb07","block_type":"box","text":"......................................","page_number":39,"box":{"x":502,"y":860,"width":303,"height":1}},{"id":"42482c7a-5681-4e8c-a4bc-a00abceb4d1b","block_type":"box","text":"$150,730","page_number":39,"box":{"x":837,"y":852,"width":72,"height":11}},{"id":"caf7a1b1-ad42-46f4-aa35-edb5b84dabac","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":867,"width":426,"height":11}},{"id":"566a58ba-a418-4292-89eb-ea9f95d851d0","block_type":"box","text":"......................................","page_number":39,"box":{"x":502,"y":875,"width":303,"height":1}},{"id":"02bb0eb6-ca19-44d3-9546-fde149b49212","block_type":"box","text":"$168,849","page_number":39,"box":{"x":837,"y":867,"width":72,"height":11}},{"id":"dd1fdaba-da5f-44f5-b3f2-497fff7629a9","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":883,"width":426,"height":10}},{"id":"dc85c870-7999-4a87-824c-fa8286598b6a","block_type":"box","text":"......................................","page_number":39,"box":{"x":502,"y":890,"width":303,"height":1}},{"id":"3c70bfb7-97d5-4cce-a5d0-666d216f38d5","block_type":"box","text":"$202,653","page_number":39,"box":{"x":837,"y":882,"width":72,"height":11}},{"id":"bbaa5931-dbae-43ec-8746-e9190b5295d6","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5c209619-c0bd-49e5-bc51-24604979693d","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b5a19c5-3881-446e-a0af-3348d697e92b","block_type":"box","text":"Custodian and Transfer Agency Agreements.","page_number":40,"box":{"x":101,"y":45,"width":324,"height":11}},{"id":"c709abd6-d957-4208-9b2c-27512864fb3f","block_type":"box","text":"JPM, which has its principal offices at 383 Madison Avenue, New","page_number":40,"box":{"x":431,"y":45,"width":466,"height":11}},{"id":"e56f9340-2f46-47ff-8362-073b93169507","block_type":"box","text":"York, New York 10179, serves as the custodian for the Fund. Among other responsibilities, JPM maintains a custody","page_number":40,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"2e004fda-e4ca-4a11-a558-d8938fd0f7f3","block_type":"box","text":"account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon purchase and upon","page_number":40,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"79f5b673-8d4c-42e6-aea0-a82b960fd6ba","block_type":"box","text":"sale or maturity, and collects and receives all income and other payments and distributions on account of the assets","page_number":40,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"02e77c55-1bfc-4eb7-a2c7-df62f176cb18","block_type":"box","text":"of the Fund.","page_number":40,"box":{"x":69,"y":105,"width":83,"height":9}},{"id":"f3b4bb18-b458-4ccc-9233-1ed073afb27c","block_type":"box","text":"For the fiscal year ended December 31, 2025, custody credits earned under these arrangements were as","page_number":40,"box":{"x":102,"y":128,"width":752,"height":11}},{"id":"2d222e37-f979-4e10-a587-b3acbac1924f","block_type":"box","text":"follows: $0 with respect to the Fund.","page_number":40,"box":{"x":68,"y":142,"width":260,"height":12}},{"id":"17d8eae0-f4ad-4ebe-8997-c308eedf9565","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":40,"box":{"x":102,"y":166,"width":764,"height":11}},{"id":"2d896bcd-5772-4952-a0c5-444d6953087c","block_type":"box","text":"Westborough, MA 01581, serves as the transfer and dividend disbursement agent for the Fund.","page_number":40,"box":{"x":68,"y":181,"width":684,"height":11}},{"id":"01e6c547-d9bf-4d15-9cef-d9d02aaa8001","block_type":"box","text":"Credit Agreement","page_number":40,"box":{"x":69,"y":211,"width":129,"height":11}},{"id":"9958d1f4-b682-43b7-9bb7-d78f86bf0687","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":40,"box":{"x":101,"y":234,"width":757,"height":11}},{"id":"6efeb9c9-890b-4dc9-9c33-cef50259bcc8","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":40,"box":{"x":69,"y":248,"width":817,"height":12}},{"id":"60639e95-19e1-4653-8711-9d8902b41f62","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":40,"box":{"x":68,"y":264,"width":743,"height":11}},{"id":"4f8d908a-5ed8-4997-b740-0798a188f9c1","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":40,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"549e92b3-adbe-404f-8d04-7915588aedc8","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":40,"box":{"x":68,"y":293,"width":818,"height":12}},{"id":"3deb9264-8c6c-47a1-b5ad-8bcfec47ca17","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":40,"box":{"x":70,"y":309,"width":761,"height":11}},{"id":"52c43527-2498-4f11-8320-0a019db7cf9c","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":40,"box":{"x":69,"y":324,"width":768,"height":11}},{"id":"36e66c1b-be9f-4e11-a909-3b01e9f2a9a3","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":40,"box":{"x":68,"y":339,"width":825,"height":12}},{"id":"14d0875b-2806-4454-9e32-2f51698b0a17","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":40,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"a6bdb896-3d9a-4860-afa2-02258159b93c","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":40,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"4a21b782-05a8-4340-b0c0-a85f7e273150","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":40,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"1e4c4e3f-9923-4c32-bc1f-65399edd7687","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":40,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"5f6a4653-5635-4f64-9f54-8e7e5a93df11","block_type":"box","text":"charged interest at a variable rate.","page_number":40,"box":{"x":69,"y":415,"width":245,"height":11}},{"id":"3a276b5d-eea6-40d3-b388-c2f95f86a0de","block_type":"box","text":"Organization and Management of Wholly-Owned Subsidiary","page_number":40,"box":{"x":69,"y":445,"width":428,"height":11}},{"id":"648fab55-6700-4a9d-81e3-8643adecd7ed","block_type":"box","text":"The Fund intends to gain exposure to commodity markets by investing up to 25% of its total assets in the","page_number":40,"box":{"x":101,"y":468,"width":751,"height":11}},{"id":"6efc4df0-4c26-4539-a163-24299f49ab4e","block_type":"box","text":"Subsidiary. The Subsidiary invests primarily in commodity-related instruments.","page_number":40,"box":{"x":69,"y":483,"width":557,"height":11}},{"id":"02d03157-a58c-4b08-b69d-d155217034a1","block_type":"box","text":"The Subsidiary is a company organized under the laws of the Cayman Islands, whose registered office is located","page_number":40,"box":{"x":101,"y":506,"width":803,"height":11}},{"id":"6f7edbda-fc30-4956-90fe-d0d1b98f12eb","block_type":"box","text":"at the offices of Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman KYI-1104, Cayman","page_number":40,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"31e573f9-ad70-476b-92c9-3b2b94d92313","block_type":"box","text":"Islands. The Subsidiary’s affairs are overseen by a board of directors, which is comprised of John M. Perlowski and","page_number":40,"box":{"x":70,"y":536,"width":821,"height":11}},{"id":"0f68d2d0-1437-4c68-8468-c7104a3d56c6","block_type":"box","text":"Trent Walker.","page_number":40,"box":{"x":68,"y":551,"width":91,"height":9}},{"id":"3c848387-0060-4fe1-a2d0-1c6d2eba78e5","block_type":"box","text":"The Manager provides investment management and administrative services to the Subsidiary. The Manager does","page_number":40,"box":{"x":101,"y":574,"width":808,"height":11}},{"id":"4156416a-ba5a-48ce-a8ea-3650bfaf91e5","block_type":"box","text":"not receive separate compensation from the Subsidiary for providing it with investment advisory or administrative","page_number":40,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"d9dc7980-29e7-40b8-8848-b286a6937cd0","block_type":"box","text":"services. However, the Fund pays the Manager based on the Fund’s assets, including the assets invested in the","page_number":40,"box":{"x":69,"y":604,"width":800,"height":11}},{"id":"ee39770e-499a-4d00-8157-4fd97b54f083","block_type":"box","text":"Subsidiary. The Subsidiary entered into contracts for the provision of custody, and audit services with the same","page_number":40,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"1365f7f5-092f-4d39-9f0e-f46c1deb4a36","block_type":"box","text":"service providers that provide those services to the Fund.","page_number":40,"box":{"x":69,"y":634,"width":410,"height":11}},{"id":"cba50685-b046-470c-b7c9-36b6c6d0964f","block_type":"box","text":"The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material","page_number":40,"box":{"x":101,"y":657,"width":780,"height":11}},{"id":"8ccfc6ed-81a8-4150-8476-dd9d4f945ca5","block_type":"box","text":"respects, as the policies and procedures adopted by the Trust. As a result, the Manager, in managing the","page_number":40,"box":{"x":69,"y":672,"width":752,"height":11}},{"id":"bd306378-5b4d-487b-bd26-60bdd3a07de3","block_type":"box","text":"Subsidiary’s por tfolio, is subject to the same investment policies and restrictions that apply to the management of","page_number":40,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"e7d2452c-9a75-4fd1-832a-1a30fa966136","block_type":"box","text":"the Trust, and, in par ticular, to the requirements relating to por tfolio leverage, liquidity, brokerage, and the timing and","page_number":40,"box":{"x":68,"y":702,"width":838,"height":12}},{"id":"a42e0dd6-caa6-41f3-a040-9981f9753355","block_type":"box","text":"method of the valuation of the Subsidiary’s por tfolio investments and shares of the Subsidiary. These policies and","page_number":40,"box":{"x":69,"y":717,"width":818,"height":12}},{"id":"3b6f6dcc-5f55-4764-85e3-46ad36b734fd","block_type":"box","text":"restrictions are described elsewhere in detail in this SAI. The Fund and the Subsidiary test for compliance with","page_number":40,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"0db71c6a-d329-4f9a-a772-2d0089270e0f","block_type":"box","text":"cer tain investment restrictions on a consolidated basis.","page_number":40,"box":{"x":69,"y":748,"width":397,"height":9}},{"id":"1acd63ba-ae14-4b42-808c-e04c430f6132","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":40,"box":{"x":68,"y":778,"width":491,"height":11}},{"id":"6c774616-43db-44ce-b8bf-de4b2746f16f","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":40,"box":{"x":102,"y":801,"width":421,"height":11}},{"id":"21f64af0-d1b5-406b-89fe-7a1f5feb5d9e","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":40,"box":{"x":529,"y":801,"width":368,"height":11}},{"id":"50d61e8e-4c9d-43a4-aa06-65cb41240ba2","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL,” or the “Distributor”) under which BRIL, as agent, offers shares of the Fund","page_number":40,"box":{"x":68,"y":816,"width":834,"height":11}},{"id":"5bee3cf3-1f3e-4681-adb1-5bdbb191610b","block_type":"box","text":"on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is not","page_number":40,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"c7eff4bb-48e3-4257-8173-82aff87c0e57","block_type":"box","text":"obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New York,","page_number":40,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"82e695c2-aceb-4055-bee0-f646ee9df59c","block_type":"box","text":"New York 10001. BRIL is an affiliate of BlackRock.","page_number":40,"box":{"x":70,"y":861,"width":359,"height":9}},{"id":"cb09bbc7-8668-4a55-a7c1-4f4197bf9a0d","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"968b5178-5edb-414a-a494-8dc556be3044","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85fc5b95-64e1-4a15-9e00-4a47e2763636","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":41,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"5c659016-aae2-405b-b247-0778e409fe4a","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":41,"box":{"x":68,"y":60,"width":808,"height":11}},{"id":"a590dbca-0b02-4c38-8fed-a4a9f6466f03","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":41,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"1b401043-e4cb-444e-b5eb-67bce2e54a03","block_type":"box","text":"Organizations”) for cer tain suppor t services rendered by Service Organizations to their customers who are the","page_number":41,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"0e91b0ea-c62e-4495-87b9-b96b8c0a4756","block_type":"box","text":"beneficial owners of Investor A and Investor C Shares of the Fund.","page_number":41,"box":{"x":69,"y":105,"width":470,"height":9}},{"id":"f64e89cf-9ad1-40a4-89b6-193e27b8662a","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":41,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"d09e4c0d-58e9-4347-b65f-c78c8b722dfe","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of BlackRock, for the period indicated.","page_number":41,"box":{"x":69,"y":143,"width":712,"height":11}},{"id":"f620f467-9972-4a72-8091-f9dfe2221346","block_type":"box","text":"Investor A Sales Charges Information","page_number":41,"box":{"x":70,"y":173,"width":264,"height":11}},{"id":"bebb5479-0496-47d3-abb9-61a1c2aa41e8","block_type":"box","text":"Investor A Shares","page_number":41,"box":{"x":638,"y":201,"width":102,"height":8}},{"id":"04475852-2687-477f-af52-be1cf14a2c75","block_type":"box","text":"Gross Sales","page_number":41,"box":{"x":468,"y":217,"width":68,"height":7}},{"id":"f3ff6c60-b269-499c-a1af-ee69d8430635","block_type":"box","text":"Charges","page_number":41,"box":{"x":478,"y":227,"width":48,"height":9}},{"id":"5ae0601e-aef2-4c72-902e-5c29aaf6b13f","block_type":"box","text":"Collected","page_number":41,"box":{"x":475,"y":237,"width":54,"height":7}},{"id":"24e61684-2c78-4672-bc00-72edd6935ab3","block_type":"box","text":"Sales Charges","page_number":41,"box":{"x":566,"y":217,"width":84,"height":9}},{"id":"6b75c957-3c02-466a-aeb9-1bb7d97c90af","block_type":"box","text":"Retained by","page_number":41,"box":{"x":574,"y":227,"width":69,"height":9}},{"id":"fe4c47c9-1abc-4d09-a4d3-01b1398bd9b0","block_type":"box","text":"BRIL","page_number":41,"box":{"x":595,"y":237,"width":27,"height":7}},{"id":"2106d909-8bdd-4126-9f5c-25143c398ad6","block_type":"box","text":"Sales Charges","page_number":41,"box":{"x":679,"y":217,"width":84,"height":9}},{"id":"40ac6250-76de-4257-9f69-aa6b3d918b66","block_type":"box","text":"Paid to","page_number":41,"box":{"x":701,"y":227,"width":41,"height":7}},{"id":"5b0b7b50-b55f-43c2-9cf3-ffd6663de450","block_type":"box","text":"Affiliates","page_number":41,"box":{"x":695,"y":237,"width":52,"height":7}},{"id":"3c916fcb-1c8e-4a7b-b34d-45154a4f4f3e","block_type":"box","text":"CDSCs Received on","page_number":41,"box":{"x":794,"y":217,"width":114,"height":7}},{"id":"f2b8cca5-09ed-454e-bc10-e72c0f44015d","block_type":"box","text":"Redemption of","page_number":41,"box":{"x":810,"y":227,"width":84,"height":9}},{"id":"5f2ee5f4-bab4-46fa-9b99-6a9001f8689f","block_type":"box","text":"Load-Waived Shares","page_number":41,"box":{"x":793,"y":237,"width":116,"height":7}},{"id":"79a2beea-7fcd-413c-9847-7f65a2e0de02","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":41,"box":{"x":70,"y":255,"width":273,"height":11}},{"id":"524092aa-aa79-450e-b14e-709d40cd962f","block_type":"box","text":"...........","page_number":41,"box":{"x":354,"y":262,"width":83,"height":2}},{"id":"1fd7d750-da95-43de-97fe-4bbd2a9094f3","block_type":"box","text":"$29,360 $2,400 $2,400 $ 99","page_number":41,"box":{"x":471,"y":254,"width":406,"height":12}},{"id":"86bfdf18-9d9f-4419-9968-05190c154ac1","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":41,"box":{"x":70,"y":270,"width":274,"height":11}},{"id":"dbc36ba0-3940-488f-9398-9d74e78ed511","block_type":"box","text":"...........","page_number":41,"box":{"x":354,"y":278,"width":83,"height":1}},{"id":"9ed7af90-b5fd-4694-adbd-7f8674c1ac6c","block_type":"box","text":"$15,685 $1,155 $1,155 $ 109","page_number":41,"box":{"x":471,"y":269,"width":406,"height":12}},{"id":"0f135ca0-592e-4420-9cf9-48ee5ba31269","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":41,"box":{"x":70,"y":285,"width":273,"height":11}},{"id":"b058de3c-eb99-428d-a732-45bbe713a3f5","block_type":"box","text":"...........","page_number":41,"box":{"x":354,"y":293,"width":83,"height":1}},{"id":"daef1c4b-c8ba-4dc4-9c99-472058c6ee60","block_type":"box","text":"$49,289 $4,209 $4,209 $4,214","page_number":41,"box":{"x":471,"y":285,"width":406,"height":11}},{"id":"57f8f580-0c1d-47aa-b0e3-ed8b90254496","block_type":"box","text":"Investor C Sales Charges Information","page_number":41,"box":{"x":70,"y":317,"width":265,"height":11}},{"id":"3c5b930b-2984-4a85-8189-36a36594459f","block_type":"box","text":"Investor C Shares","page_number":41,"box":{"x":752,"y":345,"width":103,"height":7}},{"id":"963066aa-c904-4aae-92e3-6323d5267190","block_type":"box","text":"CDSCs Received","page_number":41,"box":{"x":698,"y":361,"width":96,"height":7}},{"id":"b928c4af-7b13-4898-8b98-952c7252fe6a","block_type":"box","text":"by BRIL","page_number":41,"box":{"x":724,"y":371,"width":44,"height":9}},{"id":"c9002ce6-02f7-4774-9521-afbac3ab4726","block_type":"box","text":"CDSCs Paid to","page_number":41,"box":{"x":824,"y":361,"width":85,"height":7}},{"id":"e92be908-85ae-47e9-8136-0b2e3b0f46ae","block_type":"box","text":"Affiliates","page_number":41,"box":{"x":841,"y":371,"width":52,"height":7}},{"id":"305b3e1e-7447-46c7-8086-ade7ed2cb9a4","block_type":"box","text":"Fiscal Year Ended December 31, 2025. . .","page_number":41,"box":{"x":70,"y":389,"width":295,"height":10}},{"id":"527099fa-cd2c-42b8-9ef7-2616d2c60b9b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72 $ 72","page_number":41,"box":{"x":371,"y":388,"width":522,"height":10}},{"id":"69183411-0443-46c5-a59c-2206f95c2971","block_type":"box","text":"Fiscal Year Ended December 31, 2024. . .","page_number":41,"box":{"x":70,"y":404,"width":295,"height":10}},{"id":"a114a428-3bcd-4eb8-9b63-05452d31b8f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 376 $ 376","page_number":41,"box":{"x":371,"y":403,"width":522,"height":11}},{"id":"59db9a76-e642-4cd7-9c1e-b33da0f7dd1f","block_type":"box","text":"Fiscal Year Ended December 31, 2023. . .","page_number":41,"box":{"x":70,"y":419,"width":295,"height":10}},{"id":"d121adec-ce72-40aa-b093-09b5e3c5190f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,386 $6,386","page_number":41,"box":{"x":371,"y":418,"width":522,"height":11}},{"id":"2cdeaa72-eae8-4b34-930a-82c7b482a251","block_type":"box","text":"The table below provides information for the fiscal year ended December 31, 2025 about the 12b-1 fees the","page_number":41,"box":{"x":101,"y":443,"width":774,"height":11}},{"id":"6c063b8f-2958-4699-bf56-0c805a17aeda","block_type":"box","text":"Fund paid to BRIL under the Fund’s 12b-1 plans. A significant amount of the fees collected by BRIL were paid to","page_number":41,"box":{"x":70,"y":458,"width":796,"height":11}},{"id":"22684936-6a65-47b1-8fc6-0c00972b3f68","block_type":"box","text":"affiliates for providing shareholder servicing activities for Investor A Shares and for providing shareholder servicing","page_number":41,"box":{"x":69,"y":473,"width":818,"height":11}},{"id":"5a2b9698-5ed7-42a1-8c40-ef3e998513da","block_type":"box","text":"and distribution-related activities and services for Investor C Shares.","page_number":41,"box":{"x":69,"y":488,"width":488,"height":9}},{"id":"bcdfc40c-4861-46a7-8523-56b1479a80fe","block_type":"box","text":"Class Name","page_number":41,"box":{"x":69,"y":527,"width":68,"height":7}},{"id":"02904829-9e54-48e3-b575-6bd1022bb651","block_type":"box","text":"Fees Paid","page_number":41,"box":{"x":845,"y":516,"width":56,"height":8}},{"id":"6d54d7ac-5810-43af-88d1-b71f6970c4be","block_type":"box","text":"to BRIL","page_number":41,"box":{"x":851,"y":527,"width":44,"height":7}},{"id":"5ec7f033-b8ac-474c-9615-cb078c7dc189","block_type":"box","text":"Investor A Shares . .","page_number":41,"box":{"x":70,"y":544,"width":140,"height":9}},{"id":"1131e6a3-f2d1-4cad-9e15-fa289ce41ef6","block_type":"box","text":".........................................................................","page_number":41,"box":{"x":217,"y":552,"width":588,"height":1}},{"id":"f6863ec4-611e-4255-9289-cbda826d18f5","block_type":"box","text":"$633,574","page_number":41,"box":{"x":837,"y":544,"width":72,"height":11}},{"id":"6dbf182d-ce62-4aa5-ba11-94dbb64db6d7","block_type":"box","text":"Investor C Shares","page_number":41,"box":{"x":70,"y":559,"width":125,"height":9}},{"id":"f7dcc968-16f8-4b27-ac97-2fa2dd52d57d","block_type":"box","text":"...........................................................................","page_number":41,"box":{"x":200,"y":567,"width":605,"height":1}},{"id":"cd863d17-52aa-4b26-9a65-a622da450937","block_type":"box","text":"$144,721","page_number":41,"box":{"x":837,"y":559,"width":72,"height":11}},{"id":"4d1c91aa-53a2-45fe-aea1-32a828c3cb53","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":41,"box":{"x":68,"y":591,"width":318,"height":11}},{"id":"80fcbc9c-21f0-4e88-81fc-4df8dc82b916","block_type":"box","text":"An illustration of the computation of the Investor A Shares of the Fund, based on the value of the Fund’s","page_number":41,"box":{"x":101,"y":613,"width":744,"height":11}},{"id":"ab32b5fa-7eba-471b-85f9-21e79a694922","block_type":"box","text":"Investor A Shares’ net assets and number of Investor A Shares outstanding as of December 31, 2025 follows:","page_number":41,"box":{"x":70,"y":629,"width":788,"height":11}},{"id":"58daf0e6-786c-4e73-9643-2c6be4943eed","block_type":"box","text":"Investor A Shares","page_number":41,"box":{"x":805,"y":657,"width":102,"height":7}},{"id":"7fd0a9f9-d2c1-4f02-8c60-86c97a564da8","block_type":"box","text":"Net Assets","page_number":41,"box":{"x":70,"y":675,"width":76,"height":9}},{"id":"40027c72-7504-415b-8ee1-a94474f81039","block_type":"box","text":"............................................................................","page_number":41,"box":{"x":158,"y":682,"width":613,"height":1}},{"id":"970fe293-fe76-40d4-ad62-ba9514678d81","block_type":"box","text":"$240,312,177","page_number":41,"box":{"x":803,"y":674,"width":105,"height":11}},{"id":"69524aa9-a587-4038-aa75-3d77ec387c7a","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":41,"box":{"x":70,"y":690,"width":245,"height":11}},{"id":"03a28200-82ad-45e4-886b-30bfba8e07f4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,","page_number":41,"box":{"x":321,"y":690,"width":524,"height":10}},{"id":"6b5c42fc-c3c5-4c27-955f-58f09ad58ceb","block_type":"box","text":"211,369","page_number":41,"box":{"x":847,"y":690,"width":62,"height":10}},{"id":"4f823e9f-48e3-4055-b4e3-1354c51e318c","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding) . .","page_number":41,"box":{"x":70,"y":705,"width":595,"height":11}},{"id":"35fb8444-ba29-4c14-be85-a491ef671237","block_type":"box","text":". . . . . . . . . . . . . $9.53","page_number":41,"box":{"x":672,"y":704,"width":237,"height":11}},{"id":"7da3d207-4d65-4b29-a86c-090842200b08","block_type":"box","text":"Sales Charge: (4.00% of offering price; 4.17% of net asset value per share)","page_number":41,"box":{"x":69,"y":720,"width":538,"height":11}},{"id":"2beeeb98-6aef-495a-b8f0-a8b7eaad3e62","block_type":"box","text":"1","page_number":41,"box":{"x":609,"y":720,"width":4,"height":5}},{"id":"9b00fd11-8d04-4f77-aef9-2ec6e0b289c5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $0.40","page_number":41,"box":{"x":623,"y":719,"width":286,"height":11}},{"id":"462f6c5d-a520-44f2-b9e5-d8f7f41203cd","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.93","page_number":41,"box":{"x":69,"y":739,"width":840,"height":12}},{"id":"65c33b49-a8da-4383-8661-b5bd1fd89443","block_type":"box","text":"1","page_number":41,"box":{"x":69,"y":772,"width":3,"height":3}},{"id":"dda39324-54ad-4b1b-b26c-8a296395d16d","block_type":"box","text":"Assumes maximum sales charge applicable. The maximum sales charge as a percentage of net asset value per share was 4.17%.","page_number":41,"box":{"x":93,"y":771,"width":745,"height":9}},{"id":"f552833c-8203-42b0-a6bc-fd16ac7c863c","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":41,"box":{"x":101,"y":792,"width":787,"height":12}},{"id":"859fa5d9-c6ea-4903-b882-c978e7d56335","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":41,"box":{"x":69,"y":807,"width":833,"height":12}},{"id":"137506d8-92bb-4154-b3aa-5eddba7194fa","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":41,"box":{"x":69,"y":823,"width":813,"height":11}},{"id":"31ef0d58-f5b6-4ab1-a55f-bc78835f4cb1","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":41,"box":{"x":69,"y":838,"width":377,"height":11}},{"id":"d7072236-ee63-48ab-9cb4-0442b3493f76","block_type":"box","text":"The Subsidiary is subject to the same valuation policies as the Fund as described in “Pricing of Shares” in Par t II","page_number":41,"box":{"x":101,"y":860,"width":807,"height":12}},{"id":"8c3fd682-51ed-4782-8b78-4e325d50d0e6","block_type":"box","text":"of this SAI. The Fund’s investment in the Subsidiary is valued based on the value of the Subsidiary’s por tfolio","page_number":41,"box":{"x":69,"y":875,"width":783,"height":12}},{"id":"12522b5a-2ce7-4326-9dfb-c237cafab5f4","block_type":"box","text":"investments. The Subsidiary prices its por tfolio investments pursuant to the same pricing and valuation","page_number":41,"box":{"x":70,"y":891,"width":738,"height":11}},{"id":"dc17cdf8-7b45-4dee-bcff-dcc54a4168d8","block_type":"box","text":"methodologies and procedures used by the Fund, which require, among other things, that each of the Subsidiary’s","page_number":41,"box":{"x":69,"y":906,"width":816,"height":11}},{"id":"9bbaae0e-f504-4116-b2ea-108ac7414aa9","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5a9da297-8914-4066-9955-56340245ff05","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd7b1dbe-971b-45e7-aebc-ca4bba126802","block_type":"box","text":"por tfolio investments be marked-to-market (that is, the value on the Subsidiary’s books changes) each business day","page_number":42,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"0177a5f4-ca14-4a88-9602-a5ed2b2b080f","block_type":"box","text":"to reflect changes in the market value of the investment.","page_number":42,"box":{"x":68,"y":60,"width":404,"height":11}},{"id":"06da09cb-69a5-46c6-bd72-1e7d18a58167","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":42,"box":{"x":68,"y":90,"width":302,"height":11}},{"id":"9c8863e9-2759-4d47-8052-aed38ce89a3a","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":42,"box":{"x":102,"y":113,"width":609,"height":11}},{"id":"d4a5e650-a498-4696-a805-d9670359a375","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to Affiliates, for the","page_number":42,"box":{"x":102,"y":135,"width":801,"height":12}},{"id":"9b22a7c5-1b23-4859-ba7e-a206b1b504bc","block_type":"box","text":"last three fiscal years is set for th in the following table:","page_number":42,"box":{"x":70,"y":150,"width":392,"height":12}},{"id":"55e7c189-e14f-4784-b60a-d295a0414583","block_type":"box","text":"Aggregate Brokerage","page_number":42,"box":{"x":648,"y":179,"width":125,"height":9}},{"id":"05ced5d4-0b03-4631-ba44-7d89496dd64a","block_type":"box","text":"Commissions Paid","page_number":42,"box":{"x":658,"y":189,"width":105,"height":7}},{"id":"2d44c771-4de8-418b-84f9-18b1d958f9ad","block_type":"box","text":"Commissions Paid","page_number":42,"box":{"x":803,"y":179,"width":106,"height":7}},{"id":"360b4a0b-1408-4f63-a34a-92c5ab061fab","block_type":"box","text":"to Affiliates","page_number":42,"box":{"x":822,"y":189,"width":68,"height":7}},{"id":"b8ff6b65-6be5-4298-bc0f-a575eab680a4","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":42,"box":{"x":70,"y":207,"width":273,"height":10}},{"id":"037dce01-a1d5-40c6-8f58-d07298487796","block_type":"box","text":"..................................","page_number":42,"box":{"x":346,"y":214,"width":271,"height":1}},{"id":"2cc9024c-a89a-45f1-bcaa-7306ec4b9200","block_type":"box","text":"$261,821* $0","page_number":42,"box":{"x":670,"y":206,"width":195,"height":11}},{"id":"adc131e5-ef96-4414-b6d9-59e3d279b091","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":42,"box":{"x":70,"y":222,"width":274,"height":10}},{"id":"a2330c0c-1bbc-486f-8cd9-6647352d2c74","block_type":"box","text":".................................. $","page_number":42,"box":{"x":346,"y":221,"width":332,"height":10}},{"id":"79380086-899d-40c0-836e-8d864e5bfef8","block_type":"box","text":"450,945 $0","page_number":42,"box":{"x":689,"y":221,"width":176,"height":11}},{"id":"edf28faa-0f7b-4387-9c39-f48c84d88447","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":42,"box":{"x":70,"y":237,"width":273,"height":10}},{"id":"ecd86d7f-a7a9-4708-aea2-4b74c7727b29","block_type":"box","text":".................................. $","page_number":42,"box":{"x":346,"y":236,"width":332,"height":11}},{"id":"78c8ce1b-7399-4bb7-9bb3-31a2831810ce","block_type":"box","text":"710,083 $0","page_number":42,"box":{"x":690,"y":236,"width":175,"height":11}},{"id":"55302ebb-7697-49fc-bfed-a314fedbb2c4","block_type":"box","text":"*","page_number":42,"box":{"x":69,"y":261,"width":3,"height":3}},{"id":"ec8e19d3-d1c5-4dd4-886b-e4516a514d57","block_type":"box","text":"The decrease in brokerage commissions from fiscal year ended December 31, 2024 to December 31, 2025 was due to reduced trading","page_number":42,"box":{"x":93,"y":261,"width":777,"height":9}},{"id":"a4de9863-2601-4a67-bbf2-6e1fbe15c918","block_type":"box","text":"activity in cer tain instruments combined with a decrease in assets under management during the period.","page_number":42,"box":{"x":93,"y":271,"width":597,"height":9}},{"id":"a8ec78bc-76cc-45a7-adf7-60a197a886fc","block_type":"box","text":"For the fiscal year ended December 31, 2025, the brokerage commissions paid to affiliates by the Fund","page_number":42,"box":{"x":102,"y":292,"width":741,"height":11}},{"id":"8561de8d-8edf-40f7-a9d7-4c4d1efd19b2","block_type":"box","text":"represented 0% of the aggregate brokerage commissions paid and involved 0% of the dollar amount of transactions","page_number":42,"box":{"x":69,"y":307,"width":823,"height":12}},{"id":"142d4885-f3d0-4b64-8820-8a559d5ae013","block_type":"box","text":"involving payment of commissions during the year.","page_number":42,"box":{"x":70,"y":322,"width":356,"height":12}},{"id":"878e590b-082b-44ae-a72e-43aeab93d379","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions the Fund paid to brokers for providing","page_number":42,"box":{"x":101,"y":345,"width":780,"height":11}},{"id":"4f04cb8a-a7d8-4c8b-a3f3-bd23f6fffb74","block_type":"box","text":"third-par ty research services and the approximate dollar amount of the transactions involved for the fiscal year ended","page_number":42,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"9d76fff9-b2fa-41f1-83df-d7072bf1a5a1","block_type":"box","text":"December 31, 2025. The provision of third-par ty research services was not necessarily a factor in the placement of","page_number":42,"box":{"x":70,"y":375,"width":825,"height":11}},{"id":"cf181eb4-f8fc-4bee-8941-bd650b458441","block_type":"box","text":"all brokerage business with such brokers.","page_number":42,"box":{"x":69,"y":391,"width":296,"height":11}},{"id":"82b6f21b-1357-4252-8d05-75d7491a5f40","block_type":"box","text":"Amount of Commissions","page_number":42,"box":{"x":318,"y":419,"width":141,"height":7}},{"id":"702056e8-6727-4448-8cc4-6f64052a5537","block_type":"box","text":"Paid to Brokers for","page_number":42,"box":{"x":335,"y":429,"width":109,"height":7}},{"id":"64aeaa94-34d0-4622-95c7-beca176544e1","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":42,"box":{"x":265,"y":439,"width":248,"height":9}},{"id":"318d6a11-cf3d-4811-b682-481103cf59bc","block_type":"box","text":"Amount of Brokerage","page_number":42,"box":{"x":588,"y":429,"width":124,"height":9}},{"id":"57497bf1-46f2-42b0-94ec-ef58cb8fd013","block_type":"box","text":"Transactions Involved","page_number":42,"box":{"x":587,"y":439,"width":126,"height":7}},{"id":"0da9f8a3-c09a-4f14-a04a-92a079836ce8","block_type":"box","text":"$0 $0","page_number":42,"box":{"x":380,"y":456,"width":280,"height":10}},{"id":"147f747e-691d-4499-b22e-fefb9c83bb35","block_type":"box","text":"As of December 31, 2025, the value of the Fund’s holdings of the securities of its regular brokers or dealers (as","page_number":42,"box":{"x":101,"y":481,"width":802,"height":11}},{"id":"098528a0-d8db-4add-bb26-3fda445656b5","block_type":"box","text":"defined in Rule 10b-1 under the Investment Company Act), if any por tion of such holdings were purchased during the","page_number":42,"box":{"x":69,"y":496,"width":832,"height":11}},{"id":"9d845898-d533-4a36-9980-ab2b2f0b38ad","block_type":"box","text":"fiscal year ended December 31, 2025, is as follows:","page_number":42,"box":{"x":68,"y":511,"width":374,"height":11}},{"id":"c67b621c-2b6e-4dab-b7e7-7f652a7a5bfa","block_type":"box","text":"Regular Broker/Dealer","page_number":42,"box":{"x":69,"y":539,"width":132,"height":9}},{"id":"3275a641-b1cf-4c7c-b990-0187b230a686","block_type":"box","text":"Debt(D)/Equity (E) Aggregate Holdings","page_number":42,"box":{"x":654,"y":539,"width":255,"height":9}},{"id":"a7851c95-8130-4fd1-8cd4-583d9ccee1f2","block_type":"box","text":"J.P. Morgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":69,"y":557,"width":456,"height":11}},{"id":"652d1dfe-f501-41a9-a92b-134474617344","block_type":"box","text":". . . . . . . . . . . . D $1,210","page_number":42,"box":{"x":531,"y":556,"width":347,"height":11}},{"id":"ecee500b-9805-458f-b84e-bf6f42cccbee","block_type":"box","text":"Securities Lending","page_number":42,"box":{"x":68,"y":588,"width":135,"height":11}},{"id":"03c73d8c-1cca-4bcf-952d-5df04698be95","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":42,"box":{"x":101,"y":611,"width":807,"height":11}},{"id":"8968b42a-df6c-4226-83a3-5526bfe341a6","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":42,"box":{"x":69,"y":626,"width":817,"height":11}},{"id":"a779e1bf-fe4f-46de-8040-8de6c76a4664","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":42,"box":{"x":69,"y":641,"width":813,"height":11}},{"id":"58a3d35b-2de9-425e-ac83-31db21079480","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":42,"box":{"x":70,"y":656,"width":838,"height":12}},{"id":"3f118169-8b8b-477a-ade8-b70fb1f52ece","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":42,"box":{"x":69,"y":671,"width":813,"height":12}},{"id":"655b569b-2595-4b43-8029-d26f14d5a4e3","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":42,"box":{"x":70,"y":687,"width":646,"height":11}},{"id":"40f697bd-3632-4866-a2b1-27e4e653f33d","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a por tion of the securities lending income","page_number":42,"box":{"x":101,"y":709,"width":800,"height":11}},{"id":"18e9ef5e-4f85-4f44-90b6-9aa170830a87","block_type":"box","text":"and remits the remaining por tion to BIM as compensation for its services as securities lending agent. Securities","page_number":42,"box":{"x":69,"y":724,"width":802,"height":12}},{"id":"19b0f256-c060-46a8-8f52-fa245714b4d7","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":42,"box":{"x":70,"y":739,"width":774,"height":12}},{"id":"be82ecc1-9321-419e-a43a-b3f714bb0e82","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":42,"box":{"x":69,"y":755,"width":801,"height":11}},{"id":"ab14f892-0fd3-4fbb-9c31-ad2224e31a37","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":42,"box":{"x":69,"y":770,"width":837,"height":11}},{"id":"d2d70d19-ac99-4eec-8d92-f4f1804d2210","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money","page_number":42,"box":{"x":70,"y":785,"width":834,"height":11}},{"id":"5881d7c7-6d25-4929-a287-87e3568ce3c5","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":42,"box":{"x":69,"y":800,"width":802,"height":11}},{"id":"8cea83a4-1867-4ddc-8bde-87060d081cf9","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":42,"box":{"x":69,"y":815,"width":778,"height":11}},{"id":"8bd5d080-bd20-4e58-a6bf-d35357a0ed19","block_type":"box","text":"investment fees a Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":42,"box":{"x":70,"y":830,"width":814,"height":11}},{"id":"9d584b8c-30e1-48fe-af84-2bc94381c10a","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":42,"box":{"x":69,"y":845,"width":296,"height":11}},{"id":"3a709327-3383-43ca-bf71-b52ed8d788bb","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":42,"box":{"x":101,"y":868,"width":776,"height":11}},{"id":"6d51a9b4-94aa-406d-8eaa-d4203ec52eff","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":42,"box":{"x":69,"y":883,"width":831,"height":11}},{"id":"307b0040-137e-4304-a48f-0698582dfda3","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":42,"box":{"x":68,"y":898,"width":812,"height":11}},{"id":"2f16a469-0e85-4e88-94ce-6d3f7424dce5","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d959bd18-b38e-4378-b3b9-fc3340e5d3ea","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d04a9a9-bf22-4557-99dd-09512caa6039","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":43,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"11ff3cc6-d1ff-4810-84e6-2612da172f84","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":43,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"f7b3c50c-0fee-44b5-a0fd-5a78bb40035e","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":43,"box":{"x":69,"y":75,"width":818,"height":11}},{"id":"1c4299d1-49a8-41bb-b741-dc2c68cb6053","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":43,"box":{"x":68,"y":90,"width":789,"height":11}},{"id":"b90bed3a-cfb2-4280-80b1-e66161fd3937","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":43,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"483e24f4-ec05-4195-9624-290275130559","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":43,"box":{"x":69,"y":120,"width":839,"height":11}},{"id":"f260f15a-9b7a-499c-9dba-aa357d1ae557","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":43,"box":{"x":69,"y":135,"width":802,"height":12}},{"id":"dafbb48a-093c-46aa-9fc1-4ff4fe9ada03","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":43,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"1b411525-d207-48d3-967b-09675130d43b","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":43,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"0e4e07da-9f30-4baf-b013-fbf75e4350d6","block_type":"box","text":"Fund’s returns on securities lending.","page_number":43,"box":{"x":70,"y":181,"width":258,"height":11}},{"id":"32900984-1203-42f4-a706-810a75b90ec5","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":43,"box":{"x":102,"y":203,"width":774,"height":12}},{"id":"b0da4e20-6040-4754-ba09-15fc7c047a35","block_type":"box","text":"determination of the Fund’s asset class category (fixed income, domestic equity, international equity, or fund of","page_number":43,"box":{"x":69,"y":218,"width":796,"height":12}},{"id":"cc5f348d-ab16-42e0-a4af-b96835b5ff2f","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":43,"box":{"x":68,"y":234,"width":809,"height":11}},{"id":"c239a580-dbe3-4f31-94c3-d40847372e40","block_type":"box","text":"Fund and BIM.","page_number":43,"box":{"x":70,"y":249,"width":100,"height":9}},{"id":"12412b02-b328-4ead-8572-d7e93186e17b","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Fund were to engage in securities lending, the","page_number":43,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"b0f08507-4ad4-40a7-b185-550ddca314c6","block_type":"box","text":"Fund retains 82% of securities lending income (which excludes collateral investment expenses), and (ii) this amount","page_number":43,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"b7cb52f9-4f95-43af-8da9-b578de05b4eb","block_type":"box","text":"can never be less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":43,"box":{"x":69,"y":302,"width":750,"height":11}},{"id":"a9a1c70f-cb6b-4d26-8fc3-df81aaa16c3b","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":43,"box":{"x":102,"y":324,"width":753,"height":12}},{"id":"91173654-d15f-4d56-80d7-384654017b09","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":43,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"0b843c6e-fe32-4d61-a88f-73a18c262929","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":43,"box":{"x":70,"y":355,"width":817,"height":11}},{"id":"1d2aaf70-7020-4f6c-a4f4-a22d0e38e1ef","block_type":"box","text":"lending income as follows: (i) if the Fund were to engage in securities lending, 85% of securities lending income","page_number":43,"box":{"x":70,"y":370,"width":794,"height":11}},{"id":"a2c823f3-4f14-4c03-a6ab-4b11f7caef89","block_type":"box","text":"(which excludes collateral investment expenses); and (ii) this amount can never be less than 70% of the sum of","page_number":43,"box":{"x":69,"y":385,"width":796,"height":11}},{"id":"22750ce0-860b-4736-a220-3d77dbb9ab2e","block_type":"box","text":"securities lending income plus collateral investment expenses.","page_number":43,"box":{"x":69,"y":400,"width":446,"height":11}},{"id":"3e80962a-230d-40c0-b30f-f7efd75f7a35","block_type":"box","text":"The Fund had no income and fees/compensation related to its securities lending activities during its most recent","page_number":43,"box":{"x":101,"y":423,"width":807,"height":11}},{"id":"33851a74-7c36-44d5-a3e4-29f8c8308472","block_type":"box","text":"fiscal year ended December 31, 2025.","page_number":43,"box":{"x":68,"y":438,"width":276,"height":11}},{"id":"ea47095d-94c8-41f7-870b-8426b2f205c8","block_type":"box","text":"VIII. Additional Information","page_number":43,"box":{"x":68,"y":468,"width":195,"height":9}},{"id":"d7de1f61-4c5e-4016-8650-6d398a820a9a","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 19, 2018 and is registered under the","page_number":43,"box":{"x":101,"y":491,"width":760,"height":11}},{"id":"ee3bfedb-48db-48b0-be94-7cb00a90bf09","block_type":"box","text":"Investment Company Act as an open-end, management investment company. The Trust and its series were organized","page_number":43,"box":{"x":70,"y":506,"width":833,"height":11}},{"id":"48de91e8-b7c7-43d2-92ff-134c63e27d33","block_type":"box","text":"for the purpose of acquiring the assets of corresponding series of BlackRock Funds II in reorganizations that occurred","page_number":43,"box":{"x":68,"y":521,"width":840,"height":11}},{"id":"90a3abfa-19b6-48be-a269-5a584dc55c42","block_type":"box","text":"on September 17, 2018.","page_number":43,"box":{"x":69,"y":536,"width":176,"height":11}},{"id":"096c37a4-4821-4c17-9700-ef0333acacee","block_type":"box","text":"On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Inflation","page_number":43,"box":{"x":102,"y":559,"width":773,"height":11}},{"id":"6800f706-16da-478a-a0fb-4c8d9656fd60","block_type":"box","text":"Protected Bond Por tfolio (the “Predecessor Fund”), a series of BlackRock Funds II (the “Predecessor Trust”), through","page_number":43,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"a2520352-fcf0-41ad-90e7-c76909b2f511","block_type":"box","text":"a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the accounting survivor of the","page_number":43,"box":{"x":69,"y":589,"width":736,"height":11}},{"id":"3e9976a9-3f04-404f-8ef6-e17b845028ae","block_type":"box","text":"Reorganization, which means the Fund adopted the per formance and financial history of the Predecessor Fund as of","page_number":43,"box":{"x":70,"y":604,"width":830,"height":11}},{"id":"d2a78df9-c45b-4b38-9bbd-7ea930b48ca7","block_type":"box","text":"the date of the Reorganization. The Reorganization resulted in the Predecessor Fund effectively becoming a series of","page_number":43,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"c3f4d965-2982-4250-95ad-048f544a2909","block_type":"box","text":"the Trust. The Fund had the same investment objective, strategies and policies, por tfolio management team, service","page_number":43,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"f695f798-ead4-428e-ba99-d1e003a53aa9","block_type":"box","text":"providers and contractual arrangements, including the same contractual fees and expenses, as those of the","page_number":43,"box":{"x":70,"y":649,"width":770,"height":12}},{"id":"752c2d1b-c99f-4600-8af9-7575d8c06120","block_type":"box","text":"Predecessor Fund as of the date of the Reorganization.","page_number":43,"box":{"x":69,"y":664,"width":392,"height":12}},{"id":"63a0cd2b-ce1a-4e0c-bafb-8a094c12e323","block_type":"box","text":"Shares of each class of shares of the Fund bear their pro rata por tion of all operating expenses paid by the","page_number":43,"box":{"x":102,"y":687,"width":765,"height":11}},{"id":"808ff8b0-b3ca-4c19-89d2-8f6b7674a578","block_type":"box","text":"Fund, except transfer agency fees, cer tain administrative/servicing fees and amounts payable under the Trust’s","page_number":43,"box":{"x":70,"y":702,"width":797,"height":12}},{"id":"5a2fcf9b-b7f2-4e36-907b-9e3b218a065a","block_type":"box","text":"Distribution and Service Plan. Each share of the Fund has a par value of $.001, represents an interest in the Fund","page_number":43,"box":{"x":70,"y":717,"width":815,"height":11}},{"id":"85533850-6fd5-4e49-8107-155fabc265ed","block_type":"box","text":"and is entitled to the dividends and distributions earned on the Fund’s assets that are declared in the discretion of","page_number":43,"box":{"x":69,"y":732,"width":821,"height":10}},{"id":"f197d8a3-4f45-439e-80a8-39abeaad6a65","block_type":"box","text":"the Board of Trustees. The number of shares of each series of the Trust, and class thereof, is unlimited. The Trust’s","page_number":43,"box":{"x":68,"y":748,"width":831,"height":10}},{"id":"22520f84-bd0e-4850-a87a-53f81a697ab5","block_type":"box","text":"shareholders are entitled to one vote for each full share held and propor tionate fractional votes for fractional shares","page_number":43,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"a4a49640-ea6b-42e0-b74c-dd709ab4d575","block_type":"box","text":"held, and shares of each series will be voted in the aggregate and not by class, except where otherwise required by","page_number":43,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"83b2dffe-4d86-4061-ba36-cdce2da76993","block_type":"box","text":"law or as determined by the Board of Trustees.","page_number":43,"box":{"x":70,"y":793,"width":333,"height":11}},{"id":"a8fc28ff-9ac7-4fa8-894c-764450cacae3","block_type":"box","text":"Shares of the Trust have non-cumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":43,"box":{"x":102,"y":816,"width":765,"height":11}},{"id":"ca1cd2fb-1b40-4b93-9e89-f50a28be14f2","block_type":"box","text":"Trust’s outstanding shares (irrespective of series or class) may elect all of the Trustees. Shares have no preemptive","page_number":43,"box":{"x":68,"y":831,"width":830,"height":11}},{"id":"87a47544-82f6-4a3d-8dcc-421e4c04a035","block_type":"box","text":"rights and only such conversion and exchange rights as the Board may grant in its discretion. When issued for","page_number":43,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"9c76315b-6dcd-4781-b538-4e5d2a7b13bd","block_type":"box","text":"payment, shares will be fully paid and non-assessable by the Trust.","page_number":43,"box":{"x":70,"y":861,"width":476,"height":11}},{"id":"84f02254-d42d-4fe3-a049-80e27e90c0ba","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":43,"box":{"x":101,"y":884,"width":781,"height":11}},{"id":"63bc9130-10ed-45c8-934d-a5d652601d60","block_type":"box","text":"time as required by law. At that time, the Trustees then in office will call a shareholders meeting to elect Trustees.","page_number":43,"box":{"x":68,"y":899,"width":816,"height":11}},{"id":"eef7c58d-8395-4218-bd27-546a9c5b71fa","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"8a7ae0b7-160e-4b08-899d-f3eabb256199","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da443989-d746-421b-84db-45b5e068b8b8","block_type":"box","text":"Except as set for th above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":44,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"9bfb96e4-6d31-4227-8a86-9f91f4cbd700","block_type":"box","text":"Trust’s Declaration of Trust provides that meetings of the shareholders of the Trust shall be called by the Trustees","page_number":44,"box":{"x":68,"y":60,"width":817,"height":11}},{"id":"4ed6c0ef-0e2e-4e02-b254-96559372aa17","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":44,"box":{"x":69,"y":75,"width":744,"height":11}},{"id":"9d199168-f58b-4a48-bb43-5defe56ec6d9","block_type":"box","text":"Rule 18f-2 under the 1940 Act provides that any matter required by the provisions of the 1940 Act or applicable","page_number":44,"box":{"x":102,"y":98,"width":799,"height":11}},{"id":"6363466a-8cf7-466b-98f8-81699ba65256","block_type":"box","text":"state law, or otherwise, to be submitted to the holders of the outstanding voting securities of an investment company","page_number":44,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"2e93ae30-0d2e-4bbd-99c3-0ba10df50042","block_type":"box","text":"such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a","page_number":44,"box":{"x":69,"y":128,"width":794,"height":11}},{"id":"45663a70-98ab-4de9-9d33-64544af5fd61","block_type":"box","text":"majority of the outstanding shares of each investment por tfolio affected by such matter. Rule 18f-2 fur ther provides","page_number":44,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"21569758-8f05-47d9-965f-9e56d5028a03","block_type":"box","text":"that an investment por tfolio shall be deemed to be affected by a matter unless the interests of each investment","page_number":44,"box":{"x":68,"y":158,"width":803,"height":11}},{"id":"c116769d-c3ed-4ad3-9b3a-bfe57ef904b0","block_type":"box","text":"por tfolio in the matter are substantially identical or the matter does not affect any interest of the investment","page_number":44,"box":{"x":70,"y":173,"width":773,"height":11}},{"id":"4f043592-8d92-4172-94a1-b94e72802444","block_type":"box","text":"por tfolio. Under Rule 18f-2, the approval of a management agreement, a distribution plan subject to Rule 12b-1","page_number":44,"box":{"x":70,"y":188,"width":795,"height":12}},{"id":"e47dfa98-13fa-466a-bdab-31703ec02cd5","block_type":"box","text":"under the 1940 Act or any change in a fundamental investment policy would be effectively acted upon with respect to","page_number":44,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"2a1868d0-81dc-4dc7-9d4e-d0355253ab05","block_type":"box","text":"an investment por tfolio only if approved by a majority of the outstanding shares of such investment por tfolio.","page_number":44,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"eca460ee-47d2-4113-bd7e-0964445de3b9","block_type":"box","text":"However, Rule 18f-2 also provides that the ratification of the appointment of independent accountants, the approval","page_number":44,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"f48ccb5c-02c3-4964-9b40-2d2b8829269d","block_type":"box","text":"of principal underwriting contracts and the election of Trustees may be effectively acted upon by shareholders of the","page_number":44,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"3b29418a-a65b-4092-9c31-20e614a64578","block_type":"box","text":"Trust voting together in the aggregate without regard to a par ticular investment por tfolio.","page_number":44,"box":{"x":68,"y":264,"width":631,"height":11}},{"id":"74b36fc8-1b2c-4854-a90f-6276d3e1ff10","block_type":"box","text":"The proceeds received by the Fund for each issue or sale of its shares, and all net investment income, realized","page_number":44,"box":{"x":101,"y":286,"width":792,"height":12}},{"id":"979550f3-d5a5-4c62-89d9-221758302d28","block_type":"box","text":"and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to and","page_number":44,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"59a6c8a8-cb6c-413e-a0c0-c697bf8e90a0","block_type":"box","text":"constitute the underlying assets of the Fund. The underlying assets of the Fund will be segregated on the books of","page_number":44,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"c8fc4b84-e1e9-4e6a-b6e9-aa37230706ff","block_type":"box","text":"account, and will be charged with the liabilities in respect to the Fund and with a share of the general liabilities of the","page_number":44,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"77390cdc-d426-4ed9-a091-081b448b6041","block_type":"box","text":"Trust. As stated herein, cer tain expenses of the Fund may be charged to a specific class of shares representing","page_number":44,"box":{"x":68,"y":347,"width":801,"height":11}},{"id":"ee41e60c-864f-4c9a-bdc4-ac6d058a4524","block_type":"box","text":"interests in the Fund.","page_number":44,"box":{"x":70,"y":362,"width":149,"height":9}},{"id":"ff7ceef4-ecc2-4b24-ab73-c244bc697d27","block_type":"box","text":"The Trust’s Declaration of Trust authorizes the Board of Trustees, without shareholder approval (unless","page_number":44,"box":{"x":101,"y":385,"width":736,"height":11}},{"id":"99cecab7-0200-4572-86c2-b2858d78d496","block_type":"box","text":"otherwise required by applicable law), to: (i) sell and convey the assets belonging to a series of the Trust to another","page_number":44,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"9b2cfca5-a83a-4700-ac7d-f680bcef8e98","block_type":"box","text":"management investment company for consideration which may include securities issued by the purchaser and, in","page_number":44,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"7bd7dd8c-2fe2-4ce3-a505-e3439d00de9a","block_type":"box","text":"connection therewith, to cause all outstanding shares of such series to be redeemed at a price which is equal to","page_number":44,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"4861a7ca-01ce-46f5-904e-50d7d282dce0","block_type":"box","text":"their net asset value and which may be paid in cash or by distribution of the securities or other consideration","page_number":44,"box":{"x":68,"y":445,"width":777,"height":11}},{"id":"3626ae7d-aa5e-4f5f-871d-b8a3fea21296","block_type":"box","text":"received from the sale and conveyance; (ii) sell and conver t the assets belonging to one or more series into money","page_number":44,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"e65a035a-883c-4f97-9acb-a926c012abef","block_type":"box","text":"and, in connection therewith, to cause all outstanding shares of such classes to be redeemed at their net asset","page_number":44,"box":{"x":69,"y":475,"width":800,"height":12}},{"id":"aab7fb4b-da30-4df5-a5b7-9393c8957578","block_type":"box","text":"value; or (iii) combine the assets belonging to a series with the assets belonging to one or more other series, if the","page_number":44,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"656fc51d-ab00-4965-b00f-c62d83baa168","block_type":"box","text":"Board of Trustees reasonably determines that such combination will not have a material adverse effect on the","page_number":44,"box":{"x":70,"y":506,"width":785,"height":11}},{"id":"f1682bf5-b3c7-4d58-a268-f1f1e2738c1b","block_type":"box","text":"shareholders of any class of shares par ticipating in such combination and, in connection therewith, to cause all","page_number":44,"box":{"x":69,"y":521,"width":796,"height":11}},{"id":"a8bc3967-5ac9-4952-a467-264cf38331cb","block_type":"box","text":"outstanding shares of any such class to be redeemed or conver ted into shares of another class of shares at their net","page_number":44,"box":{"x":69,"y":536,"width":840,"height":11}},{"id":"db5898fd-5ad9-415a-8fef-ee9a34007a9f","block_type":"box","text":"asset value. The Board of Trustees may authorize the liquidation and termination of the Fund or any series. Upon any","page_number":44,"box":{"x":69,"y":551,"width":835,"height":11}},{"id":"0ea599c2-35d2-402f-8603-4a7ed05fb14f","block_type":"box","text":"liquidation of the Fund, shareholders of each class of the Fund are entitled to share pro-rata in the net assets","page_number":44,"box":{"x":70,"y":566,"width":781,"height":11}},{"id":"8dacc8d3-4987-496a-a2cd-c8eae3ad863e","block_type":"box","text":"belonging to that class available for distribution.","page_number":44,"box":{"x":69,"y":581,"width":341,"height":12}},{"id":"718b8ef5-6e57-4e1e-85f6-d12049eccf3a","block_type":"box","text":"Shareholder and Trustee Liability of the Trust.","page_number":44,"box":{"x":101,"y":604,"width":333,"height":11}},{"id":"ee48918c-dd8f-4caa-ac4a-226ef2259685","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may,","page_number":44,"box":{"x":441,"y":604,"width":462,"height":11}},{"id":"618f09a3-9f37-4330-bf07-eacb884d6b85","block_type":"box","text":"under cer tain circumstances, be held personally liable as par tners for the obligations of the trust. However, the","page_number":44,"box":{"x":69,"y":619,"width":794,"height":11}},{"id":"151b2bfd-8485-412b-b277-13384b8001f3","block_type":"box","text":"Trust’s Declaration of Trust provides that shareholders shall not be subject to any personal liability in connection with","page_number":44,"box":{"x":68,"y":634,"width":837,"height":11}},{"id":"492ced51-6f37-4c2f-875f-a054b3a4ed5c","block_type":"box","text":"the assets of the Trust for the acts or obligations of the Trust, and that every note, bond, contract, order or other","page_number":44,"box":{"x":68,"y":649,"width":807,"height":12}},{"id":"d0659a9c-9ac9-447d-a901-0a6ba1c63984","block_type":"box","text":"under taking made by the Trust shall contain a provision to the effect that the shareholders are not personally liable","page_number":44,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"138af91e-d983-44d8-a7e5-99ded4f2430c","block_type":"box","text":"thereunder. The Declaration of Trust provides for indemnification out of the trust proper ty of any shareholder held","page_number":44,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"08450be7-ce5a-493a-8a41-876c2f740531","block_type":"box","text":"personally liable solely by reason of his being or having been a shareholder and not because of his acts or omissions","page_number":44,"box":{"x":70,"y":695,"width":835,"height":11}},{"id":"33b190d8-559d-4912-83f0-201a7d9e3855","block_type":"box","text":"or some other reason. The Declaration of Trust also provides that the Trust shall, upon request, assume the defense","page_number":44,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"b2a4e3ae-cb32-473d-b573-be079dd23f0e","block_type":"box","text":"of any claim made against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment","page_number":44,"box":{"x":69,"y":725,"width":792,"height":11}},{"id":"2995098b-d0b3-4383-bb2f-380c46b91a3a","block_type":"box","text":"thereon.","page_number":44,"box":{"x":68,"y":740,"width":58,"height":9}},{"id":"adf79db9-e6ef-4137-a428-a0336147cba7","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the trustees or Trust shall","page_number":44,"box":{"x":101,"y":763,"width":775,"height":11}},{"id":"064d7c17-6d8b-4d28-b27a-582b5b0ed8bf","block_type":"box","text":"look solely to the trust proper ty for payment; that no trustee of the Trust shall be personally liable for or on account","page_number":44,"box":{"x":70,"y":778,"width":823,"height":11}},{"id":"1672aa6f-2fb9-47a5-b739-59ef6f020ded","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":44,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"e46efa15-8d1c-453b-ba3f-f6fd684bedf6","block_type":"box","text":"preservation of the trust proper ty or the conduct of any business of the Trust; and that no trustee shall be personally","page_number":44,"box":{"x":70,"y":808,"width":835,"height":11}},{"id":"0ea2ac4c-364c-4adb-9ec7-1cff7df9fc99","block_type":"box","text":"liable to any person for any action or failure to act except by reason of his own bad faith, willful misfeasance, gross","page_number":44,"box":{"x":70,"y":823,"width":820,"height":12}},{"id":"f50d88d8-d339-4a2f-b2f0-4caea15112fc","block_type":"box","text":"negligence or reckless disregard of his duties as a trustee. With the exception stated, the Declaration of Trust","page_number":44,"box":{"x":69,"y":838,"width":786,"height":12}},{"id":"11cb851a-c102-447b-8612-3c9769e6c611","block_type":"box","text":"provides that a trustee is entitled to be indemnified against all liabilities and expenses reasonably incurred by him in","page_number":44,"box":{"x":70,"y":853,"width":831,"height":12}},{"id":"618dab4b-b9e6-4d3a-80f9-ebd62e884ca4","block_type":"box","text":"connection with the defense or disposition of any proceeding in which he may be involved or with which he may be","page_number":44,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"fc8989fc-ef26-4547-b3f2-d6f03c254415","block_type":"box","text":"threatened by reason of his being or having been a trustee, and that the Trust will indemnify officers, representatives","page_number":44,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"8d8740bd-200e-4945-9c2f-d8965d1ad6f6","block_type":"box","text":"and employees of the Trust to the same extent that trustees are entitled to indemnification.","page_number":44,"box":{"x":69,"y":899,"width":654,"height":11}},{"id":"b8b9b70a-d909-4a1a-bbd6-b917f1f114c0","block_type":"box","text":"I-28","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"55cfa28d-a8a3-49f0-8cde-46f1fa5014cf","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b565293-96b8-4186-8074-56c94b033b1f","block_type":"box","text":"Description of Shares","page_number":45,"box":{"x":102,"y":45,"width":155,"height":11}},{"id":"139515f5-6935-4230-b57a-7832900622fc","block_type":"box","text":"Effective April 7, 2021, Class R Shares of the Fund terminated as a share class of the Fund. Effective on the close of","page_number":45,"box":{"x":70,"y":60,"width":840,"height":11}},{"id":"0bbb16ab-ff2a-47c2-9e8a-19f976df6475","block_type":"box","text":"business of July 6, 2021, all of the issued and outstanding Service Shares of the Fund conver ted into Investor A","page_number":45,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"5bad4cc6-7146-4ac3-9b33-3f72b59337b5","block_type":"box","text":"Shares of the Fund.","page_number":45,"box":{"x":69,"y":90,"width":139,"height":9}},{"id":"23277f7c-02ec-4937-859e-0afb1e56eb0f","block_type":"box","text":"Counsel.","page_number":45,"box":{"x":101,"y":113,"width":62,"height":9}},{"id":"aed74580-44ac-4dd4-816d-265e417e79f4","block_type":"box","text":"Willkie Farr & Gallagher LLP, with offices at 787 Seventh Avenue, New York, New York 10019, serves","page_number":45,"box":{"x":169,"y":113,"width":720,"height":11}},{"id":"8a9ba4fb-3bcd-4aef-b7f7-4499ba67c927","block_type":"box","text":"as the Trust’s 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In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":47,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"5b91524a-e313-4887-afea-1b2391dc5a90","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":47,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"2a509b43-78e6-44b0-a0ed-cadcf7ed82ea","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":47,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"d085475d-9f92-41a8-99f3-b422587e6a4f","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":47,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"a963837f-f01d-4591-a124-d86ba8066899","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":47,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"03938078-137b-4c5a-b46a-5c4e598754d8","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":47,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"a8d53826-63ff-4920-93ca-5ee68cc554f1","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":47,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"d659adb6-79cc-4822-9bb6-059ec0e3b0f5","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":47,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"5e3aeac9-178c-49ac-b31f-1612f719826b","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":47,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"265e4384-c89b-4f46-98c0-c723112b00fa","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":47,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"388595d2-8ddc-4f7d-8dff-f4ede17e8a8c","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":47,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"54bc83ee-f970-4ba9-a4fd-7a351ab76cab","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":47,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"7b64133d-a83f-46fd-8681-8d9ef547aa6f","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":47,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"7f1593fa-da0e-4889-bff1-8d67cce34d82","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":47,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"8dbb0060-e84c-4197-985c-0f0244671251","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":47,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"734b5c70-1d22-4837-86b8-02e3998e5e57","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":47,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"52b7cedb-1b71-453d-a65b-fb4b497c080d","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":47,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"4c5cc198-1299-4ba9-bb0c-89f5dc1fa30c","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":47,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"8ff7b5e9-8bf1-4c4b-a38b-ea11cb1373d1","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":47,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"c6a6420c-8075-4cc0-bb93-871cf64c1ec0","block_type":"box","text":"par ticular Fund.","page_number":47,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"34df4735-2c04-4f6c-9bfc-a100b389885f","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":47,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"a08be33c-7119-4e66-9f02-f881d3d98340","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":47,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"5a14d0d7-5d4a-4e19-a438-849cc516dd62","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":47,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"2bc8389e-68bc-4f03-9dcb-2a9f2f65afc4","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":47,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"aaf92173-ef0d-44b2-9e10-95c34cbd1612","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":47,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"7acbe52a-ba24-46f7-b16d-25b15020b07d","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":47,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"e6eb80be-a7cc-4fc7-b5bc-60173a06eba3","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":47,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"d92b5833-3060-424e-92f0-c7bdf0f9f07f","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":47,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"757093a5-e07a-4840-ad29-a7aae35b0b12","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":47,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"e8993d56-1114-4d62-af2a-c1a4ac47f608","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":47,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"f156861e-f32f-47a5-910e-b3d887ec2c8a","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":47,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"1f1ccd14-2154-4485-ac59-3a5f90072dff","block_type":"box","text":"Asset-Backed Securities.","page_number":47,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"9cb781de-f857-44e4-b461-e546be4f95ec","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":47,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"32fae97f-1a29-41d9-8333-46750285d4d6","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":47,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"f8a0ad9e-8410-4af5-bf96-e300defe28b9","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":47,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"b226a931-1173-4d0e-81c3-a1fdfa390582","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":47,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"bb464bc4-eef2-4946-afcb-24dab3c3380d","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":47,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"03728889-2165-4d57-91c1-71c42db32e47","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":47,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"30d2fae7-a98c-4909-8ac3-c33995e2ca9a","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":47,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"1a147451-e7fb-4282-8d34-14ed41d27d85","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":47,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"747a0ba3-7361-4b5d-8829-8f8d4c633299","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":47,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"406d6589-3c43-4862-9d63-8ebcd4ca1cc8","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":47,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"0978aab8-446c-4b0f-9f61-292965b2332c","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":47,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"81d3e249-66e5-4fdf-afd4-60447c23ef0f","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":47,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"e9cf8d50-17b8-4226-844f-f693ef06053a","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":47,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"31f59b74-81b6-4a8c-9b31-c973a6c5cc5c","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":47,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"a3ef325d-4f7d-4c06-a3fc-99a85e58133b","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":47,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"5b1d70fd-7924-4980-af18-46e58a4e9c63","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":47,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"6045bcfc-0072-4c0a-88de-d2fb39c4032c","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":47,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"f3fcef3d-9878-41e8-b5af-89c2cb9e8889","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":47,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"85d0a94c-898b-40c7-8a60-5a34c16547ac","block_type":"box","text":"II-1","page_number":47,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"06485f6c-f3b5-41ee-ba32-6573abaa6335","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6c2e2f4-ffca-4334-9fa8-0646a487ec42","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":48,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"fc7085fa-ab6b-4127-9e3b-463c1f0a447f","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":48,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"4162fc9d-2ce5-4f86-9f27-57abcbaa83dc","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":48,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"241fcc2a-5196-49b5-a117-078bf0046579","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":48,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"643cdebc-b5e4-4518-9104-efc1005061aa","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":48,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"f17cd62b-8e6b-4df9-8568-ee72f63f4544","block_type":"box","text":"Asset-Based Securities.","page_number":48,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"da994737-4b29-4964-bd37-f6c6cc8306c4","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":48,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"89a2a102-294c-4437-a2c6-6d55b076d4fd","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":48,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"ec297b2b-9770-46c6-ab9e-8b31c26c165e","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":48,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"db396fde-757a-45c7-b136-0b9741c5d3e3","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":48,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"75456212-672b-4e4b-b128-49844eae41dd","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":48,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"c3123793-8b10-4c6e-b173-b73f20205f0f","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":48,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"2b216e10-eea1-4156-bdbc-309a3fb18d35","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":48,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"cdffd3b8-bdc3-4014-a624-cf5e42331b74","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":48,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"73423b57-8547-449c-8f15-7aac1dc69198","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":48,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"fc13b29a-34a2-42e0-9cd6-c2d84759a926","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":48,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"dee70574-59cb-47c8-9a99-1d06b1afe161","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":48,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"9cf1fc64-4ff1-40e6-bfcc-d23caaa0b967","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":48,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"1e4b40eb-bbfa-42e5-a42e-6aacfb133391","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":48,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"93f7efd8-fbfe-46c2-86ff-00663d8a2583","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":48,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"178ea92a-1728-4c72-9ed2-f1dc207b5a5f","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":48,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"7f94de6e-f400-4c12-bdd7-ba894d4a7901","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":48,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"b74dc15f-f99b-4875-93f9-ed00ade8d4f9","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":48,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"9b343ee6-e9fd-4a3f-b05b-887f1faf567c","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":48,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"efe241a1-aa04-4024-ab3d-e4b5bb399c7f","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":48,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"4ed4402c-6268-418e-a030-d2eb10280567","block_type":"box","text":"appreciation in the underlying asset.","page_number":48,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"ab46e910-e796-47a6-8156-f4136fe38848","block_type":"box","text":"Precious Metal-Related Securities.","page_number":48,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"d7b12e8a-394f-45ec-b126-b26645a0751b","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":48,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"a8207499-81d6-486a-8d10-1a3c29ecd839","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":48,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"25d6f4dd-01a7-44cf-b4bd-45fcf082a060","block_type":"box","text":"e.g.","page_number":48,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"cf6eea74-249b-44be-9376-c5bcdfd47880","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":48,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"5845902b-3f7d-4b84-b13d-37b83b33228f","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":48,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"e668a9f5-ed34-47d3-aa08-d2ecceb1c565","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":48,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"8653c3a1-19b2-4125-9772-24697604d3cb","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":48,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"6b3c7901-9e73-425e-bd3e-501b6edc958e","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":48,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"6fb2c07e-8257-4800-b3cd-33634739ea33","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":48,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"697037b2-fbe1-4000-9b7f-2b81d2298aff","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":48,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"278d78fe-e302-4d99-ba3a-1bf7035f23da","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":48,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"a1b5e6ed-21ba-48ac-b276-41ebd473436a","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":48,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"23b9170c-fd65-4f01-b023-08742e7e51dd","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":48,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"6fd843df-0e01-415a-9ec3-df165fc94a8f","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":48,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"70e81b55-f54d-41d6-8138-bc73aec13413","block_type":"box","text":"South African gold production.","page_number":48,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"d214d310-de48-4b9b-9cf3-c06a6736ba49","block_type":"box","text":"Borrowing and Leverage.","page_number":48,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"28a5980b-c629-40ec-a8c6-8fa48b8479c9","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":48,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"aaf82ec4-8a56-47d3-a881-512303bc2dfc","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":48,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"7f2988e9-eac2-44ea-9479-a260cb8b013e","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":48,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"aba9e626-5755-4dee-8c56-37a05e3c8f2e","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":48,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"46fcea62-61ce-45e6-a96a-e9bfac0e3138","block_type":"box","text":"other securities transactions.","page_number":48,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"df203ed5-abfa-4495-b1dd-bdc3f3adef9f","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":48,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"c1d49902-75e6-421b-b5c9-5616d36ab08b","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":48,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"9b19322f-8dd0-4b29-acb7-65e6fa0ddcdf","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":48,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"577d4b8b-b624-4b1c-a3a8-31d7b9419ee9","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":48,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"1627f6a8-3fb6-44fc-91dc-18e83768fe11","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":48,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"629ba2b5-84b3-4894-9927-6edc5c9bba80","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":48,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"7e8b6603-0533-493b-b459-f64b1d2a1991","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":48,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"e3d26d20-3e3c-4c69-bb76-cdf776068f83","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":48,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"d3305b50-025a-490c-a7c3-d05baa3ebc21","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":48,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"6facca1e-0ed7-482b-8537-f98221674335","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":48,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"f188ab3a-a64c-4fec-a420-cad00ae042e3","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":48,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"f205ff30-9ce8-407c-b253-04a5d510c116","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":48,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"d7307f98-182d-4bea-8341-8590d94792f7","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":48,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"40aef9ad-4009-4a9e-a28e-ccf49c04d9eb","block_type":"box","text":"II-2","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ae0c4758-a1a8-4653-94ba-83b3416e9162","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80b5daa0-8903-433f-a3e3-a5ebcfcf4cc9","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":49,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"227a30d6-e48a-4eb6-a3a5-350f35d459ce","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":49,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"bd539dcf-9ca7-403f-b8f0-70808e939abf","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":49,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"52403c02-31a0-417c-b4db-7dc5e138148e","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":49,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"d2f566ee-ea9c-498b-86d6-192cee8b7666","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":49,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"715228ca-5ec3-4932-af1f-312167d1ef94","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":49,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"7de4a5ba-c891-4ba0-9067-e275df11c614","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":49,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"512b6e05-87cc-488d-b34b-e84f713a5809","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":49,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"7d91df95-c697-42ee-ace2-6d09cc08ead0","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":49,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"a3cc4dcd-580b-490a-bd5d-1c2d818235f0","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":49,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"6b125043-57ef-47d9-826d-fc41910a7215","block_type":"box","text":"Cash Management.","page_number":49,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"580ad2a4-2188-4cb8-a365-8254579d8470","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":49,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"ed5e8e78-620d-48a6-a5a6-8edb141dcc68","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":49,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"b47b0378-10a8-46f1-b2db-06e3c271715e","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":49,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"864dbc49-6ccf-4d84-8e35-c29f3c5a174b","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":49,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"e3e4c226-2c52-4e8c-9a4e-a47516459d70","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":49,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"f4627e76-1d33-43b5-824e-559be84c58d6","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":49,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"bc075d5f-d351-4c89-9b1d-a9b86becacf5","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":49,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"3b693f1f-e078-4e7b-8fae-4cf8463aafb2","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":49,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"4a7c0869-9f04-4a75-9921-f15ead3da3a4","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":49,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"d2fd5ff5-7e7d-4cff-88f6-c2224a8f071f","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":49,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"98031035-9fe1-480a-b7e1-599577853f5f","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":49,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"0eefa9e7-a345-45ca-9c08-344bc2a42836","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":49,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"aef058b6-38c4-4ec6-a63b-1078bf2ee8bb","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":49,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"5dbe3765-4e6a-443b-8446-6f8e3cea1a55","block_type":"box","text":"Collateralized Debt Obligations.","page_number":49,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"28887b6a-9dfc-4254-9d4d-507610a6cf41","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":49,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"9d649578-3e40-468c-a19d-6f0b8a219853","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":49,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"651c4253-0d4a-49a2-9496-281ca996db09","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":49,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"21b7e34c-c4a5-4910-9e35-c1a05567d6d8","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":49,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"d37e1d8d-f734-4251-bbbb-180cba2b13e9","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":49,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"6991e2aa-e10e-4c69-bc93-02859f5c7566","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":49,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"fe64e245-e042-4706-90c9-73df7aca2d14","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":49,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"3f6db48b-847b-4732-9be7-adb00bd7fdf1","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":49,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"e10200fc-c798-4178-b8f0-e89aa84d0018","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":49,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"1ac85806-05a1-4201-94a5-5e21df47f53c","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":49,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"3d3df73a-8ffb-4bc1-80cc-bbf137f57152","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":49,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"11a86c4b-8213-4db1-b4ca-e84b73e25301","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":49,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"8500e575-739a-496d-bbfe-fb2bcce400ca","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":49,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"2bb62019-65fb-4ca0-8412-6f279db7c557","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":49,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"c6d91b49-2ae4-4efb-a84f-8306f005d519","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":49,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"8b94c41d-ae3f-4ac0-9c92-199028648c1b","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":49,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"4e2c3e0a-e27f-4f1a-9734-f143a1df2136","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":49,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"108a1fca-2f30-4953-b322-b4d9122a6a6d","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":49,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"5beed6b3-1b40-4042-bfb3-4ee314c269e3","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":49,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"2b486f3e-e005-4e4a-b430-c43513f6a01f","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":49,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"5b319f72-e1b1-4a5c-90dc-7eef67beb7d2","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":49,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"ecfde0d1-bf82-433c-af4d-c30860161c54","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":49,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"7c650fc5-16cc-4179-bc78-e53bdcf23879","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":49,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"ac30ca81-4d0e-44f9-a312-33173a1e1799","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":49,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"96788580-a5d3-4713-a93e-88b25befd675","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":49,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"fa571642-a0b4-41d8-ad98-ce57fe610dfb","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":49,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"6a328891-4a83-4538-88c5-ec4417235490","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":49,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"d5d5f793-128e-4c62-9b95-7db1059026a6","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":49,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"0aaf4550-2ec0-4dbd-a583-76b924e6bc0a","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":49,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"cee4a1a6-cd04-4a5b-a2eb-956fdca14309","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":49,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"d9439200-30e0-4e3f-83ba-ef1bd4a79b61","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":49,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"77858e70-fd38-48e2-b63b-736f88d42f22","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":49,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"9f75c6e2-5a55-4524-8fbb-4984bb77a17b","block_type":"box","text":"II-3","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7511a817-01dd-4c07-9d2f-19d7a79ee896","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbcaa308-a83c-44a2-affc-3933d2470ba0","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":50,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"8635d610-76c2-43e1-a75f-cedbd803ca76","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":50,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"b98b4a03-2abd-4fe5-8d4c-7d23e3afa03c","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":50,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"0a7765f5-afd3-4ba7-9255-674b108c7d77","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":50,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"3c9acad4-7e66-40aa-a8cc-ec6006ad7c3e","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":50,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"8847ed7d-f2e9-49fd-8a9e-9017e512d555","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":50,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"75b9be7b-ed91-4e9f-a408-568bdc1b76dc","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":50,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"e7dca8f6-f6d9-42e6-b876-e29966cf6982","block_type":"box","text":"Commercial Paper.","page_number":50,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"1138bcb6-1b04-43f2-b2e8-ebfada2fdd88","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":50,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"7eea509c-e165-403d-93b5-96eed3f46cf2","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":50,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"efa0ead4-5f96-4fbe-af41-3ac75080fb5a","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":50,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"169db5a3-6621-4c15-9a74-8c5068ced927","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":50,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"ab2b2d82-4e9e-4572-986c-bca4b9479a92","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":50,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"ea4cdaf8-777c-4769-8974-808c6d13e310","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":50,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"bcafb557-657c-44a6-8753-0ad8d68afe4d","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":50,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"c270b318-4ec1-409b-9e73-55730b42cb84","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":50,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"46b1c517-1df5-4038-b8d4-e7a09df9f1a5","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":50,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"357765d5-a076-4ec2-97c9-37ba46e4ce74","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":50,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"33aa6eda-61db-497c-84e7-e9e18e11c7d3","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":50,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"50ba7805-9e9c-4271-9378-212eb80fde4c","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":50,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"260f4ec6-36b5-42e2-87e0-5a95074fc24e","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":50,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"812f0fbe-aa6f-491b-afe6-4c61b16f80d9","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":50,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"59802c16-fa5b-4455-9b15-43d70e2fbe43","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":50,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"b812ec0d-f2a3-4a92-8576-feeea7f53252","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":50,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"49b77b6b-b70c-4190-ad93-6ffdf4dc15d7","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":50,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"9663af6e-cfa3-460e-93d1-6bad2e6af5a6","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":50,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"06e7f835-ba90-401a-a1d6-3d2973d16df1","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":50,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"0291d160-5313-4e95-84d7-9c92f326352f","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":50,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"78553ce0-0bda-4123-ac7c-c6b5206fdb2d","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":50,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"01b5bff4-8c88-44e5-b396-d0faacf9154e","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":50,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"1190aa21-42f4-41d8-8724-9ff089e2b4a6","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":50,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"da1e4ff3-838c-4ef3-a99f-b471a4cef804","block_type":"box","text":"variable.","page_number":50,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"4313ca39-524c-4e04-9a41-d4a7ca52da39","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":50,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"077a8420-d5d5-4de4-9b99-92f044fe0e93","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":50,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"5d5d1448-c670-4199-838c-c324df82fcc6","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":50,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"0b4c0333-1e18-465b-adf5-eba225dbc9e4","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":50,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"e604e3f7-d297-491a-b3f3-af1771c40a10","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":50,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"79d07d99-c2f7-4be5-aef6-9f7325d629ee","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":50,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"b6814d1b-9c11-4315-bc69-c58d97d94741","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":50,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"20fbb8d2-e2ad-4dc9-b778-a97e77f2367b","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":50,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"8abe6518-6458-4873-82f2-587799f7604e","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":50,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"67211fb3-1b19-44c6-9f25-454db578000c","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":50,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"d9e98609-80b5-4950-b73b-616d598ad0f7","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":50,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"3ea22ec1-d7d6-4844-938a-db00dfd24bc3","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":50,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"b3618ac3-b09d-4b8b-907d-fe4f68a4ec3d","block_type":"box","text":"correlation with stocks and bonds.","page_number":50,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"2701ca26-7aa9-4ab7-8e19-bd2c6865837f","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":50,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"707ef000-e2a5-45aa-9b63-8479e5369543","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":50,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"9a3725ac-41e4-4109-a678-fddd73c14ca2","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":50,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"f4839733-564e-406c-bab0-922138669414","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":50,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"491f0dc8-dfb0-4482-a31d-ce3d599a9eb4","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":50,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"2ce7135f-b723-41da-acbc-0e825af42a13","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":50,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"8ff94760-4777-474a-83c9-d4ee55d9b710","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":50,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"f52151a8-887f-46e0-b12e-64e2f0b8bbea","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":50,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"b68abebd-4c5c-4431-9407-5da9c172355c","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":50,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"b3e73380-fe61-482f-b0c5-eab096871d9e","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":50,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"653e572e-f7b6-4215-882a-8b2297c3cd7c","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":50,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"4792515b-374a-4245-bbb8-53b71169ed84","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":50,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"dc106185-7ac3-461a-8533-80d51f0abe75","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":50,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"51758cfe-c94e-492b-9ed5-ad7788ebf896","block_type":"box","text":"II-4","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3ba39aff-c338-4d8c-8e20-f01a58d78b13","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"082269a1-9b84-4ac8-a7f8-b2e721974026","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":51,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"e824b865-e7b2-4864-a86a-732bd055202c","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":51,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"82f56a9e-c23a-4d58-bce4-e19086b94fa7","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":51,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"db010e29-0ae4-469c-8628-9401b473a3a3","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":51,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"d9d7f19e-8827-40c4-a20d-772a057912c9","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":51,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"bbd867f9-c1ec-48e8-8c57-aa140c653466","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":51,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"4461bb1d-8871-43b7-a2e7-3b8488d61a08","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":51,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"d6a86f4c-0eb6-49b0-bd93-58a9571f5e7c","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":51,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"8bb80100-a440-44fa-a9d3-bf0782f5f591","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":51,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"40228f41-0435-4b88-8de0-ccac52c9c778","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":51,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"f1c80480-1b08-4861-8dd6-34b4a9e7c3b6","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":51,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"b7b517b8-31d8-44a0-8a99-8190c5fe67b6","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":51,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"c299a9d8-2b27-4fbe-97d9-df3ae4bf7e2b","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":51,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"33ae252b-e9a4-494c-bb19-fd46e5e43a12","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":51,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"c2530a6c-36de-4bf3-9b22-eee7f3803cb7","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":51,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"99626af2-03ec-492c-88a1-21cf52ed0657","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":51,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"14bbf0fe-300d-4f3c-8b22-2010255d2427","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":51,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"52099ae5-9041-4dbb-8bbb-21d9efd21499","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":51,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"fd756c9c-31f0-45a0-9e4a-41983970a2f5","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":51,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"6a1e984b-4859-4034-b4a1-916d8e5f7c1c","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":51,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"c02b881f-91d4-4b39-a392-1af6fc5fb5f1","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":51,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"f565aebb-b6a1-44c1-9e35-a4d4b5a87903","block_type":"box","text":"the Manager believes are relevant.","page_number":51,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"02ff6650-c720-40ba-a08a-36e1c6409fde","block_type":"box","text":"Limitations on Leverage.","page_number":51,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"0c62dfc8-488e-451f-b020-a86d141dde85","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":51,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"7c4f465e-050b-495c-b215-16f76612b65a","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":51,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"54eb3812-07a1-4839-af35-06ca58a0e2d3","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":51,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"73ec58ce-db0d-4b99-a33b-0d4655387b85","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":51,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"a52c54c0-a1a9-44a4-8700-28a120223025","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":51,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"2274a69c-5b1d-4c50-a27d-00019be121e0","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":51,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"4aa43d5a-f06e-4f8d-b800-d272a14df546","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":51,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"b95a4313-f035-4501-940c-48895e0ff23b","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":51,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"0b04268a-60f5-4657-92c6-b61ec7738939","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":51,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"6a475fd4-c70a-4dba-9226-04802870db11","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":51,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"e15a91e9-d2b6-4642-9647-68c3be405365","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":51,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"8a3b1b0f-8f46-4fb5-ad09-76fa89b6d00d","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":51,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"69549b70-4f47-4ca6-8ddf-4ee4ec27812f","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":51,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"2d40583b-d448-4774-82f8-6715a215b042","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":51,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"c95dfae9-cfeb-4340-b919-66267bbbd3dd","block_type":"box","text":"Counterpar ty Risk.","page_number":51,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"249e6cd2-684a-44c8-87e0-1a34d338d2b1","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":51,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"c316d961-95e7-43e0-9f6c-e667266e9a81","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":51,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"d65f50da-2c32-4c57-a693-8a17f07badff","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":51,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"f9f44c48-9367-4246-b807-8e1f6e2c5ee6","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":51,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"85ebf145-f84f-442e-86ad-8aa662fd59ad","block_type":"box","text":"e.g.","page_number":51,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"4da43dd5-88e0-42bb-a9aa-7a5bd78bf1c5","block_type":"box","text":",","page_number":51,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"0129cb75-4a19-4717-855b-fb8725e10922","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":51,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"ca81fc1a-19a5-4b6f-9aeb-f3500b7f7689","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":51,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"ff9ee851-464d-4ed4-ae94-ed998094f410","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":51,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"b5764cec-9268-45a8-98ce-028c6f71dddd","block_type":"box","text":"obligations under the structured note.","page_number":51,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"319f28d5-3265-444c-9b5b-ccc12e9329e3","block_type":"box","text":"Convertible Securities.","page_number":51,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"a90901ce-32d0-4545-adda-eeab8d398667","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":51,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"5222ecf8-4a58-4647-b39e-6167c8d6e121","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":51,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"2aa765ec-d02d-4d65-badc-34a808b062f5","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":51,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"14c40cec-0dff-4bad-b63f-f70ec865dd56","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":51,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"763c9574-84a3-4e75-bb36-9d78cfc38eda","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":51,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"71f0226a-6bcc-4fc4-b3ea-6e185395bbfb","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":51,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"70a77e15-25f6-4042-a425-c1726696f9fd","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":51,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"4adcdb22-d036-468f-b5d6-219bf130c0a7","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":51,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"9ad13e71-c98f-4118-a5e3-7d39ccf8ac06","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":51,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"f4fb0ff1-b119-4323-a7fe-0e3d8257d2f9","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":51,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"fd8dc98b-896e-44d1-bba0-4b5125337b15","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":51,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"ab28c340-7efa-4cc4-af46-7525e8641820","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":51,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"1356bf85-413f-4f60-bfed-84f747fa5a23","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":51,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"05e9817d-d0c1-4ced-bc38-8f4b50844c45","block_type":"box","text":"II-5","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d89a68fc-10a5-409d-a651-9e662d6cd408","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7849aa9a-5556-424d-b077-34a2b69cf297","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":52,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"4e051d8e-2868-4914-9aa2-5736b37b3554","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":52,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"cc3ade21-4fe5-49b9-9ec8-12207b53dabd","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":52,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"ae55fe3a-d276-46e9-8f35-8b5e8d2ccd27","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":52,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"c972c7ff-bf04-4067-afa1-30d0c62f6848","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":52,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"d3625093-9442-4021-bac1-2702b5d5ae47","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":52,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"242aaa6a-ae00-45d5-902e-006b7f429261","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":52,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"341d17d4-7e86-4df7-88f7-a53930a2be10","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":52,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"275e0445-11aa-40c0-a702-439dbbe93181","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":52,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"1f4c9b7c-3a62-4110-b85b-ba4b353da6e0","block_type":"box","text":"things.","page_number":52,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"04c743c5-9e90-4fe8-92fc-8137d8253a6a","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":52,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"93a69b51-30f9-4c48-a55f-6c14dc93f27e","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":52,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"ebfdd880-c071-4fcc-9fc3-7fcbeedfc829","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":52,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"fff8e1d6-900a-451d-81b5-08b1c0ada0c1","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":52,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"2c5bffac-08a7-4abf-951c-cb977fb7f62c","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":52,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"d666950f-fcf9-4c31-bb3a-c86b8c4e834e","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":52,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"2a04327d-72ea-46f3-a805-5848b6d9c43f","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":52,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"77e9b932-4179-4881-b1f1-e3b0df0de612","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":52,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"4c59fc59-df15-4053-b421-2a636b4a3773","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":52,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"e8cd011d-3ea4-4caa-9e36-29bfdcfa7321","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":52,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"95de6e03-b6b4-4dc4-9721-4ce033853a53","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":52,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"9a1dae5d-9eff-4622-a352-4889629b8308","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":52,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"a6460d07-e2e9-42d7-83db-15057bf5d244","block_type":"box","text":"i.e.","page_number":52,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"ec7deecc-79f6-4ede-ae21-45c29f641f4e","block_type":"box","text":", strictly on the basis of its yield) is","page_number":52,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"b6750cb0-9066-4179-b24d-819f2c080356","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":52,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"35d205b1-afd4-4628-b56a-c2837e4e6c31","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":52,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"fe814069-0c92-4d65-a74d-045c23a6bbbe","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":52,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"a6e1d931-f8e3-4995-9a80-d541d70c7585","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":52,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"224ca225-d9fe-4c40-afa4-934847bc2189","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":52,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"b3c6c35c-5d0c-4b7e-8a20-590401052e0f","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":52,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"b096d52b-6f52-4b73-a82a-cb0505bd5f72","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":52,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"1e9ad2bb-ab2d-4441-bd75-1d61aaa4915d","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":52,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"380df83f-6012-40ea-a106-1d2b4c4ed740","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":52,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"76003898-11eb-4634-acfe-2957c70cebd2","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":52,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"78325966-cd69-433a-a144-a4667a47b065","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":52,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"c005b3fa-015f-4c9c-8463-0129c9931c47","block_type":"box","text":"than the securities’ investment value.","page_number":52,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"06f5dc25-5bec-41bb-8212-f0f8f10c57d7","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":52,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"aff96a17-2d19-4ce0-8a67-fd140562ca1f","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":52,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"81e8e9f3-ca0e-4936-9cee-348949373202","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":52,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"71e6006e-81fa-43c3-9478-6cb688a113dd","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":52,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"6022d88c-c389-414c-8910-aa88f2c7e2c1","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":52,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"fb2a1c1c-677a-4a89-aabd-a2c9db4e24d1","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":52,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"d4a5a18c-318c-4414-a94a-5e28e0b0ad5b","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":52,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"fef268d6-fcc3-4719-bb8d-c001634ca3b3","block_type":"box","text":"security under cer tain circumstances.","page_number":52,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"9cf366d8-eb93-4d67-8292-4218fc655b2c","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":52,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"57ed36c2-c54c-44d2-ae29-301cf6b1efe7","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":52,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"b03f3b3f-ef6d-400f-8235-9de9555a837d","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":52,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"42f4705c-f491-4f3f-9f0c-00000a64db20","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":52,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"fe6574f5-7496-4a3e-b3d5-2c5b4bd55e1f","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":52,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"37cf247a-ba31-492d-acaf-2f1713959698","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":52,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"6b8d3f6c-62fa-4e1d-884c-78bb11a1ec15","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":52,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"acf1f793-a005-4f7d-b16d-0abf9056b2b7","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":52,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"b62c3dd9-b4a5-48d4-8f21-d2499ce81115","block_type":"box","text":"i.e.","page_number":52,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"8cd5f449-bbb2-4c53-8d27-fe9165a1ba90","block_type":"box","text":", fixed-income (“fixed","page_number":52,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"628df74a-4cad-4903-8122-6dd887b9c153","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":52,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"6337ed76-337c-44d5-bf46-c0b1e85e630b","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":52,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"3da52ab2-1b6a-43fe-b73a-17ac73b29946","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":52,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"39a5107f-7c2a-4280-a96f-22362843f8e2","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":52,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"c10f42e2-5409-48cb-a36f-e2f445e14cf5","block_type":"box","text":"II-6","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f856ffa3-1cbb-48ed-a2a7-6f7d3e389862","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0a5a93d-99c7-43db-921e-ebcc01a5f2e6","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":53,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"699dfd22-e4ab-4ce2-8698-386d454d6ae6","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":53,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"401edfbf-de3f-4d6a-bc1d-bda82b0f4590","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":53,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"713b725f-78d6-4a2d-b786-1570f710bc27","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":53,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"d0b2d2b3-9e3c-4957-9587-9d1ce761aba4","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":53,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"9673891c-dc27-4317-94f3-b66a14817e4a","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":53,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"be8d083c-4bfc-463c-b705-eea59d1fa374","block_type":"box","text":"component.","page_number":53,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"30cdfbaf-6a20-4517-b19c-ee8a51a28b9a","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":53,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"74a15c37-8d8f-4f4c-8abe-08279eb55975","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":53,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"13c96c79-2701-40b5-8cac-a537c75a773d","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":53,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"2bafb8d4-39ad-4bcd-9149-c5e40aeaf7c9","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":53,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"875e1a9b-e846-4276-a57c-17cdc6244054","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":53,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"3251b687-7c58-46a8-a43b-057c5782dff5","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":53,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"6309181c-ce91-4d0f-9720-c97906f974b7","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":53,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"0408e17f-9f66-4b81-80b1-7773bce349e4","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":53,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"e3d62004-18d4-4213-a7c7-1f6e046147b0","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":53,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"7e8d3d3b-6c5b-40db-bb40-e3ae2cce1e5e","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":53,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"ec52886f-a989-41bc-9c21-f5fcad76d500","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":53,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"03cdccfd-259d-4523-a5ed-f7c880280be5","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":53,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"03e046e9-8eca-48fe-bf82-7186c42f6490","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":53,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"128e8320-56c2-47e4-8415-f42468f9e02c","block_type":"box","text":"favorable market conditions.","page_number":53,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"302b5c99-fdc6-450b-9b6b-90439221f01d","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":53,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"52b54bf8-cd87-46e1-84dd-257ab8647593","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":53,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"36b79bd0-2ed9-442f-9d07-834a3805d6ac","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":53,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"91721f7b-531f-48b7-aabc-be6aac94d4e7","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":53,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"6f7f52e0-6756-4cd1-a941-6c272b1f78e9","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":53,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"14c26352-bca4-4c2d-b891-8d1bbf173dab","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":53,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"95cef0c1-e476-463c-b464-b7026fc7209a","block_type":"box","text":"Corporate Loans.","page_number":53,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"adc1d20b-90f0-4a0c-b6d4-61fa5fdee576","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":53,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"f9c33eb2-01b6-49fd-8641-baadc63b62cd","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":53,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"1c8c89b8-321c-4786-9472-71b6707b92a0","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":53,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"b2d2b3f5-2f58-4dcc-81a6-e5cdcedca0dd","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":53,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"8ecb1871-3bd9-4c64-8eea-c15af6cf48dc","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":53,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"0bfe2559-54ea-4045-a1da-831ac482585e","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":53,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"633b0216-2f0b-487c-8c46-422b6f308f7a","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":53,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"f0bcf94c-8231-4370-807e-a1830e6d44d6","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":53,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"bb95c6b0-bd29-4bcb-801d-f1fa33929e9b","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":53,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"da894314-07db-459e-8005-d3c897e27abe","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":53,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"cf1bb713-8486-4fb0-8ed7-e486668025d6","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":53,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"14e91519-b0bc-4cb3-8ecc-ec8a3c382bb1","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":53,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"ab4bae8f-5958-465a-8f2d-b351ba850618","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":53,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"2067deca-0151-40f9-ae3f-1c7b03172e77","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":53,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"f56a6d35-3146-4ac5-8cc5-07c6c5b19b34","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":53,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"1977324e-2c14-4985-a0d5-3e072d134bfb","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":53,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"4b1a475f-4a41-4341-9434-e9e796a42008","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":53,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"b688d8e5-f45f-4ea6-8833-e8f87531d1e8","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":53,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"b0379183-0a57-402d-915e-2bdedb71a816","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":53,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"b90615a0-d5a4-4a5c-9c7f-11fd2cfca064","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":53,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"a38b2688-94e2-4cb1-a3e2-9f8cbe32de1c","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":53,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"d249bf8b-1390-461b-bc03-de849ec4a360","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":53,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"f5565adf-cace-44cd-b59b-745a3abd7277","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":53,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"ee201d22-2663-407e-8c0c-70e33fcb99d2","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":53,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"8d88b661-63d7-4c33-a8da-267b73cd63a4","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":53,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"928b463f-6462-40f1-ae6b-007ebe240bde","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":53,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"ddb03a61-9939-49b1-8471-9afd0f675b0f","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":53,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"fd2109f3-03d6-4425-89db-d858f45f9736","block_type":"box","text":"of the borrower.","page_number":53,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"f49f7d6a-ac72-45e4-8a84-6ff4aae33c5d","block_type":"box","text":"II-7","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d4795a62-8b26-40ee-a9ff-08eb351be001","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"afdafeb2-3b8e-44a4-a558-8398c30254ac","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":54,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"dd771318-8139-4356-9c94-6ed436cd62cc","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":54,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7585f4a2-e189-4d46-9e3e-0dbf97894c62","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":54,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"18ed05f9-3512-4015-81d7-d7ca2ecbab74","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":54,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"b52739e0-3481-46f5-b910-ba5ab68cdfa7","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":54,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"97ef29b0-be1a-4b15-8709-d5dff4aee176","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":54,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"84b8fd89-138b-4501-bc44-6ded452c3657","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":54,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"0e8f41d4-9af0-4359-8acb-cd22894f89e6","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":54,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"056db2e2-7682-4364-b88a-aafc0dae70ec","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":54,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"23fcba10-1f93-4fb1-95fc-5133c745f951","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":54,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"16f72476-d4ff-4716-b323-f706cd5a40e5","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":54,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"65419860-5cc2-470e-a9ec-c7739722245e","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":54,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"d446a00d-f27b-40a9-a05f-798150704224","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":54,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"222156b2-8d4f-438d-af6d-3e7c55d5cc37","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":54,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"fb30f82b-f2c7-47fa-af81-3200be92188a","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":54,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"76d56816-dd16-451e-a1cd-5318311bc36b","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":54,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"d0a35189-c9b4-46fa-8f8d-f5e5eebcdc47","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":54,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"1fa91be1-2c8b-4e97-879e-017a1c90b1fd","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":54,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"a49701cc-14c4-40ae-84f5-0491ee43a101","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":54,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"9e73cbdc-8e62-46b0-ac9c-d8423632dda8","block_type":"box","text":"state law.","page_number":54,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"07678714-7a9e-4893-9435-9c05c82d2dcb","block_type":"box","text":"Direct Lending.","page_number":54,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"c9d8ccec-ca6f-4c0f-a4d8-1c8c58c72232","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":54,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"1045a806-0eb2-403d-9d07-41ef8b15f8d6","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":54,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"2ef2b950-aefd-4120-ade9-6ca5bc92a3eb","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":54,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"20345ec5-157f-46c8-b0c5-a03b631b473e","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":54,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"eac57d81-e7cc-40a3-ad4c-0b09acc99f7f","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":54,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"66a3f321-a130-40e8-b480-133e9253574e","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":54,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"f47c5c20-e65e-4ddb-a2c2-83270d0c3ffe","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":54,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"c7dd40f8-143e-481d-b352-ac97a1365092","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":54,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"e257ce46-e1a0-456d-a039-aaa6edda106a","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":54,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"befd6b5a-7ad9-4e67-ab01-ead29c6b3d94","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":54,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"f1e07a59-671e-414e-92d8-3ca27b5dd4d1","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":54,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"43b9532c-7230-4166-817d-83ecaf5bead2","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":54,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"f0674275-af70-48ae-9651-75e249bf864f","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":54,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"e877a647-043b-46c3-82d5-eb7012c74764","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":54,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"34b916a0-d44f-4653-957a-bc8d668c0d9e","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":54,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"8ba27d5e-27e1-4e1d-8384-690edefd5321","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":54,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"22f9aaaf-d59e-4dac-bfa7-99940acc5f28","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":54,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"b6e00adb-f7b8-4af5-9165-5f974aa9f6c1","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":54,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"7a1641c3-9897-4284-a5fc-4240a50de57a","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":54,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"2ad5555a-86dc-4244-8131-a9c784f27edd","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":54,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"9904ed18-f10c-42fc-ae59-f19f5f38e129","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":54,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"6e6720bb-0dd1-4638-92f2-890fd1cc0a72","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":54,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"a35814f0-0126-4c41-a3d2-7fabccecad44","block_type":"box","text":"Credit Linked Securities.","page_number":54,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"fb37572a-9671-4c8c-aa98-8234ca414cfd","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":54,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"6df9a17a-2bc4-444d-85d1-c0067409f749","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":54,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"8a41f227-3d68-426c-89e0-0fd2b1f15ca0","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":54,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"149010f5-d76c-49e5-93d6-5f13b24a0c89","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":54,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"79a7bbd5-b1a7-425c-a592-f7f3531ece1b","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":54,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"4a9377cc-acf9-4821-a006-d255fdc196ca","block_type":"box","text":"traditional income producing securities are not available.","page_number":54,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"e313e4b2-6e1a-462d-adad-e734c07c6f94","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":54,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"7a0a5526-2ce2-4df2-bcde-8615ab912045","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":54,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"ee4dd75e-8608-429f-9d2c-c7f50da7f0c4","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":54,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"de931fe8-1b8b-4701-aec9-201cff46eb9e","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":54,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"5c55cb19-2768-45cc-be11-e12317b86963","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":54,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"8837e89d-7086-4b4c-84f6-cf423a369378","block_type":"box","text":"II-8","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"877ace4c-dd03-4809-b303-bfc57b5755fe","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"109cfc60-3a50-43e3-b76b-b5e6cf0157e5","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":55,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"efe87eb6-bb1e-46c3-a5db-0efa3d5353ef","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":55,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9741af37-0137-4e29-b6d4-5152c9174ae6","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":55,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"7f2ac8a4-b86f-4011-9029-d071d9a9dc60","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":55,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"1deb4612-0678-4c69-a723-1f0fcf9a97dd","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":55,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"6cbff2b9-431b-4a84-8fa8-99bf9cbd54bf","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":55,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"69abf64b-6f7d-4283-92cc-fe3f98ed9f2a","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":55,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"7b4a8423-cca1-49ad-b26e-b719d872f10c","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":55,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"744ec2f2-5ef3-4d1b-a63d-13295e0ee3f7","block_type":"box","text":"investments.","page_number":55,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"56ac1014-04d4-4c71-bba3-af2f92c5b711","block_type":"box","text":"Debt Securities.","page_number":55,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"ed1998a0-f3cd-455a-a0b7-5a66950fe85a","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":55,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"0d00ffd9-3a98-44f1-b1c8-5b72b49b2ddf","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":55,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"34ae09ee-87f7-46fb-a1e6-642146f40702","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":55,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"2f7dba56-13d1-47cc-8834-2a60770690e8","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":55,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"0722ac20-8779-4c73-b039-fe256843c066","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":55,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"c4a60333-269d-4526-b9fa-cc6fc02826e5","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":55,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"3190c8cf-203d-4037-a546-2446115428f6","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":55,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"bc3e8440-d732-46a9-8887-3bcfd35aa737","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":55,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"dd758be5-79ab-4f68-8a61-c596786a9aea","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":55,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"ead727fd-dcd7-4eb6-90fa-e628bf238b82","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":55,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"0c1fc9e2-4c91-4477-b9e3-70e59635cac8","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":55,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"50fa1f8a-df90-4c62-9136-588fc0022071","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":55,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"691c1c99-8c22-4576-896a-c9b968110936","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":55,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"76f4042a-8f82-4d1b-a819-4d5d8cb2e771","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":55,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"9d03fd1c-7a7f-4784-81ff-0a2be2ca71d0","block_type":"box","text":"lose value. This is known as extension risk.","page_number":55,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"c2b57b28-db08-44ad-a3c5-6f73b7eba149","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":55,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"24385cd6-4a7a-4088-8e35-d923f196791d","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":55,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"05e0d418-beb2-4000-a323-0d5c436d472a","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":55,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"b946e8ee-735e-4c0a-b043-818572658803","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":55,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"8bd91770-1245-43fe-9cc6-9701491ad2cc","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":55,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"6c431db9-4dab-4ee0-a275-c264f80f5c6d","block_type":"box","text":"Floating and Variable Rate Securities","page_number":55,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"2b1f77d9-d211-4cd9-aa1d-d0ddff0ed886","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":55,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"3c399144-f2b0-4c2a-a0bb-a35674b5de69","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":55,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"38e2ce62-a32d-49ab-a56f-862d504546e0","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":55,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"0ea27ea1-2d26-4b47-a444-1f56ef7b1e51","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":55,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"4ff4adb2-550d-42da-a713-e3a8b106a5c6","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":55,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"2b0dafc9-7e1a-4318-8ab8-28739314615d","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":55,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"d3dd92e9-75d7-4b25-a272-7ce4fd988bb9","block_type":"box","text":"market interest rates.","page_number":55,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"6a626dea-f549-4c29-8347-8501413aae47","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":55,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"f0b17c35-f14c-4482-bc78-9d53bda4e6d4","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":55,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"5f22fe0d-c921-4faf-b26f-fbbec77ef84e","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":55,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"ecbed099-1c69-477d-a77a-a9469f1cc730","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":55,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"69933cef-5d75-4832-ad3a-05592b2b6f14","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":55,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"5aea2e8e-c5d0-407e-8df7-8c80c3dc891a","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":55,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"c6daba2f-3bb3-4d46-ab27-c8bf158d9da9","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":55,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"e579b2ab-6468-4f57-b23d-acced50994cf","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":55,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"7877f94b-bce4-4df3-a212-93b00ce918fe","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":55,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"c05660d4-7b0d-4b82-a856-92e3a86a9c06","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":55,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"3370cdda-a43d-4aa8-808f-715cf1d9cf03","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":55,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"adb4f3b5-f060-4fa2-bf6b-33a68b609e5c","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":55,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"309d0b1f-f696-45c4-bfd6-c191617b7d33","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":55,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"8e898b62-c856-46a9-be85-2076298f29a0","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":55,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"20dfd412-82ba-4a6e-aace-76d117345208","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":55,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"d11ccce2-0c01-435e-9db8-c5ea136bbf43","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":55,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"4fa5cc4a-7204-4b0c-a250-7a8ed3764c18","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":55,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"3ce94aee-be05-42f6-b8c6-8224dec01ac8","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":55,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"701b2551-01b4-4acf-871d-edbe360b9dd5","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":55,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"f4a1cc48-38f6-47db-98c1-9c7a0d0fd041","block_type":"box","text":"II-9","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"10d848cf-ba56-4061-a757-a10c031125fa","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f737320-2cdc-4c1c-926e-61efc0ecc4a0","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":56,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"2f2a75cb-bc47-4f6b-8b5a-6ce06b583013","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":56,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"de656c4e-d3b3-486c-827a-8b2f96adec3e","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":56,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"7ae6b848-eb81-489a-a100-5a634712d14c","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":56,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"10bf0016-6137-47dd-a381-ca8c90aa2713","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":56,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"9b86969f-d976-4fff-b992-2720a2705bad","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":56,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"45831c2a-b860-42a8-bcac-ca20075173d9","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":56,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"4f9bc5ee-cf0b-4469-8056-206e7c7af716","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":56,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"916b4f60-75a3-49fc-9fa1-eca9a93e2812","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":56,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"e35fab5d-faba-4bba-8a74-efef82c572fc","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":56,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"4b3f636d-3314-4928-9285-fdcc1000ac4b","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":56,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"0c82eea4-8a00-4729-8f59-86c8dbd53513","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":56,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"dd9bb38e-da87-4f0d-9cfd-4962fa94c5d4","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":56,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"8547a86c-bae6-4abe-828d-5723828dc579","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":56,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"49486088-eb9f-4bcd-827f-83ca33a19145","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":56,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"cd168fd3-9cd5-4c79-8715-d9e0f3efd339","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":56,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"3981b5f9-3029-4b5a-8253-dbe2ebc2d7a0","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":56,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"383d1268-8696-4eea-9a80-b64e06f1a3e7","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":56,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"77479912-affc-4fc9-9f4f-18cf364aa852","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":56,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"cba759a9-302f-4c73-bbb9-6b5ea4f2baec","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":56,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"241945fc-6e6f-4d8b-abcd-7ecda0e9cd34","block_type":"box","text":"United States.","page_number":56,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"3396bfcc-f89f-47eb-b47d-f72aba2171b6","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":56,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"fcda643f-3b89-4c69-aaad-25fe03c92d8f","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":56,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"3f0236b4-e77a-408f-acb1-f272c6ac2ac0","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":56,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"0e63533f-6e9a-4ca5-adb4-51d60a21092f","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":56,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"bbfeccaf-67e4-4991-a73f-13a2338f440b","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":56,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"b98269b3-fb81-4585-839c-e5d6f9d0a8a9","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":56,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"b7592261-ec93-4bcb-8fbe-f1f7f4bd8ee3","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":56,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"d15e1a59-0c8a-49b6-bfd7-b22b90eb746c","block_type":"box","text":"i.e.","page_number":56,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"665aa8ab-d42e-4c61-acf5-9fd4110c3ca8","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":56,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"03f848e5-8cd5-4288-8f67-bf9a9e5f164c","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":56,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"5efdd70b-cbf9-469f-bf5d-fb781a77f456","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":56,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"dd0afd57-5494-447f-abb4-358d39cb4a78","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":56,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"acccff66-254f-477b-9766-3c523e75f861","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":56,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"b99f15c0-541b-4e65-8f9d-46f726842b4c","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":56,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"de50fb14-5eeb-40e4-9274-8d66ecb65115","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":56,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"246b4744-4094-47e7-8a74-6317e0796ca9","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":56,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"4ff08d9d-b360-4da8-a08b-514206116432","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":56,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"f6faba88-1372-4419-a3cb-f538711c35cc","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":56,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"311c5774-8424-40f7-abaf-7775745de48d","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":56,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"c633adfa-fac7-45ce-8a48-9ba05fbdfa55","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":56,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"3dff64ca-8445-4a1a-b69b-b799470e4ac9","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":56,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"ca9c6032-a41c-45f3-8ba7-515898988fb5","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":56,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"f5ab5218-7432-4f3f-b5e9-363c7a177b18","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":56,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"fb0f0057-608a-4a8b-a85a-5cc23ce0af2e","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":56,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"2320f98d-6c7d-415d-944c-00c628291279","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":56,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"a17173ff-3b84-447f-b473-e1aff8f3e054","block_type":"box","text":"risk than higher rated securities.","page_number":56,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"b2e5e377-5485-4260-a90b-91cec5d7a69e","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":56,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"a649e055-5949-4d03-9d3d-90212f58ad71","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"0829d20d-f178-43dc-9c2b-98e5b9f31749","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":56,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"8ad0ce2b-0352-4453-878b-625913431b42","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":56,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"871cb0cd-4486-440b-b1ab-e39d199e3adb","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":56,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"b4be0d9a-9eec-4c68-9521-7e74eb276bfb","block_type":"box","text":"unavailability of additional financing.","page_number":56,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"afc77168-dfb0-4d4f-8e1a-f89347db04c8","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"ef4fc704-4ddb-4861-8649-4d2f2b715b93","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":56,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"9ef29c1c-7aa7-44ca-824d-d9856c2730a7","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":56,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"a1793ded-9e6d-47f7-96bd-91fe58f8840c","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":56,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"197c9252-e2e9-4c19-9de5-0822b76d7dc4","block_type":"box","text":"II-10","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69390e40-bc22-452a-9b71-2c872b6206bd","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d691d025-873a-486f-b5c0-170c4c276432","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":57,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"85f8443f-2e40-416f-a449-5e91f138b78d","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":57,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"06f551fa-732e-451f-9422-f7a936edeee7","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"e0c7848e-e9a6-489c-8dce-63ef58cb50d2","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":57,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"788dd059-d4e3-45d6-b644-329592ace893","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":57,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"e4d9041f-da0c-4d48-9f4f-7c7b1535d32a","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":57,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"89bc260b-be61-4d30-bfcf-9cbf81862266","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":57,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"2b47fa61-5c74-4a6c-a556-69fa3d5f5e4e","block_type":"box","text":"investors in higher rated securities.","page_number":57,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"db2516f1-4f2a-4f93-9305-2e95dae4cddb","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"8ac6b496-3552-4051-8310-144fd3287d3a","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":57,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"b48773dd-e552-4bb0-ab43-58f70c227ffa","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":57,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"a46fdee8-1726-4c78-82c1-f727c39b3659","block_type":"box","text":"lower yields and may lose income.","page_number":57,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"6466fa9a-52a6-4725-b164-0d9015f7a702","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"5fbcdca4-eb8b-431c-9359-be05c9128f1a","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":57,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"2651ba4b-2204-4adf-bc1b-2b02b7e5a880","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":57,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"85ceb997-e621-4131-98a2-33bade8cdabe","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"3e5deba6-77b4-458f-8fba-24d7f969e6d0","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":57,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"90078cfc-6907-4be5-b1d3-2c8395b234ea","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":57,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"7b40e1f0-bf4a-4942-834b-96618afe5e61","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":57,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"3a0bb8d2-e922-4a7f-9712-0153718fcfff","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":57,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"5d4aa4d2-1843-42f4-a212-bf7a8e95bca2","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":57,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"d9747eb1-3ffe-40d7-9c36-bf1f8e874f33","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":57,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"d7cc2ff5-6bdb-4af5-b8f3-8330dee337c3","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":57,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"5707f63a-06f1-486e-88c4-64a9adce09d6","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"1a71b737-8ef5-4b1c-9d80-689ad8fb166e","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":57,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"c8d74bf2-4611-4e37-93ab-6ed7e9c0e3a3","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":57,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"b6e7a66d-e2cb-40fb-859a-ef43cfdacdcf","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":57,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"a1eb1640-b530-4f01-adfc-8df8520cda43","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":57,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"1e677216-b4cf-45f9-8123-1e10aaa33050","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":57,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"4372ba78-22e9-4560-8640-6841e5be8a7a","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":57,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"05b58a14-58fb-4139-8a4b-06c6939ee694","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":57,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"42b269b8-4532-48e1-b724-067eb21bce5b","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":57,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"5ffb474f-1c42-4d05-b12e-ca0728dfd3e2","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":57,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"cffe533c-36b1-4b63-9a45-817af24d6522","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":57,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"56db5247-fc4a-4892-b1da-42258e25cd03","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":57,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"d3e6b84e-2488-408e-830f-f19e62e6549b","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":57,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"1e55be63-5c39-48b0-a7f5-c7d86b746135","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":57,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"c938f490-3045-4c4f-b793-b0769226e027","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":57,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"c8615617-61a6-4868-bc50-7f792829cc27","block_type":"box","text":"role in determining such valuations.","page_number":57,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"3dd1bfb3-9474-48ae-b0d6-2a8e11c9466a","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"9517f4b6-b912-472a-aa36-9e9f70ec0e16","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":57,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"afc52ea4-afa0-4648-ae77-63fd80cf6cfb","block_type":"box","text":"a defaulting issuer.","page_number":57,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"3a76797a-02b5-4f59-a4dc-10a8111abf04","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"c0efcbbf-af09-4b76-9c38-058886cbcf0e","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":57,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"eb6d400e-222f-4aa3-b162-6ef5a227e8cd","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":57,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"476cf917-0842-412a-96c4-a201d35ed055","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":57,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"de40b4e8-4e08-4e4b-b743-74a90c177785","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":57,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"afc70fdc-34c4-47c9-ae24-8292ef8f8ce6","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":57,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"1bb91fe6-ef90-462f-9bcd-3b35396e9105","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":57,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"99a26719-1cda-40e6-bd65-2668bffc6855","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":57,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"399ffaa5-72cb-46e1-b029-f8dba2a202c5","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":57,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"a13a0dea-1ee5-45df-a76d-019507997e72","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"c3972849-4748-4686-8734-77ba79e13565","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":57,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"77115089-952a-44ed-995a-ac2bd098a452","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":57,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"827c9538-0cf4-49d1-a385-b489b6b5be4f","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":57,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"b586f7ab-0865-4306-a7cc-d1e65f0b36f9","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":57,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"db7a25e1-71dd-4c3d-a87a-dfd772a612db","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":57,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"a6ca45d4-4641-466d-af24-3438c55aa046","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":57,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"2c37a1be-5b9c-4b4d-90f0-f418a54ccd1e","block_type":"box","text":"higher-rated securities.","page_number":57,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"5af2cc74-45bc-48d6-80a8-80782e142948","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":57,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"76ab8a27-86e1-47c4-a7a4-7b3d42341b8b","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":57,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"393ba1d1-49ef-4368-8dbe-d8918293c39b","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":57,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"d556782c-a2f1-40bb-81e3-7fd7285b94fc","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":57,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"856d3fb2-f925-419c-8259-263014eb756d","block_type":"box","text":"II-11","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b601b4c2-6c74-4d69-b826-73c92dcd5419","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e71fc6c3-870b-4f81-a08e-7ef9e2e1126a","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":58,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"d0c49dd8-1e58-4763-bd2d-2b292c2e575c","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":58,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"762fb02b-34a5-4f41-84e1-34b181df3626","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":58,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"967af72a-02a6-4622-aed2-376780e327f7","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":58,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"8a7b8577-70b3-4d6b-8a17-da9be7a5643a","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":58,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"9219af2d-4e20-4d4c-a3a5-fb1500aa715d","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":58,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"48871751-40f2-4844-8296-fa4f02175e0f","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":58,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"1ecb060c-ea39-4f57-ada5-627e890aa794","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":58,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"7fd8687b-05af-486f-8aaf-d8281c46b1b0","block_type":"box","text":"Mezzanine Investments.","page_number":58,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"72120546-71b5-407c-b8b1-f55cd1b1ccfc","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":58,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"27786b2c-3991-496f-9c67-3375cb327ab3","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":58,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"de52b791-9518-4914-be7e-0e0b22bfab8c","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":58,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"cacfa699-6f44-4059-9aba-7f593bcc7b0a","block_type":"box","text":"e.g.","page_number":58,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"512abe43-0fb2-421d-be27-75a8594c305f","block_type":"box","text":", with","page_number":58,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"8ceff17f-643b-4886-a330-8ebbee1420c7","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":58,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"f669338e-5d5c-4755-9c23-d5f30e868ced","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":58,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"ad410270-b7f9-4677-bfb7-ed13a182bf0f","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":58,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"31a8951b-2776-4128-b4a1-84dc3dcddbe1","block_type":"box","text":"other obligations of the issuer.","page_number":58,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"f359445d-d59f-4310-994c-ebc162ed3a0a","block_type":"box","text":"Pay-in-kind Bonds.","page_number":58,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"63ee9916-aa07-4581-a698-f39b322396e5","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":58,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"b0faaf76-71ec-43ca-8fab-ff3855aaab7e","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":58,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"2b98404b-47f0-4a6b-980d-5116bd1a4ea5","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":58,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"60f5d037-3250-4595-b81c-bc5d0da345ca","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":58,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"e83a2baa-6222-40ad-8925-242867d47a2c","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":58,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"2c160487-e033-4c4c-ad41-7c87988df079","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":58,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"90fb034b-8261-4751-83e3-bfb74ff9b21a","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":58,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"9a8a6221-2474-4c9b-87ac-9d3f5782161e","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":58,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"3027a2ba-e7ca-4bb2-a9aa-00273a51c000","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":58,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"184829e8-5362-4be1-b316-a1d00b7afb94","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":58,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"4212977e-63ce-4885-b122-f3f2d4737a9f","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":58,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"5610ce07-ffbd-4309-922a-0e4f2c264198","block_type":"box","text":"Supranational Entities.","page_number":58,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"3b35b964-1dba-46cf-b71a-2d7b86f2bdd8","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":58,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"96f71746-7d31-4aa3-8bd1-99ba258881fb","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":58,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"ac33ac58-c64a-4cda-93f1-9cc8837692c6","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":58,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"7638eb6e-ad78-4189-a0ed-ce44c1cf3229","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":58,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"7a8c3c20-f40d-41b8-aed5-c5f244584a68","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":58,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"0061cc16-2132-419d-bbbc-b9d8c5c3bced","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":58,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"23bd97c7-1ede-4956-9cdf-56bfe0e6084e","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":58,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"72cb0fee-6691-4521-a3b5-6cb929a7d425","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":58,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"6310a090-d57b-47f2-856a-33ea8cff4066","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":58,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"61730543-f880-4530-83d4-549ffb62c6c6","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":58,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"e6cd62a6-991b-4933-9e50-5d993a5c91b7","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":58,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"ced728cc-af47-4758-88cd-faec7aba81b5","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":58,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"67cdd5a6-4599-4097-9ad7-72a9aa459069","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":58,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"3098a84d-bb60-4571-b695-c315199bf5f8","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":58,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"a4b7239e-2eb0-4339-a090-ff66289937c4","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":58,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"1c4d141f-375f-435e-bc98-413ce4b45c5c","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":58,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"eea3a8ec-a7b3-4c86-a24c-60b06be02079","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":58,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"d9c3ab95-5edd-4892-99be-0f112e15bb4a","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":58,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"63c9dd68-541e-4143-a79c-389692805037","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":58,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"78926c34-99ed-406d-9fd6-10e0fff1b8a4","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":58,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"5d61e74e-4406-4ba5-960a-efff50034d74","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":58,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"153ebae2-751c-4f55-8aa3-24e3d449bab9","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":58,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"408f4fbb-ae96-43d8-8f3e-a4659b04e557","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":58,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"7e2a583e-b6a6-41f3-a0db-4bb464df71fa","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":58,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"ef9b8729-f015-46a6-9f03-7a0306793dea","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":58,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"64d727dd-cd66-4341-bd1c-f5286c38f2ae","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":58,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"8144b82a-5964-458c-a10a-1ce777e9a332","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":58,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"a0f4c822-9664-4dfb-b8eb-91f0fa4fcb57","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":58,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"d3cd38c6-0ae1-4752-971b-f14e8ab5912a","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":58,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"c3aa262b-d687-421d-909b-869098f72407","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":58,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"fc90cb74-689f-45fb-aeb2-8b6847918965","block_type":"box","text":"II-12","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a6599353-0bd6-470e-8e33-82ac3b7c2bb1","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b4fede8-71da-47f4-9f3f-b4fa8e4ef2c8","block_type":"box","text":"Derivatives.","page_number":59,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"80bfa10e-bef7-4840-9f62-60f446d957d1","block_type":"box","text":"General.","page_number":59,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"88072907-e0a3-4f00-8e49-ce7092c12622","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":59,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"f7cf42c8-9c46-4d72-aab7-6d5703106754","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":59,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"c468d6d0-76b5-406b-9dcc-607a0680033c","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":59,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"ffb1fa1a-68d0-4df9-984a-9d153a18a32b","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":59,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"fd3eadee-4428-4c8a-a307-6ab113431510","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":59,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"5770ba91-7c43-41f0-847b-1fed4c4b91ac","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":59,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b7b47fb4-ebd2-4951-b38d-62f19b2b384f","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":59,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"d0f483a0-0632-4764-bcc5-f9a83a900178","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":59,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"25c241f2-e4bc-4b79-ad5e-6b9c6fec7fd6","block_type":"box","text":"i.e.","page_number":59,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"8eb576e2-e43f-40b8-ac48-3b7630d41460","block_type":"box","text":", the payment","page_number":59,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"4f8a01a5-c2ee-4192-b9fb-a39f35f3770d","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":59,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"15af842e-af63-4fcf-9e28-794a73a4f9f4","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":59,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"6acda5d0-1cee-42cb-af56-8b71291ef37f","block_type":"box","text":"Hedging.","page_number":59,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"50a05c8c-3be8-436e-9e64-fa43f5710742","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":59,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"c4fb6dd1-ccbf-4689-9484-fec269c2f702","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":59,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"66a420e9-9d95-4c4a-b23a-11a88060936f","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":59,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"adf94a37-a8fe-4b88-9020-b4cc32b1a3fe","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":59,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"925a364e-22a7-41f3-94a2-8876eccf4e9c","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":59,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"114db9b6-940d-4157-a2a6-049e79af1a87","block_type":"box","text":"correlation risk,","page_number":59,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"7cdc3523-56eb-4bdb-8d0e-34493a35d188","block_type":"box","text":"i.e.","page_number":59,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"e7a89d0d-09ba-4cc6-98ad-955056ab12b3","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":59,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"d2863852-66e4-42c1-a856-4c95135052f4","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":59,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"e4a2fc27-9870-42fc-a6dd-b0d64227070e","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":59,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"e9a1763d-5267-43d8-9eca-ae798e2e6225","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":59,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"65ac0d14-71c3-4a24-8d5d-f21ef1c46d4e","block_type":"box","text":"Speculation.","page_number":59,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"001332dc-56b9-4e8c-874a-d455d9284c90","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":59,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"b86a404c-e01e-4a08-a70e-43206c763c2b","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":59,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"18a0cfa9-543c-44d5-abd3-21bcdcbfe615","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":59,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"02e6731f-fe0c-4356-a5fb-e607ffb5b93a","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":59,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"34be7310-446b-4fd5-b99d-25a1b15b813f","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":59,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"b2bbc164-730e-4d73-a947-1ca463044502","block_type":"box","text":"Regulation of Derivatives.","page_number":59,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"5cc0d1c8-0b41-45dc-8ffe-7eb82ac2122a","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":59,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"a9f7c902-93e4-420c-bf1b-c9a955202889","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":59,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"f5b61454-bbd9-4503-83eb-ad4c37538738","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":59,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"71391d3c-50a5-4823-9b14-bd60f0ca1bcb","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":59,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"a2c64861-a3ba-4dec-a362-f0e0b27610d9","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":59,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"7c121847-fb8c-4d2d-9ca9-64b8215f2cda","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":59,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"10598d0b-4155-4e86-938e-456d12274019","block_type":"box","text":"coverage”).","page_number":59,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"0aae737d-e2ad-4505-9b10-4d56ec69f7ca","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":59,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"6373f051-566d-466d-8717-9b3827f6efee","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":59,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"497275f9-2294-47b8-b9b2-ebd79e7a7a60","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":59,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"db6787ae-699e-44fd-8e91-918c4315ad3d","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":59,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"0590f498-4054-4980-b5d4-99b5734e5f4f","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":59,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"d092cc66-d41c-47a7-942a-ca51f337e783","block_type":"box","text":"financing transactions (","page_number":59,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"1519c4ce-4959-406c-89c9-49dbf0a014a8","block_type":"box","text":"e.g.","page_number":59,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"223c1dc1-46c8-4ad9-a030-d5bd7b2495c0","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":59,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"99b515d7-d9bf-41cd-9ac8-8e41a8c954d6","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":59,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"35af8de4-777d-42f8-8623-0631bef4c41f","block_type":"box","text":"securities (","page_number":59,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"04199d75-c576-4fef-873c-e35090c6f0e0","block_type":"box","text":"e.g.","page_number":59,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"62efc029-0e6b-4ee1-b165-54f3f46ec025","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":59,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"1ce18d6c-aaf2-4c35-94a3-6a982016a9e1","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":59,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"e83f6546-f365-4e51-91b3-a400e922a4cf","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":59,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"272eb4ef-12fb-4910-a546-a4bcca0f1188","block_type":"box","text":"Commitments”).","page_number":59,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"beea2bb7-63f6-4966-aa52-92d811724154","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":59,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"af9bf5de-2900-41d5-819e-545453c04dec","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":59,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"9e2471ab-5f80-4f2c-9964-820bc3b94de6","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":59,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"022acb4e-7884-42e2-af4b-3a4904021601","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":59,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"00c4dc76-91c6-42bf-97bf-bb954d0dcfd4","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":59,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"a5b85cdc-89ba-458d-a187-2a7acd8584cd","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":59,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"b8ef7bc8-579f-440a-99c8-c06f7614a360","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":59,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"25e19ace-6f5b-44b6-a9f4-3b11dc5e075c","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":59,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"78ab860d-666d-4d77-b8f7-0836bdd6aec0","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":59,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"fd071d78-3f5d-4c41-abc3-2b5c2b57b0a2","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":59,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"702cb5f9-bf90-48ad-aa07-dd79510f6045","block_type":"box","text":"II-13","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"93574bc4-639d-4f2f-9ee1-b9d1b47c3ba5","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ad7b5c4-890c-4f6f-bbb3-39613d20c1d7","block_type":"box","text":"Dodd-Frank Regulations.","page_number":60,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"98afd105-c4d6-47aa-98e6-9232e0f32452","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":60,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"d6ddd31e-ca47-4eaa-bcbc-5306b2167198","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":60,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"2916baf4-8685-47d9-b671-8b0b94473929","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":60,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"ad44471d-5daf-4867-98c0-462be2031346","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":60,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"f1edcd4b-36d4-44f3-ad75-952f4e30a784","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":60,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"6508b032-0ee4-48a7-8f6e-47a5a065c9ab","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":60,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"482db1db-2891-4240-ada8-e9b29dc07d2d","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":60,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"c6179c28-d5f0-41f6-adcf-3caddc4b975b","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":60,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"56306742-638f-403a-8451-aec2cbee6630","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":60,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"4e6be88d-862c-469a-885b-5dce9fb10af2","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":60,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"a475b07c-7544-4b1a-81bb-75b7c9fe75d1","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":60,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"bf546600-2387-4d6f-948b-793726652957","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":60,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"42953121-c4d9-429c-9042-83a000d153ba","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":60,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"26ca91ca-b7b1-4e17-9fea-c6732b86dcfe","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":60,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"6ae2212b-b287-45e1-8664-a43b179a8018","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":60,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"d8b2ddb3-2c4e-47f0-87a4-5213b083800e","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":60,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"e3c3697e-7b2a-440e-8052-e0caec730069","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":60,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"a360a36e-d002-486d-b80d-12e91942f9ad","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":60,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"3ca7c317-f94e-4c39-9b68-04c21a40681f","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":60,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"d20d1759-990c-4f8c-a18c-4d6977a214d7","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":60,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"e9ea3b0c-1cc3-452d-95e6-75136fde3b2c","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":60,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"04e4d51c-1950-4c6a-9a20-70e92eb1edd2","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":60,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"9e107cdd-91c0-43e3-bc0a-2d5e45e18e76","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":60,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"bfd9685b-cc35-4c06-b911-61cfb525c2c4","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":60,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"41aa5d90-d799-4ff9-9f9d-c2528899cc62","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":60,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"5804d1ad-b445-4e6f-b759-d62c8be14a2e","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":60,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"8c87b180-e8d0-4439-beb5-ff50b1156f01","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":60,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"6b664d69-911e-42ea-ada9-e074f98c4829","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":60,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"463f368b-033c-4bd8-b881-0761bc6a5a2e","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":60,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"76287226-1943-4702-ac97-5e0867cf65cf","block_type":"box","text":"member.","page_number":60,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"df531a5e-8204-4ecd-8e51-e8575835977d","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":60,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"5c1bb391-5ec6-4e71-9c8c-c654bb0b4a93","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":60,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"d1b6a0b7-db9b-4ebc-84a7-a82a39931b0f","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":60,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"dc1917c5-4646-4a11-92ae-0854005f244f","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":60,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"fb991dc0-dbfb-4cfb-8c19-7df3d39ba872","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":60,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"ab371697-cfde-455f-9f3f-807bc2a97218","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":60,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"5312a13d-4133-4d9f-9285-c39d87928c41","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":60,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"f042a675-57d3-4ea4-9516-072f6fc7be83","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":60,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"ade3a058-2527-44d3-b751-0a49b4298e87","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":60,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"ef3d1f3c-c287-4786-91b8-aa16ab1e5f15","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":60,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"32b34eca-8c6f-48d9-a802-563d4189da83","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":60,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"f1948e66-d5c2-48fd-8cd4-364258204378","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":60,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"2658433c-2334-4442-b0e8-3b5cf68a6410","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":60,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"516515b6-16ec-40cb-90ff-7a5309871b50","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":60,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"d4d43f22-1d41-4a91-8008-fced6d97b00f","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":60,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"b6fc8250-0c26-4184-87c1-afbc3435b1ff","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":60,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"d99dc0f5-34e1-4f2c-8957-55094e6ca061","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":60,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"8b954a82-cf4f-4f22-afda-8307395c8583","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":60,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"50d23d75-adba-4aaa-995a-818ea4009f0d","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":60,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"c2e27444-9a34-4bfc-aa0f-98043454cbc0","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":60,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"ecb9fd93-2679-4991-93e5-9f80031eb68e","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":60,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"ff7172fe-c4ce-44ef-9971-e1e53b99f987","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":60,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"9407d594-3ff2-4944-bf1b-5cbeadfb4e3b","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":60,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"509531fd-8621-4631-bed4-ab9c1e4730ad","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":60,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"68335ab2-9e88-4e32-a8bf-14e2c692c34d","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":60,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"ddebe38f-57a1-4f3f-8354-29bbff023d87","block_type":"box","text":"II-14","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"78ecebda-1f56-4768-8f46-b6f097f466ea","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46b86e59-9e0a-4ee1-ad65-201f4ffe8ad7","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":61,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"de9956a4-ef32-4596-97b9-15cf4421df51","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":61,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"a6f05f73-c4eb-4b27-bf53-e70930a396f3","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":61,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"e468a295-7780-4271-a681-128b43fbd159","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":61,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"3dbb4cf7-b7e5-4803-a66f-5aab6b296ca2","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":61,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"b5a2003b-4390-4527-853c-3d1c435049e0","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":61,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"d8230c80-dae3-473d-9197-b94ec74e5fd9","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":61,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"c6a0e68c-2539-48c0-ad11-c66f0bb8b667","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":61,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"f322189e-2486-4bc6-8e91-69205aea3edb","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":61,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"abfa9496-bb02-4e8f-b485-02ca2662dbad","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":61,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"7edea8c6-294a-4c6e-974a-2ec04162bd3e","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":61,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"a2d41ee5-8ca2-4000-859e-b7f2dc5a6a02","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":61,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"d8752eb8-7775-4e92-809d-fdb001853ca6","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":61,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"6735c113-7579-4d51-aa85-2b456408e59a","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":61,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"4b406762-72f3-4033-946f-c4645f749387","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":61,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"a0817be9-5ab6-431f-b0b1-270e907ff44c","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":61,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"b597ca1f-d02b-402f-b88b-d50ab0c592a3","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":61,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"cb914e5f-8028-4bbd-919e-60c5eab4f256","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":61,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"6e19d1a7-4310-4d15-aa6c-5258853f457e","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":61,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"36d26254-32d5-4d1f-b558-45c03f4927bc","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":61,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"b59018e5-2bac-4780-a469-90f86e1555b8","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":61,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"ab7f78c5-a660-4c91-9894-fb2e5de0089a","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":61,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"3bc92ea3-53d0-492c-99d5-1623cb31e00e","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":61,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"aafc2a52-d49a-47e0-b875-c5c11f1a3b5a","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":61,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"7b9ff8f9-a00e-4885-9f2b-f2b8495dd850","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":61,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"523f9853-2dae-4611-9887-33b131505e3e","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":61,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"639e7e8c-ff52-4c13-ba90-f1c0fc0e86fc","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":61,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"077dbec1-46cd-407a-981a-f3d9b1d54a59","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":61,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"1e3d7e25-b012-4d41-9b45-48e154be4695","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":61,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"093c2556-f86d-432c-971d-bd6ba16569d9","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":61,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"c53d37cd-5011-4788-aab8-4f326c2e8628","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":61,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"6f214dd1-43a7-4d1a-ab50-1873750fbacf","block_type":"box","text":"collateral received under such contracts.","page_number":61,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"ec5cb737-7d11-430e-898f-63355ae66a65","block_type":"box","text":"Risk Factors in Derivatives.","page_number":61,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"aaa3c869-78ce-4849-9deb-3dd07d590e11","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":61,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"69b2b410-568a-4a2b-9742-3ae3a065e78d","block_type":"box","text":"Correlation Risk","page_number":61,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"d243d2ae-b967-491a-b2df-eed447110d63","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":61,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"6f623b0b-a96a-4325-976b-a6eb6d1bf425","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":61,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"2b5f2cad-f2c6-449f-98a5-f9aa14f41c06","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":61,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"8402f591-8376-47cb-9670-81857586b573","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":61,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"0ecc61d4-2d3a-49bb-bcb0-ac7af8756483","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":61,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"97b474b5-1b3e-41db-a50b-4a02e000dddd","block_type":"box","text":"Counterpar ty Risk","page_number":61,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"c448d46d-658e-4a35-ab45-b301fb81a692","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":61,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"8432127a-4c68-43b4-93d2-a549535f791c","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":61,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"b1101771-2172-4b60-9ddd-b6b3d3a38313","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":61,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"c359870d-5a4d-406d-9cd1-068bbb1ea127","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":61,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"327d49d5-0fb7-4c89-8236-a473ac0de0a1","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":61,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"7593b774-5b00-4a58-b57d-f3908829c35a","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":61,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"bace18c7-b4cb-4826-8315-4d7804a363db","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":61,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"0b975b9e-c7c8-4f41-b708-328975fda6f8","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":61,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"00404136-cff0-4cba-8ce9-7b75d399e49f","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":61,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"5c52f125-a0b0-4b0d-b5b1-e17d5b01dcbe","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":61,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"b021011c-f384-499f-88ff-3ca0eec9791e","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":61,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"e5684c97-0697-4e5f-bd7d-f4231aad62a6","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":61,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"54ae9d15-4514-4f0a-8692-773a35a467be","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":61,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"4a706629-eb14-49da-92cd-63f992276265","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":61,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"b29265fd-17d9-4d9d-95aa-a71e6f275f7b","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":61,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"357ebf2b-a036-42c4-94ae-d2aa574290b2","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":61,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"55635966-8f3e-45a5-885f-6708d77e00ef","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":61,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"efd434b9-f798-4729-9f41-173800a71840","block_type":"box","text":"II-15","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc40f3ca-ccb4-4882-9f02-adecf616a916","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"971a3b78-600b-415c-9b02-dc0314373c08","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":62,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"34edae52-2583-4140-9fc4-6c9630f6cb3c","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":62,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"d4c150c6-e332-40a2-b655-5ee41c104c63","block_type":"box","text":"by the clearing member.","page_number":62,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"cbd5075d-3197-4c43-a700-467717e372ce","block_type":"box","text":"Credit Risk","page_number":62,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"a56f4153-e612-45b8-8b8c-497f942045c2","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":62,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"c8cf0be0-c139-447e-aeee-f96287097458","block_type":"box","text":"honor its financial obligations.","page_number":62,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"8ed505a5-d320-4f88-966f-f8f0ccf1be22","block_type":"box","text":"Currency Risk","page_number":62,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"0899a985-d3d7-4cfc-be97-10129486c890","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":62,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"242de7d8-4306-497c-a74b-ca3a850f72f3","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":62,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"fa24d763-76b7-4bb6-9430-5ca93f0d3ab9","block_type":"box","text":"Illiquidity Risk","page_number":62,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"db1a2d68-408f-4b71-a869-20335bf30a41","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":62,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"e3f8f2f9-24e3-4606-b30c-1dd2115b57eb","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":62,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"175c70de-655d-40e0-8bc0-16150dd88ae0","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":62,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"b143f6fa-0bb7-4715-9b06-1d4f167b069e","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":62,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"c96cad6f-e427-415b-93b0-2f64f9090d32","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":62,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"3dfc221f-4887-4f5e-90ff-117aa9271158","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":62,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"330a435d-262f-4db7-8548-3467c9f6e660","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":62,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"3688fd7a-2921-4f4e-bf80-b8368d97fa9b","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":62,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"852fc57b-21ff-45b5-9fb5-c829b71db9fc","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":62,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"e4f28016-3236-4fbc-896d-64e7000cc62a","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":62,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"7896c0b7-2ad3-412f-8cf0-d54336174dda","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":62,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"14fd3f79-1f9c-4029-b711-24f0aa125f03","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":62,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"d8dcd135-567c-4379-b44e-2776518a4d51","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":62,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"7f6bf827-7638-4ece-b6ff-d2185510095a","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":62,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"cf86097c-de52-481a-90c8-5f51cc984b8f","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":62,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"7a539b87-36ea-4f3b-b165-bd54ce6728a1","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":62,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"65337b36-fd28-4866-9053-985aef5ac73c","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":62,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"62c281e6-c36d-41c1-8b4d-ce6a77815f88","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":62,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"8ca0d5fa-b8cd-47b8-bdde-97edcce7a1fd","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":62,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"532ce74c-51b7-47e1-92c1-af76a61b60f9","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":62,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"63358238-04d9-46fc-b611-fdfc06ff5e67","block_type":"box","text":"may be disadvantageous to do so.","page_number":62,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"5c960577-e6ee-4cd4-b414-4e290bb0cccc","block_type":"box","text":"Index Risk","page_number":62,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"1c76aefc-dbfe-4bb6-81bf-8bb5326cea9b","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":62,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"440655d9-94b6-4a44-a254-231c7d0e3414","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":62,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"ee589c6d-5ed3-44e9-bfb1-89ef65803f65","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":62,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"3f3f4125-d7b6-4331-b57a-8f00d3d69502","block_type":"box","text":"Legal Risk","page_number":62,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"f2ca6e29-e4fb-4a8e-835f-e7d1e5d2f665","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":62,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"7b6d32fe-2c93-4895-8dd8-e1f9f5383e8f","block_type":"box","text":"or enforceability of a contract.","page_number":62,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"7e68fadf-e00b-4816-9496-d0379936fb04","block_type":"box","text":"Leverage Risk","page_number":62,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"0e566357-500b-4c08-aad6-d06685390ee9","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":62,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"99485ad5-2983-41a2-8b59-eaaf8e1a4000","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":62,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"136d0bc1-e3f7-4a3e-a4e6-0fe0b7bfa1d2","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":62,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"24733ace-cf4e-420e-bc49-e85ca2608e13","block_type":"box","text":"Market Risk","page_number":62,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"7c4bf35e-2ea3-4ef7-bf7b-f84c20f55553","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":62,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"edcccace-d1e4-445b-9474-726796c57fbf","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":62,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"7814a1fd-650c-4b3d-bac3-49db0edfc1a9","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":62,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"73c41a1c-7126-4eb6-8475-f9740ebadcf4","block_type":"box","text":"affected.","page_number":62,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"0d9efa8f-f9e2-4956-9a51-790fde34895c","block_type":"box","text":"Operational Risk","page_number":62,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"21da106b-5695-484a-bb8e-6dc5fd8696a7","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":62,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"83099b84-1a44-4b09-8926-4b26e6bce413","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":62,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"1e812032-2bf4-4a8a-af79-8358d5ad3688","block_type":"box","text":"Valuation Risk","page_number":62,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"9e2cf7f0-9329-4d88-b0f7-75412fb194f5","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":62,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"8b55b6cc-5424-4db8-81ac-3000b900290b","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":62,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"cd9b5313-f0f8-485f-9c80-57c8431adec4","block_type":"box","text":"complex instruments or quote prices for them.","page_number":62,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"199de3b6-d0fe-4ec5-91a8-bb0141b034b3","block_type":"box","text":"Volatility Risk","page_number":62,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"e253a9c6-d43f-4da4-98be-4e4fcfc1e40d","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":62,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"9fbc2fc4-b0a9-49a2-82b1-43ef71bef451","block_type":"box","text":"Types of Derivatives Transactions.","page_number":62,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"33b7e7a7-6c98-4844-92aa-99d8e4dcd098","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":62,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"817068a7-1a27-4a98-a85f-cb4e3b13011a","block_type":"box","text":"including the following:","page_number":62,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"caaf5851-7da9-4d69-aff2-29ff0940b48a","block_type":"box","text":"Futures.","page_number":62,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"230d1bc0-511e-4fa7-b3be-cb2a48cb6d03","block_type":"box","text":"II-16","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7fe170c5-3bc7-43d5-a99e-07e32954d284","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72bdd582-3845-4738-86be-1d9e1b12fa06","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":63,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"4090b3f4-0a2f-4c00-a5d9-8eabc7d1cb75","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":63,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"1f1e31e4-9f7a-4621-b2bf-75cded4b8176","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":63,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"a9198cf0-9b9a-40ff-aa40-a1fa68fc5135","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":63,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"a821894d-dd56-466d-9bdc-81778950b0bf","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":63,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"f4490599-3a21-492a-8685-f94f0d709a8d","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":63,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"f59d47a0-20c9-4f22-a752-a0d2cef462f8","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":63,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"600f36f1-645b-4ec2-b9e7-ccf41853f74c","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":63,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"c7805fd1-b348-42f3-8ff6-b8a8fc1b39df","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":63,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"66a46b59-7c77-406e-b780-b0f3730404dd","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":63,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"3bd374fd-0ee1-40fc-b709-2f8fffecd45c","block_type":"box","text":"of the futures contract.","page_number":63,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"9b9370a6-12d2-42cb-bd9a-16dedc1db4dd","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":63,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"063921f8-5bdf-4b1f-ac5d-ea8c1f846bbb","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":63,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"3fdb7816-2145-4fc1-a742-6c854c51125e","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":63,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"4bbab9f9-0f29-43e5-92d7-acfd1795425d","block_type":"box","text":"relating to the futures position.","page_number":63,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"7a1ab168-0868-4abe-9fa3-2987f104fa0d","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":63,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"d57b3807-d621-4334-a1dd-015fd8324165","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":63,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"f8c6b5a8-7fb1-47a4-95f8-a147c2458e5a","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":63,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"10e53f7b-214a-40ab-a911-a34fb7b4f985","block_type":"box","text":"Regulations” above.","page_number":63,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"cce411b4-090c-43d3-a00b-e030b05ccd4a","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":63,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"38b54547-4bfb-4354-9f89-6d196796dcc3","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":63,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"46d3676d-bd86-46a1-ae41-f7d0b710dcda","block_type":"box","text":"(","page_number":63,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"09aeea6e-ead3-434f-a8c0-84261ed54a9b","block_type":"box","text":"i.e.","page_number":63,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"39c6d97b-179a-4fbc-84e6-7abfd5717c1d","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":63,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"6a427363-e1f7-4bfd-972f-4bc78122643d","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":63,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"3c7be6de-fcf3-4845-b07f-000dd9321f5e","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":63,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"b868e2f9-5f3f-4141-a4ce-cdbca70e7953","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":63,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"c251ca99-56c0-4743-815a-b7791fdc4128","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":63,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"978e2b6b-a06f-4c35-84e3-0823c1a726fc","block_type":"box","text":"Fund intends to purchase.","page_number":63,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"f4eb019e-7c3b-43d0-a28a-44aee82e2743","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":63,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"4843a9d3-b0c9-4518-ab6d-e3816e51c199","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":63,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"0a167e0a-4a1e-42dd-86a8-f0fb600f3499","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":63,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"a7870554-2c90-4db3-9e71-fa217f276c56","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":63,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"a9124f6a-6b8f-4467-914c-2c6e9e167c1a","block_type":"box","text":"illiquidity.","page_number":63,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"3f627bfb-1aa8-494b-bf7f-e51e72c67ce0","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":63,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"604a0151-e820-452f-bcc0-9af6aaa74a3b","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":63,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"ba1cf5aa-14c1-4193-baea-31597587f1b2","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"92678a81-d284-4ab8-b5d7-14927d26657d","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":63,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"f9d285bd-b78f-40c6-99a5-84a44b5b8ed9","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":63,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"f79f3779-1c28-4b1c-9248-ee0538f448aa","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":63,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"c9eabaac-34cc-44d6-9196-3953d72b115e","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":63,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"a7017e86-76fd-4af7-a7bb-09c5cb2395c4","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":63,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"37501231-b52f-4d9e-a5a7-76e4d85a4711","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":63,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"a1c9cbc7-a1ec-493c-8ea5-5518b6642648","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":63,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"cf370105-246a-43f6-a8b9-d346af90ebc7","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":63,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"49bf722a-94ed-423b-a653-3d66e8a7236a","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":63,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"207ef90e-8c71-4917-bb6f-3278522457f4","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":63,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"2a7701f5-21b4-4e3a-9001-f626504b5de5","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":63,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"800ada11-6bea-4208-b4a8-9373321af402","block_type":"box","text":"Swap Agreements.","page_number":63,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"0409d953-7f76-4298-8905-c28015b93f40","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":63,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"7667a042-f9a9-47f2-91d1-b3c37432def1","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":63,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"489276e7-0806-4a12-801e-aa84b5a79727","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":63,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"213e6437-db93-4105-b598-965d7cbde502","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":63,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"167600eb-0415-487d-9b6a-c435aa29bec7","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":63,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"84d88526-db44-4258-8604-ab91be67693c","block_type":"box","text":"a “notional amount,”","page_number":63,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"92cf37e3-b3e4-46a2-b4b4-01e8bf35abbe","block_type":"box","text":"e.g.","page_number":63,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"aa4c1063-dd04-426e-b75d-2f9fba0b5b21","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":63,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"caa5c5b7-b15b-491a-803f-509e3fd6da96","block_type":"box","text":"II-17","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"93f0351a-b1eb-4115-8d32-9c9cf795df9a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de08fcd0-23c6-48bb-99a1-175f74b6adb0","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":64,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"cb437cf9-9cd6-4556-9d00-9982a6379793","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":64,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"8196d2f6-47dd-4e10-a596-58acb20e682c","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":64,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"0d751d71-640d-45c4-85e8-77741cd02dd8","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":64,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"a1cba014-fa59-44e5-a850-18cb153b9273","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":64,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"6864beac-2dd5-4490-95e6-1705952ef1db","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":64,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"9d05396f-63c9-4200-a2ee-d4b783179bd1","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":64,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"c4f41887-b182-457d-8597-791f16a25633","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":64,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"5b95d871-36f7-4a5a-952f-1b31ca0929cf","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":64,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"9ac91131-ff19-4fca-b8ad-a69fedcc0c14","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":64,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"ed934173-65a5-425a-a6aa-33eccbb578b7","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":64,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"f7fc9cfe-2082-4927-9876-618841b6ab23","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":64,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"9ec1da03-99ae-485f-884c-8c9f42d11498","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":64,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"a06a9a63-e907-4677-8848-987376bcc973","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":64,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"0c7c3b66-27ff-4dc0-9f2f-6baa88130a5b","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":64,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"5ae11f0c-81ba-40e8-abbb-4086ee5e5581","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":64,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"9ac53f21-240c-434c-9534-c13c8b5dc607","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":64,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"9e36e752-576f-41e7-bc89-47698b7d8987","block_type":"box","text":"index CDS.","page_number":64,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"d75f190b-27d2-4886-bed5-b3cb76e9af56","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":64,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"0e8abf5f-e851-4a2d-9b55-ca785a7a437a","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":64,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"7f986f33-3a9c-436a-b52b-49ad8244e46b","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":64,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"d7fe4e65-f1da-44ef-9687-4e4cad5521ed","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":64,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"4c382fe0-aa98-406f-9432-b6c59fe5cff9","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":64,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"9577e514-1bbf-4a44-9795-6c83b2c17d45","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":64,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"94b6b101-97cc-4785-b635-82b24f16d96c","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":64,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"a3800d02-c041-4bc2-b005-f4a478c76ad3","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":64,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"88252bd9-7db8-4877-b456-72b46baa0f74","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":64,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"4c4ab4f7-ca58-4f10-8ed7-2d464cc19982","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":64,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"dd25075f-292f-4370-bebd-90c25d769733","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":64,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"5324cae2-ae31-4f72-a75c-3269f5918ad7","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":64,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"7f59fd1d-d4bd-4607-872b-6c32b9d06b4d","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":64,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"4fc3100b-cd18-438a-a252-856166ed1d7e","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":64,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"6b3d1f3b-dd9c-4239-86a6-0dd889230c00","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":64,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"afd685dc-0e02-46e5-9e6a-71c7261cd6d4","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":64,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"67cdecbd-5d96-4e6d-ad5c-841eafc657b4","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":64,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"182af7cf-184c-4e01-ab0a-097545893d18","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":64,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"5ab39169-756e-418f-bc7f-f3a98b0314f2","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":64,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"41307ae3-90a5-4a00-a07c-e50914342ae7","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":64,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"082babe8-86ec-4fd0-8a00-3ff5ce95ac81","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":64,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"e6883e60-0c76-4ea6-a338-2f7fff42d332","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":64,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"34d68ea7-4a5c-42c9-82f3-1b7c73187771","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":64,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"1c0579d5-69e6-4104-965b-28bf336badde","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":64,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"53428d03-a0d9-48a2-b400-eb2697cbe542","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":64,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"1c36200f-1c44-49cb-badf-ffe99d4b6d3b","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":64,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"beec621a-29cc-4779-a64f-f74ec1940985","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":64,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"be520a29-1b92-4524-b0be-fa69d92bdc81","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":64,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"c4ea9730-bee3-49f2-813b-1b2832239910","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":64,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"d2013d57-ebc4-4e39-9ce6-9e4a43d561af","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":64,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"e2ec9924-6ae2-4450-8828-754729fd5dc5","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":64,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"174d93e9-5950-4c36-af03-267148c481de","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":64,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"cdcb5c0d-2981-413c-806d-06738b2eab10","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":64,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"d27bc7f4-0c77-465f-8136-8fbd5f8e5c9c","block_type":"box","text":"conditions.","page_number":64,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"d811bc86-e60a-4a2e-bfe6-15786d6effc7","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":64,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"dccfee46-b3a3-4e06-86de-0700976afd68","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":64,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"fb858f57-a33d-472f-afc3-ebe55dfd534d","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":64,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"76f43136-9c36-4d29-aee2-9c55447dd641","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":64,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"f97f3ec0-8d78-472f-bf6c-17548011505d","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":64,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"9a49f191-0927-43b1-b501-d26a7ec52fc0","block_type":"box","text":"II-18","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ede94bb-12b6-438c-87da-c2306e275cb7","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b088872c-55e0-45b6-b240-6fdb73de9cfa","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":65,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"10778487-7c6e-418d-b832-a2bcc9e780d4","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":65,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"e3316b7a-29ab-4b1c-ac26-f74ea825f94b","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":65,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"b47ef7c6-866a-4ac6-a97f-876c2933d399","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":65,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"79d812f4-52ba-442a-9a2e-3933bcda1695","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":65,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"a9af09a9-d403-497e-9ac5-8d3fa05205aa","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":65,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"98952db2-cad9-463c-ae09-8b4add5ec754","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":65,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"7d4f9fa6-5aff-451a-b323-bf8f5c5b12c1","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":65,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"2a54fb56-848f-4c25-abc9-4a33aff7b9d9","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":65,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"856acc13-4df9-40a3-9582-605ae3788d44","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":65,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"aed4b96a-8a0e-4964-bff3-40378da1aba7","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":65,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"d2876818-3ccd-4728-9b54-821d929da15b","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":65,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"0bf0a5ac-e9fd-44d2-b016-fa1b83d7c23a","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":65,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"3870963f-f66c-49d1-b697-6e227a01f782","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":65,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"55f127cb-c238-491f-ab53-5590aa2e5b17","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"8d637b9f-a801-43fd-a133-34b8e3817ed5","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":65,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"69f1305f-29f9-47a1-b2bc-44c509196034","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":65,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"cdf63b24-19bd-4fdc-a61d-cc6c2c8a0e2c","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":65,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"8e4729d5-7df9-4d16-8654-ac5760f49db5","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":65,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"f4e6707c-6a9a-4c83-b82a-de6172a59d06","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":65,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"d01f19d6-081e-433d-b0c1-c8e9db54c987","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":65,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"c6b04377-9402-4337-a7b8-32ad8a12f123","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":65,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"49a6560d-a85b-4c9e-8b94-b5ecc108238a","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":65,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"59da2a29-403c-434c-b4c9-83a9de767d0b","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":65,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"d0cd7c77-9a3f-4205-b0f0-a27b91a8a5bf","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":65,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"e61aa38d-1eb2-45e9-9f13-2e12a82e7426","block_type":"box","text":"cleared interest rate swaps.","page_number":65,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"297300ba-4d5d-47f9-bbc9-c37c44a7748d","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":65,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"b2976edd-d197-4c4e-9b33-0f3dc9fa3081","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":65,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"7de170f0-416b-4913-a600-4ffc7614efeb","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":65,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"32489660-3a96-4c17-a5f0-5a914b5f8f75","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":65,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"4ee93726-b609-4888-9bde-d5b14db7a0fb","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":65,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"9087b506-f47a-4ae1-adca-8d76e3ae9756","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":65,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"f443664b-c6a1-4422-b179-c4f52727bf0c","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":65,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"0b858cea-bdf8-4255-9a95-e56d57ef968b","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":65,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"fa878549-3e0c-4afb-bc17-983fb7350156","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":65,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"e1a14f7f-3aeb-4927-ae69-c76034694192","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":65,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"3dbd2db8-cb92-4510-9007-969ce03c34d5","block_type":"box","text":"or variable interest rate, index or asset.","page_number":65,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"627f28a1-a7e2-42f3-8759-5200dd476eef","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":65,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"125a2a53-b56f-409c-929c-3ec4af776648","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":65,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"3a9f7f96-8baf-40c9-afba-95d18ed65ab6","block_type":"box","text":"such interest rate floor.","page_number":65,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"e3d530d7-fa79-49dd-b166-4d927cfacbdf","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":65,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"519c5874-c7c6-4f44-bcf0-1c22b840c44e","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":65,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"30a2346e-1835-4078-ba9f-a36d7aee12c0","block_type":"box","text":"such interest rate cap.","page_number":65,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"644c56d1-5d42-4ff5-a63e-b4ba02fd5ae9","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":65,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"a609fb75-ee63-4d6a-9634-657f4e73b17b","block_type":"box","text":"commitments to pay or receive interest,","page_number":65,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"e592eb7a-05bd-4b44-8720-29512c95a99f","block_type":"box","text":"e.g.","page_number":65,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"682c193c-836a-4e89-a9ee-fea6228551dd","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":65,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"934abfbd-4bcc-4859-a6aa-7126ff6678f6","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":65,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"5092350b-a3a9-413a-9de3-40c15b73d6ba","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":65,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"06955456-6dcc-4dcb-860f-b87746acdcd8","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":65,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"7987e523-2943-49f0-8c5d-a55ebb484d6d","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":65,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"67b73951-5c16-4f88-8f29-c9a69eac9b8a","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":65,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"2a93c444-ef22-47c7-b0a0-b9b97c987ea4","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":65,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"984ccbcd-46f2-4e27-8e5b-e0ee0ca6adbf","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":65,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"ddcd1252-d8cf-4c0b-8849-f4f36ef55250","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":65,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"f31aea44-b20f-4949-8a28-4c4411134044","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":65,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"0acc7fcf-66e1-435a-9dfe-5c72e94bad23","block_type":"box","text":"II-19","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"88870fab-229f-464d-9b62-6b3132e7d66d","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6928858c-b370-4b9a-a8ed-32f8a739fd8e","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":66,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"9002ccb9-f5bf-4898-80e0-8fdf5816140e","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":66,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"02af5465-631e-4bb4-a36c-541b79c34a25","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":66,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"bb1394f4-2ea5-473c-b4dd-9b86c38e052c","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":66,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"1ddc79de-6004-45f9-9064-921c1b12f6e7","block_type":"box","text":"Total Return Swaps.","page_number":66,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"fe1eddd1-e0e0-460c-8ed5-91ba7fc16c8b","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":66,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"d5cbca56-b866-4f43-85b3-963c453efe8d","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":66,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"af06c561-3560-404f-8c0c-bac6f1d0534a","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":66,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"800a0555-e0e7-4bb8-8f4e-83e48d055754","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":66,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"70ef198e-4b5d-427e-9698-aa0b37dd9b5b","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":66,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"03dc3c29-1ee7-4ca3-b7a5-27460e99fced","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":66,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"948dba66-6807-4953-9245-028ec9299da5","block_type":"box","text":"“contracts for difference.”","page_number":66,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"191cbde3-c9e7-417c-ac03-4f7b1e27444a","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":66,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"a23bd4a0-1fe4-4e5a-acd2-9d686b75928e","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":66,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"eba53557-fa53-4709-b174-6d25a4c09a1d","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":66,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"5e64901d-4121-4115-9fe6-7067b260bce3","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":66,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"d855e810-6031-4c0f-836e-24a70b71f3da","block_type":"box","text":"the notional amount of the swap.","page_number":66,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"4af43e15-c8b4-4a87-917a-f1ade60f557b","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":66,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"78e76d87-0276-4a83-a7a9-d144e1fbb570","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":66,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"2dfbd8a7-6cd6-45b0-8da7-c0c61aab2d81","block_type":"box","text":"Options.","page_number":66,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"cc247ff3-9279-42c0-9b96-09e4bf7db2f9","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":66,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"923b4a70-eece-49f7-b441-125495d0ac6a","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":66,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"43b5a6bc-41f3-4157-82f4-713ba5cfa76e","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":66,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"91333673-ac14-4e4d-b443-47cb83462a28","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":66,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"ea7861d1-179d-4901-a994-39ca8d72a423","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":66,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"41e6c238-2895-4edd-b6db-aaf155f938fe","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":66,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"c41d37c5-dc78-420a-8da7-5f28abc9af11","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":66,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"6fbe5277-5660-4cf3-a651-36fba9c71aa9","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":66,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"1fde8630-03a0-4403-bc75-35bff84441e0","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":66,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"2cd63c85-0834-41fb-9d44-0be36b0c894e","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":66,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"a702f418-1455-42db-bd9c-decca8a2a5b7","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":66,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"84eeb6d3-aea6-477f-bbb8-e53360c8c0ed","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":66,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"4149baa8-9550-4966-9e6d-feacbfbb76f4","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":66,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"5d70173e-d058-4755-aee7-d9d7bd2cc765","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":66,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"f35b7922-32e8-4800-89fd-cfc8fa04f902","block_type":"box","text":"OTC markets.","page_number":66,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"c31975e4-44cd-4c71-a20c-39dd69fa7e1a","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":66,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"c21162bb-aef5-453d-b18d-5451f4dcebe7","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":66,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"2f3d7dc8-7afc-4d0b-8e46-54e7703f16d7","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":66,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"9dfdd646-cda6-40de-8d1c-ce8fd6b5e5df","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":66,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"bf14077b-6159-49ca-ad11-2a4327199c2e","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":66,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"baa6dad9-94d8-45a9-9f19-3d83fa746f9a","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":66,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"148b22cc-2c96-4f0c-8523-3a8e4c4bdfa3","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":66,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"ac0a25bf-8c35-4b59-b8f7-6530ded90b1f","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":66,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"46e50b87-78b2-4b17-99a3-dad43f2a37ec","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":66,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"adbc422e-9e0e-4687-b6a7-671fbba7a378","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":66,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"d8644789-42df-44fc-a0ce-0d34aac06bf4","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":66,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"15141eea-fa94-44ac-90f2-1f370aee7c9c","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":66,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"55bdc1b8-fc9d-4fda-a117-469bdf617f7e","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":66,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"cf6564c3-ea63-4120-8dda-a7e42e4f29d2","block_type":"box","text":"terms.","page_number":66,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"a8e106c3-f4be-4dd8-b3aa-73ada3f6e68e","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":66,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"fc988300-ab4d-46e9-b150-59a8149ee61b","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":66,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"03cb457e-47bf-4845-9503-86ca3915c44c","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":66,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"12b1bc1a-f738-4549-8a0a-9c3de6929e2d","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":66,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"d91ea163-edf5-4beb-9a75-4d12fe0270ee","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":66,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"bca803f7-c39c-43b1-9747-9cf9e0ae7331","block_type":"box","text":"II-20","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba30b1ee-cc02-4c34-9ecd-78b1f795bb30","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef891acd-265c-4d8b-84d5-ee0612453ac2","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":67,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"03af6e5c-43ee-402d-8c80-35a8ebc69d10","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":67,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"894cac66-e106-4464-bad4-f70f0e1ee8d3","block_type":"box","text":"Call Options.","page_number":67,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"f8fa6eb2-6992-4f97-acab-c77ee9be6160","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":67,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"e1d6dfd7-ab98-4466-8883-571364938508","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":67,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"b6daddcd-eaee-47d2-bf6b-536eea876485","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":67,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"ba86213a-ad79-47b9-9466-11bd16a2b64e","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":67,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"4fa06ea9-0418-44f4-9cf9-d5cd156e38d1","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":67,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"4bb84564-bd88-41fc-a732-18d6d1fcc2a6","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":67,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"780121b7-8d4b-4ad3-aacc-d7532e11d906","block_type":"box","text":"of the option.","page_number":67,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"f7d1d675-aa0d-423e-8c2d-cd0d8768318c","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":67,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"c9058acb-df29-4e73-81e1-56019d5c1897","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":67,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"9cd445c2-82bd-41ea-837c-dae6effdbab9","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":67,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"193a588e-819d-40f2-8bfe-4119af89f7c0","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":67,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"c07de939-a79e-4719-a405-ba84d2655eb1","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":67,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"4e035c61-3b12-42d9-8815-2e240e8637ac","block_type":"box","text":"A Fund may write (","page_number":67,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"a8e718c8-8f51-49be-9e03-bf95007ff28c","block_type":"box","text":"i.e.","page_number":67,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"f3ce3b75-4fb0-4548-a329-91dab8848f35","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":67,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"2f4310b4-e969-401e-8960-c7b453689cf7","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":67,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"f0993d6b-2dc4-4d42-94b2-176f965260af","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":67,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"a1036af1-3be4-4399-8fd0-74dc316154ff","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":67,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"231f511d-6cdb-46bf-8691-a20fda164811","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":67,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"a15833b4-da4f-46ce-9a26-fd81e90954d4","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":67,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"18b934c2-7bc3-41fa-9128-75e22068cca9","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":67,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"457b9ac4-f473-4102-9f04-ae23ecad0a36","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":67,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"a3af67a3-215e-4ada-a540-63b4b75668a6","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":67,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"d34b8ea9-48f7-4d4d-9a8f-0aefa44b0662","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":67,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"bd1c5d7f-d983-4d93-9a8f-1e0b80200e90","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":67,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"65a3e0ed-296b-4473-8fd8-15d2879a4f51","block_type":"box","text":"A Fund may write","page_number":67,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"ed74fee8-8d57-4bd8-a479-9127cd603bd3","block_type":"box","text":"(i.e.","page_number":67,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"8497d0c6-9602-40e4-911c-53f12dd0fc7e","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":67,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"4632ccaa-1069-457d-8782-b98216ba8911","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":67,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"cba7473e-a8f6-4ae1-97ee-a738f2911a10","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":67,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"f245cc20-4d0b-4630-9380-1df11da46840","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":67,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"d7a7a103-8db3-4dd2-b29e-1978009543ab","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":67,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"0468c1f4-4a6b-4876-af73-737d0fe62e40","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":67,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"906f72e7-75db-4b2f-8089-c06dff9d0fde","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":67,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"6ca98231-f753-48b2-ba49-4eb915daf971","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":67,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"46300f82-257c-48ed-8e17-f74bd65c3463","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":67,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"e28b5b10-393b-489b-88ad-fa079743506c","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":67,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"05a7d6f3-46a9-421b-bbe5-2177d787073b","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":67,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"6e6204a6-32f1-48e7-9318-9789b0b0b189","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":67,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"5051d178-59bb-47a0-ad7a-daaa7e847e87","block_type":"box","text":"Put Options.","page_number":67,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"8c9691e1-cb5f-44f3-aa43-534ce5e171c0","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":67,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"5511bbf8-ff2a-493c-831d-c005ac039783","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":67,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"74fc95a4-1e85-47ba-a6d4-1221bbb56568","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":67,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"31e2ce2b-37b0-46f2-87d0-93cfd7067791","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":67,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"0477a8d8-ec85-43c9-88ba-9b053ec84057","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":67,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"59b632bf-f38e-4d60-abf4-0bd0536dfe58","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":67,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"807b9b45-c129-4b39-843e-8978576cfafb","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":67,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"430247fb-69cf-4468-98fb-bdf347242247","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":67,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"a02f6ab1-ed09-498e-a666-f9866870ea2e","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":67,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"b3b86ddc-86dd-47e8-a4a8-c5c28edac271","block_type":"box","text":"purchase uncovered put options.","page_number":67,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"d841565b-c7d1-4843-b088-27234779064a","block_type":"box","text":"A Fund also may write (","page_number":67,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"7a994ca4-df0d-477c-ad2f-3306959e9a6c","block_type":"box","text":"i.e.","page_number":67,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"fc8015a6-a442-4294-9e4b-4d92eb3f353d","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":67,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"086ee150-0d00-4050-9544-572ba9f36322","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":67,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"ef64ca38-1de3-423a-9447-0919a21c2b38","block_type":"box","text":"A Fund also may write (","page_number":67,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"34a89595-8ce9-4884-88a6-456e9ba8f7a4","block_type":"box","text":"i.e.","page_number":67,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"bb897360-430d-45c6-a5ea-b81ef4285661","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":67,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"2fa957fd-5697-4287-8623-1be55d5fae9d","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":67,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"9f53ae63-8b71-43b2-89f4-dda259b206b1","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":67,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"08bc2849-523a-4f25-b63d-1cbafee3dcad","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":67,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"8d893a5d-c24d-48f3-a770-9c87b0586970","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":67,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"4ea7dc27-0db6-4ceb-b4ed-59c2d3703713","block_type":"box","text":"II-21","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b312477c-1c37-4264-815c-3c9a9f4e29a3","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c644fc93-83ce-42e9-821d-1f3cff5b164d","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":68,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"65e726b3-d0d7-42a0-85b3-4326bd798be7","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":68,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"964a73d2-56d2-4d2e-96ac-0467c3bde0d3","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":68,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"592202a9-d9f0-40fb-8e81-7b57903cb9dc","block_type":"box","text":"the exercise price.","page_number":68,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"4ca33988-0f61-43b5-bb31-f0facc382c50","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":68,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"f459fe42-4780-42c5-8b81-c845476dfa54","block_type":"box","text":"The following information relates","page_number":68,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"20efcc11-4545-4381-8a9c-eae82ea21e9f","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":68,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"3631d144-7712-4263-a89d-b6551de7e328","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":68,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"2b0c367e-0daf-4b05-b658-96fc8945457f","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":68,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"92bd795a-ecca-4f6a-8fd2-fafc1fb55ac9","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":68,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"5a7e3f42-39b5-4837-81b1-7d0c40b0e6f4","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":68,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"4977d4dd-d5a9-4ff5-b373-f358969ccc82","block_type":"box","text":"market in order to maintain its “cover.”","page_number":68,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"fd89e596-7833-4165-b2c0-6f8c81636965","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":68,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"bcbbe7b6-d18f-4f43-b510-c35b630622fc","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":68,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"0f4f23e2-b67f-4970-962c-ccce2c6cfc68","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":68,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"ff375437-d928-4449-af93-e8cc1d8bb071","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":68,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"d6b42cfa-5b7e-4e58-b0d2-dc4b4c0e6b87","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":68,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"8a908309-c78a-461f-859e-79cc4cf6503f","block_type":"box","text":"and incur transaction costs.","page_number":68,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"cc63827f-d819-4b29-b5fa-a8f57cd50786","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":68,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"7d8e7059-4114-49ac-a5a4-af56933b03d8","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":68,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"5885b379-80b2-48d8-b85a-113edb135483","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":68,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"aaba78e4-17f0-4873-9b6f-54a5a0eee068","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":68,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"9ceb3737-7e3c-4295-a629-508ae3a529bc","block_type":"box","text":"i.e.","page_number":68,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"8100a5b5-6850-4cd0-8f6e-d5d27ef22a7d","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":68,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"b1f15772-9293-48c4-9797-dbb8940ee712","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":68,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"3dc6960a-024b-4e24-aaa2-bcec841a9718","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":68,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"9df2d788-320e-44f9-af1f-ce5de5dcad27","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":68,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"e97c869e-3aed-492a-931f-e8298ea057aa","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":68,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"8791c159-8c8a-4fd2-b519-980856e46290","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":68,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"9e7b2a0e-5569-4856-a4f0-8f6b7222cb52","block_type":"box","text":"required, to be cleared.","page_number":68,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"75c07f8a-6d11-4eec-b56c-6a6ddb208a1b","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":68,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"e5b4832e-699b-4ade-9383-33d33ecca237","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":68,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"efe24e6a-141b-4a8e-a5f2-5c77db45307a","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":68,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"695a4592-c4ac-4957-9817-2a81eb9058e6","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":68,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"79b4181c-8d07-4896-84fc-4bb2eb07faa1","block_type":"box","text":"Derivatives” above.","page_number":68,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"da503392-5842-466d-851d-7eb49a71ef80","block_type":"box","text":"FLEX Options.","page_number":68,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"4fe00304-de4f-4716-bc4a-9e15b9860306","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":68,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"55df31b0-7e1c-405e-95c3-94926540d884","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":68,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"e9662985-eca6-4e48-882d-1a65f2f40611","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":68,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"f17509f2-0d54-472e-8a63-d6e8d15511bf","block_type":"box","text":"exercise prices, exercise styles (","page_number":68,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"b31dc3ca-cfe4-40ea-9b33-23fb7dd2ac73","block_type":"box","text":"i.e.","page_number":68,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"74742d8f-af1b-4bfa-bfdd-90d3105ec052","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":68,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"418f5219-8689-4c3b-ba23-d8abb8f27ca6","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":68,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"45ba3bca-5936-453b-aefb-f915cf496826","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":68,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"554842f8-cc8a-4d60-be30-6ba217194b53","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":68,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"ad71ebb6-cd00-4c41-b07c-ea0c6aa511cc","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":68,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"58a65aab-5190-453d-a3bf-7d4be2362e10","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":68,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"27f57d1c-b436-46ef-afee-1ad88aa7453e","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":68,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"36f61d1e-e311-4994-877f-f01c8560774c","block_type":"box","text":"FLEX Option’s expiration date.","page_number":68,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"51d6bfe6-85a3-4080-a04d-288faade23cc","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":68,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"3615f823-c8c3-4ec3-b2f1-727f18bf7022","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":68,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"c5eb47ee-8a98-42b1-b57b-160214f0b9e2","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":68,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"dc25b3c7-f865-4f4b-b5b4-e5e1cf44b506","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":68,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"bd7a6441-46d7-4680-9823-325e7ea0acd3","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":68,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"3cd58fe8-0af1-4358-a521-b04fb7ad5f6e","block_type":"box","text":"FLEX Options contracts.","page_number":68,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"cbde5534-fd98-463e-865d-e88a23f7c843","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":68,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"d949eccf-87cb-438d-b7aa-476b9e30a6f0","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":68,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"27a93226-68e5-4723-b773-0089c056d1ac","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":68,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"7fcd4fcd-45de-4b81-90c8-48367c62133a","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":68,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"5e572665-96bb-49d0-bf31-dffb3333feb7","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":68,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"483e2362-e875-4cbe-a8cc-8d793e5c725a","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":68,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"e4c58e70-6697-4dc3-91bd-9696a75d44df","block_type":"box","text":"II-22","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9eda416e-08fb-4368-90c9-04718e4e4dc1","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7cf33d9-02d3-4f67-8a3b-fab69fcf159d","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":69,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"e390d608-08a0-4b0b-aa6f-01c33f1d68ee","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":69,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"6d00f741-9731-4fb9-b4cc-cdf61c3fb490","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":69,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"ec1f6942-e2c9-4742-afa5-6a08e1b3ba48","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":69,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"f60325b7-492d-418c-96b3-d1bbee7e7e05","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":69,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"49b204f5-cb79-479f-a6d3-3080bb8aff7c","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":69,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"fcbbad9b-5862-44cd-ad12-a7e63d9828d8","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":69,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"d8914c8e-1993-4bb1-9257-6066fd1967bb","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":69,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"4ce7cd25-d738-4616-a0ae-f0e12e32d9a2","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":69,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"411a8748-06fc-44f3-95fb-3fb18c8ab52e","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":69,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"46c3fbc0-8880-4b25-befa-185ee98572eb","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":69,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"acb0dab8-96a6-43e9-9e81-53dfab5ba6da","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":69,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"712dc267-17f8-449c-bb33-29db7868cffe","block_type":"box","text":"expire unexercised have no value.","page_number":69,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"9ddc81e3-9480-4b67-b6f4-6f0942c85537","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":69,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"bf84fcb1-111a-44bf-a62e-e4f46d97403a","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":69,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"118744c8-0ca4-46c6-9fe6-9b6324538339","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":69,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"fa70ec87-4158-4313-9b4a-c348a1b51134","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":69,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"501f9b89-4289-4d37-a2e8-74b35405214e","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":69,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"30316074-c82e-41d6-b19f-5b5b9b8e59ee","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":69,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"25370ccd-bb77-405a-a104-87b52ac779d2","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":69,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"d404bfba-307e-4edc-bbf1-8f666f5bf817","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":69,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"5c3165f2-0787-4805-995a-1ea9e328db3d","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":69,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"71bdc2da-0a63-4f73-9744-bd1d3593b634","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":69,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"08b26ec2-c35a-4383-a444-2c2609f4ddb8","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":69,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"9d9a9c17-6752-48f9-bc2a-e8af6864f846","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":69,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"f99ef56f-9659-461e-9ba3-1baa9bbdfa50","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":69,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"6641213d-640c-499c-a7c3-79bf6358f5cb","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":69,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"388cc1bf-b3ae-4fca-9ff3-ea9d6135c455","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":69,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"ba1b15a6-743e-4a0b-bc1f-8a426dc3bf01","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":69,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"1c8e1139-d0cf-444a-8350-bad4cbe21b0d","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":69,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"6b0f6f16-a38b-47bd-b151-ce93b5369333","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":69,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"aa03a951-2b08-4e66-82cc-ced8460459e7","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":69,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"41cb555d-6c08-4224-a662-ff22b5a4db72","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":69,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"ca8fd235-1acb-4218-be80-d80a272e8120","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":69,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"092db9b2-0c5a-4628-96da-0cd7ffe2586d","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":69,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"ca321c00-349c-420b-bd2e-24089512fc22","block_type":"box","text":"Foreign Exchange Transactions.","page_number":69,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"3089d8f5-3e9b-48d2-9dac-6d60af8b1fd3","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":69,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"ec343ef4-d59c-403a-84ea-8ac19605b0a1","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":69,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"8865b2de-6836-48cb-bde2-f739ab087d78","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":69,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"75ed2f93-48be-492a-a34b-72652cb894f7","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":69,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"9ac4ddee-7ce7-4ffe-8697-07bb3f3e9cb7","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":69,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"46bae7ae-c89a-438d-b9b9-daecdbd81896","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":69,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"db66cefb-2753-4032-9d98-4b91648888b4","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":69,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"f4de4217-3f76-4ca4-ae18-99dbbe4a0fdd","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":69,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"1bfb41d4-84ff-414f-ba4c-08951262c9e7","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":69,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"1a6fdf67-64fb-4744-9458-625125e061ef","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":69,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"2b5d77b9-0019-4f41-8518-fe4be18bdf55","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":69,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"1845410a-dd1d-4586-bde2-23cd0eed9d36","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":69,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"49594922-cd7a-4353-860b-ba8bfd57191f","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":69,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"00099fa7-f7b6-4d11-9243-d3ab97e6d4df","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":69,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"4a2b8a87-4aa2-4fe3-bf74-15c63c38eca6","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":69,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"072eb7ee-543f-4980-b878-3dfcb29399c9","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":69,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"18b8ed6d-0f2a-4c80-852d-01b22edef3e0","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":69,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"03708b44-0a3d-43f3-b2f5-950035bf5088","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":69,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"35ed98bb-919c-42c3-a26e-0e86a891852a","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":69,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"a97db567-ed2a-4978-8940-829c1c87e4b3","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":69,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"54fa843d-1122-4587-8ac7-dfa5c6d9d7cb","block_type":"box","text":"II-23","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fabd36e5-6abc-43ef-a0d2-f5afbe08aa47","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff8a6ac0-a8bb-4a44-9c40-873ac81da9ad","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":70,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"7e953370-2659-45c1-b815-b77a566d67b1","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":70,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"735c405e-8a7b-4b6d-aae2-9444e6bc8e8a","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":70,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"d9ff37cd-d6d9-4390-9a14-ecfffa1061a0","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":70,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"5eb7f26a-8741-49df-b12d-4303556ef12f","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":70,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"7f350deb-457c-4f83-b72f-20ec47611fd1","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":70,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"49384472-ebf9-4af5-b7e5-9ccf347554e3","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":70,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"57e78762-ec4c-47c9-9454-e384367a1a82","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":70,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"cc37a5c3-f6c4-4e8f-b065-a60b5cd34521","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":70,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"2d5f8119-48ee-4a23-aca8-ecf745a0ce71","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":70,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"f96c9b88-9fd1-495b-94ad-afbd97a5f883","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":70,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"45fcd873-74a1-4609-bcfa-c5157aea2fb6","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":70,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"57b3fbaf-48f2-4c78-95ad-a277143d9f0c","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":70,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"08436d47-0982-4bac-a21e-74bc2930b037","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":70,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"71d603ae-8751-4994-9abe-3900d0fc8b3a","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":70,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"cdaf0d6c-81c3-4189-b26a-265f05efd9f4","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":70,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"0e258ebd-16eb-447a-9fb5-da3dc609c8eb","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":70,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"65bd8f7e-fecc-4c82-bc85-c103108566f4","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":70,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"7c29a49a-c2c6-4288-8ed8-14b421a2422b","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":70,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"042c93b5-d69b-4d76-8637-183d0c8c493e","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":70,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"922f07f6-f447-403b-ab99-30006b5efe47","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":70,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"e66f63bf-3b36-4110-8186-b6bdb1f7dd62","block_type":"box","text":"involved.","page_number":70,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"e296a7cb-94e2-4d3a-896d-acd63c13b626","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":70,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"67b7ae55-b716-4191-9b5a-2750b279a52a","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":70,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"f94031f3-ce3a-4b40-88b1-f98915d52df8","block_type":"box","text":"denominated in such currency.","page_number":70,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"795dc759-ca88-42ff-9640-31a367149a99","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":70,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"244b2f9e-21fe-48a7-b051-5d1fa4f2c4d0","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":70,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"7f1faebc-d82f-43c6-96f8-f99986fe7b39","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":70,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"d8d2035e-7a9f-4ea7-9168-07fa8aae00c0","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":70,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"dd6548c4-0b54-4681-a7aa-c276e671a8a4","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":70,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"ec7ceb07-6f8f-4463-b0da-37db0259d852","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":70,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"1e6f15ed-8baa-4c79-bcbe-c2fb31521fbd","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":70,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"cd774958-0da5-4ee5-8d2b-cf67d3df7bb0","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":70,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"02c50293-2403-418c-87d9-8608c2444e1b","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":70,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"58a7ab3f-315b-4dac-8ce1-214b4954c748","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":70,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"66372907-a96e-457f-82da-bc23d636944d","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":70,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"07600d95-ff71-4f06-90b6-544eb84074c2","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":70,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"d1d17de8-f860-4e5f-a3be-ce7c0901d3bd","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":70,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"4bb69410-34a4-4f34-ac9f-809b5deeaa81","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":70,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"cec9532d-28a3-4d59-a026-f37ca3456f04","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":70,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"6231e00d-3d28-4604-a10f-0b7b035e549c","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":70,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"e4973cd2-57a6-459a-bf2a-92914bfa468c","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":70,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"63717614-d0c2-480e-9bff-618dd0ad691e","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":70,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"36dd37e2-5d49-4bf2-a6c9-4a4440131731","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":70,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"4ff4d18d-304f-4041-976b-04d47bf28c93","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":70,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"cb038f12-21a8-4089-9bf3-96e11d0cb92e","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":70,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"f54c584e-2ed5-4c61-9ffd-44d9b3626ef4","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":70,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"c865b0c7-c045-4ca8-a1ce-1e7d8c195d66","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":70,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"06abba0b-6ed0-4fee-8264-c5f7ac1c09b2","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":70,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"f4bdb4b3-f1f3-4e0d-8e6a-ebc62ae37992","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":70,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"3bad3844-4832-491a-8f43-395afe0b579c","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":70,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"e475b068-113a-4163-9b50-a8831a117c57","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":70,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"9c4d7fed-a8e3-48ad-b0c9-da727e7851ae","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":70,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"ec4f4a39-9deb-4397-848c-6af29c9ba868","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":70,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"92d04407-ecef-4588-beee-9f65793548ef","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":70,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"897b9cad-7195-4464-a8e4-81a762a5087f","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":70,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"1934309e-835c-4096-b875-637fa6856a9e","block_type":"box","text":"II-24","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bb44a7fe-e1a2-40c7-80b3-51a1a1599216","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cf6d29d-c621-4c93-bffc-70a2dbeebd67","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":71,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"e06fed5f-0fd6-4df5-a4c8-37b85da87ab1","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":71,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"3c1abe21-d3e0-4576-9cdf-abb1db6f7923","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":71,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"dec95a26-598c-4104-9cdd-edc1e1325d20","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":71,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"dae38d2d-5051-445d-a74c-ad1a2f57bd02","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":71,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"bbd2c9ff-5d31-462d-b3dd-e75986fafccb","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":71,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"4fcaad11-64fc-4255-a40f-1ce3e4637445","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":71,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"bbbbab46-e80f-4454-91d8-03fecb067d64","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":71,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"14f2239d-af32-486b-bdc0-18858cce2a0e","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":71,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"b6ceef19-306f-4ba9-ba0e-78f7899cbe34","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":71,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"8a6c0f90-4433-4cc8-9582-0d4350b9fc18","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":71,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"30cd7f41-14b4-4dbf-8d9f-86714caf4269","block_type":"box","text":"traded.","page_number":71,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"f17abb1c-7348-4c58-b35c-fb4a2cdb82ba","block_type":"box","text":"Currency Futures.","page_number":71,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"b6f248e7-ed85-4d38-8e5f-64511887fbc5","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":71,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"e6173382-6d78-4f8b-8e36-61c010f6f746","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":71,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"d45c17f0-3c56-4d0d-b81f-bc7dad0186a8","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":71,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"133c981a-6483-4f62-a69a-eef6564c02d3","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":71,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"b7611fa5-e594-40e1-b8f2-f5a0e9d52370","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":71,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"b0654666-8fcf-4f33-a409-8dcfba12ae22","block_type":"box","text":"Currency Options.","page_number":71,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"7360813e-9e9c-4516-bf49-ec3119830f65","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":71,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"ec9ac993-3e57-4195-832d-0d9c1fd5ae8a","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":71,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"3c97299d-d08b-4230-b262-c496c13c7099","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":71,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"71387eaf-2209-4715-8456-d4b9fd01b9ed","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":71,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"c1ed786e-f8a2-4ae4-89bc-db7b23f62de9","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":71,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"e67d112d-c601-4126-a40b-16c1c7abecd0","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":71,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"b9e130b1-fc1b-4c2a-bee4-1d2c089970f0","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":71,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"7e1e32bd-4259-4fbd-b2a6-ff12b7eb38dc","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":71,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"c9ba9666-56e6-4a23-8a5c-cce657a95e37","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":71,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"3f836889-cdc4-40be-9b56-d7b5a98cbba8","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":71,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"6a01a72f-eb0c-4b16-957c-920928402ff8","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":71,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"19de2bcc-5e72-456c-909e-3665c29e7dd7","block_type":"box","text":"Currency Swaps.","page_number":71,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"85f71c53-0b03-4202-812e-aa8fa4b82039","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":71,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"a8192229-4738-4591-87b6-422ae084d033","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":71,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"0f4af730-b91f-444e-915a-5ee4a301a843","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":71,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"9008fe75-922b-467a-a575-0b8c24243073","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":71,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"ca527db5-2bd4-4d9a-a6ee-a6690607a259","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":71,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"3bdceb3e-00c7-4bb0-a50d-e9f07286d063","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":71,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"08414930-6e98-46ff-a3e4-3a3b549268db","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":71,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"d8cef26c-a994-4539-ba71-e2500f739069","block_type":"box","text":"Distressed Securities.","page_number":71,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"2bdb5e3c-0e7c-42af-9b24-df8864ae285f","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":71,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"fa1e82a5-30c1-4c07-af54-1374401a734b","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":71,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"d265ac30-486e-455d-8ce9-47408e94e5b4","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":71,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"34bd0fa7-ce18-4612-b974-76cc506b7e84","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":71,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"b2f5d4f2-1a10-46d4-8455-1a278c58d690","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":71,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"6af1c262-62c8-4ab8-8766-a89943e61e1f","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":71,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"54381f06-3720-49e1-b142-d9bf1b9d22f4","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":71,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"457c31a3-4d99-4b9b-a33a-021d647214ac","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":71,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"e410f69c-09fd-4f18-bc69-4c9c05e2d45b","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":71,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"c16df8fc-ecaa-41ba-852f-050e1098d67b","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":71,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"4930764d-fc9d-44fa-90be-c2fad9544001","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":71,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"4333b60a-df4e-49f5-8d23-6f86fbb93aea","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":71,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"555ef7e3-cf49-4595-b820-cb04c62c50d2","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":71,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"da2bfbd7-a29f-4316-853c-c5db96ad269c","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":71,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"d4c960c8-8a80-4761-9c75-6f80c6ed360a","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":71,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"f8df2cd2-71ab-416c-b4cc-defab0f67ab1","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":71,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"b7b98834-61ac-4524-b9df-72f599217f23","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":71,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"2a353ec6-166c-46d5-b250-35d86bdab530","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":71,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"1e91b8c8-36f8-45fe-80cc-b123eaed2e63","block_type":"box","text":"satisfied (","page_number":71,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"4bbf350c-7159-404b-b925-2ab758dc6efa","block_type":"box","text":"e.g.","page_number":71,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"48d3dea4-5742-4fae-9a6a-1236c05c91be","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":71,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"f66586bf-63a5-41a6-926a-071ec8f0964e","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":71,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"cc19e340-86e9-4dd9-9be9-7f682f0bd578","block_type":"box","text":"II-25","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fb2262ae-6c15-4f93-9df3-d8d6e57c78c1","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a738cd28-d276-458e-97cf-15f4de4603ff","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":72,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"c7759e0e-2b33-48e2-9974-1926868452d4","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":72,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"bb3d4209-cb14-4d35-bb97-bb26d1f63b80","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":72,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"2f7af14c-1ca9-4585-9432-b9e76a0893e3","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":72,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"2ed61707-2510-4140-a677-20a9d13b04b5","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":72,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"b6d06dbb-7384-4684-a54a-0243023d0c95","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":72,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"df4abc18-6821-4e73-9893-2464d21484fe","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":72,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"1edade59-9dd9-4f29-9251-6ab2d408269e","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":72,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"e62aabc1-fd5b-472b-850e-518007400e05","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":72,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"455cae66-2486-439b-adc9-b9866fb5d791","block_type":"box","text":"affairs.","page_number":72,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"2a4164a4-e8f9-4a4a-ae00-9fe8f0c1e0be","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":72,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"f77b52f8-005b-41f9-aaa1-5ba25452a7e2","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":72,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"b0604ae2-5b09-4d7e-8409-cc3d769c3422","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":72,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"bc3b6ced-861a-438c-9e3a-b7fe02e78a16","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":72,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"17a28ebc-a883-4b3d-9c31-faf47b78d56b","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":72,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"6d35053f-3dc0-4a24-8450-74aad3edf809","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":72,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"f5cb9608-df69-4980-b97e-865dc69c9935","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":72,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"e363da96-b6b7-4185-a9e5-bd3ec6744292","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":72,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"9718ac5a-fcff-460d-ab2f-bbc6dd6260c6","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":72,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"4ee69fd9-e7b3-42d2-9fd2-a880ed1ffda3","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":72,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"c852a66e-c81c-4f5e-bd13-6a0b21ea0f64","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":72,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"b9c9161e-7b1b-401b-a214-ca00e2a7a915","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":72,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"7876bc82-a8d4-4d90-9683-e53617f0400b","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":72,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"3834b8c9-d2e2-4502-a083-382cc12ec09d","block_type":"box","text":"Equity Securities.","page_number":72,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"94fda6ea-45c3-494d-8b23-009553a067eb","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":72,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"37aff9a3-1152-487a-a160-dfc7e095d422","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":72,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"60be1a46-81cc-4044-a79c-686666562074","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":72,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"2e6e46ba-b940-49fd-89cf-12cc53c88903","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":72,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"5d414fef-2973-4a45-b843-8f45ae5e540c","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":72,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"79bc1106-1d8a-44be-b64f-fb3248b1d292","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":72,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"aa88477e-f125-4a8d-ade8-b903955673f6","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":72,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"0617026f-0903-42d1-9cf5-7fd652477dd9","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":72,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"84c71402-7b93-48f2-b656-ae4e812a3d24","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":72,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"245d7de6-683c-4eec-883d-58625230576e","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":72,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"07fa7250-1e6c-417c-b52c-8c800827c00f","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":72,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"b7795d0a-fef2-4bfe-922f-bd1ee906f95e","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":72,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"dcf8c448-7085-49e0-8354-d94d680e233f","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":72,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"1bfc8e84-c787-4219-9e3b-97743fd90625","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":72,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e6e76848-83dd-46e3-9c26-2f557d034fe5","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":72,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"cb65c0e7-382c-41ac-9f4f-6d15e637f1e7","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":72,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"e297d8c2-aa42-489e-a426-68e6e436fe3a","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":72,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"1c31a30c-4d42-45db-b23b-9f6c795e0536","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":72,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"41d0f1a1-250b-430d-b821-605b542f192c","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":72,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"970f5414-febe-40ae-ba29-02061cce7e2f","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":72,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"54c69a38-136c-4bfb-86c6-bf983cbc0249","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":72,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"63d859d3-7656-4af8-843f-29f8453e05c4","block_type":"box","text":"initial public offering.","page_number":72,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"eada11e6-b320-4013-a3bb-f0328bf18caa","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":72,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"c02920a7-4b94-4ad6-8299-dbc3269de107","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":72,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"f6a1bf94-9547-4f0d-a85d-28b65b406f26","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":72,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"7786f146-171f-48fe-a155-d69356f4f72f","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":72,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"56eb763c-50b5-4351-b81a-3adc4a1a814c","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":72,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"7c3176df-6367-4bb6-ac25-aac3d65cc43d","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":72,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"2df398bd-40f7-4f63-af07-96bfb5761b89","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":72,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"f155414d-9bfc-4dda-95c5-c080b9ff543e","block_type":"box","text":"more established companies.","page_number":72,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"f1057ce4-03a5-448d-8f92-7aa56c976616","block_type":"box","text":"II-26","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b7d1691-6b69-4d75-bd30-bca5fe90c992","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c312cd2-3246-4108-88fb-848b43f580a9","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":73,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"341619bd-1f44-4b82-9ac4-6d7a68694f79","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":73,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"e58e0c6a-0be9-4292-8fc1-00b4bf8af5a8","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":73,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"d1d3b41f-0bc8-4c75-9908-3499ecb0562a","block_type":"box","text":"below.","page_number":73,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"ba35233c-5853-4663-839c-477c91ca5a64","block_type":"box","text":"Real Estate-Related Securities.","page_number":73,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"bec914cc-faf4-42cd-bf60-e9361f106158","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":73,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"b3b7a3ee-d72b-4fe9-91fa-2af5187871ad","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":73,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"adad4141-28c6-4056-b4d5-a10f92901dc8","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":73,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"c1a6a90f-6fb7-441e-b5cb-431f91c41059","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":73,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"e6857dc9-8086-4abe-9027-e8a666361684","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":73,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"765f4325-1dec-48c0-8ef8-72f13d608e9a","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":73,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"60c3aadc-bda9-4f22-9986-af3d787714f7","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":73,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"9dc6438c-ffd9-48bf-9084-750d2979d87f","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":73,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"dc2fa7db-42db-494f-b41f-534d968a6dbd","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":73,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"fdef8cd8-2a41-438f-a598-6e7866ef55e7","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":73,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"2b74ee83-e404-4b4e-bd63-a0cdcde12b1a","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":73,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"85d91aac-dd6e-4008-8835-63a5e0436215","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":73,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"89c7dc66-770e-45f3-943f-489e5f9fb6de","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":73,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"286af76c-5ee4-4445-9d6f-7f2820ee0775","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":73,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"047ffe00-805e-4992-85e1-9f06afe33db6","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":73,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"8c883bee-9071-4066-a215-d5e68ef7e597","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":73,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"bb751ed1-3025-43ac-81bd-33ac04b0b6c5","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":73,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"d7e67092-7976-474f-9fd2-c6eac4e2edd0","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":73,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"01b47395-c08b-4bff-bc75-80d64248844e","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":73,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"81c9c0eb-da05-4861-ac5c-3c94245d5bf2","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":73,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"34509f76-dbcc-4d83-bf86-094272debf4d","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":73,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"652e78eb-3a53-4a9d-be8f-9f4436d1a0c5","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":73,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"d4dbfcc6-0e78-4db4-9bbd-504b1c9d3623","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":73,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"c25ee172-6ee5-4f4d-b15e-02f67818851b","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":73,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"7ec47c63-c862-4866-9a06-1b35614bed0c","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":73,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"6747547f-db50-496a-86d6-60a66573dd5a","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":73,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"8fc7dbe8-1e68-4d52-96ae-78d2a3a46411","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":73,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"fdceb30e-a225-4f2e-b3aa-f4be17f1c218","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":73,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"1367fedb-b34d-44a1-9d68-0e5db1be2fc4","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":73,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"70c0d5ba-d7e3-4a5d-8663-a340c7f5b6b7","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":73,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"c221cedf-9357-4465-8df6-b72f02174994","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":73,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"3c7d9fe2-92f7-41a9-80bc-c3b76ea1e8d8","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":73,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"d3b69de1-9466-4548-830c-61ff40d7a72b","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":73,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"6431ff28-765c-4c3c-bca6-0e0300e50c3f","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":73,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"c82575de-d812-48bb-b4c4-2b5c20f113de","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":73,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"65ec6aa6-517b-4b67-afab-d9918e688961","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":73,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"7cf85acb-d865-45ea-b455-4012813bb59b","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":73,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"dc3a70de-2f99-43dc-897c-6c0aad904766","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":73,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"91c269f6-ae08-42d5-987a-0627349a265e","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":73,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"6e005be9-1ced-419b-a208-38bbe229eec0","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":73,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"803b4e57-74ed-4975-aed0-ee229f744e63","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":73,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"63a8cb67-f0f5-4ef7-a9d3-be49e9025910","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":73,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"0e7d11a3-8294-471a-ba9c-16abb256f162","block_type":"box","text":"cycles.","page_number":73,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"c81bd546-1315-4b73-97f3-a7a4af1d848a","block_type":"box","text":"Tracking Stocks","page_number":73,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"c5255a09-dfda-429d-b835-0189c991312e","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":73,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"bcb63491-7ef3-495b-8622-ed29125bdcf9","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":73,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"c0ac424f-270f-4f33-81ae-6043312cb386","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":73,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"dbd76b03-883d-43be-98b9-d6c39737a285","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":73,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"c1546685-c75b-43c5-8ca5-60ec04cd71e0","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":73,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"fd531a0c-abc8-436b-98da-124136b9dd9c","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":73,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"15434969-3b60-47f4-aaf8-05d334f8f302","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":73,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"755acba9-29ee-4df8-ae44-280c5dddb32c","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":73,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"694486b9-d812-4f10-8e89-3f220e76df5c","block_type":"box","text":"II-27","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d6e4b555-a95a-469a-be8b-0c51712fd11a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8ed2588-75c8-46f0-9680-049010b7100d","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":74,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"38985486-1f3d-4e74-89ac-a016983337fc","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":74,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"eba3ece9-9c92-4f31-8463-01a1e426ab38","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":74,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"d4af465a-d42c-4aa7-a155-0ae27bf2737f","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":74,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"f7a90c81-8fd8-45c4-b91f-38005c5b56e0","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":74,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"0c9b6f88-d486-4fd9-b930-db67678ae03f","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":74,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"d415021b-4125-4c26-9ab0-77aff1e1b8c3","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":74,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"9e892b39-96ca-4469-b5e9-00a8d786d487","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":74,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"36192771-4620-4dfb-ad00-8f1d2582e0a4","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":74,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"864d93aa-ec9d-4c9a-9a01-d97c291d5ccb","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":74,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"f478e483-3e28-43a4-b5d9-227d837b778e","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":74,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"825733f5-7a3b-4a2e-87a0-a1f7ea9696ad","block_type":"box","text":"ETN.","page_number":74,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"0a64d7fd-3163-472a-a11f-949266668f96","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":74,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"37fa866b-9551-4ce5-837f-c4a70465e9bd","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":74,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"710c49e7-4cba-4533-8ab3-9766c42330b0","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":74,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"784b6c1c-d263-46d3-ba5b-9d2043dba25f","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":74,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"edf2ff0e-7b3a-498d-98b3-472f6567150e","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":74,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"1a4dd898-6a20-4d89-91b6-77f79eb03dbc","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":74,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"9a2c843f-c0b8-428b-bb3d-fcb7bf4a2ffc","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":74,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"3d903471-4fa0-4b00-a5f0-fb4837ff73fa","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":74,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"a02e81b6-ffe3-4abe-8a22-557243ea59a4","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":74,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"204f9e38-16bf-4c8a-899b-88d9ecbe038a","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":74,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"614adb39-22bb-4737-a12d-a7bf5f40a6cd","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":74,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"85760ab3-52cb-4ca4-84d4-6d283a611fa7","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":74,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"2f6e25cb-f8fa-4c6b-bd26-d44397a68bfa","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":74,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"2b0934a6-27b0-4262-9445-7c3b3a6e9e3d","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":74,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"5ab2a855-8cfb-4c3c-8526-24800c34a68f","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":74,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"41206877-00cc-4436-bc53-d51c07fbdebd","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":74,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"b6898e31-3dc2-443d-9aa2-af2d5509dbc4","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":74,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"01a41cfd-20fc-4861-8660-279175f92eb9","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":74,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"946429be-08e0-471e-b2aa-bf5c4ef97ce7","block_type":"box","text":"Foreign Investments.","page_number":74,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"4fb2fa21-784d-4a63-98eb-de8ece42f1ce","block_type":"box","text":"Foreign Investment Risks.","page_number":74,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"ddb667cc-d3e3-496e-a421-9c764fc33f55","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":74,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"99081583-229a-40a5-a444-890cf0591940","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":74,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"86d01a65-00e4-4c2d-b24c-89ea33e2b4d7","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":74,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"a4c4b04b-0772-4dae-a920-9353a7fc3bb6","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":74,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"2e6c3d2c-e125-4317-a7f3-7432863d8bca","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":74,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"00df4a2d-425b-4148-9830-4babecffa95b","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":74,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"1b91a5d0-6541-4d70-9bb8-c9d1c96c3709","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":74,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"86ec5990-6fc8-4ba9-ac47-34d1b08bf29f","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":74,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"5db3a6ef-3ae8-45fb-a369-fbb5d26b3804","block_type":"box","text":"benchmark index.","page_number":74,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"e842bcd0-e7ee-4e16-b411-1f3271410826","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":74,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"a862d6eb-1ed9-4359-907d-4fa20702c8d1","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":74,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"c32303a6-6b3f-488d-ab3f-e11f5fd5333f","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":74,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"331f5295-9a98-4cc3-bab8-c5c186832764","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":74,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"27d29e4f-764e-4df3-8652-7b7d8f9c5323","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":74,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"1952cc30-0d2f-4e92-b587-21888c101ff8","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":74,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"298f66c2-537b-4ffb-ad4c-7f064dfe0b56","block_type":"box","text":"securities and zero-coupon securities.","page_number":74,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"b1b94cad-0816-4f19-91d8-909506ae9bd0","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":74,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"edbc4d66-8043-4011-93c6-21a9f905e129","block_type":"box","text":"taxes.","page_number":74,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"561f5984-bfc5-4500-b444-e9b424c667f9","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":74,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"05daadd6-346e-4b25-8741-01b205113ca7","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":74,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"8cd98a1e-444f-4eae-88d8-1cc65c6091a2","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":74,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"d21e572d-0e34-4f93-a170-8cf0bc3591d0","block_type":"box","text":"II-28","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d555df72-e279-4b3b-a6bf-78f328a9a7d9","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86215775-e7a3-45ac-9cb5-9540bf103e86","block_type":"box","text":"underlying security (","page_number":75,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"1772744a-f8b0-4680-a4a9-3352c5eeaae0","block_type":"box","text":"i.e.","page_number":75,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"eebf62e0-0113-4961-a2db-66d5067738c8","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":75,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"5354f193-0a90-44a8-ab20-23717eb18e9a","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":75,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"9c03c612-4b1c-4b84-afb3-a9df6139b525","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":75,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"4e55b7d6-7da1-495d-a0e4-970ce8723d3b","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":75,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"d16e0fba-525b-4286-9186-dcecc725976d","block_type":"box","text":"Foreign Market Risk.","page_number":75,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"10722fd2-6c8a-46e9-8b86-9952c3dff115","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":75,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"886c754d-30a6-49ae-a8af-d5b7aa4bc8fa","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":75,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"494bf17d-f098-4575-ba90-dc99f0664312","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":75,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"ea3c368d-7449-4db5-a931-f801565ed2ea","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":75,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"d3511ef4-3766-4d26-b288-905fd03daecb","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":75,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"e6e090ff-ca22-4e08-a03e-5ca76b0cf3d5","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":75,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"43458ec3-f3ef-459f-bc07-eb4cec3ef6ba","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":75,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"de0755c4-551f-4c94-893f-51bf9590800e","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":75,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"8c27b1ff-5303-4612-b2aa-e2e412f68058","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":75,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"50d8a076-3583-45e1-8d3d-283bbbde806a","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":75,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"86b829b9-89e0-4b20-9445-ea3bdf1feac3","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":75,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"6791f9e6-dbcc-4eb5-8e27-f4aa43e40476","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":75,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"da44fa58-f243-4749-872a-07252f76c9df","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":75,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"8866878f-e728-4751-b11b-19cb7bd76f2a","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":75,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"db8b5ff7-2ccd-4625-a489-86e60d99c9f5","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":75,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"37d5637b-c71a-4e2b-b382-26f24363c204","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":75,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"04c047f1-9f75-43ca-8b6f-b288a34abe62","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":75,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"ee2c2a3c-4ac8-4fbd-889b-60a5a295774a","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":75,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"12b23dec-29cb-4fa9-9992-22aebfb92e30","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":75,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"0c4851ab-b1ac-4654-b230-f2c39f9db5ea","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":75,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"fd6c6d04-3d51-4081-992d-2dfeb00d65ae","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":75,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"53211c80-2795-45cb-acc0-5b8dad17dd9c","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":75,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"b0f89c91-d091-461f-a478-22b0291cc928","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":75,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"423b9287-1764-4a11-89c6-6af117afe2f9","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":75,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"bd0e1ed2-b463-4a40-8457-8fc02e3c9893","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":75,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"5be3c726-faa5-4b7a-973a-2ddad9ce49aa","block_type":"box","text":"Fund’s operations.","page_number":75,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"fcd715d1-67b5-41c2-b9e4-e10574d4c304","block_type":"box","text":"Foreign Economy Risk.","page_number":75,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"fd239196-e0f7-406c-9014-a3b315e55e7c","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":75,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"db44aada-0019-4b2c-bff0-c976d49d77a2","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":75,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"ff07a699-2fca-4f02-a64d-bcf4a0395397","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":75,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"503a1bfe-1587-4e02-982d-d37100aee37b","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":75,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"2597fc01-6203-44e3-a458-c11d2dc472be","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":75,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"84223e2f-8936-4dae-a6a5-ab66d1d8c79e","block_type":"box","text":"measures.","page_number":75,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"d582d455-bba3-414e-adb5-3779813d34b3","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":75,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"6b8cb625-31d5-4a96-9c3c-20ae39bcff21","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":75,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"b5e041e7-d29e-47d3-aa2a-2fa4a60ae1ae","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":75,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"cf50e5c8-8356-49bf-a5ed-778dad9e8938","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":75,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"b05bb305-920b-4d52-b769-64f1d56da57e","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":75,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"8af60757-61bf-4f45-bc7d-496286bef31c","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":75,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"0594dc2a-afe4-473a-8514-50e8e82f6a16","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":75,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"90e3df15-928b-4e6b-b9b2-d7f89f09fe5e","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":75,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"117e9cc5-f900-46e7-beaa-fcbba318b89e","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":75,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"fa998fb2-0245-47d7-bc15-7c74df0d26f2","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":75,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"233e0ea4-90f2-47d5-bcdc-9507eab666a5","block_type":"box","text":"United States or abroad.","page_number":75,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"6541a5be-8863-47bd-a2d0-8ea97ae64d07","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":75,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"67efd58f-141a-4d68-97bc-ef5d3b883121","block_type":"box","text":"Many foreign governments supervise and","page_number":75,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"cf6a552a-8098-4f30-b1fa-da48787bab12","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":75,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"5c0aa628-5e9f-4a61-8ec8-c0738aafb72b","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":75,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"a4b2afc0-4598-4f46-945b-b48399e9bf6d","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":75,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"03b0c6b6-d98e-4b3b-b11f-40f1ff522681","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":75,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"e9fc60db-174b-4447-963a-c6e3349747c1","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":75,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"55704d4e-493a-440e-ad6e-ae85ea374c60","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":75,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"f6a0db5b-1a96-422d-be27-0ab97f5c4bd6","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":75,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"0a5beb50-f92f-41a4-9f45-ce078270090f","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":75,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"243e02cb-c719-4d97-92f1-7083048bcb31","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":75,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"d0a0dc60-381d-4bc2-87fc-9304f759f356","block_type":"box","text":"II-29","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a555e3b6-5f95-4aa7-a35d-ca409aeb0930","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f61dc5a-6e8b-4d38-abf9-dbf582300fe5","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":76,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"f06cf04a-6f57-4e03-9abb-1fcde3c8327e","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":76,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"14f45627-5045-4872-89e9-f8a141bb2819","block_type":"box","text":"investments.","page_number":76,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"6e211ac6-6854-4d93-b58c-d552e0816ca9","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":76,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"f60ef622-1aaa-417b-9de3-22bfa56e876a","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":76,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"d293d1d1-61f2-45a7-b46f-596c2d6962a9","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":76,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"41eb7748-5942-49ab-ad64-7e65498aff8e","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":76,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"e167da0e-6fcb-491c-8216-330cac519e8a","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":76,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"df60373d-cadc-4243-933f-e311693dfb5e","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":76,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"a08070f0-5117-4276-bb7c-29b5c1605980","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":76,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"fbf567a9-bb69-4419-9cb0-31b05aa59080","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":76,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"a64d7779-8ea8-4256-b212-d9d709a95b93","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":76,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"b97f507d-f838-4b5f-b5ab-09ba5c3f0168","block_type":"box","text":"States.","page_number":76,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"84c8466c-fc8d-43b1-9379-d7187309d148","block_type":"box","text":"Publicly Available Information.","page_number":76,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"42961dd7-98d7-4b09-87b8-501bb18455e9","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":76,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"b4459440-948a-472a-8869-161366b644e1","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":76,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"742a5b6b-9795-4dfe-8192-962cc6eeba01","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":76,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"f03688f1-f244-4bbe-a3ee-144d693639bd","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":76,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"72b67353-4bf2-463b-b017-ed66f22cd764","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":76,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"ac6ec83e-6f5e-4414-9e59-584dc438c88e","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":76,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"a18881a6-c21b-4eb8-9e1a-70ff5a85e9b7","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":76,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"c757a9c9-7e47-41d6-9975-880681ec180e","block_type":"box","text":"United States.","page_number":76,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"d80d076b-c35e-4f53-b6c6-69677181a1c0","block_type":"box","text":"Settlement Risk.","page_number":76,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"ff2a531e-0296-4716-a89d-69ae6aad04bb","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":76,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"236b46c7-7224-49a2-af76-33a72b1d7e6e","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":76,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"31fb8540-0372-4d67-b04f-8d940821b827","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":76,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"e543ed61-6e26-400a-a5b8-2e73c442f865","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":76,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"ca2722eb-5ce0-43ea-92ed-31d094092cef","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":76,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"bc73992e-a15c-454b-878e-8adaa7c76d2f","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":76,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"21a936f4-5a22-48b8-ad58-48ea2b52c58f","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":76,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"9681553c-bcf5-4362-afa8-c50014b357ac","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":76,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"2a4a44b1-415d-4f0b-bc5a-1c903a690b81","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":76,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"0f0ad49e-9c72-43f7-8e27-466f0a038786","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":76,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"4b4721b0-a6b2-4b9b-babc-4045ef478a2d","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":76,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"b737f896-5d68-4053-9462-6fe2e569852d","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":76,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"30721e6d-42f3-45ab-a930-d35254736e0e","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":76,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"11e6e2dd-b87c-402c-942c-df2f287b5cbe","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":76,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"b066e90d-ce45-4ad4-9bf7-a56e2f544ad7","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":76,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"feb69b72-7c7a-4d94-ba10-f2dbb1708a3f","block_type":"box","text":"Sovereign Debt.","page_number":76,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"430fea53-e9f7-4663-b818-f15b163bb61a","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":76,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"2894970c-f469-468d-860c-d0deb9ec4439","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":76,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"92ddf96d-01e8-4a3f-957c-e3d7e68a1557","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":76,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"f69ad610-0a9e-4882-9622-b85bc528759d","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":76,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"ac894f8b-a47b-45fe-ab11-987bfe632015","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":76,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"0148fabd-b2b4-442f-9767-193c2b4f85c6","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":76,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"3859ac3b-7972-4feb-9c6e-30f9e45dd149","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":76,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"daeb3727-43fd-4d45-8ae5-956737d75ac2","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":76,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"df1b766a-2010-40ac-968a-bcc0193c1760","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":76,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"5ada7ed2-c31a-444d-bc9a-6923f8deda8e","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":76,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"9c757481-7ec2-4552-846b-e743d6be345d","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":76,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"f586009b-e13b-45a1-8875-233920f2bae3","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":76,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"aa2e8963-efc0-417f-aec7-ab6c30e2327c","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":76,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"6772f62c-10df-402a-94b7-c312815fd3fa","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":76,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"5ab1d487-b736-4aa2-b3fe-3038b4d273f1","block_type":"box","text":"debt.","page_number":76,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"a5b7decb-dc7a-46a8-bdb6-4864d9317a7e","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":76,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"56ad7734-2d95-4b18-9503-29c252b73380","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":76,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"533b0e8b-b77d-473c-865f-937832e177f3","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":76,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"a577624d-5ba9-4932-a165-a36302aaaefd","block_type":"box","text":"II-30","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59c31446-76c2-4ea8-a403-c09bbb4a1625","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65c0cbbc-ed0f-4361-8ff5-8b32ef47e423","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":77,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"236dc353-aa2c-442b-96a1-0b18730336c3","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":77,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"cb1e6386-69bb-4426-808e-e19005a96927","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":77,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"7a79a221-cec3-4086-8f55-74454185e4b1","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":77,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"845a445d-7bfb-42ac-9b3c-0b0d568361d9","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":77,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"6952bd5c-5ff3-4f0c-80f6-2a8c9a225b72","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":77,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"53429675-7133-4358-aa47-63d46e10a9a5","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":77,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"cce04cda-b879-4018-823a-bb9726a1c28d","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":77,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"580767f4-05f9-42e4-9d2a-a5bdb91ae75f","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":77,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"450c5d8d-63f3-4634-a808-fb1dd5cafdbe","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":77,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"4ea7e18f-24b0-4976-b951-4840ee987a36","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":77,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"7462ffdc-1912-433b-b759-f75b839cb2e8","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":77,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"25bca06c-206d-4ea6-b09d-139ab0a32f70","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":77,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"282d7814-56ce-478b-9449-c535fe18f07a","block_type":"box","text":"in the Fund’s net asset value.","page_number":77,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"9073db9f-5738-45a7-9c4d-735f9174cd2b","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":77,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"974660a5-2a71-4d92-856e-b31b7b47c2f9","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":77,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"b6012e53-dc8f-4b14-a202-e3b1ca47055c","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":77,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"1fe7aa53-79e7-4b92-bce7-b7c31419a353","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":77,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"ada01d39-facb-4f04-be6d-0012170bc47a","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":77,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"e18eb090-83d8-4c62-b3f6-3ba610dacb15","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":77,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"e9ef1d21-07a4-49cf-9401-56f67f5e7cfc","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":77,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"163c6ccb-60cc-461b-8978-2430f6dd80cb","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":77,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"f11d7a89-7669-43f8-9157-a91fe0a1d7fc","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":77,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"bc0a2883-5df0-477e-b123-cf659669e8f3","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":77,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"57792008-3237-4623-8e63-3b8c4a21afe6","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":77,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"2928bd23-6b05-4aa7-a9d0-32c51baa7657","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":77,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"bcbd9375-9164-4499-9932-55a4ae6fa50a","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":77,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"95bb075d-73df-4359-add8-bba9e79f21e0","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":77,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"9532b953-fe15-47f4-9e3b-8690f877548b","block_type":"box","text":"Fund may invest.","page_number":77,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"ad594cc2-643c-407d-a5be-f8a341c9fc10","block_type":"box","text":"Funding Agreements.","page_number":77,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"89442b68-3280-4003-aaf9-2ba7a375db33","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":77,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"ec41caba-9d3b-4300-8795-4f7692bee584","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":77,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"ab3326b4-6b9e-4b0c-a0de-d559f17e582f","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":77,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"a9ba680a-e741-43a2-99f3-ac034dc5210b","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":77,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"d8d7e234-39f3-4fc6-936d-4153e39100df","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":77,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"c40bf219-4633-4998-a9fb-b313a01631fe","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":77,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"c073b8db-4ae1-4115-b131-aa4f7a9e6ca0","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":77,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"980fefa5-7223-402c-8634-9b80f333e154","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":77,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"645853bf-913f-4403-adc0-26d428c239f1","block_type":"box","text":"Guarantees.","page_number":77,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"35193d2e-5925-44c6-8f9e-e33eb1554bd6","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":77,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"d346f745-e49a-4b61-9f09-0c149c3fe38c","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":77,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"5e77aa82-dc68-4e2c-9bcf-ccb3d261149e","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":77,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"a712fbbe-3118-4b24-a0da-b8f1d6d80c07","block_type":"box","text":"Illiquid Investments.","page_number":77,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"e05fbd71-a3aa-486b-8d1e-05c97ee7555d","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":77,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"f7080e2b-607e-489d-970f-941249f5b5e6","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":77,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"2986c4eb-0a7e-474c-a399-87258fc266ad","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":77,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"0f61a38b-9ff8-49cc-b5ee-0fad7110cb96","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":77,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"eb723d11-5469-405d-ab1e-19ffa2f3db10","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":77,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"90f41306-b748-471c-b2ff-e29b1d74f1f9","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":77,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"70dbec5b-7b24-4a2f-9d58-a551aea6fd91","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":77,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"ae3509c9-347c-4eab-aee2-683715be4dfe","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":77,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"3e18948a-c85c-4bba-8686-f127cdf254e8","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":77,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"83333631-0f83-4c49-b973-ad24d257960c","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":77,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"11775d6d-9eab-4f3b-b400-032bafa7f89f","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":77,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"e10eb332-bd85-4709-bdfe-4d6a7840adaa","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":77,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"ba953bcf-d9e0-4ce9-b05e-a28cb81caa99","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":77,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"d5b2c13a-a481-442b-80d4-c1e1cd432dc9","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":77,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"1a45a832-5a6f-4b88-8229-d276d4c801ae","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":77,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"3b2ab86a-6b2e-4199-a957-3f51987f16ef","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":77,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"17390408-2061-43f7-a1e2-cf748431fcca","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":77,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"cea42b41-949b-4bb4-9957-ee6524cf0e1b","block_type":"box","text":"II-31","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7aab4ad0-c713-404e-a352-179564270ef3","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1265e91a-7eba-49e6-9c47-99199e7590f5","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":78,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"faabc9f6-2725-4fc7-81ce-283cf774c289","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":78,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"91754bc2-3982-485e-ad1a-e4b39a383742","block_type":"box","text":"Index Funds.","page_number":78,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"15396ffc-58e2-4b40-821b-ff21307657b2","block_type":"box","text":"Cash Flows; Expenses.","page_number":78,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"60637ceb-c661-40de-9255-f6ea4967664f","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":78,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"fc371558-196d-4038-9030-85b315698fa6","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":78,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"a997a4ce-c85f-48ec-b82e-c27630d627d6","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":78,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"ced1ce0e-49d6-4aee-bb32-32248f1dc97e","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":78,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"84fea11f-bb4c-4578-be3d-07a869318061","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":78,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"8b7c4af6-a515-4b0a-a859-189b1d762b02","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":78,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"b70e66be-c811-4f28-b48c-cd85d74f1df3","block_type":"box","text":"(","page_number":78,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"97b9b2b3-d1ab-4220-b0ea-4061b9ae826f","block_type":"box","text":"e.g.","page_number":78,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"415ed4b5-407d-4ba1-a2be-ee35a40495cc","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":78,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"ef3d9ba8-2d97-49af-9a4f-d4a0f6e405d5","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":78,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"df39a34e-2a18-440d-a7ca-9ff49b346ac2","block_type":"box","text":"par ticular security as an investment.","page_number":78,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"d250297a-4149-4f8b-8b15-726bc6b52d41","block_type":"box","text":"Tracking Error Risk","page_number":78,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"0e71e5de-de92-4b70-8e99-8e17e475311a","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":78,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"c04da295-dc3a-4e6f-a501-f10ac205bd72","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":78,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"685f4b06-932e-4c35-ad3f-9ea2a6c67d12","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":78,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"040cda5a-bb46-4b51-8577-4a5df305482b","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":78,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"8e177d55-1373-4ac0-a815-e7753490b889","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":78,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"6a88fa1e-a744-4950-8ad6-521c4de3ed8b","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":78,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"eb4cf825-a370-4f3e-a4d7-a55cabff6f27","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":78,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"b42623cc-e63a-4b65-bd44-6a46004ed310","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":78,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"a8d4530a-6f2f-45d0-9f2a-08a36bec9e29","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":78,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"6a24689f-b57a-468e-b458-f3cc2bb2e705","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":78,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"3355a14b-370b-4932-aa8c-f3d9683a89e1","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":78,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"e8fc1d17-d40c-4371-a9bb-3e9e42ef7012","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":78,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"b938b5cf-6115-49c9-9e3b-5883fa24440f","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":78,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"f5cf401e-f885-4fe5-91ce-3c3f8951490f","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":78,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"26a88fe1-0f4f-4ff6-aa40-93f01ba0cdd1","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":78,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"46b34bdd-ae1f-49c3-aa9f-d5385500199f","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":78,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"d6e826e6-f163-4fea-adb2-4efe57794ab7","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, aler t the index provider as to the alleged issue. The","page_number":78,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"25559ddd-a3d4-4eb0-ae5a-8a86497df46a","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":78,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"e0bf85e8-6f6c-4306-997f-84efbafa221c","block_type":"box","text":"the rebalancing of its index. 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Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":80,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"fbbd1471-42bd-4308-b972-1700cba69590","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":80,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"8392736b-22ed-4345-8ae7-cad80dfda154","block_type":"box","text":"ICE BofA Indexes.","page_number":80,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"f1bec8b7-55ef-4ccc-b592-1cf35b5d67bc","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":80,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"b91cf5aa-5cf1-471c-8630-ec536e3922b6","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":80,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"e774d688-9e72-4f01-9ed3-3f68ea71e85c","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":80,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"3f81faa0-ac99-4896-974a-51417e1c9737","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":80,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"12480910-fb45-4da2-857e-3d1bc861bb57","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":80,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"dfb8c15c-c1a7-4bc6-a1ce-a575c30f1708","block_type":"box","text":"completeness, or otherwise.","page_number":80,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"cfbcf133-10ea-4629-a079-725777998763","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":80,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"4591af9b-97da-4dbb-b038-684359b75c27","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":80,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"5089c230-e9d6-4ac7-822d-7c2ea4790069","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":80,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"11f20031-f3a7-456a-8e87-e102af6e2be0","block_type":"box","text":"Indexed and Inverse Securities.","page_number":80,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"bb8e429b-e902-4de4-8b64-11f398ba7208","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":80,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"d5064007-b14e-4940-a68e-56b92f427775","block_type":"box","text":"par ticular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":80,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"455551eb-f4d3-408c-9f15-302f6392d6f2","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of cer tain securities also may be based on the","page_number":80,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"a88d4e5b-5968-4c97-84ea-f20ac0936e0d","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":80,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"ed58dcdf-2412-4170-8e96-4e5a0fbdcf8a","block_type":"box","text":"be subject to risk with respect to the value of the par ticular index: that is, if the value of the index falls, the value of","page_number":80,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"e50dfa49-6774-43b7-9f63-e7d74b0a88bc","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on cer tain securities may also be","page_number":80,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"987074bd-8714-47b2-84dd-e4f94362df1b","block_type":"box","text":"based on relative changes among par ticular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":80,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"f75a44fc-818c-43f7-8d67-8e57d66e2f30","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":80,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"0dddc13f-f02a-4bf5-be2b-5994c03dabb1","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":80,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"271388f6-0003-447d-b261-936fed25b40c","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":80,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"a973cdff-a0eb-4d46-9314-f9a06ed68a0d","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":80,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"5ab342ce-b979-4379-8a2a-b9e95619a8a2","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":80,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"d2a6f68c-2908-4aa2-b499-d27627b23c27","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":80,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"b03e2313-d25f-4f46-948c-b98566bbdc35","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":80,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"e189aeea-6f2b-4b17-93d2-703cacc4fc18","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":80,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"8a921673-f900-4dfa-a8dd-5071eec695ec","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":80,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"018463b9-6d26-43e1-b453-dd148df7d297","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":80,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"6bce5e41-55d1-497b-bd7a-6ba053987b7a","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":80,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"4bc66944-cbc0-47a1-85c6-7a04abb76659","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":80,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"0cae8c6a-33bd-4a16-9b47-24a0319ea22c","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":80,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"d5fcdcc1-7a11-447b-9741-ccb9f0d8e6b0","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":80,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"d69c2254-8a7a-4839-b57a-2c0d0d8a4919","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":80,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"f31f455e-85b5-41df-a8ab-702a1380963c","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":80,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"a436c826-815b-497b-a9f6-d3b5dbd75953","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":80,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"886d45b8-1c56-498b-bd78-5757f619630e","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":80,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"c857036e-34d0-4c84-95d6-c13c567611ee","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":80,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"207e9851-badf-4e06-b7f2-92154702d2f9","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":80,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"07ec989c-7b97-4080-be52-ecbe66787953","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":80,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"71279c4f-9395-4cca-b246-ea4439a3868a","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":80,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"efe91fbc-2826-4c67-ab17-aeeb64a231f3","block_type":"box","text":"Inflation Risk.","page_number":80,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"47e0c8cf-7ce8-490c-8c6b-c3f2075c3783","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":80,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"5d57f32a-5b49-46ad-8507-782270ddd50e","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":80,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"08023515-30cb-4d1d-9d2d-f0a49ab8b17c","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":80,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"2126444a-fb59-4028-a444-b08aaccf96be","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":80,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"8ceb6cc9-ffb6-4e1a-bf24-2de2e786e4a9","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":80,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"83e64219-1638-4a2f-8a5c-e6fe7c342c4c","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":80,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"b702adf4-e3dc-4722-b1e2-fbf9ccefc63b","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":80,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"83f89978-ee93-4d06-8566-cc4826d06096","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":80,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"c05f73bf-47ee-4257-8470-6e0f550d3e36","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":80,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"4fae1f99-1f1b-419e-a8a0-3a5bbc281a16","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":80,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"20e9937f-e068-4c7e-af0b-c8d0cca272b0","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":80,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"fa3c6754-1ba8-4e99-b9a5-d2a0a1e086bf","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":80,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"cacb6c38-10bc-420e-b019-3609e793abfe","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":80,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"76e081ba-0bec-44ec-848e-fb1496f65071","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":80,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"bc88143d-46ae-4b46-b647-cca14ba72176","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":80,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"a4efe6c9-5d32-47dc-9b32-a574bb56127c","block_type":"box","text":"II-34","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14b9c1b1-3b87-4e2c-9d20-5a16b71603a9","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca374f09-9f1e-4adc-8d34-d88891ce1cc5","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":81,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"58110bea-b8a5-4eef-8dfd-f03c12d4bffb","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":81,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"8ac79be9-9f7d-4070-ba8f-60e01def6022","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":81,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"5a479c7b-9fc6-4be5-824d-45bdfde4ed11","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":81,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"f2f2a306-8bd7-42ee-b3bc-fbe0b28d229b","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":81,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"6ce3390e-c24c-48cb-b826-e98b36aed5f8","block_type":"box","text":"be available for very limited periods.","page_number":81,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"b7ed4454-650f-4a66-86ac-5ebbc0e3e82b","block_type":"box","text":"Investment in Emerging Markets.","page_number":81,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"5059506b-c954-488b-bf2c-123cb8a46629","block_type":"box","text":"General.","page_number":81,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"1d77b70d-9950-4144-a4b1-ba3a9115a20c","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":81,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"76efd3e1-0290-40ae-b94c-23e2ba0dd7a7","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":81,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"1053e048-f119-4c44-806e-a8de4c859032","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":81,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"3a9d08cf-85ac-4e11-8702-f877f7f6003f","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":81,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"11386bc9-369b-4ff9-8e62-1094a5a1230a","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":81,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"5d61947c-9260-44f9-abfb-e5ba4cf1d476","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":81,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"519b5eae-8313-48b5-9efa-69d6c86c9fbd","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":81,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"19467234-675f-42a7-b9fb-181e55c2a3a9","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":81,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"97efbbc2-a8f0-4c48-8d6c-6adeca98a92e","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":81,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"413eaeca-bde7-472c-9290-fc598e12ac2d","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":81,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"7f6dda25-1a45-4481-b3c3-7c49be946a36","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":81,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"afb71091-a810-40d3-8555-b44798e6c76e","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":81,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"c671ae86-99c9-4151-a9fd-58fd7a6daa1c","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":81,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"d0399bee-b38d-412b-8b5c-3248705092b9","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":81,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"4924d62d-4a2b-42bc-8cda-0983b3fb5103","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":81,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"3fba1230-b975-4268-8364-cc804d6749ec","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":81,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"57e59038-f4ca-485e-8dca-1e9f7c038962","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":81,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"845bd282-8c2f-4718-8ffe-636051321167","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":81,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"0fe5ad89-b169-442e-a905-726810210fd5","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":81,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"3b0d72f4-fc31-4269-915a-43ac7a08a6c0","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":81,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"1aedb00f-83f6-4c2e-a901-b9e9507ab72c","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":81,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"35a8b2dc-671e-42c3-8d6c-9027c064ec36","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":81,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"aad176d3-632e-414f-8c89-fda678516ae8","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":81,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"9a5e5337-5b1d-4f16-b9c6-ff2695eb201f","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":81,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"52a3645a-ff83-4c1f-a936-b251044e65fa","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":81,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"f618e3d3-ddda-43a0-a802-7a6f7cc84e28","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":81,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"582ab532-b228-4db3-94d4-433ddaf57eb6","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":81,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"3834feea-ad40-445d-a160-20b6a775d0ed","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":81,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"1eb8f53d-12c7-4535-93ce-d687b1382652","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":81,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"8336f5e8-222a-4193-8283-4577e376985f","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":81,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"24c4df64-7408-406a-ad13-92938c0080cf","block_type":"box","text":"volatile than investments in more established markets.","page_number":81,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"53ce961d-a7af-439b-8fad-62e6b371516f","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":81,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"095becf0-ce46-40aa-8066-875b86fea937","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":81,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"54b82a4d-239e-47e5-9a7a-5a460f178562","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":81,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"45781c0f-8232-4dbd-8c29-6724801a7575","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":81,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"be575605-2107-4932-8a37-ddec570749f0","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":81,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"83bf5dca-b9cc-42af-be3d-1fa7dc94b5b4","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":81,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"587c0801-f64d-4b0c-96b5-12bb92380660","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":81,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"8927a8f1-a6bb-45c3-8041-57eb76d6a595","block_type":"box","text":"acquisition or disposal of securities.","page_number":81,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"55889877-709e-49fc-a829-3b9c2c94f423","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":81,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"8d57db78-5455-4a86-91d2-f7efbccce4ba","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":81,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"d0f7915d-2a06-4934-8c8a-95e7d74c5445","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":81,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"b031881f-a7e9-4999-860f-b5fafa0d1fc0","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":81,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"bd79619b-c3e0-4142-b3a5-fd791272f757","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":81,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"c891ed5a-1f64-4da1-a4a0-042d77afc7ca","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":81,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"ad7c6b68-68c7-41f0-b7ea-3eb2c4914968","block_type":"box","text":"II-35","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"222a6a37-075e-4252-b20d-6b2e15dd4782","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24d1f569-c650-4274-b202-8fe28802373d","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":82,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"74703d35-bc99-4107-889e-a22adab313a8","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":82,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"22a7acd3-a3a5-414d-8ba3-38a7472e57dd","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":82,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"be7fde0d-1367-4307-9708-0c6bf71bd7a4","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":82,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"102a562d-9e27-40b1-879f-3b775b1112e1","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":82,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"3242119a-ef40-49be-845d-8e0d9780c390","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":82,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"d0789bef-d7cc-42db-a699-f709b095e223","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":82,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"0a644f19-43a1-4c21-b6c7-4b860b6b6f2c","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":82,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"01d39999-25dd-4897-833d-d5dd93dbb04b","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":82,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"37fa970d-69cb-433c-a1ef-1e06dda2bb4c","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":82,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"55ac7f15-4da7-43d7-8f1f-60568ed1bced","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":82,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"52834039-d0b8-4d8a-a74a-3446a33b2861","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":82,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"df1eaefe-631e-4ccc-8930-48af6cae3eb5","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":82,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"46df1ff0-d9ff-44e0-8be6-28ffc87b24cc","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":82,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"fec5c0af-cec3-4c59-b942-f0662821c4b1","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":82,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"e7d8952c-d952-4cbd-8842-58c03f1d720a","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":82,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"b53c777d-f790-43eb-93a5-863a3a6555ed","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":82,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"94df27fe-50b9-4f78-85bb-be0695efeba5","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":82,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"b05f0a77-b739-42af-8f1f-9338182c5476","block_type":"box","text":"per formance of the Fund.","page_number":82,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"02a11685-0d82-461c-bbb0-966655be7d88","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":82,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"132ba16e-2941-4fa7-938e-195e6a12bb7a","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":82,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"d30756af-f2e0-46d6-943d-a37d36aa1d21","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":82,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"786bb042-2177-48e1-90af-5a22badab5b3","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":82,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"1cfd0b97-b49e-4c53-a68b-43c6fc009c71","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":82,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"eeeb6ffc-927f-4fb0-9c17-7fb52ba20503","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":82,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"ebad8d60-f05b-46d2-aa22-0d1395c4894d","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":82,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"3404da74-456a-4dd0-aa61-d157fee9bdbb","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":82,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"5d01bde3-48b4-46c9-a8bd-0764b97e50df","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":82,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"f916ecfc-ef75-45d1-9ced-740b9f16f26a","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":82,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"5de7c2fd-7e79-4061-8f25-6bd1e1259725","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":82,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"4c1c5c99-6983-464d-9c44-7c226c5a07e3","block_type":"box","text":"affected by a variety of factors.","page_number":82,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"064fa96e-4a10-477b-a437-8c3b9b16d547","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":82,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"96cf0c0c-3082-4258-951f-17e7bc758dbd","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":82,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"698d6585-c90b-4c35-b1ce-d16428122e09","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":82,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"ec23e226-78c1-4805-9824-03ee947cdf12","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":82,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"81b81731-2526-421f-909f-60d5542713de","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":82,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"28695a68-8431-4de2-9537-29f0f4cd0bb3","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":82,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"254fa961-8780-4e27-aa87-092a962dd5e4","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":82,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"cf06c126-72f8-454a-a1ff-0cf9da9872bc","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":82,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"5c3e5f1f-c0a4-4d56-8ba3-f8fee166d680","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":82,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"31fd0f5e-8d06-4c16-b8f8-d1c4608f0a7e","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":82,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"644470c4-dca3-4c34-9e7c-c280c3417fbd","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":82,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"afb2c883-412e-4629-873c-3ecd5a39ec10","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":82,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"32529cdb-99de-4e88-addf-a999e11f3db5","block_type":"box","text":"nations.","page_number":82,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"93431487-440b-47c0-8338-45801a9382b3","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":82,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"3f0eb262-df11-4e45-be04-592fd174b749","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":82,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"811e1047-5c64-40f2-93eb-eb89ea54c96c","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":82,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"e819d6ca-6131-42c1-88ec-44f338a2d1d6","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":82,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"33617651-0423-4201-81b8-51a5c2abd217","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":82,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"b3d6d0f7-aff0-4a55-a3b5-f74c3e5255d3","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":82,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"1a2da0e2-5e65-4c97-9c86-cfd83fd5abc6","block_type":"box","text":"market Asia-Pacific companies.","page_number":82,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"17c13d56-ae2f-49e0-a465-6b9f4737a7b4","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":82,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"5fd9328e-7986-46c8-b78c-41291e728d9e","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":82,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"4ee1691d-20af-4736-8b5e-7336beb844f8","block_type":"box","text":"services for such securities outside such countries.","page_number":82,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"b0652d45-34ae-4151-af69-5646b05c81e0","block_type":"box","text":"II-36","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"398f870f-79af-498b-bdab-b6de42359c3f","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b58afa3-2ac1-4b3d-aff8-ce6c1764d7ad","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":83,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"a550d5cd-2f2a-40d7-ad75-b57e757f94de","block_type":"box","text":"to commercial banks and foreign governments.","page_number":83,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"57798fd7-b710-4789-9af0-ab4fec5a1d79","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":83,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"ac4d7472-1908-44b9-aae4-5b962743ddd0","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":83,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"ecf928bd-c6b5-4ae5-b479-e4db6e7441f2","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":83,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"09a3a018-7890-4306-b4c4-1c76f3a1c8a9","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":83,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"830af168-62d2-4ca4-9a36-791718e6959c","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":83,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"094c2bdc-64e8-4762-9545-303549afe797","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":83,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"a73eaf45-87c3-4a25-870a-4139b61bf556","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":83,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"dc9f848f-6f0d-49fe-b987-06f006350114","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":83,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"272f5256-e4bf-4f2d-9d85-9ca6a0293a1f","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":83,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"449f6a49-1ac9-406d-a530-2606247eb468","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":83,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"d7b87a33-6ad3-432b-9ed1-36842a07d3fb","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":83,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"fdfce1ab-e0c4-4416-b969-a92b9e6eb372","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":83,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"c38c610f-f381-473f-a0cc-3149e12b7f9a","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":83,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"a4904a6a-876e-4824-8bcd-c0ef9b3c7978","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":83,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"b602acdf-235b-44a4-aa58-0cdf6c43072c","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":83,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"e0f194b0-58bf-46a1-8c62-0302713987a0","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":83,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"7661591a-8173-4d1d-9411-0d0d86ef8bbd","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":83,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"ad446f73-6aaf-4c0e-926c-938599461c7a","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":83,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"6b194790-991e-486b-8ff6-de4fa5054499","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":83,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"35d515f7-a4fc-4571-bad8-4f3974e93e8a","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":83,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"67ec54cd-c2ed-4466-8173-d2aa07f67563","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":83,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"eedb7044-98f2-4c7d-a6ad-8af0f96ba8f5","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":83,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"4e93c4b3-ec37-4b33-8040-8872c0d2f002","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":83,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"81558db7-5c00-4b5f-843e-1ca1c0895678","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":83,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"995829a4-5471-449e-9bec-01c21e77083b","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":83,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"e029d5fa-f618-43cf-9ecd-604dcb99dea3","block_type":"box","text":"investment at that time.","page_number":83,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"9a41cbdf-02fd-43db-9a32-117d7a79d056","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":83,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"f097b65c-8f5b-4676-9f12-3a7c1dc40fe6","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":83,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"a5657124-cd63-492b-bfe2-4b4bc55a2c98","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":83,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"7e05d721-e71f-4512-89d9-dcdb10f831b0","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":83,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"0aab2fe3-24ec-4857-89b0-3a609fed89d5","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":83,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"9817ecce-655e-4259-aba2-f9e423803d8f","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":83,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"694572dd-1f83-40b2-a1d5-8a1703941bae","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":83,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"897c5329-8cec-4ba9-81f1-6a78b6e1e762","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":83,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"5e5b29b9-cb82-4bf0-b676-8576582952e8","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":83,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"68e04f28-ae7b-4a30-800c-39aa60de0e9e","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":83,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"94a13cc2-b395-4aa3-af48-628931c6683b","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":83,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"d6fc4a8f-5396-4342-8dda-2f6fe79b4934","block_type":"box","text":"government).","page_number":83,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"d9a342a2-fc88-4a1d-8be4-6e9a43b65bbb","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":83,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"5c20309f-5562-4bea-b6d1-2f294aecf667","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":83,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"82199579-1ab4-422f-81e9-62b0f8f2c9e5","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":83,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"cd8f29ca-86f9-462f-951d-037ff28d3a1a","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":83,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"b2fce5d8-454f-4342-9a03-0ef0bdf2651c","block_type":"box","text":"foreign banks and other financial institutions.","page_number":83,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"2d0f390b-bb7a-4186-a50f-a4cde22c7fda","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":83,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"b21b34f4-b06a-4188-b533-65f8207a6709","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":83,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"a0f0e640-7831-49d4-ab91-49b829451b0a","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":83,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"a5639063-32a9-45f9-8b94-c6faed2371d2","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":83,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"ded89eb7-6bb3-4e4f-a5a5-985f687c5700","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":83,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"61a5ea05-3b19-4288-9a61-47224d527182","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":83,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"c86ecee8-5118-4b73-b890-3d346b4a79ad","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":83,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"3fad43cf-c394-452e-8e15-fe66d304e33a","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":83,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"3d416727-9a09-498c-8631-cbd7a0ccc62f","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":83,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"6eb804dc-4dfd-44e4-b54e-209ded949124","block_type":"box","text":"II-37","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f07b54e6-f17d-41fa-81cb-a27f7385ba0e","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65646cfa-4e01-4006-90b8-5e0305f619bf","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":84,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"0d43a668-21f6-48ff-9bd6-0ce0b713da04","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":84,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"8798a7e4-61c5-46a3-aa80-ab3a935246ec","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":84,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"b412e8bc-f279-4ded-937d-cc6257488d78","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":84,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"f7f793e5-05eb-4308-b2a3-c7d81e668bfa","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":84,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"9eecab59-35a4-4862-8bfa-2c553761be85","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":84,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"9b1fd893-c9b5-484e-8c6e-c36135fe12d0","block_type":"box","text":"foreign securities.","page_number":84,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"f871ef16-b7eb-49d6-8356-6ffc44ed0f8d","block_type":"box","text":"Risks of Investments in Russia.","page_number":84,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"59545d3d-b948-4aa6-a498-8df3fffd4d9e","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":84,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"e80e0eb0-3875-4481-8315-a124af9e58b6","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":84,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"4794869f-0a2c-4436-bfd7-89af409dcbcb","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":84,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"d3691b43-5abd-4b7a-9e2b-75bd9373a46d","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":84,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"fdc30f91-c7a3-414a-9075-99995450f9a3","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":84,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"e9d29d56-040b-457d-b44f-d1c0d019d123","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":84,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"ea04a7ce-2a8e-4b5c-8a1d-716308224bd8","block_type":"box","text":"developed markets.","page_number":84,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"10493e8b-fe89-43e3-a952-77d6f47791c7","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":84,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"a397f4da-187d-44ce-92e9-27645e5fc609","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":84,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"bf83d554-33d1-42af-ba75-b217bba3c984","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":84,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"b9c448e7-5152-4c10-b0d1-77d7766ea137","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":84,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"5707ed97-021f-4f4f-bbd2-dbcde90746f8","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":84,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"431b77ba-a0a8-4a01-b641-429eb942a117","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":84,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"9e471464-95eb-4d90-93c8-72957548ef9c","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":84,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"0b641ed2-a5b0-422d-876a-51931f139be5","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":84,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"8cf3f39a-ac01-47d4-beb2-8b3516d9f6e4","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":84,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"93390201-801e-441c-8ca5-fe8f89fd4ec1","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":84,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"09e44c70-3365-4e78-b104-bd460af8f0a2","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":84,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"580b06ae-716a-4f48-84ad-ad9adf102973","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":84,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"6d08b1f1-6f0d-4fbc-9474-68d64706a171","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":84,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"d371e537-9b65-468e-be6a-85169115698d","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":84,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"8b1f99eb-7ef4-4299-9da7-a79777028558","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":84,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"c7f8722e-dae5-4c5c-9e7c-655ad59a3461","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":84,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"621f5847-0ed7-43df-983c-e8f55b6d546e","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":84,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"997d61d3-4a31-43ff-8369-d3059af88d72","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":84,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"1c071092-2370-4748-923a-fcc1d062c179","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":84,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"655dd1ac-e1f2-4969-b3d1-f64c0b6bb3dc","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":84,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"76050309-c07d-40d0-bb7c-355b152a927b","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":84,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"b0f6abeb-1c10-4db1-ab2e-31fe989476e8","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":84,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"345b7cbf-3952-4011-9ee7-f047b280dd84","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":84,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"75cb531b-0702-4bf9-a7eb-60171470681d","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":84,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"fd2be24d-bc60-4e8d-a663-4d2c1a2fce68","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":84,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"2713a3dd-a2b7-466d-9ac4-2aac7b810518","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":84,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"09c40ae4-d7d7-4e4c-925b-caf9412e021f","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":84,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"ad5f03cc-1b44-4069-8090-33a09b875d20","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":84,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"5390947f-4d7a-4607-88ec-e522725642f5","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":84,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"2cf50bd0-d626-48a1-95f8-69317fb74924","block_type":"box","text":"sectors globally.","page_number":84,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"041a8106-4e1f-4287-b094-43362bbb221b","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":84,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"0e76a13c-2858-4103-8959-bed36af2f59d","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":84,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"d781a1a4-f206-482f-a029-4267c9786d7d","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":84,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"b95c0e77-b1ed-4b55-a7da-78dcac60756e","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":84,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"787ad0ae-3719-445a-8e9f-73a5e8c52e2b","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":84,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"dd91cd07-0a2c-499d-b848-9892666e2b58","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":84,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"5291d70f-5e80-4a71-9b4e-a4cde2c70122","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":84,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"01c3055a-c50d-4fc2-a63f-2fc55d3795c0","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":84,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"7205d28f-d2a4-4bff-bcb1-3f4738f0da8b","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":84,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"13fc75cb-37d0-4c61-a314-f002353af748","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":84,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"421fa221-7f62-4adf-a10b-0c9b5055f4c4","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":84,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"9ac1dc53-5c48-438f-906c-0743ff74bd8f","block_type":"box","text":"II-38","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"77775183-44ac-4b49-a5a9-2f1b9c081208","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5c3c90e-6817-4f2f-8f6f-7195ba860060","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":85,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"6f3fc60a-47c5-4c2f-a3f0-137de9e0a54b","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":85,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"b851c291-9e3c-44b8-8302-d80d97b2d892","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":85,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"aba12c9c-067d-4293-bfde-dc5b9e7ec9f4","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":85,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"5fbea728-f4dd-4d35-8a53-da446b40cb3c","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":85,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"5651c7ea-f730-4662-bf88-57edb057af76","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":85,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"4e9907d1-deb1-49af-8152-d3fd97fe8c2c","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":85,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"13df575d-3f30-46d4-80e5-3920b4fc578a","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":85,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"1595f762-ac6b-44d2-9d67-c6c79c8c5a00","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":85,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"7808ef85-9982-439b-8516-1e5068832c78","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":85,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"1d96a9eb-a528-4bf7-aaa1-6f39f12c543b","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":85,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"332b6bb3-7284-42ce-85db-8f787650b539","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":85,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"e5955f66-ca98-4227-91c4-689c4820b6c7","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":85,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"af3b3550-ba97-4352-8759-221868e6e19d","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":85,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"38ac900d-39d8-40e8-9234-260d934deaf1","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":85,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"a24f743f-d4e1-46ed-b9aa-788295bfa554","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":85,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"1fab9970-56e9-4d91-b27a-eb6f74f4c1aa","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":85,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"445a3f84-27c5-455a-a5fc-960f922c81a4","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":85,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"773493fb-7999-405d-9d2d-05a56cedbbe6","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":85,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"cd913ba5-cfcd-4fe8-a8a4-12538a6a036e","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":85,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"36421413-0279-4de1-be3f-5bd3faeb3ddb","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":85,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"5fb355a7-be26-41c8-acaa-ded46de644fb","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":85,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"437269e7-03f5-4ea2-95e7-783d0c74f34d","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":85,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"b4e00331-cc77-46f7-afa5-d644f6f1b178","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":85,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"115346f8-fc87-49e3-9334-2813502c0844","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":85,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"5c67f974-b14e-4225-a1f6-4c1fa8226107","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":85,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"8ee61569-56c3-4169-b8c9-1f779ec6a99d","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":85,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"7b17cdd6-678b-415a-b955-5fbb46e8c897","block_type":"box","text":"impacted.","page_number":85,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"0d44527d-ba11-4c01-a419-a0e9c5c5046b","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":85,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"cf6c67b3-efce-4981-9035-789a9ef78aa8","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":85,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"6576659b-55db-4af0-beb7-c3cdabe14bf0","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":85,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"6e7b0fce-cb08-44b7-bee3-4d9c820f3d6b","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":85,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"53709f02-aef8-42b4-87ff-9d186fd3a103","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":85,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"6db47788-6030-4a83-bd5a-7435b6c80721","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":85,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"8de7e5c6-7127-43de-8d85-d1fc2014f388","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":85,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"e1ef8ceb-844b-4e36-8410-73d81b0a563b","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":85,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"141e20de-a5c2-480d-86d7-ac3272e97c12","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":85,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"4b9d67f2-c297-4f0f-aacb-f2b61595e4ad","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":85,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"d52f79b0-000e-4fc7-b983-999a51d2dd35","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":85,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"88a2eda9-4765-4768-8949-cb7bc750f261","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":85,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"7224a9b0-ffb4-44f0-8efa-3f7165861b24","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":85,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"e023f536-4009-4185-ac6e-eb4cf8698953","block_type":"box","text":"economy.","page_number":85,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"9b233dbd-d624-48be-9708-2857ed5a70f7","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":85,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"37f3b075-a96d-452a-a9df-3b6ea4b9b7a8","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":85,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"202a9655-695c-4dfa-853b-10ff9f199366","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":85,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"42000578-1426-4fa9-932c-942a89cf99d6","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":85,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"bab5bd17-119b-476c-a5fa-91df8f0eed30","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":85,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"5ecbc2cb-befe-4431-950f-adce88a66500","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":85,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"2aefae0c-1a51-4f38-a4e7-a0a751df75c1","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":85,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"e2a9e9d4-7663-4e2b-9b87-742c209a0b09","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":85,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"b675153c-d7da-4de0-a070-0402c4c67d07","block_type":"box","text":"typically the case for investment managers.","page_number":85,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"e78fc1a3-3f72-4328-aed3-4f8421d022fb","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":85,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"b93d2d2d-5b19-47f1-8e70-2fd1707c3d68","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":85,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"07bebd41-a384-4d91-a786-6ae805da77eb","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":85,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"96a47045-c0f7-4f37-a9b5-545118c254f6","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":85,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"726261f7-b4d7-4214-8f43-ae31e5ff5ec2","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":85,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"bbc90950-d9fc-4d00-bd5e-f629a4cdc513","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":85,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"5e76397b-331f-4f66-aed5-358dca029aed","block_type":"box","text":"II-39","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51f6d56c-1499-42c9-aeee-e2470236a296","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d373842-40da-42b5-b7ac-8b9f985dae5a","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":86,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"cf97169a-ec6b-4b55-b60b-56042a67de0e","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":86,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"205e288a-394e-4b40-92e9-1ba8a58164ec","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":86,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"012c1f08-fb54-4809-baf6-d01c222691fb","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":86,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"471a9774-d90e-479c-a8a4-cbe8ff577fc0","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":86,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"061f7618-d1fe-4695-b417-f7ff665509b3","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":86,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"d098e63f-9498-4fb9-9972-72d1c19eeafc","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":86,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"ce527f60-6464-41b0-9981-e4798e49e632","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":86,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"f5af6435-3a69-427f-8b97-960837747123","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":86,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"01ed9bba-0044-439a-9c1c-6915f8caeb3f","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":86,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"6904624c-eacd-4d10-81e5-34d49d204dde","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":86,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"1fba1c6c-7438-4820-b5eb-deffbbd65fc5","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":86,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"f96649da-f4fa-46e5-974c-9db5e61962b4","block_type":"box","text":"will be indirectly subject to those risks.","page_number":86,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"629f3837-21ea-4110-aff4-d059905aa35b","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":86,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"c8ffc36d-870f-45a9-ade4-33b6ff83de90","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":86,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"d016b917-981e-40fd-bf07-6e74ea9586f6","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":86,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"9cb94702-e981-4ac5-8604-175664a43e98","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":86,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"34c5b8b9-ae17-4c44-b66d-b2576c956950","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":86,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"e2a7d18e-c426-4e2c-b969-b5ca6d506556","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":86,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"277931f8-687f-420e-a636-169464438134","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":86,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"ebe56618-f92f-4483-b9f1-385fc95e8f74","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":86,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"22481faa-bb17-4b5c-97a0-6fc5d4cbf173","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":86,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"521beb70-8baf-40d4-adf1-f5e310d101df","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":86,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"d2ca96a8-0045-46c2-a951-52a092f83bf5","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":86,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"d255a8df-b81b-4635-8afe-9d102b641ee6","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":86,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"46e396bc-216f-4d40-ae17-d810261d2682","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":86,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"a9c9806f-9047-4300-bb9b-70a347a32123","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":86,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"4f34a66f-50ed-43bb-acde-c98b24da33cc","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":86,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"2f25e017-05c0-49aa-80da-5d20aa4b3000","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":86,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"5ff5f676-4df6-45f3-b856-b0e59d1f7e38","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":86,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"712e9264-0305-4018-a2a7-2e66c03fe093","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":86,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"61e85b21-ce15-4213-8743-199a1055b7b3","block_type":"box","text":"impact on a Fund’s investments.","page_number":86,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"bc74a940-c06e-45e0-b1b6-a34d9e928e6e","block_type":"box","text":"Brady Bonds.","page_number":86,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"dee3406b-7230-4ff7-a47b-60b526e6b61f","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":86,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"539a2d38-9340-4b06-a839-37afd8738330","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":86,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"a90da4ef-b5dd-411c-8583-f874affb9a03","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":86,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"e2f3f937-7409-4377-aa94-6cb735b8518d","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":86,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"e5c7bf15-7015-4a58-965d-0fbea8ffa212","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":86,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"42a09ca9-9e32-4c14-91fb-14b51d1316ac","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":86,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"a1bc81c3-5533-4a78-a10d-19d7d674766f","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":86,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"87d0654a-9a9a-4898-9968-175fbc6bfd6a","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":86,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"5a870e83-2fa2-4a2c-9aef-f153ea0496b6","block_type":"box","text":"Venezuela.","page_number":86,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"0b69c216-48d6-4b54-b822-902c4c4fa52b","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":86,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"c81ff5b0-0de1-4d76-9886-f41ff71a4104","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":86,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"d450260f-3f03-4282-b7d0-1bd51e592128","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":86,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"dcce06c3-2774-4e5e-a69f-a4373b8f524a","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":86,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"f8ccf647-e87f-411d-a3fa-f243cf426407","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":86,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"b804809b-88ed-4933-9974-cebd8b881928","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":86,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"cc070cab-238e-4a88-9c71-71dbfc3877aa","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":86,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"efeae5aa-5497-4c80-bd0d-11df12e65c17","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":86,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"c31b0742-58f8-45ba-85eb-04ad188b46a7","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":86,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"5b1582e0-ab21-4770-ae66-8d3f1145435f","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":86,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"ad3d9095-22eb-4574-8339-7eee2a165d2c","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":86,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"f45c9f39-2634-41e8-8b05-9d9e5058fffd","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":86,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"1df4bde3-ae42-4630-8e07-296b1c1531fa","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":86,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"bf0516a4-73d8-4def-b6f9-341de636f5cb","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":86,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"01175440-afdd-4c4b-907d-251d067ef0b3","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":86,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"d84152c2-1b2f-4393-848a-5a023055e432","block_type":"box","text":"II-40","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e1daef2d-0788-4e50-a295-ee17ffca0670","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"954e2533-cc30-466b-b66f-40c08c172135","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":87,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"e138581c-a4ef-478c-8bf2-f9e8f0e55261","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":87,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"e8fde96b-532f-4b43-bdea-0067783ea9fa","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":87,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"9319cdd7-ac9f-45fe-bfa5-224ec1944c8f","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":87,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"36e6b701-af7d-4ed3-8f40-96f72c0f6b1b","block_type":"box","text":"China Investments Risk.","page_number":87,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"55c0a484-1e7f-4f56-ae1f-23b314e5ab31","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":87,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"fde1e31f-b904-4281-8991-032248a8c786","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":87,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"ae251adf-1300-4236-8bb5-6165bf3fb53d","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":87,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"fe27b820-0952-4a99-bafd-8b5e29d225e8","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":87,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"846613d4-d327-4952-82d3-988283760663","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":87,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"dd730906-1a9c-4fc7-a969-eca4cf2b40bc","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":87,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"3761eabc-8e29-4994-8e74-2accd3772720","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":87,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"d394c755-33d9-401d-9077-1d6e5ac722fc","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":87,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"d62c2abb-7d60-4c1d-934f-71a10825477b","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":87,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"a7a113a8-4c76-45d9-977d-6ca3113c0578","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":87,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"82e16af1-6665-4f12-8f3b-8f8226503623","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":87,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"fcc8c773-bdcc-4581-989a-dad72b1a841e","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":87,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"9b246be2-0158-4f1f-bb68-0601d631adb7","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":87,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"91e4179f-016d-4c34-9d5e-99518bb32b0b","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":87,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"1a6f2ecb-3501-4698-8fb7-acc37757f673","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":87,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"698ae350-12ca-4e01-b8e5-b5ae23ea2043","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":87,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"42d46388-c949-4c33-931b-3dcfdbebe73f","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":87,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"ecda627b-2f29-4acd-b19a-af48b0b5eb86","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":87,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"89a9cace-c49f-4fe6-b180-c6b4bd49bb6a","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":87,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"b4424b2f-0ee6-4531-86cf-f1bc2ea91c46","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":87,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"3e73dab2-295f-4181-b1f0-4c2e5a389ae5","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":87,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"2454e98c-f8b3-4d17-bbfe-fe2626941ec7","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":87,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"5bd78b22-3c86-44bd-8707-6f4ef2f7e087","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":87,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"603b2aef-0f32-4d49-b56e-a4c8950d7b50","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":87,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"1cd07a33-a054-448f-9a32-c78ff003ef45","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":87,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"250c0dd0-05b5-4efa-a396-12bb0010ba6b","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":87,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"b17f81a2-a576-48e3-92a0-54790dc02031","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":87,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"ac8cd5f0-cb7f-4ff4-b131-6daa04eefc8f","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":87,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"32df97d5-542c-47be-a1cf-79b94cf8ae0c","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":87,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"78e1cfd2-8a6a-4450-be3e-27d5dee37bd2","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":87,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"ae71723c-4333-4049-a06a-ef3c8d19d578","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":87,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"d42563e8-b0da-49e1-8120-481312932e22","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":87,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"06c4623c-bbd6-4482-95f9-c68568b46df0","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":87,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"d53a4bce-b43d-4836-9323-cba67789f673","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":87,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"9996cb0b-3e8b-487e-9730-5033f5c9a1e6","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":87,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"777e468b-fdb3-4cd2-a95b-9b465c36b4ce","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":87,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"0385deb1-1864-44d4-840a-c5644256166d","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":87,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"9d9c9ab0-1e19-4342-9bf1-c7f4715660ca","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":87,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"8b7761bd-4623-4fd7-93a7-0a387c219c1a","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":87,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"87e7bf60-c577-44d2-8336-cbcf7eb6db3f","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":87,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"92745cbe-5f94-410a-aff2-02c904d33832","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":87,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"dc37f527-f2f1-4b62-a730-568091927104","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":87,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"f136eb56-9108-4fc5-8192-f77003e50ff6","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":87,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"9b7fbb3f-e2d1-4339-b5a7-410cfc5e75a0","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":87,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"868c0b35-3dc6-404b-be9a-490f1bd9d6a8","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":87,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"37035eed-569e-482c-b97c-c750152cd219","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":87,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"4b1be779-0294-4fab-885c-16d9cc97d89c","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":87,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"69cb678e-9507-4158-826a-9224e9b2ec51","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":87,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"d2ec63e9-c9a1-4126-9a86-1c666c3440fc","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":87,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"16a88b53-d825-41b1-b3e1-e80aa2c9f596","block_type":"box","text":"sub-custodian.","page_number":87,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"5fba8fa1-1934-4162-8aa1-bc722780c768","block_type":"box","text":"II-41","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"789a60c8-9d58-4612-8284-bbc82873ef30","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58afb6cc-f1ea-4699-b3aa-153683dd6ad4","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":88,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"9a31fd43-949a-4e37-9d18-c36d8e976085","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":88,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"eac86cc9-4a4d-4063-9316-4295e48b37b2","block_type":"box","text":"on investor protection considerations.","page_number":88,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"f01e187e-6146-423c-bce5-f8119318f4c8","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":88,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"e400eecc-0188-4494-97d7-7f12a06870e3","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":88,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"6d3865db-28b7-47d2-a097-aa10bec2bb8f","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":88,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"50f8087d-d7b3-4bfd-808c-f77398fd7c36","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":88,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"e063d0c5-4b01-42b1-968d-984ac7a6977a","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":88,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"e7a77042-0367-4473-8e28-4693cc7e9f2d","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":88,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"4633c72b-e747-4cd0-8e11-80ce0d68f2a0","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":88,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"47eda950-cd7f-4527-b97d-2dc89b928bfb","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":88,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"5c83ad0d-199c-425b-b4a7-57301bf5fd94","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":88,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"cb2b1e56-77bf-4c49-b63f-644e6d0ee44b","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":88,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"a26017b9-0a75-4844-88ce-d0838123c27f","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":88,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"b17032d5-c417-4d3a-abd5-72177cbf80d6","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":88,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"20165ccc-6560-4ae7-a8e7-e429270c51d1","block_type":"box","text":"accounting firm.","page_number":88,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"3d2b9282-4455-4344-a1f0-192e940639e3","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":88,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"2c8d8914-4065-4fca-be63-b851d453e9ec","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":88,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"1f5085bb-64e9-4cd0-9f75-f0d538d1bc41","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":88,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"07687705-6e1f-4cb7-9130-7da7edf8b5ce","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":88,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"5cda8575-0e78-48d0-b1db-b6167073f689","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":88,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"2f80f5c3-9468-4af9-8c32-eacfb11e21d6","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":88,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"91f749fc-3d5a-483e-974a-6f2557db845e","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":88,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"9ad9713a-cca1-4bec-91f4-ae71a170c2dc","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":88,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"570c6a42-8eb2-4a63-8ac0-f0df77ff331b","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":88,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"1f3cc778-e161-4ed3-a4f2-252b7d530ec5","block_type":"box","text":"RMB (“CNH”).","page_number":88,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"2d93fd38-e803-4513-852a-1c0969592da7","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":88,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"417bcc06-1b3b-4726-93cd-60c907fc3638","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":88,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"6680879a-e2cd-47b4-9410-42e50263a6fa","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":88,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"59df6bbc-49aa-4cc8-ba49-52d0c44c55ed","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":88,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"9d538948-0e02-4376-8635-ea1e99285bc8","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":88,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"e53688be-fc29-41c7-8a52-8727012cc02d","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":88,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"cc5265ef-a114-4aa3-b4b5-5dbaa3a3f55c","block_type":"box","text":"represent equity ownership in the operating company.","page_number":88,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"c1218497-e3a0-4fae-96ac-aa973ce46bae","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":88,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"117a688f-5f6a-48cd-a9e2-e62ef97bc3c5","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":88,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"812918b6-da31-41c5-8fda-1b29d0b4c4f3","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":88,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"0730877e-c459-4082-8a02-28b5b04c9034","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":88,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"1ba335cb-c421-4ea2-b633-7efc8ef7c8ce","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":88,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"cfb08f17-3076-4d21-87fa-fe51b07a6daa","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":88,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"34fdd844-f5f5-43b4-bb69-5d0e321290fb","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":88,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"3ff909f1-49ac-4e76-879b-f1c8a9a7eca5","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":88,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"f47e3f70-f398-4db7-a874-a425a0ee9041","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":88,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"7e2c267f-0d1b-4962-9283-afea971724ae","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":88,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"e6870354-5227-46c8-988e-b9500a70d47d","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":88,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"9e8e9c42-64d1-4ff3-bbc1-53cdc4ac976e","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":88,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"e1ddbc8c-3839-47a4-93cf-965cca1d8c36","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":88,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"b7c8af4a-2d46-4661-bddb-e1d2b2afc194","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":88,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"75198be7-aa2f-47bf-93a6-579bd78d37a5","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":88,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"b5f207d3-616f-4cba-8b1c-df012e29d718","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":88,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"e85070ff-2200-4359-8be9-acc1d98ddfb7","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":88,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"5ecc8979-caac-4275-96a8-719ac83a43b3","block_type":"box","text":"losses to a Fund.","page_number":88,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"91750097-2233-4e51-8995-b908927e0f53","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":88,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"2324a5e9-6115-4fb5-9dcf-1a20320f6000","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":88,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"d6255e48-7140-4c08-a296-5b5621831b47","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":88,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"fde35200-1505-402b-b14a-91aada1d0973","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":88,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"b7d843e0-5013-4c7d-928d-1b4ef4c078f7","block_type":"box","text":"II-42","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1558f3db-9b74-43e8-9396-0842192ac0db","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bee1b7a1-bb6d-4d31-ae47-a11837f2e16d","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":89,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"83211090-3c34-41bd-905c-281ae4b2ed6e","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":89,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"b49ca81f-2682-4111-94ab-a33ee41034ba","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":89,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"7bfddffc-b6e6-4d94-a545-9bda7b8cf50e","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":89,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"afe7fe98-b011-4562-bb68-c6e651c84498","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":89,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"6c60ec3f-fef7-4837-9414-68148de85052","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":89,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"28c84675-1a1f-41d4-b4e7-3eb903b39ff7","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":89,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"6862d99f-6bff-47a6-9478-80be17f5ebb4","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":89,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"abc3d087-4f47-4158-8a10-0d59ee5e2db6","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":89,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"ae8ae2b4-a42d-4d3e-9c9f-0354a26ff6c3","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":89,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"93e0dd7e-f914-44ed-bee0-bb84bd8318ee","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":89,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"715418ac-f089-478a-8f66-cc61e0c46e12","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":89,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"dff48d5d-98b8-469c-8de9-afddba14f843","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":89,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"3614e4bd-3d2d-4f1f-b345-82c37c965695","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":89,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"4afb6000-ada1-44bd-87bf-066420e047e3","block_type":"box","text":"such companies.","page_number":89,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"ae16c817-90d6-422f-91e1-f4c4ece922fd","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":89,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"73644713-3e06-4833-a8f3-84b918ff5e3f","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":89,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"e02490d7-5dcd-4958-98c4-b504f01df682","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":89,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"1e18372f-df30-4780-be82-75153b8300fd","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":89,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"1e49afb5-a540-4d17-af5c-af989a5abf39","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":89,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"31bb67fe-b539-4568-a407-8debd380df80","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":89,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"0f13beb6-c00e-4b7c-8394-c97301b879ca","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":89,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"72a778bf-893c-490a-892f-a6af23dcb555","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":89,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"d0f8fcb1-278a-4f95-8a42-99cef0f6661f","block_type":"box","text":"standards.","page_number":89,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"6f3be016-ffe3-4d63-adc9-3e844752fb97","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":89,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"7e0d1b1a-c290-4787-b773-f2b3e7b94ceb","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":89,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"b6bb801e-8477-4449-ba89-a5eed66b08dd","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":89,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"f51a9f93-30b8-48db-b3da-bd9ffe4c6a65","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":89,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"820ad332-0255-4780-890c-028305f99588","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":89,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"21c78143-1a11-429d-abc1-9b0578022702","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":89,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"84fa3307-687c-49ce-ab91-646a00ede26b","block_type":"box","text":"General","page_number":89,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"e9408db2-350f-4e94-a1a2-2793d9d5b2a3","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":89,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"b1ac53fc-8a41-4837-b7e6-bad174b25d3b","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":89,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"24ff38eb-2c96-4016-8640-3c95d2943b91","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":89,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"f5d42d20-fdc0-468c-9ef7-c77c20aff908","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":89,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"54e9ce12-d997-4f21-a373-351539764eaf","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":89,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"037e797d-5d27-47ce-a96d-e2a7f6316ee0","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":89,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"5ef59046-6926-450e-94ce-15d67d667c1e","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":89,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"d829af01-8d5a-4d8d-8ba7-ae86edbadfd9","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":89,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"cfde40f2-ba7f-48f6-b956-ee9834c884c6","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":89,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"bb49c682-bcf3-4a65-b833-1ea7325b9861","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":89,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"7ee9ee30-a3dd-42c4-ad45-7c447620865b","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":89,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"aa914967-2777-4184-8b32-9e274dc1c6f0","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":89,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"148e1d62-7c49-4d45-969f-396aa318789f","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":89,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"a0b19e34-b66e-4e33-99b5-0ce7e81a6e1a","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":89,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"b6ecb717-c20c-488f-8e5b-6a1eb8ac7fd5","block_type":"box","text":"company established by SEHK.","page_number":89,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"7d34c10b-f7eb-4df5-98ed-5dbc9c8577cf","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":89,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"66aa9b62-205c-4283-87e4-88ab036d1b92","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":89,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"39c9d348-b267-41c9-8f75-b11df68e4ffa","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":89,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"b30a53b8-8925-4aea-b173-83370df85131","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":89,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"af7c6591-a9c9-4e3f-9f19-b11ef944cdba","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":89,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"f1987be3-eb96-40e4-a267-e5c6003aca5a","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":89,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"57ae89d9-3055-4304-87bb-8d4bc11cb190","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":89,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"f2f6b71c-bf11-459a-8384-e19f04ac74ae","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":89,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"a9449cc8-3821-4481-98d6-8e889f0dcb8f","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":89,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"e06a65b7-1bdd-40c8-884f-eee44205dd56","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":89,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"243d8a41-6806-41da-88bf-51091952b7e6","block_type":"box","text":"II-43","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"02a007cf-1fce-484c-892f-214eeca1c932","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51a6b2b9-db06-4fce-9005-ee6665d2c8fd","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":90,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"256976a2-576c-4667-a33a-8d9a11fb6b82","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":90,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"d4d08e9c-0451-4655-8677-e6d86b61d65a","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":90,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"c4b568b7-8678-4ad8-8771-bce5a17eb439","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":90,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"2dcd6b3a-a9ca-4657-ae8f-83f0d0e3025d","block_type":"box","text":"i.e.","page_number":90,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"256875dd-bc5f-4196-9f5b-948a1b0874ca","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":90,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"5c8409e0-f207-4c60-bf24-872ccf63cb30","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":90,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"2b43607d-b832-4730-9beb-038a9c210eb7","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":90,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"616541eb-bb66-417c-8d67-13cca1ff4464","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":90,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"2915ece1-9e56-422a-8448-9ec17aea6631","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":90,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"2e78e2fa-6c0e-4977-8e82-71befe280829","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":90,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"13962c07-8048-48fe-bf7e-adc505574348","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":90,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"9500a6f2-ca8d-4ec6-92f8-d4c55ee340e3","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":90,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"3f8d9eca-9364-493a-8683-0b35f93292f1","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":90,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"4da1637c-eeed-4e7b-90bf-3110e16e0082","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":90,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"6cc7e9a5-5004-4887-8577-cd016ee8658e","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":90,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"26864d2b-9b48-4178-92c4-0fb8ee65ffa2","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":90,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"c4efae8b-9e76-4090-aeed-3be74e4ecbbc","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":90,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"d6527445-31ac-4fb2-a086-fe08d8b9633d","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":90,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"92d8976e-8a4e-4879-b99a-7820787b6e62","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":90,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"2e57a6cd-43df-4761-a2ca-32aad33b3977","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":90,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"ed2f3a9b-1107-4065-b7b6-f15038940766","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":90,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"320e3f25-8f96-4a45-a633-9d6108c01c2c","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":90,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"f51894c3-fce0-4a2d-b27e-85a1c561e295","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":90,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"cc5eabaa-cc38-44c6-a2a2-e662a7deb37b","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":90,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"c77fd320-d028-4e25-b45d-191d3186ec20","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":90,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"e6cbcb4e-d3a0-437c-8deb-2f0e66ac7075","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":90,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"ff9fcce8-9331-4c7f-b568-6c3315829d4c","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":90,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"fba76e09-34b6-400a-862e-9b79b4609d44","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":90,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"3a90e7ba-ef19-4e60-9327-7a6dab7f8385","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":90,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"33eb7a20-4a10-4471-b37e-041b4a0be722","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":90,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"9b9a8658-7ca1-4ae8-a750-936d00284679","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":90,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"0ddb9e6b-a50c-457f-816f-220f4c707bba","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":90,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"86b617d4-3b9b-4ba2-99f1-a9b6a65694ee","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":90,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"9d19f2ef-0cc7-4a20-9e14-9c388dce94cf","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":90,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"272ddf2a-6620-460b-ad0b-f01a969ce43a","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":90,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"c9716d8b-779c-440f-adae-cd25c3d45146","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":90,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"e4d9ab9f-0154-4b24-852a-453026a614d3","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":90,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"640bed29-107f-4950-b2ac-6ae04415e100","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":90,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"6c58feab-b361-47c9-86b2-d0a73ae13b9c","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":90,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"6c4905ff-0a95-46bf-a4b9-b8490c962964","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":90,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"0977b0f0-1216-437d-aa07-dd2305617595","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":90,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"91917344-ebb3-4b19-8703-2b83aaf86c6e","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":90,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"bebed551-f2de-4ab3-aede-7116b4467ad1","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":90,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"51b5baf4-5f18-4b30-b9c8-72f6080fba03","block_type":"box","text":"PRC.","page_number":90,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"7be73176-9603-42d7-8f8c-ebcd5e9fea58","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":90,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"42a3f718-f76a-45e1-8cb7-f5ba21aa7a3a","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":90,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"12d773be-49ff-412c-b1fb-51b7b16201ef","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":90,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"6c589064-39d2-40c1-82e2-879434dfb83d","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":90,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"385602ba-d403-4923-82f1-16df19209114","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":90,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"83b2236d-a6da-4042-8e96-b8077be95083","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":90,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"33ee5d79-44b7-46fc-a2ae-4fbbafad26bc","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":90,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"28e4fbc2-fda0-4deb-a372-851a9cf9e557","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":90,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"66c65b71-915e-4ae6-aff5-082769274e38","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":90,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"9ef6df72-7dcd-4799-8bf8-e1b6779b2f26","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":90,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"4cad9aec-a23a-4571-964d-c1077bb23b0a","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":90,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"17b06277-c21e-4933-8468-74b987f9c49b","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":90,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"3ddf645d-7f83-4979-94d0-9a55cd439dd2","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":90,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"ce0e81d2-e478-4fff-a3cb-4638afa09c82","block_type":"box","text":"II-44","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"67e6139b-86d2-4f18-b245-671c75c95520","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"573e74a1-4083-4655-8052-9bcc76bf7041","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":91,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"2d301306-21cb-455c-beef-2760855a6136","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":91,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"c16100a8-227e-43dc-a39c-0f11bd0da8f9","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":91,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"30b0c5c8-ceb6-429e-9db1-b986e24d3c65","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":91,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"c9d8ae14-966d-4e86-84b1-9db04773bee4","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":91,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"34e40a4a-6429-4d65-994d-e6d216c4beb4","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":91,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"de386e0d-5b1b-4954-89be-e019d8a7c632","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":91,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"1ba55623-79a2-486e-9862-372679a2477c","block_type":"box","text":"Suspension Risk.","page_number":91,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"b81be3d4-7945-44b9-ae0c-7e021e59697a","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":91,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"154895a4-a745-4f26-8bb4-3059c230537b","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":91,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"28e0200a-8c62-4997-8ea0-1fbbb820db17","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":91,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"ab377b29-be9a-4b2c-8cf5-097a73e5a1db","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":91,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"06725b9e-72ea-4bb5-9adc-4196adbcce2c","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":91,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"7a038dad-2b64-4cb1-a576-1251f4c7989b","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":91,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"2f432a0a-3451-4b4a-a34e-fe57b5dafd41","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":91,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"12fa0b5e-3b9c-4141-b9c6-9c3e758384b2","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":91,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"1dcb2dfa-6d35-4e11-9c0a-cb993cb8d1e0","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":91,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"b1c761b7-9423-4684-a7b0-df299fdd7d0b","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":91,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"4ab83f9c-a866-4513-9ee2-2d2f9757b938","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":91,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"aa1d207a-37d1-4ed9-8037-52d889339667","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":91,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"7c33b499-578d-4b33-b84f-953a0d75d824","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":91,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"55267694-8494-4731-9670-c68a8e55ba14","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":91,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"e0864032-4348-47f1-b32b-3fbe38a1196d","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":91,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"0f7dde0e-f251-444e-86b0-784e4ab503ee","block_type":"box","text":"A Fund may invest directly in the","page_number":91,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"b7b96ef2-13ca-46c6-a13a-713003fdf8c0","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":91,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"6a4b2ea1-bdeb-4f73-ae75-5d22d02b08cb","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":91,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"9308aa41-5fa4-4c9a-af50-ec1cc11ae3be","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":91,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"b2761d74-747e-4975-8c8a-b134cc4efd0d","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":91,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"1e895986-1e8c-4f27-a991-efe2dd30fdc4","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":91,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"77fa7abe-30b3-46a0-ba38-20422781a2d7","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":91,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"96baa2b6-4d3f-47d2-8388-54bd90f8e088","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":91,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"ed580b11-01ee-4303-a90d-fffde9493cb1","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":91,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"6730f861-a97d-42c1-a3e1-8c220294d5e5","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":91,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"1101ac64-af17-48b3-9475-c2c15d3901e7","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":91,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"2c5438be-f4d4-4d54-936f-8c27684b37e0","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":91,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"5625f96b-c9ff-40c3-b982-8b3e1ddcf117","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":91,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"140b0595-b87b-4e75-a367-291b58db64dd","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":91,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"5c6e6c2f-eaaf-4672-9545-375ecb1df44c","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":91,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"6698e12f-ad8c-460e-a05b-fb1852b7f002","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":91,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"07cc1c71-e9db-481d-87f5-651fa187888c","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":91,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"1e82668c-cded-47b3-bdf2-bee96a5d88c7","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":91,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"ac026744-3b65-4de5-a769-ec8101044fd0","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":91,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"06761c95-df34-4a03-b28a-a0250f4a4f84","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":91,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"4bec087d-3366-4909-ae61-ce4aeb6fe6d4","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":91,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"78d8f62e-1d6d-4a53-9402-89b9f5085414","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":91,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"c1626af4-cde8-43a0-a295-4a4b4428ed15","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":91,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"0c31b4ba-23ec-46cd-ade7-d12f559f591a","block_type":"box","text":"i.e.","page_number":91,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"27bfccd5-16c9-4e61-b0bd-98982a764ca3","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":91,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"c40b39a3-782d-4063-89d9-94d3a4957bab","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":91,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"4c4318d8-e71f-4f2e-b500-914769de80ac","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":91,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"825d5a31-1c9f-4a3c-85ca-e63591afbb88","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":91,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"303ad636-2afd-4ec4-84c1-a3b95191927a","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":91,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"60655d9b-7173-4191-ad1b-6bf297f4749a","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":91,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"ee3c4526-ed15-42ff-beeb-49b080b6e6a1","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":91,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"a994ed7a-c0b1-4d18-8212-43c6d5916a64","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":91,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"230abcf7-6d81-440e-be0d-7359d3475c70","block_type":"box","text":"par ties.","page_number":91,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"c9a73285-9df7-4597-91fc-375024f9bedf","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":91,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"93deaebc-e98a-4d16-9507-bb58567aaaad","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":91,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"36f98f7c-3a78-461b-a846-1e2a819db87c","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":91,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"cc4a6ab2-2b21-4d5c-8cfd-c7989ae68865","block_type":"box","text":"II-45","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91cb2c30-e175-4564-8570-b7b9eb63792c","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a368f108-1657-4bf2-ac30-55ca69cd2e2a","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":92,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"b40055c1-deb1-414a-968a-a2fac285eb11","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":92,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"00a26af9-1682-445b-862e-2eb517e466a1","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":92,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"c04461cc-c741-49fe-942d-1fd7d4d19326","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":92,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"e3822cca-94f4-408a-8732-b20eca74c775","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":92,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"662f4c0b-4c11-40f8-8f1b-33dc375757c6","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":92,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"d1dfde40-3941-42e5-ab71-0527b81091d8","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":92,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"9c753ae6-360a-45b7-a4a2-2ffa802aaabd","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":92,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"0dfb2822-e6fe-4714-b5d6-b7daa3083c5f","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":92,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"45d11522-9c24-48b3-894d-ba802d0a47e8","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":92,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"89e18283-9978-45ac-acb3-c44447c9c48b","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":92,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"ef51e27e-0584-449e-86cd-1bd50f1c1e5f","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":92,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"d164fa92-70e0-490d-9992-1d7fa4135ee7","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":92,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"37712068-9801-4480-8d1e-9e5dfcead7b7","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":92,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"933c8ff8-5eea-4ff5-9caf-1f3359af8807","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":92,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"a359f314-c248-4b6a-88ca-5c9bf18518ca","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":92,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"e295e2b3-298c-4806-9709-f22c9de7df3f","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":92,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"dd7fe6a3-c392-4021-be5c-1abf3290f02f","block_type":"box","text":"per formance.","page_number":92,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"bbdc926a-8c09-47a8-9132-d11a6feeaaba","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":92,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"4ef439d9-ac5f-4380-974e-488d7a2c09e8","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":92,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"f99415bd-d16d-4578-ae8c-a3d91c52d9a6","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":92,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"7e95468e-96c0-4579-a6e4-7a7c21d76328","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":92,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"b783116c-92e2-4942-8fc0-3cbea9f0d838","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":92,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"a7baf3f1-2ac3-4d4f-b899-c1e0c8065e5d","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":92,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"357c95e6-62f1-4862-a2d5-ba68a2b93d60","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":92,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"1f0c7ebd-89cf-41f7-98bf-e6912865e772","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":92,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"bce5af33-6715-4fc7-9549-50d32863722e","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":92,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"1b055bdd-911e-4d54-8803-56b2d1fabd62","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":92,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"c5153f8e-f8ef-47bb-9a03-29576d61d4ef","block_type":"box","text":".","page_number":92,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"0367f3df-1244-4bf8-83ce-b638aebb384e","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":92,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"8939f52d-05e7-4581-9f2b-b2b2a2a9c432","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":92,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"a6115767-e6ee-41f6-9748-c85e3285ebac","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":92,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"4472d80d-0fb0-47d5-90aa-dc8bd6b0565f","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":92,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"994318be-346e-4d51-b509-8f278789d685","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":92,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"0122fe8f-16f7-42c5-9858-1b7bf645e5c2","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":92,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"b6036650-bd20-4033-baf6-9904b6e9d2af","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":92,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"c5427597-22fd-4871-abad-cf887c6f861f","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":92,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"6d5b65aa-3399-4ff7-a00d-b09d40248b0b","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":92,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"dd0145ef-5bac-49a4-aeba-0c98b80e02a8","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":92,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"62cfa9e2-d2b0-49d6-b07a-4a59d51a9aa7","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":92,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"2afee93f-82cb-458a-b19b-d821fcd8fc5a","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":92,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"7eb060e8-07b7-4768-bd52-91c79763e294","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":92,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"d62c193f-f9b8-430f-99e0-980b1535fa50","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":92,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"4c8dc04b-6eea-45a0-8df5-435a40279d59","block_type":"box","text":"without notice.","page_number":92,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"99ce3004-2053-453c-ad7b-df325002b90c","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":92,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"08c6bc18-c1f5-4dc7-bca3-713690c52ccb","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":92,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"a0cbea47-33e1-4095-b238-65396d642c95","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":92,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"87a82f98-6f9e-4525-b559-a013c34a5b2b","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":92,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"f004eccb-bd4e-4dd9-9c09-e8db0b7505d7","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":92,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"f8368045-2a6a-49cf-be45-9913122b7c49","block_type":"box","text":"December 31, 2027.","page_number":92,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"f911afcc-4a5d-405e-936a-a2338bdf52fa","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":92,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"d5d3db57-6283-4b53-8186-abcd09ee2deb","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":92,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"347fa07f-d0ba-4589-8b01-dca95aa7c27a","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":92,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"4fde5da0-0051-44fc-8392-6aaf31e5c30e","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":92,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"12dd19c9-08c5-4f5b-9f11-f59941d082ee","block_type":"box","text":"II-46","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6dccaa88-66ca-4f8b-897d-7895db0c92b6","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8531e344-31c7-4477-b607-79af16f9308f","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":93,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"19e17983-3652-453b-aaf6-15a958c2c3d5","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":93,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"0c381fb9-735a-4605-97d1-95b525732755","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":93,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"1528a030-48de-4d04-ae58-12e504fe9eab","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":93,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"b1aaff5e-c3ad-49f5-a27d-d7a23ef1e066","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":93,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"82641d94-8514-4418-862b-56272d3be44f","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":93,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"2a323be7-04f0-4551-8ed2-40e8a8005c1b","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":93,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"fff3ea20-1520-41c2-bceb-9b4c9ada8c5f","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":93,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"d933b427-1b66-4597-ba55-02abdd853b9b","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":93,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"884e918c-6294-49f9-96ca-9b76e7c929e1","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":93,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"c080eaf6-e8d0-409b-92f5-94c205319893","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":93,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"1584b826-9599-46e9-a9c2-70760d508d53","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":93,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"744187ea-e341-4a2a-995f-ea0f70a82b7d","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":93,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"9749f23f-ea43-4ca4-bb62-61be2c7f2db1","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":93,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"f18316aa-aab5-45a1-8523-5f6e2b080265","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":93,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"4bd4f830-d7ba-4117-9919-91c0c644d265","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":93,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"8d441de1-c025-4622-bc6e-3d5cd826f671","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":93,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"6af69ddd-6081-4957-88d1-6af660e3204f","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":93,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"30ba7ac9-e3b2-47a7-8c3a-0a324ca667e7","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":93,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"bd8a8b1d-f2e1-401c-b3f4-261437534b01","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":93,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"1c45e108-2903-4450-9035-31ac78176368","block_type":"box","text":"the PRC in notifications.","page_number":93,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"91c26562-20fc-48f9-9358-4d7c5fc57329","block_type":"box","text":"Investment in Other Investment Companies.","page_number":93,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"e976520d-fc53-4bdf-a30c-1eab072bebad","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":93,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"b361ae11-60e8-47b1-aad4-9387b89fd308","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":93,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"7e0891ff-f72b-4326-b370-f37f5dac6c55","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":93,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"f1c6d5b0-9bdf-4327-bed6-e7287895f7a3","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":93,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"55a76dab-2420-47d1-a728-55c190873595","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":93,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"83981a21-64f7-4dcd-a192-c0129f2ee856","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":93,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"9226900d-58be-46cb-a757-4889e467fbd5","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":93,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"1f98e1ec-1182-470a-afa9-eac57ad22d97","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":93,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"48229517-44b2-4c91-9399-d104db3a8a89","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":93,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"152da2f8-42d1-4f2d-9d94-12a1235dee24","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":93,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"dc776d94-0b91-4c16-ab02-897566dd400b","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":93,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"5e778dc8-ae6c-4180-890a-853cd6acf9ce","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":93,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"abe5e1ef-a33e-4bfc-a233-d77b7be90e45","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":93,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"feb550dd-6afd-45af-86ca-dcaa43dc396d","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":93,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"373ca81b-f100-48c7-8e29-68361707d125","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":93,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"161fe12a-3e27-415b-a76c-4241980da0a9","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":93,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"79b37529-59b5-4c2a-a8b7-633fea60a88a","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":93,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"13e5751d-bb8f-48b7-8eb0-74ec637e7ae6","block_type":"box","text":"subject to cer tain conditions.","page_number":93,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"75e1e368-5516-473f-9952-fb56374e727c","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":93,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"f7c9db1c-8572-4ae9-b038-5d23e6247fc5","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":93,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"2815bef1-3fa5-42a4-b8cf-cfb6533afc4a","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":93,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"7af4386d-1b97-4448-9ed2-a1e8582a614a","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":93,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"47f58489-d5cf-460e-8d80-76871e5ad9f9","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":93,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"7b4a429e-0497-4539-814f-67f767b96859","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":93,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"24f064ab-a8cd-46c9-b0df-4bf3e3f867a3","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":93,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"b4ee3bc0-b0e0-4cdd-b707-8832a4940f1f","block_type":"box","text":"loss.","page_number":93,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"255335ae-0f4d-473c-8b8f-3b13b235273b","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":93,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"7e865957-fd52-4f24-b06b-a07cbac63627","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":93,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"2af2221e-749a-4a39-8cca-2b9f8975010f","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":93,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"4ba47477-a451-4568-b113-5329bbc787c9","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":93,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"b8f65288-8f2e-4b6e-b1f6-c39ccda6dec2","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":93,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"e70fce11-d5a3-4639-b4e0-6087c5ab8160","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":93,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"521539f4-af3f-46a3-b1d6-169ac119220d","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":93,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"4cdc5972-fbb2-476d-8718-576c30fe69f3","block_type":"box","text":"II-47","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ce813e66-bbea-4a1f-8b3d-ea8e6e7ee986","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc324c72-efe9-4807-af06-18575c943432","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":94,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"cbf4676e-10f7-4048-8815-5f150e881867","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":94,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"790a12cf-02a2-4187-91f3-d35a7e44f416","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":94,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"5797aba5-cb61-4e7a-8554-77d3a8902f57","block_type":"box","text":"assets.","page_number":94,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"bb861dc2-52c8-49a1-9dca-657a09bc6253","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":94,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"2fd0c40b-fc33-47f2-9838-53a635995678","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":94,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"932df899-238d-4e9d-a316-1b0a47540f2f","block_type":"box","text":"e.g.","page_number":94,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"df2395fd-6d20-452d-9fcc-83963a08033b","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":94,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"72d611d1-69de-4d09-acd5-c6f409b72e55","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":94,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"8ad6dee2-06c5-4a07-bb6e-10050520f5a3","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":94,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"51c99c79-1524-4f34-871e-79d678cb59a4","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":94,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"5fc41701-c788-4694-bedd-7aa2c843d4b7","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":94,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"2610fed1-cc8d-4498-954e-5d8c00371505","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":94,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"358b96d3-74cf-4638-9569-201cb565efda","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":94,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"2f263d87-5ec4-495a-9089-9d1701c69976","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":94,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"aa070be5-03ce-4152-a994-0ab645aba9f8","block_type":"box","text":"countries.","page_number":94,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"84166267-15c2-4b29-bca5-b225f83d5a59","block_type":"box","text":"Issuer Insolvency Risk.","page_number":94,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"7be37d38-cfe3-42a1-97d4-e783d19cdd71","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":94,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"3fa98d13-7d38-4423-8cc9-aa6d9acffdf7","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":94,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"c4f158aa-695d-49ef-b738-7342efc85de4","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":94,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"3d0a871e-dc85-45ff-8096-f3e453513788","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":94,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"9278ba10-bf20-490b-9d91-59ef3f7df7cc","block_type":"box","text":"issuer uncer tain.","page_number":94,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"15bd9cef-d161-41d8-8134-a3b7915b2cbd","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":94,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"8494ba4a-7be4-4abc-8b71-8664dea6ae30","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":94,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"39d95cfd-4558-4ca6-86ad-a0101c3cec5d","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":94,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"8e164adf-220b-47ca-8b93-3e62363e6a55","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":94,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"e98694c0-ab65-4cfc-944f-fb6633c90a84","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":94,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"3d22378d-45de-410b-836c-4ed0e197e6ab","block_type":"box","text":"eventually be satisfied.","page_number":94,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"81256688-3563-444d-a053-2a2100ca97ba","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":94,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"2c0aa9fa-7257-4a84-a6b3-f770eef7b9fe","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":94,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"900f6728-60af-4cfe-94d8-7d10eef583d6","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":94,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"4b23d2f5-c59a-4c00-ae42-05a1f1a60357","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":94,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"79bb6680-0611-4a9f-b29b-2d55c062267b","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":94,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"7f87b284-d2ea-4f03-ab41-9e60f5b5a898","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":94,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"d7eec4fb-3c35-429e-8120-df80e3cd171f","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":94,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"be5a704c-23c5-4b51-82dd-0186ee3eccbe","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":94,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"700fa8d9-dfb6-46ea-bae2-27e4474a4c10","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":94,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"6155320f-9485-4c65-b158-b0e6db816999","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":94,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"ef16b74f-48ed-4ba7-9b2e-d3e7a2344452","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":94,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"3260510d-ed9c-49b3-a204-960563b91e6c","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":94,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"246aca51-33e8-4a8d-b739-c49d4c0e1753","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":94,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"6364691e-990f-4ace-93f5-b336d3caeedb","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":94,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"08f76cce-02f5-4750-b8f5-25024ccf297e","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":94,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"b4c2711c-4f23-401b-8281-ee9e94069404","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":94,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"d6dc0908-7437-4ccd-9621-87e401f657ba","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":94,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"16c85b7a-bd15-402c-9b6a-5e432b519193","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":94,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"1f94c341-c2d5-4f7a-bab8-1ab4dcae7564","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":94,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"a137020e-4f23-49e1-9897-e506e6d78aec","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":94,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"24b45b56-2196-4bcb-8e0d-0ea5edd2084a","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":94,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"c3bb08c6-9617-4433-ab46-9c5be4632d27","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":94,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"29515e44-b394-4c61-bd85-68e198db5313","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":94,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"06227892-ccfc-4f72-8991-e3196803ffab","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":94,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"6b25be62-1482-4b40-ae58-8d1778370074","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":94,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"ef6f6e2b-9362-4cac-9a77-9c16d01ec559","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":94,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"23796a0b-3229-417c-9637-72a0849dd656","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":94,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"61c021b8-1a23-4055-b78f-64e470eec720","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":94,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"67985c9e-bb48-49a2-93f3-674a15fbfa6c","block_type":"box","text":"that assumed generally by an investor.","page_number":94,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"22813c90-396d-49b0-8ca9-08b4e4d5d902","block_type":"box","text":"II-48","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27a48cba-c415-47ac-8b68-2f23bae7e11d","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af59db0f-34f9-4df3-a193-0c7fcb2725dd","block_type":"box","text":"Lease Obligations.","page_number":95,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"86d7a54d-00bc-4e77-9f91-c6ba8d60764d","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":95,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"9a5814dd-a794-4f3e-8c48-73f677d78577","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":95,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"15112296-5fe2-4648-983a-3c93bbf498ea","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":95,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"dbe2b6b8-a939-4de7-abad-ea5c7ddf1c9b","block_type":"box","text":"Life Settlement Investments.","page_number":95,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"3afa00fb-b0e9-4e5e-90a8-6ba9c3009a24","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":95,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"f3668a0e-39cd-486d-9a7d-0fcc2bcdc6d8","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":95,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"125536f4-0687-4103-a22a-0a279c2977af","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":95,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"c28692ea-cdcf-44e8-b9d5-0e4cfe48b5fb","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":95,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"6bccd329-eda9-4bd6-838c-118ec636fe38","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":95,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"2761371c-c551-4513-a16b-9f0645956920","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":95,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"4acf5dbb-355b-4be2-af7c-3db57e7ec70e","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":95,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"fda90503-8c30-48c2-b7d3-83832fd88a3e","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":95,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"d1113a1a-cdf3-4ba9-b0a3-cfe5414934ca","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":95,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"91494b6c-4af3-4c28-bc3e-f6b63492e15e","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":95,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"158a3554-5b06-43fe-8517-17509d097ab8","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":95,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"39f697d7-5075-4215-bf01-8fc35b95117e","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":95,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"2040a59a-bd2a-487f-9c01-739c82a3ac1a","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":95,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"a364937e-d6f0-4afe-a544-01e3705161df","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":95,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"83e25da3-5f76-43fe-8bc1-523f5ed597f7","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":95,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"2c59c358-b782-4cd1-849b-bc5def650197","block_type":"box","text":"Liquidity Risk Management.","page_number":95,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"e85f5fb0-5c5e-426f-b40e-e37a88bb5599","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":95,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"5ee7ba83-73b8-4675-8151-a8d35155e420","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":95,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"5978cc0e-b8d8-48da-b16a-61ee049f1712","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":95,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"4ca29277-37ee-41de-8b12-0cc7d7636d5b","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":95,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"243ebbb6-b34d-4536-8341-60147b52a1c4","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":95,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"b8c9fe1c-d877-4507-be36-0e15739e2ec4","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":95,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"e82568f4-3dbf-4b9f-a30c-6381cbd05d00","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":95,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"75434a69-4b05-43c6-a667-b82146e765b7","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":95,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"0a72b22c-9b2b-4338-8c87-36a199d16e0f","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":95,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"c8fe3e48-19c9-4ae8-924a-aecd48ac7d34","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":95,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"042c6f80-537e-4953-bb5d-e9f928b3ada1","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":95,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"9ff559e9-ee6b-4870-b9d2-a7f8324c911b","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":95,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"4846f176-793c-4c79-b842-a2fa3796d478","block_type":"box","text":"Master Limited Partnerships.","page_number":95,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"85e3f176-7acf-4477-aade-74add965762d","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":95,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"e6eec3d2-7ee9-4118-a60a-64800ae8d9b4","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":95,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"82079495-325b-4ff2-b59d-f03e209fbd12","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":95,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"09c71884-7683-47d6-aa7c-d58c15f4e5fb","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":95,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"a5c39b6e-bedd-4d2b-a05a-94e34e794889","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":95,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"74bafde7-6c0b-4597-a351-ab3b6b504faa","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":95,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"09289cf0-f811-438e-ad41-3c713cc55724","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":95,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"308b0e1d-c461-4e42-ab0d-276c362011d5","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":95,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"f0ede21b-5654-4e93-8bda-7ae0f8f068c8","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":95,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"67f8abd2-9d42-48f2-9333-1fcd8b60ec64","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":95,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"69edb856-d01f-46be-86b5-289802a560db","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":95,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"609c579a-4992-4b1e-975c-be6c1ccb8a3e","block_type":"box","text":"in the par tnership’s operations and management.","page_number":95,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"fcf6c78d-a93e-4e06-a262-be830e719110","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":95,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"70e3e0bd-b371-4435-9cae-a8fa67e377ea","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":95,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"91a6c779-da5e-4b4c-bb37-9315d209e87a","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":95,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"3d00eefd-12ab-47a8-b628-32d00f2cabb4","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":95,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"d5f5c795-8e78-47e6-a113-7f2ebb6ffa53","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":95,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"5c582cc5-c0e0-4af7-a4f1-857d00540f10","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":95,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"a788e531-8e78-45e2-82ea-aa715923eead","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":95,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"8d5af30a-9bad-4732-86cd-7263d15ea7b0","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":95,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"651c0f6d-5998-424b-9cec-fdeb536163bb","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":95,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"05a91d88-03f4-4027-bb1c-188b0d8715db","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":95,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"564bd1ee-05f1-4c2a-b10d-bc09340a21a1","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":95,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"dfa2d633-0fae-4984-b27c-71dfcac952b7","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":95,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"e9a7616e-ef3f-41ac-9905-90b25c7e1821","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":95,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"1bbb4ff8-2261-4d61-90d9-71331f541d4d","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":95,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"b1cedfcf-5008-41bb-99fd-eba2cfbb55ba","block_type":"box","text":"II-49","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac883b33-a838-423f-82a5-3fc5c0dba876","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1c6c9dc-7a81-40a3-a04f-e1fea8e15134","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":96,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"7c14c5a2-e225-4cd9-b179-93eff575a9ad","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":96,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"9372a279-50ef-45eb-8769-6f1739810d32","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":96,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"6aa61cd9-ea56-4a2e-8bf3-0f543be6803e","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":96,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"fe470582-296c-4844-8250-6f749a45fe35","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":96,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"9f8a8455-7341-4987-8324-2740718d45f0","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":96,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"86c6e029-b1fa-4604-a5b1-a0f9081f0009","block_type":"box","text":"Merger Transaction Risk.","page_number":96,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"37201bcc-2b7b-42d6-9745-787fd1139c3c","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":96,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"c2bbf554-edc7-458f-9478-3cddc5b3d30c","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":96,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"b61b5ca3-1e76-4db5-88ed-9f73142f6bc4","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":96,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"55f0622a-4a99-4a6f-9a96-0a003bb2aaac","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":96,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"7946f599-cb2d-4ca7-861e-5764ff5bbcc0","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":96,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"bc70843b-7075-4f84-9586-377eead75f15","block_type":"box","text":"the Fund and may lose significant value.","page_number":96,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"64da048e-dc2c-4f60-8991-81c9296e5117","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":96,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"bc0d2ff6-44e8-48ed-b58b-3e3a4395179a","block_type":"box","text":"Cer tain","page_number":96,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"fe1f45c6-fba3-4e94-b6a7-038533dfedcd","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":96,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"744a7621-ef6f-4a31-9b08-c9b9f4d5e764","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":96,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"0bcfac96-9b2b-49dd-970d-a7b6c9beb97c","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":96,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"3be26b84-4668-4f08-b20f-336b54d0f667","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":96,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"247cc13e-1459-4647-8642-b591dc405fc3","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":96,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"54a298da-c47a-4761-95c7-5563d40fa555","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":96,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"84ce61ad-cdbb-4878-9906-2da005ff253f","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":96,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"ff333b04-f7c7-4d6e-a40f-a8cecc76c326","block_type":"box","text":"branches of domestic banks.","page_number":96,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"533b2d3e-1997-4774-ac30-3d72f20e095b","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":96,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"10748c22-cdbd-445d-815e-ae35fe47ea51","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":96,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"fc78efff-b6a4-4710-870f-8bf1005c39df","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":96,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"ae6583a7-4d98-45a1-b9c0-3989adb13755","block_type":"box","text":"paper of a foreign issuer.","page_number":96,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"8dcfb4ec-4290-46a8-8fe4-088bc042f5cf","block_type":"box","text":"Money Market Securities.","page_number":96,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"cd7389d2-8544-41bc-bcd5-97b794e63005","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":96,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"e5f56020-fd35-4f87-944c-78c85b767a5a","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":96,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"188a95cc-a688-48e8-816e-1fe1e4219267","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":96,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"e1d4ac85-4b03-4df2-94a9-a01450ab54e9","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":96,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"5e3be130-5b33-4b4b-97d7-ee072560df9e","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":96,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"ef787f4f-7104-42cc-927b-acc5d8cbb5ea","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":96,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"9782443e-26ad-4550-9cea-2965c1d3e3f3","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":96,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"13b5c5ea-96f8-4417-98c8-5b0131c0e0b9","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":96,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"c658cf1b-c5c2-4a64-b25b-46ccbd5c2ba3","block_type":"box","text":"agencies;","page_number":96,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"3749084e-247b-4526-af95-09c4288aa819","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":96,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"024464b3-6576-426d-b20f-32901dd2a5be","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":96,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"dfc79220-8e21-40ca-a554-959c8b9b914f","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":96,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"6eefbb5f-22d8-4395-b33f-5241a178f218","block_type":"box","text":"obligations and credit card receivables);","page_number":96,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"ae369384-801f-4612-aeff-db1007265a81","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":96,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"e72877af-b54e-45d9-af4e-ef11ab5c9c46","block_type":"box","text":"authorities and related custodial receipts;","page_number":96,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"db5ab18c-b42e-452f-84c8-66a3fa7629a7","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":96,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"619c43ad-c23d-4cc3-8ac6-2cd18f7749df","block_type":"box","text":"agencies or authorities;","page_number":96,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"c9271364-9a9c-4dc3-a554-cd0b485b5476","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":96,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"cd0ab052-f34b-4903-89e8-fdf85df59094","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":96,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"39ab197f-e203-4448-8352-3f598feba714","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":96,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"5fa0e270-31dc-4c42-88f5-adcddd737729","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":96,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"3f3fd65a-3ed0-4d58-b77c-2a8ac405aab6","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":96,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"1b6210b6-f620-4217-9eb4-b2e557d8119e","block_type":"box","text":"States;","page_number":96,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"6c10676b-eb3f-4dac-adde-179addfb6c2a","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":96,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"30a3b1af-d870-4f47-987f-34f68296bd7c","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":96,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"7ea4d047-e1cd-414a-b872-41768a931f28","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":96,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"c0df70e4-f9a1-403e-a3cf-8d9a45bc7b63","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":96,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"2f8393ec-5600-435a-bfd0-6c4fd6afcefd","block_type":"box","text":"II-50","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92105cc8-6e28-4b82-bfcb-720a48e5ad32","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8b45f6d-be72-4231-8342-2b6fa813039f","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":97,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"af17526f-f674-4ccc-85a3-78de28837ca7","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":97,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"e9891047-65ae-426c-962f-7cd67305b341","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":97,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"379394c1-bf57-4ce0-9c79-ce9bbc7ba015","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":97,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"7b5744c7-ecd9-45e2-ac7e-62120d0820ad","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":97,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"72bda6c2-795c-412d-a1f3-60755200a18a","block_type":"box","text":"States.","page_number":97,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"3c00413a-5da7-407c-8bdb-9c76a58d1a01","block_type":"box","text":"Mortgage-Related Securities.","page_number":97,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"d33a1dfe-2972-4fb9-9094-b6367a966f49","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":97,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"b2e290b1-d7b5-49e6-84f5-81a6b738fd99","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":97,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"8b15815e-1b6b-4732-81db-97e9c9d665ca","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":97,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"d6c9cdc3-5058-4479-bedf-a0e1664a9866","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":97,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"8e4f6a4c-c0ff-46b0-92d0-e461ca598de6","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":97,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"80d8ff13-c95c-4ed7-aac8-fb5da0b551a4","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":97,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"c0cda28b-8d95-41a7-9715-2cae3636cf20","block_type":"box","text":"maturity or specified call dates.","page_number":97,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"5111c3e3-7b47-468d-b9ff-0097616ac22c","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":97,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"f8c34f16-e5d6-4fed-b9f4-87101357c34c","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":97,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"1ac4ced7-7a1c-41f3-8a8b-1dfa0c691f7a","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":97,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"c88fb2f7-3fef-4431-9846-0527c97fa7ee","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":97,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"c7304aeb-107f-4e52-9719-83508bd363f3","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":97,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"891163ba-a087-4b82-a2a4-e34d772d0ce8","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":97,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"3c850136-ef01-4c26-a922-e38f8798d10a","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":97,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"017e8856-0810-463a-a638-62e233b392ab","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":97,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"41986519-4093-4f9c-9c6a-c325f5584a69","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":97,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"74e0bf84-940f-4a05-9d72-f489865a68d6","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":97,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"294667ae-a706-46f5-9d4c-abfa7e65b77a","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":97,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"eb424348-3efc-4676-b403-4d2d2163e8f7","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":97,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"17db3264-7d42-4af9-816c-1c3603f55e69","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":97,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"ee5eb3ed-f2bf-41ac-949f-083a84be08e5","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":97,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"cac5ef13-4183-4511-b600-be276d57f9cb","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":97,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"48aa35e7-75f3-42d4-9ee8-893fd50a3d9b","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":97,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"56d9c650-3309-4292-85a9-3462697d7da6","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":97,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"17a3a730-fb88-41fd-9e8c-017ad7d6436a","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":97,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"648c0bcf-cfff-4256-a7e7-bfbd56368e8a","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":97,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"a44a71f5-ee00-43fd-ae0e-e29acb5d2129","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":97,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"0b71d9ae-4f6e-4a33-988d-df040d40b12e","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":97,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"207dca56-fa35-4633-8618-1dfb03c1a2e7","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":97,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"1cbeabc8-2b8d-43e2-b0c3-966974e5c18e","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":97,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"07581946-f396-44e2-889b-febfba60b387","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":97,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"cfb251ab-b8ee-45b6-9447-704dc3c509fe","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":97,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"bc760401-7b4b-443f-a7da-823e2687352f","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":97,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"e5bce947-3b1b-4c2a-8eb6-931e8f9784de","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":97,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"889e15a2-152d-4570-ac94-48a5fa4f1563","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":97,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"2512e5a2-45c6-44ff-9753-71b0ddd501af","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":97,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"13cae2ef-a407-4044-aa49-bad4f7671ed7","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":97,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"64c851d1-7205-4321-8c5a-6d7a83896be2","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":97,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"9a311b7f-5864-4220-94c5-02bf3d2b0f8b","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":97,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"94ace624-bedd-4ded-b1f7-7cb81b9402f9","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":97,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"cfc270d2-6c31-4037-a306-44b4e02d9545","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":97,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"e835e19b-916a-4718-bf0f-3bf64b79e502","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":97,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"d92778c6-de29-447a-909a-6bb34cfb9229","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":97,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"38e7a1c6-15a8-4ce1-81d7-a68ce17b289f","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":97,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"58b22898-c3a7-4cdb-a4f6-4f2fe6df97bb","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":97,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"6b7adfc3-6a08-4ee9-93ab-11b0d5c20833","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":97,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"97e15b54-952a-427a-b3b9-1256023cca60","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":97,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"7fb34591-74c4-4b7b-90b2-c3608d1ff683","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":97,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"45d3164a-f2f2-4701-9871-a1c045cf28b0","block_type":"box","text":"II-51","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"62515d40-d891-47ac-8888-37926f5c52fa","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da0726a8-da5c-4115-ba00-5d12031447e0","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":98,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"beec0b21-3722-4ece-84ea-84bb9e3b6942","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":98,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"d67d75d0-9405-40ee-9887-bd80dd89fdfb","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":98,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"83e57647-0966-4381-be82-b1f5cf45c53a","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":98,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"03dd5bbd-46ea-433b-989c-18b84545f6e5","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":98,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"73cce8bc-0c5a-4770-a0a1-e8b2f837be8b","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":98,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"d36cdac9-00ff-4dd4-85a8-5090ad1f4c20","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":98,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"393cbadb-ee53-43f3-a503-1000a52ec8e3","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":98,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"28d6cd60-6edf-4c30-9164-ea01d90c6c5a","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":98,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"8bd3179a-1781-447b-8ef2-7b6e1cda887b","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":98,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"a924f8f2-3c9a-46cb-adc1-2b619ee0624f","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":98,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"15379a8f-e633-4965-ae0a-b7c2685bcb4d","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":98,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"23bc756f-62dd-456e-93f6-cbfa83d957fd","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":98,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"5b19eb61-4e9c-4822-a1c4-84fc61a190e3","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":98,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"db521f91-c389-4c11-aef0-ee2d22fb9f7d","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":98,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"ffc08663-97ac-4067-ae56-5bf099b805dc","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":98,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"4f881367-806a-4ce1-bb3f-f366d43a4477","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":98,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"041b6c6e-7060-4ad7-affe-083be1fb985e","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":98,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"ca7be71b-6d71-45b7-b662-73e12943a3a9","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":98,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"a28b1e36-6879-430d-b5f5-33bdeba32e55","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":98,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"7d62f07d-aac4-4c68-a0dc-6ece4123acda","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":98,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"b01a7bd6-847d-491d-bb0d-f60667714865","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":98,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"28a4a90c-ee20-4894-9b89-5ae615b7e827","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":98,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"1952d328-ce46-4352-9066-9e9c1d82c9d4","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":98,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"28e15256-b3b6-4e17-ac35-d6ab1a53d934","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":98,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"6ca00246-30f4-4083-a7f7-5678f8e3ffb2","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":98,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"411abf88-55f1-4535-b9af-6940ce27fd8c","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":98,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"3e07486b-bd07-494c-aa5b-5ecaadec49ef","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":98,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"a6ef679f-3fd5-4d03-9876-72d3b9ab0117","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":98,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"8b4281bc-dbb0-48f9-ade5-3abad91c40b6","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":98,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"b1520e34-1df5-449c-ac95-6701ccc4acc7","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":98,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"9be1b7cb-0abf-4867-9f48-3e03d5fdc316","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":98,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"36aab3ab-cb48-408d-8cb4-1ee40e3381a0","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":98,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"b62dc7fd-1334-4643-852f-dcc444b69f55","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":98,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"6d576d16-0d1e-4004-ba0e-4b7e5d86c7d0","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":98,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"6df64c1c-0037-4615-89da-05dd31690e54","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":98,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"5359c1c8-c9ba-41ba-9bed-cc5b57ed5d4c","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":98,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"d4d5fc70-7334-4fde-aa86-7879dcc9a4d3","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":98,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"f2dccd4c-95b7-4f9e-b908-9ad98a131daf","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":98,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"f814bbf9-7cf5-49ac-ac28-7a40e805d046","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":98,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"f9035eef-7f30-4efb-b81f-c2098908c9ec","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":98,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"e4e5072b-24a7-4152-814f-8e8f62d29fce","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":98,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"42ef591c-e8fe-4909-9305-98a73b244a76","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":98,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"d5cc9b96-8114-4f93-9bc3-ec19004e80eb","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":98,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"73bc783e-a440-4136-9978-ddb1fe3d5c6b","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":98,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"03767819-82ac-45f4-8616-6e52b6fee954","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":98,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"3a109fce-95a2-4206-b329-52c025c404a9","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":98,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"b69e65df-f5a4-45c9-aed0-45d9c69526d7","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":98,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"b7b6625c-6df8-4633-87c8-5e20774ca63c","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":98,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"81996996-0892-4827-b9e6-46e1a315474d","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":98,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"d1858a9e-43c4-4f24-8e5e-0567b9ede0a1","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":98,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"03de0f8e-717f-407f-b142-726880df9e89","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":98,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"adf8fcb6-800e-492e-a891-431cf1a79448","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":98,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"303be394-dffe-4689-8e26-e48bd2a36b26","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":98,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"649a4c18-267e-44cb-8d93-0710567f9694","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":98,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"f652a256-e8b2-45b6-b802-ae5923600ea7","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":98,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"fdf6ade4-ba9e-479b-b8dd-a492733edd69","block_type":"box","text":"II-52","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e627596-c9ec-4136-ae4c-99fb68a175a9","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a91c6fa-a3b1-4e4e-9bd5-f85419692083","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":99,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"c0e047be-630e-4af4-9da3-40b0a3acb168","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":99,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"519dfd48-d116-428c-8947-bcdc63944386","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":99,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"640efc25-51f4-4bae-bbe2-ea97a355f483","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":99,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"03598cae-fd0c-41ec-bedf-a3c6d5a47309","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":99,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"70048d9b-9d9a-46bc-82be-7b29839008b3","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":99,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"83ded50c-63a1-4c67-b889-6cd0a2410bae","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":99,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"11dc6f23-48e1-44b7-bd61-38a76bbdb1c5","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":99,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"d5c10028-0151-4bf9-9999-1d40d2c0ae4f","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":99,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"8f1e8e91-4084-408b-9854-f5240f68edd6","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":99,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"72a32706-24ba-4fdb-9c54-0129f0294e34","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":99,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"cb55662a-50ac-4be8-a668-8d8b020f02e3","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":99,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"f7bf242a-4b0f-4b07-bef0-6b47dbdc02d0","block_type":"box","text":"of principal because of the sequential payments.","page_number":99,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"1994e6a2-50ed-4290-941a-7d03e919837c","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":99,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"4383cbf8-a2e6-4b64-b999-90f5157c2d86","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":99,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"07f8cd11-3f0b-46ed-98d8-05395964809a","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":99,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"32c0d703-702d-45da-951c-1cbda4017b61","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":99,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"3736b4ba-dfa2-4a7c-b2b5-56795de5411a","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":99,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"71e0924b-c083-437c-8f30-d28361691c01","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":99,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"36a154de-8988-4833-bc04-9a4dfd889c11","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":99,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"41efc8d2-56f4-4c79-a0fd-aba81fcf1534","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":99,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"e28bde19-2b47-4628-9421-71e2e9ba17e4","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":99,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"9312430e-5fee-4145-aeb9-7b82ea6d8ec4","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":99,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"797fb4c9-9e62-400a-a246-dd1a7948c982","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":99,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"0f9ef714-35ac-4581-a1ae-e4290cb60e67","block_type":"box","text":"securities of any single such entity.","page_number":99,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"09170bb1-7c8c-4e33-bd01-72c90509fe0f","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":99,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"7e27fb1e-dda3-4c6c-86ac-028d12b24d35","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":99,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"8aa6ef2a-4bd1-4467-b5bc-17206cb303ff","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":99,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"53af645c-512f-47df-8d32-d29a30bb0492","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":99,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"483e770b-97f2-4e68-86a6-1da454ff1604","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":99,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"148fc9fb-c959-4e8b-a129-41d404d570e4","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":99,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"9a22e95b-de8e-402a-9c22-41942753d029","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":99,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"96f4a468-7d20-420e-ad37-abd2c893a02f","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":99,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"1ec0724f-2e1b-4f79-8c33-54551f4f52f2","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":99,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"1f19407d-222c-4694-9a46-929e778fff9a","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":99,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"6bf5a536-0d06-4d27-8b3d-4511415b3688","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":99,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"0eb7bc29-fc06-4204-9e36-b6cfd4240488","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":99,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"54c75f8a-fbab-4dff-b5d0-f1efa2b7f813","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":99,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"de49d0d7-f6c8-43bb-9b23-89d6f220a109","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":99,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"1d78b80f-a7fb-4c65-990a-8ffd79cbfa03","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":99,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"e7d117d6-e9f5-4501-89a5-688c7101afaf","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":99,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"8f4e87e5-0eff-410a-8b24-4ebc822e1481","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":99,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"8f8f81ad-a7d7-4eee-84d1-1329c86b9a4a","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":99,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"7015b6dc-7209-48e9-b4bf-cf6dba7e615c","block_type":"box","text":"classes.","page_number":99,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"7fdf68d0-6c1e-4510-92e6-fe3c716e3294","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":99,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"709f8e05-ac88-40df-b55c-0935ce3a9e96","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":99,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"04e3a5ac-5133-4ee1-84f8-2d1de8c0ca3a","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":99,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"4276d2b5-615e-465e-b946-effbfc71147e","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":99,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"89909914-5e08-466c-8d45-7fef47705cdc","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":99,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"853f1b9b-fd4c-45db-9e13-3aeadae01646","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":99,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"c999ed36-a952-490d-b08b-008b24f38e69","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":99,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"5d850db4-dbcd-4cf0-aa30-858f9a36305e","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":99,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"205dc105-a3f2-4e47-a36e-cfd3bc1d5e6b","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":99,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"c3a26e4f-b93a-4969-a447-c971d5f21558","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":99,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"bb47f8c9-a7af-4f22-a0b8-540da6f1b5c3","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":99,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"89848d2d-c29c-4de0-9637-1afd390cdb22","block_type":"box","text":"to a designated benchmark index.","page_number":99,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"47f9d513-925a-4cd3-919b-7998fb84bc0a","block_type":"box","text":"II-53","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a4f8e716-ddde-45f3-a0c5-5b8d00117016","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccbe5e5b-929f-4f56-a472-3be03e5be7e1","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":100,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"ab571b4e-ecf6-4867-8154-567f3eeaeba0","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":100,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"775d2d27-6428-4207-ac37-cdf5c2cf66dd","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":100,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"04a423b4-1e0d-4bea-9aeb-d6154d70daa2","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":100,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"f406db7f-e6ce-4ef6-8ce3-08b8b32e9213","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":100,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"8e85b572-af77-476a-b0e2-c254b758c269","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":100,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"b8f7a46f-6dc6-4e94-8711-258eb34891b2","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":100,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"98f6193b-9019-4d80-960d-a3f2d15da5dd","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":100,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"d871bf83-5db6-413b-89bc-59f484353fcd","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":100,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"d65cc32d-1092-4401-86ee-941c7bfce372","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":100,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"9f0efc3b-0744-4db1-a700-b6e87a774e15","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":100,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"71ecf9ef-8e4b-4fc6-83eb-3012614ecaf1","block_type":"box","text":"CMO Residuals.","page_number":100,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"8b188be7-3db7-4ee8-9870-01ad8fa9ba2c","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":100,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"b157628e-45e4-4261-8c4b-f65e91f1955c","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":100,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"cf7d9270-4e84-4812-9768-5d57e2ba7ef0","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":100,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"fb463739-f827-40db-8a65-df6fd75f9d99","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":100,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"7a44afc1-65ca-4ec9-b4ee-a3639531d835","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":100,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"53138353-a92e-4a9d-b64e-6506221dc131","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":100,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"edee48b6-5729-49b0-969b-7c79b5f5fdea","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":100,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"c8d5f01e-173f-4963-a1f7-f129f600df07","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":100,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"318f30c7-b4fb-443a-907c-9ddbb22db9fe","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":100,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"95991f01-a466-444e-b0d1-8913a711f798","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":100,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"870e1957-9851-4711-a4c7-581c2048d80c","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":100,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"01fb371a-717b-47da-9c67-a2558108369c","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":100,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"4e825411-f384-40bb-a8a4-a43a37689e5a","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":100,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"6172ea84-e37c-4895-925f-db46d4ce78f6","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":100,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"9b9211f1-d6c6-4649-b798-c20f22672e8b","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":100,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"8cf0c484-d86b-4863-8611-cbd0666d4d62","block_type":"box","text":"a CMO residual.","page_number":100,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"9af3cc3e-106c-48e0-805d-e11183615f2c","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":100,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"7182e436-1726-4276-ad8e-6f39f362f2af","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":100,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"0da66796-fea4-477b-8cdf-2523f3fc4cab","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":100,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"0771657f-df87-4b25-8b67-bc931c58593b","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":100,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"28cba76c-8af2-445d-9989-25b507a8e790","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":100,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"a9023e29-a318-4f94-8edb-a84d051d0c92","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":100,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"94758411-8d70-48f5-810c-ba83b63d3c5e","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":100,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"a129e73d-6813-48b1-b967-e917e7812082","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":100,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"72c7aa27-f9f3-4580-a56c-9ec6624aaafa","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":100,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"69dc5e76-0db5-4abf-a96a-02bcac228160","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":100,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"67262d81-dc16-439a-9b71-c26bfe20d58e","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":100,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"05ef5b48-90bd-4a47-bba7-0b56d0d151e5","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":100,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"7697576d-35dd-4d81-86a1-591226bdae67","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":100,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"9f5a52ec-32d1-4045-b700-c984c6a06f6d","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":100,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"7c0ef0cb-23a4-41ff-a990-dec98b698362","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":100,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"180b39cc-e875-469b-987b-726e4f012168","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":100,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"cd9e4f08-5d0b-442f-9888-7136c58d2024","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":100,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"01387aac-fceb-4e09-ad0f-28aead314d63","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":100,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"fbfe6c88-c0b0-4a43-9a0d-a22bcb168fa1","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":100,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"edb00a8f-4b8e-4329-9fe9-803548227865","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":100,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"11945702-1683-407e-871f-085bb546e933","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":100,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"27fd1464-f889-440b-98b9-68b563725e17","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":100,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"06dd0d7b-78a4-495f-b030-c438bab7c791","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":100,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"eb2002a5-3f08-48f4-a4a0-6359411fa9e1","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":100,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"c8b380cb-9c97-44f1-b7d9-de4604b54775","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":100,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"7f70f1c2-41db-4b2d-9a8a-031821807c24","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":100,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"97d09df7-9f19-4cdd-83c8-ab925b6527ea","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":100,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"752883d3-f924-494d-a367-78f50ad18e18","block_type":"box","text":"Tiered Index Bonds.","page_number":100,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"ccf6c070-537b-4efb-be6c-2ac63ba6c082","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":100,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"1a97298c-8e1c-4d57-80e1-4542e0b04e75","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":100,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"3972a7f8-99da-4799-8829-563623edfc60","block_type":"box","text":"II-54","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c201385f-70dd-4c50-87f8-5045bdd85a80","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2b10ac3-4023-49e2-8c9e-284661b6713d","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":101,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"710fe2ab-8c86-45a7-938d-ce0cccb8049b","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":101,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"d1e9112e-b14f-4e43-af21-1968002fa7f8","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":101,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"b7b83684-7a72-431c-9054-a1a414753a23","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":101,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"7427995a-98c9-4596-a889-d409c905279f","block_type":"box","text":"that of a fixed-rate bond.","page_number":101,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"d2a2da36-1fd5-44fc-86ee-4b8ef3f3bf5b","block_type":"box","text":"TBA Commitments.","page_number":101,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"dceb7086-56ab-42f1-a65a-25f55e1db246","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":101,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"180b95ee-389f-4b6c-b7c8-d07206e00585","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":101,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"8ee67eb5-7ea5-4901-bc84-c3d43c243cd1","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":101,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"8a81448f-a51c-4a11-81cd-8700bb56ea0a","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":101,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"eeafcb84-7b3c-4acc-b00c-37602bcf79eb","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":101,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"674604b7-4af9-431c-acd2-032b9841a854","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":101,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"01afd0a4-e095-4834-9481-58a6a3ab07ba","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":101,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"b43d4d13-98f9-4e48-a5e6-d2dc4e26c044","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":101,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"d18f9ccb-1e31-41a3-a0ab-1759d3f5b4cc","block_type":"box","text":"below.","page_number":101,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"20a1b2d7-7e06-47e0-a191-983b62bda50a","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":101,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"139da085-d069-43e2-b8ce-e5c40ba52494","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":101,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"1b6da9a1-1a28-4742-bab8-29755b42bed5","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":101,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"c2c238ab-1e40-45ff-aa10-c669926400e6","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":101,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"90d5eb8a-37f8-4792-8a8d-5ff6839aeced","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":101,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"10b8833b-b0f7-47bc-8d9c-0e32dcb37595","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":101,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"96c903c0-f8c2-4e64-b9a6-5b9a09c6691f","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":101,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"7034e683-073e-492b-91be-2ca4f6fee4f5","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":101,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"d0243d9f-e230-437d-ab7c-60fbaecc40b5","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":101,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"6b92efa9-9050-4ced-9ab7-861dea757468","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":101,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"b5afa92c-bb62-455e-b135-f9f67de31364","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":101,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"4f600c92-0990-4381-9294-28d4e37fcb59","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":101,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"8281dcf4-51a8-419f-a379-f9c63f954e89","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":101,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"2a47e526-ae24-4fd6-a7c9-aeb36ed7c072","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":101,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"b468a830-5db0-4bd9-a3fa-0dcf796a3fb1","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":101,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"a784b741-d8d0-457f-91f2-788c37003e2c","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":101,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"f1334573-d43c-433a-8575-fd9d87515b4d","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":101,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"d2811360-f9cf-49af-a41b-a15b99dace5b","block_type":"box","text":"securities in the forward transaction.","page_number":101,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"449070dd-7141-476d-9460-7482427b2af6","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":101,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"b71a8de6-9b6c-4f95-b345-20e6cf616fb4","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":101,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"5aa61add-5fd0-4695-9366-6a66dfae2e7d","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":101,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"9ef51151-1d50-4953-97de-25cca07d056a","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":101,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"e05538ee-d3c0-46ea-8315-12db28b50a96","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":101,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"f942102e-ba7e-43c7-91db-37d2709f73b0","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":101,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"6e076c84-afa0-4489-b6b9-e4fca01c3595","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":101,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"031d496f-1b01-42a6-b3aa-16ba06fa2c92","block_type":"box","text":"securities (","page_number":101,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"a1e31a12-a32b-4140-8b52-05c408c55229","block_type":"box","text":"e.g.","page_number":101,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"b412e695-985f-432a-9ed5-3ba02242e237","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":101,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"26e59bbd-b7cb-41df-b7a0-9c02a5d98597","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":101,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"9a922d4c-a3f1-401c-ab2d-3e1355cf1246","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":101,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"ac3808a9-47fa-446d-a6a8-5c3bbc4697c7","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":101,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"9909f010-53d5-41af-99a1-cd020e341eb6","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":101,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"f464c570-5c7d-4fac-8ac9-7ae816807294","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":101,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"5e764c19-9a0d-4bc2-81d6-e826f9df4314","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":101,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"6b8f8aa8-462f-493b-aaab-7ca67311b45d","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":101,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"f36c2350-7dbf-445d-b4fc-86d89fb52b9f","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":101,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"1e583b18-ac27-467e-8329-3825e1c6940b","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":101,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"6218fe2c-78cb-4f9c-9933-c0ad8e8805e3","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":101,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"35eeebc6-7ea7-4a86-b41f-54682bbe692d","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":101,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"205c83f7-9164-497f-8039-f932922c1c13","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":101,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"df428377-4b23-4557-af92-8a31ae84c20b","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":101,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"4a1a4465-cc19-4d27-8b1f-08fa58983eb6","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":101,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"99906802-a8cc-4856-96a2-de5393ce742f","block_type":"box","text":"Municipal Investments.","page_number":101,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"1dae6bb5-b66a-4d15-ae07-e006bdd90e8a","block_type":"box","text":"II-55","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1c26c72a-3838-4935-a8ba-ba70e7c7f5fc","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3769980f-77da-4f5c-a607-039aeb4bf72c","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":102,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"740f537c-ec74-4de5-94d4-d6e076c991cb","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":102,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"b51f62e6-8e2e-43ea-96ff-623b3e1e2b80","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":102,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"c5ab16c8-0d78-47e2-9bf1-928060116a60","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":102,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"9804530b-5621-40de-9da5-b78da2a5349c","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":102,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"ecad467b-9e4b-498c-ad4c-b716f2884954","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":102,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"beb5e3b8-e166-4b0b-ab79-e1c5acb64fda","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":102,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"5b4e4419-c675-4d7f-8431-7f5e3238309e","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":102,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"f036f4b5-e4da-4ee4-8287-bfe74414e965","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":102,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"5fb2dcd1-fdfc-47b3-8a98-c1547e481fe0","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":102,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"aff5c49a-8e2d-4d77-8f09-d5e4f517e211","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":102,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"836b94b5-b26e-4e39-b3cb-99151f910b10","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":102,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"10ea7f0c-e13d-4b14-b9ba-fb677dc407e9","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":102,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"9be14b0b-b7d0-46d9-8afb-f9107e2921bc","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":102,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"53c17e82-6200-47b8-ae62-b59397147a9c","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":102,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"8937da16-52c2-45bd-ac75-65d3e94813e0","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":102,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"d9f188dc-5a8c-41df-b09c-6bc0c25eecb2","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":102,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"762529b7-9187-41f1-94c0-80a05c56c15b","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":102,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"9e0342dc-b887-409e-861b-bbd26b3ffe01","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":102,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"a8babe17-2955-4f05-9d18-f37cbce71001","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":102,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"9f49216a-f523-4625-98fd-a95d7931577f","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":102,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"ed029677-cc36-4e45-bcd6-b269eef0d708","block_type":"box","text":"The risks and special considerations","page_number":102,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"407268d4-5fba-462c-bb10-52f1b1c16bf6","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":102,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"3d9ea997-74d7-435a-a58e-2beffcd3747b","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":102,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"ce043459-95e6-4dcc-a38e-84b529b49b3f","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":102,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"a41cabc7-a444-4f1b-bfe1-babca103b484","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":102,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"e2a1c2e9-08a1-4b01-85d1-267b94a6718d","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":102,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"c16bcf47-8fde-48e4-9f79-184383b5afdd","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":102,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"927e4111-be49-4ead-830c-d83e2c06b590","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":102,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"35ebd51b-427f-4738-b732-f80e841566e9","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":102,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"6ad44942-f220-40f8-93ce-b3b671c69511","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":102,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"095c8fcb-e863-4c1f-849d-a1aca7990071","block_type":"box","text":"II-56","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24dbdf2d-3cda-4d9b-a2e1-7042cee4fc3e","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6b06508-635c-4503-9348-d28e78bb4931","block_type":"box","text":"Description of Municipal Bonds.","page_number":103,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"6a26a87c-8263-41ef-b081-e80161b20499","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":103,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"5c5976be-3d2d-4821-9826-e253ab87c9ce","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":103,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"c8ca6440-58bf-424e-97ca-1d19afb8db92","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":103,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"1a741363-2737-494f-9d2a-be5b01a5e5e6","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":103,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"73d723e6-d88c-4e41-81ca-5bb76a5cb2e1","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":103,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"55ab2746-4905-42d3-bce3-3bb0e85e364c","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":103,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"0b4b0acc-5d65-4976-b0ae-5d0525c830ba","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":103,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"0bdde61a-98a7-40c8-a588-f9d25f93d764","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":103,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"aeab5e3c-3464-481e-8fe3-d8bee48f4a04","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":103,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"b2336806-c5a3-40bd-8782-1e9bc02cdc2d","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":103,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"15806e7f-8e1b-4d45-812c-cedf88e11c5d","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":103,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"2b41ef75-7d63-4dce-af42-c472fcf41424","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":103,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"a83888e0-2442-4466-a138-d19321da0788","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":103,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"bc4675e6-c1c5-4833-ad85-e99c50409bcf","block_type":"box","text":"General Obligation Bonds.","page_number":103,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"21d43135-0f6f-4d65-94f2-a914e1f7d0bc","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":103,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"ff77a5b4-1808-4a8d-8137-82e98f98ece9","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":103,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"c97421fc-ad74-4db9-ab91-30a136a37b2e","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":103,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"2b64670b-5263-43bc-a5f0-c76db3ecc404","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":103,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"39efabad-b02f-4999-9169-1d9f4f8265c6","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":103,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"58ca3cae-4a81-480a-89f1-c0430abfcb44","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":103,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"2160c47b-c68a-4139-9075-8823fb41b4db","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":103,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"02257c16-f243-4a1c-bb73-e1b7ce73e1c9","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":103,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"6f598097-2deb-4713-947c-f553992b6661","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":103,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"60c255cd-8317-45db-991b-96133df5c9da","block_type":"box","text":"Revenue Bonds.","page_number":103,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"d30990ca-06b3-4b92-b9fa-7ef0694deab2","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":103,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"be61b6e4-d37a-46e8-8391-870cf0324cb2","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":103,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"f3882bf2-fcd3-487e-b08f-645095cd3fc2","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":103,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"b64c1d51-cf66-488e-83cf-7b45e379c126","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":103,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"98b45e37-07c2-4389-9fe5-4fbfdb9bb9e6","block_type":"box","text":"viability of such facility or such revenue source.","page_number":103,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"40070d61-bc7d-4396-a5a3-667580e51169","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":103,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"648f4126-e42c-491d-a67b-1be23053af25","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":103,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"e1592d78-50ed-44a9-b48a-adf9f564d6eb","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":103,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"bc51b515-fdf6-445a-86c9-acce002dcd55","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":103,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"0225c364-175e-4f09-b85b-bbb7d77a7777","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":103,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"c57e8734-da56-47a6-891d-c99ecb22f2b1","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":103,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"188ab418-1bd0-4bb6-a9c7-88311d07e86d","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":103,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"0e7898a8-ee80-4412-a330-947c1bcfd5e2","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":103,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"b7191c78-0e65-4376-b5ef-2ce37b79d156","block_type":"box","text":"PABs.","page_number":103,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"af416528-8798-4fe6-a688-ab1859a29b45","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":103,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"35f83199-4d78-486e-b045-ab78c3775b8f","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":103,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"32337cd8-0de3-4f14-ba27-24b21b2d87fa","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":103,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"905eef43-ea3f-460a-ba35-43408c464593","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":103,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"8ab62fd0-3c78-4243-a67b-d2de6f6b1eb9","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":103,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"3bbf04b9-b557-44e6-a392-689415df3e51","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":103,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"e6b311ee-8898-4cf2-bbc4-f96a1489df12","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":103,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"08191b3d-88bb-4248-87c1-9734eea4c9bb","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":103,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"5915c225-f028-484f-9b3d-d127dc6c6860","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":103,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"de2c285d-ed6a-486d-97a9-3123b2c7e6c7","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":103,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"9e665ed3-9724-47ac-b141-dcc40de89246","block_type":"box","text":"the par ticular facility being financed.","page_number":103,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"9fe118a4-177a-4a73-abd4-93658f889c51","block_type":"box","text":"Moral Obligation Bonds.","page_number":103,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"dc173511-cfdc-4ced-8949-92fd058b7c18","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":103,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"3eae1a8f-91e8-4d4e-9409-32aed3dce12e","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":103,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"37c1fb64-98ee-4b23-b784-fdac076ebb6d","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":103,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"0b909e12-5ae2-449b-90e4-6fab515856d8","block_type":"box","text":"that issued the bonds.","page_number":103,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"eb9bffad-823c-4dd9-9bad-60429f27a709","block_type":"box","text":"Municipal Notes.","page_number":103,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"0b61efc2-54ae-4232-956d-acdafeca039a","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":103,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"5db08dc6-306b-4fbe-ba13-7613ba4d7ae7","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":103,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"15acb076-e8b6-445d-9675-8dc27d77a99b","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":103,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"f202fe7e-d890-4516-9d09-605dead4f53d","block_type":"box","text":"II-57","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12314721-f6c7-4724-bf81-7c08b278493d","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e31c691-ecb8-483e-b49a-a9bf71cab0ce","block_type":"box","text":"Municipal Commercial Paper.","page_number":104,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"3f076420-e39b-49dc-bcb6-bba41b2b08e9","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":104,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"9c819f08-0147-47a4-8b95-3fc31739c5cc","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":104,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"3756c7d8-bbfa-4014-bca2-52dfb7f6ca04","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":104,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"15a1a230-9088-41d2-9909-0a7eb64bb169","block_type":"box","text":"Municipal Lease Obligations.","page_number":104,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"452bfeef-3264-4b31-b02d-75b88034f74f","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":104,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"1855747a-23b3-4a53-a2ae-bf2c73a5a7c3","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":104,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"17349516-7d3f-407b-bdc7-6cf92b1cc6b4","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":104,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"e8c30685-b0b3-4130-a4a6-956e09db8e93","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":104,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"18fe43b7-2447-40ea-9d03-c9570205ab12","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":104,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"da9a5de5-2c8d-4560-b787-6d136fb87f8d","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":104,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"e92020f9-1cd6-439a-a711-1c0babfcb8a7","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":104,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"a2a0c5df-9206-4346-9715-0894fba251cb","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":104,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"2d7e92ef-156c-4198-a750-16099c9ea6fc","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":104,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"f8641b55-4484-48c9-b2d2-ad9082faaf8c","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":104,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"5ae2f056-128b-4df5-9fae-e17c3375601d","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":104,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"b20b2577-d021-4e1e-9217-8cf5a445799a","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":104,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"c86b1fda-5daa-4fd8-ac2b-0a78c1cdb1c2","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":104,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"da75a926-b90a-4576-b355-748c71d7c862","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":104,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"66a0e557-1279-4278-a27a-786647a4d490","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":104,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"d31b5094-d412-4f24-ae5a-34994bdbb7a9","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":104,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"8dded4c4-45c0-41fa-be35-6ea6ac807423","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":104,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"0c1a509c-5e73-4ef3-80b6-ea935d1be987","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":104,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"dde9c077-96b1-44dd-ab9d-1d01e6b1e736","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":104,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"0a10f122-efee-4881-b422-359f7b09290a","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":104,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"c6dfb247-00be-441f-8568-038b93c24f77","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":104,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"081f7656-d410-4117-891d-911d0a3015e1","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":104,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"f010f374-3788-480a-80bd-310ff71d7b7c","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":104,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"479cbf40-467a-40e2-a5bc-f88eb6c00d7f","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":104,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"bdc38ef0-c4e4-4e30-bc77-3128e7c53bdf","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":104,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"80aa72ca-d986-498e-8131-5f4e9141dd81","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":104,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"31cd8c9a-a269-4f36-a938-4b0f498db159","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":104,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"33bd3bbd-f808-466b-8237-d724c5dd7273","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":104,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"5734f0c3-087e-47dd-8f6f-6a5596082350","block_type":"box","text":"Tender Option Bonds.","page_number":104,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"612c0bcc-80e9-4a70-a23f-841bfb12c9b3","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":104,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"7643d93e-f49c-4e9a-bacc-c9061002efa5","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":104,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"dec8dd7b-781d-462c-b166-36f5e1c12f63","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":104,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"696944f8-f470-4fd3-968c-ce3dac273e91","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":104,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"5049e0ce-5f4b-4bc0-a106-815428b97cbc","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":104,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"239fa3a2-d5cc-4d4b-87ca-bafe6957a577","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":104,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"6560b398-8279-483e-be61-bb387175fc8e","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":104,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"d0e60c2a-a662-4931-bdd9-042f2b8a97b0","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":104,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"3dfaa57e-155c-4edc-adc6-2ad2e94ff243","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":104,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"b1e107fc-aadd-4c93-b7e1-c02cd4a2f8c9","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":104,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"c05fbfaf-8852-409d-b8ad-3db1b06bf7b8","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":104,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"bcd0743c-f409-4d70-be3d-5873d028d5f5","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":104,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"6172bc0b-f4d3-405d-87ef-f637efe11a64","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":104,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"3989566b-4e93-456d-af7a-10504210bd2c","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":104,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"97c4d850-8e36-4b9b-8b0e-fa69a7581b23","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":104,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"442483a9-c2c2-4456-bebe-d9be885fb82b","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":104,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"85496eee-6ca9-4702-b464-945c2a391633","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":104,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"6f4be5c5-8276-457b-96ed-d64de4a3d4d5","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":104,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"684adb09-59c3-4995-8692-92d1e2eb2788","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":104,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"1439d313-c520-414c-8ad9-d9a7a363c0fb","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":104,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"d4e4cf0a-1d93-43ae-9f4e-06f7e2a6e5fe","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":104,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"3b90259f-fbf0-4b4c-96fc-3b457f8a7bc9","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":104,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"366c1eb9-f2fa-4111-a116-7f7957f6a0aa","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":104,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"b5ce7ec2-54e1-474d-aad6-e16a3c1b26a5","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":104,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"70b353b4-98e0-4cb5-8e61-207b89279f3f","block_type":"box","text":"II-58","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fc14c271-15f6-41af-b872-0d6a873c6af9","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62fc2d5b-27a2-4b11-8b55-31fb329a3a00","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":105,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"d171f6fe-d05a-46a6-b459-4a2475d9441c","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":105,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"e213dd7f-41a2-4153-9e70-235ac28567e5","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":105,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"f43f03cc-34e1-4b5f-9015-41765a1ac2ec","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":105,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"a5f8fb9c-559b-4c7b-9df4-2679c2679faa","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":105,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"97706130-beb8-43d6-a171-966034143213","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":105,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"993500d8-9a9d-481f-9b4d-4e8744e351fa","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":105,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"47e7612e-e46d-4f71-a78b-57f0a0441984","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":105,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"3a03bc54-8e0c-4070-aea8-a7a5e925afc6","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":105,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"66de7ba9-699f-41b0-a720-8b2cc691def3","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":105,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"8414c09b-6b3d-4013-b222-912845d1b205","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":105,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"c187417e-9a03-45db-b5bb-8a89ee5cc886","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":105,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"4c0d6f1f-2e3d-4f79-a0f3-2263e0d3af58","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":105,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"7ece9586-6e6b-4ad8-afb7-c57781d98748","block_type":"box","text":"issues.","page_number":105,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"430a8b9c-e9d4-44a6-987c-6c0a615bb032","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":105,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"d3a16fa6-12d2-46b9-bd6f-d98212bb0874","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":105,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"b6971c61-971a-4f22-8bc8-5ed3140ec087","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":105,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"d8b8441c-34f5-49fd-a005-49435c0ab3e5","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":105,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"f8119199-b0f4-4f3c-85b7-a97ea3d6d565","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":105,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"bdc483e1-af3e-45f5-acea-76cfe2931e24","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":105,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"24d75e97-ff61-4201-a04a-8a11acbbd4ed","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":105,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"92461d5b-edef-4ab4-9b9b-fc3e0deeac3e","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":105,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"bc006f3c-5e30-42c4-97d0-88f790ca9c6f","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":105,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"07b91a2e-1f8f-496a-abed-6452a165bfb3","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":105,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"7bebe8b2-ee64-4df0-a672-fa6056618489","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":105,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"72a2eda3-55a5-4a83-a9af-bc69e6dd0ff1","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":105,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"e79a5f09-7f47-4a09-9733-17e36f251bf0","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":105,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"cb834261-0948-4068-8cc3-c0cd74ccaeb9","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":105,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"55b1b176-ce9e-4d90-835a-8d352fc87bea","block_type":"box","text":"i.e.","page_number":105,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"09e0404f-fbb5-4a27-bb1d-b786cdc5ede4","block_type":"box","text":", the Fund). In contrast, in the","page_number":105,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"79319b92-e765-4d95-ada2-d95bb5be719b","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":105,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"fe967b56-5354-4148-9aa2-61d78ce06663","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":105,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"22e02403-0f9f-4e0c-bccf-147443cb0321","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":105,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"99a6f4e7-31ba-4261-97a7-9ba06bba9b77","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":105,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"f7dd9d38-88b1-4beb-9f1a-6b54a1f5eff5","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":105,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"991c2776-6634-41f1-a6bc-6651658c943b","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":105,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"b9cf1277-ff3a-49ec-9ec7-6388a56ebf45","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":105,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"656f977c-9f08-4376-b3ad-a5bb64a391e8","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":105,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"19c18333-3dcf-4148-a627-61ee8b85e8d0","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":105,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"efe93426-a107-48d5-8463-87599461ec26","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":105,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"c4de7605-b567-47b0-8dee-b4cdf9b17e7c","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":105,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"c9a34f34-dff7-4a80-8989-4f524cb00692","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":105,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"ea821d2b-664c-48ab-bb63-68fc27525100","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":105,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"5287659e-2eb9-42e0-b561-05554fb0df39","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":105,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"3a6d329b-a054-4fc8-b8e0-157e51dff539","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":105,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"79768a56-3a1b-47e8-8348-4cf6f4737579","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":105,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"da7f97ff-1998-4822-a68a-89b9af0b6c0f","block_type":"box","text":"Trust.","page_number":105,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"920480e4-814c-4c12-b7d2-fc98b85de035","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":105,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"f81181cd-4791-4bab-83b6-72290f030e07","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":105,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"ce93d4ac-d241-4673-be76-bd66d328e68a","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":105,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"0a263f73-a778-414a-a755-e0baf68f25fb","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":105,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"310ad087-49eb-49c2-a76f-72045b851018","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":105,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"690a8b58-e084-4ce3-b59f-3b224c8e9137","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":105,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"3d6096f3-1ab6-4565-9e2e-adcd79b24b10","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":105,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"8095894c-7d14-4bf0-adbb-6f31b339a2e4","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":105,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"ac529acf-0de4-46e1-b44a-f2dc07ef8677","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":105,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"685f8f8a-38cb-48dd-a17e-dbfd827b698a","block_type":"box","text":"II-59","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dde85735-01a3-4fb4-b839-5aaf708c7a73","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efe6d1ac-dadf-4b4a-a7e1-b294511b5d6c","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":106,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"88ee13b2-76d1-477a-b972-869e133228b1","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":106,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"a7ad55f1-3d61-48ad-abcc-079bd5576ef6","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":106,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"a4c22c45-2deb-4d4a-adda-1ced13710920","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":106,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"4606f772-7415-47d9-8303-9a4463a64fac","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":106,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"c522efa6-ecd2-42e0-84c5-77eae4ec0e5e","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":106,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"76232e0f-c150-4b1d-9b04-004234c57467","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":106,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"4a8aaacc-f0a5-4cce-a8a3-63853a31d271","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":106,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"8e76c833-ce28-495f-bfd7-87edaf635875","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":106,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"91338d31-6e21-44b1-a3a8-43d4d702da95","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":106,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"3cd6411a-3363-4425-aab2-e19615656b60","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":106,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"667cba8e-2a0d-46c8-8281-ddf3db2567cc","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":106,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"02581c29-7ff5-422c-996c-791d02007fe0","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":106,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"f1fba0a5-0d33-43f1-ac57-28e155c4c425","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":106,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"a90c6f2f-d24c-43a9-843b-22914c9024ff","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":106,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"726da1e0-b9c6-4ace-b703-8d4eb4875abb","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":106,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"b9eef0c6-3274-48ed-b952-a5ecc84adc0d","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":106,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"5127c394-c41d-45f9-9b1e-f43a75350051","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":106,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"66c24608-46a3-43f0-b609-a539aac22148","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":106,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"1c6de057-243c-4cd8-b440-35be2975c31a","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":106,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"61925b23-9b06-4716-b429-96417fca7dd8","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":106,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"ad767dc9-a1b3-4ac3-93d3-6c8e081876f2","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":106,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"b4318cd2-25a2-4767-a2cc-5eefb28d8577","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":106,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"189f7ba7-22ed-4bc9-93bf-31d62739d08e","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":106,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"8527e58f-3b34-4bf2-92f7-ef8310002c4b","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":106,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"cf513c83-3e1b-4ebd-b850-c9c266aa2cf8","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":106,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"f9a5a64c-c2c2-418c-88b9-9c4be3e3ed88","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":106,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"10f3a2da-2389-43fc-b5f4-acf506da0001","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":106,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"e057a35a-3d90-40f7-a99a-97e57f115e69","block_type":"box","text":"i.e.","page_number":106,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"50bfdf83-1b82-4faa-bc79-c341f5a391c7","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":106,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"1350af77-ea90-4fbd-9072-61d48cdc1f81","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":106,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"0e2bba7a-8b38-4729-b08a-17185001bfc7","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":106,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"7d1195c8-386c-48f1-be7e-8d9baba66b6b","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":106,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"e232a5d7-b488-499c-b4dc-5d206b73e855","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":106,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"3d902f82-a3f9-465e-a935-2bd3383e2181","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":106,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"97b6849f-5a86-4586-a282-e47cba069902","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":106,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"bc0adf69-df74-4f80-b7d9-d675f953799f","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":106,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"454140c6-8bec-4277-aace-576e06de0631","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":106,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"35310e3f-a44a-418d-83de-5b67bab990c0","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":106,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"a32ea34a-7632-4a04-a997-9da39ffe968c","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":106,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"335d4d11-716d-403a-9d4e-3abf5e8236df","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":106,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"4baef824-3440-40de-a642-dec20df738c7","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":106,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"b4ef79f2-6deb-4c38-9a46-dd09541f2f73","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":106,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"7b62bec0-a0ed-4a0e-ba75-06bbaff6f96e","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":106,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"abd6e6ae-384c-496b-9305-4394998dbbab","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":106,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"d39aa340-0bca-4661-a24d-61df3a066cce","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":106,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"b657c98b-9d73-4039-8971-4b3351a9a605","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":106,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"090a1fc0-5434-4a9d-9a88-c5163713d337","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":106,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"27b74226-1de0-4824-a02c-4b963b59c84a","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":106,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"c7a5ae98-27a7-4b8a-80d4-b81cea83b084","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":106,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"b3f6932f-5ad1-4509-8e65-98dbeeedaceb","block_type":"box","text":"market is not yet cer tain.","page_number":106,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"e4d01654-a99b-462b-b8fd-c151f5846100","block_type":"box","text":"Yields.","page_number":106,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"7a238014-5248-4398-87b0-e990dc91734c","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":106,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"0e088596-8a6e-4e69-91eb-2c2d405bbc1b","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":106,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"560bf55e-eb67-48df-9412-cbf90adf2e0e","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":106,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"89a19169-ca50-456d-934e-8cc28f88f7e8","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":106,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"a6d78cc3-84a3-48cc-b0c1-44998d8b59eb","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":106,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"14f84d05-1008-4b43-8f7d-bf0c4491a2b1","block_type":"box","text":"II-60","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65d44d77-13b4-49a2-9b85-bed9e63ad6af","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"add02140-0043-4c32-a75b-558e4d386a1e","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":107,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"784811cf-fe59-4a8d-8a5e-8c93fceb7a7e","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":107,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"5a7c0cd7-a431-4064-b5c1-6ffee319af55","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":107,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"f0fe530d-cd05-43a8-b470-606d3b7e6659","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":107,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"7d49b271-ab1a-4b08-8ba8-f354faf4cbd4","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":107,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"71966475-f644-458f-95a9-03ea94fb4fab","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":107,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"07c04bd7-073a-44a9-83af-bb0bb2ec15fd","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":107,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"30982760-b98e-4686-a874-af0b752df519","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":107,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"291db22d-cfa7-4093-808a-d4de70409918","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":107,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"44bcd3b9-df34-4df3-8f90-0db5051ed2d1","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":107,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"a9385657-fe5a-4ce3-9231-827941f07ed8","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":107,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"832af0d0-40a5-4438-97df-fc3d14a3922e","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":107,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"73e19000-7cca-4ba6-9520-b9ace003c3c5","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":107,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"c12514d1-1e57-4c26-b8f2-61f189e87fbb","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":107,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"8ca0c0f7-2d25-4fa7-9a0c-bff65609093c","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":107,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"3a8cde40-86dd-4e78-af2f-2f484e870011","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":107,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"9cdba6be-cc0e-4f62-80f5-0288131bc05e","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":107,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"9269f0e2-e633-40ea-b3b1-1579c2d3b37c","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":107,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"e76b8781-4b88-4381-baba-c4c79c306010","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":107,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"52ca0ccf-9adb-46e6-804d-0332b30d7d45","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":107,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"b946c90e-cce0-4980-8034-6117a328540e","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":107,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"54977cfb-8e44-4dd0-9d69-f690c3ed8fa7","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":107,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"e4ae1d79-18da-4739-89de-9252d9374fd2","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":107,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"9d0809f1-bccc-446d-8efc-96c95683e220","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":107,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"c48b067d-3da5-4823-80a7-c1e4f2980498","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":107,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"6cbd178b-e848-4d56-800a-a3fdccba9d81","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":107,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"8bb6e853-2a02-47aa-bef6-c2e6c7c2ce8e","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":107,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"dbaa8118-a10b-45c4-b83d-31002690ce30","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":107,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"e05a504d-9e3d-4fda-86ce-da63966d8620","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":107,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"aaada146-b577-4d6a-9043-3da4c8bd2d1b","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":107,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"14ba426a-6d72-4ee3-b4ff-5510c3dee7e3","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":107,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"d794fba7-8841-48b9-87d4-d264688f36ee","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":107,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"cbf2f640-4eab-46d1-bb4b-8e7cddab0870","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":107,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"9aa0dd71-720d-4ed8-b48a-2df8dddae3b8","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":107,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"53ac92be-ac16-45bf-af2d-2e2f4349fc75","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":107,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"22c17f6c-cb78-4c89-99b7-0b79af2d399b","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":107,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"a8ff91c3-128a-47c9-9f8d-3872d32fe66e","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":107,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"180ccfe7-429f-4990-aafa-4dc002b98e3c","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":107,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"d35050ca-acbc-4080-bbb8-c554911d806c","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":107,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"3380e445-231a-4e28-a18f-ea905b31af70","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":107,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"2c6bfe86-dc85-4482-b26c-f744aab8d8d2","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":107,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"109974ac-2752-4682-aa43-8cff066f3cdd","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":107,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"ee2a6b2e-7a8e-4c07-b91e-5fc65093953b","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":107,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"6d8b3b63-0f70-458d-98f1-11c3d59ea058","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":107,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"e840c583-57af-4e37-bed1-b492cda75685","block_type":"box","text":"Call Rights.","page_number":107,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"0c49f3c9-71a1-4ffe-91b9-27a7ea035695","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":107,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"4bbd4ce6-06c3-40e1-891c-ac0be3f1c64a","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":107,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"9a99a6da-afa8-4527-92d7-b3fcb41a92b3","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":107,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"66f585b6-4114-4bb1-a623-98be61a6e064","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":107,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"410d7dc1-8b2b-419f-adec-f93dd5c221fd","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":107,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"624ca7b8-9e0d-4cb6-8644-abcaa9565aec","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":107,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"e3ed0c23-c0b0-445b-af71-1029213587f4","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":107,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"21bf5b39-a5fe-47c8-a1a4-85879ef196f1","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":107,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"fc789748-ad7b-40c9-a7a1-fab0bf4f2965","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":107,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"46b03888-ca08-44f4-b572-991880d6302d","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":107,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"b8585251-f731-43b2-a109-859725c8ee28","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":107,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"fb40de06-6a51-4633-9b57-9dafbbb38673","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":107,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"4aca92ba-8332-4253-8f63-53ebe27ee515","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":107,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"6afb1d59-6140-47b5-ac9c-8f3682db7958","block_type":"box","text":"II-61","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6b534284-9d25-4ad1-8d66-1388ceaad961","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf55b514-7103-435e-be09-68603f26dfdc","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":108,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"28cedc43-f59f-482c-8df5-48a02869046f","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":108,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"292cbb5c-0e39-461f-ad09-9974b4aa12a3","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":108,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"3b055fd9-69aa-4d09-a756-15b766d1e3ba","block_type":"box","text":"i.e.","page_number":108,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"58cc376b-d307-41c9-a50d-d9c0c5da752b","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":108,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"52ed3d0d-c2fe-47a3-80c7-a9191568dd21","block_type":"box","text":"rates).","page_number":108,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"bac974f9-1a96-47c4-a877-37cd40b236cd","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":108,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"199f321a-027b-407b-b0eb-a7f4c9940aba","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":108,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"48d0c936-4523-4ec5-a456-995f7b222d77","block_type":"box","text":"e.g.","page_number":108,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"590cf292-5f9c-4436-a34d-19d19d350947","block_type":"box","text":", an exchange of fixed rate payments for","page_number":108,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"04207e0a-33c3-4d4d-831b-862e55019f51","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":108,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"d03e5452-8a0c-4051-912c-d876a544cd4a","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":108,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"4bf1100c-982f-4510-9863-1654e2689518","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":108,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"02cd8f3d-42f1-4c68-b088-24a9f7414a82","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":108,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"01f34cc5-564e-4b66-964d-ffab3798a937","block_type":"box","text":"with the same attributes as the swap (","page_number":108,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"5d95521d-1b36-436b-b8e2-74e810460384","block_type":"box","text":"e.g.","page_number":108,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"56712965-c42f-4490-9dd3-813ffa771bf6","block_type":"box","text":", coupon, maturity, call feature).","page_number":108,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"9b9d434d-ac87-492f-ab12-aa2afaff0517","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":108,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"46fad683-025e-4c6e-ace0-2352b7a458ac","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":108,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"e23256aa-5b76-489c-8bab-d7deffb48b2a","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":108,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"173d17b9-b6b2-4dbd-ad38-f7887138e991","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":108,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"7c636528-9e4a-4537-9454-2dc4dfd75a77","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":108,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"c25bcaa9-be49-4c39-b0b1-a951d90f954a","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":108,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"7178e51d-34d0-4028-b904-76846de4e13c","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":108,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"fd2a76c1-4daa-4168-ba4f-1a46e706da6c","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":108,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"bc816b5b-ba23-4f92-b857-11542db28d60","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":108,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"bc003fe8-57af-4888-b416-38e1d737c89e","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":108,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"d362c3b9-82e8-4807-9fa6-0d2741d0c7cf","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":108,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"24926be7-05c1-4160-90c0-e9d812777efa","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":108,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"63849f70-e921-430c-910f-8e23474830d5","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":108,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"4e7ddddc-07a3-490c-b9eb-1d3858fff485","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":108,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"ac96c234-466e-4904-8670-01f68e124eec","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":108,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"f1f0b328-c069-449a-bdf0-662d68eedf46","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":108,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"a7461e0b-fbef-4639-875b-34c9a7889892","block_type":"box","text":"Insured Municipal Bonds.","page_number":108,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"7a3d126b-015e-4ca2-b440-7e0410124d4d","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":108,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"fce037c8-6df3-44d5-88d1-f3b01b3b2678","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":108,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"f32f0bc4-0f2e-4b0c-b31d-1195829a5e6a","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":108,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"0bfbc886-4e89-48bc-b7e9-c80fa543d6cc","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":108,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"51080dd7-2bdc-4b46-9481-aaa699867c5d","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":108,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"2a4d55bf-5c81-47de-92e9-033e7229c915","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":108,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"a1d9c2b8-05fc-4378-b2e1-f95d7fbd2ea3","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":108,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"56904fd2-49cd-4d4b-884f-649b2078f7de","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":108,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"0557932b-00bf-4022-9305-b149480e38d9","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":108,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"6f45c1fa-6986-405a-9cf4-47b7dd226538","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":108,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"55847210-8314-4674-a9a5-04831623c326","block_type":"box","text":"bond could drop.","page_number":108,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"8bb9b4be-9d65-40a6-ac74-e649c592d1d6","block_type":"box","text":"Build America Bonds.","page_number":108,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"518aa99c-12ad-4d85-9261-b1ed3d28d914","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":108,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"843d9c96-4a60-4c35-a7fb-f3f567aad171","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":108,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"ee4d3c87-835b-41da-8a78-a80a373a2b94","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":108,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"1294840b-3f70-493f-832a-d08248211233","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":108,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"3fc5d6f7-d15c-4a22-a54d-727afa1c7ded","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":108,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"9feaf075-4d6f-45cf-a7b5-1defc88a797c","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":108,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"0625bd15-aab0-46ed-8c1d-5760c4027552","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":108,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"b3bb4b55-2c2c-4a73-bd1a-cd623eee0772","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":108,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"c943a101-ce1a-45e8-8430-b935b01a22db","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":108,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"f74c3971-8029-4d73-9810-3886ba4d537c","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":108,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"ee5779ea-32d5-4c79-80b1-e0d89e179fee","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":108,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"ab928b42-64b3-4ead-82ca-572e09bcf376","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":108,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"ba458821-1a8d-4453-8107-7ea2b2fcea39","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":108,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"ebf5a71a-5a28-49c8-87f0-54650b7afb83","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":108,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"35fb660c-4dba-4e49-9851-735658521f07","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":108,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"e9ef232c-7d4f-4f05-940f-2fcd8cb267a7","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":108,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"dc2c0924-2e83-4a0c-b74f-0c8a386443dd","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":108,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"f4ed7ff6-e22c-4fff-8845-1f32b408bc0b","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":108,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"4cc101a1-d69d-4307-98c2-bc4609972d76","block_type":"box","text":"II-62","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e0df67c-ad95-4d64-bf46-55194f01a728","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"200bb24f-987f-4947-935c-5381f0525b38","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":109,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"79bb50de-9a4a-4e31-8ba0-5ea6b2857a0d","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":109,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"86dbf824-705f-419c-8d29-6db752496920","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":109,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"2e57c4ec-73f7-4a9f-92f8-52e63994b465","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":109,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"9a15e59b-d170-46ed-a097-dd8b4ffc9edc","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":109,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"01660678-97a4-4a97-8981-a1b1f4ceefa2","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":109,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"1e93e731-ea10-4052-9137-b7b08efe1cd1","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":109,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"2d550be5-6467-4c7e-9690-a87646ac3110","block_type":"box","text":"their face value to the sponsor (","page_number":109,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"f8d1070a-3668-438e-b417-93200e3b1a9d","block_type":"box","text":"e.g.","page_number":109,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"f97e7d39-8490-41c4-9593-1cbc39062330","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":109,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"3338d977-f6c2-4c07-a425-21208a22f46a","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":109,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"edc0cd6e-dbed-4a86-9919-20df328c8e16","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":109,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"11e11bd4-f93b-49f1-a5d2-5b44e67180fe","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":109,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"48037cc6-aa25-4587-b969-20100170ff9c","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":109,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"5a638449-8f0b-419c-bc34-11995d1803a4","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":109,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"2c41cf58-0c43-4af3-80f9-59e4e6dcdc13","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":109,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"2094df1e-8e36-462f-a039-2fc3be9c75c3","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":109,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"3ac8dc25-2453-4ef8-96e9-2e32889a7d1d","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":109,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"10180a41-5e2b-4ec3-ae1a-1a4d46130ab9","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":109,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"50d02e14-cd90-4316-9e0b-858dc1589a3c","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":109,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"c7f63611-34fa-4b3d-8c4c-93ef14e966a6","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":109,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"f2323639-ce22-4f64-85b9-e3c77b16ca15","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":109,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"0498bd12-20ca-41b8-85f7-20024093cf19","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":109,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"c9a20b49-a8da-4c0c-bb9e-b89253f63ce8","block_type":"box","text":"such opinions.","page_number":109,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"02c31cdf-648c-4ccb-bfe6-91af35687155","block_type":"box","text":"Operational and Technology Risks.","page_number":109,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"243dd98e-5b44-4dcb-8ae1-1cbfb0ec3893","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":109,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"e8ed9f46-3c9f-45d8-9062-aee60f013c6c","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":109,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"871c533d-a7dd-43cc-a57c-0ccb76481972","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":109,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"7da1cadb-2477-4a7d-a352-e43980c31b0b","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":109,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"7f9a4646-a3e3-4b8b-bdc2-44ebdb645986","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":109,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"7b4c7938-42ec-44b4-a70e-a761bacdfa41","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":109,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"25e147b5-c1c5-4647-b6a1-f353d7bc36fb","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":109,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"a668ba05-210f-4075-8636-6b38574f175b","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":109,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"f6b7893f-f557-44a2-bb3d-5954ed5f986c","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":109,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"77d7f6a7-39d8-4af1-b89f-ca11f54c3d13","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":109,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"001f5b02-a9ad-4c4d-be4e-4ca509bbec11","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":109,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"b0623661-9cdf-4c04-bd5b-f00a23c491b0","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":109,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"e780da86-a405-4485-9ff9-e09f6e09377f","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":109,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"97d050f5-c9e5-493d-bcd2-65443f19e13a","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":109,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"cf879003-e0a5-478a-ae20-f8bf5ef35f97","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":109,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"f48c944b-e239-4db2-a1c8-d0ab2e054521","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":109,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"83c5b851-373a-415a-bb25-1af1c873038c","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":109,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"2ab32114-fb1e-401b-98bd-c06835e3c145","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":109,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"686826bc-30d8-4557-a04a-a659e25b6243","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":109,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"39911db3-37bf-4d6e-a2f5-f7545c11445a","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":109,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"2e194083-3d33-46d7-8fe8-851a5918937f","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":109,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"6702b04e-6ce4-48cd-92bc-337c62a54a3f","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":109,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"084d768f-0433-4e64-a4ce-32422eb2b508","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":109,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"2e0f4bb7-9c98-47a1-9a50-1670f5731c97","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":109,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"cf6a257a-0094-4d0e-bfc7-34bcdbd874e9","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":109,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"62f14068-d66b-4ce5-ab43-e60877cf773a","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":109,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"e982cb26-b209-4341-be28-4812f7f45f93","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":109,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"65ad094a-3de8-4267-9321-9b4f6bd9b017","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":109,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"a0dfb41c-355f-45e1-b271-7e4d5a29c261","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":109,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"8ed8de97-3483-429d-9ce7-09e5db564eb5","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":109,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"6209866e-6559-4a39-b10f-08bfbab396a6","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":109,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"e7b71010-ce47-4027-a3dc-16668e538004","block_type":"box","text":"infrastructure assets.","page_number":109,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"6ce3d80c-10f4-4891-a9c6-e5fabd74a76c","block_type":"box","text":"II-63","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a3926920-0b40-4852-83f5-6c286ea7dc92","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bead9c00-4d42-47be-aae0-def983607956","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":110,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"89453db2-2535-47f6-b0e5-50a0305e4a60","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":110,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"e5b4878b-d667-426c-a40e-7559abe743e8","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":110,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"c30cad13-b222-48f6-9b4d-939b0ecc8685","block_type":"box","text":"or services.","page_number":110,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"49379731-1b4e-430c-8661-2d449893c0a9","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":110,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"fa8dc997-6327-468b-b16f-e237cca2b26a","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":110,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"9ad58c14-3296-4503-894e-27a869a272d2","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":110,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"81fd15ca-71c1-4693-86cd-67ac1d7c9f67","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":110,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"64eacd93-cd5c-4ca3-85ab-9f2f67fd4f7f","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":110,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"2df14299-8dbe-4472-bd1a-d81123f591ca","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":110,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"0a3a250d-a004-4bc1-a2ec-0781a88f09ac","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":110,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"c383b8a2-1681-4bec-b9b2-00fa16e5e82d","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":110,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"d0c1869a-1683-4af7-b397-dd336caeae21","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":110,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"d4c6145a-8a88-4fed-b887-e26b4e3b57b2","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":110,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"a80fcb3c-b728-49ac-9e65-761baf25c3d9","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":110,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"dbd1a64e-4d91-401d-9b94-861a4590cdea","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":110,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"c8781ff7-c5c9-45c9-ab80-2b83b3aa10c4","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":110,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"e214617e-5dc3-4bbf-8204-72fab0f6da33","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":110,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"1c91b702-19bb-411f-81ad-a36c6664e82a","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":110,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"64436ae2-a351-4a39-8dcf-4637fab9e5b2","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":110,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"411ad22c-a738-4a8a-90bc-dda51c24a914","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":110,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"fec213c3-8aa7-4213-831a-59a0ae5303b9","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":110,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"fb403776-1df6-4bad-af47-3716a910b8f1","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":110,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"58b8f65f-51ec-431a-a5c1-1b793e3d2a93","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":110,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"952d6bb9-67e6-4b58-a9ab-613700250c98","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":110,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"23847183-4731-4a27-992c-8a252c26ab3f","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":110,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"db4d7cbd-f177-4a21-bd27-fb19d3dcd81b","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":110,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"16f4e1c3-886f-405d-bbd3-ae193521d931","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":110,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"6efb37f4-6b62-4235-9b23-1a92617c1150","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":110,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"69c8e201-68fa-4589-8a4e-49463e7fdfa2","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":110,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"d1dfa507-8397-41e9-88d4-448849b7aa12","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":110,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"b1c7cfaf-b36d-4575-bd67-f688fe6de64c","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":110,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"bfc58919-c7c7-4044-b85b-bd8fef12b62a","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":110,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"472d3aff-55b6-440c-88fe-d387f8a8a273","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":110,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"a18f49e4-8543-4f24-9757-c2bf4d922da2","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":110,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"1859c183-2750-4f1b-9baf-b3aab98898a4","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":110,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"9b0ebcda-f380-4080-9cd2-25d516ed84c8","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":110,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"1d76db69-1dec-4230-8d5f-32b639ef6df6","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":110,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"3d13b841-355d-4751-a09a-44bb525c0415","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":110,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"691a9246-e88a-4adf-ae71-1b6e32e1aea9","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":110,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"ee9c6ce9-2679-47e8-abac-50cad90f15d4","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":110,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"61ef864f-ba87-4515-9f19-9884c26429ac","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":110,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"fb75beac-e81f-468d-900a-4d4a78f08330","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":110,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"a71cb449-bbe9-4238-a45c-89322a6a745d","block_type":"box","text":"resources to monitor and implement required changes.","page_number":110,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"54157436-e510-4e9a-b1f8-745917c30ccd","block_type":"box","text":"Participation Notes.","page_number":110,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"908a9001-f7fd-45d0-928c-6d902a1d7127","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":110,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"dbf14cbd-13c6-4bf5-987e-f853fbbd22ee","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":110,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"aa8d739d-d8d9-471b-81c6-ec27d2a9eaa4","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":110,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"0208562e-a11e-4fbc-b4ae-d8d3feb37c46","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":110,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"8e63306a-7d53-4042-aee3-6a23397e8c87","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":110,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"b2f0379d-95e7-4ed1-a561-12f43a83a27b","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":110,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"2ca672a7-48c5-42bb-8bef-92f73fb05683","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":110,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"bab6efb7-fb48-446d-a30c-5091ff3edd2e","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":110,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"3fc825bc-cbcc-42cb-8108-7d4b1e129ccc","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":110,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"6483fd91-b6a4-4bfc-92fb-40f90adaedba","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":110,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"9afaefa4-dbfb-4b4e-bb63-154ea4516918","block_type":"box","text":"II-64","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"61918860-7a2a-4c6f-b4a2-b8b469137ba4","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ac317f0-6420-4e5f-86fc-5388ee6ec84d","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":111,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"4bc93e94-92f5-4e3d-8929-22514bc61923","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":111,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"3b05e4a6-5c35-4d6c-9fc1-c17aff2726b1","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":111,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"1f752ef5-fe7a-467f-8afc-9cf40798bfc5","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":111,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"1c70f8b7-ceb9-495a-8b21-22ec8ec60c90","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":111,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"301cfb78-ec53-4064-aa2a-c638eabc7cd5","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":111,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"635dc552-f22f-464b-8368-bc58805ae96b","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":111,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"dbdbdc53-a09c-4ecd-b6f2-0b0644787cd9","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":111,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"f1536f69-578b-4f14-a5a3-bca2ce4020da","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":111,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"b510ac24-ada2-4a70-9dc2-844f8a70ffd8","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":111,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"3930b67f-9b9d-43ca-a867-66fccaf7bc73","block_type":"box","text":"Portfolio Turnover Rates.","page_number":111,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"4771dce6-1b70-4b3a-9734-1e642d0aed5d","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":111,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"c2c327ea-0ee6-40a8-a3d6-39279a7f9bf5","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":111,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"f5f57045-c7cb-4e8b-958a-4596424ca9bc","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":111,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"c9cec0dc-df55-42fb-8f08-90567bf296f1","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":111,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"2263bc9a-eb61-4b5a-8057-8b18022b8886","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":111,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"1410b029-36a1-4f0e-92de-f71eee0d8b02","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":111,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"94bcce83-839d-4f69-9e16-75eca714f972","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":111,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"6012106b-cee9-4988-bbb2-68f58591e604","block_type":"box","text":"i.e.","page_number":111,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"b4837771-2873-440e-af44-686e63afa765","block_type":"box","text":", 100% or more) may result in","page_number":111,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"5c207319-9518-4ae3-a201-5cf82a907e65","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":111,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"39054c8a-79e3-40d5-80db-840da32da487","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":111,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"c66c0042-01f8-4311-85df-8c2e27bfe65d","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":111,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"4df6a81f-2d2b-4bee-b435-e0cc5ca044c0","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":111,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"784bd42d-9811-4ac8-8afe-96ab1b56efd4","block_type":"box","text":"Preferred Stock.","page_number":111,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"88dfa96a-41cd-4103-8a43-b83ec3e5d9d8","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":111,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"bc3377d5-f269-4a32-81e6-a8887b97d4d3","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":111,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"9f19088c-2c6a-413c-a065-b166257179d7","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":111,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"6c5d6d27-8d7c-4e17-a464-e2fa04e4d674","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":111,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"cf62bb39-347f-498e-afbe-63e5ca61f145","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":111,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"2a68ba9f-dad1-4bfa-8a0b-b2780e017978","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":111,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"bbf8097e-398a-435d-899d-2bcceff912a9","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":111,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"a8ab9994-92a8-435f-a5d1-a7bf22ecb997","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":111,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"f3da92e5-a1aa-4423-a19c-01e35eea17d9","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":111,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"336eac77-c360-4b3a-94ed-dffc189f8622","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":111,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"f7af205b-355b-486e-8b30-9924a7104315","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":111,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"59aa658f-8cf1-4877-bace-eef73de90afd","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":111,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"b543e6d4-479a-4b0e-abbf-e080668d6675","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":111,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"939f796c-8486-4aed-bac6-255bec13ec7d","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":111,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"d7f52b49-9220-44aa-944e-00bd072a86e1","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":111,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"4ea02332-c87f-49e9-b3bd-6d8c30624598","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":111,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"9050cdb2-ffba-4238-b6ca-84da8881c4d4","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":111,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"03f4348c-6cac-4150-a79c-72b3d21b641e","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":111,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"70400d7d-0a01-4771-be19-72714d1d051c","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":111,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"ceb8cdf4-ebe4-4990-80ba-7b7dbde26838","block_type":"box","text":"Trust Preferred Securities.","page_number":111,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"5c559284-b706-4a97-9491-9f4d5eb5c454","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":111,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"743ac35f-c3c3-46f0-b5b4-84d6e6a23d21","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":111,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"14f8f990-f7ee-4f0c-8bd0-8e63320aed64","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":111,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"4130fdca-b5bf-4335-b942-86639caf8d36","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":111,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"ce68e1eb-6b50-4968-b79d-70dab4783949","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":111,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"7bcf284a-d235-4131-ac91-247908588a50","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":111,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"c1f56ea1-00a6-4f4e-8157-aedf62700ec4","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":111,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"c8607415-e8ed-47ca-ae5f-342c309c1431","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":111,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"caca8a0f-0eb4-47eb-acc2-47f32e5b3fe3","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":111,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"cade4b1f-a44c-4703-9567-9092d891c2aa","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":111,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"5aee25f8-96a9-4ce8-aa2f-4ca1ba778167","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":111,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"8acb911e-29f2-435a-851e-461e0f08295e","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":111,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"645c1f8c-d9e8-446e-87ab-a115910e528b","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":111,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"41a53b98-60fe-4883-8f8c-11447ab23de5","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":111,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"9a3039b7-d6c5-4d8b-8d20-3f61ea3b11c3","block_type":"box","text":"®","page_number":111,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"f788f0e9-3b98-4c7e-83c5-06203e046104","block_type":"box","text":"”); monthly","page_number":111,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"20c65af7-9050-43f5-8a3d-a30c8b6a4b18","block_type":"box","text":"income preferred securities (“MIPS","page_number":111,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"5daec2ac-fe1d-4943-95c2-dacf12cee035","block_type":"box","text":"®","page_number":111,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"575cc017-5e9e-4b04-8f2a-2d08ffa3c56d","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":111,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"ec0db360-4190-47d7-8dd1-1600c9dcaaed","block_type":"box","text":"®","page_number":111,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"29ff63b1-1e87-4a0c-9730-5e030087c4bf","block_type":"box","text":"” ); quar terly income debt securities","page_number":111,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"fdbc7a13-1cd9-413e-9da3-7218e6a5420c","block_type":"box","text":"II-65","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ee6c615-915c-4d47-8cc9-e2e14f0c054b","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d55690d3-a5f0-4459-843e-ce923063b23a","block_type":"box","text":"(“QUIDS","page_number":112,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"590f10ac-6e4a-4ac6-80af-c2cc32d6fb17","block_type":"box","text":"®","page_number":112,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"5f1a70db-9d0a-4cef-9562-2cf80a76516e","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":112,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"24936fcc-b2c0-443c-8c8b-eacf527772ed","block_type":"box","text":"SM","page_number":112,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"f5bd8080-d16c-467b-89b9-1a49764b4d60","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":112,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"cbc56c46-4983-4d0c-9cae-1c1c115cb414","block_type":"box","text":"®","page_number":112,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"a7fd921c-1770-4365-8e67-283977148e6f","block_type":"box","text":"”); public income","page_number":112,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"9c56d135-5bee-40a0-8949-32a4fce22f43","block_type":"box","text":"notes (“PINES","page_number":112,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"07e0985c-a293-4b6d-ba7d-8c79cd058089","block_type":"box","text":"®","page_number":112,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"492c9e36-39d7-4309-bb2c-11949bf2d351","block_type":"box","text":"”); and other trust preferred securities.","page_number":112,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"9e647195-8718-4337-b825-e383b33f4f09","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":112,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"296154cc-3210-4801-9e89-9bd647bf3784","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":112,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"ea101914-eaa0-45d7-a08b-cb144caf071d","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":112,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"d14a8429-2cbd-4deb-8c54-e617542cd343","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":112,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"222f156e-94ca-4429-a8c7-e58819d71f3d","block_type":"box","text":"regard to whether all payments have been paid.","page_number":112,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"012ae784-7903-43c3-aaf9-d9141332cdb7","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":112,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"61ff88b8-8250-4104-9aa6-e44c7835c6a6","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":112,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"e8c410d5-0d22-4812-987a-7c499352314b","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":112,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"da26cdbe-f8fb-4d96-b165-ad644b9dfad0","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":112,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"e792eddb-a125-4412-92fb-647aab1621f5","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":112,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"808df1d6-a2d9-4d5b-b1f2-36efeee9a8ee","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":112,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"b8db1758-bfa6-49fb-bc74-e2646cefa2c5","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":112,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"dad2b78c-102b-4eaf-9237-9336952c9384","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":112,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"bd87d1c0-8619-4f6d-a5e6-ec516dac464d","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":112,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"f4b96a7f-1b7f-4b67-bb5d-4ee9b347f493","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":112,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"4739bd7c-0b9d-44f8-9b38-8d2aa0ef5972","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":112,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"0faf7bfb-2508-44b1-9e61-b7a7f52de408","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":112,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"edacf42f-e283-4182-82ab-e50b1a6d0e2e","block_type":"box","text":"debt securities.","page_number":112,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"d970d308-c3f8-457e-964d-0798542d910a","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":112,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"4baf3a41-2b78-4d1c-9c3c-610cd7908077","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":112,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"5a049d45-d23f-4cbd-b75f-be02b14f962e","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":112,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"e54c4c2b-3dfa-4c1c-8d93-c1acde1f5cd1","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":112,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"9e072b24-65fa-4dee-a97a-836fb8f767a7","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":112,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"e41e51b1-c133-4d5c-9a7b-a33007e9b3a2","block_type":"box","text":"i.e.","page_number":112,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"3eea13b4-8189-4a6f-bd89-e56a479a0faf","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":112,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"675621ef-7030-4ce7-ad72-d606f2080ad3","block_type":"box","text":"buildings.","page_number":112,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"5f468f28-3170-4f42-a1df-4c09003dd964","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":112,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"58a1dfcf-afda-48f0-8650-a771ef68ddf5","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":112,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"652db3fb-9608-42c9-a042-15efe38c8413","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":112,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"0e499acc-9aa4-4e7a-98df-367c50f8e855","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":112,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"67e7a7c6-5395-478f-b178-b373fe130df4","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":112,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"4d371e48-00a2-4e88-b3cf-b4fc899bdc3e","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":112,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"4e923b8e-f877-43ee-bf88-a8509d86de44","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":112,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"0cb2d726-1d82-4c40-8d3b-591f9ec314c5","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":112,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"319e8885-4fe5-4a5d-9a15-4d5ee2e3e923","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":112,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"f10e3531-6e7c-4c8e-9aba-9b53858b404d","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":112,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"0b0e581f-7002-4d14-9410-085a2e7c051e","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":112,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"d35197b0-64d9-43c0-b416-9e56ec19f831","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":112,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"251966f8-971d-4e47-9efa-d250daeb250d","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":112,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"cfde1581-75d8-4712-a623-248aee879243","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":112,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"01900279-d0ff-4005-b308-5e2d52e7aa37","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":112,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"e94a69b9-11ac-4cb3-aad6-8f910c61796f","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":112,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"a8ec6d0d-810b-472e-949d-8e2ccd52be5d","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":112,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"b3d72666-ac21-4c62-92f8-4b0e73145223","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":112,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"b8665dc8-3a46-4057-912f-423414245caa","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":112,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"e820139b-1bfd-4a7c-b88a-72d4a77ceda8","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":112,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"b97d1657-b60f-4e89-9990-97c2266fa441","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":112,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"18f9b6aa-8926-4ca1-b5d7-063518ac7130","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":112,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"ad984a18-75c6-447f-bf7c-a024bd84a452","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":112,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"284b14a2-fdde-4bd2-b9ee-76656c78b984","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":112,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"da422688-327e-45de-87e3-26edd286525d","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":112,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"b351a785-8eb0-4987-b232-f9b50be87992","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":112,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"64cabb39-528f-4a30-908e-f67618e9c3ea","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":112,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"eb0abc39-9ca8-4bcf-871c-caf5cd47137a","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":112,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"48f305e0-d24b-427e-a697-c68afec7ad95","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":112,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"9201a51f-8347-4eb0-9734-4faff229c68a","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":112,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"c773c294-4d6c-4464-b6b1-69b86a90ca63","block_type":"box","text":"II-66","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f034c757-0fd3-4399-a012-58729bbd8ba4","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd7ecefc-1f4b-4989-be63-e0f29f036a04","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":113,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"da44ba96-4806-4e08-94e2-eb16ad05c1bc","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":113,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"dc441b75-a228-4efd-a9bb-93721c55dc2a","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":113,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"6ca241e5-ef1f-4bee-8877-1cdff9e84936","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":113,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"27c0d1f8-affe-400a-8c04-cdaa7f5299d9","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":113,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"1cf49bce-3929-4406-8397-ae8d12d5b6cf","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":113,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"73f58162-29d3-47eb-85a1-d04469e1ad77","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":113,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"95615282-880f-4002-a79a-b2d654a7b927","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":113,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"bcac796e-6194-4c8c-a2c2-a8f51734cf43","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":113,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"7e1ea28f-bac1-49f6-a13f-629e9b08705f","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":113,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"f1976c3c-4147-4495-bee7-70f3482e57a5","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":113,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"49057e6d-968b-415e-a915-54dace647078","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":113,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"5ed30969-56cc-4d58-8626-008066d0a9ed","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":113,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"bb376e6e-e081-485c-bf21-a1af376c4bd0","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":113,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"5f8b2206-7a41-4e71-b9bd-3f8c264eb55e","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":113,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"eb31dc46-8fae-4067-a505-619bb2368d9f","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":113,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"2dc152c5-c613-400a-9d19-a0869e026399","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":113,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"a5edb3c8-dfdf-42c5-8939-b17fcf82ba97","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":113,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"3ce34133-6f16-4234-a468-65b353d47ca7","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":113,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"94d7dda6-9fa2-4dee-bd45-f84a8aad6b70","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":113,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"cbc1bda9-f402-41f1-90cb-6494aec5afcd","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":113,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"92dfd201-649b-4c28-bf7d-1d8606ff88f2","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":113,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"5eb8e82e-28c2-418b-a73c-729b8a1d5445","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":113,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"e17c5356-7105-4f96-8224-1aac0a811bb9","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":113,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"095f94da-5b37-4254-9f34-edf73b9bab7b","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":113,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"d40be1a0-0560-4e47-9273-69667af213bc","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":113,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"c8dd3e0b-4ab6-437e-8e2f-9dea6c094450","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":113,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"dc14c507-5c69-47a9-96ae-c30d867d8706","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":113,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"57e7274b-8bf9-4b30-a6bd-cedc0a4627ef","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":113,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"94aa1c6c-7900-4a8e-b7ad-ae90a7102a4b","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":113,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"3518d55a-c158-4eeb-aa41-ffe25bd26bfc","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":113,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"3f3ec599-0017-479c-a819-8ed840c9d9a5","block_type":"box","text":"conditions.","page_number":113,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"e4fa11c6-266e-4872-a000-93e2d32d3bc9","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":113,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"19278cee-baed-4932-ad59-1300456b9e1c","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":113,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"eec10bbf-2e9e-431e-bd43-cd558f989bf6","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":113,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"ad3f8493-e227-45a1-9351-3d8e50e87eda","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":113,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"a021815a-645e-46ad-b1cf-d33c11d8830f","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":113,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"095b6234-49af-4632-9f49-697586106566","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":113,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"bdef32e9-4d99-4ac0-93b1-72dd691066ba","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":113,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"da884c6b-7133-446b-8699-4e6eeab66d1d","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":113,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"2fa6d762-b284-4cf5-9215-25ff75623380","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":113,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"3ac3a4c4-0a7c-4bef-a022-6e270651d4dd","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":113,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"824b58f5-b3b9-4463-a164-e82ea732ce18","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":113,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"674a9bcb-e90d-4dba-967f-7d38369ce5d9","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":113,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"55b7899b-0c75-4c49-82df-f3a244d41c34","block_type":"box","text":"affected by such events.","page_number":113,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"ad54710b-8965-4ac3-84a8-4daff4d24a58","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":113,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"bfcb00b0-78e9-44f6-93af-805d528a9434","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":113,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"b97f46ad-cfc1-4d3f-bdf2-19a344913d6a","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":113,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"f02f003c-dbaf-4e84-9bd1-2ccdbfb43374","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":113,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"190e71be-0adc-416b-bbd2-5ccbdf7f43a2","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":113,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"33ade1fd-081b-404d-82da-23fcd4183d61","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":113,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"edaa544a-b2cc-4a13-a816-4836e1c264e9","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":113,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"9d6aead1-67f3-4056-8ffe-10dc0bfa8b1f","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":113,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"22ca97b2-0e79-4d99-a997-3846d42e26c5","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":113,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"91f8e64c-57d3-4362-918c-1906897f17da","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":113,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"82af99c6-1a75-4004-b4bf-625d035373a8","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":113,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"8b6a3ff1-b783-48cc-a306-90d431773499","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":113,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"92cd21be-e2db-4831-ac44-c16bf60d3158","block_type":"box","text":"II-67","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2b074f8a-6ab2-4695-bd30-e709b9ad6211","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87f7a0e4-ade0-4d1b-bb25-5f32604a45ac","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":114,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"8efd53b4-afdf-4b83-b2a7-94b9400b5068","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":114,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"6b2bff47-1890-43aa-80d1-ca488b2c4560","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":114,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"12c739e6-456a-4961-9804-c604c89dc7d6","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":114,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"999ecd1b-f923-4fe7-b8e9-f7c87b71db9e","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":114,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"ebffb983-fdfa-4c5b-a3b1-2a08674fdba0","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":114,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"b08cc43d-984a-448b-9fa7-50b6b0439662","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":114,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"a9c0163c-0867-4482-b44c-3cb9c8b5fa18","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":114,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"8f147533-563e-480f-8ec4-724c24198be7","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":114,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"e1850dd0-278a-491b-8e1f-951539ac70f5","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":114,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"7bc575c6-5c16-47c9-8e41-a9a371aee833","block_type":"box","text":"investments.","page_number":114,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"89edf202-d73c-4a10-8811-1019fd3023e0","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":114,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"9bd4f041-aa68-4adf-a175-a01439ca843b","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":114,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"42fa22de-dffe-482c-a90e-53b36556e796","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":114,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"ccec53ef-ac06-4349-9212-42914cc51b15","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":114,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"b97bd8b0-b254-47c0-b088-0401194b1959","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":114,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"bf926632-65e5-48d0-b088-6536fdde935c","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":114,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"93116043-93ed-42b2-b635-6ff55408e7b7","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":114,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"1d369b1f-931d-49a6-b79e-ec37b1d3c6ec","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":114,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"d3273250-e68a-461f-856d-a1433615ba69","block_type":"box","text":"Legal and Regulatory Risks.","page_number":114,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"f230a10f-ba7a-4a69-9dff-fd9c3ecf20a6","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":114,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"7020ea38-d54f-4cf8-89ae-8a4427bfd530","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":114,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"ecb7201e-3a70-4ff8-a666-12b628d3af40","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":114,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"d2617b20-8312-4943-9487-2d3f913be871","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":114,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"ffbdc3b6-c9b1-4a25-acd6-656253af2612","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":114,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"f3d3fbd1-c49a-4b8a-895a-2ca18f57fdb8","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":114,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"6d8ba1db-4577-4640-94d3-8b6be67080d9","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":114,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"51a68b39-9d45-49ab-bcfa-57a84529de77","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":114,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"2acbf7ef-4a3b-45c8-b55f-dc970dfb7a5c","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":114,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"a6ef1c00-4949-4ee2-95b0-ffe69b76796a","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":114,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"3d8e690b-f49b-410d-ab9d-603c0806bcea","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":114,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"d9542d70-6fb5-40e8-89db-bec3c09bb729","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":114,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"a6788a84-5484-4d64-9c79-c3a7c28bb89e","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":114,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"8b5cf8d1-2cce-4d43-8da0-724bbdfcef73","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":114,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"89480983-4094-454f-ac57-ded170e535eb","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":114,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"1fcdb6ed-b4c6-4e38-8d09-2b3b79d1cb52","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":114,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"991b3d33-4e63-4040-ba9e-dfbcceb53d13","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":114,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"f5015be2-6584-4c94-8bf5-feaab40cb52e","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":114,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"a5391f50-1b7b-437d-acd7-bb1046a29ba2","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":114,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"2dfabcf4-aa1a-48d3-8d46-af7919eff240","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":114,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"59cb312e-3ba8-40cd-8d66-18cd1ab27436","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":114,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"a1644b8d-77cc-4cdf-a2db-7c00c7b5ebe5","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":114,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"4ac9cff0-8c92-41b0-a176-4a4a0e6e5bc9","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":114,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"64e11971-a43d-476e-86f5-557dba63aec9","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":114,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"c75dad6f-534b-4b3d-87a9-2ee22f8fb7bd","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":114,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"09bee503-24db-469c-8e6b-681d8a98f197","block_type":"box","text":"Geographic Risks","page_number":114,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"c99334a7-b297-41d1-9051-7e906034616c","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":114,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"64b31f20-a01a-4349-ac6c-302360077b27","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":114,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"0d557619-794c-4477-8035-02bad69fcc5f","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":114,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"ed59266c-f19b-44ee-831e-cbf3e30b0011","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":114,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"5cb19aa8-e3c3-4bc0-a08d-5f723f407fbc","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":114,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"941dd703-08ef-4b6b-83dc-3b92a4c51bdd","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":114,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"5084235f-f039-472f-8b2c-5d8287f29a50","block_type":"box","text":"Fund.","page_number":114,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"52251c37-8ea9-46dd-9bbf-b13dbd577d12","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":114,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"d9b5a573-f184-4017-acab-7e71065440ce","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":114,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"d30694cb-92f5-4156-8eb3-7935e46e7fc5","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":114,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"86e17a5f-5255-40c3-a481-83ab98b71431","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":114,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"6a903c26-6fa5-4ac3-a300-4e84db296c75","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":114,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"5fba76f3-069d-403f-8a0f-31e46b64f903","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":114,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"c0a77751-5434-4035-9147-d74357b65553","block_type":"box","text":"II-68","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"754b22e5-c2ba-46d4-b57b-7a78a5fd3173","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ca6df4d-aa7f-4438-87ac-56a2501c116b","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":115,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"862240c9-2d19-4f94-be59-0c5706e569c6","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":115,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"06b9f3f1-062d-47b5-82c7-734fa0c1041b","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":115,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"f73ab856-c853-4421-abce-82c57d5606a7","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":115,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"8b21cc1c-7e0e-45c2-a528-57f776f0f8bf","block_type":"box","text":"continuing to develop (","page_number":115,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"e25293b6-4f50-4661-a8e2-65a1372dea44","block_type":"box","text":"e.g.","page_number":115,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"6640d79f-55c7-43e0-8f3e-f92e2066cde9","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":115,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"6a74913d-dfac-472f-b85c-0128fef6b072","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":115,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"0351dd88-5831-42c0-b5f4-f2d1a5225359","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":115,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"ffeebfe3-2f0d-4fa1-aa70-d434e6f44fe6","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":115,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"f98d42f2-c182-4502-bae2-e856815b5a26","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":115,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"feeeeded-0557-431a-9bdf-9295e0a4bfe2","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":115,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"68f6eaf2-ab90-438d-bee6-7697e0a20d22","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":115,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"b1067126-8dae-4679-83ae-0ae2e778e22d","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":115,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"a3def46c-deaa-42ba-b873-a8c785962563","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":115,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"3dd5dadd-8888-4203-b974-6174c0ac154b","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":115,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"2d6358e4-1999-46dd-be23-af7c1434012a","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":115,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"c7a9a99f-b0fa-4d30-b106-27ce9bd6f48d","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":115,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"b8fd0b76-1186-4d58-afea-0a130124004e","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":115,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"9ef45d5b-1643-4297-a39e-162a4776ea78","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":115,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"41d73097-d432-4c3d-8bd6-741a7fc2295d","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":115,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"3e19716c-2712-414a-b970-927b3df883fc","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":115,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"9afe0854-932a-4140-87c5-e9603d52d1bd","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":115,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"6f10301f-c9da-4ecc-a146-08854ed57d3d","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":115,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"cc591590-bf8b-458c-af19-efe221152ecf","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":115,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"865cce14-e6d2-49d7-b58a-20e6145b2123","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":115,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"38d0af1f-a8cf-471a-a20b-d740b1aa895f","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":115,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"e6706526-f16f-4145-b719-d2a3e2af8c6c","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":115,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"a61fb349-fc5c-46fd-b6a4-0f49163d73cd","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":115,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"c95dcff5-222f-4ffa-afe5-27dabe2b6666","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":115,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"89a4c999-eb28-442a-ac3d-dc54b4c7377c","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":115,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"0fd33b98-053c-41bf-9f93-dc5954571fb8","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":115,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"a20a84c5-0c60-46d0-9cc4-12462fe80970","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":115,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"16dc25ee-3e4b-4152-b73a-dc41291e0e14","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":115,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"d953351d-c37f-4a0b-aa57-37df0e5f2d58","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":115,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"1a687ed2-57ac-43f9-a316-f77b5efaa06e","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":115,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"28f3dddf-c04f-4e62-81f5-4cbfaaca67bc","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":115,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"1e988464-495e-4e87-86b4-332169e8bdeb","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":115,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"56b3a3ec-979d-45c1-9a60-da762d2677ec","block_type":"box","text":"consequences which cannot be predicted.","page_number":115,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"7d98a007-fdf1-43be-8e0b-956e0c16aca8","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":115,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"62862e24-03d1-49d9-9939-8f6b470bcd3e","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":115,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"a20ff9e9-ce96-4877-be15-1a7daedccc89","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":115,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"8400da0b-e78a-47a3-9c08-48a1f461e94e","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":115,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"e608cd8b-8526-48cb-af41-69c5abc69644","block_type":"box","text":"term of the agreement.","page_number":115,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"14565701-024f-4125-bab4-11fa3e776b76","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":115,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"ce736071-1d51-43c8-9062-ac3595c254d6","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":115,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"d5ccdef0-8772-4b34-a0c2-c9b1c2c0feb1","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":115,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"94115dec-286e-4b01-950d-ba4c8022dab9","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":115,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"8276f442-53cd-41b4-8dad-ea2272ccc657","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":115,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"cc9d104b-1e7d-4dcc-acc1-8e0bf81bf580","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":115,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"1114eae6-579b-4299-942d-a56a4e422ab4","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":115,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"08f4a4f6-b3bd-4310-a163-347eba158804","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":115,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"50dde1b1-51af-4fb4-961c-928bc047e476","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":115,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"3e0cf1a7-6ca6-4194-afa0-7246546762de","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":115,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"60c07858-a2ca-40c5-8cc9-84b87f05f77f","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":115,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"d2664a86-18e0-4b4b-850d-e0b133e4e263","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":115,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"78d00c47-1f70-4b13-b27d-3c7bd2bd15ad","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":115,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"4270d81e-7948-46c5-968f-3aa941dd4cb9","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":115,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"6de47dd8-c281-4d37-a118-c5767c3564df","block_type":"box","text":"II-69","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32279118-5a64-418b-8bf9-0aece04a51bd","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14de5500-d923-4434-9a18-fd2a1af45c0b","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":116,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"8526b20f-e40e-4eab-93b1-bd3cf0b0d67c","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":116,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"cbc0cbd8-7c99-4a60-abf7-40b90e4c2473","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":116,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"0aea34f8-4f5e-4939-8dcc-b9fdd3fa2723","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":116,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"a65f9200-08c1-4a30-9151-79c0614105bb","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":116,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"41e1e0db-5765-452f-9907-3b49e6514c22","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":116,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"1fffdf80-cf8d-4b46-9c21-799de54039ca","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":116,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"97034383-32e7-4da5-858c-cb0a7f8ecade","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":116,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"35e287fe-7209-4090-8870-33a52e778b13","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":116,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"674688d1-ffaf-4caa-8894-d56cb41e5b41","block_type":"box","text":"or by another authorized securities depository.","page_number":116,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"23a26be9-6010-4589-be06-8fd3d965b379","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":116,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"8ec88291-2d26-41d6-9f48-a62c076219eb","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":116,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"508da0bd-b0f6-4bba-bef0-bed771e46d82","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":116,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"b878a68a-5a44-4072-ad1a-7b98774290f6","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":116,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"916ec918-628f-4e79-b359-ac2a22559843","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":116,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"4bd24ce3-caa8-41c5-904c-88b7e06fa836","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":116,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"57b276fc-a420-4d85-8375-a245e1890147","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":116,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"cd470696-6aeb-46cb-9778-1677d7c9c76b","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":116,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"91a17883-2a8a-4ed8-aeec-06f1078eed21","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":116,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"0067ae61-4b71-4ee6-a478-fba68888a7a7","block_type":"box","text":"the repurchase price.","page_number":116,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"d9f31bcc-b16b-4fb5-a436-ea11634cff65","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":116,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"284471f3-6e00-4903-96c7-24803d86c215","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":116,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"0a2fd25f-945a-4be7-88af-116a5c4b63d0","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":116,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"16ec84ed-ce7b-4417-ad76-6e40455b348d","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":116,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"ebbadcb3-e0fa-4650-b8dc-2dd479391279","block_type":"box","text":"strategies without the repurchase obligation.","page_number":116,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"ac16dc30-8bb1-44da-8068-84026a92a2f4","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":116,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"6bf81725-4ce3-463c-b974-5f0aa5d60912","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":116,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"7c7ffe12-04a9-4fbf-ba20-a8aee63c0bb1","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":116,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"786ed264-0a48-45de-b33f-8b5060b4c4b7","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":116,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"6738b725-ab30-4a21-805a-db47fff58960","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":116,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"c9e3baf6-c611-4e3b-a63e-3cad42da72db","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":116,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"18574764-cabc-42e6-bc54-58457b2b247a","block_type":"box","text":"i.e.","page_number":116,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"fe7ec279-35ad-4fc8-bc78-09b861bb5e99","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":116,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"c102efca-db6f-4b54-b8b8-24b9693a860d","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":116,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"176468ef-f2ba-42cb-815b-1be569d72c3d","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":116,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"f3ade8ed-3528-4807-b112-f43ccfe4dd59","block_type":"box","text":"and income involved in the transaction.","page_number":116,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"0bbe77eb-a45e-4d0d-852d-f969fbe9ccfd","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":116,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"3f26627e-f97f-4f9f-a586-e21295a3b270","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":116,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"9e1826fb-db4d-4126-8469-a0396881dfcd","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":116,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"6b00d371-e1a6-4e8b-ab6d-d704692ba90a","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":116,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"3e7439a1-6c55-4c68-bf04-3ebcc185600b","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":116,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"9dc22d4b-c646-431a-9420-ed759e7df43e","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":116,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"23d54655-9b6a-4edc-b9bd-37fc3540c8d3","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":116,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"7c17c11c-9357-468f-94de-9343253b143e","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":116,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"47ec535e-8017-412b-8063-ec0583924abf","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":116,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"eb63c518-f6c2-4ce4-982d-ccde4231a334","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":116,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"5755b1d6-7680-433a-babe-be2230551d21","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":116,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"ebec8182-17f0-472a-bbf2-3a18d3eb8c2f","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":116,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"3ea49dff-a012-4343-8c93-c7156410cdc4","block_type":"box","text":"Restricted Securities.","page_number":116,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"c997e3fd-475e-4a0d-9ef0-4116aafa42f3","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":116,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"9f10a69c-6fc4-4a6d-a180-82a92e45d389","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":116,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"b8ad5594-5f21-4268-85b1-df8158cb9719","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":116,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"f7a75ae5-647d-472a-b70f-f71267a7a819","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":116,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"31c7a962-1513-4d90-90c7-b60a46170102","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":116,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"8869d540-51e5-4c72-816d-268c086c35de","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":116,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"da7ebb25-04ae-4db9-94f6-54a00f41be13","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":116,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"302634eb-d2f9-407e-9a92-7d250fa525c9","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":116,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"1f854a03-d75a-478d-b4be-cfd85c5943b4","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":116,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"9cb15357-bf87-41f9-9820-e265c21ef9d0","block_type":"box","text":"II-70","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a894bf10-dede-4b7f-98b8-eebaf9a1c042","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2af28458-bdc8-40f9-bc73-098b9cce085d","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":117,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"15904eaf-46cf-4f9e-b14b-7fe51869153c","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":117,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"03a0fe5f-2bca-43af-b797-4663b42c619a","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":117,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"386d5462-203c-4ec1-9da8-25a1de44d314","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":117,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"e8c164c8-5683-4a72-840e-224bfe9a2701","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":117,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"3c8d7da5-997b-4a9e-85d1-41f3298ce580","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":117,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"7a6f5b03-f881-4bcb-8081-4322db015b14","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":117,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"11b24f07-cf54-44dd-a140-386716c4d5be","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":117,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"b75d7ef1-5324-45eb-ae12-54f139c78be6","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":117,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"8f36b363-e6a0-45f9-b5ad-0a95daca9b3a","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":117,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"ca435ce5-c0bd-4b8a-ad5a-f574d77e7484","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":117,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"bdb38136-fc79-4bcb-85ac-8983939c241d","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":117,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"bb1f420e-1a6a-4e4f-8cdd-6e5b08476458","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":117,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"071ce8bc-9bb1-4e7a-8699-ccab0b95e6a9","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":117,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"2dacf1d4-b60e-4deb-b186-5b68d4988a0d","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":117,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"fa66d486-9ed2-4901-8711-86c186365fa6","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":117,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"82f2eea6-6454-4f4a-bf08-d53f91ca82d1","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":117,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"f6e62400-a4f3-4fd2-b609-0ec669a477c2","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":117,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"b112e9a8-0e9c-41df-9084-cff602916240","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":117,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"50039fc7-979e-414f-be85-47f88fa4bdf9","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":117,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"cbc5287a-e14b-4ec7-a320-e5ab58accd9c","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":117,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"2a2a8b31-2bd0-48f3-98c0-fad0f11ea826","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":117,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"23d15f2f-a996-4a3e-8961-1b298ec2b3e7","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":117,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"9470f0e3-05ef-4782-8e43-0f3513657c05","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":117,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"598f4b59-35bf-4287-8d66-3dfb2fbe85ff","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":117,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"0ff44e02-4d96-4892-aef1-5f2980dba117","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":117,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"0c46d3d2-6633-4c20-bc36-86a83db322a6","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":117,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"5760c60c-ae87-47f5-8a33-68db18c9c7a1","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":117,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"a56c2cfb-bd1b-402a-9a6f-7469f0d5442c","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":117,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"dffd8ed7-3e3d-4c47-93d7-4b6a02b07052","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":117,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"405ed797-1b98-4c6c-8869-f82f929ae84e","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":117,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"de72fd0d-6a3b-4d62-833f-cd516e4d29e2","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":117,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"8a51cf85-9e56-48a5-bbe2-2d21fdaa10d7","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":117,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"f512d054-cb55-49b1-ba42-35bff2ab19dd","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":117,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"47f0e300-aaa1-4a7a-b805-757bb1bbe7ad","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":117,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"a1bad443-efdd-4a05-9784-3d3578b0a632","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":117,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"03826f57-7884-4a70-a46e-1080aa6bf2e3","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":117,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"8032b4e4-15d0-4beb-bb3d-452e881f4663","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":117,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"6f9c6ccf-15ff-41ff-b092-b93c82c28035","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":117,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"803a236a-2a6e-47e5-af29-a36b97bff46e","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":117,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"b3e1d03c-9310-4d59-a5fd-78f94eb961ba","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":117,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"e593bce8-d049-40aa-950f-f841b3b180a2","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":117,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"e84dc24e-7903-4f4e-b76a-ec499ef56750","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":117,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"80c8c48e-c697-4b82-94cf-2ba18e64ad3a","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":117,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"9c32b17f-3ee5-4439-997f-b2979158a413","block_type":"box","text":"especially as that Fund grows in size.","page_number":117,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"b2fc65b2-46cc-49fd-b66e-144d1a3aa61a","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":117,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"e7607811-3bd6-4cc7-87bf-2230d62f1e24","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":117,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"09143630-a2ed-416a-97ca-717d9f144094","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":117,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"f86f5522-10ac-4b66-b606-bce006ecd024","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":117,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"858e1402-d668-4d71-9dba-68270247d17c","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":117,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"74fe4b3f-8c07-40e7-8189-64b889ce6e5e","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":117,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"a5208a48-7698-40f5-bca6-c43df5f1e89c","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":117,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"d1102140-c23a-4fca-a840-6c359cd5ce33","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":117,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"59c98ea7-e0fb-4fae-b753-251cceb3eb84","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":117,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"4341f7d5-c330-4060-bf03-97f0833f2569","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":117,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"1ddadd01-6e75-4d6c-b251-2905aee22aee","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":117,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"85aaa923-0ade-468e-8676-828750417bc3","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":117,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"15d66336-473b-45dd-9e2d-3e1cea2b4296","block_type":"box","text":"II-71","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"efa38c79-c463-457e-91f4-e07053e2af5c","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27dce002-3a2e-4e3a-a69b-88e46414ffeb","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":118,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"9df88fce-2034-4a55-9df5-85f64b10d600","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":118,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"4da0475d-1250-462b-acca-d04e7ec80889","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":118,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"29bd40a0-d2aa-4b97-a8ca-377612a380d8","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":118,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"87fafe26-d02a-404a-8868-8be5d3633bd4","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":118,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"d6340018-d00d-43ac-9799-46570d54edac","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":118,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"8e2a9288-da61-4541-9e29-ec6299108a17","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":118,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"33c7de32-933c-469a-b446-d28af7ee6f59","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":118,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"76fc2e43-dd53-4f2e-ae5a-9aa7ebf9c759","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":118,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"5aae6c1a-810c-476e-8f03-d4164269a054","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":118,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"4d1edf36-b08c-4d60-8daf-a3901b1d7a7d","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":118,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"366db0fb-f7d0-4b57-8cc2-eee378b860ba","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":118,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"ccddaf61-bac2-49a4-b582-691d7eeae45d","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":118,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"525d9eba-cfad-4734-af83-9f97121662a9","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":118,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"ecb0fd6f-9095-4d3c-b69e-da4013c83864","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":118,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"6a713fe0-a8fa-44c0-9ab8-da43a85516be","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":118,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"4be0b961-5a8c-4426-b8a3-2eca4eacd2e3","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":118,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"0252f19e-a044-49f8-9a37-1ba000887a70","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":118,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"95062be1-4887-4176-96c5-19e376404563","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":118,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"7b3dd05b-7308-4cbb-ba28-12fb79786a3a","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":118,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"368fa641-c176-49e8-b9b1-3fe0400b5a9f","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":118,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"21a41856-379c-476f-85f8-82599d05b26d","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":118,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"efd4ed87-d3a8-461a-b5cb-4b97ccb38189","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":118,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"65d9df63-7a31-4f2c-a2ff-56b6d07abfe8","block_type":"box","text":"similar financing transactions (","page_number":118,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"1f1d1c1e-1209-48d9-985e-f3a7cf76b13f","block_type":"box","text":"e.g.","page_number":118,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"6de2b679-a8cf-477a-b4c5-89895251966a","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":118,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"aa768796-7c46-4c49-8788-35bca20777de","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":118,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"41b04eff-24a4-41a7-87f4-d3c37248b9ab","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":118,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"a3b53460-1948-4ca4-814d-c1b38f93cfce","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":118,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"5c0afd76-c0ed-4245-89b3-ac8e21dd7cb7","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":118,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"9c68e56b-29e4-4122-b6d6-beaf4c5b31c0","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":118,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"1bea1912-144b-4433-bfd7-f06567ce25e1","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":118,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"ba9f8d6b-631b-48e4-83de-3d7171354ef2","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":118,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"40053795-b9bc-47b0-af4b-1ee141cfd9c4","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":118,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"1a8a3c55-c2f0-46f5-a172-e137ac729a32","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":118,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"f9151b5b-8fb3-462f-bab8-f10108815a7f","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":118,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"0fd700e3-88a1-48ac-b5fc-d68b41262b21","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":118,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"5b8a1a32-f4ed-4de3-a8aa-693ffdad825c","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":118,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"e27aba92-9de5-42a3-b73e-9c90add4af7b","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":118,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"72a19b72-01aa-4edc-8c5f-1d8150abb01b","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":118,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"25e66de1-f50a-4870-8335-83a3eb0e18a2","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":118,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"804406b4-7de2-4c34-b9e0-881edcea2f27","block_type":"box","text":"amounts to be received under such agreements.","page_number":118,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"165cd718-cffa-40f6-83d6-8aa7e3eabdfd","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":118,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"1e8fbe6c-5513-41d1-ac92-2ffc7956a2d5","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":118,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"d13ae1ee-7477-4a39-8b05-65272ba8f584","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":118,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"05335e47-8a5f-4c59-b57a-693270acb757","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":118,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"62e7e563-da35-4241-89b9-02a6f6549462","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":118,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"c927d027-81a2-4a19-a50f-78be6d4675fd","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":118,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"68ee77da-c583-4ac7-9909-ad25a09c8108","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":118,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"528d7843-c4bc-42ad-86d7-85e75057c293","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":118,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"255a26e4-1b48-4fe2-be2b-bafe5419fbf3","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":118,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"53264ad2-f6c8-40d4-82c8-8c4ec78551ed","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":118,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"30456da8-99ef-4ed7-adf8-3ba8573edd16","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":118,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"b6ff82dd-26f7-4be8-b0d4-3b76a70e76ae","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":118,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"196b750c-1484-4f9e-9888-b64511abf344","block_type":"box","text":"Rule 144A Securities.","page_number":118,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"67255e41-4ac7-4637-bcaf-dc2d8b3a3a26","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":118,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"58c4db89-8b1d-47f3-a7e8-b332bc8442c7","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":118,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"98e8a61e-a65c-422e-a472-d0d3c15289db","block_type":"box","text":"II-72","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"732daad4-b5cb-4e84-a0b4-c74d9ed3df9f","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"514e84b2-abcd-4c2b-b21c-9abcb8e2d2d1","block_type":"box","text":"Securities Lending.","page_number":119,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"9dec84ae-7eae-41e8-84d9-b6a3115f5192","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":119,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"9aa91810-f704-4e03-9b9f-120401970125","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":119,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"49afcd05-e5f1-41b3-9148-ce0953dfd17a","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":119,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"180811dc-6f56-4add-b670-2fea026e9727","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":119,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"a21e5fcd-7029-4a6b-b616-1d323c908355","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":119,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"13c6a31c-8e24-4fef-bf73-a7d37f6ce16a","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":119,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"85054748-7c48-47b7-b767-5ebc336565fa","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":119,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"182e2c19-9b0e-4b57-8029-b174e1ad2640","block_type":"box","text":"the securities were not on loan.","page_number":119,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"229b37dd-529c-4fa7-b050-fbaf147ad354","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":119,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"6d50c401-debc-40dc-a5ca-7d73003e6273","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":119,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"fd40a032-0ed1-44cb-9988-3a2688cce3f3","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":119,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"8230159a-b689-4a54-bfcd-f04ef6462fd2","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":119,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"230f8168-dd20-4e75-99ea-3c52c2203316","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":119,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"691430fa-fa3c-4a48-ba0f-10ea7ede34b6","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":119,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"8958f203-107f-47ee-9902-72d8aaf181a4","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":119,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"bc14682d-8b65-4b60-93ae-f3126121d56b","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":119,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"d29da2e5-e433-4302-acf7-252a8e2ce4e0","block_type":"box","text":"i.e.","page_number":119,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"de81b4c2-ff8d-4cc6-bf01-33782678b2ea","block_type":"box","text":", the risk of losses resulting","page_number":119,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"8ba585c3-7e8f-401c-bfcc-5df952685402","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":119,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"45f2f78b-b832-4c15-b8da-10c80264fce6","block_type":"box","text":"i.e.","page_number":119,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"dfd2e61a-2b6f-4478-bbaa-f20c95af1deb","block_type":"box","text":", the risk of a mismatch between the return","page_number":119,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"a82bea4f-03a5-4881-818d-10801a6917ef","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":119,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"6038bb12-10bb-45b1-8481-04d3de9ebe4a","block_type":"box","text":"i.e.","page_number":119,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"b1c686bb-6c65-42a2-9b48-3d7af68de838","block_type":"box","text":",","page_number":119,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"73f1f116-51f1-41d4-a117-eebd35bf5b3b","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":119,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"92538b82-85ae-487b-8e06-0f48319f42bb","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":119,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"b48484bd-2a9c-498a-bee8-b38ec0d6e7c5","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":119,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"1a42255e-0908-4521-8b34-6bc7de0b4027","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":119,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"f3ba13d2-0d4e-44f2-baff-5cb32af3824a","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":119,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"9365b137-240d-4447-835c-daa418588500","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":119,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"7e20a62b-7b0c-4783-8d77-121d655cf11d","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":119,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"de6d7b9e-6d6e-4977-a464-87411ae5d860","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":119,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"72b3cab4-e33f-4ecb-b297-609c58be1daa","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":119,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"decf3bbb-f0a8-4f28-8631-615b372d0705","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":119,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"9d4482b6-109b-44ce-81a8-98ce4b40cb3f","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":119,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"95825804-a345-47f9-be37-c180851bba1e","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":119,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"cc712491-78b4-44a4-8dcc-1fc711251fe9","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":119,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"6f7808bd-c46b-4d62-9445-51c075779e50","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":119,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"4cbe1065-d0d9-4647-adc8-596724172ffc","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":119,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"b1dadbc4-48d7-480f-a562-d526bd6cd232","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":119,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"fc850393-f9b3-4e70-8b72-41da345061bd","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":119,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"539e50da-c030-4088-8ff3-474409626702","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":119,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"dc010af4-902d-4ef7-8814-39fb35617a29","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":119,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"d43336d8-2ce9-45e4-bc75-64ce81ffe3a7","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":119,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"12e5bb3e-0390-4931-a3dd-689466ec11de","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":119,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"010851fa-c7ad-4bae-a40f-6ff4c3b9bcbd","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":119,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"1fcdba71-a576-4856-8c71-235595c4a90c","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":119,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"74bad013-3a8f-49b8-9dee-bd6bad2d6c62","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":119,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"fc568a4b-d952-42df-ac24-d94f47c5cb2a","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":119,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"25876465-5e0b-4e1f-b783-a5d8fc8d8e4e","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":119,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"a00f9386-4451-4a8d-8c72-6a9f6a9548e2","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":732,"width":800,"height":12}},{"id":"2f57534c-49dd-4b9a-bebf-1b9b7506e860","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":119,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"61054937-61bd-4078-81fb-095967c742db","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":119,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"d12ea3e5-c0a7-4b6c-b1d5-3712cbb8c580","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":119,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"6fbcca5e-2cba-4e7f-9f80-2f4003564f36","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":119,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"ce7ac2d7-6388-4bd4-b389-166ae66dc5dd","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":119,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"c0d400de-0077-4e16-9f80-2c9081e0c1c4","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":119,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"cfebc391-45b2-4fa2-bf4a-a3451dd2e152","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":119,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"c803bc93-d2ed-4daf-9ad1-9fa337535540","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":119,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"3885f0c6-3e2b-4707-99f2-c5255d72b48f","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":119,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"dd86e7d7-2db2-4763-8faf-70f08f56a5ac","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":119,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"6467415d-d3b6-47e0-8289-0620704300a9","block_type":"box","text":"II-73","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f59b2cff-feb0-44de-91ef-f6be73dc71e2","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a510bd9-c67a-47b3-8cf3-86d723473b27","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":120,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"de336682-8c3a-4d18-9696-4e6a1fc1cb49","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":120,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"70718eee-1f91-4123-8574-ba48e19ba4c4","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":120,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"f3814c2d-0809-4c00-b599-68850581f92d","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":120,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"cb9a68f5-ac6f-43e3-a3f6-6109e37213c5","block_type":"box","text":"the current expected compliance date.","page_number":120,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"50712641-347a-4c78-858c-dc61ed4730b6","block_type":"box","text":"Short Sales.","page_number":120,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"fb9939c9-9226-45b0-96cb-bc8a12591567","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":120,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"db78194d-5967-4adb-9b38-e22af338cb0b","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":120,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"60029658-f0fb-4d11-8be9-b14f9f28847e","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":120,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"de21652c-811a-4540-8143-d74625eb3df2","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":120,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"2ffdf0e1-08a4-4718-837d-62c4c149a280","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":120,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"f979c609-128f-4fe1-8fea-ff4d9ad7882a","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":120,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"6eedff69-5763-4c4e-ae29-ee6325cf8c5f","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":120,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"91f7fddb-7890-42b5-8686-5c211edbe38e","block_type":"box","text":"securities to the lender of the securities.","page_number":120,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"72e22b9f-7bb5-4446-93ba-0dd6a7626820","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":120,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"e1af875b-5663-468a-b740-5c0b518c8567","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":120,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"3f08ee57-5738-44b4-8a2e-e932999f9d45","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":120,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"d50e12f2-a964-41b4-a43a-2d39d4a6566f","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":120,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"1312ecd9-53b2-42fe-993f-8d76eb9c91c1","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":120,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"edf82bb5-1fa1-46a4-944a-6770445ac595","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":120,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"554cd081-dfe7-4cce-85f5-2fea9db01692","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":120,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"00796089-9720-403e-87f4-07e45ea26589","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":120,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"7562157b-593b-42b3-bb92-39ba00c7fed1","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":120,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"0f735d7e-f972-4bac-81aa-6bf9acb046fb","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":120,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"f9ea9901-e409-4ed2-8dd9-7f25c23969b9","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":120,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"fc3c4ad9-a508-4860-876c-2109968e3a58","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":120,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"e8e5ef61-f5fc-4d88-ae10-56a63964aee3","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":120,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"aac21d6e-ac2f-43b0-b7e5-d281d8f42f0f","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":120,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"791dc74c-450b-4605-9d85-7f71b7cecd59","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":120,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"6ba25026-3aa4-4d0d-8fb0-83f1914439f0","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":120,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"9905f996-ef31-40fd-b279-09be1d9455bb","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":120,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"7418d9d0-c5bc-41cd-ad0d-d171a4fb6dea","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":120,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"7ef5dd9f-da50-497e-a609-4d7558f652c1","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":120,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"7c53f88b-a207-4f1a-a67e-d35dcb9300db","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":120,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"d36789b6-b6b0-4df1-8c9a-b0ea9dda2ccd","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":120,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"7d2ec008-c834-4bc5-af0a-9e3c92af1d24","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":120,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"04aaea51-41c8-4ef0-9945-1ee9998e3abf","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":120,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"80773fde-1c79-4dc2-b81d-45c50d3f2448","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":120,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"7bcd527a-3d30-471a-8d63-b4ffcbdd2de0","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":120,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"7126c737-b82f-40c2-9eeb-276b9b0a632c","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":120,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"d644de6b-31f9-4b51-8248-9a602d5e9620","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":120,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"52addd89-b72c-4efd-b7ef-ba41e84e87e3","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":120,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"1597667a-5fc7-492e-9caf-3e1e6f37b7f1","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":120,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"5e921f56-ece5-4561-b5c1-c79606a81328","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":120,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"13c42ae1-dad2-4e10-9073-856908404cdb","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":120,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"23ec74fe-4006-401a-9d69-3c23c5aa64f3","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":120,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"b236f77d-cf30-4684-88c3-fe7cf56e9e4c","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":120,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"49a3355d-8ad6-4b3b-ae91-a0128554cb4b","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":120,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"e4529111-4898-4f12-b2f3-9a915d230a72","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":120,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"5f1f2f23-7cbb-4e95-ad20-512ca589cb4e","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":120,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"846b9368-6c84-4d53-a28d-5345af4a82fd","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":120,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"c765bd6e-0e16-4743-90cd-6e049d1e0768","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":120,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"6f26ef2d-d2b2-4165-b74a-eeca0fb97fa2","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":120,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"9729e719-0e60-4bdc-9e56-0ecbeddef220","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":120,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"05c41c56-2814-4eb2-8a04-697020f1652c","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":120,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"1a7b6036-2a9a-4b95-8663-054ea24aa57a","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":120,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"08cc42a0-fbb1-483e-aad1-22c635743bea","block_type":"box","text":"II-74","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8046dc0-3da0-4e82-b432-d6dce71bbb4e","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6d3c6a9-2316-4fdd-8ed0-20b8bdcf1ac1","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":121,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"40ec6222-b334-4036-99e2-92db2a271ef7","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":121,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"4cddbf0b-4242-4e15-8c54-7b2805f73461","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":121,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"aaed0e74-28b3-4cc8-a292-ec9a94ed19f5","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":121,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"3ee3a4e9-6c77-49ba-b718-0f5b47afea45","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":121,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"13fb301d-8950-4c18-a930-a2142aa50ba6","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":121,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"99742bbe-f0f9-4a12-8299-e8ffc0f957b5","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":121,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"4872efe4-b4d6-4d5a-84a0-3820b2bb7a84","block_type":"box","text":"Standby Commitment Agreements.","page_number":121,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"fa5086cf-6ec3-49a6-9161-e56287ca7b0d","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":121,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"59df8cde-118e-4188-a6c5-0ff62fecd9a7","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":121,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"66f909d9-0797-4491-941e-c78b2acc3ace","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":121,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"a3d1b534-f3f7-456b-9903-83f7805caad0","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":121,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"e6a008ce-4a0e-4149-b70a-01e62080faf3","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":121,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"bd2bf4dc-bbe2-4eab-8483-de356b35318a","block_type":"box","text":"advantageous to the Fund.","page_number":121,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"e1a57839-454d-48bf-a883-cdcbe8587a9a","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":121,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"84ff1360-036a-4691-8feb-54a19ebf09df","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":121,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"5314ebd9-4c6d-4fb6-a2e2-a697f3c4d88e","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":121,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"3722cd85-e7dc-4cf4-be9a-7ab6e2969e36","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":121,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"9431ea3d-9574-4aa9-96fa-b49b7ea9d349","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":121,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"c9093ad4-1f86-407e-b570-3c41d5884824","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":121,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"fc6b6fdf-d3ee-4d88-a8c4-4c0da8d3c475","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":121,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"4ec45f6f-6efd-4004-bb8e-058755a92af4","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":121,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"1f1fdce8-a5de-412a-a53f-14e14719ed2e","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":121,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"ac5c0932-3d7e-47c5-977c-8ea98178a9a5","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":121,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"44f41aaa-3b60-43a6-b9d5-396c548851f4","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":121,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"7842d265-aa5d-4d2e-ace4-5af523df3725","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":121,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"78fa8bfd-5eb6-4dea-bf2b-3b680b4b0089","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":121,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"f153458d-ac9d-4882-adea-e78ac0f8dfde","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":121,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"48a74284-7dca-4bbe-aab4-d5e2ec2f0d0e","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":121,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"d2b8375d-db4b-4556-a84a-6b1f770b14d2","block_type":"box","text":"Stripped Securities.","page_number":121,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"81ac04d7-32dc-4ee7-90cf-68a97be8c8b6","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":121,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"feebfc90-0abb-4117-9e01-6a34d4d45ba8","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":121,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"d6eb92ff-22ef-4ef2-b078-98a3b4ee214c","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":121,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"f63bea69-642f-4ca7-9fb5-0fd960cbd7d0","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":121,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"bf9114f7-ec56-46c3-b517-7b7ab83beeb9","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":121,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"757fe4de-9f26-4dca-9702-b7ba3607d302","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":121,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"ec75b0b9-8aad-43f3-bbcf-632b4bf96255","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":121,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"13ff876a-738c-47c3-b33a-bb36353b200f","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":121,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"fbf521f0-3cd5-4ba3-be01-49b5ad8af3c7","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":121,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"96c8c53e-d0a2-455f-a078-f5dc1161515b","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":121,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"d92d9bfd-0e43-41a1-a8e3-f430049d3264","block_type":"box","text":"Structured Notes.","page_number":121,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"eaf9f4b2-5f89-4f5b-a916-ce9f7a525e09","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":121,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"5f2fc8ca-1eb7-4df3-aa96-51b3e982b5c4","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":121,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"7868667d-c45f-407b-b649-2c734a5db4a4","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":121,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"b79ce2ad-f4b6-4077-8092-853cd73f1458","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":121,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"667dcdbf-65af-488f-b158-17f53a6595f3","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":121,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"e62795e9-ec3c-4173-85fe-937ac6046d03","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":121,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"c88230eb-d0ee-4635-81f5-9695e0657e9e","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":121,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"04856cce-ed04-4585-8a07-f9868da560f2","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":121,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"a1aae270-8056-43e9-8d2a-062fac5ac057","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":121,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"02559634-77b5-4969-8b96-c570feb2b869","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":121,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"f80689b8-4e4c-4fcf-a299-eb4beb7d1482","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":121,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"9d14d788-e740-4369-9618-2d91feb6e79e","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":121,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"6da3d05c-a37c-423e-bd3b-cdd7fbb59614","block_type":"box","text":"the risk of loss.","page_number":121,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"8c229648-bb5c-4b68-8d0e-4381b1b1a98d","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":121,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"9d22da8d-060e-45e3-a118-9889cd635728","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":121,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"81d755f6-9a2e-4c69-a9f0-be5d7ba6764e","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":121,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"ae039bcb-49a0-47d4-a218-e6bb119067f5","block_type":"box","text":"II-75","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d40e0adf-644b-40d9-9bcb-bdfcd070a4c6","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b274761b-54ca-4de9-80ec-9762ff39e034","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":122,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"0695ee70-1e9e-4f7d-affe-3f6c2d253259","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":122,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"314416b3-7f66-4ecc-ae3a-5175d4605dac","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":122,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"be4e33ad-d99f-47d5-81d1-95235def8fdb","block_type":"box","text":"Taxability Risk.","page_number":122,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"6e78ce3f-9fb0-406c-ab71-da057d7be3e6","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":122,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"d1759e01-8dd1-4bd1-9ef3-39829c9291df","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":122,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"422a7e1e-fa85-4896-9e14-dd12f7eccd1a","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":122,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"89d9af56-30f6-47c6-8e71-7c3f5c42b542","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":122,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"ca7ce106-b5a4-4cf4-a4a2-18529c7b7329","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":122,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"ebc8e2ea-93c3-4ffb-9ffe-be92ba0d1b45","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":122,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"eb5667a3-2475-4f5e-a6ad-ebeeabc0f63b","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":122,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"59372499-6909-4433-9106-a8b4cc5d6821","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":122,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"8c4378fe-8774-4241-b178-286ea8486f97","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":122,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"e4b779c8-a6d9-4297-be85-3d2817474f9d","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":122,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"e549d0fd-cac2-462d-a240-166c80bafa50","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":122,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"2faa0e3f-0d6a-411f-8caa-71e1615ee206","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":122,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"58c33282-3989-4d64-abe2-6c5c2655c18a","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":122,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"93b797da-0db7-4749-a51a-c3c9319b3c1c","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":122,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"009b6297-c119-4e0c-b68b-497400e336c8","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":122,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"6ffac2c2-b7f7-4a1e-98c7-c67e42f77b3c","block_type":"box","text":"the value of an investment in the Fund.","page_number":122,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"2098b156-a121-43c5-b589-15763c22d656","block_type":"box","text":"Temporary Defensive Measures.","page_number":122,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"57bec4d7-34d4-4190-bdd7-ddeb12ac7ab5","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":122,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"5304d073-c912-46f9-a379-f704ee8f47a2","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":122,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"50757ef2-d3ca-49d8-a628-56e10e8ae123","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":122,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"82a9019a-41aa-4122-8daa-5030f9307f5a","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":122,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"40a26eaf-1bb8-4d7f-839d-b86a60e2dbdf","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":122,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"8bde4377-a1d9-4279-9b9f-c12d9f406aec","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":122,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"3554b9ce-1216-479c-b21e-42523fb72c37","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":122,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"9104977d-d6b2-49b7-a7b6-902b2934a3f8","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":122,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"e42f70ce-e902-49cb-a76c-32025c69a085","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":122,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"5d72b92f-ccb9-47a2-a65f-a0bf9f82d1a3","block_type":"box","text":"its investment objective.","page_number":122,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"bb85f228-9ce0-4473-a335-50be12d8d03e","block_type":"box","text":"U.S. Government Obligations.","page_number":122,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"3a81b40e-41fa-4e6b-b2a3-a729665aabb4","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":122,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"05f3ebe4-fac1-4cdd-a58e-850a3222849d","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":122,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"621819d9-6e08-4153-b447-c136b8f3663e","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":122,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"0933b6a6-47b4-4785-99ec-a00c14128745","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":122,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"8bac454e-1e48-4f2f-8c37-fe5ce221966b","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":122,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"b376df7e-37d5-49fe-acca-313657cebe79","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":122,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"f5a3dd41-6a7d-4f3b-ab3d-48c15464869d","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":122,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"fc47d201-0e2b-47fb-914a-95d7a46b5f1c","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":122,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"f856c541-92da-4799-8b30-97d36a5d871d","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":122,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"52c491a5-b079-4ef9-a5d0-b26e2a6181a2","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":122,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"82fe842f-e94a-42bf-91fa-a593da974672","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":122,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"c96574d6-8c6c-405a-9f79-1130f227bdc1","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":122,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"8bd84366-d278-4e07-8708-9b13c78b8a2d","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":122,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"15579de3-3654-4d50-8e06-374f952f61e2","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":122,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"2fbea720-9fa0-45b0-8743-492b8758af2c","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":122,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"dabf0f61-18c4-4656-8c10-77787c677d05","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":122,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"5df20614-5396-4397-8c4c-4d046162fa81","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":122,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"6fae62be-c4d8-4d3e-99c4-95c5c493d8dc","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":122,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"ffe0fd90-2413-48d0-99b0-c2f6b1a07c62","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":122,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"ea60dd67-1581-461e-b31e-f5d56f5e6c36","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":122,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"16c1a405-7d66-4461-b5c8-acab598a5116","block_type":"box","text":"U.S. Treasury Obligations.","page_number":122,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"3aadda4b-339d-4053-82a3-ad5a4143de4b","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":122,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"7a21a598-f6c6-40a3-825a-26bbc33ea278","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":122,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"bd5d10fe-43f8-4963-b631-46e366130fbe","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":122,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"bac0fb58-5029-4069-bbf6-3aa828914584","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":122,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"e481c667-2e99-4593-99cc-f6a3c1a9e03d","block_type":"box","text":"do so.","page_number":122,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"17286a87-2d98-434e-965e-5e29bb4fd5ed","block_type":"box","text":"II-76","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e04f4b6f-d0d9-4c2a-b5cf-6121c52e977f","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e8dfe7e-fc56-4a1d-b399-2a1f6877faf6","block_type":"box","text":"U.S. Treasury Rolls","page_number":123,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"e0a8872e-69a9-4995-9f37-15ae4439095a","block_type":"box","text":".","page_number":123,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"c4b2db0f-21db-4851-9612-3c1b9995f47a","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":123,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"3f08b606-9092-4eb0-8615-d01eae47328c","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":123,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"fe3874bb-dfb2-4dc6-ae16-9785cdf0bc4e","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":123,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"224339bb-ef4c-44ee-b78f-19055bf77769","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":123,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"1acadd33-6278-4803-ba76-49a4a6cde041","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":123,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"f0951c27-d252-48d9-aec8-b88f7ebcfd24","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":123,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"1a8fc022-5c88-4078-b718-c1e8af7051f5","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":123,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"5237f830-2995-4318-81a8-2cf5a7bb197d","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":123,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"43995909-2f6b-49ab-8219-310395d3a0a5","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":123,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"bf797bd8-5c45-468d-95cf-fe2e555a90dc","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":123,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"a0e82c8c-f455-4636-bdd7-dfc583b4a5bb","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":123,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"3a3f4ce2-f30d-447d-b846-c50fdf04598c","block_type":"box","text":"Utility Industries.","page_number":123,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"219c4ace-a3d8-4c05-8323-74d0c3738a94","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":123,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"89a85116-4b1f-421d-9efd-14717dae9f51","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":123,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"184b7a28-1297-4385-88d2-d9fee65937d5","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":123,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"294f40fb-4944-474f-ba06-7260d3c7f9f8","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":123,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"eb15d79e-48fe-4ab9-95d6-220e253502c6","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":123,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"5fda66fd-1126-4132-8b9d-f54f3f7c5d8d","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":123,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"88dcaf7d-eee5-451b-ac8f-d199238216b7","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":123,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"f7518599-7a6c-49c4-84d4-86c91a260635","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":123,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"7bd06424-c7b9-4f9b-8dba-850a62316dfc","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":123,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"cef5f1f2-4492-46ec-b419-f9ef25842c2f","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":123,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"bc81859e-a498-41b8-b595-f525efcaf981","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":123,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"5d692ddd-7d41-4ba3-bd5b-6d6fc36f6fb6","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":123,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"003f43e8-7c8c-45d9-8f8b-d82e10ecde72","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":123,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"fc338f37-26db-436d-bf10-b710f7cef560","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":123,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"d722da49-43a8-4d2c-b690-c96e2a27801b","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":123,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"347bb8f6-c8c3-4756-ba9c-df1efd8313b0","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":123,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"a9b17963-91a4-4825-adcb-5f2175550df0","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":123,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"cdf93992-0cb3-43f9-b475-b9e8850527c1","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":123,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"f6fcd42a-837d-4392-a0d4-8834f4252a8f","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":123,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"786672d6-6500-4a60-bbfc-ac7005ed79cd","block_type":"box","text":"utility.","page_number":123,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"8c70730d-28c0-429e-b1c5-eab4e645ca9b","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":123,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"e6a27671-99e1-4240-91af-adb23612ced9","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":123,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"174bf2c2-97d2-4df3-83a5-9c006131aec3","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":123,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"bdbcf7e4-de85-43fa-8c86-86637ad361f2","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":123,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"cb457138-e92a-4e65-bcfe-1dc0fad23a8c","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":123,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"bfc155c5-fdb1-41d3-9a4d-289be7ae6836","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":123,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"82635111-f06f-44ef-bc8c-c0b1dd83648b","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":123,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"fa3248db-44aa-4c54-8891-946b41bc2cfe","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":123,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"8905d6af-9408-4c07-84fe-e0b3ce02a44b","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":123,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"53ff5057-1f12-49cf-83d1-b2097b969135","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":123,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"263fdc92-eafa-429b-b488-e9dd8ec0f1b1","block_type":"box","text":"continue in the future.","page_number":123,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"a48d0fa2-9989-48d8-8ccf-8738e2ffdb9f","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":123,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"654dfbea-16ff-40d8-8d8e-4527b53c97c2","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":123,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"4a3875b6-4afd-4a77-93e5-04b33e74115c","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":123,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"46a7299a-c393-4d50-85c0-de09fdd5c800","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":123,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"b2cf82cf-97a4-4518-90cb-e641f44d3f00","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":123,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"be9a1843-8eef-48bb-84bc-0783cd479004","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":123,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"85178efd-5f82-4d49-b2b6-7bc398d9b2b4","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":123,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"e8624407-849b-4683-be0e-f82af9d61766","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":123,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"1bf1ec3f-e557-4bb4-b332-1834ea041c07","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":123,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"b9f3403d-0a50-4f16-aadf-f156b89ba43c","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":123,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"f39c7c18-7bf6-4d16-859c-8b70010cb299","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":123,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"93d2e683-8539-45dc-b1ff-0764e7114473","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":123,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"29c6e0fe-fc81-4772-95bd-9ac71765fef3","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":123,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"aa441393-62c0-4aea-b0fa-861790a245f0","block_type":"box","text":"II-77","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e78c8cf-3db8-4e4a-99ce-c42a17a87efd","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6d67e84-0378-451e-8826-e250a661fbc4","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":124,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"10348528-2834-455c-ac66-e60971f41aae","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":124,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"37ce0f03-f38e-4565-8aaf-dcadbd5b800c","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":124,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"cf0e300b-7b4e-424b-be35-fbccf726d39c","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":124,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"e2cf655c-bc76-42a2-9b21-54c2e95270ee","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":124,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"9e23b0bd-be3d-4e7d-a6e3-7e05dcf91c35","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":124,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"c23635ea-b787-4f77-86ef-b15751376390","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":124,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"e778da4d-8fa3-41bd-bce8-4998f5769d3c","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":124,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"eb7ed02d-eaa0-4b0a-a681-b7b28ad5393a","block_type":"box","text":"ways different from regulation in the United States.","page_number":124,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"4f73f13d-d0a4-48eb-910d-6d7f67a39196","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":124,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"17b09e8b-3d98-4536-b811-e533c2c4aace","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":124,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"69689e63-c964-43c0-802c-3e16ae55a80a","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":124,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"ca310fd0-f57f-499a-97a8-a01db9af9c1d","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":124,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"6290cc3f-2b73-4704-ab40-220f9b87e4a4","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":124,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"71f53d65-2d72-49cd-b96c-996d71dd3b3f","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":124,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"ca1de516-0ede-45e7-b35d-7a31306fc018","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":124,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"87f6b9f9-e821-4a91-9b5d-6e1742245d43","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":124,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"64a25af1-de6e-46b3-af37-3e48b3f3d090","block_type":"box","text":"increase.","page_number":124,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"18c58c9f-dde4-4aa9-8204-928d2ad3d3cd","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":124,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"832f3f1b-933a-4b19-acae-d4a9775e263a","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":124,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"d3693996-a5cb-4efa-87ff-9e7935cce742","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":124,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"8a70d524-8a8d-443d-a443-bb03c825443d","block_type":"box","text":"Electric.","page_number":124,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"18b0ba23-a658-4057-b0ba-22372ac9b7af","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":124,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"4fbf32f2-aa57-4fa8-9b82-3ed2cdb52f88","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":124,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"34784528-d6f9-4faf-8e91-cd5dde95516d","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":124,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"c61459af-b29b-49ed-81d0-f673827bd935","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":124,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"db251c6e-cff1-486e-9aff-5c782619a649","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":124,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"a8e0f99a-1405-4569-adfa-3fa27219291d","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":124,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"f7f555c1-09e4-46b6-aa73-2cb82d31ac00","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":124,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"0a204e5e-7c12-41c2-a0a3-ae8ea2feeebd","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":124,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"bda0b898-3875-43cf-aa0c-77de77f88541","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":124,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"86f2f1a2-97c4-4107-af28-365ea4aef660","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":124,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"efb57a1a-e203-498c-b3af-36b739b3507c","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":124,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"c8884dfd-0b35-439e-b259-147077922bfe","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":124,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"3cdf751d-9766-41a3-aec7-d45426192319","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":124,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"2e59fc09-ce65-4427-bb24-babcfea862de","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":124,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"8def0d45-b7a1-4175-b9aa-fd96e178ab17","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":124,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"fae16dfc-798e-42df-bbf1-6b1495114bde","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":124,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"e7df0e14-8e24-461c-9ffc-8f4d1bc43c9c","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":124,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"08598e5f-563e-443d-bb6a-7aa77458c5bc","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":124,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"a4c2182c-b6c0-4032-bb18-e2b4b9f981e5","block_type":"box","text":"and for decommissioning such plants.","page_number":124,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"f11b4c26-8c0e-4185-9601-0bfb26150b8e","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":124,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"31a473cb-de6c-4094-a4d7-3505fd9aa707","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":124,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"7d4385af-e7aa-43b3-8da5-4a470cb953aa","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":124,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"3faccdc2-c9f2-4a80-a008-e25619f53628","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":124,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"c1eed05e-29ae-4f88-a427-044e0bf322af","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":124,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"9839d6de-e530-479c-acab-034bdc8d2a8d","block_type":"box","text":"greater predictability of cash flow.","page_number":124,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"9c4bb5b9-968c-45b8-ace9-24f144e29686","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":124,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"3d7b06d0-3b67-4bcc-ba09-80444fa3efa6","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":124,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"2b7cad1a-a962-4490-8604-05be7ea489eb","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":124,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"953002b1-edb6-437b-8989-43065b555e4f","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":124,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"20f2a595-983a-43d9-af61-f4d582acb20a","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":124,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"89816585-d58c-424b-84a4-af563afb71f2","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":124,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"c6f65d0c-438c-4867-ac20-af1897112c84","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":124,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"4ac5ee0c-a162-4bae-82cb-7c04e7681804","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":124,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"3f42dd0d-e587-4fe8-b872-e562969c30a3","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":124,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"7c8d36e5-c1d1-496b-a450-364686ad28e9","block_type":"box","text":"II-78","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53c761c7-61a3-4097-b879-b25fc33c7d12","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f86d469-d07c-4ff6-9df0-6dc1d3524473","block_type":"box","text":"Telecommunications.","page_number":125,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"a0805a82-bab6-4988-b646-dc00a9ac5f20","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":125,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"bbdc323b-0986-4c34-8bca-01861e8b7fed","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":125,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"e39abf74-9a9b-40d5-b823-ac4b65dd25df","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":125,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"d6afe689-7169-4711-a2f3-856c212a02af","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":125,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"71a1c190-e145-4571-b4b5-1d1f6473786d","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":125,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"6ba4185b-36b3-4197-a7ae-8705c0a543b2","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":125,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"e3dadbc6-76f1-4413-9a11-2c1ebc070579","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":125,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"bd33f3fb-f869-4955-ac34-ad107ea47ce2","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":125,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"48ba6bfe-5721-4cea-a420-cc88844f37bf","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":125,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"3810a3d4-aab6-4a31-aa5b-490fa7d647c4","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":125,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"1e8e6a98-0d11-426c-a26f-9d33ae6c74a0","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":125,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"ad6c72a4-0607-4c44-a83a-f2898dd67f8d","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":125,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"78a9a30b-bab6-470a-a455-97f6c0c988d3","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":125,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"cff30661-9805-4212-8221-1c5e3c852bb6","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":125,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"ff4ed8ff-7ec5-4835-9314-a6bb9b8218db","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":125,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"924eadb0-6c14-4f46-a120-e7d9dcc5366f","block_type":"box","text":"residential, corporate and governmental customers.","page_number":125,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"02ca38d0-7ae0-4836-bd38-5abbfc5c128c","block_type":"box","text":"Gas.","page_number":125,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"289d192d-7c46-476e-9a88-54891431aca1","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":125,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"b2f0c501-3a00-45fb-9a87-412c24fecd04","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":125,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"ac91e637-20a4-4b22-92b4-3f794ae09456","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":125,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"0e7e68e9-5e10-41e1-b530-9a1b9144e3a4","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":125,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"5912b9d7-d420-4763-b18c-72e92c2dc4c4","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":125,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"e12b3f05-89ab-4a8c-9701-fe807965f428","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":125,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"e859f5d5-b4d9-4f38-96a9-61a871365934","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":125,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"899a17d9-f054-4b85-8f7f-0f06b1e73d64","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":125,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"c6d9f3ba-2041-4f3e-ba89-eadc2af7496c","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":125,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"45ad5960-8e3e-4bc7-a757-fb2610d4a4a4","block_type":"box","text":"Water.","page_number":125,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"8b60473b-7179-4872-a34f-86b0db20c68c","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":125,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"23a5422a-4681-4cee-80ab-a96c16e3950d","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":125,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"ebeb9156-4ecd-4811-ab59-a9f49f447316","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":125,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"8ef043c5-9be6-46ea-88cd-5e5665791a07","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":125,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"6d973403-a007-440b-a94d-ae33cca89906","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":125,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"59ee380a-bf6a-4708-a791-969ccf8b9c34","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":125,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"792cc978-3378-4104-9d35-72c81e28c14e","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":125,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"32ec167f-cfea-401d-bdbc-d960ee60166d","block_type":"box","text":"Utility Industries Generally.","page_number":125,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"2ed85e28-ab1f-4447-ab75-440e5fc9d7d1","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":125,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"70a9c9c2-624b-4890-a88f-309307e15102","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":125,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"87f1de22-9436-48cd-9644-09fe496a7b58","block_type":"box","text":"not develop in the future.","page_number":125,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"de57e5dc-968d-46de-bc97-0d99705e728d","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":125,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"93173ddc-74b2-4ace-b96a-64f517504d34","block_type":"box","text":"A Fund may purchase or sell","page_number":125,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"818da7d8-973b-40f4-bb68-e90cfd02a803","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":125,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"231fedb0-9bc2-465f-b66e-91f71ddb630f","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":125,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"a371ca01-3a66-4c02-8d2b-de7c5e733f07","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":125,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"8b861ab8-ddc0-43c6-9ab3-ee9ad09e8608","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":125,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"0d18e48f-a88d-4491-adbb-40c0f649499b","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":125,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"8a331e99-9416-48e3-abfe-21707698a084","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":125,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"cf098fbd-594f-4b4c-8015-281a64f5192f","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":125,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"2c8993d2-d33b-4045-be02-83864c6d2a81","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":125,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"f89f6680-e8b3-4d5e-98e4-fd05be6a20c4","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":125,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"c5a972df-4ab8-44dd-b47e-6f35954b0ec8","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":125,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"1a551d53-6224-4339-aba5-05d48016f688","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":125,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"620ae825-b2c3-47b9-ade5-305e6179e924","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":125,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"34c62ab3-f7b7-43f2-b923-c30d72af9d18","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":125,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"832beef1-7cc5-483e-83b0-230790dc3509","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":125,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"a0b708a2-f02f-42ce-8127-012151d352b9","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":125,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"38523be1-b143-40ff-9eba-f0fa6038b8bb","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":125,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"0b370018-d1e3-4e81-83e2-5c4b9f4ebcf3","block_type":"box","text":"II-79","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9aa05de6-0535-4b4e-8a22-1f1ef85cb57a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99bbdbe5-6a5d-4ff5-b1ff-c5c632c94fd0","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":126,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"6d3f0d47-8d24-45a8-b670-67f51f280033","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":126,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"6a1301d7-0ddd-47b3-97b0-396fcf79fe01","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":126,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"552981c4-1fb1-4cd8-9ba4-008aaa1e7b76","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":126,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"5e064979-104d-4015-a64f-6fbf2c5f6876","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":126,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"c8ad7585-47d1-444a-a36c-b8f14e0cbc76","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":126,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"25d05b27-5cac-4e99-b6f9-926d831e67c1","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":126,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"983adb37-6b9a-4fff-82ed-beca26691dbb","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":126,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"1145cf19-ddce-420f-aba1-7b278e107b99","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":126,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"5ed24db7-3c1c-462f-86b1-c14ab6b84337","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":126,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"17dd6075-396e-4407-bd88-56d9cef25ab2","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":126,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"ef021763-54bd-475c-b143-0a5ece122cf6","block_type":"box","text":"securities (","page_number":126,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"f5bb5a9e-81ce-47dd-a2d5-21b26903f39c","block_type":"box","text":"e.g.","page_number":126,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"2f3edca3-0198-4d3b-b0ff-7afe6f2c6251","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":126,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"46dd23ac-ce30-46a2-9d82-6d37d9d2a9ed","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":126,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"6c35259e-4295-4d28-b6a4-73e5b1760ab7","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":126,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"a0eb841c-67f2-42a7-930b-01bbef9c6a35","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":126,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"765bc5b8-37d0-455f-9c4d-ee047a7ce693","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":126,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"40f56a46-7e9f-46e7-910d-8a3be16a6ffc","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":126,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"17bb85ef-7a37-4bc2-8770-e4b0f31a3455","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":126,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"fc0f5fa0-ae7c-4806-9c97-94d9a5e8fd88","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":126,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"8e7d5a61-ad54-4946-87cc-538569f29dfd","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":126,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"f11256ba-f16f-4491-bd8a-cc4c8f058b6e","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":126,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"a6206e21-37f5-43f0-bb75-c1bb8100909c","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":126,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"57af1612-8f8c-4e20-9438-6652747f5cec","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":126,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"48707fe5-6582-4409-881b-d5b183fffd88","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":126,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"a69bee3a-f717-4aca-92ba-7fbbea7e6e54","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":126,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"aaba8d7c-dfc6-480e-9047-fe7a81495445","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":126,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"1ee2ba6c-b4b8-4b02-a784-5e4abf304f81","block_type":"box","text":"Yields and Ratings.","page_number":126,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"104024ab-d7b7-4e39-b0d4-64c410058241","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":126,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"78a9ffe7-6088-4350-afc3-105331ea84d0","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":126,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"815fcdc4-533b-4d4a-b6f0-534c25accbc4","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":126,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"eed72051-1dca-4ce9-a7d7-9348b107e1d8","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":126,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"3cb224c5-aecf-4ee3-9a9e-daeefb546540","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":126,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"e4847a1b-4b0e-4f63-9162-5ea7f076fb23","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":126,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"79502fa1-4e69-44c5-bf6b-9ae0fbb52e5d","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":126,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"23e6e4f8-3011-41f2-a29b-716bd72cf972","block_type":"box","text":"continue to hold the security.","page_number":126,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"d05cb855-1967-46c1-a539-4fc1f87a09b5","block_type":"box","text":"Zero Coupon Securities.","page_number":126,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"9c47e556-0f63-4ece-b57c-bb5dd47bf434","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":126,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"e48b272c-0fab-4426-8cef-c407ec10bbe2","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":126,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"ef1f343f-e2d7-471e-8498-cf9f947f0628","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":126,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"8a20ed65-3e4e-42f7-9b59-60bd2903e042","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":126,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"8ed2408e-dd5d-442c-9ebc-ca0e908cf16b","block_type":"box","text":"security.","page_number":126,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"b1276e47-fe67-4c9e-9e77-a8e3ba3aca48","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":126,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"cb2105c5-e5bc-4162-b523-7e12a2f908ae","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":126,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"48d0d041-2af8-4e63-8c3e-a91ac7b4d388","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":126,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"b8111fcd-f37d-4bb1-96a5-41822ff9fc58","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":126,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"f990597a-545a-48f9-90d0-f555f7d7f1fb","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":126,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"c5086601-a955-4c4f-88a4-7f575e5bc5dd","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":126,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"eb2b0609-0f27-49b7-a218-c449f34af65b","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":126,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"58ecfce7-2f38-4a64-8829-988238da4b29","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":126,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"cfedae4b-3d32-4f3a-8765-f1c17d5bae84","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":126,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"8feace89-ccfd-4d1d-a784-c066bea67732","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":126,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"2037412a-a641-4312-90f8-2f99e1b8db97","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":126,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"a3f602cd-e8a0-4ae5-b710-3e057bcfe192","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":126,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"24b2bcd8-e9f9-4424-b77e-8d7c4608d17b","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":126,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"06a697ef-78fb-449e-92f0-bfa59243b19a","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":126,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"2bf46748-81da-409e-b5b3-bf2cd1b69cb6","block_type":"box","text":"intervals.","page_number":126,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"3078dd92-c0d4-4126-ab96-9d618c72b4c6","block_type":"box","text":"II-80","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b315782d-9aaf-4fb9-b7db-d064b6c3fd17","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e948565-c3d6-481f-9697-882f3ae21ad0","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":127,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"e309c1ff-fceb-4f2d-970f-c9fe6ca05208","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":127,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"9b70728c-b0b8-43fa-b29f-4bf7040689f7","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":127,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"553e36aa-0ec1-44d8-9890-9de81de64c90","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":127,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"c17773a5-3835-47e1-853f-0b32aec297e3","block_type":"box","text":"exposure to zero coupon securities.","page_number":127,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"bcf1ee12-047d-4a5c-8ea2-4b823d932c87","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":127,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"9a8d6d3b-8138-4431-9f1a-86196e99d4ef","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":127,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"b8368b84-4f54-4e6c-bc65-3e437aa382ef","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":127,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"7c37b8be-9bb5-4a51-8154-b9030b535ea2","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":127,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"305c7f54-727a-4491-a5e4-cac36fe0233e","block_type":"box","text":"Suitability. (All Funds)","page_number":127,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"ce18e4bd-1060-474e-9204-d47fd2ca88ea","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":127,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"52654bde-f330-4ab7-8e73-24540c8ff8e4","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":127,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"9c2abd42-1128-479b-824b-7df8ea173029","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":127,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"1c42520b-ea8b-468b-a965-fe82d6600ad5","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":127,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"021176a0-c283-413d-8fdb-ddbf495427c1","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":127,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"2af2cdb0-b606-4ea5-aa63-700e090d319f","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":127,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"00550539-fd03-479a-b75d-2f125dccbdd9","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":127,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"6281d366-406d-4981-8416-3e0991564e01","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":127,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"6eb42443-e0c2-407d-bf35-09d3ccb77ff9","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":127,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"716acdae-2059-41ab-9bdd-5f84272bb1c7","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":127,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"36273f17-be88-4795-a2cd-321abe4f1caf","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":127,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"768c2b56-2302-4d33-baf1-02abeb96edc8","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":127,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"42c6fdf3-8fb1-4185-9663-cc29050e90a3","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":127,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"b34ab05a-35e0-402d-983e-57d70254106b","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":127,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"ab7efffe-7b89-42b0-9ce9-72b53e5c3c1a","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":127,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"d15adb41-89a8-480a-ae8b-142cc0a3f383","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":127,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"e4d27a0f-c303-473c-a606-90eb6a2197fc","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":127,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"948839c0-b545-4fcb-835f-34529c9e404c","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":127,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"3c7a51b2-70e1-4f69-a83f-f96a3a3830bf","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":127,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"2b877dfc-d07c-4dcf-aa8c-5b98fc71f8ad","block_type":"box","text":"(","page_number":127,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"4441ded0-4150-42e6-b672-64e73f2e02cb","block_type":"box","text":"i.e.","page_number":127,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"65a1190d-f02f-4a01-9236-dca23f212399","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":127,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"ade5076b-cede-4d84-9c7d-c291baf2ae07","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":127,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"5f8c5072-1376-44cb-95e5-f23d36d7d38b","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":127,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"49c6bfc5-e0fe-4e0a-9907-f62f28f62945","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":127,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"9f9f57c9-d10c-4e7b-a9d2-5e32e2d17422","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":127,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"1423d15b-4bc7-47da-a26f-53b174759c22","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":127,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"fd100242-83e0-489f-9d69-d281c137acd2","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":127,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"e1cf7c10-d158-4125-ac02-67575dc4d972","block_type":"box","text":"regarded as the sole issuer.","page_number":127,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"6d8f7b29-eaa7-4226-80a8-4b99a2bc19cd","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":127,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"9dbec818-753d-414d-8a53-12c6ddef995d","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":127,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"76b41b4e-a262-4271-aa0c-e588da7e3971","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":127,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"913d998a-43d5-43dd-94ec-6e2faf615f7b","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":127,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"01397a74-77d1-44de-8798-5139ed3e549f","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":127,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"a102ed3b-323d-41c7-b3a6-2a72e92f2935","block_type":"box","text":"75% of its total assets.","page_number":127,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"0e45d45a-a59e-4def-a03a-f534ba7f4c14","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":127,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"6b524820-5864-4f7d-87e0-3de62e6211d5","block_type":"box","text":"Directors and Officers","page_number":127,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"90d3c16a-1a7e-4933-b6b4-3f77f2c051b4","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":127,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"43aa8dfe-13df-452d-8c4d-31822af1e634","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":127,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"92172e52-64df-41d8-aab3-8c0b9c74ca80","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":127,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"fb2cb185-ab8c-44d8-84b5-6da1dbc2936f","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":127,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"49c03460-8a9a-472c-a703-cb4588802306","block_type":"box","text":"II-81","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fdc0495e-6ad1-40c4-832c-f5713f22e468","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d04bc4a-bcf3-40da-afac-d201923f2080","block_type":"box","text":"Management Arrangements","page_number":128,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"a16e1b5d-8f0d-4e62-bed7-c875f7e3f545","block_type":"box","text":"Management Services.","page_number":128,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"c91ba1ba-092d-4eec-bb10-2fcdeb17cd2e","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":128,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"ba95657b-830b-42d5-8a1f-5c6e732cef48","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":128,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"4354885f-3560-4889-af09-9e06b126e6e2","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":128,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"2fa29ae3-2ddd-407f-accf-326cbcb77933","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":128,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"eeaa375b-592a-4463-a3bc-3c2284b29776","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":128,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"0af695b4-c2cf-4776-a2cf-de557303ec58","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":128,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"b4ae64b4-e32a-4287-a473-16ccd3667456","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":128,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"75f2460b-0b8a-4604-87d8-bf7e21654e2a","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":128,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"b510ad4d-7b26-4b40-a83b-7c943db1e884","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":128,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"f39e7dac-998c-4957-aeec-62e3a103e7fb","block_type":"box","text":"Management Fee.","page_number":128,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"f19a919c-df31-4c5f-b289-2670470b7943","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":128,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"3dc6c773-d7f2-433f-9f97-c49a02d09b9d","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":128,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"64c9410a-7140-45ca-bdab-11200fc4d695","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":128,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"a6ed4999-2946-4c24-87e0-7e40b1365671","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":128,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"3870d9a9-bd08-4c50-a751-5bf2e7e81a58","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":128,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"992f8ba1-d0c5-4550-abba-2fb7fa354f50","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":128,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"da542c5d-861d-4f9e-ab51-96b824985b2a","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":128,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"9007523a-702c-4e6b-b665-680d7132e728","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":128,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"535d566f-c6f5-426b-af66-12eaa47a113f","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":128,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"5c293fe0-c15c-4a2e-b159-6e94176821fd","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":128,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"bb44fa5e-f1c8-4891-aeaf-21329edbe755","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":128,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"19d825a1-dd86-49b5-ac88-93b430bb3526","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":128,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"8817061a-37c4-4fc8-a397-21fe6959ccaf","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":128,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"8765c6d3-59af-4caf-8909-8e7e04a3f7ae","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":128,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"33b1bc85-9498-4966-88c1-adcc0917249a","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":128,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"427f3a94-b1b5-4892-a2b5-e6de3873856a","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":128,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"420bb5cd-405f-4b11-9f0b-bd79989a93ea","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":128,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"d29cab17-487f-4daa-876f-eae91bf146b0","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":128,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"3e6a64ba-4514-4bc4-976b-b4c2b8031ac3","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":128,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"6249f0fb-09ec-49a6-bc63-c831021b711a","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":128,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"1e761396-3043-4544-91f2-082b6f917643","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":128,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"8e3d2985-a3f0-4949-a652-b8947c2e60d3","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":128,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"ff2ef511-9957-43b1-9217-87ec5088e65c","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":128,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"e98ea9ba-6cb7-4a53-92a7-6f89b32318e5","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":128,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"30ace2bf-6213-4960-8cb3-959cc55d6ff1","block_type":"box","text":"Sub-Advisory Fee.","page_number":128,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"1533ae0f-c1cd-4c4b-9892-9ed5d879c6ef","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":128,"box":{"x":232,"y":596,"width":643,"height":12}},{"id":"9138faa2-11fb-47f1-bf6d-108e19ea73e4","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":128,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"40560826-c34f-43cb-8c3b-ce504c10e0e1","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":128,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"9174624f-e78b-4d00-b6d4-fce79b3a8195","block_type":"box","text":"Organization of the Manager.","page_number":128,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"ffa30336-3da5-4f87-bda1-6542ffa8a9d5","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":128,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"49683d90-74fa-4a76-a94b-31ac223bf1d2","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":128,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"8e04bf98-3fce-4fe9-a639-578379d7afb5","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":128,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"7c8e2a7e-066e-4ebf-9bc9-f6c0942266a5","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":128,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"22724eb8-9bc7-48d2-bb86-9b59dae01cc8","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":128,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"07a39fa7-3e1e-4b8d-a211-846bbfd2a024","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":128,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"efd89c70-6a2b-40ef-bafa-6d25630d0d5c","block_type":"box","text":"Duration and Termination.","page_number":128,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"4bf4068d-ed3b-4e3d-876f-9fc850d5868b","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":128,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"8c17db9e-620c-4f8c-b59d-e6dfeb013319","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":128,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"09302d95-04ed-487a-bf58-d9b11ea9cc12","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":128,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"420be910-dbb8-40bc-9056-6e6ebb747e71","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":128,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"13353228-e35c-4f4b-bf9c-bbc32dda8a2b","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":128,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"a2681d97-bf51-4b02-96d1-ab042fb4b63d","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":128,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"2b204f3d-6912-475f-b343-715d07aa0bba","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":128,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"7bad2320-a183-4d2e-87f2-d7daefaf6d0d","block_type":"box","text":"II-82","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"202a368b-a6f8-470c-8643-91cb0604917a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1a1bde2-f8ea-4e10-a6c5-960708167e58","block_type":"box","text":"Other Service Arrangements","page_number":129,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"477ed144-43d8-44f1-8312-e0ebf97892a6","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":129,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"b3006879-a698-4d9e-89d7-50a75668a855","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":129,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"566a16db-bfe3-42b5-bfd0-24aed8ca511f","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":129,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"140c1ded-177e-4c22-9e87-a6774b2b9ef7","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":129,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"079d5976-b045-41c5-bf9d-514dcb845646","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":129,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"effee6f2-ab60-4504-9fae-9d39faf4b118","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":129,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"8bdae19d-993b-4cd6-bcf7-7c2c56f580a7","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":129,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"c4bf61c2-af2c-437f-8d01-fd1c978bf52e","block_type":"box","text":"that Fund’s SAI.","page_number":129,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"df2496a1-87e0-4d9e-abf6-5575acd532de","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":129,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"66a870be-dfb0-44d9-9042-99d5ba58edb5","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":129,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"81f69ff2-cb19-4b9d-a874-a9647d80d847","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":129,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"cde25317-e605-474a-a845-56da857b1f36","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":129,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"2903e1ab-252b-4d77-b1f2-71a31c6336fe","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":129,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"491e69ca-44ca-4c1f-9195-da8c7867c041","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":129,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"43b13444-e83c-4344-bab8-5d29e0011b0e","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":129,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"bfbb3af8-d940-4ba8-af46-e914a6814c41","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":129,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"91cec417-d292-4af3-be1f-5a50bb7dcbca","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":129,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"50af857a-5c55-4e66-af9f-9031672266ff","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":129,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"84fbb9eb-ae4f-497b-abad-42ab72286ebb","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":129,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"efc30e2f-c7aa-4294-a878-5c33c8d50d77","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":129,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"77ed5c3e-825b-473b-a055-65b6edf3876d","block_type":"box","text":"shareholders of the Fund.","page_number":129,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"022d5564-0492-42de-8b15-b3cc753fd263","block_type":"box","text":"Transfer Agency Services.","page_number":129,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"863e08c7-808f-4aa8-b9ce-7241be7c0d48","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":129,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"9af5379a-290f-4c64-85b4-b88909bad264","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":129,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"1fa423bf-604c-46e4-8a7c-a117724aa391","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":129,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"262b1f9c-31df-4c4b-a075-7847ec180cca","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":129,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"3bcff182-9f71-4727-8020-25311d37bb2e","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":129,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"79f438ae-fa16-4662-b0bd-5daaac709007","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":129,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"1b257098-14d9-4707-a9ac-48e1caad4e61","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":129,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"4e10b9cf-caa7-423f-a11d-25436f8d0f75","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":129,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"f1fe90a0-d918-449d-9192-708bb135d97a","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":129,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"0f7999af-009f-4ce5-891b-ff36f40c8764","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":129,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"bb6cf1df-bf59-42a8-a116-fe28cf77f367","block_type":"box","text":"class on a recordkeeping system.","page_number":129,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"58f570b1-3bba-4db1-a460-c429b1d2e813","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":129,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"9042583d-676d-4e03-91b0-cca962679a2d","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":129,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"3d9ccbc3-0c90-4853-b728-15c6ddec3ff4","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":129,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"5c44ec3a-b1cb-4093-acfe-fd5590124d8b","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":129,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"fd8f8cf6-702f-443c-aa77-14e0d5baec3d","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":129,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"416f8019-e1bd-495f-b371-00da5a1a35cd","block_type":"box","text":"Custodian Services.","page_number":129,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"2f09f932-b822-460a-9549-ff42b1c6e57f","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":129,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"4db4c2b3-72c4-4d2c-ac07-72f6970208c1","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":129,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"b54feb82-7e41-4693-b559-88ae88248a80","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":129,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"cdf5f236-1dfc-44ef-93d5-3048ade8f679","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":129,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"3be1b607-0a8b-41f7-9074-4a8f134fe957","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":129,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"e3b26d72-2a64-47c0-848b-52d87b8fcb4a","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":129,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"db68b21b-7d89-45d6-8e0a-5793e2321f22","block_type":"box","text":"cer tain assets.","page_number":129,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"8118910b-b34e-4187-b1b0-5ffc32dff5d9","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":129,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"393c5c93-3f2d-446c-95ed-b7c4495d0f85","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to cer tain Funds, on a monthly","page_number":129,"box":{"x":102,"y":755,"width":803,"height":11}},{"id":"cf8127ea-73af-4f28-b9e5-f7550363ec66","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":129,"box":{"x":69,"y":770,"width":799,"height":12}},{"id":"e6ce65a9-5421-439e-957f-fb3baa58017e","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":129,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"7e431a09-33a9-4d1c-b31f-824c7555596c","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":129,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"af3f7c84-b1ad-45ee-8b59-7c599d5c3b51","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":129,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"9c47fe7c-4b6b-49d0-a074-c882bf083412","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":129,"box":{"x":68,"y":831,"width":836,"height":11}},{"id":"85d4a16e-9f6e-43d4-b8de-c60d33d37861","block_type":"box","text":"Fund.","page_number":129,"box":{"x":70,"y":846,"width":36,"height":9}},{"id":"44c03bf6-57f2-4464-84bc-03fd723f4883","block_type":"box","text":"II-83","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7892380-35d4-4c4f-bf22-32098e951484","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53739b1e-ba47-4dcf-aef8-83355284608d","block_type":"box","text":"Accounting Services.","page_number":130,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"dd65db2b-a0b4-45de-88b8-ac0071ec2694","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":130,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"8a45d3f6-9bf0-4ff6-a051-c1f08093ef22","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. Each","page_number":130,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"86450abc-28ab-4011-bc61-c66337a6912e","block_type":"box","text":"Fund pays a fee for these services. 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BlackRock, its subsidiaries and their","page_number":135,"box":{"x":102,"y":775,"width":731,"height":12}},{"id":"dd74de79-90d7-48c8-9cc0-3e4cfa2ddc45","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":135,"box":{"x":69,"y":790,"width":799,"height":12}},{"id":"548855cb-d277-4966-99f2-ea842ceb8961","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":135,"box":{"x":70,"y":806,"width":786,"height":11}},{"id":"96af6ab1-41c7-4be0-a866-35f1d60f1fc3","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":135,"box":{"x":70,"y":821,"width":829,"height":11}},{"id":"11139744-becc-4891-bff0-0256112f3bc4","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":135,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"91409499-4c33-403e-840c-c63d8cbd50dc","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":135,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"2b3c58ee-49c0-4908-bddc-00d0cdab09c5","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":135,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"24547cb6-bf7d-4130-8fbe-fbeb3e9cd47b","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":135,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"5a7d6b37-4265-4544-9a2c-78411e1ce4fc","block_type":"box","text":"or sold by a Fund.","page_number":135,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"a423d8d7-8154-4555-9ffb-5b98a4a86019","block_type":"box","text":"II-89","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4bd06b5c-f489-4d1e-9391-4c442fcceafc","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae2e115b-a8d2-4d98-9673-1e85f7abae28","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":136,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"5c6e4fc3-6966-4118-865e-c334ce2d78a2","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":136,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"6d2634e3-98d2-4a85-a754-20e9f2185831","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":136,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"6593d676-b596-4b5b-88d8-f7ef7a008f2b","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":136,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"d4c10c0f-f1be-4593-901d-0b7789b7f96a","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":136,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"a25d0b0d-7f64-42ae-88d4-b2c7463788f9","block_type":"box","text":"services provided by BlackRock","page_number":136,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"91ec09e7-9375-4963-b681-860ed92e9970","block_type":"box","text":".","page_number":136,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"7e009bfe-e4ed-4087-8769-8b1e3cfe9db3","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":136,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"5ad8d2f7-7a93-49f8-9ce7-51fa5b29ef72","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":136,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"dbcd4053-6f1a-4481-9086-2d1859b938cd","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":136,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"54369961-4115-42b6-bd6e-c65747b2e134","block_type":"box","text":"a Fund invests.","page_number":136,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"218ac0fb-eca7-429d-baa7-24ee064ec2d7","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":136,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"0f9abf26-18bf-4ead-843f-f80a6107defd","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":136,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"59aec3bb-9982-4d01-bc7e-c9fe6761e671","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":136,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"6b796acd-35c0-4238-9de9-b8d7f4eaf027","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":136,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"446c6a45-e141-4b9b-bc42-40bf8d403233","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":136,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"beb62422-f0eb-4103-89ef-d56f0ebaec63","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":136,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"e271c053-36db-4ef3-8141-1093fa38671b","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":136,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"c3848cc4-6df2-4230-8167-bb257a28161f","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":136,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"5401ed5d-f7af-4f9a-972f-1ed64045ce85","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":136,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"109460e7-0595-4bbf-b581-5c19643a0b68","block_type":"box","text":"based on the information received.","page_number":136,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"09671509-e48a-4e83-81e5-0275125f3851","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":136,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"0fdfc90a-3cdf-444b-98c3-60db082ab85b","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":136,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"c02d7e41-6b25-46df-8db4-6d224e8e134e","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":136,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"5b36a871-d8bd-4223-96d1-81d4efe5b94d","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":136,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"c293f0a4-3c8f-48de-8592-8cacbe002c5b","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":136,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"e02fd3c8-1536-40e5-8b73-9f82bfec1ebf","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":136,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"1d6bcf01-db3a-4a86-b394-4401869be660","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":136,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"aa694607-5800-472b-8b14-6e6bcdbe07aa","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":136,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"bb128a42-efe0-4108-b044-b5a3b32c9def","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":136,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"ad2d54e5-3061-4706-b0f1-5be9571e9749","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":136,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"a3a90ce7-4e18-468a-bcb8-52abbff22234","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":136,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"18ef453b-e7b4-4576-b4bb-46da8ef15577","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":136,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"302b2974-b572-4762-9c54-2baf54c09a81","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":136,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"480124d4-ae74-4aaf-a491-1f17132ba3bf","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":136,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"cf90f8e3-0b30-47c2-b210-a01cc9d5ef48","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":136,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"cb173828-5458-425d-bbcb-76e3aa4da67c","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":136,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"a8c13e31-8347-40c9-acd4-b47c1cfbc58d","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":136,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"3ad790bd-3706-4d36-934c-f51db08c8276","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":136,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"ecc5b388-c535-4370-bdce-72003e7e00a0","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":136,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"f1529ef9-2e23-4ebf-8196-f03bd77fea78","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":136,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"1dbba9e6-f5d8-457d-bbba-f0441e193d5e","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":136,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"57fa60ea-35f8-4a46-8180-e6d11f84bebd","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":136,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"cfdd7c6a-71d9-4d8b-996d-81dbddc156ac","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":136,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"c878ffed-97c7-4a40-b882-1fdddcdabd96","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":136,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"368caf2f-1ac5-4ed5-a362-4e5a27ab1ce0","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":136,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"46b5471d-be7b-4401-9548-2622eb983439","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":136,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"389c6a3b-9419-4a61-9732-ea596592b6ed","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":136,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"669c3657-a477-4560-bff0-e01ca44b4eb3","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":136,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"e1561ca0-5d9f-4ba3-85ba-f6389707c3f0","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":136,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"d78ec739-6e8d-4701-a2ed-6817e380c8df","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":136,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"9c972c6a-7772-489f-a7ba-412443e41ce8","block_type":"box","text":"Funds.","page_number":136,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"fa1ec00f-df49-4368-b1f9-27c16f14a609","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":136,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"3371ffe9-ffe0-4372-bcc2-297998b4a395","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":136,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"98d1c661-4a0f-4527-aea2-a928a670e9a4","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":136,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"be4bfe4b-348f-472d-8d2e-6002c02f63fb","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":136,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"53960237-8855-4ec3-b099-76ada608f12c","block_type":"box","text":"II-90","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14910983-141a-41a1-8fbc-ca46f5e90f6d","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19d85c65-de9f-47fb-a9a9-55ae753a8694","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":137,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"a3f95e25-9f33-47d1-9d83-55aff3ab48c0","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":137,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"4706342d-013c-431b-b11c-d3f41038fcbc","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":137,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"adca9588-5f8e-4975-8b8a-e4adef5efd5e","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":137,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"58b39a80-63cb-4add-a8ca-0ccca33f7766","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":137,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"b5baa4f6-318b-443e-9127-43dbaa0e9ad6","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":137,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"d52859d1-e19c-400a-be4e-612f6997e03c","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":137,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"cf70b4c4-6467-4448-be60-68a1b19ca83d","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":137,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"f56f3fbd-7032-49da-a5f4-15f3d94bb8e7","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":137,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"37e8b044-89f3-43e8-b261-43a1fb247b42","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":137,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"f4d2a20f-4cf6-49f7-a9c9-541dbe292aee","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":137,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"a255c416-1de9-4d9c-90f6-f06aa2746a2e","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":137,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"b714cc91-78db-456b-895d-5bcc6663b890","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":137,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"ec857146-cfbf-4450-b7b9-694bafe7c948","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":137,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"5b6f1a8c-d24c-4876-b740-c186566f3bff","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":137,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"3f6f2f80-a55b-4621-8430-382567a1fa02","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":137,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"d246dfa9-1dd0-42e5-99b3-0e055f2a449e","block_type":"box","text":"case.","page_number":137,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"950c0e1d-3d48-4942-b950-15b82f611bf6","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":137,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"6f7a21bc-be55-4479-8c4a-df9a03df6ba6","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":137,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"4d4b91b7-c1ed-4559-905b-03f78c18d20e","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":137,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"491f6b03-659e-4873-9720-d97e3c7c81a3","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":137,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"2c33c74e-5e53-4edd-9ac7-1e68137d7046","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":137,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"6988643f-4bce-448a-9cf4-caf6299d0fc8","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":137,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"787065e9-9013-49d0-8e35-c8832aa1b32b","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":137,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"fd053f61-74db-49f7-80e8-a4bc2b42846a","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":137,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"f4c23495-036a-4da1-bb4c-e89d113d7576","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":137,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"b705838e-ef46-4ded-9e46-a7985e4a7463","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":137,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"413e0cbc-7d8b-4ed5-93fc-fe0d4e14fb9d","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":137,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"c8377ecf-86e6-4f4c-a110-8155c0ae949c","block_type":"box","text":"when position limits have been reached. 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BlackRock will not be under any obligation, however, to effect","page_number":137,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"bc05181e-e001-421d-8eab-aec6b3629ff2","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":137,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"31fd87bd-ccce-418a-9ca4-4af71f00affc","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":137,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"89dd0699-6cf0-45d4-bef3-5008ad3259a9","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":137,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"01482b4d-6741-485f-b476-46a955e0f8c0","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":137,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"278ab68d-a2aa-451e-8219-ca3448443d8f","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":137,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"eec08093-f647-47a1-89f6-0cd703bfb8e9","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":137,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"58895cd6-7f7b-4889-ba09-24b714dd39a8","block_type":"box","text":"managing a Fund.","page_number":137,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"fd159226-59b7-4864-8359-9925c666154b","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":137,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"518101d2-ffc6-4585-b409-f7707eca216a","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":137,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"e39b3a88-3555-41d7-ae04-05e65da833b9","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":137,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"734d1aa4-c9ad-4abd-a9b9-172e9a970d65","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":137,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"9106d8c8-ee45-48aa-90bb-99826d3aef80","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":137,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"d23d402c-2ec0-4574-a867-86a628d850fa","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":137,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"1ba67570-e41c-46cc-b7cd-8344fd847272","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":137,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"e38304d5-cfb8-4d7b-b897-2727b1739f90","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":137,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"74f7ebed-1110-4607-b624-b4f2516d8f06","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":137,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"35db58f1-ec51-4ed5-a1d3-5808fbb3240e","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":137,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"0348be28-f425-474e-920a-09fd4467677d","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":137,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"a35d196b-665e-46c6-b0ab-52a34d248d6b","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":137,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"48176d88-db78-4b45-9884-47a90749568f","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":137,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"589a1ff6-412b-4bc7-a48e-8a80ddd455eb","block_type":"box","text":"II-91","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4fe3e4e-970a-4ee8-b692-e5d22dd0c6fc","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1aeab22d-0273-49fa-98d9-40769a0fe12e","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":138,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"c2f0db77-bd91-4d41-a16f-1ba81105ea32","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":138,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"a87a6f1f-2d42-4363-97a4-a569911466dd","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":138,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"870a4b49-2eb1-401a-8499-4d7db10a7e8c","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":138,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"82ff99cb-f3cd-435b-8fad-a959143f89f6","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":138,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"d2f60a37-ec1e-4025-b7b3-48932dd4660f","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":138,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"0915f029-3eb1-40b8-b765-5b649faf5516","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":138,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"7005625e-2ddb-4b34-9556-d91aedd1dcfd","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":138,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"0b324cd4-414f-43b7-aba8-b1f8626fb69f","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":138,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"25a3a852-a867-422d-8693-cc9520c3781a","block_type":"box","text":"under management for BlackRock.","page_number":138,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"a8bfc8e4-9df7-4470-bed6-c2c8039c7b2e","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":138,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"d6a7220a-4f08-4784-a36c-6836de5720e6","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":138,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"04e23022-ae0f-4ab7-9945-ff074451c355","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":138,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"d1eb48a2-1d0b-4766-8609-b198e65b73ec","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":138,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"d100e802-82a9-448a-9405-0e9a9df7f9a1","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":138,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"4e4c76ec-96c8-47ce-9bda-6b39f2755062","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":138,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"834ba028-f172-4ff9-84c0-21bcd0e27ba9","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":138,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"c24dee8c-1d18-4df9-8116-cc0547082598","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":138,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"c6a485c9-a7be-4b82-8fec-0785e0a20e68","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":138,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"8671de7d-f27d-48d3-88df-c7a953696541","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":138,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"b42e5e2c-c85d-41ed-b9b5-d5a25a9a4e8e","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":138,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"f3161c31-35c6-44e8-bd3a-50e79b4b0ed2","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":138,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"c46a53da-7fe0-4520-ab12-af68010a28d6","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":138,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"771612ac-fa6c-46c8-b210-a0b944716cf6","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":138,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"1881caad-b81d-4b5f-a2f1-cd3ed09d0b0d","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":138,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"9fb28307-0b15-48c0-948e-a58055131e2d","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":138,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"d441fa05-c315-4b66-807d-a2138d3fc643","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":138,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"b12193ed-9bb8-4b02-9f96-69270ac2d35a","block_type":"box","text":"any such fees or other amounts.","page_number":138,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"3be38603-44da-4b28-b175-d67bb4a16c4f","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":138,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"c95380a8-05e8-453d-97f6-1795cef87975","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":138,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"42e282c4-b9b4-4ab0-9b94-b8475342ea80","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":138,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"b8e61d75-73b5-4a4b-8ae1-8e932e2be090","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":138,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"7bfe9758-63cf-43b9-b9bb-8f053128777b","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":138,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"5d4e7114-c120-4219-ac8f-e1706911c297","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":138,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"a9670b60-9f0e-4037-8ea9-528f8685b8c7","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":138,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"9ebe465b-2ef9-4a82-9954-eaf2deee0781","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":138,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"6ffa66f0-e517-4904-a246-f94e864be26b","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":138,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"28b2d6e9-92b7-430e-93c9-cdfbc03b8045","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":138,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"e3a8f1fb-7d4f-4f97-b884-a940fe01d398","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":138,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"a62b2dd1-31cb-49fd-9a17-2cb426f96f52","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":138,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"7241e3ae-2788-447d-954a-83ef4bb91ffc","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":138,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"363508b0-b0d2-40b6-a52e-b58ba19d6485","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":138,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"83027052-fd2e-4c43-a057-6ed80a96f15f","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":138,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"59e41f2d-4d44-4725-a4fa-2e92dfa8cd7e","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":138,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"941aa422-19ac-4c0b-8faf-c2f422bd6119","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":138,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"b2a8af04-00b1-4c1b-a374-42a54b70f104","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":138,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"ec86167a-d20d-4b16-822b-c05540e26a6e","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":138,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"e7c1a507-03b4-434d-9e91-ec3949158c48","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":138,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"edd2b4ef-bd83-479f-9715-30c75ad66458","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":138,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"a7077311-9978-44b9-94b6-6b35ce728656","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":138,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"4fdfc203-ffc0-4690-96da-679dbb75e9ee","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":138,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"5009e4c7-0607-4b78-9a4c-dcba296891d4","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":138,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"73eb2eac-7540-46b6-be17-9ffd6a4ea907","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":138,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"097237d2-f1a1-4649-8ae8-c34b1e42d892","block_type":"box","text":"II-92","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16ee5478-f904-4774-868d-d5d909b8dc14","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29bd1a0b-53ff-4b87-a431-2487a1b19def","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":139,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"24c83caa-297f-4ee0-8de8-9c7368fab47e","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":139,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"b586eb83-6832-4e80-9d63-172b455ecc15","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":139,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"4719ec88-e4e7-4145-91f8-afb42afff5b5","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":139,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"e5c0c0d3-88bb-46d6-9619-df1a1731cb5d","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":139,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"5a1ee2cd-f226-4879-a762-24dfbda853f0","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":139,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"f879163b-bccd-44af-aa95-efaf1206a5da","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":139,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"c5540ef1-284d-4e51-8263-b5509404aa00","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":139,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"bead2301-4d5a-49b4-a31b-d01fafff534a","block_type":"box","text":"regulation.","page_number":139,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"ddd70bc1-897d-460d-88e2-ed63c9c775d0","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":139,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"8babaa3a-30ed-4452-9044-7ed8efac4b02","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":139,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"585bcf3a-ffbe-4ba1-87e4-ca252c08cdcf","block_type":"box","text":"various program limits (","page_number":139,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"fdff1d68-dce3-47a4-83ff-06bc081790f9","block_type":"box","text":"i.e.","page_number":139,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"4afc72f2-17a7-49f6-8837-8b88054b5ea5","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":139,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"f8288d82-0a45-48e7-b6bd-bb935d00a424","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":139,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"10f6d97e-ae6a-407b-8a10-bb7268db631b","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":139,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"30d93244-2a1d-44b6-9b4c-ed037dddb59e","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":139,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"9b73770f-47a9-43fd-98f0-de00486c71de","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":139,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"f181fcc1-1f60-42f5-a112-58fa8f5c706e","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":139,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"3b709aff-9ffc-42ad-8a49-959c40a0b57e","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":139,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"b89be239-b632-4604-b594-5178d0f19e0a","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":139,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"1b5930f9-86b5-4ee9-9bc4-2e89498f337f","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":139,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"2fb8750e-9b09-4d86-93f5-edbd55bb4ce8","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":139,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"823261e3-2e1e-4858-9938-58f86bba7f21","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":139,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"024f4c0d-d5e7-4c18-8509-05bc057c37d7","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":139,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"da44f9e8-8f3d-4964-8eeb-208442aa8802","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":139,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"5ee2e31f-fec5-45b0-b305-d4a92e5054a1","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":139,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"3d028049-026c-4baf-912b-89e4b1c82013","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":139,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"3c4c9104-9d41-4dcd-a735-8656d6636975","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":139,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"19763aef-dec2-4b34-a465-69a0f33665cc","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":139,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"5657e359-5634-4856-a6fc-d1a114c64407","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":139,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"52503408-74ad-404d-88e4-024e853b4e14","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":139,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"275ce00c-30e2-4668-80d9-6e483ab69d2d","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":139,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"0397d766-f506-4ed4-b18b-4e99965c7785","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":139,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"11049aa7-3695-464a-8060-0ac8de0382d6","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":139,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"28f39190-99cb-495e-8ba0-6b3e7c31bbc7","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":139,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"94f487ac-80b8-4ca4-8170-c3791364eea1","block_type":"box","text":"than through client commissions.","page_number":139,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"e41da76e-dec1-4ad0-9b05-f976a9b562e3","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":139,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"88e9d219-efd5-4c11-a6ea-1dc5972cde46","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":139,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"8d945d36-7a6d-45d6-8ef6-634b13cd3390","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":139,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"02bb1817-5ec2-40d6-b60b-fd65e3cc1691","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":139,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"fc75ed82-e7e4-4071-adad-a7075740cca7","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":139,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"c156dcaf-bb16-47d5-a420-4e955ae31c45","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":139,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"5ad33bfd-9d49-4c19-9d29-d0e69174e9ed","block_type":"box","text":"research-oriented software and other services and products.","page_number":139,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"745a4c7b-60c3-4ecc-88c6-01a13837f354","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":139,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"8519dfb0-07c1-42a3-9b15-1eb54ea40924","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":139,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"01fb4921-af23-4b51-9177-0a3f15c0d97d","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":139,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"3a485e79-5eee-4a29-8464-765641511c2d","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":139,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"0eabfe37-f5ac-47c1-b0f0-5d27fa2e2337","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":139,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"b45cf943-912d-4c3e-82f0-e9595ef3a589","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":139,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"8b64b046-ad85-4953-82b7-51dc0972b8a2","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":139,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"c8a51e8e-e540-4002-9f6f-e03f01b97133","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":139,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"8c18a002-8c11-45a7-9c64-4fb2f367daea","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":139,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"b1e5da9b-8b48-464b-bb40-1bcc3ce88f9a","block_type":"box","text":"and services itself.","page_number":139,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"81b5e655-6aed-4fbd-a7b6-d269eb8ba30c","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":139,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"2e053253-cbe2-4bdb-84c2-3b75081633cc","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":139,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"2e4234b2-c09b-41aa-afc2-1ca9dc91d75b","block_type":"box","text":"II-93","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f779a708-cff5-4306-9573-8de1611865c6","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"345d2d8f-9266-4452-aa89-ae6923a2124b","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":140,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"48977835-6a80-4539-91e2-73aedaf990ed","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":140,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"f3d49e4e-a1a4-4ba2-8863-76370ff19490","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":140,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"e7bfa18d-8ab8-4cb9-87b0-3fadccb5162c","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":140,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"544ea040-fc1d-4bd3-ad7d-3629fe30fa58","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":140,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"3dc5bbd5-0f39-4306-91b2-31f6f7a05e1d","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":140,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"92265423-a16a-4fb2-a3ff-73a58e29d0c1","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":140,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"dba7bfbd-8c30-48cc-93c4-99e5ab7b36ac","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":140,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"67d26a7b-477e-40ae-86aa-e3018f811700","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":140,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"84cac806-fbd2-41ab-8277-7a954a7176bc","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":140,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"0cc7d53f-f178-4353-b872-781f7a0e40e8","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":140,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"def51edb-4f84-4209-bed9-24ee5959763d","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":140,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"bd9bc844-b688-4abd-976b-d6c2cdfd64d8","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":140,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"a73df2bf-2107-457c-bb74-edf070a78e19","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":140,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"b850f8a9-b22d-4b2d-963b-62fa02e31115","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":140,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"43e84e51-a5dd-4f5e-a523-48ac5860651c","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":140,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"7abbd7a9-0ec4-45d0-a6c8-3cbfc39795ea","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":140,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"0977216d-9eaf-4ff4-b4bf-6613ad000713","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":140,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"91e5a244-380b-4275-8345-54684d3b33c6","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":140,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"e4f3343b-652b-42bb-9b2e-507b2a57eda8","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":140,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"8c613f73-9b35-486f-a0f6-5859100f496b","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":140,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"34ba2d48-39ef-4120-8c01-00f932739ddc","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":140,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"4065733a-3b82-4d8a-a417-5f34a0f5e701","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":140,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"c0f24c45-a1e6-42c6-b894-dcc4de3e8f69","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":140,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"fb99f98b-c59f-4c12-b27b-83d0bceec686","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":140,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"3189dbdb-5dde-4a7a-a91b-85b577295e5f","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":140,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"35ff70f3-9b2e-469f-ab89-63d0c4dfd51f","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":140,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"9fe4abab-a65f-4012-b1f0-6af8c249bf77","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":140,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"09e87789-e4ae-4f83-9e95-e6d039a443ec","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":140,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"895dc9c3-ca78-4cab-894d-9cad3c41d286","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":140,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"4fd90012-ec9c-4095-a78b-bcec50f54a8c","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":140,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"1245771f-8df6-4160-ab07-2f277b3b04d5","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":140,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"408c18eb-701b-4b50-8ca6-544e05917e9a","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":140,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"b900f015-a2e1-49fd-beb5-b7e13be8ed01","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":140,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"c51f83cf-92c4-4d7b-adb8-b7845277b65b","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":140,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"d7a66e27-9d99-4271-81f0-281a465df193","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":140,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"4477a576-981a-4ebf-a296-b9119f168e48","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":140,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"4edc4cdc-f9ab-4662-a760-c7b6db2bbc64","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":140,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"7e636be0-d157-46b8-b5cc-ae8a88782f05","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":140,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"c6ccdcaf-61ac-4352-bfc6-266d79e313d4","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":140,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"bfffaba3-9444-4b95-b0e3-4def090120bd","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":140,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"3e649c6e-927e-43af-95f5-674f0cfedf76","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":140,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"191ca219-ea10-420d-a4a9-441a02b2e176","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":140,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"2103b69c-b625-41f0-a2b6-a8804326285b","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":140,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"51d3c578-6949-4faa-879d-34de3039c879","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":140,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"fea6ab10-0884-48da-b2ab-188c8a0df823","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":140,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"70dd4fb1-386e-4ba0-9e55-8e8f577103b9","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":140,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"84ce6467-5cbf-4e42-98f9-c19431f8e7e7","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":140,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"f161040c-858f-40a7-8d04-488bf21cef7d","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":140,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"c5f51191-f099-4fcf-9e54-e9713ae59800","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":140,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"77d07dd6-e4e5-409c-a256-bf4252b5df21","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":140,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"a01fc5d6-c7c6-4be1-9f20-4f65216c609e","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":140,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"89c8a3ae-23e6-41ef-a0d3-499aa5f62331","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":140,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"1501cbf2-5f45-418a-a4fb-d0ac880da28d","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":140,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"b1853a4b-77a9-4158-aa9f-2c4dd06487f1","block_type":"box","text":"II-94","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"49fc1097-6bd4-45a5-9357-58285db9a403","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f59d5c07-5a93-4f6f-aa3d-bf131a29a292","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":141,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"80ca49b9-1294-4a64-a157-c7e14c0e4576","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":141,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"1d4489e6-2533-40ab-bb43-08761a71b2c5","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":141,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"e33d5664-2c3c-4edd-bb0f-3238ba3dfd22","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":141,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"f9cc0184-dcba-45e5-89fd-ce9fe552a03e","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":141,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"fad5f23b-74f2-4c3a-8718-75465d7cf46a","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":141,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"1df97f59-48d2-47ff-89d4-f4f95ffc2ac2","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":141,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"c80aab03-aad0-4163-a7df-962222cdc4e9","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":141,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"4d3ffa31-f312-44b6-acbd-dd7fce963ade","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":141,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"cc9675c5-1020-4993-9e5c-928aa020cae9","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":141,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"2de5a7d2-5887-40ef-a751-cd0a4df23ca9","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":141,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"78b366c5-dba8-4c83-a1be-dd9f3d216b03","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":141,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"f9c62875-9646-4b5c-af70-f94603ae0e12","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. 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The fair value of one or more assets or","page_number":141,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"c62305da-c8a5-4a7f-9bc9-b3184cab08bb","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":141,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"cae8242b-050a-402a-ac07-100f40e1665f","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":141,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"096cc4ae-65a2-47b8-afd7-4562b56af01b","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":141,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"712085b6-3533-42d8-9116-85c296080cf1","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":141,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"4ea7472c-fbb1-4174-ac90-fead075581af","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":141,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"291853aa-47f8-45a2-a739-25f6ded0c403","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":141,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"613fc02e-1fc8-4353-9f7c-c79da01d3987","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":141,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"e64e4f4b-21e9-428f-83a0-adfa683945c6","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":141,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"99ddc1f6-5d96-415b-9814-4e401e0bfd64","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":141,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"210b6a49-4d88-4de1-9103-fc60fd2646b0","block_type":"box","text":"some additional expenses.","page_number":141,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"8e286e78-1436-40bd-8f5d-c99582cc940d","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":141,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"0f9894ff-10dd-458c-8251-f607bd015b4c","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":141,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"45d1c79a-6bf9-48b2-a4c4-c72776ab174d","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":141,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"866caa5d-00e9-49d0-bbc6-f6307861c13d","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":141,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"8a1f8a30-1c6b-4936-988c-b7d5500a75d8","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":141,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"9f59ce28-131c-48c3-954e-a9678da847d4","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":141,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"81ed55a9-26d3-4a40-8b38-4442c3cd545d","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":141,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"60737deb-b57f-4216-8147-222aa5ce5f41","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":141,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"7b0eb04d-1844-43f4-92be-34e8bd31bda6","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":141,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"34cdcc07-527c-4dbe-b8c1-6f3c962c31f0","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":141,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"8b841f62-194e-45a1-87e8-a9176a52ac48","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":141,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"3dcf55e6-f60a-4801-b43f-89281e3c9bd6","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":141,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"eea41aa1-dc60-4490-bd34-429cc27f59a3","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":141,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"580f9f1f-1f66-4826-8ed1-d6beed4448af","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":141,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"f4d6e5e3-e26a-46dc-9be0-7f6c75400327","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":141,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"6e34ce4f-d9ce-4f31-be1f-331a23f78889","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":141,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"6baa98e3-e683-4f2b-bcb2-d857fcfb5cd4","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":141,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"f60e706c-3229-479a-9e52-d3e40a1bec25","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":141,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"fd711d66-9bd9-45a8-9be3-0c664571cf15","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":141,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"d1134d43-091f-4169-be1f-186dd7959960","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":141,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"203022fb-94dc-4dde-a23b-35d98979d1c4","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":141,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"d0f916b1-2811-4353-a9dd-c5872fd8ec61","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":141,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"e1ae386b-074f-4436-b8a7-39d877632d75","block_type":"box","text":"public information about the company (","page_number":141,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"a96d83dd-3599-48e9-8940-2943a9851d16","block_type":"box","text":"e.g.","page_number":141,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"b88e86af-1927-41c5-a1de-0fa9dfeb0bce","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":141,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"97fdd405-e9e9-4c80-9c13-06a6bab52435","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":141,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"a3c6e0f9-bc40-4247-9a71-0ba542526810","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":141,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"4f6b5def-953b-4c65-ba46-27b24424a7cf","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":141,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"47e31a5e-85c7-4830-8bf1-2970c9850362","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":141,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"4e9b8b5f-c710-481c-b733-d300de11d386","block_type":"box","text":"II-95","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a3aee12-7723-48bc-a737-a726ee0f009c","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16b9eafd-c009-482e-9a2c-0f40b19f4752","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":142,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"55a0811f-52aa-4456-9061-bbffbca38f99","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":142,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"0e507fc6-feb2-4d89-b485-16055880d87a","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":142,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"fd2899a1-f0b7-417f-b127-937489967976","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":142,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"2ae892df-9d42-4b98-b96b-81037fdfc286","block_type":"box","text":"of the issuer.","page_number":142,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"7b0cb182-d16f-497d-82ab-39b6bd624a41","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":142,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"15464e7e-200e-488c-a666-d0a1dfc45b71","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. 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Cer tain por tfolio management teams within BlackRock may","page_number":142,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"b45128d8-ad18-438d-8183-ac7f30e2613c","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":142,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"c07b7bb2-954e-485a-9624-fd93fbad7b20","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":142,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"b58da17c-f319-4c62-b8f1-40698785071f","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":142,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"ea6d537b-5fdc-491e-a037-bec2f02c86f0","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":142,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"c69d39ad-77f7-4161-ab57-0333f0f9c3d3","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":142,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"aae6e9fb-30c1-49fe-a2e5-089b372ae8b6","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":142,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"6c7ec7fb-2de5-4c98-b682-b6c024d17d38","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":142,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"83eb4ba6-8ac3-44de-9c6b-08168d7296ac","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":142,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"521e8062-102a-4e1a-bbda-f4e24ae7febd","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":142,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"0b93642d-12cd-4329-afbc-0140a88cf0ef","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":142,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"6e8d2516-58e0-4c1d-9378-5a1757341943","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":142,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"e3d1e7ce-39f3-4618-86d0-28ac3ee557d8","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":142,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"9996fbe9-ff27-4307-bc1d-fe3215e4008e","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":142,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"47c3ca26-ffe9-4907-a284-fab2c48ce9f5","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":142,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"b25fdbf1-4896-4f77-9c57-a41f82690f16","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":142,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"29c54e94-2060-4d96-ae98-20dad1350008","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":142,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"8f5dec59-f049-4134-9e4f-7441dd68b96b","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":142,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"138fe871-957f-4416-8525-ff27fd965fc3","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":142,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"f4d791f8-c25c-4bc0-bec9-241a1436cb68","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":142,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"85e1bf09-7724-4344-8c14-00db3933c7fd","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":142,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"028de4a1-3931-4f97-9030-33f893bdbff0","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":142,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"322408c9-7801-4420-a3a0-dc0ef0400689","block_type":"box","text":"a barrier.","page_number":142,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"c225ec8c-091e-4e83-8faa-a4d0b6eb45b1","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":142,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"99aab53a-ce20-461c-b619-d0014c4f52eb","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":142,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"6e628eb8-dbaa-47a1-a079-fd16f0e40fa0","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":142,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"37c4e4a3-90f3-42f8-90af-4d7989b9a0db","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":142,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"05bc17b0-9c79-42f9-be4a-37d3ce0f5fd6","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":142,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"4d9b221b-5f8e-4be9-b527-ff2fd0e500ae","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":142,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"41a76265-d2bf-42e9-9333-0d495c0e0f53","block_type":"box","text":"that operate in cer tain industries (","page_number":142,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"ff2e0ac7-0d26-4e98-805e-7bcbeca5cd02","block_type":"box","text":"e.g.","page_number":142,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"bc86a607-cf57-45e3-84ed-663d28280fde","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":142,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"df543806-4208-4b71-854c-5baf519b701f","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":142,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"34061fb7-18d1-4ed9-82d3-bd25f8730d01","block_type":"box","text":"e.g.","page_number":142,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"65f39f29-9e72-4ab5-be84-773d5784d4e0","block_type":"box","text":", with mechanisms such as poison pills","page_number":142,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"542296af-a90c-4303-b3e5-ca034e78bc69","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":142,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"bc1a5ad8-b0df-4508-b021-c84814aa4e41","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":142,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"23138df6-4d40-4ce0-8b79-74f0613eeb2c","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":142,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"b37e9dc8-12ba-4179-a34e-cee3350eec4f","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":142,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"41f2878d-8c3f-4906-8e8c-5d66a9c715e1","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":142,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"a733658c-718d-496f-a383-8b93e97ba48b","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":142,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"f463b31d-e938-4e5b-a14d-75fcda2e493e","block_type":"box","text":"seek to make indirect investments (","page_number":142,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"f9ff2bd0-a308-4ad9-875d-387b6b7d467b","block_type":"box","text":"e.g.","page_number":142,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"cd5a45dd-5d73-46c1-b35c-44dfa1a74281","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":142,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"99f29489-8b61-4ec4-b2a4-af9859b03e7f","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":142,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"5f7f1718-55e2-4118-8b64-9621f6fff71c","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":142,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"560d7944-9718-4a57-8f80-80809f455789","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":142,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"04f9004a-e63a-4e1d-ae25-979c5723b89c","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":142,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"55749576-0bba-401f-90e8-fd96799916b3","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":142,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"56a21b4a-e2cd-4476-8c10-f78203436cfa","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":142,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"8bbaf44b-5e3e-4d9c-9c88-f6f0ce6b4583","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":142,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"fe6d5d72-9203-49ea-97f5-752a684efcc0","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":142,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"439224c5-9ab0-4350-8b92-fd11cc88e026","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":142,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"451bc0f5-399f-4e33-a4d5-c477f679ed10","block_type":"box","text":"II-96","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"790adafb-56ca-4f5b-bcff-b06f6f5c369a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0348e3cc-2741-42d6-8561-299d65cd56c6","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":143,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"e929cbe6-4695-45a4-bb23-10737eb985a4","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":143,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"73053dd6-8e99-4313-9f89-530e51badebb","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":143,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"a5d85a01-d712-4c72-994a-dc2e1492f71f","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":143,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"5cdf9323-db8c-474e-861a-b33bbe0bff11","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":143,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"e2a24c39-1847-4efb-b1f8-5a1b094809cd","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":143,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"dff6bb56-9ae1-443e-b0fa-f2a6ce36b342","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":143,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"d5b16930-c011-49c2-bc75-2d23f9f2ca9b","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":143,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"f652a8af-cdcc-46e9-a75c-5ca53156a55b","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":143,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"e2f97c44-208a-4c8d-a5bd-952d9a3d8c86","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":143,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"b7bf2e54-ffbc-4939-8b81-ff988f60803a","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":143,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"0d522ab9-df0c-4191-9bc4-31b5fd1b7fc2","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":143,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"08a15c0f-05d8-4976-91db-e65ce80d6316","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":143,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"923392aa-ea6a-4db6-b393-e678593255a3","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":143,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"08c1c626-104a-47bc-a32f-cd7c655ac215","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":143,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"99e8698d-d939-4867-998e-ea57929b0f13","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":143,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"e9e8b09c-8f26-458c-a8a0-2a5536029309","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":143,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"cd59d484-c192-4fa8-9fec-f55b2ce5c9fe","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":143,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"4c5855e3-93d2-43f4-9ce0-78ceffcb3139","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":143,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"51277c89-620c-42a5-a861-6c1d487e6fe6","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":143,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"75562164-4566-45d3-a8fa-b8c03bcef665","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":143,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"fdede999-2bf8-423c-b4b4-b3684e851ca8","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":143,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"369e406f-6eff-4158-94ed-b616146195b9","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":143,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"6d8f5ba9-7025-4077-a5f6-4b7ce7dacbd2","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":143,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"0c36b1ed-391c-444e-ab50-3dc6808c9721","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":143,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"e61bcd92-2e0d-48d0-adde-491c4db28037","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":143,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"e1c738d7-9fc6-4039-9297-ffc65fc12f92","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":143,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"309db2a3-e538-4450-bef1-ea7edae275fa","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":143,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"cea6b3fc-a1fb-4529-b6eb-19d5ea27703a","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":143,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"59d572bc-51d5-4b67-8004-7e9a690871d4","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":143,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"46e1d487-b638-4d18-b6b5-6a8a8c91f121","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":143,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"b9bc49ac-40fe-42f4-af00-984333b9660e","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":143,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"86181f38-c026-4442-9da2-88755db476f1","block_type":"box","text":"strategy with respect to such security or asset.","page_number":143,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"50a0cd07-438d-459c-a522-2c5e5d6aa53a","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":143,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"9134d4ff-64ad-485f-8a22-bfb21124b9b4","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":143,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"44ff496f-88b1-4969-b012-32c240395ccf","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":143,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"d51973b9-f14c-4c75-b157-4bf0379c4336","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":143,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"791685c0-f5ce-4b27-aea0-9dc25dcd640e","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":143,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"24765e6d-5ba6-4e2b-a0d8-99f1322efb54","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":143,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"b7e3f6eb-850b-430b-9cc7-ce8d45426c26","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":143,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"035e8b1a-8da8-4138-b3d8-f383a1a8a7a1","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":143,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"943afcbf-fe00-456b-b3ed-7412dfe77958","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":143,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"835cfdfa-56bf-4cb5-949d-edb18484f292","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":143,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"22a42a0d-ff61-45fc-9e2e-e38cc3a1aa1e","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":143,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"b7abf18a-92ba-4be2-bc37-344fa95bc60f","block_type":"box","text":"e.g.","page_number":143,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"26c1522c-c86a-49a9-8bd3-81f961b6d126","block_type":"box","text":", custodians,","page_number":143,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"e8e91a51-ef03-410f-b77e-c2cb36f099e7","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":143,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"c9d78a4a-0ca2-4063-b7b2-54db9128f4dc","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":143,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"4d698953-f562-4c9f-827a-4daa055c7f00","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":143,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"d3eba194-93c8-4250-8644-dec180a2ead7","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":143,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"1f20e5f5-ba77-48bf-93ff-ab58c79f87ee","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":143,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"d57ab2f4-d577-47f8-80ed-446c45968d07","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":143,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"2a4474b2-2ff3-404d-b46c-fa90a84b5fd9","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":143,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"bd1a1589-1f46-4ee9-8804-485ca420433b","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":143,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"e8e1960c-6010-40f1-b6e3-366d8d8dd0fa","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":143,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"115e2bed-7593-4e7a-a807-9b599ed62dc2","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":143,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"e8abf2ad-76ba-4492-87b8-2c46ccdc46cc","block_type":"box","text":"II-97","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9bed299-6f16-4ed3-b563-c10bfa1a7448","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99185007-7cf0-430c-af02-a87d35942c78","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":144,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"6267b05c-3723-452e-bda2-79dc1a419893","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":144,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"abf5cd00-988c-4a17-8d32-8ab3d20a10e0","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":144,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"6ab3b637-8f17-4d0a-9952-eb55ce4188cb","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":144,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"abedb387-438e-47b7-bc29-ee7a70b901e8","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":144,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"0af666ac-2b56-4870-bd42-2d64c8cc770d","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":144,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"84cfa56f-49b4-45eb-be71-8fb318f95bc8","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":144,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"93b05a53-c671-4850-849d-e9b493f90990","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":144,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"f3682bba-a12a-4d3b-8974-0eb035725fd7","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":144,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"c9c2feca-ce2a-4e92-9fa7-13802fc012dd","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":144,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"85ba0e42-4c80-4f28-9350-931cd6e62935","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":144,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"b4eca837-7f2b-4b71-ac0c-ee2ff069ed95","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":144,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"e84b4015-d4ff-4cc9-8270-5e73da13309f","block_type":"box","text":"provider.","page_number":144,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"e802b4aa-c979-4338-b682-6c47dc6eef2b","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":144,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"ea9b0bc4-ca40-456c-97eb-1b297560301e","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":144,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"c1963703-c3fc-437c-a3d5-5680bdbf7840","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":144,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"c19d1e65-c75a-4204-9f5d-38bc59ff1fd3","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":144,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"a3cedae9-25a2-4a99-9224-dc098d0063fa","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":144,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"e5b4ee6e-f855-4f91-8f58-99401c5e5a6f","block_type":"box","text":"PURCHASE OF SHARES","page_number":144,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"4d9b7316-7c2e-47c2-800f-5eed4527fce5","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":144,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"6ae861fe-f098-463f-af9d-01118468d36f","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":144,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"cd13281b-c9ae-4d64-9828-b7d7a4a8be1c","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":144,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"9a1feee4-237e-48f9-8af9-7c6ada00629c","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":144,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"2e1271da-4ced-4859-bd3f-cee8595f5d6e","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":144,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"048c3c1d-e942-45f4-b261-a00fb9ae0849","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":144,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"4881b8d1-e98c-443f-889a-4650be79bb81","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":144,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"f180d075-92d0-4b97-a05a-2ed745b71f8c","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":144,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"ccf7a0c4-4d3d-433a-9418-9a33a2ce5e01","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":144,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"370e1345-3cfe-4e6c-8966-a55c381eb1a1","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":144,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"8da4710d-e5c8-4274-afd4-43a0d0932a26","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":144,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"358bf630-e8d5-43e4-8059-d981f99322cb","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":144,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"73c78ea3-d2d6-40be-bf55-0483f822495e","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":144,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"cbff565a-d8c6-47da-825b-284960a2bbf0","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":144,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"a3be3ebc-cd73-4887-9b9f-656ed2f3f1a5","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":144,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"a709ea95-d9e7-4071-b35d-7f53411e018e","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":144,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"fd4c12d5-88e5-42a4-8277-948ef60822d9","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":144,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"062f0a75-dffa-4c8b-9783-270c2fb7fb4c","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":144,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"f1afbd64-3e50-484d-8d39-700dbaa2a81e","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":144,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"8af4ff94-5a25-4527-a420-5c2415d320ca","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":144,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"9edebaba-27b1-47b4-ae19-5b79fee5933d","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":144,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"1792f7dd-e3f9-4e6a-a629-f9f9c3ccf4b1","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":144,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"b9aa8757-930b-464b-82fd-80454a11e3e8","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":144,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"c95c2584-debc-4124-846a-6433000fac70","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":144,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"cb9d3358-d72f-4681-999f-0f56cd0d7d96","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":144,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"3ff87259-3007-469b-a0ee-b78112c64b7a","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":144,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"73eae768-810c-4637-96c1-adf12959f2c1","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":144,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"147601d9-7bb9-45d8-9484-dfab5ca336db","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":144,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"ea11974b-53d2-4115-9baa-3641e89fd255","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":144,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"498cbfb8-db1f-4bb3-b722-43f103480489","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":144,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"9209fca8-1fc8-4539-af60-3b982e722c23","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":144,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"73ce56ae-a9a1-4940-8092-57f46533ffb6","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":144,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"23bec003-c5e5-48ff-814b-0a71e4c2a7ed","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":144,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"e6721e30-5ea2-4b71-a8ad-d64a53a626c1","block_type":"box","text":"investment is $25.","page_number":144,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"ab17f050-da6a-4e7f-9956-335ab72b2ed9","block_type":"box","text":"II-98","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9be99aec-4d2c-4e1d-8db4-fd60a6a26443","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"603db900-6485-445a-bc4b-f2776a348358","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":145,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"78f1d348-f8df-4ee9-8333-031fc0b54f40","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":145,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"3312e8d3-4056-4feb-a195-d2d71bf8e896","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":145,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"21c6095a-d5e1-44f0-9d14-3721813dd25d","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":145,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"f72fe333-34ee-4ddb-94fe-179e5909a36b","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":145,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"04b637be-e5bc-475d-8c8b-8e7260c7d33b","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":145,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"3ba2fc99-28e8-4fa6-a9a6-52789e2f1427","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":145,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"7daec047-6dce-496c-8331-4de2646b37d4","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":145,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"4d94a131-120a-406e-af29-d3feeae9de0d","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":145,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"9bc6d7d6-460c-48bd-ada2-0131da6995f5","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":145,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"72c180c7-8cdc-4e02-a136-4e2ed0fcb0c1","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":145,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"1d01dbea-dc29-4493-ad3e-870a243cf6a9","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":145,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"c44f4634-abb3-44be-8555-6b556868d079","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":145,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"3a6a45c3-8f73-4d15-86bc-ac0ec1f76bd1","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":145,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"ec1b38a9-ac9b-4915-a584-1bab2dcd76ed","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":145,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"911a3726-1c21-49ac-b8bb-01a079b64f81","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":145,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"aaba40f7-82bb-4719-8233-99077b675732","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":145,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"4850a5d2-ba54-4ab2-9b6c-5fa615e05ae9","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":145,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"25616e03-5075-423d-b6b5-669054ef0101","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":145,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"b40f89b4-8ecc-4171-bb31-6f8901057909","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":145,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"62509aff-89ee-4dd7-90d2-7480ccc779da","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":145,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"2e73f4c5-d150-47be-80dc-64e87fff74ac","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":145,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"9e67fff1-3a0f-4219-b24b-0b3a87008dea","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":145,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"309c217e-1cd6-4451-ac90-a2ce4f1730a0","block_type":"box","text":"adviser.","page_number":145,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"2966748c-bff9-4e58-9e58-1011f433c4de","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":145,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"b79eac7b-a371-431f-9d0d-30c4fae6c816","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":145,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"12ea55fa-4702-498d-94c9-1baaaa32c3ac","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":145,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"99c37349-3aff-450a-ae5b-8d4a81a0a670","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":145,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"543a6820-1ad8-435b-b5b0-87f482c3b806","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":145,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"50e96eb0-9089-4abc-b8be-17ed672832f8","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":145,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"f43ec23d-9cba-427c-bb55-bb8badc9110a","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":145,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"38e3a128-12ad-4781-b08e-d105ed6193c9","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":145,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"1b8efe3f-09d1-4ecd-a645-b3c0219c1331","block_type":"box","text":"also be restricted from making additional investments.","page_number":145,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"d2b595af-5c38-4b56-a47c-e95999483932","block_type":"box","text":"In-Kind Purchases","page_number":145,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"4e46adc1-29df-47d6-98ec-f323177f08c1","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":145,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"993a03bc-0698-41a5-a760-59b8badb14d2","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":145,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"2c620ba9-ee0d-49ba-9c22-1994541cdde7","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":145,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"0df854ec-3755-454f-910d-2ae17fcb178b","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":145,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"5b1428c8-27dd-46f8-8c03-a47864aa6896","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":145,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"05604fe3-3435-4c2a-807b-655664ef2cf4","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":145,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"9eba5f7f-ef90-4026-8acb-9edcd4061990","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":145,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"0ff29b35-b2e4-4e4f-8290-92993b42d4b1","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":145,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"6e756b65-6d79-44eb-ae26-3a31bb911241","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":145,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"b8e4253c-1d6d-4bf4-9ba5-3f4882589c07","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":145,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"5c137429-cf3c-434b-96af-8a691dbff7b0","block_type":"box","text":"has settled.","page_number":145,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"28299cb2-fefe-4012-82ac-69ae6c390576","block_type":"box","text":"Institutional Shares","page_number":145,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"ee695649-3218-4a2b-9ec3-801bbda3f2e7","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":145,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"4c42f77d-6f4e-458c-9d6e-f4cd2e7ca836","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":145,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"9b53edfb-e8a6-491e-b5b2-2915c7be2ba7","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":145,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"44fdd649-cc52-42ae-acbc-6a7c77b49aed","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":145,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"40afa8f6-8b8a-4842-b78f-fe944b8a2f46","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":145,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"2d9f01ec-3641-4844-811a-e02f306d2064","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":145,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"705be3f5-4a84-49cd-b83a-384e23c8ae0b","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":145,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"79acbede-644b-4d32-93af-0c42e0375b8e","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":145,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"7c6dc5ab-21e3-472b-b882-2a7454433e00","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":145,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"fc115638-2196-4478-a2a2-4478c0eb60c1","block_type":"box","text":"II-99","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e289c44e-fee1-4089-9c0b-63a4a73eb132","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c99f221-c87f-452e-bf5b-5295559429e1","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":146,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"17972990-abba-49cc-b1db-b5ef414e5c0d","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":146,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"3ce0cea5-9082-4db2-b786-6c8446509da4","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":146,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"9efa609c-c9a7-4985-a21e-964a3dbfdc34","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":146,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"a9aa7947-0ce2-482d-b760-c7243b95356a","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":146,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"62ff36ee-5a8f-43f1-919e-33ca56a5c3e2","block_type":"box","text":"these fees and conditions.","page_number":146,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"f6dc46c0-016c-4b2c-b91f-4d8a38ea9425","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":146,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"93b77e55-99c2-4ca7-af2b-2fc90b67a201","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":146,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"34ecce00-bf0d-41b5-a755-665d9bc9ae34","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":146,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"5ac4e3e7-c6b9-4a47-9b6d-536b9e102749","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":146,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"755c02c6-fffc-447e-9e07-5765e8be70c2","block_type":"box","text":"incurred by the Fund.","page_number":146,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"614c6268-cb20-4268-b73e-3e3aae5bee12","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":146,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"a0e6bf9f-b9cf-4fee-95f6-9a076b3d8616","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":146,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"cbdfa0ff-91c5-47a2-917d-782765e64b95","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":146,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"2a74d22f-cdf2-4acc-a5fd-d919f88b92fe","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":146,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"39a5957c-4c71-465b-872a-5bdeaf8eaa22","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":146,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"0b9d564b-0021-422d-a039-e97213b2f146","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":146,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"716b01ee-2486-4889-aa40-ebd7592e632b","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":146,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"902cf991-7c22-49cc-adcb-856ed42d84f4","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":146,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"677ecc02-b6e6-4316-97a6-826d7249efea","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":146,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"21989638-dd52-44af-9143-cea784702d6d","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":146,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"ea8c4244-a947-425d-8ad5-1cfc4eae6afe","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":146,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"ef6c32f0-d3fa-415a-94d3-cc5855ed5a96","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":146,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"0c04ecdb-77d1-4806-a1db-22b92c651d1c","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":146,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"3d9855e5-4b87-4e97-a4e5-38ffbf9b937b","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":146,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"ae87e920-9dfb-4871-b5ed-1515fc879303","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":146,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"b73f016c-52b4-48d5-89db-cd363115d461","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":146,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"06c0f77b-3968-405b-b058-7304e193548f","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":146,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"04f22c50-fb36-4dd6-952e-d63c0c639f62","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":146,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"3041266a-8aba-4aff-836b-ac44d7fdfb38","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":146,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"b5638110-23a6-41f7-871b-37079e71326d","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":146,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"4cbaef77-00df-4371-8f4e-53cbee300ffa","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":146,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"092d2eef-44ac-4b1b-b6af-f4bb69c3824e","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":146,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"d0521f6c-cf79-4767-9169-67d2694fc588","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":146,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"3b5fda10-8b47-4b2c-8728-c6426dfface0","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":146,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"e51f3d54-6a02-44f8-8d5a-b6b2b29609e7","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":146,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"719a5e7d-397a-462a-8c47-dacb6b40b66f","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":146,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"96cfe4d2-af6f-4a98-aa81-6a61b4675653","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":146,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"da632146-9864-4e3d-9128-418a7fcca5ab","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":146,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"bad94a2b-2d21-433d-a1b2-acaaee62e588","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":146,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"c148eabc-09b1-4a18-a548-33dc653d1f0b","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":146,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"ca95fe46-ae2f-4e24-8652-6e8be94aaed3","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":146,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"38bf16a0-6145-4416-a31a-c6135edb4971","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":146,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"9cefe39f-587b-4b42-b8fd-e5402f2b12c1","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":146,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"f9cbab31-2973-4ea4-9928-7fe4a0dfa3c6","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":146,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"f42b6664-b842-4717-be8b-78a16610b75c","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":146,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"8a9681c7-52dc-4e97-b355-fdc3b48f6e21","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":146,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"f27cea54-89d2-492b-8d1d-4368109ef257","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":146,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"87ea09b3-6a4a-4950-a0ff-c0e1945d53ed","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":146,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"e182c498-a1d5-4fc6-9ed3-2b966bf90dbf","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":146,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"7d676f73-5b9b-4fa0-af11-9bcdf67b65cf","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":146,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"66af1d79-9a98-4c41-abbd-da7912824f79","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":146,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"287b5f14-2eaf-477b-9d85-e2896551179e","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":146,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"c74ded81-4537-4f22-b6c3-57da822964d1","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":146,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"117a0367-3fac-47b7-8dc7-0c57232657cb","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":146,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"558faeca-a7ae-4e88-b27c-4b2c155f4d28","block_type":"box","text":"II-100","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"97fe8513-ef9e-47fd-95d9-54e3105787d5","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b2d478f-29df-441c-a890-0a6abb866947","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":147,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"896f5545-a88e-4018-9424-12ee752ba47b","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":147,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"33d364da-f301-4a6d-9e57-4fb24188b259","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":147,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"37e64f75-674a-44b8-beac-8c817e4c9e35","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":147,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"23c2aff4-a30c-4cba-aa6d-3da37225f775","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":147,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"1301aabf-af84-4512-8f3b-c63e0f852fb2","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":147,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"89e57c2a-4459-4b5b-844c-73af0eb286ef","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":147,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"57536fb0-6840-40fa-8f4d-3e9751994bd3","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":147,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"1ec44588-1652-4445-83b6-e8ee87d7d4cd","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":147,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"55050cce-be45-497c-91c2-19f47c53c133","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":147,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"c8febdbf-144f-4085-b903-28ac98a5f28d","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":147,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"48857037-8492-452a-9404-a3c450ac68d6","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":147,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"f65de822-da2a-4449-a7b7-a650ddbc087d","block_type":"box","text":"periods indicated.","page_number":147,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"9d2515c4-d3bd-470f-968c-80391e46fe07","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":147,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"180241a0-c612-45c8-ad1c-4bbb3b96ca37","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":147,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"bbcc7084-3a96-45da-a29e-b7be969cb80d","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":147,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"58460a83-e7d2-4201-b031-526d21b7dae0","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":147,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"555f049f-ca5e-4127-a26b-c4f42fc508f3","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":147,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"7ad967ad-1930-46ab-9b4f-9c731d5e078e","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":147,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"9a1256ef-fd9c-4833-a504-6e1d7683eef9","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":147,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"639dc5c0-820f-48a8-8478-4bea16ebba0b","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":147,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"1f1e88a7-1296-4647-9d22-04c7939d2673","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":147,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"a96cddad-70bc-4198-aa80-3fc36a54e71f","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":147,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"875d99af-c7d1-41d9-b36e-6d6a32b9ae91","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":147,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"29fe448d-b584-4c17-ac62-6654fe51fb03","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":147,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"f2beb641-110f-45ee-8b65-8b32367e3407","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":147,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"8b2addae-1587-409e-84c2-e3e1c24a36d1","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":147,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"fac2f656-6ba5-48b0-b375-2451dd8a9ce2","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":147,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"1e729bb8-4ed0-419d-b233-bc835b03c33f","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":147,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"df03bec1-6746-4b97-a998-3de850733a63","block_type":"box","text":"Reduced Initial Sales Charges","page_number":147,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"684ad386-eae5-4cd5-8657-ec1f4887090e","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":147,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"4a253655-c9a1-4f7e-88c9-0fd483d2d01a","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":147,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"f69e1c6d-97e7-4a2f-8703-286a3078203d","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":147,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"90270b23-f613-42e6-9abc-56daca4f3ccc","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":147,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"6cf98a7e-a40e-41df-a1ee-3fd9bd5b431f","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":147,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"a4fe3332-2450-44ac-860d-93902890ae26","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":147,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"3becc7fc-73c2-42a1-810a-af5577bafca4","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":147,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"71f1e6fa-e0e3-49d0-b285-d9f914d22743","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":147,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"325a38c4-24c4-43ee-b121-407a6585d2a8","block_type":"box","text":"Reinvested Dividends.","page_number":147,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"b565ff33-62d8-4a06-ae1e-01fb2fade0ec","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":147,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"4db42c5c-060f-40f3-9c99-3b4194736a23","block_type":"box","text":"reinvestment of dividends.","page_number":147,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"d3f4c9c6-89bb-47a5-bbf0-c068b92c95ef","block_type":"box","text":"Right of Accumulation.","page_number":147,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"a095b131-ce9b-48f8-9f4c-c4c2a4001f57","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":147,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"b0d3749d-d03a-4a54-aff4-536357a61c37","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":147,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"b3a02e13-3bed-4c7f-a506-e35004bdcef1","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":147,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"9a094646-5a16-4d88-8e88-e911a943878e","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":147,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"70baba8a-43cc-406f-bdee-f01f4984e56b","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":147,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"dd56086d-7aac-4dc6-b5ce-41862955a4dc","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":147,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"990a9d8d-7978-4b20-8acb-e81c9e2503bb","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":147,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"7b9e4825-9744-44a1-95fc-22fbf32d6cc6","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":147,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"ba029155-04df-4dd7-ab97-3569a5def6d7","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":147,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"fbe8937e-cbe1-4c43-a6a1-154a32813f88","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":147,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"07d21442-7ae0-420a-8798-788231433dad","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":147,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"1dc7c9fb-a0ed-4242-b185-ed06e36d6c4a","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":147,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"d746d2e1-620f-4b0e-b3be-b3d843ab9fd3","block_type":"box","text":"II-101","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a9828113-515d-4497-a1b2-78224eeff6b4","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73765a54-365a-4112-a42a-59c8b987cbe4","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":148,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"1d1e41da-e5a3-47e6-97da-72bbe660f653","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":148,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"6e370c86-939d-43d8-9886-35a37e27e210","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":148,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"957d7663-e00f-40df-987c-e8e8f21a927b","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":148,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"f0a03fd4-7ddd-4f42-8e58-cabf4c7603dc","block_type":"box","text":"Letter of Intent.","page_number":148,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"70cf2320-c9d6-40b6-8147-a7b6f26d2bce","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":148,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"7eda8a22-206e-4316-b505-aa633914ec05","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":148,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"cce9b594-8ce8-49e8-9e80-73245bde6731","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":148,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"051b9467-564b-4751-86d8-3d8f329fece3","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":148,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"9b9f9de7-c482-4f23-afde-d760a219c0be","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":148,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"94a2c580-b59f-4348-aeef-4c1f05eed489","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":148,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"23da112c-4e19-41c9-b60c-d26c4b9357d6","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":148,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"de8ecbb6-4532-4943-90f7-45f5f04c7869","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":148,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"45aa1b6c-722c-4fb9-82d8-1b0dad9a6028","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":148,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"3cf74887-d3a6-4e3f-b11c-1dd33cd88f11","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":148,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"3ffc5e9a-53bf-485c-b9a4-eb7cd101ca01","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":148,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"92f62195-943d-400b-a679-2613c267b4f1","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":148,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"20d186cc-4fa3-45a9-9c7f-e360966926d7","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":148,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"b8e25cd5-2739-4723-a784-abb5de3a1375","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":148,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"d19f39cd-3758-4114-a7f4-64848fbea020","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":148,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"b874b336-44ae-4cf3-9b8b-4a296415796f","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":148,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"91a8dbae-9b67-4888-97da-fab24ba977d4","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":148,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"e373e922-c2f6-49d9-a711-318883ffbb58","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":148,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"7cc781f7-505e-4982-8a3b-cf972d221c87","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":148,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"dda30bea-883c-4411-9ea7-90bb5090f839","block_type":"box","text":"Placement Fees.","page_number":148,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"436961c1-dd28-4ea4-8d2c-27017a362248","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":148,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"1153a0bb-6e1e-4be3-a757-db37a3ea021f","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":148,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"e27c5801-fb73-4cdc-b24f-e888b7c6f015","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":148,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"f3a41065-2410-4ae2-80cd-7464120064df","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"04e7b2a9-15ec-48d9-83ae-f0939bc970af","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"76bf2672-9887-43ca-bcc2-78a5c872bd72","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"2840cf8e-59f5-4533-943e-3a5fdc811f9b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"1a2e3686-473d-4fe6-86d7-fa85a59e279a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"23296071-61a2-43b2-bd6a-5734cbf67764","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"eeb731a4-5d14-4513-a81f-13fa58c62d8e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":148,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"1777fc34-9010-413b-b2ed-4444132f9874","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":148,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"f53d0313-8867-4170-87c2-0f2fb652779e","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":148,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"db331762-ef05-411e-af75-2511b36ba614","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":148,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"f32ac899-ca42-4753-aee4-ff85039e02a1","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"7390e6bc-b561-4cea-bb03-1d626738bb80","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"cdd734f6-1813-4cd2-aefc-77d340dddc6e","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"34ab7a5a-3095-41d5-8329-da96003d33cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"d7632746-d7fb-4902-93ec-b86e1a9b48ff","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"c0482b13-a5bd-462a-ad12-f2b4c29150d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"ddb2035b-47fa-47fa-bb47-56e69ec10e55","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":148,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"d0479304-1108-4747-b8a6-a2b5d3f3cfb2","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":148,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"5ee4e6a9-1676-46f5-acd0-86cf58237d12","block_type":"box","text":"SM","page_number":148,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"79e62786-e2e7-400b-9bac-4244b1e2c646","block_type":"box","text":",","page_number":148,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"1066837a-393f-40d8-8994-b34283f06b02","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":148,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"eab7c7cf-149d-45c9-a573-af81cab0101b","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":148,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"afa01484-8e8b-40d1-9437-61f4831a0aad","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"5772d2e0-ee26-4ab6-be24-823373aaa412","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"8478602a-b5a6-40d3-9b2c-2de6141c548a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":148,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"27ef9e88-7421-4da1-958a-accb252d3ab3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"d4292849-9cd4-4e6e-bef9-bdaac4c8a661","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"c58def76-9136-4a54-9e34-d594a52cdd7c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"33f249aa-ef1d-4d0d-9747-91339cb3ca23","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"2420b951-a151-4fd6-9833-00a4e2ffd73a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":148,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"37270e9a-c990-4b0b-862a-75ca5ce8cd82","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"09ab6b1f-37d3-4517-a427-c50af37de52f","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"8ed2539f-dec9-494b-a202-bb0e220ecc7f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"7e342759-659d-40f0-a705-dc5af03f6dd4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"72e876ae-df3b-44de-b6de-2a6400e4b988","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"49672258-82cb-4354-9fb0-d3f3042e3309","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"d4c5f7e7-80ca-4897-b77d-ccebc4fe140d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"2edb3bf7-c585-4f5d-8bc9-0fb345605c98","block_type":"box","text":"II-102","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"05c245c0-747a-401c-9f95-a96dd621495b","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09f3859e-3aca-4e30-a6b7-9a09e0e8eb23","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":149,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"3621eee0-32c0-4b86-b661-ed45712e7781","block_type":"box","text":"may be up to the following amounts:","page_number":149,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"a6fca7ee-4754-4d3b-a601-bc8d50d24962","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"8673a241-e1a6-48f3-b4ae-88f1fa358c75","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"8a0b9274-f658-4c89-9823-f7d44187d797","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"abf75df9-aa55-4bf6-97c3-92c328f375e5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"6f0f082f-0f70-4bc6-a9af-2e78bfbf1438","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"6c991d27-0516-4e77-b82c-88ee48727783","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"427a0133-959d-46d3-8e35-974698937e5b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"d359ea61-79cd-4a34-8729-c2e6c0377f34","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"375f481c-8627-4560-bc80-b98cfe65972c","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"78419c88-256a-4cb8-a0fc-1abd993589d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"2b4828ec-f24e-436b-bcde-6a56670fc93e","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"0c942e25-df55-46df-bdc8-a5dd5c382cfc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":149,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"49bce52a-ceca-4843-9ce7-bea92316aa40","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"67d863e6-72fc-4fae-af9c-68756075e1f4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":149,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"32438a74-c860-4f18-8d2b-2ae038c0c06a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":149,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"50f48ae4-da21-43e2-b1c1-f372e93e9e34","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"3e52ca4f-fd27-4215-a7f5-8e759d17e08f","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"c460867d-084b-49ce-aa68-ea789dda78a1","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"276df7d9-df68-427f-bfdd-cf08cd5a1526","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"2b8b314b-dfde-46ac-b63a-1f87a12d2a49","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"68459cd6-361e-4ebe-917d-82f6a560124e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"ce0acf49-f283-4208-b0f8-7426ccc74b3d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"51e90b92-eac8-4a07-bcbd-c168b0746ff1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"cdcf65f4-073b-47eb-90e7-4367579cdb3e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"193ad7b8-af29-4f30-90ac-c459a057a845","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":149,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"64d52e65-7ea0-44d4-9868-cb98a49812e6","block_type":"box","text":"$250,000 and above . . . .","page_number":149,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"7f727d1a-2b75-4fa7-9423-01625a3b90f4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"dfd7bab4-c7dc-4244-8a9c-c03bc82a789a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"c6b0173c-65c7-405e-ad48-2b2396c05b51","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":149,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"83be791e-99c7-4157-add6-340930f37366","block_type":"box","text":"the following amounts:","page_number":149,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"3827e8c8-6687-47d1-95b3-8127ed88625e","block_type":"box","text":"$100,000 and above . . . .","page_number":149,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"951e5c8b-d8ab-4074-ad45-48cb7ad1c4b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"c9c1ec13-21b3-4176-b151-0dd279376a44","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"6bf5c3ab-3bcb-45dc-aaa7-4d9dbfaee816","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":149,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"8df68e92-de5a-4677-ab1a-77561ff9e5db","block_type":"box","text":"$250,000 and above . . . .","page_number":149,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"ccea7ede-fef1-44dc-9ed1-24d23a9902e6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"9bd7cc3e-6365-4dc3-949c-dea4194fa8fc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":149,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"e5b4aebf-1954-4d7e-9a68-220656057653","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":149,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"06f0fde8-bf9f-4da5-a433-3150aa5da226","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":149,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"3e2004bc-3744-4bcb-85aa-bf4466c1b310","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":149,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"d823bd0b-55a3-479a-b464-856735ac25d6","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"5df01fb9-2e34-4649-8150-7210ba1f47db","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"172dcaa9-42ca-414d-86f4-0e2a80308511","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":149,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"9acd2836-a6b5-488b-a305-ffd25de0ae9e","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"8555d56f-b781-4fd1-897d-e91a1d089482","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"905d7650-1988-4b3c-b9a6-72c17dfe3f25","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"57c692a0-d7ef-4e4c-90e5-489c16f7534a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"afc5763f-9dc3-4dd8-9e83-93e030789463","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":149,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"242e5439-3d26-4219-9b08-ab29b7be23bc","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":149,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"73b1320a-0374-4f21-8b09-8c2c1eef07a9","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":149,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"8b73a4b9-cc76-4c30-90a0-60903029ff85","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":149,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"c54c2f80-1837-49e3-b64c-ae601b92535d","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"d58428b9-a5fe-4027-a3a7-35a4fb79b8b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"a7fb3ced-4d0b-4022-aeea-ac7a93fd5ecf","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"e64a5cdf-c02d-4254-b285-bb27a02d48ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"0203df3b-8b4a-4bd9-9161-3ed14feb72fa","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"453f5da0-bb8c-4bff-83a1-d67bd1e55bf8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"6d9dd873-73d0-45b9-8385-bba81e68cd46","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":149,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"e854a1d4-8ea6-42bb-ba56-c2b2d0f50e61","block_type":"box","text":"®","page_number":149,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"c7714175-dccb-48dc-a4cb-c9e931f469be","block_type":"box","text":"Index 2030 Fund, BlackRock 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LifePath","page_number":149,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"78ed5078-ed87-4b74-b1ed-2f83d2e7a7a4","block_type":"box","text":"®","page_number":149,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"0613c6e1-822a-447b-ae2c-ddb6851047d9","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":149,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"32d1e322-69ff-4d36-aa5d-cfe2e02f8af6","block_type":"box","text":"®","page_number":149,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"1626ff2e-28b9-4c3a-97e1-9b20133f6933","block_type":"box","text":"Index 2050","page_number":149,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"8c98aa68-087e-47ce-9bac-d931f795aee1","block_type":"box","text":"Fund, BlackRock LifePath","page_number":149,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"ae26be7c-c59a-458a-9f95-b9b23ff4d231","block_type":"box","text":"®","page_number":149,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"7cd57f13-a263-4f4e-b8bd-c57bbef2db60","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":149,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"a05a92b4-4787-4577-bbd7-15bb42623dea","block_type":"box","text":"®","page_number":149,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"c5057799-52bf-497b-8939-33ef0d7402f8","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":149,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"50afafac-3e41-4fa6-b772-c163d4dadc88","block_type":"box","text":"®","page_number":149,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"d194ba78-f7f6-4b99-8f9d-c8d125da94aa","block_type":"box","text":"Index 2065","page_number":149,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"34ceb9c3-4e5f-4979-a62c-f96974074e13","block_type":"box","text":"II-103","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"48922c65-a9aa-4647-a292-2a2337de89a4","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d555668e-7310-45a1-9642-6861cf1db2b6","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"331c5c8a-60e7-40a1-ac7b-b24e0b628741","block_type":"box","text":"®","page_number":150,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"5c8ece7b-a6f7-46c6-9c37-9c525a108662","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":150,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"dcc00a91-d3f0-48d0-86ab-f133afabc50c","block_type":"box","text":"®","page_number":150,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"e13ec85d-3f6e-4c31-9a8b-5a0156a5dd4f","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":150,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"e37ada18-5d46-419f-a860-a393607a1bdd","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"3e307fb0-02a8-49dc-9348-f837a440eee0","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"969b64ab-13ff-44ae-8d50-cc87c84f2cdc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":150,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"1d7411b6-87cd-41be-bcf6-a081c212ea86","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":150,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"5fab2532-c077-48b6-806a-60bf322e945f","block_type":"box","text":"SM","page_number":150,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"c0a77675-567e-43dc-92cd-80b93c615f75","block_type":"box","text":", the placement","page_number":150,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"73fc9db4-1896-42ee-8100-d0efc10c5ced","block_type":"box","text":"fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"377e7910-7653-448d-ae6a-5b85846af1c4","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"645658ea-3274-423c-8408-096251830ef6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"0939e519-2e8c-437b-a611-38f23c25086d","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":150,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"6af0b257-ced1-4554-aec8-a1942952e628","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":150,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"f5fe7e59-e317-4353-b3f0-6a6b68535dcc","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":150,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"0d6dce4b-cdca-4e0b-890e-706b33de9191","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":150,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"acd345bb-232c-4cac-b088-179b89c379cf","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":150,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"f5ebeb78-1aa1-44d9-8fe7-9f5959023415","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":150,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"b5bde87a-7ca5-4197-8fa5-f88c8f77cb5f","block_type":"box","text":"$1 million).","page_number":150,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"2ac26cf6-f9a9-4196-91f5-1ee943ca826f","block_type":"box","text":"Other.","page_number":150,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"506a8092-cb4a-49e8-8788-3fec1dedad92","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":150,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"b472ddf3-1e28-491a-a4b8-239a97dd9c00","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":150,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"8138e547-bb8d-4ae4-bbeb-ae4c79dacc77","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":150,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"793a378a-4212-45aa-9b4d-3ccd7cfa94e6","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":150,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"684db871-f5c2-4e60-92c4-fd0856d1ccfa","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":150,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"44828efb-3f10-42d2-a02c-53ca8ecf26a4","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":150,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"7708f6ce-9c63-40a7-81f3-90db4fced2cf","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":150,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"c1fab37c-f510-4ad2-a8dd-946a7596d949","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":150,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"1f86c0c1-5f12-4c04-a504-52a0a8364e1f","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":150,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"018a680a-eb9a-4b04-9341-7404a50c9b8a","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":150,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"4ee82dc2-a104-4107-b6c2-56cbcf9735de","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":150,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"69ece568-3ce9-4d6d-b418-d9e6f5781cef","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":150,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"2ebffac3-fb97-4047-aeef-34453a202070","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":150,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"fe45444e-c247-4689-bcf5-a520ca0c36d9","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":150,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"f007d788-6584-475b-b4e8-62d6aa157d00","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":150,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"ed465bfc-c767-454f-a7ce-b827f69d044d","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":150,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"49bda577-2b69-4471-9770-be0aa5d47df0","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":150,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"e84aa631-c2a2-45d0-9a4d-8fb247b743d4","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":150,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"1282769a-4b0f-4a6b-8e7b-34c362838667","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":150,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"503fe758-8431-4c2d-a905-dc7c90841a33","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":150,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"5ff743c2-ea08-4ebc-b130-50761a7aec3e","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":150,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"5f043ae9-3544-4884-afc5-140320b67cc6","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":150,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"5a0bf696-7934-4291-8f80-ffa33730d7a8","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":150,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"3d27a809-f0f5-4618-9696-27ff9faed79f","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":150,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"876e2b54-13c8-48ba-9906-7f37821547db","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":150,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"f3f7547b-d5d2-4bec-abb5-5591df4aaccc","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":150,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"3b59ddf2-4d23-418c-a345-82bdde6f934a","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":150,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"787a818d-06d1-4f8d-b189-543ff9e8dd1b","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":150,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"b091b0f9-8c9c-4d3d-b246-732663987cd4","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":150,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"4f0436f9-01f2-4204-9978-7d8fb615202c","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":150,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"b20ff6b6-04d5-4925-8ff1-199389b8719d","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":150,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"3ca49141-d6f7-4be9-b71a-ef8932077203","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":150,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"a9d241a6-7de0-4f20-9eea-7fc7536b2f18","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":150,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"d4ccddfa-e7d0-485b-bb18-b07ce35ba85b","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":150,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"c42bf9cf-7f9c-4626-80a9-bd05c3de2009","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":150,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"d480a48b-9288-43b8-a064-63020c3a679c","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":150,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"924a7836-7f3d-4db3-8b65-85665b04b2e1","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":150,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"88beddc4-3244-4b49-9935-7d5212863ab2","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":150,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"b29e9251-1eb2-419c-82df-5ab6d4e05b24","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":150,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"26dd81ca-1775-4b88-ba05-5c236b6a6876","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":150,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"8583d33f-1558-4a86-8a01-dcf1db59b569","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":150,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"90f1b39d-2618-4cd7-af11-9f1b9316cf8e","block_type":"box","text":"II-104","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c0734592-c6f5-452c-bfa7-896bfea63837","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62140df4-c331-4d14-b948-450f226243d6","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":151,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"b9e95653-4b51-4aa0-9e26-36e31defe240","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":151,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"a0b28f99-051e-4c0d-8013-fbd70faad019","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":151,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"7ab0821c-1187-40db-b703-9e3a3ca67f90","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":151,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"d57fdad3-fc3e-4104-8e50-598943debe87","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":151,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"4cfc5813-1d59-4c20-8821-2e34fa2dbbea","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":151,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"cde6a5ac-0ebc-4ac5-93e8-68385f7303a4","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":151,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"c141c3e5-54ba-41c5-a6a5-caefbd5f4629","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":151,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"672920cd-19d2-492f-a1b2-f1d027943362","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":151,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"a10c98ce-4b87-47cc-a3c0-895d044b6c95","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":151,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"7ffa768c-511e-4b58-8fff-d70ae0c82924","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":151,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"2c442f78-2768-45a2-a7a7-275e4573d866","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":151,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"d55607d4-97f8-46e2-b060-5fbbc7387cf9","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":151,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"450c8c76-572d-4aba-8999-897d8e7e20be","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":151,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"d1c0aa9e-3a05-4168-b75d-4e19f3dd6a08","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":151,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"07c0940b-eb3e-4ed9-acd8-afd6c039f259","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":151,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"5300a1b8-ec0d-4572-8a1d-61867b58c7cd","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":151,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"376b1b58-4a48-4767-bd4a-f94fd1b41f01","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":151,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"79de8e17-91d0-4f9a-8439-208c52fa5e9e","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":151,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"b7e81bf7-18ba-46a2-b224-783e7500cc1c","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":151,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"95a79ed5-ee08-4646-ad90-55225e4acdb4","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":151,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"e4c7cad0-8562-4ff4-9302-470746ec813d","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":151,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"3b7e3a2f-b8b9-4730-9d94-5b854a09f376","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":151,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"2c25eba6-b76a-4ba3-8551-4fccfe80aab1","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":151,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"0040b1c2-105f-440d-a0db-2c5af04b4d69","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":151,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"9a0c9cde-2e31-4eec-b696-a197312f7a34","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":151,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"a474720b-9573-45b5-8087-e1af683eb321","block_type":"box","text":"the absolute discretion of a Fund.","page_number":151,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"f263cbae-234f-439d-8f4c-e83319536acd","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":151,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"ea7c736e-3cf7-4c24-a7e8-3ef2e35784cf","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":151,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"8ff661f8-d799-42ff-ac50-b3d5c2bcd4b2","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":151,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"f4f11e9d-61ba-4901-84c0-8b98122d8df1","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":151,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"5c81f053-9cf1-40b4-8291-cd8d4b3c643c","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":151,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"9152f17e-aca8-46f1-82f3-159888a9b23e","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":151,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"f7bc5990-d50b-4d1e-a35c-142452bd047a","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":151,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"936aeb8f-9891-4f22-a462-0edb5adc29d6","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":151,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"7e4681e4-8d87-485d-82e2-6f7b6072c284","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":151,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"d597ad28-ae85-4659-8faf-a6a6a1c88dac","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":151,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"c58df10d-fdab-4e09-83a4-8d467a3a85cb","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":151,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"1261afa7-1a6b-4ff3-b963-35ebe01cf244","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":151,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"c2c1fd74-c1e4-4496-92c4-ff60d47dfa90","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":151,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"75ba9db9-07da-4903-9715-91c43b1448fa","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":151,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"ed06c324-5266-407b-a17e-b98f2ce2e27b","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":151,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"3497acad-9b84-4f54-81d2-1b746627b82d","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":151,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"18b0be11-e500-43b9-86b2-6ed82b240702","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":151,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"35fb8a08-1e2a-40b4-9a1b-1c197c3c82fc","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":151,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"14f7c502-ed76-48a0-9a09-3c67e6ca98e1","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":151,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"5ca0527a-aced-41f3-ab92-186b495c1f11","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":151,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"d96bd6fa-928a-407e-b6fb-28767af0ca7e","block_type":"box","text":"public or private investment company.","page_number":151,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"cc130899-90be-412d-a881-48376ca60033","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":151,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"b81e9cb5-c524-4534-b6b6-92d2c5a909a6","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":151,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"2f9bc5e7-ec0e-40c6-b34e-23d9a5349d49","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":151,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"819ab8c7-9986-4ff9-986b-aff6cd19f902","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":151,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"c3db4fce-0fe8-4b83-b526-405c17ff07d6","block_type":"box","text":"II-105","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9f6b9871-91f4-44c8-8100-ae405c9965be","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcae432f-98cd-4b50-9b68-28bb8f90b68b","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":152,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"63732b9c-850a-4933-8865-69408065ceb8","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":152,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"01ebde1b-4df3-43e3-9649-cbea35be5f8c","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":152,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"b7fa4f69-ce02-4071-9fc5-e011779d0d70","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":152,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"8606ca1a-3033-4a52-9ffa-ea70c6b98d84","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":152,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"95bd0cc5-21f3-4a54-a2dc-8211b7621941","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":152,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"8756bc0c-0894-4d8e-a4f6-b030bf3a314c","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":152,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"525e1117-ae70-43be-9020-3810aa55309f","block_type":"box","text":"intermediary associated with the account.","page_number":152,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"629f6ff0-387a-45b3-a8bc-e688a14a3b5e","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":152,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"a4e4e8c1-0114-41b9-ba5f-952da3b97e7f","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":152,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"4a284f58-13a2-4d8d-b5d8-3fa6b12fd45d","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":152,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"2894b31f-9394-4ecb-83e6-2bb4e3d3a252","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":152,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"2ab876f2-e656-48e8-ae2d-e5dfa94467cf","block_type":"box","text":"CDSC shares.","page_number":152,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"3beb79ea-7999-46c2-8113-7a03b41daa9f","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":152,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"6866f5e3-8997-4487-8960-6d47e6fd7b2a","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":152,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"9550dbe7-7c3e-491b-8d56-6a5997da5c4a","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":152,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"8039d745-a6d0-4b34-8c20-8ee59a763e58","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":152,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"af5ea725-cb07-448b-9712-2d3e496cb7d0","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":152,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"ebc43194-9a2b-462b-99f6-23d8a6ead1ab","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":152,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"ba7e0ccb-a647-40fd-a87a-d1b2758e8a62","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":152,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"718df25f-1994-408e-8fef-da1507fef0ce","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":152,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"abdce46a-92c7-4d3c-ab89-36305d23fc39","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":152,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"e6a0a203-5482-4c93-aca5-ea6564ca0329","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":152,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"81383e51-06a6-4853-9b93-f6ba2f753ac2","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":152,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"29c40fe0-a9cd-44e6-9f92-3f9edd36cbbc","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":152,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"856e277a-5740-48ef-9c4e-ccb180484a52","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":152,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"aa4237c6-47fa-4d4f-b719-7a72bc32cc97","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":152,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"95db2dd3-df09-408a-ab07-10ccbfe003a6","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":152,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"5af5c90c-b64c-41d1-a366-53438bba2aa6","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":152,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"70fb49dd-5268-424b-8352-70ab07aebf49","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":152,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"abf13f40-b424-4c8d-a8ab-b587b5ca9c64","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":152,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"caa3190f-fb3b-4c61-ba9f-a8fc6eed7a44","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":152,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"85dda177-27a4-4d5f-b354-5f12b36414b6","block_type":"box","text":"Investor A Shares.","page_number":152,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"24a23f18-afd2-4847-ab59-a321243cc6f3","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":152,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"4f0659ce-9276-40dc-8b51-a340b6e08e7a","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":152,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"800eeb86-4efe-4257-ba43-0dce7ba66646","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":152,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"e57507e6-71bb-4990-9163-a47f077c5e92","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":152,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"cb52f253-28c9-415d-ba77-dfeaa4eba8c0","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":152,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"497c7bd3-af26-4d74-af73-a8f5dc2b2a93","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":152,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"a6f0245f-ca7c-4458-880a-f857b296023c","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":152,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"5b857354-cb48-40f8-8caf-228aa6e6425f","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":152,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"53106a54-7fff-4460-a3eb-a38a8a4d0320","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":152,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"0a75ae93-dbac-48b3-973d-a575038a6769","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":152,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"c7968c4b-cc59-4edd-9ac8-24f25b391b4d","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":152,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"bfb39ddc-0362-400c-89b4-1e4dffb107c1","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":152,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"b947037d-318a-4713-952c-d0a1c14603c7","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":152,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"883c5d16-cedf-4e0f-92b5-97100eeab058","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":152,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"97e41532-8d1c-4437-8685-deac49e63738","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":152,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"7f8a073f-ccca-4bf8-a4cc-f5b724a5a0d7","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":152,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"19fcb987-7b2b-400d-9364-7b640a16c57f","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":152,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"598fefb1-1cb9-4e8b-a140-fb32dfe88359","block_type":"box","text":"“Investor C Conversions”).","page_number":152,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"4668c03a-894c-455f-b9ae-0ce8000ce787","block_type":"box","text":"II-106","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"259ce5b1-4ffc-47ef-852b-86e6c1885906","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"406a923a-1322-4fe7-ad96-0dd8d9a4ddb1","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":153,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"febf0e13-ed74-426e-a477-9f4069c4e3c6","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":153,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"d62b2e6d-c02c-4200-92e4-55d3ab207a66","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":153,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"c8a3acad-28b2-4f75-a0b4-5f3b1c7732c9","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":153,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"f3dfb2d3-2f3e-442e-abaa-f3ab523edf5d","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":153,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"4ff23c7f-ecf9-4a74-85ee-94a1a697c1b7","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":153,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"443600f6-63da-46cd-a4a4-d8454a53efc0","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":153,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"0fa0ef5b-d3a1-44e5-87b9-984517d68a47","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":153,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"d9a87910-bcf3-4c0d-b36e-aeeb0767e0fc","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":153,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"891d9065-d1a9-47a1-82ad-67accff7d7f9","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":153,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"c498f557-0dff-48a7-999e-9a98273ac857","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":153,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"dad3ad8c-4b21-43bb-a6c5-dca3a5e9f81e","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":153,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"663ab2dd-8863-4033-828d-9f7ef5e6d0d8","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":153,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"28f996d9-4a6e-425c-b19e-d92fca0b71d6","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":153,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"86aceb55-719a-4fda-8a10-ec3354e8578c","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":153,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"6da06017-1d55-454d-a982-b423c5ddbd26","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":153,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"b8b476fa-474b-4744-a61a-aa6a54d3ee2d","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":153,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"d8fd0ed2-3883-469d-81af-9d5416921bc4","block_type":"box","text":"redemption.","page_number":153,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"c660f188-42db-4636-9744-52abc67966f4","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"5ae0afce-c0c8-4ce2-9043-85031623c1e9","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":153,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"d23e124a-a513-4f45-8d72-83990b51a6ee","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":153,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"c333d804-a6c0-460f-a067-5988ef2f77e2","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":153,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"34a41d6b-73de-4725-ae97-a64486ed9c15","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":153,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"54bc0749-ea4e-4f40-9e7c-719c8cbef921","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":153,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"169e9e5e-684e-4635-8274-d73cdc0ace91","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":153,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"e27f4965-d3e7-479f-bdcc-77b092e9b8b1","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":153,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"3cdee895-a5ce-4654-a77f-ea7ff7d8612c","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":153,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"a03311d6-afda-4e06-86dc-3bc19901d423","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":153,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"37b0754e-4a1a-4f4c-9249-76ec567e0c6a","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":153,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"d2f19ff4-53ac-45a9-bbab-8838e506833e","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":153,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"007e1ff4-f362-4ca2-b07b-4c5a6afc5898","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":153,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"a946406d-27c0-4a20-bd87-2c1c945e96ce","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":153,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"c147c077-7731-4ab7-a684-e1822b2172a8","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":153,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"f8db785d-19e0-4f5b-a0ef-b58cba89b9d9","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":153,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"e10e3ce3-503e-4ee7-a2e2-884735dfc78a","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":153,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"e24ee6fb-2da0-409d-8318-0696b37a0dfd","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":153,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"338820ad-8d0e-4245-b032-e851155401e9","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":153,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"23a9c84b-6c33-4fe9-a5ba-07d984a4db49","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":153,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"cd8bdc27-0645-4ab9-879a-bfb75cdd8bce","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":153,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"3a308753-4cb5-4749-8992-bc7b91bad088","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":153,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"a6d395a4-3285-4126-afff-d85c159a805e","block_type":"box","text":"Class R Shares","page_number":153,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"7a96ec38-5765-486f-ad83-1bf093e52d04","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":153,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"9b05f5e3-cd82-43c6-901c-3fd529597577","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":153,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"006e3d98-f383-4c45-84e2-3495695830bc","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":153,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"5509f048-0c3a-40a8-9f3a-76a194ff7500","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":153,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"9bc3bade-f7d7-487a-8090-a1608bdbe18e","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":153,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"6f947495-b214-4683-9412-3b9f86b0d988","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":153,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"6145cf8e-9ed7-442e-a3bd-fe25632aa346","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":153,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"cb9102f0-2f50-44e7-aa8c-ffd8dea034a4","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":153,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"366e86ad-4b7a-4cff-b8ce-075e5dc8f1d6","block_type":"box","text":"II-107","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ba1bedd8-9b1d-417a-bb51-e26c36f294bf","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fb476b8-73c2-4fa2-8362-27afe5c91b15","block_type":"box","text":"Class K Shares","page_number":154,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"fcb35521-d513-4e0f-94ee-fcffcff0fbbf","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":154,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"6f99700f-42da-4d6d-aa70-33bb916e2743","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":154,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"8b0447d0-e86c-41e0-94f5-e0ac4a39937a","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":154,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"06153b17-8c24-4293-94cd-f6da51e4d0d9","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":154,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"3505981c-fe0e-4c20-9c2f-7fcee863d9d2","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":154,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"f2141dd5-6f36-43a7-9139-a8c304b147d8","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":154,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"6a149c83-5aa6-47ac-a730-1162a5449e3a","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":154,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"015960f2-42d2-4064-9fde-ad904bee5f59","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":154,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"12851ff4-92df-48e2-bc1e-384abf6be7a3","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":154,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"6361b8ce-cd5b-4c32-b7a6-a55e91bf83bd","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":154,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"d5db14f4-2469-4874-b999-83f8eac520c0","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":154,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"28285871-31b3-4594-b1c4-4ab16ab04b9e","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":154,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"dc33865c-6727-4122-9dd0-e3fd2109eb39","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":154,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"507bd508-8728-4866-b4c5-721dd1c93176","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":154,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"9907af0c-8503-4a47-b81a-e7cdd97e2379","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":154,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"2c2aafcc-a7ed-4792-bf50-82e18f13ced1","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":154,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"6d3d39e5-c215-46d2-983d-84e8cc6b0670","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":154,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"86152c71-74bb-4efd-8647-8ba41740b4bc","block_type":"box","text":"distribution and marketing agreement.","page_number":154,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"9fc959bd-7d3a-47bd-9811-ebd63a8a9b78","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":154,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"bd585707-0290-46da-b1fa-4aefa1f0d364","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":154,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"d17dfa27-d0e9-40c2-9565-4d6f3b1e8c20","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":154,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"723cb923-48c0-4afa-86a5-5d769d4c3efa","block_type":"box","text":"Class G Shares","page_number":154,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"81e4918d-bd7a-4afe-81e2-ab417b81f09d","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":154,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"8329db43-d5e6-4df5-8db2-fd343569b8f6","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":154,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"a34d4db0-9d02-4481-9e1f-53882cc926cd","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":154,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"ed6a5167-9121-4c9d-9b36-1bec5f0d4580","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":154,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"26b60165-579b-4621-b5fd-2e27a85624dd","block_type":"box","text":"eligibility requirements.","page_number":154,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"6ad3655a-1c95-49b7-921b-885804850e38","block_type":"box","text":"Service Shares","page_number":154,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"cb4ef714-17ec-4853-b21f-b5e30e2e13b1","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":154,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"8f3db4bc-d676-4750-bff2-9e15af08c839","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":154,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"3570e91e-9ad0-46f3-8f0f-70e40acea9d3","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":154,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"499fe139-5c63-4aff-a53c-7575264adf08","block_type":"box","text":"®","page_number":154,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"077ef5b4-0d17-4063-994c-d94c910fcaa4","block_type":"box","text":"Fund in 1996; and","page_number":154,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"0167dfab-2d68-4205-871b-541bc3841878","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":154,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"f16e034e-2941-4ca0-9096-2340937dad0a","block_type":"box","text":"SM","page_number":154,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"6ad024ed-35f4-491f-9995-0c69562206eb","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":154,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"dfc447ef-9129-4c03-8824-3418d95bb669","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":154,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"25fa98d9-a98e-4c78-9174-3bc72fda0b74","block_type":"box","text":"BlackRock Shares","page_number":154,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"a9c2ab88-7083-432c-8502-7d821decb6e8","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":154,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"eb88328a-950b-4084-8bdc-45969970211d","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":154,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"4b843a8a-bc6c-4651-96fd-cf6ef718120a","block_type":"box","text":"fee-based programs.","page_number":154,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"a864918e-c0e0-4c0b-9b8c-072ba86764a9","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":154,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"0445be2c-7528-46d0-b2bd-a44371f99370","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":154,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"40f0ed4f-7291-48e8-92ed-eaa4ee54a387","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":154,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"2045a72a-0a87-4ddc-8f2d-1c994b79b133","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":154,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"49241d4a-b79f-4b08-b9cb-4c66f38bf18e","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":154,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"835f6976-1697-4d36-bef8-fd48b6c20003","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":154,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"3bf03d21-5156-4882-8e00-0162860ac831","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":154,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"1b005e82-b23e-45d1-be0a-64f94dd9d944","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":154,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"594e168e-a234-4986-ac57-4f23b76d9a1a","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":154,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"384f9689-eccb-4863-8dae-e192614c52ee","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":154,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"a6b846ae-af40-4216-b69e-af04d890253b","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":154,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"b61f1e88-97ba-44ab-a2c8-9bc53e0d390a","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":154,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"25bed435-d0d8-43cb-be21-314427f7b395","block_type":"box","text":"II-108","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7595a4ac-6344-42dd-bc9e-b3f484d2edfc","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03fa739f-54ea-46b8-8b55-f0dc03f781a4","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":155,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"9641e7d5-bfd3-4da9-b752-2321afe31b08","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":155,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"71436294-b4de-4ce4-81bd-79aa33a1c415","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":155,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"075c3db1-a383-4bfb-bc7d-f2d97eabebcb","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":155,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"63459cb4-e7f3-435a-875b-bd1362ef7b4a","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":155,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"dd9c9ba1-21d1-4ddc-be8c-229ddb2ee750","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":155,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"3c4899e4-3b46-4bcc-a813-91a5bc662afe","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":155,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"e82a1ef2-4442-4126-82fa-5e51ff606b6b","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":155,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"cac43fe7-4657-406c-b209-a365cbfed6b2","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":155,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"a7f7c442-b7ed-4e01-9d38-63e5eda3ec21","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":155,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"49f3ae81-ea70-4118-b7d3-ba46c07d3a19","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":155,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"a54e883a-1f9f-4134-8efa-3cc30cac14c6","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":155,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"6ecdcc05-32fa-4048-8c2f-e4c7d16b1078","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":155,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"23bb9448-ab2f-440a-a617-805ccbf6d6a9","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":155,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"ad1d4fc1-c249-4510-8530-ef1ec6538b02","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":155,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"465b737a-f431-4f59-842e-6b0f72859bb6","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":155,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"1a233c91-43a6-4c0a-9ab4-b672337717ed","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":155,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"9814f1fc-4e33-4735-bd36-b14d769e0a1f","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":155,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"5269bdd5-5ee9-4f00-8a56-55bbf86949cf","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":155,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"4391be9e-3ab0-49ae-967f-54a52174c3ec","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":155,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"32481d1b-3ce4-4079-a42a-5692a37c3d28","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":155,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"d30d3e48-ffeb-48ad-8c59-20422ae12d3a","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":155,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"00820858-1d72-42cb-a662-d67c8ad12f85","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":155,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"37af4656-261e-4f32-ac7e-8dd34ed03e89","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":155,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"4bf03fc3-abd2-4f43-b139-14a84b79ec38","block_type":"box","text":"compensation for selling different classes of shares.","page_number":155,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"86ffab34-5bf3-4229-814f-36e71bbcb0fd","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":155,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"8be8ecd3-8435-4fa6-9587-ff0f3c24cb53","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":155,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"4851a38e-6cb7-469e-8d7c-83e916b6112b","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":155,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"282a01b1-99c1-40e7-8b8f-82b0900c7e6d","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":155,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"5df42362-9482-421f-b09d-31037b804d76","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":155,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"c0ce5c82-ef1a-48d2-86a1-7013a8f14b26","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":155,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"52246228-ee36-4d6e-8b7b-8000dd7c04b7","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":155,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"7207905b-6c55-4593-a3a4-8c6ad79b1e1b","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":155,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"4da5f314-d5fc-4fad-8140-7b17499ea28d","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":155,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"24c1dfa2-e45e-459a-9eac-d699de3c1a89","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":155,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"5c42873c-4314-4398-a35e-468dd2bb2b7a","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":155,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"2c7e0fd3-8878-411c-85a6-59fdaa053341","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":155,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"675c42e5-7f9a-40a2-9595-96fce0f6d023","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":155,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"5fb1262c-85a5-4526-8227-639073700031","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":155,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"f4f0f376-389b-427b-be11-a50e8406f36f","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":155,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"c37035ae-9fd8-4b17-8003-e1aa2c649d4c","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":155,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"53f78ade-755c-4b11-9889-cb8ddeca166b","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":155,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"abdcceaf-fb8b-41db-b1b4-a9144e94c551","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":155,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"9efc31aa-a09f-4290-9189-ec452e3e2793","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":155,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"423638f8-8e1a-4724-8c37-14b252393d33","block_type":"box","text":"easily accessible place.","page_number":155,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"674c49cf-9e38-4fbd-adb1-77891baa8c7d","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":155,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"ccafab70-1aef-4556-8682-326b6a2dc14c","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":155,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"2602fe65-69d4-474f-bbf2-f44a0d6bde83","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":155,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"8666c664-e83e-4fb6-ac26-67b95a45cddc","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":155,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"8488aa41-b63a-4ec3-ace8-9a4651457c8d","block_type":"box","text":"fiscal year.","page_number":155,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"406a8c1b-a06e-437e-8192-97b09559f994","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":155,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"2f668ceb-2bd9-4c99-a84c-71234e178889","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":155,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"dfca24c2-9799-4ba8-beb7-2c200717ec24","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":155,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"8ac31b33-aae6-4bb7-98d2-8f370952719a","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":155,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"d3a1e8a4-59b4-4929-af1b-1c422ac3bbe0","block_type":"box","text":"II-109","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aa81d093-08c1-4e82-9cd0-9b228b3b9abd","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"563b0a5d-865e-4282-8573-9623ad769a97","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":156,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"cfa0f779-0f90-4915-9a20-7edc8898831c","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":156,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"81370e79-c553-49ca-a1d3-4716329c83f9","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":156,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"4ed0ce43-253c-4fdd-850f-ac3f63424fd1","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":156,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"b837449f-3a3e-4540-a8e5-b07a9114d4a8","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":156,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"78583231-20bb-43eb-869c-01b1e3cf9fd9","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":156,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"93ca607e-1efc-4eaf-92d4-d2ae96a7e04c","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":156,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"1db00c5e-3cef-4fbb-b53b-9378bd99d28f","block_type":"box","text":"and Class R Shares of your Fund.","page_number":156,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"4df28bce-64f9-4a0a-a729-ae777bb4541d","block_type":"box","text":"Other Payments by the Fund","page_number":156,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"f15a9fcc-2f51-4392-8965-dc8a4eaf385d","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":156,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"0e9ffe4a-dadf-41d1-952b-fbc592b3e4c4","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":156,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"33e706e0-655b-4478-9d08-371b802efce8","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":156,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"400eee32-6710-4c8f-98d6-638f6c95a081","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":156,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"57d46b82-b41e-436f-800f-5405696d085d","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":156,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"264c687f-8acd-4591-8583-e143f25c5aa9","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":156,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"0ab9015b-1849-4885-8af9-10660b25206d","block_type":"box","text":"of these payments may be substantial.","page_number":156,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"12ff5903-f348-4de9-bd5b-c27fcfe8e1c2","block_type":"box","text":"Additional Payments by BlackRock","page_number":156,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"dac7eb52-b053-4b77-9b34-44737e1225f3","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":156,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"33bca216-0a78-46d2-9c4e-43709eaa4722","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":156,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"68d53f22-9315-43ff-8e69-e8e0f14ea42a","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":156,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"5d4b8bd2-b890-4dd9-bc5d-68ccf7e4f821","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":156,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"f95388c0-28c5-43d7-9a93-18ec16b08a0e","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":156,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"5c4b34e7-fef8-4e9c-ae82-ae731b4cd924","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":156,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"0c32e75c-78c3-4075-8611-afa864bf43d2","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":156,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"a5af3c92-d6f5-4843-8635-4ab357e85d33","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":156,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"fa5499b2-3e15-4ccb-b833-c234e81e760b","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":156,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"43e83e25-6300-4119-9e00-cf4f6eb52056","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":156,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"7cb88c97-f7f8-40b8-9437-90045a0cdc55","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":156,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"a3d5181c-9c89-4cb9-80c0-8da0b9cf1dda","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":156,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"dfffcb4c-ddc4-4e45-bf7d-e77b9f2152cf","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":156,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"54289602-d981-43a5-a3f9-feb9ce2da9a9","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":156,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"33cf0e53-9dfc-4a31-bb9a-fdcad551cad7","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":156,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"472cd0a4-98c8-4f61-af84-7d167ac7589b","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":156,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"3f51b271-8281-41c6-93e0-beeed980d629","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":156,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"b826edcd-251d-4c68-a5af-beca40084640","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":156,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"6b4499e9-9592-446f-b108-586f7d93ad40","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":156,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"eef5cc2e-21ea-4e54-a8db-0b0e766419f9","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":156,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"bed37401-337c-49fb-b7df-2bd4a2b60dbb","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":156,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"c11a2c44-b8b3-4e1c-bd1c-661ae1ecb041","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":156,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"59026bfe-fe54-4d60-b6ce-6ba5a3efb634","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":156,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"c5909649-34a3-4a62-bb40-d0a508dfcfee","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":156,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"0661a4f9-4f57-4b5b-84bc-7ba2b4cbcd9a","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":156,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"43a4e7ae-80b1-47ce-b877-d26a1ae62c85","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":156,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"9d677f89-3136-4bac-a609-4600a4282c13","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":156,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"10d63a84-39fb-47ee-b1f6-2cc140a761fc","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":156,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"03981958-821e-4e9b-bb42-c3776efb0f1a","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":156,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"e1621a60-61bc-4756-9cad-7ef220aada31","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":156,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"127deb17-05e9-463b-a873-7e7ca2894de6","block_type":"box","text":"Funds.","page_number":156,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"3bce8ef5-1ad8-493c-98d9-464d16627fac","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":156,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"5c58e7ea-5f3e-459a-a755-f6cf7bc5fb3a","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":156,"box":{"x":101,"y":876,"width":740,"height":11}},{"id":"08ce9172-4439-43a2-bc60-4c20fc1f26ef","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":156,"box":{"x":70,"y":891,"width":764,"height":12}},{"id":"d8964dd9-7716-4b2a-b3d2-3df7c69e03ac","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":156,"box":{"x":69,"y":906,"width":811,"height":12}},{"id":"5172077d-9e60-451c-acf7-84d7cddffce0","block_type":"box","text":"II-110","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d672e060-1469-4a68-a38d-1f337a87419a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b10683c-13dc-47fc-9547-daef471b057c","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":157,"box":{"x":69,"y":45,"width":742,"height":11}},{"id":"fdb8c146-e680-494c-ac55-e3543c6ebc8b","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":157,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"adc08445-1e91-44bf-9361-d0969b9c3561","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":157,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"ad2284bd-a478-40a4-9892-1a428252bfc3","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":157,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"bbdc4da0-c86b-4746-905f-4b61deac1821","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":157,"box":{"x":70,"y":105,"width":803,"height":11}},{"id":"df8f0a70-8051-4267-9b63-1605f6980120","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":157,"box":{"x":70,"y":120,"width":783,"height":12}},{"id":"48b7d1aa-8c85-4e31-90c2-a7e20403fbbb","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":157,"box":{"x":69,"y":135,"width":823,"height":11}},{"id":"de9683ae-8533-4ca3-bf74-04b8629d9ba1","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":157,"box":{"x":68,"y":150,"width":805,"height":12}},{"id":"dd17c006-c521-41d0-8a95-ff2bf4c2f059","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":157,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"d7752d2f-8fe9-46cf-89d8-e49f4c2ff4e2","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":157,"box":{"x":69,"y":181,"width":523,"height":11}},{"id":"ec42db9e-5f89-4bb2-bea9-211248d7cf20","block_type":"box","text":"B. Shareholder Services","page_number":157,"box":{"x":102,"y":203,"width":172,"height":9}},{"id":"72d079eb-6bd6-4b6b-bc0f-2b7e1a22c2e2","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. 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Conflicts","page_number":160,"box":{"x":102,"y":872,"width":78,"height":9}},{"id":"96914467-e740-4117-90d6-645eee9ef60e","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":160,"box":{"x":101,"y":895,"width":710,"height":11}},{"id":"1bac2830-4c21-4c4b-82f3-fb125595acb1","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":160,"box":{"x":69,"y":910,"width":803,"height":11}},{"id":"2e404f3c-fb48-43f6-a831-7d70b3662212","block_type":"box","text":"II-114","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"223cc029-1ac4-4db2-886a-c97e8af44826","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bea0f469-8492-40bc-9f3a-70136b85068d","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":161,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"eff08a41-cb9e-4a6f-b674-e8e535493ddd","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":161,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"f2e3d21c-482c-49f0-b28c-d897dd9d5afe","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":161,"box":{"x":68,"y":75,"width":473,"height":11}},{"id":"fb97e485-23c8-4363-a2ae-4c7ef4a4a432","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":161,"box":{"x":102,"y":98,"width":793,"height":11}},{"id":"be11d1b1-e82a-42d0-8852-e2d15f12bd6e","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":161,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"92239007-886e-41d5-987a-b8af8f74ebfa","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":161,"box":{"x":68,"y":128,"width":833,"height":11}},{"id":"c1e5c8b4-d8af-4d3e-b6e2-a31cd3192435","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":161,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"3ed7070e-c2ad-4b08-aac5-1624abf15847","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":161,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"876a25dc-d083-4062-b4ac-2fccded6118d","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":161,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"d859eb15-03b4-4910-a480-c8a9d5358a33","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":161,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"dc84d1e6-2010-40d0-996d-f60f172190e3","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":161,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"5d00269a-939c-41b2-9aa1-394cfa5c1fa3","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":161,"box":{"x":69,"y":226,"width":723,"height":11}},{"id":"7eb11c08-2156-4897-9236-e64b29091a1b","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":161,"box":{"x":102,"y":249,"width":759,"height":11}},{"id":"27e9eee7-3573-474d-a06b-b95380bc8a3d","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":161,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"fa59dbf9-0d14-4537-b9a4-fb769a734a65","block_type":"box","text":"appropriate.","page_number":161,"box":{"x":69,"y":279,"width":84,"height":11}},{"id":"dd82bfb9-12f9-4e5b-b827-3953aad144a6","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":161,"box":{"x":160,"y":279,"width":738,"height":11}},{"id":"04120509-5d2e-4b9f-bf19-29ad6b74bc37","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":161,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"dff2e44e-caa3-42b1-8e05-82dc147263d5","block_type":"box","text":"described above.","page_number":161,"box":{"x":69,"y":309,"width":122,"height":9}},{"id":"4e0d931e-cee5-413f-8e25-af272bb9bb1a","block_type":"box","text":"REDEMPTION OF SHARES","page_number":161,"box":{"x":385,"y":339,"width":208,"height":9}},{"id":"767f3794-7318-488d-9f9c-730a96db976a","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":161,"box":{"x":102,"y":361,"width":798,"height":12}},{"id":"5e8e9044-e279-4c9f-9272-4984ac718c03","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":161,"box":{"x":68,"y":377,"width":817,"height":11}},{"id":"b32eceee-c307-4d7d-8392-656857ca88b4","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":161,"box":{"x":68,"y":392,"width":840,"height":11}},{"id":"8cf31fb9-4b27-4849-8bcf-57d25c79b3a6","block_type":"box","text":"or to accommodate a request by a par ticular shareholder that does not adversely affect the interest of the remaining","page_number":161,"box":{"x":69,"y":407,"width":834,"height":11}},{"id":"c8830f3c-c095-4fa1-85a8-862123e36f94","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s por tfolio holdings at its discretion.","page_number":161,"box":{"x":69,"y":422,"width":829,"height":11}},{"id":"eab3993a-b001-42ed-8258-300941d8ca08","block_type":"box","text":"In-kind payment means payment will be made in por tfolio securities and other assets rather than cash. If this occurs,","page_number":161,"box":{"x":70,"y":437,"width":834,"height":11}},{"id":"d306a085-42cb-48a0-82f8-5b0c6db1e783","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":161,"box":{"x":68,"y":452,"width":793,"height":11}},{"id":"c2d973cf-cd3b-461f-b180-3d646a2da479","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata por tion of a Fund’s por tfolio holdings will generally be distributed","page_number":161,"box":{"x":69,"y":467,"width":834,"height":12}},{"id":"d187dc33-8c4c-48d5-a0c6-c09fdd94d3df","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under cer tain circumstances, deviate from pro rata redemption","page_number":161,"box":{"x":68,"y":482,"width":838,"height":12}},{"id":"83b0fa92-7792-4a2c-a3f4-66ef2dbd2d39","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of por tfolio holdings and","page_number":161,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"e5438c0a-0e45-405d-8ceb-b969c76d79f4","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":161,"box":{"x":68,"y":513,"width":831,"height":11}},{"id":"8e6af208-ed37-4d1f-b46b-1a5cac55f7b8","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":161,"box":{"x":68,"y":528,"width":828,"height":11}},{"id":"ef57f310-c7bf-43ee-8806-6a4d366557ff","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":161,"box":{"x":70,"y":542,"width":826,"height":12}},{"id":"bd1f42b7-0aac-455a-813e-a02468dc9b36","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":161,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"1268e791-968a-4033-a7fe-34a5f50e2440","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":161,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"fd99c36e-9493-4ca3-b219-560960fae338","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":161,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"313f8187-cee1-4ab8-a05e-d11c08825651","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":161,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"91b53a76-3148-4e5d-b04e-2a8b51fc8479","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":161,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"593aa07b-6e7c-4d8d-9b89-5fb9bac47995","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":161,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"64d9070d-bac4-4bd5-9277-5d65640509c4","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":161,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"af1e38e9-2674-4de7-ac09-4a440b3194c9","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":161,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"fd56e279-7974-4b46-aa71-74404a1aa452","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":161,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"03ad7e89-b742-4afb-a940-58935884b8fa","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":161,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"7f98dda4-bc26-4be2-ba3e-7e3d0d47b109","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":161,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"e18ec1b5-b113-45f5-b13e-c802ffc4dbe4","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":161,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"b6848cc7-ab54-4c3d-91c8-2254dbfd172c","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":161,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"28acb0c3-ccb5-4d8a-ab37-b8a8ee796d2a","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":161,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"ef861b1b-4354-440d-89e9-774a7339795d","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":161,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"64ecadad-5643-440e-beb3-73aeec16de3c","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":161,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"e3d9eca3-cb4d-4c2d-9394-ef7805cebbe8","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":161,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"eba89337-d18e-49e5-86a4-693987766def","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":161,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"314b3cf0-d5e8-4053-b641-9ade0301fce8","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":161,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"664c6474-6440-4c3e-b385-265ecb044894","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":161,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"cb6056a3-8ba0-4c7e-b0ba-cdac53b1d995","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":161,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"eb34d1f7-44d7-4f98-8ee9-00c620ab329f","block_type":"box","text":"II-115","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"588c4ca7-fb5a-40ca-9ad1-5f1cb82fef34","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5561d5f0-ec53-4074-828f-1b5c9116292d","block_type":"box","text":"Redemption","page_number":162,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"1b5835fc-9254-4fe3-a5e9-7ab596df8741","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":162,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"61f914dd-8652-43d0-8983-12f718e488f0","block_type":"box","text":"Redeem by Telephone:","page_number":162,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"dde4bdb1-1fb1-4b64-b32d-c9e7577828f9","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":162,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"9e437889-821d-4c75-8604-9e7e803c9761","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":162,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"daf99352-3553-4731-90ae-367f0d683039","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":162,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"8ac2f01a-6f2f-4b3d-a1ca-7c66e8e35ab5","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":162,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"a8c993c5-0de2-4cb5-9e83-c434a1080371","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":162,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"5181e319-2088-4bc0-ae3b-70395094bc39","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":162,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"6f0741ee-1302-4fe1-ab00-5624f990d00a","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":162,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"7d58c5f5-58cd-4ed9-8a8e-8405568ecb1e","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":162,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"92d3b30b-198c-498a-91d9-2af1d6818f14","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":162,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"4fac0a54-f59a-4ad4-bdfd-92620fec7e1a","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":162,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"2ab15fda-8d03-4266-ad82-43d1af8f41c9","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":162,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"898cbf28-a58d-4788-9aab-8fc9fb656424","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":162,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"2273f31d-0950-49b3-81de-a0b34def1f90","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":162,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"13644db3-f32d-485b-8943-4a0ecc2f9e69","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":162,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"fdfe08fe-ee60-4f87-87ad-f358d6482bf2","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":162,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"86d9ab65-c795-40e4-9476-bd23a6d0ca76","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":162,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"f2459585-8ae6-4eec-9fa4-5ca59d6067df","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":162,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"b75b34e2-509d-4765-b054-71b7a4ace4a9","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":162,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"fbc4b4b5-6f57-40a3-b1bf-bd17025af2b8","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":162,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"7fb8196d-c50b-4d31-8f08-d6fc77c02e78","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":162,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"0aff5117-ef67-4d10-bd63-c7815698ade8","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":162,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"1e4907f2-c5bc-4fd8-a9c5-2ba63e27a8c9","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":162,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"3b72a20a-a020-494d-94b3-e2c7333b2fa3","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":162,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"3939648b-831e-401a-95b9-110f8f9c44bf","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":162,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"c6edbf45-f6d5-4335-a082-0aacbceeec97","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":162,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"711ba407-d5b1-4ef8-8fa2-bb48230e3bc1","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":162,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"138af5f2-3cb1-4b1d-8126-c3d6948766a6","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":162,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"ccb1763b-ae42-4f23-90c8-5ff3aa808242","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":162,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"be98c767-c856-4465-924a-810856a22238","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":162,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"08539c84-89d0-4693-bc0b-060c59386ae5","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":162,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"b383b235-c20b-4b5d-b8f9-c102c137f5cb","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":162,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"e574b739-3681-45ca-a5fa-9e0f412a7d8a","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":162,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"f5dd8275-b6e4-4efe-ae7e-67bb6cb6c38e","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":162,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"b8c9b608-e623-4f7a-a1f3-e994806efaca","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":162,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"a86b989a-5006-47bc-85e4-9478ce408d19","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":162,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"36d1b939-843b-4baf-a6cf-2fe926026f95","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":162,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"386c23e9-58e0-4535-a4b8-2997e5a4848a","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":162,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"89249262-0e21-4d68-b72c-5aab45dbef21","block_type":"box","text":"Redeem by VRU:","page_number":162,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"eaa6f391-43a2-4f0c-8729-1e99c532c8a1","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":162,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"bc77c368-718f-41e7-9e14-50f684cd0736","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":162,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"08af01b5-d0ed-4e78-beca-a7cfab17edf2","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":162,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"91f30ab5-5282-425c-9db3-cbdf7b20a9dc","block_type":"box","text":"Redeem by Internet:","page_number":162,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"b2bea883-2a85-4ee6-9855-2a7447296417","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":162,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"263c10a5-a4c5-448c-8877-63b1e745d682","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":162,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"c34d5386-adfa-45a5-8421-c99f33b9c1c3","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":162,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"5220f736-073b-47ad-82b1-4275de1f91aa","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":162,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"036c0adc-4331-4078-a0c7-ce942b80b3cd","block_type":"box","text":"institutional investors.","page_number":162,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"9b31756d-5973-41b8-9636-c3b55618022a","block_type":"box","text":"Redeem in Writing:","page_number":162,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"34d16ea1-13d4-48bb-b627-90c648e2263d","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":162,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"9df7d30b-2f82-4d41-b25f-78750b838cac","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":162,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"6e28d4a0-e620-4629-be8a-d045fd69ff18","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":162,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"faaa3a28-38b9-4033-bddc-9ebd6c8485a8","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":162,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"3b78a385-34aa-4a5d-8bdb-5f8380ef2029","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":162,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"6d96394f-0121-4cf0-a978-0a8d62d6d068","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":162,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"c75653a2-0e32-4c6a-9c2d-4ae8b6f4e2b1","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":162,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"cbca22d7-c267-4cce-ac21-b9aa578f2124","block_type":"box","text":"II-116","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6c41d7c8-ebec-42d3-bcaf-7e2684a65612","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ed7ef8a-17a0-4bc7-95cf-d76a662dc4c7","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":163,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"bfba8794-5f0e-46b6-b0a7-bd90c99ab129","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":163,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"0c1cbcea-8563-4b36-aea9-b39e05cf978f","block_type":"box","text":"or wire to the bank account of record.","page_number":163,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"489f409e-064a-4037-8d1a-d556fdfcfba9","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":163,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"db6fb5d1-918c-476f-8b02-e838e30e29e3","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":163,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"ac628f4a-8bf9-4bc0-b0eb-771512dba79d","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":163,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"671fa7de-78e4-478c-81dc-3c52e7181fc8","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":163,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"c68aa62b-7ab4-440f-8415-6d0c3bbc9b75","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":163,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"82b69a8b-8fd7-4ead-bb34-bc617e9cc03d","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":163,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"13bbfee4-aa49-4f9c-b4a4-89c5c5c3c9d9","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":163,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"613ad7d6-cead-4eff-aa29-694f398a9110","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":163,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"82d1da38-6aad-4e22-8206-e9246f4df34a","block_type":"box","text":"redeemed by the Fund.","page_number":163,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"8aa6aa72-1237-4bf8-a24b-7ac170e69f38","block_type":"box","text":"Note on Low Balance Accounts.","page_number":163,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"21495fc7-9771-47ca-8f65-a73121295e11","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":163,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"03426edd-de46-405f-a8ee-fa26a5a04009","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":163,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"50c85a48-7587-4fb1-982f-b30f555af526","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":163,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"474b36ee-0584-43d8-9756-4e128ebcd612","block_type":"box","text":"for any reason, including market fluctuation.","page_number":163,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"750001c6-7644-417b-9088-bfc9853f5e6b","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":163,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"0f0e2d9e-cf00-4f7b-9a8b-dbbd6d3a56e8","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":163,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"8d324027-e234-4224-924e-e0a89723aed6","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":163,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"caffd880-e950-4326-ac67-0d167ae22283","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":163,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"2123d372-3c0f-406d-a16e-e079c3e3db11","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":163,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"caaf3975-a91d-4200-8f94-9a19b0502cf6","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":163,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"1adcb31b-76ea-427c-a7c5-c43e6a38bbec","block_type":"box","text":"Repurchase","page_number":163,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"3f5effcb-0d58-49cf-97b0-479c565071ef","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":163,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"49a3104b-bced-4adf-817f-59e49dbb00a9","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":163,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"339f20b7-df30-4308-95c4-18dd380f6615","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":163,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"465c8675-941b-4f60-8020-2ae6c531b271","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":163,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"57a16e88-5027-4216-81f7-a53f79bc9046","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":163,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"08ec19c5-850c-45c8-bbed-2ae3ca818572","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":163,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"d6c7a692-b755-4772-b26f-994a4c9d2e75","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":163,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"0178a6ca-20db-4fec-a62b-f6513c43aa06","block_type":"box","text":"next business day.","page_number":163,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"aea6a566-2957-435d-8ad4-bdd5ac4f168a","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":163,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"eb7042cd-54a0-4176-8cb3-7b3fd0f3dbec","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":163,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"07c1cd1e-843d-4cc5-b302-dbb4602263e9","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":163,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"213ae6d4-45c4-498a-85b7-bdd83adb4d12","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":163,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"43211123-25da-4518-a6b5-b2ff05e01bad","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":163,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"c15871dc-426c-491b-8459-b7821a09fba2","block_type":"box","text":"redeem shares as set out above.","page_number":163,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"3ff0ce85-246b-4885-863b-0d4977ffa2ec","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":163,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"6d4069ce-c81d-4d98-993e-840bd8bce950","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":163,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"9ec6af85-e3d4-4ce7-9ab4-b7f0ef4a24ea","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":163,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"3ba0e5bb-4d93-429c-be07-901bc6617f4e","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":163,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"f3ea69f8-d114-413f-a183-c45d816e6f4a","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":163,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"ae93c859-803b-4221-acd6-6269518e87b6","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":163,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"f13a5185-a1fa-4372-adcc-d752689f88e8","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":163,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"e155582f-dde4-4367-b33a-68ec219c8f9c","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":163,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"ce83ba19-c832-4760-95f7-906d21f90937","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":163,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"9f1e2155-4b2d-4188-b899-36ea06780796","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":163,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"c6bc9a6d-f950-4453-ba85-82031b00b93f","block_type":"box","text":"II-117","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ee988e68-6aee-4bcf-9cb5-cbeb2b824d32","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c8216fc-9d2d-4a73-b77e-bdb56efc3c52","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":164,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"fb8b4a27-44fc-4405-88b5-cc32c035c119","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":164,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"8155386a-5811-4a42-8b58-b983fdc73252","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":164,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"f62669c9-4fad-4456-bd7c-e785f747cd44","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":164,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"995cdb76-f1ee-4d70-8ed1-a3ac5db789c1","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":164,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"885b3184-853a-4cae-a64b-f5844554652f","block_type":"box","text":"Investment Account","page_number":164,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"3e77c822-7d65-4f74-b598-a73a96de6807","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":164,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"c05153ad-2510-47db-a80e-2286912e1310","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":164,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"b06aaaab-3999-43da-8223-f725c2fe2d3a","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":164,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"ff2d445f-7149-436d-a3dc-a0df078bb270","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":164,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"c8ed67f0-6c84-4934-8027-98c057bf6972","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":164,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"df7eb662-9c19-467b-9c4b-e004b34e3ffc","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":164,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"f2c3dfe9-d50b-4e47-a7f3-d2fcd48d3e80","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":164,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"3f726f22-4512-4c57-9763-8dd8bcf07b93","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":164,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"9426f7f0-5c43-4ec6-80e8-bc86fe0d2608","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":164,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"bb2987d4-c565-4f3a-9146-1f564a20cf6d","block_type":"box","text":"automatically at the Transfer Agent.","page_number":164,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"0eeadf31-af11-4f80-80f6-fb6b182ab730","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":164,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"cc1df33c-a4ff-4e26-97cd-fc23cdbf8695","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":164,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"f3730e3e-fed5-41a5-8130-bc4525fb68e4","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":164,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"5696852e-5eff-468b-9ccf-7f67b3be861a","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":164,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"990d4a8f-edec-4762-bb7a-f9d80ae363a1","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":164,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"b4b2d583-7a8e-4fc8-8da3-a0b4138b60f5","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":164,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"f2123798-0d08-4b50-8ec8-aedf40182a4b","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":164,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"b7014b8b-7273-43b5-873a-069e3c9aa24d","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":164,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"ddcf1315-1bfb-429f-946c-7898370a2d2d","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":164,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"c366e449-30a7-491c-b7d9-98d2fa6c81b4","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":164,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"588ec667-0679-4c36-82bb-84bb944eac53","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":164,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"364ae505-5d85-4693-9e69-8156fa145713","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":164,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"dcd7407c-dd15-4ae9-b47a-c00f07289715","block_type":"box","text":"issued.","page_number":164,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"1c2cb49e-4158-43f0-bc46-47994e76a96c","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":164,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"65169ca2-aee8-4674-86b4-0b7afcb9d9bb","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":164,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"d88a46fa-d308-4c86-b3b3-25f7fafb5845","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":164,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"54d3dd91-fd12-4bf5-940a-45947a25ce4c","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":164,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"98b30495-fc22-435e-8bc9-242a279ff8fd","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":164,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"365a438b-b41f-4c23-9b83-643049172430","block_type":"box","text":"Exchange Privilege","page_number":164,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"817250ba-fa80-4b16-af81-15281508f7c0","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":164,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"9ef18f07-d0c1-4b66-9e34-7d36865b64c1","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":164,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"dcd4c8a3-c1eb-49bb-87e6-1a22266dfc49","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":164,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"f0d8433e-a749-4e25-a8d5-1717493fda02","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":164,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"2d74d88d-e3c0-4ed9-b0b9-76f8041f3d57","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":164,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"0963663e-7a30-4252-ac82-936f6bd852bc","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":164,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"009cddb1-b605-485e-86ad-50f4dda46e26","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":164,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"d681ef7a-daa1-47a8-85a0-b0cc6c923f5c","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":164,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"f87ac810-0820-4268-92e7-8430e2873bf7","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":164,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"e6670882-b4d1-4b98-a347-36258cbe1f2c","block_type":"box","text":"Institutional Shares","page_number":164,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"3d0fff3f-55e2-4581-9272-17f9dcd88dcd","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":164,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"60163dde-d6d0-4ce3-8dd7-24d002cce7ec","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":164,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"44a9c083-48c4-4ed4-9499-eea25968463a","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":164,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"27b11400-9c0a-4b05-8fb5-bcad0ebce220","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":164,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"2cab23db-17bd-4fb1-8e64-c37dc44cecbb","block_type":"box","text":"for Class G Shares of other Funds.","page_number":164,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"3a936a2b-73a6-4633-841a-dc25e2c2856a","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":164,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"ab166e02-fda2-4c7c-a0bd-dc71e5c4ad77","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":164,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"39471a58-a8e3-440a-b55c-0cff2f433441","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":164,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"413d4255-4f92-4fc5-baa7-4df29ed4e992","block_type":"box","text":"II-118","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b9e6c268-2fa8-43b6-adce-48ff461981dc","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb891bdb-7190-41ff-a7fb-59641ea17e1b","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":165,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"4594592a-db25-403c-ba9f-abadfded05b8","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":165,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"84baefc7-ea5b-4220-b87b-f16034245651","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":165,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"beb66611-eb7a-46eb-af2c-62b5a3a01caa","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":165,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"c50fd319-2f10-41ac-8228-e4e5509f731c","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":165,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"df6ad77b-0ef3-43c4-9212-8ba08cdad971","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":165,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"7efbc732-3342-4f2e-81b2-509b9603c2ed","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":165,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"5167d9d9-5231-4b14-8611-0819058b8da2","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":165,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"268ba581-914c-4191-b426-5969a85bc9b0","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":165,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"d1590e4b-d179-4ac7-bc1e-0fdf1e6a07be","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":165,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"f764690e-6a39-475e-95ab-121cb6485d40","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":165,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"b5db3f5d-53ee-4554-9f09-b8b40c54b0ed","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":165,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"f01b1f69-1108-412d-a4d0-7af42f76c3dc","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":165,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"e3a04130-4722-430e-8da1-1d00bd111418","block_type":"box","text":"Exchanges of Service Shares.","page_number":165,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"119442d7-b7f1-414d-8618-c11b06bffde1","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":165,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"9b3d2755-227a-4a3f-9e4e-024239eef1b5","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":165,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"9eb58479-5e4c-4f6e-a95e-624559b82dd8","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":165,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"6351e9fc-7793-481f-9455-f3adfd8c8536","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":165,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"b6589a97-24c8-4aee-8e06-531e0b134d62","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":165,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"7eee9348-988b-462b-b1b5-a98cda8a61f6","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":165,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"9efe9cff-919d-40a6-b8ff-0fa57f9cb070","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":165,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"1d2e9e42-04cf-41d4-8d14-286b1fc33c39","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":165,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"f595ebf8-60d8-4cf1-9d66-ac7abeb8982f","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":165,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"33c39844-f030-4d95-9349-5cbf25858af7","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":165,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"d611b6d1-2b1b-4a0d-be81-0a6a021227f4","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":165,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"f3b7a565-0eae-495e-ba58-e08c7ddcf0ba","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":165,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"cc5e3280-5752-47db-b4f5-2750c03dca7e","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":165,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"193ca777-d23b-4c53-a386-2d5dadfdaf98","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":165,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"bb94cf3b-d775-447a-a818-083b441c5fca","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":165,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"138bc107-017f-467f-8043-71420a73dbb4","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":165,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"8f4889ca-0c31-42aa-966d-76bad9e9837f","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":165,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"55473b21-0dd9-4f4c-ab54-66831a388162","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":165,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"74e0ffa1-a10c-49ea-8333-2609c4a9bbb3","block_type":"box","text":"exchange.","page_number":165,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"299db929-531b-422f-ad60-1016fa874541","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":165,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"f224567c-01db-4005-b48b-db4790c4af56","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":165,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"2ab6590b-0540-4d27-bc02-e1123d202ec7","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":165,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"c77aecd3-9f92-406f-8a00-27ecd7e3bc3f","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":165,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"6358e931-5964-4360-98de-24cb308041d7","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":165,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"24f153c6-6990-4f38-96f9-1599e4f23771","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":165,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"d7c46749-d002-40c8-a08c-db10ef9ca566","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":165,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"109c009d-cc95-47c1-a87b-dafe58ae45aa","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":165,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"c7bf7b34-87f1-4041-9626-0c38964538e8","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":165,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"045f5190-c923-4bb9-a106-a012b8428806","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":165,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"10be6f59-f586-410f-99a9-f110342db0d8","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":165,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"a866bb1d-f966-4301-a9b1-4d196d8545c4","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":165,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"9678615b-e58a-49f0-879c-d28bf17760f1","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":165,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"ba6dad24-9357-4050-bbd1-7defdba20c89","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":165,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"a829051a-2f35-4d8b-ae05-707fe88f0adf","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":165,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"8b920e8f-d20d-4e0f-86ff-6d0badbdaf38","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":165,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"b132944a-65c3-4119-bc0c-40050b1fc903","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":165,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"46f5e2d0-2f79-4c97-8cd0-1081314cc674","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":165,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"17e2ee38-1333-4981-8dec-ef3b2659fb43","block_type":"box","text":"Transfer Agent in writing.","page_number":165,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"b63b8fb2-e53d-4901-a9af-d1a35772316f","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":165,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"4b39ab31-10a6-4732-80e4-186bbf5a61d6","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":165,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"f1403ba1-7c52-45d0-8213-085751a9cf53","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":165,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"07492f4f-8996-454d-bb2b-1617a4f77bd3","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":165,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"06b5de70-5800-45c9-a6be-5b042aac3099","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":165,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"0d4f4062-f669-49b5-9643-f786f125fd86","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":165,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"6285c20c-c5a0-4ebc-b80a-f8f6ccdfef19","block_type":"box","text":"II-119","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4288213f-a5f3-494c-9f40-dab698840dbd","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"906f7fee-9aa9-42ac-96c0-e4caea801854","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":166,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"f90d2509-0800-444a-9805-450ea9497043","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":166,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"4684dfcf-37ac-46d2-b2cf-b223f4b0c516","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":166,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"75d8a15f-2f6b-43aa-9422-3ec021989118","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":166,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"5e575158-8f94-4304-aa9a-eeef737b5c09","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":166,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"c9f0c0c6-3413-4a32-9bd7-ba70432fb4c8","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":166,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"275dc3bb-fa90-4054-875a-a83ae85a0ebf","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":166,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"37fb4739-d21c-49c0-9c94-ee55296331a1","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":166,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"37175a68-be11-4990-844d-16fc2a17d63f","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":166,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"ae61078f-da10-4b48-8143-97fd28611997","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":166,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"15d56617-daf9-48aa-b226-03b7afe98c26","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":166,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"f79b63ac-6bbe-4b57-889a-89d2c6de5dfa","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":166,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"946b988f-8a53-4b47-a9fd-55440324e083","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":166,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"45334433-ba92-4f03-9312-03a212aedc73","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":166,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"1b32f9a4-d2e1-4578-81f4-5ff02dacfd8c","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":166,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"1e1661b8-9e5e-4e95-b120-55f134a7f3c6","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":166,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"ff69bf14-213b-4c9d-b07f-d67731ee0838","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":166,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"f4df9ff5-2e6c-4fe7-93a1-5e1274522da0","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":166,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"878c8276-e1d0-49e1-bee8-756c1891655e","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":166,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"015162f0-fabd-4d1c-bd86-e79fef183091","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":166,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"00d99d02-e185-46e9-abdd-625d15e4c250","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":166,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"514f044a-f5f7-4c4c-9cb4-fe2e87aa6128","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":166,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"c258e1f4-4de8-49c9-a4cf-a410a18b30f6","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":166,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"660ce9ec-c786-4d59-8256-784baa1d3d5d","block_type":"box","text":"may be distributed by the Distributor.","page_number":166,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"ee41f692-20ad-497d-abdd-6a88fde9a76b","block_type":"box","text":"Participation in Fee-Based Programs","page_number":166,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"3a1bd854-d4fe-436f-926e-d215be3d8a94","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":166,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"9ba0e2b8-42f8-4507-8571-ef47b86c25c0","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":166,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"c6caea7a-c71d-49ec-99dd-f30600dd883c","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":166,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"8e878290-ea2f-457f-895a-6053707ad222","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":166,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"68bd1c08-1c72-4573-8940-777d39233176","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":166,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"9317fb98-3bce-4337-a990-1fb7a712d3b1","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":166,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"0780d0a1-0710-4c5f-b223-780df1d45327","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":166,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"baf2dc28-474a-4a22-b7e8-8c92aa5b2dc9","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":166,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"e3697864-4e91-4d50-acb7-00da6bb1c6f8","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":166,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"af2f749d-ac36-4712-a15e-bf585667d23d","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":166,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"301aae7e-9097-4e8c-a732-1772cb7873e3","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":166,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"56f6cc4f-5509-46d7-99d5-f32fb5a49091","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":166,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"9489a114-5477-409d-bef3-903c482c8b8c","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":166,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"77ced2e4-f11a-40a6-8891-66c075e2e315","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":166,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"63e7b254-08ca-4163-b5b4-b8205c85ba89","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":166,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"a45c55fb-6489-4e32-8b9c-b91aa5b69140","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":166,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"fbf34338-2422-4a0d-8779-e26eacdd0bd5","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":166,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"776a2a8e-e212-4857-9fb8-6a95475a090d","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":166,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"4e941dc5-a7bb-4c10-9a34-056d92e55a31","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":166,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"b3bec83e-a07d-4c44-be35-db5d58d20f9a","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":166,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"305c9e49-beee-44e2-a5ff-fe68652112e7","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":166,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"0e31d7f5-f29a-4f3a-be6d-b757787d9229","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":166,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"5ebed187-a0ec-403f-9528-71a1c34372e4","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":166,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"2b5da439-1340-4835-97b2-34a36e895660","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":166,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"a80f5a71-8f0c-4490-bf11-e1678dc1ffb2","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":166,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"99893607-4863-4ae6-9de6-4f7dcfda3479","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":166,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"39e5bf45-d5af-48b1-9d2f-40a735662e48","block_type":"box","text":"information.","page_number":166,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"a25401bc-43b3-4c64-a10f-8394a80a2532","block_type":"box","text":"II-120","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cdd69b9c-ab57-447e-97cd-1c97bed66f96","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf29417a-3f51-442f-b22e-360a9d273a09","block_type":"box","text":"Retirement and Education Savings Plans","page_number":167,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"6fc71bd2-c3e4-477b-8990-4c38452259fd","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":167,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"429f37c0-5ff4-4acd-87ff-84a5601260c5","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":167,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"e85cedb4-9ff8-43d0-acda-2ebc23a46b5a","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":167,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"f697ee5e-af00-42c7-b893-a7e8aa20599c","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":167,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"b2cb3479-77b8-4f11-9b65-4b90c8a4ae12","block_type":"box","text":"your financial intermediary.","page_number":167,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"96d95b4c-23c2-4f87-b5d1-5d4fff4715fe","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":167,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"aab4fb91-b751-463c-b5e9-904c4ae615cf","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":167,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"6f5a53b0-f6aa-4622-a296-8ee0590f786e","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":167,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"f8cde0a5-3c0c-4047-865e-882d123c2c27","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":167,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"f16183f0-3b95-495f-a38e-b6909ba0d065","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":167,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"736f7199-5cf8-4fe3-b57f-31936538a39d","block_type":"box","text":"Automatic Investment Plans","page_number":167,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"1b3e4c83-b311-417e-ac89-8db7ba7eaf95","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":167,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"230224d8-06eb-4926-ab86-28d2757c0eb2","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":167,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"44116acc-970f-40f1-8c1c-451794ba7e64","block_type":"box","text":"®","page_number":167,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"5df27531-00a8-4bc0-87d9-b16c1d9770f4","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":167,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"6cd42c21-bd6e-4eaf-b5c2-d02bc065e157","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":167,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"d89c3997-125c-4905-9fd4-00c8426798c8","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":167,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"39119223-d0b1-45c3-ad31-ea31ca95319e","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":167,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"88876ed0-e185-48c5-9c78-e487135e6bee","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":167,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"5414656a-87b5-440b-ad12-8473eb061a0f","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":167,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"2623c624-da1e-4168-9f83-523e34b85436","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":167,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"d5cb4b53-6f1e-4184-8463-3c237359f8da","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":167,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"082f039e-c21b-4f83-89a7-09196874834c","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":167,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"c7c9b6c8-c3c0-4ad2-9912-8be77e847221","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":167,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"0ba231c4-a46b-4257-9ead-7df2a8192d34","block_type":"box","text":"Systematic Withdrawal Plans","page_number":167,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"d85eacb5-738c-4539-9258-427fcefca89f","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":167,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"571965d2-2f7b-4a17-acc7-fc29bb5263df","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":167,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"d1a2c904-dc5c-433d-b795-4a5e2e57b305","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":167,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"f45ed61d-b839-4e52-bed3-9097a5d9f5c3","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":167,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"629a81c1-2d82-4a9a-8d32-304de89a128c","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":167,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"6b1dcbfa-1595-4319-aa0a-e0231d33dcb1","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":167,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"8d7fde97-f32d-4f01-9ad8-f436a1d1d333","block_type":"box","text":"www.blackrock.com.","page_number":167,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"57d7009a-8b1d-46f1-aa71-f7af4fec9f93","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":167,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"974b9077-00c2-49be-990e-63a9dfc7b063","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":167,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"ca5e5761-f6ef-40f5-8f54-3db2b6ff68aa","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":167,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"38caf0b8-55e6-48b7-a3d9-3d68a97e91ce","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":167,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"5afa22e3-0f13-4d19-bbdf-0e402bf048fb","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":167,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"6406e456-84e6-4b4b-a9ae-92127dd40486","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":167,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"119a6269-11a9-4f58-a79f-f9f506845019","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":167,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"2747e617-8afe-4dd9-bcc0-8d50f35b8ba5","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":167,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"5355e996-f37b-487b-90c8-cafa0efab3cc","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":167,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"af313302-f691-49c9-ba1a-64fa284ebdea","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":167,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"737e98e0-a14a-44a5-84b3-b8309a34c280","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":167,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"edf39fa3-9d82-4502-bee7-85a2685e42a4","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":167,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"523e001a-6bdc-4099-81ef-89d6558e67dc","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":167,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"92be2093-9690-4c3b-a6b1-2245351cd905","block_type":"box","text":"Dividend Allocation Plan","page_number":167,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"a189cce6-d8d8-4855-a16c-7ea1f8343a6b","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":167,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"0e600754-a2a2-4159-bb56-a98b35d98c94","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":167,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"ae1813f9-0eb3-400a-bb14-5fc01c102848","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":167,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"19b54a39-5221-454d-98ab-969ac4b8b516","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":167,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"b3d87d3e-039f-43a9-816c-6d4bd524c5fb","block_type":"box","text":"II-121","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"94ff27a0-c387-42f2-ba86-78e4476bcdc3","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd8ccc3e-09a5-4159-9b41-223ce10a9ace","block_type":"box","text":"PRICING OF SHARES","page_number":168,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"636d7a3d-7436-4044-b43d-317bfa9f1091","block_type":"box","text":"Determination of Net Asset Value","page_number":168,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"435fae08-49e9-4a15-93a3-290fac4cfe81","block_type":"box","text":"Valuation of Shares.","page_number":168,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"ff5ae868-946b-4af8-accc-a2fbd1c50e84","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":168,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"84f52436-8162-4733-9d14-47a425dc4f69","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":168,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"7113c7f4-f292-49e2-99e7-dfb95b9d75fa","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":168,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"0f7da6aa-d79f-4131-b967-e083176db319","block_type":"box","text":"Equity Investments.","page_number":168,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"11c11ef1-6691-41a4-9c48-2e62c2a25c29","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":168,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"f44ed4f5-5dd2-4b8c-b254-5914a9391a9b","block_type":"box","text":"e.g.","page_number":168,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"e19113be-d24b-453f-9593-799a5e7baca6","block_type":"box","text":", NYSE), on separate","page_number":168,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"e1e52d18-a10d-4463-9755-088f25f3619b","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":168,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"f0c407e8-e6ff-486c-afb0-fe7847691571","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":168,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"8e25a96a-73de-4a04-9d52-7b8362132429","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":168,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"60d6b646-3b8b-477c-97ce-6e28710a828e","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":168,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"33445d43-6a94-4e01-af66-3b139c4e1767","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":168,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"a0701ad5-b7cf-4dbf-b074-bd2e67eb5e8d","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":168,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"7a8b413e-b7df-48fd-b798-9427be5188da","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":168,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"7ca9887f-273e-4fed-b361-074dc6d7480a","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":168,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"bce1e647-11d8-4b65-8822-4d5ee044a929","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":168,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"d6c1f455-f665-4150-a505-dc5cd8c45b19","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":168,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"30674dbc-16b9-42d7-8252-ade5702595f2","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":168,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"84b548fb-ff13-4182-819b-58487085522a","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":168,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"b550c641-40f9-4fe1-83cd-940bd372ca93","block_type":"box","text":"defined below).","page_number":168,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"2978b336-2408-401b-958c-a654e81cf405","block_type":"box","text":"Fixed-Income Investments.","page_number":168,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"d689d22d-1b29-4b69-b48e-06fee88b8040","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":168,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"b8848317-fd5b-46e8-88c1-187c22619c72","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":168,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"61f99fd4-4f6e-480f-9b03-7e1b2fb1821f","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":168,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"0c148cdb-863a-4890-a3e5-8e679a8c2c81","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":168,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"b21edb47-1a3b-468d-b678-f8ab3801825d","block_type":"box","text":"e.g.","page_number":168,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"8ff3106c-8b58-41c5-ba5b-afab6cb42e80","block_type":"box","text":", recent representative bids and offers), credit","page_number":168,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"92845529-a94a-41eb-bb76-d3a2a7f856ea","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":168,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"c2aa58d5-e2b0-4080-a276-e3979872e8d3","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":168,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"94771580-f5b1-46c4-bfc9-30c4e9db4f10","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":168,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"ec6df91f-c1f7-4bf1-b252-aea50ddf16b4","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":168,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"37f74199-7ab6-4476-b590-221735ac3125","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":168,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"98349ab7-bcf9-41d3-8194-2b99adb466a1","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":168,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"1ef2b71a-2b56-43ec-99a2-ba53ad608049","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":168,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"16ed191b-11b2-4a35-93e4-796c2d6fd2a8","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":168,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"50d06eb1-ab83-4b7a-9d62-af61c5614a79","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":168,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"ccda9aa3-63e2-4719-a1cd-fa91c5d356c9","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":168,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"02d75cf5-b94b-40ac-a8ee-f441b37c21cf","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":168,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"a7d5052a-3ff9-4a26-a28d-3ca95f285534","block_type":"box","text":"attributes of the tranche.","page_number":168,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"dbc8d214-edd5-4ab8-9892-bf30e1fb22a8","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":168,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"172d9cfc-8a16-4291-9f60-363d95fe0c70","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":168,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"b588558b-df23-4406-9959-653ecb2b8a5b","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":168,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"7d0bb953-208b-45f2-9db0-abae6b0415fe","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":168,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"cc5ff833-8530-4aca-b2fe-7d37a0fd3633","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":168,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"64a2e679-be94-4da6-bcd4-2b53f2c04e10","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":168,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"ca734f7c-965a-4646-8ef0-13d901969cc5","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":168,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"3a8ac3d3-493e-454b-8008-c4ac8e73b07f","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":168,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"19fbce2c-efeb-48d8-9c60-0ba17cac9807","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":168,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"54d05050-09f8-4001-a1f4-d1ef76c96332","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":168,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"15468a54-df45-41f6-95ff-2113be759251","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":168,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"80b784c8-b520-4e8c-beca-72efb7ae6c9b","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":168,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"49d473ab-7e28-4d99-9d3c-a277e77e1fa6","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":168,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"b6d5402c-190d-4046-9eaa-f6ae3fe6b7ee","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":168,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"f09d87b3-3504-466f-941c-ccfd1503dab8","block_type":"box","text":"Underlying Funds.","page_number":168,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"8ace65c6-7470-4b47-abd2-1f1243852bb2","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":168,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"33e818e6-4014-4399-8e31-203007373d7d","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":168,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"9dcadf71-41fd-446f-851e-a71e8a7db7ec","block_type":"box","text":"General Valuation Information.","page_number":168,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"08e18d97-7bc1-440b-8f87-a80276eaf033","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":168,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"0ef450cc-4616-4d4e-bd0d-162046c5fa50","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":168,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"f00764e1-bab5-4ba2-9639-87c46cffc67e","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":168,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"ddc7825e-f874-4625-9163-548daa6efdbb","block_type":"box","text":"II-122","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1c4dc8aa-a857-43d2-81e1-39bb6ef8a83f","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a691eb19-42b7-4c94-8dcd-3557ffff41af","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":169,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"a0c4a370-39c1-4c2f-9249-fec9ae4fe026","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":169,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"ab5cdf40-23b5-4b31-aaed-8bf14811aa23","block_type":"box","text":"the revision.","page_number":169,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"7e6fed8c-2f26-4777-8ae6-dc43ff1dc740","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":169,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"68b65d63-8654-4e73-8aae-157364dca65f","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":169,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"0380f474-f71d-4a74-aecd-7d3b67331658","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":169,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"861016bb-cabe-4582-82db-59151a2d79a4","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":169,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"fdfa8541-697c-4a6b-8d66-834628751fed","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":169,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"90791f45-f526-4a56-8a0c-0778475a92cc","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":169,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"0919f5d2-9443-4ceb-84d4-4ed859dab935","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":169,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"91e0ae3d-3c4f-48f7-ad93-c9ac34e9c390","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":169,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"3d7061d6-6eaa-4996-80e8-56e2ac5ed059","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":169,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"c012d1d1-46a1-4462-bf95-becd42084c8e","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":169,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"59dc1b1c-713b-4f4f-afb9-bb159edf9010","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":169,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"33209014-f663-46fa-a53b-478da21a1963","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":169,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"9ca65dc7-87b6-40fc-a150-e914840638c8","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":169,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"ac730e77-3bdc-402b-bbd0-3f37c24f7092","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":169,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"909f11a5-aa8d-4cc5-895d-8941e65ad36e","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":169,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"654267ee-a88d-4ff9-87b4-d594df59145d","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":169,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"9e33feec-c43e-45f9-a699-2eab71df1eca","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":169,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"828b4f21-05b0-4880-a26d-638830d9cad7","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":169,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"8b779dee-e816-4d53-bf21-4b92fe3ccc91","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":169,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"955efea8-4d5f-4e46-9cd5-b61d1dc4d873","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":169,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"00b09283-d7be-482f-8c9f-f48ce335bda5","block_type":"box","text":"Fair Value.","page_number":169,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"2e38c03d-f024-4bf4-8375-c0f707a3af58","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":169,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"ede3e619-c94d-4ef8-8bef-10ba599dcda9","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":169,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"c20819d8-9e91-4271-9cc4-4f00b397379b","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":169,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"6ca8a933-97c8-4a8b-96be-9c8873dd2672","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":169,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"4a724b9f-fce6-4862-b796-f37772d6e568","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":169,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"46ac34d7-bbf9-42a8-8fe0-e693f1a8e57e","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":169,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"ff7c25ca-7a3b-4a6b-a5cc-e6bb6e7f8c42","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":169,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"91ecba06-9b18-4872-b054-3ca91836d140","block_type":"box","text":"(","page_number":169,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"7a9ff7a2-67e5-4770-a08a-07452466eab2","block_type":"box","text":"e.g.","page_number":169,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"ca09ff29-86ad-4b34-b86e-1adb18aa254e","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":169,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"7debe721-3382-4190-ac76-ba156d25e63a","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":169,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"79332576-77ca-4d1f-9e1c-c3dd8ecdb1f4","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":169,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"a5e4a3ec-3aec-44e4-8143-ff849cae2b0d","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":169,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"40a3fae8-f50c-4ffe-a018-d3cbe2268048","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":169,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"e01f54c0-c356-4dba-9ec3-261f1031b227","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":169,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"ea42de75-7945-4ee7-bd42-289b1f158b97","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":169,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"866e904f-5bb4-421e-bcde-ff2d120cfd31","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":169,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"6b3765c6-781e-4c53-99bc-193533b2af53","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":169,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"f81dae14-cf79-47ee-847c-ddbf3b313d26","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":169,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"b9b4a692-9946-4030-b131-9a146b8cb0d7","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":169,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"f27fa11d-5bbf-4e45-b19a-65d1ec370977","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":169,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"56762804-e758-4941-badb-9cc17bdd9e34","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":169,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"634a5ef2-87c8-4449-a27c-3db14b3ba9d8","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":169,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"19a87e4a-325d-498e-a277-efe3fad4637c","block_type":"box","text":"pricing time.","page_number":169,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"9de9b19e-c5a1-4b8b-9d6a-7a6594c0be1e","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":169,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"0d844d86-5f85-46b0-b8bc-28d1572bde56","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":169,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"542b1e40-7b53-407b-a309-4ba35b4cdee5","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":169,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"f304a0ef-d03b-424b-9d06-31ef2fbec095","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":169,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"c78e540d-41b1-4b51-bda4-0a46225b7e9f","block_type":"box","text":"assets and liabilities of the Funds.","page_number":169,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"98a50c62-1623-45e3-8355-f9014d19c576","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":169,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"052c05ee-e1db-49b0-b47c-3080606f9e71","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":169,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"abb03806-0c42-4e23-85ab-ad323c929031","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":169,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"d5eff053-6024-414c-b26a-d25058aa3e23","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":169,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"09fa0b33-162a-4a1f-a550-de32d70456be","block_type":"box","text":"II-123","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"70201fd2-8d2b-4542-a653-e20b2083d389","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52f5ad68-a866-45ae-80bf-1f27ca406f6e","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":170,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"e63d6f54-8355-4ac5-82b1-db05b389ae17","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":170,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"404d9459-cc6e-45b2-956f-55e563baa6a0","block_type":"box","text":"valuation models.","page_number":170,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"07adea57-a1e8-4e78-87b5-4bb663474063","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":170,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"06158362-439a-4d35-adae-5289a6ffdd22","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":170,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"3f6d041c-6275-4ae1-bb13-2d0ea327f7da","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":170,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"a269c3e3-70dc-4f6a-8790-5eb4718bd4c5","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":170,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"63dad780-750a-4e1d-a44c-d93bbab6cd93","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":170,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"18a3780f-ddf6-4549-961b-455c6742a6cf","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":170,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"e0f4b31f-d8eb-44e8-8300-ec0521f7d11a","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":170,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"22c0b7a6-e224-40d5-aeed-56ed777fef50","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":170,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"c2db1a16-d2cb-4ebd-a672-ab490d271fe3","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":170,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"3424ddfb-4168-4846-8234-c18d8f101a64","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":170,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"df225d80-8efe-42ed-af04-92f00c001e97","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":170,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"cb20d487-81a6-4cfd-b7b4-82fb480c2201","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":170,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"3a7b1e4d-b09c-400c-b2ce-137819ac0472","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":170,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"a9c6057e-e2a1-4449-9338-7f7b9c8ac9cc","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":170,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"14ff681c-0fc0-4ad1-a041-095fbc01ee02","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":170,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"b5b35c35-5927-4b30-bf69-0153a7f308ce","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":170,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"a2a07f2c-79a7-4d29-a791-3b637fe63758","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":170,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"cde47143-70de-460f-9a7c-03f9afa8705e","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":170,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"d866564e-c7b4-4f20-8921-b6958f2797f7","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":170,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"d477c074-207a-4307-aec5-05980c7d4732","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":170,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"ea83a782-e1e8-4b44-92ed-eef8d50ab3b4","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":170,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"26468dd3-4ac7-4038-9516-71035b0d2b93","block_type":"box","text":"par ty determination of fair market value.","page_number":170,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"1048797b-af2c-43e9-a83b-f0af2c2a1279","block_type":"box","text":"Computation of Offering Price Per Share","page_number":170,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"1e41e340-e98f-4f3e-a819-f0a1a0a81a01","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":170,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"9f200433-4832-4122-b396-b8d00d20ff08","block_type":"box","text":"the offering price for shares of your Fund.","page_number":170,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"d0469c8e-f0c3-42a6-ad7e-7803dd888e87","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":170,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"3be9af15-0763-4a61-99b3-210a07aae4c2","block_type":"box","text":"Transactions in Portfolio Securities","page_number":170,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"1a46b83a-a7d2-4722-9acc-0ab8ce077995","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":170,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"8614127b-5566-4690-8f5f-89cd0591c4fb","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":170,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"b418495d-cba8-4ce5-a8a4-12f7a9d540dc","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":170,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"d69a3ae5-6245-4fe8-8f34-7612569b97fc","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":170,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"a9391349-3962-44f3-9299-b06654c9c678","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":170,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"79f722ef-f6b3-4141-a35c-65863328da5d","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":170,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"bdb24ea1-610a-4069-b5ab-406f8565ecd7","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":170,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"470372ab-052f-4b09-9fa7-991e178eca39","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":170,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"59d5cb1d-ab8d-4473-b03b-80d791313dce","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":170,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"8228be31-d4c1-496d-86b2-e619607efbbb","block_type":"box","text":"reasonable in relation to the services provided.","page_number":170,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"02686d25-8f5a-444e-abef-25dc43ee829e","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":170,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"d6b669fe-d84a-49bb-8a43-2b323babd026","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":170,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"71449d52-c14c-4214-b477-b80ac0174f79","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":170,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"18068e66-93f2-4303-98ac-f066258055b7","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":170,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"6cfa9a97-d935-4f15-8a06-28caba35c436","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":170,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"4db8159c-fb87-4579-ace1-2bd8201f7f66","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":170,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"bac84c95-d533-4a9e-a999-8867f9b02cea","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":170,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"c3f3bd46-c6b5-4a98-8e1a-4e049f6762ce","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":170,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"535c8862-3925-48ec-93d0-fcc18dc39372","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":170,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"8b07d8ba-4d3a-49c2-81b1-9b67e709a910","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":170,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"feb66787-4a0e-4c7c-93e4-2644f95981cb","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":170,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"21bcdf46-1559-4f7b-9dfe-3940b2d9342c","block_type":"box","text":"II-124","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a75cd81a-b677-4e7f-8235-7b125622e57c","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00b43f75-f9cd-4cc3-9db5-e3b44bcfa0fe","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":171,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"5804e2aa-5e29-4f39-8754-7a82b67436a9","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":171,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"2a9d89c6-e2ed-4758-b699-6aeb645b429b","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":171,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"32d5ce03-865f-4425-931a-cfbaf8f33ba3","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":171,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e7c06c03-c762-48d2-8b06-ac5718034952","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":171,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"988b817a-fd64-4bbd-928e-e5070f3f73df","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":171,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"6e11d143-03ba-45c6-96d1-da2a4af3c356","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":171,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"2a4a1a46-9dbf-41b2-83aa-10bf89e626f8","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":171,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"d4ed1e18-27eb-41ec-ba52-339965953b31","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":171,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"222729c1-1b58-4717-bf71-2b84ebc35681","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":171,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"845b0c2a-7f7b-4ebb-8eb8-91b138328716","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":171,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"5106745a-3123-4baf-baf2-d1d2ed5c49de","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":171,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"8ad555e9-07f4-4827-8b98-7256df089a45","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":171,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"2e9e3a9e-7147-48a6-a43a-a5f8e22dde1f","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":171,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"2414f526-fe8a-458f-a49b-d5fabf6f2dad","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":171,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"d5c15c28-8521-4215-a348-5960ff6199d7","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":171,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"b94f0e92-57be-41eb-a7d2-569576157107","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":171,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"48031735-6080-4ea8-96ca-b3d9480a04fd","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":171,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"e001e75d-5f3c-41b9-a083-4ba7bb2feb81","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":171,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"27c7e2b5-0fd6-4b19-8b35-38bbc03d2206","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":171,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"bb0ce2e6-3ff0-47a2-9abf-357ab94e5c3d","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":171,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"5c0d4a12-72d8-4ece-91f7-9b1a196a06fe","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":171,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"27d00e9b-f520-404c-8447-e0ccbe9ecc9b","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":171,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"dc4202d7-0c2c-438d-b677-abacfc17be87","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":171,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"5b4eb65d-cedb-4f7e-93ce-ce4179d0584a","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":171,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"90ab928b-f673-46fa-8bb4-3f59687e2b37","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":171,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"15e73a11-a58e-4b36-8534-3476de670380","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":171,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"5c3f7e32-db69-498d-ad65-e917819db8fc","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":171,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"98cc114e-f504-419b-8637-2637db58637a","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":171,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"62cda436-6aec-4bab-adc1-cd388aeb3168","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":171,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"b942e778-a39f-4702-9225-d42923b1cac0","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":171,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"346e7698-367b-4332-8557-d2a80ce6a369","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":171,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"4d0353cc-26f6-406a-a9c5-4f5d153430ee","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":171,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"8b27e9b5-45d6-4923-be35-eea4ce587ab7","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":171,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"b63fd4de-0e79-430e-bc55-0d62b0a7c796","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":171,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"0fb8f682-fae1-45f2-8741-08b7210ab2cf","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":171,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"f87b08c3-527f-436b-89d9-539df99e9e70","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":171,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"2a3f3f53-907d-4fff-a400-343afda84c35","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":171,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"9617fad7-8290-43b8-baae-f08caeb5f3bd","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":171,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"a80a5b46-52d7-4323-855c-e5c417d01058","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":171,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"c435a5fa-6b52-4a86-b034-b3e33c5dcd83","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":171,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"1308f3a8-cd72-4967-818a-087eefea0d8c","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":171,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"60e06e2d-4371-479e-8526-d0b2b0fe5232","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":171,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"383020f1-8546-43b9-85a7-b9679dd8be44","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":171,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"c692b61d-75fa-40c6-bfd7-4b58b031ce05","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":171,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"e14957aa-54c3-466c-a91a-ad6ef82754da","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":171,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"fe55a980-92fa-4595-8019-4a7f2f08a29c","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":171,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"f564e80a-183a-4651-9408-fae3c00b15ce","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":171,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"13de261e-b301-4782-8053-e4825d28c2d7","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":171,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"480598d2-be5f-4ce3-9c8b-591e42ebad6e","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":171,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"271e218e-079c-4748-a150-1b6b45b20689","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":171,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"9cb4ab31-92d8-4376-9153-a43e6726a37b","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":171,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"b9f87169-0121-4fdd-aa00-37611ad819f3","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":171,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"f16c5bbc-0615-4847-acf0-d521426e656f","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":171,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"b69cea38-4f1a-4f39-8abe-cd04b6e4f809","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":171,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"4035e909-67da-49be-8685-3834388de176","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":171,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"f4e8849c-0e19-4c50-a961-c49465d00fb3","block_type":"box","text":"II-125","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5ff76379-d1c7-4cdf-9698-fe80d021bce3","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c1c24020-3164-4934-85a6-99fbe28a6af2","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":172,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"37e92870-67e9-490e-a0a9-176616b328e0","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":172,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"ad58c861-d0b9-4b77-bf78-240142b798fe","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":172,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"815afc08-69b9-4c9e-a211-4941eba76d9c","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":172,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"38786524-b6fc-45e5-a9ff-4df59b4f0699","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":172,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"23e8157d-2d43-4d83-a84c-a8fc897760ed","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":172,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"33c7468b-2f44-4c6c-a213-bfe41594e254","block_type":"box","text":"brokerage.","page_number":172,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"4c6910a1-425f-4eff-9b52-91723d6891df","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":172,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"2496e28c-c134-4b6e-b20c-e690a41503ce","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":172,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"77dab1a3-5f8d-4c83-a955-0073320fe722","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":172,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"c8878ff6-f8c1-471e-b517-3b4d70623684","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":172,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"fd5de268-6847-4aff-b34a-95179122bec5","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":172,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"a059b88e-21c4-476a-825d-1691b43571a1","block_type":"box","text":"Section 28(e).","page_number":172,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"4a568a97-de89-4945-963a-6fdee981bada","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":172,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"41778c01-6be9-4187-9f59-60957a5d0361","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":172,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"c9468cf3-0fad-4272-a602-7b1434583444","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":172,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"6b213e18-3dee-4867-bcb4-f5ec93a2ea07","block_type":"box","text":"execute transactions for those mutual funds.","page_number":172,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"7aeca6a6-30c7-4015-945e-f6751fc9ac46","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":172,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"32539097-46c0-4709-b803-cd04ae50ac68","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":172,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"627bac85-6dab-4e98-b7c3-11a01003a9a4","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":172,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"54b07923-da35-4644-945f-60f80e630437","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":172,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"c6ef2777-46a9-4244-ace4-e581d6b821f1","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":172,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"1bd3cae3-8b9e-49ea-a5db-15b48c25856b","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":172,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"e97c75ec-76fb-4803-8d70-816e80d8ec60","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":172,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"7a10edbf-8287-4071-8ae9-e31cf3039b17","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":172,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"40361487-7aaf-4eda-be43-e13d04a1ca1f","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":172,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"bb504128-8920-4443-b7c5-171da17a0f91","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":172,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"d9073719-644c-4177-a77f-d46bf7a72bac","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":172,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"9306d4d5-e1ea-43a9-8993-fc44fb5d00ec","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":172,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"02f8dbda-5b4d-4b11-b75d-8a96fd32a5b1","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":172,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"787d5fdd-d4fc-4da2-abb0-9692f8f9c350","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":172,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"9948f4ef-10e0-46b2-b5c9-8d8a1cee8e8a","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":172,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"7fb30d0c-c042-4f90-95bd-25cdab197e4d","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":172,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"b470b4e3-ac07-4a28-acf6-afe7c8be1336","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":172,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"e390ed8a-c7f4-403d-9bdb-6e3de3bd4363","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":172,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"a4f24b3d-9b35-463e-892b-03c0aad24d2d","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":172,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"b3ce841f-d439-4651-8ded-8618d86f9037","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":172,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"baaaa096-63b7-4c5e-9613-8521e7d9e40d","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":172,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"ef0c4d09-9050-4194-b52e-b73cc82b35eb","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":172,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"c039282a-bb13-4f7c-b5d3-091a641429cc","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":172,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"26fd094c-b947-4ff4-8e22-cc8275f950dc","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":172,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"7747e1fb-e088-42ba-ae47-72b8973be4ec","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":172,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"01bba1db-34d8-40fc-8a8f-f9a0db4c2371","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":172,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"354ce568-bb6a-454e-aa3d-a9b343d8f2c7","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":172,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"a75910f9-9427-45a1-a0a7-5bf6cede9107","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":172,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"1bf62059-2b65-4125-9df2-303a9ed7283f","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":172,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"319e2fcf-fbdd-41c8-87b0-6318afc8605d","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":172,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"457d9d9b-5ee1-42cc-87c1-f5f7834b5d4d","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":172,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"34fe924c-3860-4149-bd64-1173c11e0c96","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":172,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"df0367d5-8711-48a2-938b-09dd15d165a9","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":172,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"c3ac7d5c-f499-4b72-838c-dd9d4bc6eee4","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":172,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"15ca93c0-dcd0-4cfb-a908-51e3a37d91d0","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":172,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"de230ef2-94e6-49a7-a74a-e69b93a38b3c","block_type":"box","text":"II-126","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"766ef1a3-1e83-41b5-ad2b-78ade6d627ea","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a4445f1-1fa7-4926-853f-5214478550c3","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":173,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"aea0ba10-e15b-4ba7-893a-382d5383726a","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":173,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"5575bdbe-3f59-4009-bc20-2e177986ac85","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":173,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"e828bdd1-5feb-4721-a0cf-a256d5ac7522","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":173,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"25115530-2645-4d1e-8cc1-38367034eb66","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":173,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"495fdaa5-955d-4f16-b038-a8e99d7f4a27","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":173,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"96ea511c-dc0b-460a-be04-aba30ad5ceb4","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":173,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"73cf0a8e-dc8a-4d5f-899e-706355424225","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":173,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"7c96c5ea-00f0-47d1-b60d-96074db4d3eb","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":173,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"706f0a26-8dba-444d-905b-aa3a89ad596d","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":173,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"70ac0eca-4701-4133-a566-9d1d6f6f4dfb","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":173,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"0d3d9fd2-4fc7-4e4f-8e72-4dd4d3d7603f","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":173,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"a60bfe82-d23c-4e63-b47c-f9e3d62687ad","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":173,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"570f2599-63db-470a-af46-d90b2525bd30","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":173,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"c212d702-12bc-4a22-8b0c-dbcd693a3a27","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":173,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"e315af6a-74d4-435c-948e-64e9aac494b8","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":173,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"f51785d3-b592-4e3f-b79d-ed8dd1780ef2","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":173,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"193f4f1f-68cb-4951-ad62-9795aedd75ea","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":173,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"fcecb46d-5914-4669-9359-63c2fbf17eb1","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":173,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"0052b800-e979-4f17-ad51-4e3fcf696210","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":173,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"4f5349e7-f3aa-4842-9e08-9d50e762ae9c","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":173,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"63911bdd-2f3a-4ad4-acda-64a6d02c2e41","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":173,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"ae7e64e8-26a7-436b-838d-0922d28b6239","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":173,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"2da64548-95c2-4e08-9194-442c48b96ccd","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":173,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"7b14910a-2cbd-48e0-b6a7-3ae9cf609dec","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":173,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"14e82126-e877-4350-a632-188026a77954","block_type":"box","text":"accounts and compliance constraints.","page_number":173,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"fda9621c-3020-48de-8511-c4c67c956864","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":173,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"ea8166c8-1598-4464-8704-12c987b7bf10","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":173,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"3b632f8c-aee8-4e75-a88c-110df030fd07","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":173,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"148de6bc-c5b0-4b15-bafb-6290b36db64b","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":173,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"19edd033-b250-4f60-ad11-39d629f7b051","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":173,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"803652a7-e0f4-434b-8119-85128daab4aa","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":173,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"7645ec5b-330e-4ecd-acbe-a5a0ed7b7de5","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":173,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"17efaa4c-5667-4d3c-a66b-892939054e43","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":173,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"873f2b0f-cb48-4f1d-9cf3-2ef3ce58c7e9","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":173,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"027936db-2149-42ae-b9c2-556b80df39fd","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":173,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"9fc12216-98d0-4ba3-9db5-0baccef1b7db","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":173,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"fde54ee6-8e38-464b-8259-1f012e08d822","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":173,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"b0900137-76a7-42c2-9d0b-46e965e1c2a5","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":173,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"548baf21-c74b-46b6-bf5f-4020ed1307f2","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":173,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"1f3305d8-915c-46aa-8bba-ba681c2e73f0","block_type":"box","text":"clients may be used as well.","page_number":173,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"9bd7e8a8-83b9-4a8d-984d-7aa7927dee80","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":173,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"b477b1ac-16d5-4e32-995c-e3ce14f803a8","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":173,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"e9dbc86d-971c-4609-a371-4b073c6254b7","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":173,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"e06b0dc8-865d-4b1c-bc53-6d49e894737c","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":173,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"67ad8b92-fc85-4e8e-bfbf-816cc3f9ed6a","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":173,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"4e128177-dfdb-425f-8248-93fcb3c75f54","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":173,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"3c9d42c4-a7d6-44df-8fdf-c0a51231e990","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":173,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"49c7d86e-f988-4922-9181-60ec11b09543","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":173,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"30f18832-9c58-4ddc-bdd7-31334d843a90","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":173,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"4a79bf57-a813-4331-9d5a-2173b792b05d","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":173,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"50dc3dfe-5fd0-4c14-8a57-4a67b3d884b9","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":173,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"78c15583-164c-443c-a037-410956c2117d","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":173,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"5d81199a-9ef5-4e55-8c5f-b7ab5756062a","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":173,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"562a24ad-43af-45d3-91fe-f96c3a641bbc","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":173,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"26afb0bf-168e-41b0-950f-db36029148d3","block_type":"box","text":"II-127","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ed9831bf-28f5-4c61-a997-3cc48bb00b3b","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b7391bf-009b-4d4d-90bf-66cae322004b","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":174,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"9ba6223d-766a-46c6-b83b-9a89b8ee0e2f","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":174,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7570ddd7-08d6-48c5-9ead-4e1f946976ec","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":174,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"64e127e6-f809-4820-ac7e-33370dba653a","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":174,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"90a7d17b-c903-41db-8acb-27513456b82e","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":174,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"72fdd4f8-ae0e-430c-b055-2aad2bc010f6","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":174,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"43af655a-db57-4e06-ae62-89bdc31a3ba3","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":174,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"70f643ff-770d-4380-8f90-3b16738aba46","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":174,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"9be325d3-7246-4214-8a4f-a019e3bc8ac6","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":174,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"45c72686-8b8c-4cb1-b2bd-9a9664b01e5a","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":174,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"056e9c03-160e-41d1-a5b4-6ec0cc5fbb6b","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":174,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"e50ecb60-9d81-4635-958c-97bee48b5c83","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":174,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"ba1e4b0a-a7b3-4571-a627-569bf43f7e63","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":174,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"7a797e07-e0eb-491d-a05e-00edbb42612a","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":174,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"b92058c4-6641-48d9-8d9d-eb756b19e18d","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":174,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"96a0409d-5ecd-45f0-b569-bdf575cc0b63","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":174,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"43fa6fd6-deb9-4616-bf79-115d578f1e4a","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":174,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"e6cfba05-559f-4566-848d-c2532bef3dd9","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":174,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"c2b881cc-79f0-4513-9073-334272e2357d","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":174,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"93778832-3e84-40a9-a711-636599090cae","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":174,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"16ee82ae-1296-43b6-95d7-013fcc3f74c5","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":174,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"60ce8cdd-7fe0-4555-8bd9-6da05d44d877","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":174,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"7d497421-d9d5-4117-8b7d-c074c361cddb","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":174,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"f45d9ff0-027d-405e-aaec-e3053c1bfbc4","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":174,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"d6468902-3d31-45d8-b54e-ae7d85089609","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":174,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"84ba7675-2b8d-4262-8827-366bb6e1b125","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":174,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"35b758f8-b4fd-491f-840a-c0e7a150d714","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":174,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"159fbf4e-4877-4dff-a344-7e838c98a280","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":174,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"504b692a-6d66-422c-8fc0-182e0fca1866","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":174,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"3a965a15-0470-4ee1-8ffe-772c607dd6a1","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":174,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"3365d4c0-1599-4e09-90a6-b582c5cc564d","block_type":"box","text":"Portfolio Turnover","page_number":174,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"ff40b998-f0f8-41f1-9e69-6e6b48f951d4","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":174,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"04b2627c-cc54-435c-a674-42d2da1655dd","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":174,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"c5169862-c67a-4e99-95c7-7c72130877fd","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":174,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"e996274d-6254-414a-8895-c5a83b1022d6","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":174,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"40bac714-bc4a-4989-aa21-73a24463f3eb","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":174,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"7b666271-e3f8-4841-8129-da5b414d0c1d","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":174,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"6fe3ac79-8b48-47ab-9432-903fe4b2836f","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":174,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"dae116a6-dd4c-4c30-a1af-a38aab3a0b2b","block_type":"box","text":"Dividends","page_number":174,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"c6bf5361-46cc-442d-840b-9bff593ea56e","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":174,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"d155100d-4d5f-495f-ad79-2a9042e53fdd","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":174,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"609eef58-6dd9-489e-84fa-ec263c26577f","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":174,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"fd0c64b4-bb7b-466c-8432-8d02849bb7f6","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":174,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"752be918-3da9-4196-91e7-b22364c05159","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":174,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"a9cc54bb-a3a5-4c63-9683-462c4154883e","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":174,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"03d4a7d1-afd1-4d55-94e8-fb73f58dde83","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":174,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"4cbf6bf1-3d4c-40f6-aba2-24a7e9dadae8","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":174,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"9589d46e-4d6d-4f09-85c1-9f468116ef6c","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":174,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"b4f52f11-8fc1-451d-b044-088393953f7d","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":174,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"0303b5db-8c23-48ce-a1ee-67223548dc8f","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":174,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"8ad6fe95-704e-4d8d-ad08-bceb9ae42f4f","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":174,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"d9b0b5c0-6cd2-4f28-8b3b-0c930210f0b2","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":174,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"e08013bc-eeea-4946-a7cd-94b1d4d24e67","block_type":"box","text":"II-128","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"49d92ec8-44d3-4d3d-bfa7-49149efe4ec2","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9aed66e-acbf-4580-81b8-f9d38af971af","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":175,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"fdc68e26-9ea8-42ef-9838-cbe9dd453cbb","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":175,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"81a6e2b1-7f84-4590-b950-25ad5968ad57","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":175,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"f94e8a4b-5496-4727-9bdc-d2f9136189e6","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":175,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"3c420bf3-5bfc-4fb1-b5ec-2b0c89da3c8f","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":175,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"3ca838fc-c01e-4da0-af20-07aa0ddc2577","block_type":"box","text":"Taxes","page_number":175,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"f27916c3-caf6-4f92-b205-24df0b28f726","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":175,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"b60d2eea-9989-43ab-8ab0-d7888a6fff12","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":175,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"66e17469-7eac-4cea-9f1a-e6868d378db1","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":175,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"a5fa598f-80ae-4390-9a81-a973859c3149","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":175,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"597ee065-3d1f-498f-9aca-a223508e16a2","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":175,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"2d167b69-14a8-458f-90ce-2f6da1ccfe25","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":175,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"89acd8fc-d6df-45d4-88be-2ac3f79c5580","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":175,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"fb8a5e03-3dd2-48ca-9964-3e2ef56dad28","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":175,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"f73245c3-9418-4424-b0b5-3e88b0a74b8c","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":175,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"a563d88d-f7b5-478b-85f3-f7dfd3d97b90","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":175,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"e1f203ba-c05e-438f-b312-fbdc81c99d8c","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":175,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"71630630-26c9-4003-8c58-8b0a9fa6e98c","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":175,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"85f2c7fc-f99a-4d09-bb18-f88d65032bb6","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":175,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"0aacbe21-1114-4ca2-a868-e60dc8989e0e","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":175,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"b7c25e0c-5d77-46e6-bad1-5e3f80b4a4f1","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":175,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"a9af6882-8ba0-43f5-9f7a-dd7ccc714b44","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":175,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"6c4ca75f-7f7c-436b-b1d2-c8057bd4bf4e","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":175,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"f0af645e-2c15-4c3f-b43d-58ca874e9f36","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":175,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"f3aa2467-a24d-4241-91ba-254a64ea3eb7","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":175,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"116eea77-5a15-4863-9f9c-c6a7ba346449","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":175,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"7781a54d-96e9-462a-8eb2-18f8a5707247","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":175,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"4a9aa402-14df-4a35-9bd5-8171998b0b07","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":175,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"0df131fd-ab22-47c4-842c-b0569470e4aa","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":175,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"32ef767a-26cb-4e50-bfc8-ddc8cba9d95b","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":175,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"ccfe6934-2715-4375-99a7-7b1a186fa1d0","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":175,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"32f12ca8-ce85-45ab-bf57-155767e23006","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":175,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"41b15212-3f67-4cb4-81cc-e4606b071f82","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":175,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"986dd3bc-8a8d-406f-a4dc-1d891d984284","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":175,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"bef50322-7854-4578-8153-5c41a9b23ca5","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":175,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"fbc02d8e-f481-4db8-a6fc-ddb5bd369df0","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":175,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"c4ccdc19-5de2-4159-8fa3-d1b80105c5c6","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":175,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"81e0e7e6-fbcf-4ec4-b678-77609ed123d6","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":175,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"6eff0ef3-1fc6-49e2-be90-9ee4235abca8","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":175,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"29e4a93f-5b5c-4daf-8a9c-34bfcbe166f3","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":175,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"9f37802a-43f0-4b05-a522-ae8b4ac6d7bd","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":175,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"b19e62ee-404d-43db-abd3-192f2a62e682","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":175,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"07c05f8a-8e03-4418-bb8d-36a62f254ec3","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":175,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"b38ae588-05c5-4a24-aa9a-41e6560d657d","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":175,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"11c20aa6-1392-4c64-b2d8-897a604f272b","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":175,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"c4b1bba2-fc9f-4599-a4fd-b5654ec4476e","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":175,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"637c5668-bb6d-4fc0-826c-6736a2735101","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":175,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"f0d946f4-0d9b-483a-8337-72835e47361a","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":175,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"227f3d70-9eb1-46bc-92c4-fbd8dbc991fa","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":175,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"7fc90e64-eb42-458d-970c-81a39adca5f6","block_type":"box","text":"limitation.","page_number":175,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"90a2b9a2-5140-4fa8-bf89-64041189abc4","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":175,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"d6c05303-b67e-4f8b-bb29-d4adbcc1d377","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":175,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"f0de6707-15bf-4609-b6f9-fd151d1fcbd7","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":175,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"a79b1043-eba1-4e06-992d-7f02ad7470ce","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":175,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"fac21c0a-cefe-4adb-a90e-4e71dfbe8e21","block_type":"box","text":"II-129","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8e080dda-cff9-44f0-b182-2ddc92b56b97","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43668245-e897-4c11-99ad-77e0497a403d","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":176,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"37044c3e-a301-446d-a276-a0debdd00607","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":176,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"6fafa18a-6f59-43ff-80ed-34abc9553b8f","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":176,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"4099ebe9-2831-496f-9fe1-33e121082130","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":176,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"17e0f454-90c7-44cc-a802-8ab6decbb9a9","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":176,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"defd135f-c78c-4903-9490-77e4095d4d03","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":176,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"5c6d7e51-60d2-421a-a153-c35c438920d7","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":176,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"9d591f49-3a98-4c46-ad20-e2e0abeb62a0","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":176,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"d67832b1-d43c-4ab6-914e-a0cf6e804f9d","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":176,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"63af1063-8e3e-4670-99a5-872c3711129e","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":176,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"909db52e-6dd8-40fc-9b2d-7b3cdf6d4b99","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":176,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"37414f6e-0458-4b63-a67f-a9723cc44d10","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":176,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"7de91919-15c9-495c-b026-158697a18b3d","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":176,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"c7ea6f47-60d5-405f-ac12-77ac40d4899f","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":176,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"a1660525-c186-47b9-ae38-a351400bb86b","block_type":"box","text":"constitute “qualified dividend income.”","page_number":176,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"e3734f98-b14a-4434-8010-0b0b62d3b4bf","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":176,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"1c138b7e-5b4b-438f-b0d2-2aa4bd68fd66","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":176,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"a5c73833-6212-48ea-8df0-b3e34ccbe6bd","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":176,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"5bd6af67-ef69-4b5f-8c82-e5b36ba0fc78","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":176,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"9359247f-ef6a-4fe7-bb00-9f73d2693bd3","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":176,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"67d7ea44-21aa-4ea3-b342-1c1f2127fdd4","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":176,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"40a0b6d4-55bb-4001-b9f6-2ae88b18841e","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":176,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"9760aa43-ffec-447e-9dc6-657f04f3b4cb","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":176,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"14d79723-e064-4d0c-a506-ad736756c026","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":176,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"c976cd8b-61e0-4d2d-aed4-f0e5cc01e894","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":176,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"bfb10e67-966a-4cae-a038-a56df43e260b","block_type":"box","text":"against their taxes.","page_number":176,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"4e446585-cb08-458b-a59d-161b34b5ad28","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":176,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"eef9fb6e-c81c-4d7f-83f6-2037cf537f18","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":176,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"e8ea9beb-086b-4318-8cbd-59a74a1eb5db","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":176,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"f033e833-598e-4472-b395-e3ad62145190","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":176,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"c21ccca7-0815-4773-a3c0-dd0b31a3abab","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":176,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"72361e06-108a-4dbf-a03e-0156199fda88","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":176,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"62e10870-609d-4a97-b3ab-fdd6fa4b5fa1","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":176,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"e6b5f821-e567-4f3c-bf1b-7a3bf2a9f72a","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":176,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"4a39c013-76ba-460b-aec7-f05a0319e9c1","block_type":"box","text":"dividends received by the shareholder.","page_number":176,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"be294dd5-ab3e-4da4-85f4-ecd2d2e8c0c3","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":176,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"74c21f54-921d-4fc5-8e5f-be57c86f3a7e","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":176,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"1f2f0ce8-0d75-4175-8072-c1e9e2b8e768","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":176,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"cdc72a8b-663e-4d49-9eef-ed62397c9648","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":176,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"091c15e4-a623-4266-b6f7-e9e4d58003ae","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":176,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"0515c138-eea1-4e16-a060-24b75985194d","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":176,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"9a02ab3c-6768-42d1-907d-85fe45d56130","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":176,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"0413bbb9-8fc1-4ec3-94df-89bb01758e53","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":176,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"e8ab1664-149b-4317-a785-590044fe9907","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":176,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"3eacf5dc-5c05-47f4-ada0-4f091f41fdf1","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":176,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"93bb8a3f-4b86-48d8-a733-2236358ed9dd","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":176,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"5bd62082-bf34-4ca7-9208-043e1d2b8348","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":176,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"14e6a770-fdc1-4f85-ab02-202081daef16","block_type":"box","text":"taxable year.","page_number":176,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"de15e5d7-de35-4b62-8fb5-b80963b0aac7","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":176,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"b1c78688-6fc9-49f5-90c2-c526404b3702","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":176,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"8156b023-5b88-46a0-9e8d-6ced43fd4aef","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":176,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"b0ada836-dcd7-4f23-aea4-f9b746aa33d9","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":176,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"7f44d70d-de57-4daf-8f49-e2390b270f99","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":176,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"66ee0fa0-312e-42bc-bb13-c318475bc743","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":176,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"4cd763dd-1c92-404c-af02-56f3264891b7","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":176,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"f6ad230b-cc9a-4741-ba35-fae83e628287","block_type":"box","text":"II-130","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bceb66aa-339b-4d61-af57-1b06be116c60","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69bf053e-f2f0-4324-955e-53354e32124d","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":177,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"b64e2286-0f8c-47a8-90a5-34f61e1a012d","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":177,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"441b7cf7-b7c8-44eb-8570-cdd5fb553386","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":177,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"4c00a94b-dafd-4e2f-a2ca-aceb9870c9d3","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":177,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"aa1f0d13-ac5c-4362-9c65-38530722eef8","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":177,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"91eb8e5a-8e5a-4d17-a4b7-7e06146285f1","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":177,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"9d2b9962-75d9-4dff-b3c0-8751ce93445a","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":177,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"5870161d-1712-4668-ac55-59a2de20bee0","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":177,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"49f04eb1-a348-4c6f-b58d-07d974dc15c3","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":177,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"881370c8-d80d-4c41-8bc8-29b7803ad35f","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":177,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"c4ee14c4-19a6-4e1a-a097-cabf8f3bb435","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":177,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"1634e741-6b0c-49ee-918f-a45b96f6dc78","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":177,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"99c8bd4c-d68a-45e9-9f38-7d66a37d062d","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":177,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"f17bed2f-89cf-4760-8495-4f391dd4a732","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":177,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"b5fe11bb-1a95-4f65-aee8-41e56e9f38fa","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":177,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"42cacece-01c9-43c8-b694-6c15aec278cb","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":177,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"ece2eb6c-430c-427a-9435-d1b65e109b99","block_type":"box","text":"redemption of such shares.","page_number":177,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"d4bb3a92-28cf-4685-b319-12f52a3c38d8","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":177,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"e56a1490-9de9-47b9-9b48-8fa20536949e","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":177,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"e02d6668-dd96-4094-a57a-6d00d5777e83","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":177,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"29e965ed-b502-4c28-8818-02db5f17fb7e","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":177,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"7e0d7512-669d-47b5-86f4-4b8ef1bc94d8","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":177,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"70535821-0b65-4922-9464-f65300dfa18c","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":177,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"ce06e028-d800-4acc-b795-d4b581382f5d","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":177,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"8f0dd2ba-dc5f-4246-a3ea-406adff6424e","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":177,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"813ee9a3-768b-4a31-a65d-ce4ec825589b","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":177,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"1a9b68df-3e4f-4633-af4a-ffe127cf9941","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":177,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"e7794ad2-1d05-471e-85a6-5ada6174f096","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":177,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"e50fcff3-4fc9-499f-8291-5be4b503fb6a","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":177,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"6942e786-6c1b-4029-a633-45d5cb75c58a","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":177,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"ca9a5090-f7b7-4659-bff9-97eb1c567a83","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":177,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"0f16f828-f378-4c19-ba0d-2a26ea243d53","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":177,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"d92bbdbb-557f-4adf-ad7b-072c43b9d48f","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":177,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"30be5d67-d32b-4a56-b25e-1cc518c368e2","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":177,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"19a5dec6-0478-49cc-91da-2985e9e63abd","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":177,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"355f9437-3006-448a-ab07-c311fb14e12e","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":177,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"8e05b5cd-40ae-4b67-83c2-0a3a55d34501","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":177,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"cd759f5e-4727-4a75-923b-ecc07def9285","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":177,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"b5f972f7-db77-4721-bff8-ccd3d0e36872","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":177,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"e977ed37-f6ce-4c34-bd84-9030f55b4bb6","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":177,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"23dd449e-bf74-412d-9118-2dd82118fcbe","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":177,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"8febf5a6-33cd-4465-81f8-9c846f52cf84","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":177,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"29b1dd06-986d-4c72-800c-7ce5294d531d","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":177,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"9da7dd5d-dc78-4409-bb47-488eaa00c57f","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":177,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"6724345d-b068-4f28-8742-1b0f02f33104","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":177,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"d001d2ea-5ba2-48d8-8c51-619ecacd92a6","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":177,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"9fd27165-494a-4ef8-9229-e70b9e224f20","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":177,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"feab5e96-003e-4523-881b-851d9577c4cf","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":177,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"00ce79aa-6566-407a-ab5b-c06b8e4d32ef","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":177,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"640ab168-60ed-46d3-94e9-e21b9e8283d0","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":177,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"5d1c4090-9cc3-4ea5-a1a6-288df6be5c7e","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":177,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"03190eb5-0640-4f21-82b8-da749784a8e7","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":177,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"11e71262-5965-4389-a8d9-b1c791bdb297","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":177,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"75f2e23f-13c6-414c-948c-3233f86676ad","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":177,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"19cdc084-453b-4d3d-8686-5e7395de7f22","block_type":"box","text":"II-131","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0fd0337f-9c3c-41b1-83ad-d6db35a11df6","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"957cdc66-4555-401d-a11f-5d5b54805032","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":178,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"f5b455e7-5022-4094-a6d6-df5a807fbc46","block_type":"box","text":"in subsequent taxable years.","page_number":178,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"b5ee78a7-47ed-42e7-8550-08d3f068008f","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":178,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"1c431af0-744c-45fc-83bb-f8d0f1cf57d1","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":178,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"df67a608-98b4-4ab7-be2e-f2338abad4ea","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":178,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"0a3da3a7-e475-4501-b182-977f1ca21d9d","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":178,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"3202dea7-c122-4b03-b77e-a115acbd1b1d","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":178,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"6663c65c-91ed-4867-97f6-d2cb9f805858","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":178,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"677be093-4fb8-4fab-9028-937f942cd361","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":178,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"b22bc9dc-b056-4988-9587-4991e8ef0c20","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":178,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"3cf14da1-9bf2-4d01-bc39-8ea3c7835967","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":178,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"796ded4c-4677-408a-a156-1b831902f2d8","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":178,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"ccd13232-413a-4a5a-82ff-0c085950466b","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":178,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"678e4c79-00b4-445c-8bea-6e8ac54a75e6","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":178,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"1d25fdbe-65f7-417e-b089-ec5546bb3c8c","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":178,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"442d81f2-d274-44b0-9f66-09d15ce08de8","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":178,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"a079877d-24aa-4e17-8a3c-a85d2f0b8612","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":178,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"2fab9ab6-96ab-4280-aa7e-71b0095f1d96","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":178,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"6ba028b8-dae0-4c04-ae38-379bb18628e7","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":178,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"803649ef-5434-4060-beb1-2152239b8276","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":178,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"9b891440-ca47-48a7-ad7e-90e28c1a0a4a","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":178,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"85bf16ea-d71d-4609-9c56-b0da78884dfe","block_type":"box","text":"dividends under these rules.","page_number":178,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"b73f1b91-8f88-4047-86ab-81909e87844e","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":178,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"583477cc-b545-4363-be78-c59c1bb328b4","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":178,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"527b236b-31af-4c98-93ba-e73dd4955280","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":178,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"5cb8d0a3-b69f-4624-bac5-803fd3701ea5","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":178,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"b3baf7f3-3932-48bc-849c-5096082952a5","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":178,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"a93c6b7c-ddb1-4072-ac51-1aa7259e5708","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":178,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"ac8afb36-579e-45d8-9eaa-13a89ab25ee8","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":178,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"14138d00-b8f4-47bf-bcc5-db03e02273e9","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":178,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"ecc585fd-006a-4d48-bac0-ed0f8b9e0cae","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":178,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"e3c088e3-2219-40a3-99a1-78bb13133020","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":178,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"3a219f6a-0399-471b-a78b-45c915c77e0f","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":178,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"b950edfd-938b-43e8-a3c1-63d4cbd689c2","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":178,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"7d436cbd-1996-481d-999a-a95c36645e47","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":178,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"1af99e89-1a60-447a-a3c2-155547430965","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":178,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"4b75928a-273f-4c68-888b-98f835355761","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":178,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"69b09d9e-0fc8-421f-bb93-fbf6f2264f2f","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":178,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"791ce471-6895-4fe3-84fa-a687e7482ae7","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":178,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"befccb5b-c45e-441c-a052-72c394ee1371","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":178,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"58fb131a-d8e2-4011-a725-c8b2a81c58a2","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":178,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"4ba507fe-e0a4-4ef1-9692-de3c56d17f48","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":178,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"b427820c-a3e0-4be6-9acf-81aa2f6381e6","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":178,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"96f99b6c-1eff-4424-bd75-5bba3e2b2e6b","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":178,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"d65caee4-2308-4b59-9c40-70fcf4ad37ad","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":178,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"9aa61738-e040-4c6d-ad8d-a75833bf2541","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":178,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"3026931a-e4d8-4e42-b129-1a2830c9d534","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":178,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"50db24e6-d119-4723-901d-9600af7554ef","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":178,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"d7ced821-7025-40d3-bda8-325b3628e47e","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":178,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"47c7085b-1df9-4f46-865f-168afcdc994b","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":178,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"91ae6639-c0ab-4250-adaa-478f3689b5f0","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":178,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"e03857e2-03a5-4c62-8a34-b0fe6a59115a","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":178,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"8ba95b2a-6d99-40ba-8101-737035548388","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":178,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"c61dd17f-bf0c-4c92-9168-c7b8c897cab6","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":178,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"68bc1bab-d643-4560-9dd8-d79d8b673f7a","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":178,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"63093df1-05c4-4afd-814e-bf2726530e12","block_type":"box","text":"II-132","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0e4bd572-769a-4a77-923e-e3108acdcef0","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a2155aa-57c4-43d1-9287-fceca9cf3710","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":179,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"60bfd4db-f598-45e4-9e71-c83a9b4609f3","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":179,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"62be5e97-2ed7-4695-a6a3-241ec2c46bda","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":179,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"583d6f8b-8e62-46e7-8a97-e1727e6ba133","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":179,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"859e9d6c-e2f7-4ad9-accb-d73a309b8faa","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":179,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"79323068-bdde-4f73-8750-05529c7bc8d3","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":179,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"06ad20a3-f22d-4b7b-9a99-ddc2b86d5828","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":179,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"a9dd5c18-90e1-4f6b-bf50-63dc6bfe4929","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":179,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"e98a385c-1e82-40ca-b872-d1dc33b06242","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":179,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"7803bb1a-5fdc-4408-bf0e-0997394b5ed0","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":179,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"b279f1c0-877d-42d3-9166-371553e34ef1","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":179,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"fb40ab06-1852-4216-b87f-3424b11c87b0","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":179,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"852b6f6b-4e6b-442e-8f8f-23f11fbdf6fe","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":179,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"dc02cf30-b213-4f1d-aed5-e9e4101da3d3","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":179,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"cbfc038f-5792-45a4-bf87-92baab48ce6b","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":179,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"f5608e55-bceb-47d7-8b9c-9b0d2ee925d2","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":179,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"05bb30a5-b4e5-460b-ac1f-f21201992316","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":179,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"c85eb934-560f-4364-8901-2fb410f5114e","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":179,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"c47bc27b-e818-47c4-8a06-5a8abe8ad75d","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":179,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"b61fc9be-da5e-4fda-a429-2bdc9ca6f0a0","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":179,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"6924d778-d89d-4dfc-8a5d-cc25b6659498","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":179,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"144b439f-c8d3-4b21-b7ce-f108ae4ef556","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":179,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"8e1fca94-cbb2-4990-82be-b358a5f1d558","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":179,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"51605777-11c4-41ce-8a83-82b2f227f941","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":179,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"5dab2efe-645e-4b48-b313-5572821dafed","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":179,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"77d387bc-0ef0-4909-af49-f99854c7fe29","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":179,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"78bfe230-c2bb-4285-87ff-0ec8837e9f30","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":179,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"8460f8a1-b2bd-473f-881b-0d1d31924e74","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":179,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"8488ac99-a88e-4cf8-8005-498ee6dcd69c","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":179,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"99236563-5dca-4215-874c-c094759f9031","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":179,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"d9e87d8a-dccd-4c5b-b5b3-2791b283b7bc","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":179,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"8e3e7d07-e0d4-43d6-be15-6c43375e4864","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":179,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"5f769eda-4af8-4110-87a4-b85fe6a712fd","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":179,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"1a3035ea-4bf8-4555-b62b-28dcfc8e5b58","block_type":"box","text":"investment oppor tunities.","page_number":179,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"2af2cf81-078d-4383-b59d-c06c4ecc158c","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":179,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"adac08e8-34dc-4f36-b3e4-c8cf54b5d8f2","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":179,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"eccb94e2-17d7-47a5-a1b0-2feb84641bcc","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":179,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"57d067c5-c598-4e96-ad42-c9b803a1c351","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":179,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"30834b20-b380-46aa-87a1-44cd39265707","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":179,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"6e9e22d1-3831-4cc3-96df-f7c44092f77c","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":179,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"7f53516e-aaa3-451d-b17e-350aad41a0d8","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":179,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"d3ed7a05-e27f-4b5c-bbcf-bf5e7363fb0f","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":179,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"0b1afd28-6d99-469b-ab02-ac01bf55cc48","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":179,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"71e7697a-2b35-4efb-8f46-59c3db248bc4","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":179,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"02924fb3-ba73-491f-bbde-337e8cf21982","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":179,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"237f5bf7-aeb9-4e5f-971f-c1b603dd8f74","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":179,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"a11ba9f3-b18c-45bd-8baa-582c623ebe19","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":179,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"2ede04ac-146d-428c-896e-5513c77c8d1e","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":179,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"0cd8be74-4c26-461b-8e2a-d4eb5d09b2d7","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":179,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"0a39e9e8-694d-4e18-9d3b-b14ad0007bda","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":179,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"d1cb9e31-4a95-4a4f-8edc-a0f4975debdf","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":179,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"2ae01f1a-fb0c-4c48-b550-2a61d9147b15","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":179,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"69b2d513-8c87-4e3b-b98b-6e88b55c7bb6","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":179,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"baa1a673-13a1-4b01-8e8b-58cc30583d9a","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":179,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"0b0776cb-cb82-422f-8ec8-5304f94165bb","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":179,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"0757277b-efd4-4d6d-93c0-9367e9cbbd85","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":179,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"f1951476-f2df-4177-abed-8b45cc4260eb","block_type":"box","text":"II-133","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"00d46931-7092-4d93-a2ef-228a3345c042","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49aaa361-c8f4-40af-b9ae-d918459310e5","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":180,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"86db8a67-f99c-43fa-87a6-265719ccb822","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":180,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"509b08f4-7f26-40d9-a69d-fba29574984b","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":180,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"a178a34d-c83c-4964-82ed-27d30cf987cf","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":180,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"927c08ce-6a8f-4e07-8a60-cca0a6a6781f","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":180,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"2c3871c5-3e02-448a-a30d-86409e7e075d","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":180,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"3386fa72-4249-42ff-8d79-4dfc0ecfe6b5","block_type":"box","text":"positions in its por tfolio (","page_number":180,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"ff142195-02c1-4ef1-aace-02e61273c2b8","block_type":"box","text":"i.e.","page_number":180,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"b27001af-e819-416a-a6ec-b845ef1b156e","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":180,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"cc2e4045-bc61-453e-9dd8-f340ef060278","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":180,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"2c3d99ec-aef6-4919-98a7-ff857135b821","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":180,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"893f04c6-66a4-4170-876e-26a439597d25","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":180,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"0a8d5b62-0c52-4c6a-8c88-40b8c816badb","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":180,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"88ad0ec0-6aad-410e-98d3-36176efa9afc","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":180,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"05ee6890-f6f4-4c19-af1f-28090a5c590a","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":180,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"3066c513-facb-437c-ac24-a75a3f8b0fc9","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":180,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"0e90640d-78b7-419d-a12d-72fd4631cc74","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":180,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"a3e0fa39-2395-4fcd-8903-9636f7938641","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":180,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"282ed0a5-1043-4e0c-abc4-b8875279b84b","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":180,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"3e9b0971-fcfb-4534-a2b5-0cc1e2b7a7f1","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":180,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"1a1d66d1-6795-46de-82ff-bac3a72282be","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":180,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"12c4b906-9b5c-479a-b50f-4f467dc604ad","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":180,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"706016dd-bfc4-40c7-ba6b-9a5c1dae55e7","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":180,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"a1a91c43-9ef1-48eb-a28c-f09b1df36067","block_type":"box","text":"capital asset.","page_number":180,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"e78da52c-ea1d-47dc-a51e-8a3b7645813b","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":180,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"5f8bfea0-0053-4058-ac8a-1e0dcdf34ea0","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":180,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"8ce4feee-e92f-49c0-b175-b38739526adc","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":180,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"d1bbb6d0-e9c4-4767-b43f-5dc915bdfccc","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":180,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"c65d2fd9-2477-4fa2-ad7d-6a3557d42f56","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":180,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"cfa7324c-9c24-4adc-8fed-f715c6c2a197","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":180,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"2a7c657c-b106-495d-bc8b-b2ee45f2975b","block_type":"box","text":"Fund were to invest otherwise.","page_number":180,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"78713321-7ab0-48e1-88a9-771a2c9911ef","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":180,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"474cfaa7-a981-41e1-8b4b-2078e75238f9","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":180,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"100b75f3-dd66-4794-b317-2798a6154f2c","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":180,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"ed481656-e2bb-4d17-8bea-d6e62ba04422","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":180,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"06db2157-2a01-40d7-8915-8179d96b671b","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":180,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"63bbec07-121c-4c92-90a3-40bab85bac5d","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":180,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"228ae138-e39a-4a05-bd82-c51ee11c8cdb","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":180,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"1a58933b-d1af-484a-9fe9-8913bbc2c21c","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":180,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"d92668b1-44a2-4e74-940a-d22e1ab81dc2","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":180,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"677845dc-0657-438f-a9b1-15f8f0fde3db","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":180,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"9c9853e9-1519-4a21-bc66-3c1744e59be2","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":180,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"d7d4c89e-33de-4d60-b983-837dec961c96","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":180,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"c0398ba3-b572-4074-bf59-1450574ba5ad","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":180,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"6b883f15-93cc-41a7-8952-cae02ec0eb58","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":180,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"7334f0fb-b6b0-49fe-b351-a83893f9d9a6","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":180,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"3bb09dc5-e4ff-4f74-8cc6-9dc784bc8a6b","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":180,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"39ce5de3-cd73-40c7-a0db-986969100b60","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":180,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"8cfc1c65-11b9-467b-b070-f839df93cd72","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":180,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"756b90b9-0a13-409e-8c3b-2c4ffad7f3ca","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":180,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"ce2f465a-5d93-4b0e-ad73-b5fef88cc315","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":180,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"1d9eecc1-73ea-4326-ae0c-63167a51b446","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":180,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"09694fee-9b77-4475-b9f7-5a9897a33f47","block_type":"box","text":"PFICs.","page_number":180,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"27ae9d88-ca6f-496a-b38a-3337d41f45d9","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":180,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"cd76e404-f608-40f5-82a4-5712a643b0d3","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":180,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"89e53e94-1855-4c88-98e4-80c8207dff31","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":180,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"eef7ff24-d7b6-4089-ac3d-3159caaba51a","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":180,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"363d83d5-1ed2-4942-81bd-bb8f07277104","block_type":"box","text":"II-134","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e9285e3e-53fe-43de-bfa6-cfe97b2febb2","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea91cbb4-18c3-4cfe-8fcc-7cc75448cf1d","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":181,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"63be33bd-c47e-45c1-bd11-9a16ecf4cc83","block_type":"box","text":"difficult or impossible to obtain.","page_number":181,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"b37da357-ee55-466a-88d4-76decc484d69","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":181,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"cb44aa3a-b7dc-4ab6-acfc-c5899aa9f8e7","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":181,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"d9d84d79-e0cc-49de-873d-fc70fc9eda3b","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":181,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"970b159d-92a2-447b-bf47-75baeb03387d","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":181,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"cf0c6abf-ee32-45fb-b886-161228b47b9a","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":181,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"a8398fcc-49eb-40f4-a534-9e42e72b6641","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":181,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"098f16ab-a1b4-4a5f-9a1f-5ae2cc7c051f","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":181,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"68612ae5-2c9d-45ac-af1b-4f2164647f94","block_type":"box","text":"Municipal Funds","page_number":181,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"12386e53-532a-4ad6-81be-2839ca5a835f","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":181,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"54275bd4-7801-4867-abb4-77d2b607213c","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":181,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"15437936-23c7-494f-9778-1db6040040ff","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":181,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"6f51b29e-541c-4354-9922-f8c0ed2d9143","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":181,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"e4b6a5be-fc2a-4569-bc78-68cc478fc422","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":181,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"dbddea3e-a042-4185-8a4d-603c61c8531d","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":181,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"520c80d6-2548-4ea2-b337-05b5c4e9300e","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":181,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"c8c72ac0-8430-4806-923d-d26d9aba59c5","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":181,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"3b86d59d-1748-4c99-ac06-909143963b1c","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":181,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"e29b331b-8973-49ec-a412-0ed09b5c8921","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":181,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"fad7c547-4f1f-40ec-aeae-48928795705e","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":181,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"9a10573d-c639-4067-a087-56181faa3bab","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":181,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"d73faaac-f4bb-4926-a48c-4f6cb44c469c","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":181,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"be793642-ad04-481f-a360-b2755085bb2e","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":181,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"847eef66-937e-4ef6-9c1f-016643bf9e78","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":181,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"f940df78-5ebf-4e60-8122-4d5cdf25b556","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":181,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"5a9034d2-f0fa-4a1d-8d4c-1c902e986a9f","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":181,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"b1b788cf-724d-40a9-baa5-2cdbee3591db","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":181,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"d4cbb13d-1e69-49ee-a847-1a78aeac4448","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":181,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"dc59faf1-c02c-4cca-80d7-b377761f1cc4","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":181,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"c56a79f2-9240-439c-89ac-42579d4389f5","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":181,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"a158cb79-8b86-460f-ac25-b38ab3e33138","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":181,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"ba99334b-08ba-498b-b96d-2bad20fb8d98","block_type":"box","text":"constitute exempt-interest dividends.","page_number":181,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"abc9458c-223e-4539-a25f-c6f16438764f","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":181,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"aa428bcb-e478-4679-8cb6-4397d9d714db","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":181,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"20c401b5-0277-44a9-9ae4-281c9198ecea","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":181,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"f60d15f9-c5f4-40d5-a6e0-d82aa0242d3c","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":181,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"224f079e-b6e2-48ba-aa5b-38cb22c9fc5e","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":181,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"e696eb5b-09d3-4799-98fb-30d3e9f35a44","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":181,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"bed6948e-f74f-4659-ac12-6732eca6d47a","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":181,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"53fad44b-4889-4837-ab94-b8c1f579d3d1","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":181,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"219574c3-2487-47a6-a6ec-b1289c749dcb","block_type":"box","text":"income dividends received by shareholders.","page_number":181,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"cbc10327-3678-4d27-9464-cf675532b067","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":181,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"a63b6f24-6125-4e59-b39f-04963b2c3da0","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":181,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"f7b57947-4134-4f24-89ed-e9456509140b","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":181,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"c8b7c2ae-e1f3-4782-b14b-b3e3c3b7eb68","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":181,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"398d2771-6205-4716-88d9-724cde29619d","block_type":"box","text":"the accrued market discount.","page_number":181,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"6f8849dd-e2dc-45fd-a298-1f310d142c51","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":181,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"14d69db7-e0d7-4d18-9ceb-d289a76d32ae","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":181,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"64159409-d617-4301-9cc1-430ba9de81b6","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":181,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"c6d5decd-2cfb-4beb-b6f0-06bcec524a33","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":181,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"d8832b1c-3a88-447b-bab1-d78403b1cffd","block_type":"box","text":"e.g.","page_number":181,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"2ad9c623-d466-4fa2-9345-83a7c99c83ce","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":181,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"8721bc14-f7ec-40a9-85e7-c20b2e106b2d","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":181,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"096097bd-45d4-44f4-bc61-5110193a232a","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":181,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"29840414-9734-4469-951a-6dd6ef78bde0","block_type":"box","text":"II-135","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e1716a05-929a-451e-ad37-c1a8fa649ba6","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3fb199e-a7db-47fd-8506-21bcf552c28f","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":182,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"6ab4d4e2-26e2-4bc3-bc46-63f8ff4fbe31","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":182,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"635ffe26-d519-461d-97f5-e818257148b4","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":182,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"c80c14bf-67aa-4978-a8e6-848ba8177e85","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":182,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"726f375c-1265-4ad8-9558-d8438ddfefd9","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":182,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"26920886-cb6b-4c54-8f25-fe2f51cf1dab","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":182,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"38743aa2-ea2d-4a36-ad2b-d482ed0eeef6","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":182,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"6cbda157-59a2-450b-bf4d-ace9e9aacf2e","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":182,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"50c22ab7-685d-4de7-ac78-4b3a3c1079a1","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":182,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"a665ccf0-0b08-40af-92bf-c9bc1c9de6ad","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":182,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"c877a7ae-ffaf-4ab8-b9b7-709fd8c0b469","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":182,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"b561d7cf-db7b-4e0b-9b7f-3d185d8974cc","block_type":"box","text":"within each applicable state.","page_number":182,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"758c45b7-6e46-4d0b-a57d-d8d08cfe38c4","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":182,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"2e8e53d6-1ba3-4e71-aaa1-b152f7bd0c53","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":182,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"764361aa-eab5-4520-a90a-8f1e1e3f7599","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":182,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"2becada5-60ea-4d15-b5a3-54edf49c0508","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":182,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"794803fa-7c3a-4d3c-b571-1e3c4f69dcb6","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":182,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"205746df-7809-4a1c-9f64-89a1dbc8e20f","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":182,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"3c9c53f2-77a1-46f2-b0fd-bbf97a465ebe","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":182,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"b20ac1db-5ae7-42d3-83bd-7646b4d812f1","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":182,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"dba501b1-c378-4f44-8cd5-841fbcbbd380","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":182,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"193595f7-c305-4bb0-ab7a-b8e52ca98348","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":182,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"064de5aa-aaa9-44df-bfa7-2f803a65ef05","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":182,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"24124a52-5769-4626-8bfe-f0f319088f4c","block_type":"box","text":"exempt from state income tax.","page_number":182,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"c05ad947-9ba4-48bb-b3ef-d2b8562b0855","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":182,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"a9b0eb8a-6146-400b-85b6-1a028d239b9e","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":182,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"1895c8b5-341e-47d2-a3a9-cf2196e8f755","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":182,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"7a47b553-53ab-4627-a116-91c28fe310f8","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":182,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"031ae871-efbe-49ec-8fda-c55dde3d28e7","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":182,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"1792cdee-ac06-4903-b06d-e1c6921571bb","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":182,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"a04ed1db-1e8a-4eb3-afc6-c82546b7e9f7","block_type":"box","text":"decisions may have a retroactive effect.","page_number":182,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"d962bd70-d653-4032-83c3-180fbf6d7f95","block_type":"box","text":"PERFORMANCE DATA","page_number":182,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"6cccc55e-88f8-4591-aed3-9525afd34a1b","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":182,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"3d4dd6fa-911b-4a4c-9d70-0ffc6307b52d","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":182,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"d2560dcc-6aa0-4963-9f88-64b4147c37ba","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":182,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"08fb81ff-3e9d-4c46-ad8e-7107daf4ad36","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":182,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"3a7a97ee-1ce6-4a03-8796-b2b36185aa4e","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":182,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"65b59c0d-78c9-45fd-b1c9-35d726f1e56e","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":182,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"3e39e53a-2ab7-4f53-aafb-74244698b6b3","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":182,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"e0cd2ddd-fe76-4a27-b18b-bc2461866f6a","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":182,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"1f234e0b-32ad-4eb9-9e68-e7180e60cbc3","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":182,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"96f96331-edf4-4383-b5bf-7707e9599d01","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":182,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"59f8b4f2-a33f-47cb-b897-4a8ce25c5814","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":182,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"c33ba8aa-a36c-4843-9cef-021349b3da9a","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":182,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"31b2c739-d353-42ec-9a50-7c84c587b2ff","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":182,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"cbc735c9-03bc-4274-b977-d7476c306dcd","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":182,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"38b7e26c-720b-42a3-be84-47d20de9e083","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":182,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"77fa0ef7-fc30-4321-b46c-381a660ecf0c","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":182,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"304aeb7c-cb6a-4d0e-992b-722c4125989a","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":182,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"0019ec02-d9d3-4c00-bd90-3e7515c3116c","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":182,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"26c6e88f-cf9c-4300-8319-7394face15fd","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":182,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"f8a86e40-9574-4bbd-9423-ba100e259bff","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":182,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"24403e4c-36b0-41d6-8dc0-5326cb9fcf40","block_type":"box","text":"II-136","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c32deb41-c70e-4aec-a93a-423636e3710a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"390aa3a6-eece-4373-bc30-d08a83444325","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":183,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"8be9ba11-9590-4a83-8945-9b912ed7df62","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":183,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"cf291a55-01f4-4ca6-8322-362ffc9f6e36","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":183,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"6591eb8c-9f0b-4854-b153-072e5a20f237","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":183,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"e5f5e179-6cfd-43a4-a33a-f047ea0d0405","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":183,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"8dcf3253-bdd4-451e-bfb3-04e07ecf92de","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":183,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"35a15f43-9a22-4507-ae7c-f6f89da4965d","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":183,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"45b1cdc4-db83-4d54-8db5-2338b5bcdd14","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":183,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"3bc040d7-566f-43e1-b68a-a5758e532cbb","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":183,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"aed47f4d-5b44-4328-a2b5-c31739d4d8fe","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":183,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"861a6fd0-b471-4d3b-a83f-4ce2177b8da9","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":183,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"dc6c6bbb-cddb-4daa-91dc-b05a2ef6eb9f","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":183,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"29f7fdf6-6a1d-40ce-a134-ac291445656e","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":183,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"f09b0494-ed66-45df-88aa-35f7de472d6c","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":183,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"b636ac89-8fda-4e21-9bf0-ab41f3c8db77","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":183,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"14cd4ef5-63ef-4624-a697-4bd52f5432f3","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":183,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"c1482b50-2b0e-4763-9cf5-54cdaaf1a30b","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":183,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"13918be3-ef0a-4e18-aa6f-907f27e56c7c","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":183,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"5566854a-2dd0-4cf2-8bad-a5f58c835bed","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":183,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"213e1a4f-ccd4-4818-802f-ede6c5e0817b","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":183,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"87ddfd14-4269-4b3c-a60f-3e83b175efcc","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":183,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"6e3eb5de-7ac1-43f4-8a9d-2f5b85754e18","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":183,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"cfa15c4c-b822-46cb-9fde-d8ff548bfb38","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":183,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"ab5ec9ec-5675-4594-99e0-d3d292cd3587","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":183,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"058c8bcf-237b-4c5c-b6cc-84a5d1a10034","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":183,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"691b0f13-bae0-457e-85fb-a53ed7134050","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":183,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"22e548c3-5655-4a8d-b3e8-df9baacd908b","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":183,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"20e127aa-0448-43b7-a6aa-84be260e41e5","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":183,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"863c2d84-3049-40a7-93ed-3e44af10c626","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":183,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"453af0fe-6e1e-4d1f-a077-0f5311d68020","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":183,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"92cb48af-c1ad-48be-b338-2bc0d5d1f2f5","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":183,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"a1fc7796-f314-4a6f-a17f-231b3f004516","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":183,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"f9a3e831-2b49-479c-b93e-d4ccd7a4fee9","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":183,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"fe4b4104-03b3-4a55-bd98-9afde9e85b27","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":183,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"5de48ac3-3536-4d60-96ca-f68fb24250fc","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":183,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"275856b9-f896-4d6a-8cd3-fdd6f4fd0dc2","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":183,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"c33ab037-8440-4f17-b885-2ce406da3826","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":183,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"99dad98f-1227-4b19-998a-c17b11cb036e","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":183,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"ebb90c3b-a353-460a-a62f-f47a207505c2","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":183,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"91c4180d-1e68-401c-a6ec-854f55d7a02b","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":183,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"5b2239c4-ce10-4678-89db-510c79dce7f5","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":183,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"c780ce6b-fd23-4ae5-9caa-f09d717435d6","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":183,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"50af83b0-bb8d-4130-9ac2-cdba37ba5fe5","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":183,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"2bb2057d-312a-4ad2-8721-ce28b1133530","block_type":"box","text":"less than their original cost.","page_number":183,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"307e2892-28d7-473d-a007-020a0ce5daf8","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":183,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"c7c5d38c-c172-4e1d-9748-2aeb1f2ddde9","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":183,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"f941a617-3e46-476d-9ef8-fd8170dcdc63","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":183,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"79be5091-ec89-4ba8-8cbf-f0fa4ca1ae48","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":183,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"dd5945fc-f8f9-4c27-8ff3-0312c475288a","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":183,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"4d935cdc-d308-496f-bd48-ca3aed221bca","block_type":"box","text":"lower amount of expenses is deducted.","page_number":183,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"788530e2-a912-4612-8568-9f3172ea8696","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":183,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"2e017e59-8785-4871-a0ea-4eff793de27f","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":183,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"d0120922-d880-4956-84db-00af6ecc7b58","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":183,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"cb873c26-049f-4825-9867-b5ed5e544246","block_type":"box","text":"Money Magazine, U.S.","page_number":183,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"20bff7b6-7e59-4c2c-a2f9-dcc565397f31","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":183,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"0041a284-cc07-4931-a415-ba9750496b01","block_type":"box","text":"or other industry publications. When","page_number":183,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"1f3c18af-4600-4d96-a5d4-78355dca263c","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":183,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"800cd87a-70e7-404a-aed4-ed14f9124e8f","block_type":"box","text":"II-137","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9bd9420a-33a8-408d-a84b-159766a3d20b","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51f04dbd-afe0-4bd2-ac35-429ca78c685f","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":184,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"c072daab-e4ef-4de6-893a-db36d5fff5e8","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":184,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"8e2d1370-5ea7-4aae-a5dc-31f97d0dd3d2","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":184,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"0c517e9a-a5bd-4870-bd1d-0c41437be48f","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":184,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"244b80a4-7864-4ac0-8227-2d768c7e03a1","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":184,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"0a61a202-a348-40d2-ae43-92a9de498b00","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":184,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"b9e9d071-2170-4d6e-a69a-18105a9c5a82","block_type":"box","text":"developed by Fund management.","page_number":184,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"9dfb63d6-989c-420e-adc0-fc0095554d44","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":184,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"c803cd52-2291-4cee-b7a9-e7ae0376127c","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":184,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"632c685a-ec1f-4e5c-9a77-3d7a43a7461d","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":184,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"3426ea99-1924-4ef8-89d7-cc7489dab994","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":184,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"a1613331-16b2-41aa-824e-d24735de26f2","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":184,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"00266032-2de2-46ff-8a4c-bea51d0eb088","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":184,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"47ae5b6f-34e5-4464-8cc8-c9456dd48bcf","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":184,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"2f62e982-9673-4d68-a04e-d50beafb6fb9","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":184,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"cbd55445-b85e-4ebd-a1a6-14a41413bcc4","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":184,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"36d647be-bf1c-4879-9d1a-95e2982f1608","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":184,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"245dbb8a-5f50-47da-a304-ca4b1e2028eb","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":184,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"d96b9cd9-7174-47ad-91e0-e397939d7933","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":184,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"e57a2c6a-1ac7-45f1-8a0e-be9f8db9fbd2","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":184,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"5ed9b6fa-2539-4146-b9d2-99cb6bbf3540","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":184,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"0567b89b-1f5f-44f1-a0de-3c123c363819","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":184,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"6234e4f3-2359-4d74-b4b7-b32e797fea45","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":184,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"e097adb1-a65b-45e8-bd22-1ef904001f9f","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":184,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"555f944c-1292-46c1-b39f-c9e78ac13c66","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":184,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"832c7bc8-7676-423f-b838-f51a45d0eba5","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":184,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"ad5b1c9b-a735-415e-bd2f-9c076c237a36","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":184,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"15faed18-547c-4c99-81c3-414db6f2531b","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":184,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"db573f07-4637-433b-8a90-a37237fcee3e","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":184,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"80bbbbf5-bfc1-41d3-a418-092381ae3303","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":184,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"71ff4459-e1df-4f3f-8bea-74f73c045b54","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":184,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"347f4897-4b8e-40b6-9bc4-088bdb2e6239","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":184,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"62068b56-dedc-4521-a298-a8a6179f735c","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":184,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"1351de9e-2f09-444d-8b23-b2da41b6e7e1","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":184,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"09ebd609-3301-49fa-8198-d337fb7b26d0","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":184,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"6802730a-1a55-4aa4-86ba-33bc7255c6bf","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":184,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"6b1fd43d-40aa-4a62-96e1-9e5fd866056f","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":184,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"0c5b3865-f43b-42ab-9ff5-2b84e5149523","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":184,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"bf2f1562-7a5b-4885-b233-1f76c9a69ee2","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":184,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"e94fe937-4745-4d3f-93e4-c413899b10d0","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":184,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"58201c90-4ee4-4476-9429-4b5989d48d6a","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":184,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"8f66fb3b-b4b3-44f3-baa8-e1ed7593f365","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":184,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"f7f41c92-3bac-431b-be26-295ae9b1a9d9","block_type":"box","text":"GENERAL INFORMATION","page_number":184,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"f44c2620-8f4e-4ef0-96b4-d512c594ae56","block_type":"box","text":"Description of Shares","page_number":184,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"906854cf-9765-43d1-b6c4-99f48726d1a4","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":184,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"94b933df-6e8b-42d2-9b4e-f5513a676296","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":184,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"cf8f587d-3838-4d73-97ac-4c2c1de510fe","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":184,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"07d7c8da-2c08-4940-b9f3-bc44bd1e8c19","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":184,"box":{"x":69,"y":852,"width":838,"height":11}},{"id":"7be5eab8-0b9d-4dff-ae68-872d789330e4","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":184,"box":{"x":69,"y":867,"width":835,"height":12}},{"id":"ee452ac3-ed74-49cd-b375-f03952b42cb0","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":184,"box":{"x":69,"y":882,"width":781,"height":12}},{"id":"83be8041-b778-4134-b721-0be75bb206de","block_type":"box","text":"II-138","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2f087137-1908-4c54-8dd0-b98d26d06d67","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a2cb4bc-c1fd-4fd6-ba87-f6bf41d8ab8a","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":185,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"6af3bbf4-5e32-4c5a-91c5-79d8b19ea1d0","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":185,"box":{"x":69,"y":60,"width":760,"height":11}},{"id":"3df4ff33-221f-4d4c-b0f9-e7363fee1bb3","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":185,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"3551eded-6a22-4f07-a322-a22703055865","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":185,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"a988a54b-2f6c-4d1f-a56b-1f9ee3d47901","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":185,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"7db243f5-b370-4baf-912c-df769d878616","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":185,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"cddeac4e-a94c-4ba2-b20d-8cda4ee5ccff","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":185,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"3e21c5e4-5850-4d28-8fca-2d8363382b62","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":185,"box":{"x":102,"y":158,"width":741,"height":11}},{"id":"312f9adf-46fe-48b6-8100-ce355ed032de","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":185,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"948e5d31-28e8-4ceb-b416-d18eb7ce3b0c","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":185,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"8e4a4457-3b82-4b37-9eee-c6b9577fae27","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":185,"box":{"x":102,"y":211,"width":712,"height":11}},{"id":"f1e0f19e-b5b9-45ae-8d37-794d82922b10","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":185,"box":{"x":69,"y":226,"width":765,"height":11}},{"id":"56cc07c3-863a-4b2a-8860-713de6775f85","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":185,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"2c93935c-2962-4954-b8e3-aec131216287","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":185,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"2825c75b-a5d8-4397-b565-2abaf9fd87c1","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":185,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"a013e38e-c329-4b9e-907f-668aa7364602","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":185,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"31258d5d-b2d8-4d36-be2b-eaa5f8c0c2c7","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":185,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"b2f6a6cb-9bc9-4bd1-be4e-a2a759405d79","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":185,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"7e82cf91-75a1-4105-b647-641d32530ace","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":185,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"1490ecb9-4133-4b2f-9aca-230dfbc75404","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":185,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"91d400ae-b3f1-4a1c-a362-0abe26817efa","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":185,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"73f5e6de-c30f-4ebe-972d-334750fbe655","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":185,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"1d365c1f-a667-471b-bf26-a4c702cd766e","block_type":"box","text":"Additional Information","page_number":185,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"6ab29fa7-c228-4353-a3d4-51e7fab91339","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":185,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"b2a7e44e-5adf-4989-92e7-28bd265ccce8","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":185,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"ee12c125-fce9-4c18-9244-78fc2a18f927","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":185,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"1ea8aea9-931d-4dd1-8e12-e9bd75164340","block_type":"box","text":"such name to any other company.","page_number":185,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"58571094-4291-4adf-90f8-a97ba6ffed44","block_type":"box","text":"II-139","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"29eb636a-8280-452b-b283-01ed7ce5eb3a","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc66a474-54ee-45bc-aadf-7e482dbc34e2","block_type":"box","text":"APPENDIX A","page_number":186,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"d06cae50-a9e4-488a-b646-f6b92b0a38ca","block_type":"box","text":"Description of Bond Ratings","page_number":186,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"42e05fc1-c510-4aff-98ba-38172c405812","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":186,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"a0790ffa-6571-42f5-9506-5529fdee413b","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":186,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"287954ed-6d63-4ca0-b7e2-c68d47c6b066","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":186,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"dc7ce402-febc-4721-9e23-39f370281ffa","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":186,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"020e23b4-49ee-4f79-abe2-fa33758f697f","block_type":"box","text":"date.","page_number":186,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"506a1387-5880-4040-bd37-82f1aed54931","block_type":"box","text":"NRSROs may rate specific investments (","page_number":186,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"3cd85227-0b38-4bf4-b476-3d9e631c7355","block_type":"box","text":"e.g.","page_number":186,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"3de281da-3854-4294-bcc9-4394d11866f7","block_type":"box","text":", bonds), issuers (","page_number":186,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"7a30d86c-626a-4ae8-8bea-eddb7f1a10c6","block_type":"box","text":"e.g.","page_number":186,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"28e2ddf0-f2a6-452d-b328-c3f09d9dd914","block_type":"box","text":", corporations, governments and financial","page_number":186,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"21729d7f-1078-4884-b9d0-e9cd31b3faee","block_type":"box","text":"institutions) and/or programs (","page_number":186,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"378aa20a-b3b4-46d6-b380-7232272cdfc6","block_type":"box","text":"e.g.","page_number":186,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"25a63702-baee-4430-8a2a-cfd9a0c2b980","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":186,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"ead09773-fd6f-4fc3-a92f-a8f53b69a094","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":186,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"9568afde-d655-436f-9bfe-a773c6e80a50","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":186,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"e9f1d7b4-6351-475d-8dd6-00cd4386ac95","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":186,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"06f672fb-8714-450c-a769-8ffccffe6bc8","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":186,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"7687513f-7f6a-4fcb-8df0-5db7baaac56f","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":186,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"4d798d53-538f-4eca-a5c6-6a05edaec69e","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":186,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"05d84813-1e70-4f45-8cd8-0727b5e7c324","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":186,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"10054e05-ce80-42fc-8dc6-141853a7d989","block_type":"box","text":"security (","page_number":186,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"c943c403-c79a-4c85-a491-bf242203e103","block_type":"box","text":"e.g.","page_number":186,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"6adf45a8-f06c-4419-821c-c3de78268e5e","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":186,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"01b0405b-110e-4937-8dbd-fd286a160c4e","block_type":"box","text":"highest of the multiple ratings.","page_number":186,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"ed8b048e-a361-4910-9010-362985574c06","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":186,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"3a739c7b-70a3-4e33-a2f2-eb6deada9123","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":186,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"304573f7-1bd5-4a9e-9635-2cf63f41a992","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":186,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"bb169e24-ed33-48e7-a656-d466ceed9dc7","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":186,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"9cf1413f-bc67-4479-8c3c-7f2f9d320f49","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":186,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"540324e7-a205-41bf-b35b-02e2993b75bb","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":186,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"fff8003b-1290-4563-8046-e92e9ab1b581","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":186,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"aee5a4b2-5fcd-49cb-98fb-a7911ad097a3","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":186,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"d8fe0872-bba7-44a1-93cf-ed65a4ef980e","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":186,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"32b1139e-1263-4e8d-9956-4c236541bfab","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":186,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"3a750009-3020-44e1-ab94-4d1cf6b007ac","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":186,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"e7529017-1da3-4ede-ba9b-4b7e88209474","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":186,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"450f4887-3baf-4b4a-92b3-90f373dae06b","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":186,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"c9ccc89c-a491-4718-bd3c-52ed81e3220e","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":186,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"385dff62-5a04-4813-af93-2b1b9c9a85db","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":186,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"7c5834b1-1295-474d-a275-0affc3003667","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":186,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"dba61ba3-0cea-4e36-9cea-cf820b48f469","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":186,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"76b78ac0-721e-4fbf-a697-115651127d36","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":186,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"f913645d-0200-401c-bcf6-4fdb15d682ce","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":186,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"b28f2e81-68d6-445b-924e-7538a39ba6ce","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":186,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"41e13c19-e215-4454-a53f-461f63625f8e","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":186,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"17ff0a9a-1f10-473c-8f2a-cdad1c378012","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":186,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"ce37c4e1-be14-4356-9129-15777f1971be","block_type":"box","text":"Fitch.","page_number":186,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"af588643-e0be-44cb-88f9-7224916204e2","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":186,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"b5ad7093-f944-4a8b-8759-0857ec8a23b1","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":186,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"98c7f7c6-80d5-4ecd-920e-1d43948ba411","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":186,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"a4d93613-e160-4a5e-afab-537e2cb061fa","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":186,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"67bf9223-9b35-4d4a-b490-59eda7a4f91d","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":186,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"be5c68a2-7d9c-4fe2-b86a-d6e47277ff00","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":186,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"a066d2f8-4405-4d9a-acee-5ed6dcc7b29a","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":186,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"8c5df59e-a220-4555-b896-f944ff17ce43","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":186,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"41726f69-cca7-400e-a43c-331c2e551521","block_type":"box","text":"sources of variation (","page_number":186,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"ea8b9773-5180-46fb-8dcb-dd92cf5b5361","block_type":"box","text":"e.g.","page_number":186,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"422239ec-b21d-4cdc-805e-5a41f86e6ce2","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":186,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"175c1644-dd4b-4396-b7d4-1a648b7d10c7","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":186,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"9bbcc3ad-5366-4f33-8e13-4a2766bb465c","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":186,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"2cab39d7-e02e-4178-8dea-cff6a6c67fa6","block_type":"box","text":"e.g.","page_number":186,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"254d61c5-5c33-4b81-ad61-1d0b04593453","block_type":"box","text":", equity indexed), absent an express","page_number":186,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"5da9c886-0086-427c-8b64-e242cb962b9b","block_type":"box","text":"A-1","page_number":186,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"7148af0c-cc59-449d-ad9d-5e3167c19de1","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d179fc7f-a526-4b39-850d-b53aa1dce810","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":187,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"02359634-9f1e-4fa9-ac20-613e7f70a368","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":187,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"e75117a4-db5e-42c2-977f-96881eefe6c1","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":187,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"8230c1b4-8915-4e49-8fc9-7e6a39e12577","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":187,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"f652aee1-a40e-401d-a3a1-3764893202c0","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":187,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"82899f35-24a3-4023-9867-2943cc4e088d","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":187,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"f23fd775-d367-480e-bfb0-8742feac7a2c","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":187,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"83878b36-3465-42f4-9573-8179cd2af949","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":187,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"b51d2940-eecb-40ea-8671-7ab0853bd886","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":187,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"ed6d04da-424f-4fe2-b5d9-71b2cb4ccbca","block_type":"box","text":"i.e.","page_number":187,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"389fc0a8-c716-4d25-b1e4-0ee423911fe0","block_type":"box","text":", ratings on nonfinancial","page_number":187,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"47e0483c-b202-4a5a-b734-57af4b622c0c","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":187,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"9fc688ca-59ad-4731-a35f-2063808e61a4","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":187,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"9c12596d-f96b-4a10-88bb-c72aa8a3ad50","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":187,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"bd28c155-d8a3-4075-8830-625043d64cee","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":187,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"80958895-dd93-47a4-9328-42c7fcb0a05d","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":187,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"066923ec-1164-438a-9ec5-706238117b6e","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":187,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"2cc49410-5beb-48e3-a26f-220f393efaae","block_type":"box","text":"of time.","page_number":187,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"397f6827-81d6-4f19-9b45-924ebed0de6e","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":187,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"98a65c21-9688-4af2-a65c-c05497907974","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":187,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"7b3a8daa-7fc0-4b90-b9b2-d685b7aebcfc","block_type":"box","text":"risk.","page_number":187,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"e5deed44-af4e-4258-93ad-693df1b71df3","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":187,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"0fad5b3c-0bbf-4b29-9a77-6ed631044a5b","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":187,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"54aaee46-bfeb-44bb-8509-829492528ab2","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":187,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"ffa6198b-01ad-4aea-a11a-b20028471a5e","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":187,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"e6f81d81-c037-4e07-81e6-098ce227bbea","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":187,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"3514818d-b96e-48d8-8bc8-73fb02e9afcd","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":187,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"e07d0cae-0d37-4b26-b13d-40e190dd62d8","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":187,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"8836656e-6a80-42f9-a511-00c11298da6e","block_type":"box","text":"credit risk.","page_number":187,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"111cd6b4-c653-4e3b-86e2-ee2789eca94d","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":187,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"35fd623b-a05e-4390-aace-aa4e74848955","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":187,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"25acedc4-d201-432c-8eb5-7450bc2f169a","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":187,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"e4fecd1f-58ae-4ddd-b290-b22f98c74680","block_type":"box","text":"of principal or interest.","page_number":187,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"b5892b77-462b-469a-abcd-50ed916200de","block_type":"box","text":"Note:","page_number":187,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"e7d167b3-ff5a-400d-b8e8-bbd7a7a91679","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":187,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"29845648-5a03-4372-b7d3-4ec0c90ce0d8","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":187,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"70e2f6ed-0a20-4d1c-908e-26876fa7949a","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":187,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"6f7ce564-ad6b-4ee3-8b6b-320b530738ab","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":187,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"377a773b-f96a-4f56-8f3d-78a766e5ba45","block_type":"box","text":"companies, and securities firms.","page_number":187,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"a9a0b95d-c77e-4616-bc7d-4935113744bd","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":187,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"e9539b98-1b52-426a-b3e6-930be04f293c","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":187,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"e4981c15-656a-4e5c-b795-129eea59bdad","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":187,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"23fdb0f2-165b-4671-80a5-9de3f0ff76ca","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":187,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"cd8081ae-c95c-40a0-9f30-aad53c065034","block_type":"box","text":"that security.","page_number":187,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"df18cdce-af9b-4199-9cab-f7fc5ac7a0a6","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":187,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"2a486aed-8d90-4135-961d-2be4fd979d38","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":187,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"f796e59a-51f4-4ae2-86ad-157febfef573","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":187,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"820fe4ec-c388-4afc-a8d0-d8406894763e","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":187,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"e21aa183-33f6-411c-8133-a8f6f2c03f23","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":187,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"3e3f4d0a-344e-4b49-97ea-4e07d4e33e3d","block_type":"box","text":"categories.","page_number":187,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"95bfc7a3-2a97-418c-a85c-b7b2a265bb74","block_type":"box","text":"A-2","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"15e04492-68ea-4795-af8e-c8ec1f27b7da","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40b74345-964e-4159-8772-bdeaab13a142","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":188,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"11e02328-7dbd-43d1-a4f4-ffa9b1abe9ca","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":188,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"24b8078d-1d3c-43c6-98d4-fdd6fec4d67a","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":188,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"2be0d288-7755-4f39-b7db-16b03e435416","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":188,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"c9c67f49-4e36-4b27-82ff-722146a53507","block_type":"box","text":"an issuer’s self-liquidity.","page_number":188,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"ed03b3ea-7eed-4998-ae4f-b3375f622e69","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":188,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"27c32ca3-771b-444d-a062-af113debfd94","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":188,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"52d152f1-b3d3-4108-aa9b-a6de5b7a34b3","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":188,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"b614b39b-0cd1-44f3-b8e4-bdf67a82bc38","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":188,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"03221217-9aee-4f09-bc6f-5f5306dd82d0","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":188,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"83999ad7-233d-4b8c-8b77-6aa11a336af5","block_type":"box","text":"MIG Scale","page_number":188,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"26c865de-76b7-4954-a81e-44cb74da2497","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":188,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"00a7ecc7-1185-4842-8920-b8cdbdab7dda","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":188,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"3ef875ff-b74f-46ac-a4a2-fbdca1a30dda","block_type":"box","text":"refinancing.","page_number":188,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"b5847607-fecd-423c-9fe7-1b80bb314f1b","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":188,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"2d1f6f81-9151-49a3-841a-8ca5db52a311","block_type":"box","text":"large as in the preceding group.","page_number":188,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"60cafa48-e31e-410a-b227-e447803c1e4b","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":188,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"26f9986b-3591-4572-8f1f-771cdc3b0d0c","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":188,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"98588694-53db-4bf0-9c32-d48d19c7fe1f","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":188,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"1f388ea5-3bfa-44a8-8a40-20173456f8e8","block_type":"box","text":"lack sufficient margins of protection.","page_number":188,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"eafc0ed9-08c8-4daa-96c5-e9a3a5011e71","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":188,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"8cd6bb8f-cf16-4886-8b24-50220903e620","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":188,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"5bdcf11d-1f5d-4314-9017-5f9136d4c50f","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":188,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"356b1113-9c5a-4553-a0ac-ea667f29e56c","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":188,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"3589a2df-1ef6-4dc3-b23e-0f584205ef07","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":188,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"b15c4dee-0187-4d5a-bf11-b257334bbd28","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":188,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"a7a58c09-cbf3-4e71-b7b5-8fb4a2ac502f","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":188,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"f84a6e8b-ed56-4c99-8448-83224fee52d8","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":188,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"cd95ca15-a5ef-4edc-a3de-3824325989ca","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":188,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"68936ea9-ea50-4865-818a-c7b1005e4178","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":188,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"678a33f8-89f4-4c48-b914-3bec7cfc5fdf","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":188,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"be745fbb-a7d7-4b1c-a2c3-f173f34fe87b","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":188,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"711120d9-4220-4aa4-8e92-5503368833bc","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":188,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"e7060712-dfb2-4679-ad50-54bbbb224aa6","block_type":"box","text":"VMIG Scale","page_number":188,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"61ee425c-5240-4155-9c15-6f9c781623ab","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":188,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"2b7cb303-0fad-4013-bf2b-9837b5f6d971","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":188,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"5815c266-79fd-4323-82cb-245396c32708","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":188,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"e5d4707f-d428-4cab-8239-0deb34751d6e","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":188,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"6f723737-9a75-4fc8-bdb1-e4a8b7d81645","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":188,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"1efea5cc-7365-4180-bdc9-da06da2121f7","block_type":"box","text":"payment of purchase price upon demand.","page_number":188,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"ac0cf4e3-69b7-445e-bcb5-ed1d05d9de41","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":188,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"f47bf965-b865-45c9-af89-0264d68e9e1e","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":188,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"3b420d8f-7bdb-4a43-b571-2ea94f3173d1","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":188,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"4e8c7d28-e724-4803-a3dd-804cd4a03b6b","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":188,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"cbeb8b2a-21e6-4815-9f52-fdbc29ac5057","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":188,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"720c0f37-13d0-4ad8-8206-b317df0559ab","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":188,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"6113a2b1-3f72-4c49-b275-6319177bd32f","block_type":"box","text":"price upon demand.","page_number":188,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"94913010-6bb5-4fd4-8937-15c0b71e0cb4","block_type":"box","text":"A-3","page_number":188,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"9a178490-fbc3-4ddf-a161-cad031f8d866","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7a616c5-6e5d-4dc4-a536-2a212da6c444","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":189,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"4b82f60b-ab22-4d37-9d55-01a8b41add19","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":189,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"8dc1ac5c-7bdb-4322-8c7d-f59dd25116b0","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":189,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"5fbad8f4-11a7-4d08-b4f0-6c9603cd9569","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":189,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"1cc1862c-a648-4d24-989e-44b244141ea8","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":189,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"27677492-30da-42d1-bec1-3ae83e5ec3e9","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":189,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"ea4080fd-075d-4f90-b82c-2cd99d8632d3","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":189,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"f6f710ad-88d1-4e50-b27b-68186fd7c175","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":189,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"4827930a-edc8-475c-a728-73206f9c0622","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":189,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"5b28661c-366e-46ab-bb98-dad243fb24d5","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":189,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"cb1c3b04-637b-4811-a46c-a0b2ea3e4845","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":189,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"accc05ba-d506-462a-bd89-4e2cff4c629e","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":189,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"fc4c601f-200b-4838-9771-5e6583a0221e","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":189,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"9f0ca631-db56-4c02-b36a-2ba25d540f25","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":189,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"6df84348-0fac-42bc-8a10-667e5499326f","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":189,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"d1e4950a-751c-4614-ac83-406cf2614c15","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"50557632-ca51-4972-8b3c-b423ebd928e9","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":189,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"aa816ce6-6f4f-4d9d-8912-af73d7c19a36","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":189,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"54759c58-2899-4e73-93a7-0fcb8d879263","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"c755919d-3efe-445a-982b-d48455576873","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":189,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"3c7468ce-c521-4caf-98f7-e99cb66c1c6f","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"2f34983d-8ec1-45e7-a664-ad1ff73cb8c9","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":189,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"2a52d1fb-e75a-4d30-8141-1604a1b18ac3","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":189,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"1333d9b8-1086-4dfd-9655-cfbb6584f208","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":189,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"7ce6997d-4fbf-4b27-bcde-292355c658c9","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":189,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"b6b41c82-3c8d-4eb7-bf00-d8a2ce926ba1","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":189,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"39d44080-232d-4e09-a351-4005e9d675fa","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":189,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"6173056a-0b6e-4ae5-bb86-526b004361d6","block_type":"box","text":"obligations.)","page_number":189,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"57bc7bb9-fb8d-43bf-9490-416b5aead86f","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":189,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"15841ec2-33ad-4a59-a620-1338e9b36908","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":189,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"befdfb39-6800-4f51-8463-e2dbd6c2ab74","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":189,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"9b5babcf-bf4f-49d5-bfc2-f415488f4e01","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":189,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"1389c6c6-6cd9-4008-81e3-3c2626c000d2","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":189,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"4aa7692a-d929-43b2-820e-37a41f6eccfd","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":189,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"434709ca-2b08-4d2e-a68f-7aa37d0cc20c","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":189,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"2c97f8f9-4362-487a-82a0-7ff4ed0b543b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":189,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"89b584a7-4963-4a0b-9b47-ce1afd6140cc","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":189,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"4482873a-8ec9-4241-9525-612d8c4d6746","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":189,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"79ea4834-5a0f-40ec-a84a-b0e9e83ce061","block_type":"box","text":"financial commitments on the obligation.","page_number":189,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"a83e17a0-c433-41dd-a07c-cbfc8b44fa76","block_type":"box","text":"BB,","page_number":189,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"8a8fe4fd-f500-4ba5-9730-4c78cf87e060","block_type":"box","text":"B,","page_number":189,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"ab599489-d7d1-4247-868d-8b69090a288d","block_type":"box","text":"CCC,","page_number":189,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"c07017d7-4a02-4d61-9bf9-d64bb300d204","block_type":"box","text":"CC,","page_number":189,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"963eb5dd-e25d-4d1f-8096-5aa7f03dda9f","block_type":"box","text":"and C","page_number":189,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"00c38fa9-ada1-47ed-9540-2d33d143ba04","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":189,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"d07ddd6a-2082-407b-b463-45e5955bae35","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":189,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"dc9e51a6-29ae-496d-b76c-5f86b608ed3d","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":189,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"ec0c1378-09c7-4d4d-bc5b-1de31a9f3a02","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":189,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"2d378c4e-d6fc-45c9-8520-69ef1fd99575","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":189,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"581b099e-0b6b-4672-85d2-ec0afdca96e8","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":189,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"50f7ade6-1fba-4114-ba9e-26ad55a0ec76","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":189,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"9696edc7-68af-4202-969c-1f0cbb68c3a4","block_type":"box","text":"on the obligation.","page_number":189,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"41938476-7b63-4e2f-9af3-3e7050f6b21b","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":189,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"7cf6e544-ec9d-434c-ba4b-e6e82bf2659f","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":189,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"46cd824a-a83e-4198-af78-371105dea669","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":189,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"41329a53-8727-4fed-9ec2-36af3113579f","block_type":"box","text":"financial commitments on the obligation.","page_number":189,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"4e1bef1c-ec8f-43fa-a73f-c9226c4f840a","block_type":"box","text":"A-4","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"7706b8c7-0522-4969-984a-a881913b743e","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa5adb7d-6e6b-4838-94d5-badcc0725ab2","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":190,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"3e42357a-435c-4e1a-b1be-c2e96d1c6928","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":190,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"bf2a7844-4a60-4425-b686-ac3ec442321f","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":190,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"92627e55-1c3c-48c8-9c24-afacba23a11d","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":190,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"02e50771-856d-45df-b17e-668de7d526fd","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":190,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"109b1d1e-60ff-4029-a146-7be7a5762238","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":190,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"c929a793-28e5-466c-93be-f0f9b62b12da","block_type":"box","text":"anticipated time to default.","page_number":190,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"24476b37-b01e-40f7-a1dd-d73ce98092dd","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":190,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"b20397cc-f9fa-4e7c-b45f-06e7482923a1","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":190,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"e0c68a68-d7e3-41b9-b6f4-1b669162647b","block_type":"box","text":"higher.","page_number":190,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"402f15f1-e870-4ee3-ad14-6fcc7840368b","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":190,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"1697f3d5-7af4-45c8-8279-3ac1b1f5e20d","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":190,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"2c1e54e8-6861-496e-9f7d-f8fa7888ddeb","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":190,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"03f13d4f-aa10-42bc-b8a0-015224c6f3d7","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":190,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"c4bccf5a-1226-4cac-8588-42104e01e3ba","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":190,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"bf276287-b816-440f-9481-df51c8d28943","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":190,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"76fc3d83-01e8-4610-87b2-1471543c83c4","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":190,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"bf03ed94-c381-487c-b0fe-2080776f49ec","block_type":"box","text":"restructuring.","page_number":190,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"9eedb097-4281-4bd7-ae63-1a414f63afe2","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":190,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"2426012c-1846-4489-96e3-1af51b0070a0","block_type":"box","text":"standing within the rating categories.","page_number":190,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"a8cf3db2-fea2-423a-8746-731629f4264e","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":190,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"0d7b71ce-d677-422b-a015-83eb98dafb4b","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":190,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"391bab8e-0f3b-4a93-8c87-cd40cb7158e6","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":190,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"0a82443a-160a-48ee-affd-299b9a90566c","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":190,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"9c7f12aa-82da-4032-bce3-a283e82f9d51","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":190,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"935b51d0-28d9-4f12-b379-493a6e7a60cb","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":190,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"aead1bc5-30ed-4bc2-b044-04f949395927","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":190,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"10071760-c651-40ea-bb92-9f80350249e8","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":190,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"b0df85a6-8934-4d53-86cc-e2855ae3252d","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":190,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"2533c222-b7b6-4c66-bcca-a32d48d3bbfd","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":190,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"835a6ad2-7bf1-4763-b794-00a06ffdc4f7","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":190,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"6da9cdea-b4ff-4f73-aaff-1a0534d43705","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":190,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"0656995c-4e7b-4dbb-b57a-6625ceee9e46","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":190,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"5fb329dc-069c-4d19-99ba-d7b2a4b92d49","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":190,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"769fe192-225c-4ac6-b1e7-587c4a03e6ac","block_type":"box","text":"financial commitments.","page_number":190,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"26f48afe-4d32-4e40-939e-7136af8f9d5f","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":190,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"cfbc5e5f-1b14-4969-a17e-e853781ccedc","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":190,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"20a9d43d-36ba-4728-9115-7a86ff2c3010","block_type":"box","text":"commitments on the obligation.","page_number":190,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"d864cedb-c492-4073-8d09-fe433273e867","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":190,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"12bd6ed2-29ad-4233-ae42-7f27883ecc4d","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":190,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"621ad006-1a30-45f1-88a0-ad7343db102a","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":190,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"75f21893-166d-48a5-8447-c9e2bf457113","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":190,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"339dc844-6ece-4df8-abd9-4a9e53881a4c","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":190,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"d8cbb8c5-759a-497d-af40-c9341ab57cb0","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":190,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"2b16efe9-375f-4794-8b4e-896a65e8c673","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":190,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"7556799a-ba00-4e0b-af29-8312aa6c21a3","block_type":"box","text":"debt restructuring.","page_number":190,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"df1aa5cd-a849-4fb1-a4d4-c3c6419aff3e","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":190,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"04188d88-a573-4d74-83d8-b6924a7d7b6e","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":190,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"9a41c0c8-fe77-40da-b745-d5b94d6efdf5","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":190,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"f161fc2d-f6c1-4f4f-932b-327cd378395a","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":190,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"a193c2a5-3bbb-4d45-8240-10753f262808","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":190,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"5038858a-dd5e-4ab6-9848-c1f6ab5e2f54","block_type":"box","text":"A-5","page_number":190,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"932e2e9b-d423-4d8b-9cc7-b96f47bf234c","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0d4175d-8ae5-4cb4-a2c5-2f0eed56d879","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"c60b3599-a707-4131-ae89-33f0f9580f4b","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":191,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"4861e77a-6e94-4329-8e2a-7f4d2bbf7b25","block_type":"box","text":"as a note; and","page_number":191,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"c46ea05f-c789-4fd4-9483-b37183ccf8fa","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"6b6bd54f-247b-445a-b51f-667cb0cc711d","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":191,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"f28f06ef-4283-43df-911b-86cb2a074df2","block_type":"box","text":"treated as a note.","page_number":191,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"19b94c71-57bf-4eae-a6f5-a64d8ea24a50","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":191,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"2061ed8a-3d10-46cb-a5ae-18563097b909","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":191,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"df628004-0379-4246-908d-6679b6a66492","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":191,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"c273c7c6-e1d8-48d0-b205-6f673696838f","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":191,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"7a385a0b-d467-4691-993c-e104cb316bdc","block_type":"box","text":"economic changes over the term of the notes.","page_number":191,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"6953b558-0110-4514-a199-b7816becb9f5","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":191,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"d65191fc-506f-43ba-bc15-ea9da9a35f46","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":191,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"fc9d8e1c-50cc-41c1-b0f6-ed6fea514039","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":191,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"3d0779c5-ad76-4203-83f1-52f522b036a3","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":191,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"47d85feb-2630-47b8-982a-593012eebc51","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":191,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"c83b640c-1e41-4d68-bc8c-a4c90dd09ade","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":191,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"9f9bc496-8cbc-4178-9325-2473c9f76084","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":191,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"daf596e1-fcc4-4b2e-bb8c-68aad412acfd","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":191,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"d305c10c-1e37-4a5f-8fc5-6f58557e9efa","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":191,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"fa9f80cb-8593-4629-a8c5-06b010f8c7a1","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":191,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"c15d4664-9b98-486b-bff4-e5a519768963","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":191,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"73f4653a-b552-45a3-ba5b-64b8f206a25c","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":191,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"463569e1-7931-4cfe-b15a-c0555652b3a6","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":191,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"61d456d4-4b09-41a0-9d87-9559408b6812","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":191,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"6898a23f-96c0-4558-a945-064dac3cbce8","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":191,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"a7d9c5ea-f497-4e3c-b1c5-a07240868474","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":191,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"8d57e2d2-07ac-4e87-a43b-1424ab1a6ede","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":191,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"4eece1d9-c303-4143-92be-38e4d0b9a2fb","block_type":"box","text":"receivables or other financial assets.","page_number":191,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"308883d9-d5bb-4bc7-bc55-da2a70e58822","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":191,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"64bb860b-2541-4797-aad1-457d5ee8212e","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":191,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"9e882a58-c146-4c13-9693-0448c793bad2","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":191,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"a82a4a31-73ea-41dd-956a-5f42548af016","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":191,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"f2288442-8d70-4609-8744-8e3a25e19939","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":191,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"a9606ff0-531d-4616-9bce-bc783b439928","block_type":"box","text":"occurred.","page_number":191,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"050e7700-6286-4dd7-88f0-752f464d636b","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":191,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"93750838-1b89-40bf-bbac-435bd724bbd0","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":191,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"947ff380-c84f-441a-9944-b45f4c99526a","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":191,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"81fca1e2-bb0e-44f7-b9d8-12c6caa5a5ed","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":191,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"06fffe7c-5471-45ac-a4b1-80ca8c2c0bec","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":191,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"cbfc728a-38e3-4e09-9df0-88f079998e05","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":191,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"26c6d36c-8363-41ac-a999-db2c8bd2a6ad","block_type":"box","text":"rates.","page_number":191,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"dbab79b1-b4e4-44d1-a631-70c85653fb46","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":191,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"668f5bf3-0176-4a24-88b2-d9667394eaaa","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":191,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"b7b371a3-06f2-4ece-b78b-947105986d8d","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":191,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"0d6e5c25-3059-468d-a76b-a12ae5f98080","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":191,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"10047e34-f3e0-4765-939d-86a0dd66345c","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":191,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"8c6518d3-4d06-4421-86d0-e6420451c650","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":191,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"d75f9884-1233-4345-83b7-11207e8b440d","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":191,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"074e35e3-857c-4e6b-915b-9c2b38388ca1","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":191,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"4ce94e08-fe1d-44bd-865b-e0d5b5d23bad","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":191,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"b0025524-5539-4f13-abca-c84f75950239","block_type":"box","text":"i.e.","page_number":191,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"79d6ebeb-f20e-4c3e-93eb-38d7963c3dae","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":191,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"eec35e30-3e04-461b-8060-111fa83d550f","block_type":"box","text":"the obligation’s documentation).","page_number":191,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"cef06f9d-ce57-425d-beb2-e2ef90c6f873","block_type":"box","text":"A-6","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"a23e1077-f982-4c84-b051-5466d32ea8d5","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76dfa31f-fb97-43c2-b13a-0369dc4bd34a","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":192,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"afefba12-ac60-47a7-8efa-7c284dd7ea91","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":192,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"b8174fef-898b-4513-aad5-9a7316b3b1bd","block_type":"box","text":"agents in the form of a rating letter.","page_number":192,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"df869854-9c34-4697-ad74-c1599fb90da9","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":192,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"90c74bd1-e721-447e-a3a4-527b9823b54e","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":192,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"e9c8970c-24a1-43ef-97e2-e5f25c799a01","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":192,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"199f99c7-5f6a-4477-8144-e96a441dbfb0","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":192,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"7d61d267-753f-4765-bde4-ef2f8e7b7ac9","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":192,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"4ead04c5-1c78-4c9e-8a28-b50bf104814a","block_type":"box","text":"e.g.","page_number":192,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"d419e426-5989-4bd5-8e9e-fd825b56fe0b","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":192,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"0d4f3542-216a-43aa-a4bf-e7cdabd7f6db","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":192,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"4ab1b4c8-1e9c-40ae-9f4d-bc49a8ea3bfb","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":192,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"b1204a4d-235e-4f5d-ab5c-e2645db47c2c","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":192,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"08ccec94-d9e8-4a88-805c-67e81a2ddf63","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":192,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"2e9f5997-ab18-430a-ae3f-f88a07b60cba","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":192,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"817cb23b-ddce-4e32-b910-b730b2ae3a83","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":192,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"c54ba556-4e5d-4f10-8525-44d77bb52aed","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":192,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"31cfe911-dd3f-4617-b4c7-5fc9d58c54df","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":192,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"41cf8132-a233-4601-a417-89cf6e1042ae","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":192,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"7f28069c-791c-4ec2-888e-b68efe735039","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":192,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"2edaf447-0593-4f7f-b98b-234360a3d1c5","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":192,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"6c2f855a-2d31-4b0e-b4fa-ec23dee7ce6f","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":192,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"b801f9cd-429c-43a0-9cac-bf0ef7c4cd8d","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":192,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"e606dd20-e334-411b-8be0-624514ca47c6","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":192,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"4508a0dc-7980-4980-b477-6964f92137b7","block_type":"box","text":"Ratings.","page_number":192,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"927d85cf-c2e7-4899-a15b-962a3c48011b","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":192,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"5fe2d63b-61e3-403d-b2c7-abd8299554f8","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":192,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"5570a2b8-4bb7-4125-9acf-e2374905cca0","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":192,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"a9a58a1d-9c1c-4ce4-b671-7db9a3df8687","block_type":"box","text":"obligation ratings.","page_number":192,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"965bce43-8548-4fed-b02c-3417e5a7e98c","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":192,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"a41de57e-9a4d-4034-b584-921c28890f78","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":192,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"868a0c0e-d5ad-4b99-a143-32e7ba963004","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":192,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"97d1290f-e9f1-4713-9632-133bf74dce01","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":192,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"fc723a19-82ac-4bd8-ba52-ff7687cbb0e8","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":192,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"405c456b-bbd5-4ff5-bb0a-8c7ce9d6d5e4","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":192,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"6bb8222b-e7ee-4442-a147-417111958b77","block_type":"box","text":"to foreseeable events.","page_number":192,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"60d6fe40-bbd0-4a66-ba4d-67fc93deb7ee","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":192,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"505a3a22-232f-474a-adbc-6b2a3e27f9d7","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":192,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"9b8623c3-cbb7-4d9f-8db4-531a09c40762","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":192,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"fd68d441-f565-4f2d-b92e-c0472a63d206","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":192,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"6ef607d4-d126-473a-8e95-8e04703193b8","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":192,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"b1baecad-b7a6-4202-99fd-ff1ee2a49924","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":192,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"9415c3a5-5568-4ea7-af77-990b78d4aa5b","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":192,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"bc0344eb-41d4-42d1-82f2-aaa8b277f398","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":192,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"96a7aa82-9c8c-464c-9781-c8b2cbef6d60","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":192,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"bf06fb83-04b1-47fd-8fb0-88f7ee7e1819","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":192,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"e9a143fa-de7b-4a11-9490-af4c590238b6","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":192,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"0cfa2582-747b-449f-8b70-2c7f89b0dcef","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":192,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"7cc05f62-0bc8-41ee-a8b2-5b73863be04a","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":192,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"8a360396-ae78-421a-88df-31856ecb9c9f","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":192,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"8cb68dcf-d1e4-482d-a661-5a2ef7e121b8","block_type":"box","text":"relative status within major rating categories.","page_number":192,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"5d91176f-9997-4c04-a754-34aa97844df2","block_type":"box","text":"A-7","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"658ad72c-ce86-4436-a712-aab52b336ce0","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c491da98-6316-449d-adf3-6b6a8683bef2","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":193,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"71802f2f-aa6f-4740-a94d-73a8d27ae20d","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":193,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"be9b007c-c970-4804-a342-4446e5c752ab","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":193,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"08657c09-ac5d-410d-a733-03640e933ab8","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":193,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"4abdd5ad-b7f3-41a5-b918-9643121f96b2","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":193,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"905c3114-06a2-459f-b51e-bdd80451385f","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":193,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"15000a6d-0a80-4c35-a725-33e7f7430869","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":193,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"c888f8c5-a490-40b9-abbf-37581f10e09c","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":193,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"0252a6b8-8fc7-46a2-9eab-c5288bf269e4","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":193,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"ce484421-2a6a-4977-94c8-e1acbf5af69e","block_type":"box","text":"finance markets.","page_number":193,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"0266aa71-87f0-4cc8-84b5-cb4ab95fdb98","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":193,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"1aec3462-147d-4fa6-926f-56fdab141e08","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":193,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"2a62b1dd-cfa9-4c52-9da4-ecb462e06851","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":193,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"62a0825c-3ee0-4cb3-a4f0-0e798fef70ba","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":193,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"fa07994a-0961-45e3-b3f8-bf2891a6df6e","block_type":"box","text":"commitments.","page_number":193,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"3e73b954-fb4d-4afe-8bad-3b1b3dd06170","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":193,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"0d526182-a88e-42b9-89c1-0100e185d0d8","block_type":"box","text":"adequate.","page_number":193,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"ff04b8a2-3b08-4a19-a128-1a73479c2d86","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":193,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"46147d8c-5cd2-456c-84ef-b8890c3c2062","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":193,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"ede7ea6c-9b51-4204-a367-2dedc466a97e","block_type":"box","text":"economic conditions.","page_number":193,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"15a4cdfe-2bde-4241-b915-017ecbf092f8","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":193,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"ca0b25ed-edd6-4788-90e5-6bc6910b7334","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":193,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"4655dd31-4d8c-47c3-88ac-b5362d6258db","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":193,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"a0425e42-f96a-4bb6-8353-3f9d0b8a59cb","block_type":"box","text":"ratings only.","page_number":193,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"aea307f9-f3f7-4676-adce-211357ca4f28","block_type":"box","text":"D Default. 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subject to the","page_number":194,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"4fb1c102-4cd5-43c5-b88b-b333c07ee4b0","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":194,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"fcfa692f-8674-407f-9cc5-86d245b78031","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":194,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"5fc7ea70-48a9-4d14-85da-6268466070a9","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":194,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"e4afe9d8-d0d3-490a-a3ba-2184b3eb20a4","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":194,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"c95aad8f-da78-42e0-a75d-1f8ee1120f6f","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":194,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"abfd940f-16a7-40a8-89d9-3fb823305f40","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":194,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"ca96b3c0-d841-44aa-9c4e-10b877df719c","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":194,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"696059db-a51b-4fca-b745-5acc8efdd280","block_type":"box","text":"Conflicts Management","page_number":194,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"573ba010-02de-4d05-9186-c21919e978ff","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":194,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"6ceb3565-a8cb-4994-8c8d-be7f0ddbf00d","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":194,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"bcd3f0ef-7e71-4dc1-bbdc-633d78a46784","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":194,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"439f88b4-2ffe-4a9c-9ae5-a3f1101cbaf0","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":194,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"98d861fb-d7a9-474c-917f-4c86bdb40fbb","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":194,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"d7694f70-39eb-4c80-858c-88b7f94ee2e9","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":194,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"aa95daf8-cc06-46d3-9b6b-8533cd9e6746","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":194,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"b0292e2d-8e11-444d-a94b-157bbec1e5e8","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":194,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"ec83e4d2-ee12-467c-98f9-1d5b2dba3ffc","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":194,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"9110af13-bfc7-4e5e-b658-d2646730ac0c","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":194,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"0314a748-9cfd-443f-8f4c-29b9893c80f9","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":194,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"17069558-acab-4ed5-8b7a-ed5a9c3719ee","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":194,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"d313ec72-4dd0-4ef2-b3fc-e1507f285064","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":194,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"3518147e-9e9b-4f08-b0d3-5b3f46636de5","block_type":"box","text":"connection with proxy voting.","page_number":194,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"bcb065db-bde9-4a1b-8de7-811539743705","block_type":"box","text":"Reports to the Board","page_number":194,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"1ea8a1d2-6b54-416b-a92e-85d513a1485e","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":194,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"ca2d5af7-7023-4e9f-8187-1e1f8e24f5a5","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":194,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"09d2a1c2-e6f9-4989-aa5c-fd1b131d5838","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":194,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"d1429264-1b69-45b9-be06-f0d807644df4","block_type":"box","text":"changes to conflicts management practices, that have not previously been repor ted.","page_number":194,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"78beabd6-41f1-4a89-938a-5b5c884f96c0","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":194,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"8112a4c2-2171-42e2-bfc3-dc26b7edec7e","block_type":"box","text":"BlackRock","page_number":194,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"75c7b84d-4438-4706-a0ea-05db0d6aa5c0","block_type":"box","text":"Public Page 1 of 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":197,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"115dce7f-63bf-47c1-b1d0-e456f1e1b56e","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":197,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"65ba9e2d-c19f-43b1-be14-899ec98923fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":197,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"9f00412b-df96-45e3-aa0a-80af64b244dc","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR","page_number":197,"box":{"x":73,"y":363,"width":771,"height":9}},{"id":"db50542b-5fd2-48ca-9da1-63440f68cf89","block_type":"box","text":"NON-INDEX EQUITY INVESTMENT 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views","page_number":198,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"35c8fd02-d66c-4a6e-af9d-44d00b9fc6bf","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":198,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"674d823d-7b91-4bcd-969e-f78ee20ceeba","block_type":"box","text":"issuers.","page_number":198,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"93ffbcbe-9c07-42af-a9a3-b060b3131d3d","block_type":"box","text":"1","page_number":198,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"851f7bef-b5df-4026-8466-bf5f5bac389d","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index 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The guidance informs the voting recommendations BAIS","page_number":198,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"b2e03654-6ad2-49ac-80da-df465d7daa06","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":198,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"8e51b012-c39b-4cca-a578-c445d40d4ce7","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":198,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"33556188-928e-427f-9b18-5bebcf2a8576","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":198,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"eec9bac4-3ef5-4a27-bb8f-303f089559c3","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":198,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"0be3494f-0ad1-4473-8d0e-d82ee60059fc","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":198,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"07b8063b-4691-4d90-a11e-32cedc2679db","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":198,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"72c98c23-380b-4add-9c09-3556c555e182","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":198,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"dd9f4a21-7544-4166-991d-4f7af4cc5190","block_type":"box","text":"1","page_number":198,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"33a7c972-0851-4e8e-9364-87b30c375077","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":198,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"9e3356ee-970c-400c-bc87-4bd989e655bb","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":198,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"80b95750-6a2d-4e24-b23d-f2b6a85a8d5c","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":198,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"a286314e-ea95-4122-8975-c6bcd5a94077","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":198,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"0f2afec0-3995-493b-81d5-0b09db0c2878","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":198,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"9fc1447b-b39f-4dad-9da0-e8b412d14441","block_type":"box","text":"2","page_number":198,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"c5f041ca-ac9c-4ad8-8d91-d22da45f7105","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":198,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"b8e6a082-84c6-4f62-af34-69692508e0d6","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":198,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"45f0bd9a-1179-4d98-946d-fc46f7d9b682","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":198,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"c790c480-f64d-4196-b5b1-5624e18703c2","block_type":"box","text":"policies.","page_number":198,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"c6d84ee8-d299-4caa-a631-b46bbafbb3c5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"53dc4112-cc95-4794-aac7-030363b05f4b","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"f2358f7b-2b33-4060-b4f9-9c0bbdc48f8b","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6776a3c-a834-4a55-b730-8a87105416d6","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":199,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"ba290bce-9636-4eda-b0da-3b54173f9de3","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":199,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"d9cd9d85-f85e-420c-bdd6-d1beab66214a","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":199,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"f1c78402-50d8-4a44-8f97-e98483fc061e","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":199,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"5a5fab8e-c67f-4bc8-becd-278bf74523d1","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":199,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"9b9e2fdf-5c55-4abe-ae5f-c0b95b0bbe2e","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":199,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"074f0f76-4f3a-42da-96cf-1a62bb41a39b","block_type":"box","text":"this work with research, data and analytics.","page_number":199,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"a23e4fbd-40bd-425f-bb65-691b8e4e95c6","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":199,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"ee82b1f2-bf3e-4503-b9d8-87858decae75","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":199,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"bbdd6434-4d4d-4abb-ab6a-b5e718f75dfd","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":199,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"2e0f4c11-b037-4a1c-8835-7fa71ca23443","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":199,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"4568789e-b576-4146-a2fc-9055d0f677de","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":199,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"c09d2c5e-fb08-4020-a90f-ecae43af1a76","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":199,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"f09a3cf6-b51a-4bcc-93a1-7b1889deded7","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":199,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"6493cee2-f122-434d-95d1-2e0542ea2c16","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":199,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"f8b90417-3d50-4f1a-b9c3-6db43751638e","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":199,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"e166565d-9d10-4ce9-86bb-dcd1eaf15824","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":199,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"f793e19a-c3e9-48cd-875f-94c9bd5b1132","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":199,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"a621beb9-e9d3-4e97-8e1d-c2ed05bc98dc","block_type":"box","text":"shareholder meetings.","page_number":199,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"de5d9a47-c043-4aff-b362-69cb4420e4e5","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":199,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"ce17cd65-fab9-4f3a-8f1c-612e9713e6f3","block_type":"box","text":"investing.","page_number":199,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"0946565e-31ae-488e-abe0-6ab4eb21ed39","block_type":"box","text":"3","page_number":199,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"b597ce57-d4cc-48f6-87c1-bbf31d4b5f1d","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":199,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"86cd8cc5-5671-4986-9391-18df70cd3040","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":199,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"963fe9b7-a976-4b56-822e-4690d365775e","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":199,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"e8c281c0-29b3-437f-bfd1-5bdf23983466","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":199,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"d7c9b97f-8998-416d-be2f-dfc75b63d8d1","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":199,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"88fbf4bf-c65e-4f6e-a2e9-3f07d24a1150","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":199,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"924f6370-82aa-4b1a-b99c-180c7968ac49","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":199,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"d610fcbf-4165-4b17-93a4-f401c26db52f","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":199,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"3d09df69-f580-409d-b405-b367212589d8","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":199,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"b42e074a-1839-4427-936f-991974524609","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":199,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"ca7d7478-3833-4a37-aef2-555f81cfca79","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":199,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"da774012-1f99-48f7-96b0-395ed3ec28e0","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":199,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"1cde3816-7a0b-4b7c-b6be-8adedc3285cd","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":199,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"a1b6c12a-fe43-4359-bd76-2e331c8e2199","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":199,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"8f09acc9-b07a-434b-88fb-dd8140c1e6de","block_type":"box","text":"management teams and board directors","page_number":199,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"4a9d9725-2fe9-46a4-83c1-a08b255af173","block_type":"box","text":"4","page_number":199,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"b49d2486-801b-4e47-9f56-223a28b0ca31","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":199,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"3b9ff276-b5a2-466e-be45-8adb8af26a98","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":199,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"89b294fd-68a0-4aa8-ba56-ba8b3f691c5f","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":199,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"d49afebb-54b2-4e99-a0e9-cf2adfb245c6","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":199,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"980ffdb8-aa46-4702-acc7-671a3533f5e1","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":199,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"2a17ab16-3bfc-4d0b-b027-1bae3fce86de","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":199,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"d1805a92-9da2-4442-8b8c-0feae6f1bd87","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":199,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"f73cafd6-5408-440b-bb2b-4ef139b2405c","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":199,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"c576bffb-845d-48fc-a762-6fa703955024","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":199,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"cef91f6a-287b-47da-8723-f7b32e5c1509","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":199,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"36e91417-d78a-4550-9067-03100415b1e2","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":199,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"ea12b0db-0f51-444a-838d-9f4aefd0fec3","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":199,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"604b4dad-2581-4eb8-98b3-a38a8029d381","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":199,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"ba53e500-1296-4afa-a16e-580823520f5f","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":199,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"3ae5e0f6-b9e5-431c-8563-3c8ecd06e84e","block_type":"box","text":"3","page_number":199,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"0032c4fa-d95a-450c-b5e5-74feb18513a8","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":199,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"aed289d8-09cc-49a5-82a8-7f2b7a47a282","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":199,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"8c581fba-49a3-4efa-9ed2-94e488917473","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":199,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"61216798-3320-4439-a737-b11e895d742e","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":199,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"c98310fd-3c8f-4054-8017-75ed197cb092","block_type":"box","text":"4","page_number":199,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"0a649fc3-774a-4e0d-a8a9-4ccaf1dcf64e","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":199,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"d1269515-f4de-4354-b8c1-e75eb0a22e52","block_type":"box","text":"boards and their members, where relevant.","page_number":199,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"b04ba59f-9390-41e1-842c-1165f6fb0324","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1afd6d35-72cd-49a3-9c80-1964dead4def","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0817fc26-e058-4e8c-9a6c-efcf962dcd12","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c6b09a8-bd92-4159-b47b-8269cbef3c3c","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":200,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"5c16e0b5-dc1a-42a5-8440-674b0502d2a6","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":200,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"1068e25f-130a-4025-98bc-91d6d9c79606","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":200,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"efe7d669-7ce1-4ef4-a288-329cbe78b1f4","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":200,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"023e9931-366e-4215-9bdd-bab8e082440d","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":200,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"29dce3ea-e4cb-4147-b62e-f346e290615a","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":200,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"4e305342-ab8a-456c-8eac-7e81ee69e0f0","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":200,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"968e99d7-bfe9-43b6-848e-4a645dd06688","block_type":"box","text":"5","page_number":200,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"64f82286-58e2-4456-ad8e-ebbd0793d306","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":200,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"511a1040-da96-440d-9b18-3c963fb8d360","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":200,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"444f8167-eae0-43a9-8483-2c3bd0461548","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":200,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"eca44140-e335-4af3-80de-f5acc37de6ce","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":200,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"e2320e0f-e9a9-4312-be7b-80e23afd294c","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":200,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"8ba8e9cf-5a8c-4c60-8c19-4c48cb8f04c8","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":200,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"f5bf5a30-8eb7-43b0-abe1-bf65ac01dc9b","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":200,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"c3693d92-904b-473c-896e-9d819770c1f6","block_type":"box","text":"5","page_number":200,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"3ab66368-1e26-4b67-bc90-e52fce46038e","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":200,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"c9ed1d6f-9066-465a-90da-f3ae6623b14f","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":200,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"71118074-a8f7-4ee1-ae42-9ae3af0ebc32","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":200,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"82907cd7-b727-4a73-a73b-c72869794553","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"49496a3c-62b4-48dc-834b-42751f7830e2","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5b2cb113-2bee-4062-8460-fc980d4a3725","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e1c5dae-98d3-47ff-aa30-e7eca7fa4391","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":201,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"2bb20b2f-6303-4f18-8ca5-eac6c05a08cd","block_type":"box","text":"Roles and responsibilities","page_number":201,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"97053636-3824-4e39-8739-5a52fa9d15e5","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":201,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"afcbfc79-134f-4888-a70f-e87f68de0a86","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":201,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"be2d335c-5619-437c-9d20-ef210736e499","block_type":"box","text":"6","page_number":201,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"fba63804-05e1-4ef7-800d-11ff851c0253","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":201,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"22cafa58-6254-492e-8cbc-a66cb6bdf0d0","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":201,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"95e76003-d56f-41f9-9b84-ee66c7376be4","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":201,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"3d287d13-41f8-4b7a-9dbf-8ad8f83a895d","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":201,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"aaaecc7b-fc78-4ba1-b0fd-0d8d8f7ce4af","block_type":"box","text":"per formance over time.","page_number":201,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"cd5999b8-e7e0-4169-b2ea-5b37bceb3a60","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":201,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"6afaef51-41a9-4622-ae71-96e844599474","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":201,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"776cb2a3-5a76-4ffd-b916-f9d9327de725","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":201,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"a055661e-e11c-48ef-af42-468ca474c7e0","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":201,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"83b5123f-d596-4946-b6a6-9a3939f50ad2","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":201,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"7234b0e9-b465-43dd-93bb-99f7a7bb20ff","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":201,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"ae1cc92c-b81e-433f-96d3-9ffccd4f37d1","block_type":"box","text":"Composition and effectiveness","page_number":201,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"7e5ac23c-cec2-4c8d-80bd-61beef60df3e","block_type":"box","text":"Appointment process","page_number":201,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"a37546c2-526b-483d-b2b8-e908335cf6ab","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":201,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"2ce572c4-2fab-4a49-946c-b6a83faf47ca","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":201,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"b6efe788-34df-46d9-8736-7184d5bcd14c","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":201,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"c6488bef-55f0-43d4-a788-67db100262d2","block_type":"box","text":"e.g.","page_number":201,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"b0a98889-b856-48ce-bc5a-e665f9740f6d","block_type":"box","text":", sector, maturity, geographic","page_number":201,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"c15c22f1-b7a5-4817-a2b6-aad2e25f0f74","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":201,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"8018861a-78c7-4af0-a964-802320b1afcc","block_type":"box","text":"e.g.","page_number":201,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"39fad5cc-cf54-4267-adef-bf309f25ccd5","block_type":"box","text":", financial exper tise, industry track record). To","page_number":201,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"780d809f-f540-434b-ae8d-ef55210176ca","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":201,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"36efe48f-1bb4-4dac-9cee-14ae8289d49e","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":201,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"d2ef5a43-b0bc-4ffd-8db7-712da1785692","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":201,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"7cb1dadf-8a00-4ad8-96ce-1c22e8e417d6","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":201,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"ae598dd9-3fe6-44b4-956d-fc918a1ad97c","block_type":"box","text":"and local market requirements.","page_number":201,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"cd2059a8-48fe-41a2-9f2b-d4ea357c4678","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":201,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"8078cf05-09a2-427e-8438-47478ef5ceee","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":201,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"48a3f78f-236b-49d0-9e9b-b14d4dc7592f","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":201,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"b9f1cf2d-8dd1-4442-8ba8-540223366e24","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":201,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"06dbdd63-6012-4eb0-8f53-e9c4237eea84","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":201,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"14b86ea6-5935-4a20-b4e1-f680006999e0","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":201,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"6167026f-0da5-4c28-b53f-6b7d3dfe1a12","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":201,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"c47ff119-b91c-45cd-92bc-f7cf70099237","block_type":"box","text":"Independence","page_number":201,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"b73cc725-336e-4812-bfde-ea30e0f8c67e","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":201,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"432c2884-37f1-42e4-9b02-ee0d6a640dda","block_type":"box","text":"e.g.","page_number":201,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"130ae914-4918-4e80-ba48-a5d61ec51001","block_type":"box","text":", government or","page_number":201,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"7a50c9f5-38b5-4683-a59b-b79e7aa0dced","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":201,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"231d715b-aa6f-4769-bab7-76dbaf6b4a05","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":201,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"df832d7b-5f0e-4597-a9ea-80754e1fe9d2","block_type":"box","text":"conflicts of interest or undue influence.","page_number":201,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"7a93f310-3a74-497b-bd6f-4f81722ccf25","block_type":"box","text":"7","page_number":201,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"c20c8d05-3400-4886-a3dc-2463de78d4b1","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":201,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"5670e3aa-d5b5-4c71-a95a-26ac6c48835a","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":201,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"c40dcc14-f86a-4c42-ad29-0500bf219149","block_type":"box","text":"independence should meet those local requirements.","page_number":201,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"1e024723-5612-4fb1-b64b-a4240bac8719","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":201,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"8ad1a073-ec63-4734-9b63-b8d1309b50a0","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":201,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"860f75d5-09b1-41ca-b0e7-a02afe1461e0","block_type":"box","text":"composition if this is a perennial issue.","page_number":201,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"304353d0-2a0b-4553-8a0e-6edcc6be5d2c","block_type":"box","text":"6","page_number":201,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"757c5027-6188-4c1f-8078-3a66f06e1810","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":201,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"aa81150d-64cc-4773-9c99-63c79073c9cc","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":201,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"bd76964c-5765-4c0e-9be1-3541e33bfa2c","block_type":"box","text":"7","page_number":201,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"25c2b472-c64d-4965-b679-4cb7a0107513","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":201,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"9671dea2-e261-4c0c-959c-0fcc80985e78","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":201,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"a5798f0f-23e7-49a6-8438-719a850cc43a","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":201,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"532d51e1-2ae3-40fd-bc2e-06a610627d8b","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":201,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"44778e99-e50b-4e3a-adb1-b61098336612","block_type":"box","text":"of the company and shareholders.","page_number":201,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"efd57ba7-d67c-4fcb-95e8-21ee77458f49","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"71b02ec5-dbe2-4896-bfa0-0385ed47545d","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e7f3a890-86c2-415c-bddf-eb4cf057df54","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3bbfdb10-3386-4572-a70b-028529c28deb","block_type":"box","text":"Independent board leadership","page_number":202,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"49156303-9a24-40f2-b3c1-5f4ef55c5c43","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":202,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"3544a6f7-599f-442a-b8a7-78d52b380744","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":202,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"3997643b-1800-4cf3-ad94-799a1255ec5c","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":202,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"128289a3-c8fb-4ba6-945d-ba5e327d35c5","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":202,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"63f7a69d-f590-49a2-9eac-f207b9913312","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":202,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"e11bf0d8-8cd6-4432-bb3d-1b11fea9212c","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":202,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"b58f16b3-f53c-4fea-9d1d-ad5a1e26a75e","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":202,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"79a815e5-2c47-4d41-b3d3-c0067feb9027","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":202,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"ea1ea6f3-594c-4521-a360-b6fce1549a5d","block_type":"box","text":"how it serves the interests of shareholders.","page_number":202,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"dd8b7f77-ed95-47f8-a27c-7ab7ece3120c","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":202,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"8483f418-2054-4a1f-8f06-18d90f8eb0cc","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":202,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"adcc6db6-479e-4ce2-99f8-c0220e023d8d","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":202,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"d9eb74ca-8872-47b6-99f6-b5e4337e5157","block_type":"box","text":"Tenure and succession","page_number":202,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"b62e3320-a545-4f04-b188-a26d788236c1","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":202,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"0b18d810-af93-4ee3-be39-acb27676c58d","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":202,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"e686270e-a717-451a-8d53-f88118ff65e6","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":202,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"e46d5e7b-49c5-44e7-86ca-971bd0ee988f","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":202,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"284e0754-25b1-4e36-9e67-fac0f294fb15","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":202,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"4d4e551c-7f65-4457-b344-b4b11ee6a08b","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":202,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"c1c03f35-370e-4362-b931-c1130e20137e","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":202,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"a937653a-e16f-48ff-870d-eea55f2657d6","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":202,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"5a46c483-0b2c-4505-b835-7baa6d639eff","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":202,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"9bdd030c-f6c9-4cc0-8782-5c73342df002","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":202,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"3d51f36b-f934-4566-bce8-f4ee9f044ae8","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":202,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"ebb46aa9-cd2d-410c-979f-ae8c0380f3e7","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":202,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"1a8c5f88-8fa5-44a6-a109-37456fa2f4de","block_type":"box","text":"for their continued service is not evident.","page_number":202,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"4a0cbfd1-176f-4e76-8024-fbadc8ff3cd1","block_type":"box","text":"Capacity","page_number":202,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"a387c3a1-c88b-4334-8e98-5e69015f8795","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":202,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"62cc51ea-98bc-4d89-8586-0b70185e79ef","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":202,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"bed01c62-892d-4881-8f2d-86f241fad93c","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":202,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"c56eab3b-0da9-403f-97e6-2465d54ad5e6","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":202,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"0ebb922d-27cf-433e-a213-f7bfc4f8f416","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":202,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"b775c26a-e9cd-45ec-a8d2-56afce94f084","block_type":"box","text":"determinations across markets.","page_number":202,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"77fb74ef-ac63-4702-8f28-bfb7c050727e","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":202,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"4d3ba2a3-c6d1-4daa-ac76-1decf25573ab","block_type":"box","text":"their duties to the board and company.","page_number":202,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"93bf32a0-f06a-4aae-89a3-02ecec7d68dc","block_type":"box","text":"Director elections","page_number":202,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"e038d861-f04c-4675-bde9-8be45be4cba3","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":202,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"5ffd2a02-fba3-490b-b0a5-23c8872c4833","block_type":"box","text":"structure","page_number":202,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"d9e2d294-87cf-41a9-ba7e-d59b0526628a","block_type":"box","text":"8","page_number":202,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"7b27e3c6-c949-46be-aa18-41068525c787","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":202,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"20b146d3-7ca8-4112-ad6d-6d3936a763d8","block_type":"box","text":"basis of its business model (","page_number":202,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"28cffff4-d303-40be-851c-d485fa483137","block_type":"box","text":"e.g.","page_number":202,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"75965b2b-5ef8-4a56-92b2-058dd00ef26c","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":202,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"ead4819b-f907-439c-9692-d3208c487ba2","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":202,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"1bf11f03-ab7f-487f-9739-ca48d46fc49d","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":202,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"975777e3-6dd3-4e94-b4a6-c34ff3d29953","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":202,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"3ded3cc7-62fd-442b-af36-cf44891bef83","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":202,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"27ef4c79-946f-4620-ac60-b6b7faeb0a7e","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":202,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"9b7e80e3-fa50-4deb-8b47-908f6156f0b4","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":202,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"25d0cf71-4839-4bdd-bda9-3259ef342df5","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":202,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"61db873b-c989-4808-ab16-7262cdfd0bb4","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":202,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"85f25906-b1ba-45ba-b565-1afae1d42070","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":202,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"20061c87-2e0c-4808-b035-06993c9de9cf","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":202,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"a867b592-1909-4e37-9f1f-fcbf37453a7b","block_type":"box","text":"8","page_number":202,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"b1980b16-0f94-41c4-8f4e-345b50431caf","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":202,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"dfb7cdc5-1aa5-473c-9495-edffdf075d43","block_type":"box","text":"directors stands for election in any one year.","page_number":202,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"3fee2ba0-643a-4124-9466-fe56db4c4956","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"80c53ab7-2ee5-47a3-bb08-d3fce8e5f592","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1b75f28b-b4bb-4fac-b632-c5d5fa7c1564","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1e88e68-fe0f-4529-b02a-a45a1e90ee76","block_type":"box","text":"Committees","page_number":203,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"610ce54d-47e5-43b5-a2ea-c432660cfa70","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":203,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"df300eaa-4364-4e8b-acaf-d71cb862a4f2","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":203,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"817f46d0-0712-4f5c-8d68-a76fd3f8f97d","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":203,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"cd9ca2a8-a892-47bb-9606-c96964123c95","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":203,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"b188db2c-de52-4c56-a89b-85e5ec4c64fd","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":203,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"3e90d1c6-c0a8-447d-aa78-e002e60c5a5d","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":203,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"e6c9a2b8-c73e-4858-9b52-c2eabc0779ad","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":203,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"767f2367-43b7-4772-ad2c-171001c689b9","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":203,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"44108e16-0295-4d59-b6b8-2fad296524d7","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"b5cde672-2909-4ebb-b872-f0de3bd98600","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":203,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"ddd5758f-3a1a-45c3-8ddf-91e933a7c310","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":203,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"0869547a-19c9-49b8-ba2a-9fe7b8c24b6e","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":203,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"ee71284e-850b-4d0e-ab2c-be611e072438","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"1112c8a8-50fb-48b7-97bc-0a035b1e90ee","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":203,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"2e40850b-0f64-4a8f-9e2e-2f64930a71a4","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":203,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"2ce49a71-a374-4abc-bd88-9c0e4e3ebf83","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":203,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"77bbbc2c-fd14-4e17-ad93-0255d54038b1","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":203,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"d6857e6f-4e7c-4463-ba20-82f734161768","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"1ec1fb66-c9bb-45e4-ba3c-362f63ac8424","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":203,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"9965cf80-17d4-4ef8-98c4-8ef2219527db","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":203,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"4e8615d3-cd0d-4073-a7dd-ede32c477f92","block_type":"box","text":"firm-wide compensation policies.","page_number":203,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"7b662f75-19f0-42ac-89f8-51494215bad9","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":203,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"4b720262-5398-4038-988e-35a3f4ad1f10","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":203,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"22ea78e8-c85b-4d23-8c16-8b3df180c86b","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":203,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"8fbe90af-9802-4961-a4c5-a7138c86b693","block_type":"box","text":"Board and director evaluation","page_number":203,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"8f703a10-7429-4690-8f84-6135df85dda1","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":203,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"fadea975-d4b3-4536-8ecb-174c86cee6b0","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":203,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"95a439f1-123d-42d0-80db-247ce284fba5","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":203,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"a2df6c43-4078-4831-9bdc-1606dcf2452a","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":203,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"58395f53-c7ea-458b-9dae-36c716a8e85c","block_type":"box","text":"a result.","page_number":203,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"ea4f728a-081c-4e72-9fc1-dcaa4817306d","block_type":"box","text":"Access to independent advice","page_number":203,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"881c619d-7609-4b10-8018-ff088893e30f","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":203,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"ca06b870-7347-45c2-9875-eb59f63d194c","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":203,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"8ed17be0-8d31-473b-be46-c5fc2f27a115","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":203,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"25494a4b-3371-41b2-a3c3-a409c4258be3","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":203,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"b21a31dd-7316-4045-8f90-475773e7ef6b","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":203,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"6fa2d5ac-fae2-4c48-893d-faff7593d7db","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":203,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"c8a21cf7-aa50-40b4-916a-0fc6bf167185","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":203,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"a77e584f-050c-4818-92ca-adc6a828e3f5","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":203,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"a7b1d2ab-d022-4440-a76f-66daefa3d254","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":203,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"8e2c22fb-b9ba-46d6-a04e-02664bcbf857","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":203,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"2da26018-4ea8-4fc3-baaf-589b481281e0","block_type":"box","text":"per formance.","page_number":203,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"2033aa26-29ee-4fff-a8c3-3a1058e8ff47","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":203,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"9048769d-25f2-471f-8e0c-d6ea3f9e3434","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":203,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"7c514c01-d0bf-4c36-88c1-8926ba54198a","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":203,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"28c40841-c144-4693-a87d-38a99b3fca9f","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":203,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"9ea5d787-2690-4564-becc-604924d9e1f9","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":203,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"6ec335a4-b942-4bd3-bec0-18466bec1d91","block_type":"box","text":"recruit and motivate.","page_number":203,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"688285e6-9c89-4d04-a0e0-c2abd840149d","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":203,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"5e975499-8ee2-4f29-9b1f-c0444ff7b6e5","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":203,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"2c5e3f07-1fbc-4ed2-ae6c-0a6c1af9f991","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":203,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"55d113b2-a081-4139-a2fc-cd566da97d39","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":203,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"6653224f-62b8-4781-a891-161d657f7e7a","block_type":"box","text":"arrangements include:","page_number":203,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"f4fc0051-d541-4edd-88d1-33f4b3e5f93e","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"33e33b37-dd2a-47b2-8cd1-4acc6f75c40e","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":203,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"525bc61b-5b2d-44a2-93e0-9ea5500efd12","block_type":"box","text":"the company’s size, sector and market.","page_number":203,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"f8ce33e4-ee57-4abe-a4c8-690e4ed7f2e6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"65b28e7a-382b-4453-b6dc-2f9df2ac31d5","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"12333ab4-7da2-4149-abef-636141bb6d42","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f9e4966-5e7f-4cf6-b9f4-77c6063b3bfc","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"d6310c1d-2479-4630-a6ef-6a2e27a495f6","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":204,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"397b7dd9-b100-438e-b760-515478b76688","block_type":"box","text":"strategic objectives.","page_number":204,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"37d57a78-d288-4288-84d0-649c017e0f12","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"b5f83e28-5eea-4b75-92dc-492c0bcf4309","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":204,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"de96164a-ffcf-4f51-bd2f-3bf2df0906f7","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"0205003e-243d-4f23-b031-8c2c4d7e7d06","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":204,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"10751676-d855-4213-9706-0d5a405dda4c","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":204,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"70326806-c827-402b-980a-414485ea2598","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"c7f956a4-9a34-4a02-9ab4-f20522c15e91","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":204,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"4ea37c75-632f-4744-9688-833ad0b05e7c","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"ff3065af-6dfa-40f9-ba32-bca1f310af71","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":204,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"6959d56a-3c19-46b1-92a4-a7c3267c30c7","block_type":"box","text":"transparently.","page_number":204,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"81fdbc07-1c81-4ac6-bd29-38c4ee577960","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"5fce5ae7-5d20-45f4-a2fe-ba894fb1b21f","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":204,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"29d3a0e9-6ad6-4895-9d61-746b81989d29","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":204,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"d0dc7631-2517-4b1d-8d6c-1f3b09170e57","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"8d97fde0-37e1-4ebb-8b34-1bc704cc5067","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":204,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"53a0decc-bb20-4046-a2e1-057646051233","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"44a4795e-a1c8-42fb-9e9a-af9f32f5e5cc","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":204,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"a9931c67-f3d2-4ca0-901e-2b628385bad3","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":204,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"19b24431-b10a-4d53-bd03-b1eb5a4539dd","block_type":"box","text":"misconduct.","page_number":204,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"bed27a69-6650-4fd0-9fcd-2e6e7d8e744e","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"3ecbbb9c-8683-4411-a404-09fe8f54a84f","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":204,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"f49b4f64-bb01-448c-a9a0-e984f740c9ee","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":204,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"295272dd-f361-4bab-8689-3326869e6d78","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":204,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"06bc67d7-86bf-4ea4-8bf2-6e2920c76bc7","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":204,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"560034fc-9f63-43c7-bde3-a696114fef8d","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":204,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"1743b75d-e8c7-488d-b1e7-e29c7c508649","block_type":"box","text":"committee, or the most senior independent director.","page_number":204,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"e9e97ce9-f4e0-4a1c-8672-14738be93dad","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":204,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"35fc0647-2b77-4ca6-b5d7-246c47cca7b0","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":204,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"614692b2-db46-4623-ba0f-9d15cb539fa8","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":204,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"5989e073-2af2-4234-96d9-d65ca34ea07f","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":204,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"6912c46b-9496-4996-ace0-68fbce1f52ec","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":204,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"97755186-8422-46f3-a0ff-cfa066d59996","block_type":"box","text":"CAPITAL STRUCTURE","page_number":204,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"99b516d0-431c-4bb3-bb67-dabe98e7a5eb","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":204,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"c84ff173-4548-4161-8147-e119177f5061","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":204,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"ee0927e2-bb41-4cd5-b907-90f54b2651f0","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":204,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"2cf99b81-aa2f-4883-9306-687306331ebc","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":204,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"380a1325-2389-44d8-a442-f37cf4e5147b","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":204,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"d6529de6-1740-4472-a105-312d02643950","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":204,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"245c5414-439b-4604-971b-2794e47a7485","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":204,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"cecae116-b77a-4110-bfd2-aef4e08e4fca","block_type":"box","text":"Share issuance","page_number":204,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"8a23bd0e-cbb2-430b-9e9b-7127cca88a29","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":204,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"78f475e8-9472-4f4a-92ae-4a76f702899d","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":204,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"0d359903-0b81-4212-bdb0-003ffe91a759","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":204,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"ed913076-8113-401f-98b3-9ba5b768ac4d","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":204,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"4c525e06-930e-4df3-8733-f439f239b376","block_type":"box","text":"market environment.","page_number":204,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"52f44da8-55f7-4f12-b064-a836e654382b","block_type":"box","text":"Share buybacks","page_number":204,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"cc700fc3-f3b4-46d1-abdc-7497683d028d","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":204,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"c3a84abe-88d5-4aba-8e8d-0efb89c6db77","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":204,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"9b5577f8-a467-4535-90ec-b41d8ac8e431","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":204,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"d653a054-68ac-471c-86bb-5b1e9cf48d3c","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":204,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"1c3caaf4-8f50-49f1-925d-0fc4d37af7fa","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":204,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"34a62a48-350d-4005-bc47-50198e45eef1","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":204,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"a64ee61d-d2c0-4fc7-97e7-cc4e02c30026","block_type":"box","text":"of the company and the market environment.","page_number":204,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"28b05464-03d5-4bc9-a232-3035940fcd84","block_type":"box","text":"Dividends","page_number":204,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"ffd5f266-d001-4d29-a8d3-f6526f0df0b8","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":204,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"4ac4955c-d9aa-49f1-8332-a054911c5f4a","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":204,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"0b770757-a895-4737-a70c-63726c56a107","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"63d0185a-1d70-4c19-9ce6-f747af7d7635","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"251b854b-dd70-4ceb-829c-419ae0e09b92","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e2edc6c-888c-4081-b9c4-76c72556b892","block_type":"box","text":"Differentiated voting rights","page_number":205,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"b303f86a-a2dd-4624-8591-2ad611dc574e","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":205,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"20447edb-bb7b-44a3-8c29-11118c49be33","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":205,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"41312b43-1efa-4886-b4ab-cb3b5a103503","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":205,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"7e5613b0-4391-4388-a0ac-a1831e6d706a","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":205,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"cbaa4fed-32f8-4878-9876-3d67c8fdab0d","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":205,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"46e3241b-9ce1-4618-b00c-ffc97970938b","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":205,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"50b549d5-df34-4c02-bd9a-2c302dbc7863","block_type":"box","text":"analyses of proposals.","page_number":205,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"0d83dff3-54e7-420f-bff1-6b199e8552cc","block_type":"box","text":"Mergers and acquisitions","page_number":205,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"d95dc03a-fa6e-4b5f-a102-281ceafe79cd","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":205,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"426dede7-6195-4c66-8200-6d59d968b29d","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":205,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"520cb88d-76d8-4774-9c5b-fc3cc39fd4a9","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":205,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"583c0f9c-a387-4e0c-908e-3576861aeed5","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":205,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"34a23b87-56f5-4d3a-b0d0-7b06a650883e","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":205,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"6435e415-5aa8-4852-8d87-9fd91296cb8a","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":205,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"28f76c36-f7c5-4978-9e74-148794555b08","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":205,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"dba74b09-26f7-463e-8502-38344821d611","block_type":"box","text":"Anti-takeover defenses","page_number":205,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"a5d17177-b704-480a-a2b0-8dbf88a4323d","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":205,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"6d9b2236-2d40-4269-bb9f-9d1a2aab7785","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":205,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"4ee20e0f-6cf7-4f67-8bdd-e8c4e0d3bb90","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":205,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"d87fa68e-c1af-4ce2-9297-6b9c9b0dea48","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":205,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"31130f3c-c019-45f7-a2d0-9c289b31c289","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":205,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"dca27340-7366-4d68-b9a0-81d4ed468ab1","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":205,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"b34db1ba-54ea-4fb1-a0e8-3aa87ee399f0","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":205,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"dc2ba601-25fc-4e42-afce-bd7fd905b877","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":205,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"eccbc9be-3ef8-4e36-bb7d-6e5e856b9d93","block_type":"box","text":"Shareholder activism","page_number":205,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"0439668d-5c6f-49f9-af8e-9dc8779c8126","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":205,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"d90ca495-7f9e-43d8-9348-ad4848b11eed","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":205,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"6a5943d6-0161-4fe0-99c5-6042ca05feb0","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":205,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"965be810-cb1d-4a38-8df2-4029d83dcf8f","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":205,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"14915bb4-7d4c-4046-a3e9-f0846a54e32c","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":205,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"780cf839-2097-42af-af4a-4c07e87ee4a8","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":205,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"27ec2289-6008-41c5-a1f4-b143da082a5b","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":205,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"a3d42664-7fea-47d1-97a6-cea9fad5dc7c","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":205,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"cbe5f94f-5c07-457f-83be-31966c6e961f","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":205,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"91953ea7-bdaf-4e28-8bf0-45020df05345","block_type":"box","text":"protecting shareholders’ interests.","page_number":205,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"4c26cd10-3487-4c0f-bea2-c6b05dbfff1c","block_type":"box","text":"Significant shareholders and related party transactions","page_number":205,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"7360dccb-0875-4a77-8f60-96c5b9565c42","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":205,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"7612cd1b-32ce-400f-a935-ccf24d18ec9e","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":205,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"d02a41e1-156c-4b6c-81ba-015b441a68be","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":205,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"62cf1f0f-89a0-4cff-94b6-27925035da6e","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":205,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"b55ae7d3-b63f-45a3-b9de-be26002e9080","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":205,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"607adf3a-a6c1-40d4-8d34-c05454c82d2e","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":205,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"ec11633d-79b6-4c43-a1b3-72a1b817a781","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":205,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"dcaa1d29-b553-4a04-ae38-fea24d5a107f","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":205,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"c12e494c-41f1-4b87-af81-cdc587b29463","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":205,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"d342ab90-5d7d-4b8a-b60d-6da5bc6a51bc","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":205,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"fba8a2fe-7fb7-4a89-bfb2-05a21b9703c9","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":205,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"ace457a3-3deb-4b3d-8adb-691c2d63d8b3","block_type":"box","text":"audit.","page_number":205,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"5b6e7da4-fbc8-45f2-8f0e-7b004de602f0","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":205,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"f094ab3b-fde0-49fd-9f64-311792896f8f","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":205,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"81542923-bd73-40ea-86b1-80f0b7a776db","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":205,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"be32659c-6d64-4018-b027-ece772c85b3c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"60a8c5b9-8720-4f85-b3c1-7aa69d97cb0f","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"1b3bfaea-1654-43ce-9ce8-ec57072df40f","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"badc743f-1d53-46ab-bf15-855658558d48","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":206,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"1043c2e0-f3dd-4ee6-bb96-bfd834207c95","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":206,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"039fd48a-9ec0-451c-935e-6222d98bb142","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":206,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"f91f9296-e6ae-424b-9966-fa4da55fe316","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":206,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"11c95e4a-349e-41fa-bb65-1bf53ce2146a","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":206,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"24550c5b-433f-4671-961e-9061b85bf6f8","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":206,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"52ec3d93-ee5d-462e-a896-6b6b26aca8c5","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":206,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"2b4a7afd-f8ab-48d9-ac14-49cf73a3cdfa","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":206,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"c444da4e-68cc-47ba-942e-e6eb47452040","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":206,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"6acb8acc-797f-47d7-a300-23e18b7a63dc","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":206,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"3681a237-1aae-4c4d-b263-773afce37579","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":206,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"83ff0a5f-6da6-431d-8c86-78fdf52976a8","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":206,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"cae8081b-4fe2-4cfa-a3f6-a051d2ba8e51","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":206,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"6416087c-6ac9-4715-8661-18592f8d241c","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":206,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"6f315b81-18e1-4461-b2dd-c615da66928a","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":206,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"77face24-aba8-4032-84d1-135d1393c725","block_type":"box","text":"9","page_number":206,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"733a0d10-6295-43cf-83c7-075b5e55da22","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":206,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"bb2bfe06-d5eb-4ebf-9419-d7bd61a7ee83","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":206,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"2162948f-9a48-4ee1-b9d8-42de40a51ebb","block_type":"box","text":"standards specified by policy makers.","page_number":206,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"90441d42-2a91-44dc-a0d1-d3b1441531e5","block_type":"box","text":"10","page_number":206,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"a05f527a-7cd9-467c-a351-7516735a9f93","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":206,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"d5f537c5-667e-4552-87dd-f500a51fa418","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":206,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"256cf8e2-3fe7-4bf7-8477-13e9a0b05bbb","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":206,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"1e0bac32-c28e-4902-b2e3-13a50f339c5a","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":206,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"24bfc12e-3d9f-43f9-9c18-c0ec759cb313","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":206,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"11224da5-6015-4120-9a65-d3d6464f207b","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":206,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"5708ca11-d053-40d2-b6e5-5218070969f7","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":206,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"4e61177b-9a9d-48b7-a6e2-7592a4183f0c","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":206,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"ccb92e95-6179-45cd-9712-46e888330b2a","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":206,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"fa8ad3d9-4790-4902-a44d-f71bb2d3c009","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":206,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"fc37fd18-9061-4dee-b174-52e12ba121c2","block_type":"box","text":"remained independent.","page_number":206,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"d2df6d67-88b3-4078-935c-e0af910d0637","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":206,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"3db027bb-3cbc-4a05-9431-894d12d05b5d","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":206,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"5c83a2cf-8b42-4d30-99f4-c4534c67b43c","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":206,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"c390999d-7576-4a2f-b787-665b9ba41831","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":206,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"20d74cea-f74f-4725-89d1-9d54bd593f14","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":206,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"5820673b-b5dc-49de-bfac-586e3bbfcf81","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":206,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"3951e17f-1a55-4c46-92a3-ef5f3d859de4","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":206,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"dfae8e3b-4f03-43da-b09a-366bce5a0837","block_type":"box","text":"General shareholder meetings","page_number":206,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"05b8d7b6-b2fd-4c4a-826f-69be326c31f4","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":206,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"7ae457ec-a1eb-4e89-a3e1-4291fd1f06bb","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":206,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"f635eca2-5d30-4569-b900-4781ef9b25a6","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":206,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"0f4596dc-69dd-4555-820b-386585de782e","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":206,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"c54f4660-f2d2-4343-b3ed-51a6f240efbb","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":206,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"ba7a8dbe-ffd6-4903-9ef2-408860ba4ccb","block_type":"box","text":"an in-person meeting.","page_number":206,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"a8c65328-c089-4f3e-8b13-3c7c25a93969","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":206,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"6999f1b1-8dbb-4642-b6d3-9d9a47ff06a0","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":206,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"f92aa482-e513-459a-83b4-17a725d07b32","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":206,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"f0961bfc-6843-4662-9539-ef6d8c2ac95c","block_type":"box","text":"par ticipation.","page_number":206,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"4b95e143-0ed0-4668-980a-b1164544ee7d","block_type":"box","text":"9","page_number":206,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"084205d6-7014-4fde-90f3-06ed865fd023","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":206,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"d018c712-0d10-497d-82fb-31978e594ee2","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":206,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"43017b59-4136-461d-8dec-cff57caf4249","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":206,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"e52b2505-78e3-4784-baf1-4656d2f07c95","block_type":"box","text":"Disclosures.”","page_number":206,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"1b46374d-558e-4b7c-9447-9a7e3aa7d981","block_type":"box","text":"10","page_number":206,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"92f0e835-57c6-48f9-ab84-aad696a98197","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":206,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"fb96361a-90e2-4b7c-bb15-1a87c714b0fd","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":206,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"1aa50c12-2120-421b-9a07-ce0162fb84b1","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":206,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"42f86eb3-8da8-490f-b256-8db7ddfae452","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3c2683d9-c18c-463c-9c03-5cb915ae6d29","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"81aa305b-7e82-4d8f-b7d6-bf21e587acba","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56d273bf-ed74-4504-b44d-9f7fe3fc21d9","block_type":"box","text":"Bylaw amendments","page_number":207,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"b626bd92-ed89-4e95-8654-2dcfea0e38aa","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":207,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"fb8029c9-0dc2-4a4a-9aee-5144a9b99e25","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":207,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"f4d00229-5551-47a8-8923-eb024a96c61e","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":207,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"3fd30779-57b0-432c-a740-c5f96ce4e6e0","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":207,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"573d76d3-c3fd-43d2-b676-b2045b77ebba","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":207,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"a9d67426-657f-4f79-a03a-79222a9dcd23","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":207,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"799ed368-550c-40e7-ad43-972e67552b56","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":207,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"cf476a65-c5d8-413d-8b73-f7ef364d8cac","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":207,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"dda5c227-dee6-4c5b-939f-e0e6e9018b09","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":207,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"83384085-036f-4458-81e4-7f66e6735c46","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":207,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"002e1768-1697-4119-9e3d-67f2c8c56666","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":207,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"4c5f1a5b-7dc4-4e92-909a-db63c23ae045","block_type":"box","text":"nomination process.","page_number":207,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"dc2ae8a0-dcac-4862-9489-4275aa4266cf","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":207,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"8d5c0a50-5f17-4f7b-b327-0be359368595","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":207,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"8b9acb4b-85b6-407f-8fb1-da168c623667","block_type":"box","text":"Change of domicile","page_number":207,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"e192e8cf-def8-4d7f-9330-bfebc8a0c7b5","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":207,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"99b2bf1a-e96d-43d0-80c8-5097810be80b","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":207,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"59317fa8-f29b-449f-abe0-085a5062812f","block_type":"box","text":"immaterial.","page_number":207,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"3c3af2bb-81f3-4ad0-9c5b-0c8f37ba571e","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":207,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"2555375b-a22f-4da0-a241-2776eb4b78c9","block_type":"box","text":"with our clients’ financial interests.","page_number":207,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"ccd1df43-f95d-48f2-bed0-d7f9a0ab5f6e","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":207,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"7e5fee17-246e-4038-b7b0-f43da17dfd17","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":207,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"8f6160de-ecea-4af6-b6a4-d9b8c8554810","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":207,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"c22a3439-2c36-4539-a876-33d0441372ca","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":207,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"9ed90b8c-05b9-41a8-8bca-09e2b25d7c7b","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":207,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"d4a87cda-3c37-4708-9a5d-4da43cdc83ca","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":207,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"f0a796a7-e54e-4aa1-bcf4-259a725576cd","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":207,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"f3afc118-920d-4f70-9411-fbd8f59e52ab","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":207,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"1bef3a45-c293-4ce0-b06c-892e1a7b61e1","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":207,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"0f754df3-6b68-4bc5-9af9-b5fce2609a30","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":207,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"fec936b8-9cf3-479b-9ffe-de12ebb4535f","block_type":"box","text":"relevant to a company’s business.","page_number":207,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"03265029-5c12-4c2c-aea5-9d0a605b82a1","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":207,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"15c8b264-79fb-4165-ab8c-9d993fac3224","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":207,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"f9ac8a27-0c0e-43fc-9731-1c8ff6746f7c","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":207,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"744d97c5-92ad-4312-ad82-91b64af0dfd1","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":207,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"d2735fe9-821b-4f0d-922b-e779d0e19330","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":207,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"17592655-aa34-49ab-a2eb-1fba4d74358f","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":207,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"fa758a04-3435-4d94-a92a-e62aa3289a4b","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":207,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"e4316893-24bb-405f-891a-ade61151c765","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":207,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"cdee7b8c-bc83-4f17-b924-70f043d357e5","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":207,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"f4033291-c323-4241-8b1a-7493dc2590d4","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":207,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"398278d9-2860-4144-ac85-27180e3a6e4c","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":207,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"00e1cd0c-09be-43c6-8658-3f67631c0a6e","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":207,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"8cddd2ee-85f3-4cc6-ba61-0616660fda03","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":207,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"33c3a6b8-afa0-4484-b4d9-3ee93cc17b3a","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":207,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"18ad1143-e418-4bca-ba99-17568d835406","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":207,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"21d5a5d5-7f17-482a-a511-ac8afcf26fdd","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":207,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"5e2783a3-7865-4a69-990c-6f125325073a","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":207,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"9db2ab3e-eae2-4544-b347-873ce5418032","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":207,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"90958690-6b97-465c-81d9-ad9a38399c95","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":207,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"3cbbf118-871e-4e76-9a3b-769b3385eafa","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":207,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"8232685c-f20a-4502-b861-c8140a3b78c2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"33f35073-13e6-4f03-87ae-8035057c62a2","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"60248759-e2b6-4dd4-9706-9bbde7ef95ad","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3991fe92-d8cc-49ca-9677-ccc9ed3e750e","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":208,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"45b8f480-f181-40d5-8bfc-1f5535aeea3c","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":208,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"904e95f5-cc2c-4ab3-b676-266a9510e517","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":208,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"45c34df1-c7eb-4b5d-a1b8-326fba258c05","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":208,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"5f5ff62a-c5d8-4d0a-a2c7-bb070f6054e2","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":208,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"ac5b75ef-0b4d-48a1-aaf9-0bff15dfe57d","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":208,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"980c51c8-4b2b-43af-8d35-1399e5579b0d","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":208,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"3d116b3e-cba5-4e0c-8104-897e66d0cc68","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":208,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"c1b6622d-b4c2-4002-9158-af053d160da9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3bf4fa35-7c3e-45d3-bba4-a833039a33c4","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"326b2dbb-56f5-4466-9c3b-07d5fcc3e5e0","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b7ba49f-67b8-453d-9f4b-a7496ef2c2aa","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":209,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"1e1bccac-01e5-4b52-97c8-20041831eb53","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":209,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"dbfd43ad-99e0-4d48-99eb-34d2d9dc67d9","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":209,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"4bc587a3-2380-4937-837d-5c90561e95a0","block_type":"box","text":"11","page_number":209,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"63d1f7bc-7237-427e-a5fa-33cebc686568","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":209,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"284c3003-c44c-4015-a988-7ae09bc5731a","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":209,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"99cc7416-40da-4124-8aba-7d8622f2f396","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":209,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"1febf78d-0400-4954-84d8-098e379bfba1","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":209,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"f57f6075-5426-4790-a9ed-9b95fddf8582","block_type":"box","text":"regulatory requirements.","page_number":209,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"0c13bbfe-180b-4dce-a070-65adb29e5327","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":209,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"4ce96520-e02b-4724-98e3-480b7b2ff5cf","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":209,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"fa4599cf-4e25-46ee-8c1f-3416bff93796","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":209,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"598a942c-e6f8-475a-a403-947181fe5986","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":209,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"f962a80b-bf45-4850-857a-f13f5538d542","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":209,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"e54cedf9-b02d-4e73-9a7a-70966be16310","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":209,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"76534d15-acde-41c1-97a9-8a1be94a960a","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":209,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"808ac693-7d50-4038-b041-865ed734ede5","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":209,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"7a8fc0db-9e7f-459a-ae11-c4b4a26bddd2","block_type":"box","text":"returns.","page_number":209,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"b16fb5ac-0d94-4922-a605-e6c62d969937","block_type":"box","text":"KEY STAKEHOLDERS","page_number":209,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"fac88662-5cd6-4774-801a-83645a43e444","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":209,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"c3bf5670-660d-4b5f-b3c8-91448fa56745","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":209,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"94c8dfa6-b420-4109-a399-2781522e2a54","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":209,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"db761b4d-1240-4dc9-8648-71fbad712ed0","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":209,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"0342a759-60be-49aa-be1f-00f0736a4a15","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":209,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"6169424b-c70e-4d28-854b-4b4ae85dbdd8","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":209,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"cbbf9027-1105-4f5c-a3c4-61c89168548b","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":209,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"ed6d74a9-2b87-491f-88ab-385c96df5825","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":209,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"a05b7c56-a414-429d-b390-05254da3fe40","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":209,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"bd3c3efe-5b24-40c4-982b-9080e54694da","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":209,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"a1bf1b06-bec1-4744-b116-abfc51854095","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":209,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"bd0d502e-186a-4443-bf28-6941d256095d","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":209,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"83bcd42a-165b-49af-911a-a4713918eaca","block_type":"box","text":"i.e.","page_number":209,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"0e6b1b58-cf83-4b5f-bc57-0f8d6904c5a7","block_type":"box","text":", one in which global","page_number":209,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"170cc557-52d7-4b4d-a7ce-bd5ea2546e88","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":209,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"82924727-f67c-436f-9ae8-3c2869a3e6c5","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":209,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"cb644e2b-4e7c-45b8-bd14-75a692b9a160","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":209,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"25ddc55e-0025-4cd5-bb3e-18378d3e445f","block_type":"box","text":"client.","page_number":209,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"0e046357-3ceb-41bb-8e40-10294dfc30eb","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":209,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"ea1e3f22-2975-4fdd-81b1-873d922e79e1","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":209,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"52d364d1-05ce-465f-bc8b-b8e5af4bcfe2","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":209,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"f775307f-7073-4d00-bec9-aa0a3e6f4cff","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":209,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"773c9fc2-79a6-4462-bb34-d685a1f3c30e","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":209,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"67a848e8-2adb-4084-bcf3-b596583d01c5","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":209,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"e15cec13-6ed2-48ae-b83c-458ebb0ae5a0","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":209,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"d43f07b1-980d-46d8-858b-4253d0dc6391","block_type":"box","text":"1 and 2 emissions.","page_number":209,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"a30697dc-4de7-4e08-bfe0-5815df89ab1a","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":209,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"8c829db3-bf63-404b-ae3c-18c6fc9e9429","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":209,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"706448e8-a01f-40b9-a57d-b8d8a515cfc2","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":209,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"8b1a7d37-b407-42ca-ba97-bc971378ceb9","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":209,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"a2999a58-6612-4be4-b10c-f3509b2f003f","block_type":"box","text":"11","page_number":209,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"a163bb41-35a1-40ad-81ce-469cb5161149","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":209,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"1260e234-3e46-4ee9-8300-865708bd44b9","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":209,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"1f81096d-dde6-4389-9a46-ef186d8c4069","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":209,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"93a4e95e-9af6-43a8-8443-94b91f16de34","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":209,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"60b3f911-105f-49d1-96a6-e247ff8c683b","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":209,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"9f7c47f1-ddfc-4f95-bd58-b10089a90ed7","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":209,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"fcd62c36-f65c-476d-bf32-588941f810fe","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":209,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"043cbba7-e609-4028-96d1-a8e5bc4de919","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":209,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"75e41f13-8c21-4acf-870c-2dd24c9b36cf","block_type":"box","text":"sound governance framework.","page_number":209,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"bf692b4c-cced-4fb4-bf21-de34a983ce72","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"16696ddc-0e3c-44f0-9c62-b4fa3d329118","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5b810133-4ede-4dcf-8651-c796e9753385","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a6e3402-d830-4970-9365-3e90dd460565","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":210,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"fedb4fe0-0d5d-444c-b462-3ebf82d55c9d","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":210,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"95e760fe-e46a-4d9b-95a6-9b7c21c2978a","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":210,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"6ad01183-553f-4ca0-8630-58ce13cb6232","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":210,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"8e4f705a-1a24-4933-9337-e25b75067c17","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":210,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"9e7c4924-2bb2-4575-95b4-a4b8830e1d0c","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":210,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"367234f3-ad74-4469-87f0-18cac80abb8a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a78ab0e3-d852-4d27-b85e-8fc266aa7330","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"0584c793-7488-42ea-a480-d1d971a4d1d3","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc274575-e0ac-4083-a856-053c62f2c155","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":211,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"7d18b021-c433-483c-832f-de58c70f2289","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":211,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"19f1aaa1-d270-4d66-9782-a924bcc1a521","block_type":"box","text":"Oversight","page_number":211,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"59e27f8c-99a2-48ba-84b6-18d443edfeab","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":211,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"a0348a2c-502b-4a7a-93ca-4628a144399c","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":211,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"2987b73d-3537-4d9a-903c-49905902f666","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":211,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"16d8ac10-ce07-4178-ade8-96a392ad0ec5","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":211,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"73b6133e-7a59-4e6b-b672-c1b77489319e","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":211,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"68bc41c8-3588-421a-a953-418798a8190f","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":211,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"72f2afb9-6649-44c1-8cde-25786fc0d521","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":211,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"0ca45261-d0a6-45b4-9ef6-aa0bc199253e","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":211,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"dfcb5233-2c33-46f8-a466-90328bbc6a9d","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":211,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"55ca2a21-377a-43bf-8a50-b6828f89e3f1","block_type":"box","text":"relevant active equity investors.","page_number":211,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"37236de3-362b-4e5b-b081-1a97e6c3fcb8","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":211,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"c913e747-fabb-4e92-a4ba-42ac782921c4","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":211,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"78f5a0d6-cd7a-410e-b4b4-e76f43638e8b","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":211,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"2ded97c9-c83b-4ccf-b364-340b382f6c91","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":211,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"32aa0de9-99d5-4326-8c45-204000f562fb","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":211,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"73973aac-f007-4d15-bd6b-659f7cf8fb3e","block_type":"box","text":"third-par ty vote services providers” below).","page_number":211,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"3bb7b6f9-5982-45f6-83af-fc0bb09546bd","block_type":"box","text":"Voting guidelines and vote execution","page_number":211,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"d42cbb10-a417-43cf-a92c-8db4984bf307","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":211,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"682eee49-acdd-4e4c-b71d-2ae917414601","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":211,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"6d287e0b-5bb7-487b-9c63-8b3ed58e51c9","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":211,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"355442fe-606a-41a3-8480-afee58b664fd","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":211,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"d33b06c1-a340-4644-aad8-7f2d5785e679","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":211,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"7ac32a24-ce6d-4550-a045-8850a801ef64","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":211,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"aca019ee-f4be-436d-8e67-47efd54149be","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":211,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"a538a876-42a4-4ae2-b89a-c8a7b0a9b28d","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":211,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"73c081f5-dfd7-4433-b2fc-2a87f67dc743","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":211,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"cd99e3b4-69f1-4b78-a2ea-d8cad1c5d72d","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":211,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"34c6356f-609b-4e3d-b2b4-5c63f2a78570","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":211,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"398cd634-e59b-406a-b733-0565a87e7f77","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":211,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"5f9b4c4c-20b1-4c23-beec-fcb8db08f37e","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":211,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"4cce5b99-ceb2-4a46-9c51-2ca1df5d52e3","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":211,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"97636c1e-b4fd-4366-97fd-bd650ef147c8","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":211,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"61256ce1-415f-4814-81b5-79e1bf8b48c3","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":211,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"6c85cb23-f88c-41de-94a4-8b471028d177","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":211,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"1579392f-f21f-46c3-854e-f45d201a3477","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":211,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"d4a94e40-ff1d-4e7e-82cc-824847747e9b","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not suppor tive of impediments to the","page_number":211,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"f2285f1b-70df-48fd-a5c6-5e0c8ad4fad8","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":211,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"26dd82f2-12f9-4495-b017-69c5694fe70e","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. 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BlackRock contracts primarily with the vote services provider ISS and","page_number":212,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"6c3334d2-172d-48cb-a7ab-7d71b25954ff","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":212,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"6da0e965-5ecd-4b19-b04e-a28ed9644724","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. 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Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":212,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"2bcc8f4b-1d1b-4a83-acab-5971f3751e04","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":212,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"ad1b3029-acd1-494d-af05-9bc5683f43b1","block_type":"box","text":"vote services provider at any time prior to the vote deadline. 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In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":215,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"535cf3cb-235c-4dcd-9b3f-651e7b687da8","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":215,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"a319bafd-531b-432a-bd2c-208b76f6131a","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":215,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"a87b73e7-ddef-47d4-add0-3dbe5e0e1b26","block_type":"box","text":"Appendix A.","page_number":215,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"a598ead3-274b-49ad-93e2-d8cf5b88303c","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":215,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"7f8ccde4-061c-43e7-9a9b-b7c2b773ccbe","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":215,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"2d8f941f-c0b2-492f-bab1-01f5ff4512d8","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":215,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"62aa353a-cd54-4907-997d-9bc1bb01b642","block_type":"box","text":"Conflicts Management","page_number":215,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"618aa56e-48b0-440e-9162-a1e2c9867b3c","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":215,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"21b72e72-0a18-44bd-9a5f-00f9df3542a1","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":215,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"7a6bc66d-02ba-450a-b629-40fb9a33d47d","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":215,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"a4fb054b-cf38-41c5-b5b8-578bd94cd51a","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":215,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"790a391c-4b0c-4913-bf50-7aa4f93637bf","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":215,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"9e6b272f-998d-4cbc-bf4d-fab032939f5b","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":215,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"1476820b-37e7-4eea-a394-08bf0aa6b4cd","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":215,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"e1b2d690-54e9-48a0-85ff-f7b7f9b87e43","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":215,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"8b7d65a6-5dab-496b-9c5d-24a53b6f573a","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":215,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"d808ea87-3a3f-4d58-868e-199b4935660f","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":215,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"bea81202-83ff-4217-b488-b0c0cfb4940e","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":215,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"950c4a56-7258-42a7-b707-5548148f5c2c","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":215,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"98e6bcb8-d59d-4ec5-aa56-065f3d4c84b2","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":215,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"3e1ebc7f-71ea-482a-be97-2d3c5ab62a55","block_type":"box","text":"connection with proxy voting.","page_number":215,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"0254f6be-66f5-428e-a81e-504fdb1ee974","block_type":"box","text":"Reports to the Board","page_number":215,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"e062cda9-9108-4263-8a7a-97788e1c153e","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":215,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"32c97b38-82cd-4b40-b367-479e2f1bf2f4","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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BlackRock offers a","page_number":219,"box":{"x":70,"y":82,"width":806,"height":12}},{"id":"6b1053e2-1d26-4765-b2d8-5bbf453f2f16","block_type":"box","text":"range of proxy voting policies to reflect clients’ individual investment choices and goals.","page_number":219,"box":{"x":69,"y":98,"width":624,"height":11}},{"id":"82dfdab8-bbc9-4ef0-9a74-c7c569e89409","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets","page_number":219,"box":{"x":102,"y":120,"width":781,"height":11}},{"id":"e58223d9-7767-4758-a432-2cfe99c2ff4a","block_type":"box","text":"invested in index equity strategies. BIS takes a long-term approach in our stewardship effor ts, reflecting the","page_number":219,"box":{"x":70,"y":135,"width":769,"height":12}},{"id":"f7cb7796-3153-4872-9d51-27ec2e8a05d5","block_type":"box","text":"investment horizons of the majority of our clients. BIS does this through:","page_number":219,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"28c5841b-3a5e-40ac-8185-2a7eecf8939a","block_type":"box","text":"1. 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Voting at shareholder meetings","page_number":219,"box":{"x":69,"y":221,"width":260,"height":11}},{"id":"440de12d-7a9d-404c-82c0-2349226859f6","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":219,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"89f99cc7-b992-4562-969d-c014952782df","block_type":"box","text":"to vote on their behalf.","page_number":219,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"de345f45-131d-467c-b4ad-09e612802a78","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":219,"box":{"x":69,"y":256,"width":388,"height":11}},{"id":"ccd982a6-49f0-438f-a8b3-70bd1b9be88e","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":219,"box":{"x":462,"y":257,"width":412,"height":10}},{"id":"b36c168f-0913-4e96-b35c-3cd9e3426d40","block_type":"box","text":"clients’ investments.","page_number":219,"box":{"x":101,"y":272,"width":147,"height":8}},{"id":"8d856b62-3914-49e1-b919-d7a251a7c811","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":219,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"0a83a1f3-1ac6-4a0e-b20a-14ca2b49e56b","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":219,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"c1d6a66f-86c9-4785-bec4-0be6cfe2b5af","block_type":"box","text":"publications on our website and direct client communications.","page_number":219,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"1cbade4d-d1b4-4c7b-940d-14b28c029ab5","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":219,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"24ea75b0-5ab5-49f1-8682-4a0eb5046874","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":219,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"1482317f-3357-46ed-9d8b-ed8489dffedb","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":219,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"f5142231-2569-4032-b9c7-9fd53aa1fb41","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":219,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"18b0ee8a-6a08-4184-8cb1-d612c6affdd9","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":219,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"4f10f7be-a7c3-4da1-b62d-ce25169a15d7","block_type":"box","text":"2","page_number":219,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"2cf72444-9101-4215-84cf-01f0dfcf294c","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":219,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"1bb41a36-f686-4990-942f-8df189579fb9","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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Our role, on behalf of clients as long-term investors, is to better","page_number":219,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"e27c13aa-42c4-414d-ac5f-f92c9a5baee8","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on oppor tunities to help protect and","page_number":219,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"52460e2e-d4a6-477b-9ed3-9b7fa0ecfc1c","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":219,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"6d8e5d2c-4f0b-4ae8-aac1-cad877b11776","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":219,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"ad84e3f1-b669-4b35-b3e5-6250777a0bae","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":219,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"0a5ba1d6-4aaf-43bf-a055-5d91a9689682","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":219,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"c2485222-4492-44e0-9623-a80ca0285398","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":219,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"5153643b-d28a-41ec-8c61-b1335df4f6e4","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. 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Engagements provide companies with the","page_number":219,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"01510ae4-1cd8-4046-b825-aad2ca4e73b2","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":219,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"f248b3d8-5c81-4f4c-a417-4be523a59846","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":219,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"cab7a53a-0368-4fea-8898-32237060b482","block_type":"box","text":"1","page_number":219,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"7e26d93b-b900-4693-9e9d-e58970691b7d","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":219,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"e2a8d149-bb33-4354-a9e5-5c647b51ab69","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":219,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"3bab56ba-b049-4570-a455-0c3f6632a9b2","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":219,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"3efa6cee-ded3-4237-ba5a-80f65a49b1b6","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":219,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"ced42ddc-8e57-431e-bc52-df6382a41186","block_type":"box","text":"2","page_number":219,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"126b22e5-2ebd-4975-ba2e-fabd193a0ecc","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":219,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"06448fbf-d302-4da1-9d8d-0023141e06e8","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":219,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"1da3ac71-e0e6-4343-ace6-9642d8958697","block_type":"box","text":"material business risk or oppor tunity.","page_number":219,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"d161dfaa-3390-47a6-875e-78d5a22de02b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e0560df3-95ed-4488-b682-72ded59e3ba3","block_type":"box","text":"Global Principles | 3","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"86c0ec8c-ff9f-453a-9293-e9cc52bbc42e","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22158465-f9d1-42d4-ab0a-c122e2b8daef","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":220,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"150e178f-7c55-4e22-8322-f98341fc6492","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":220,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"abf9e693-7350-48ee-b34a-ace2ced0fcdc","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":220,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"04565404-cb87-4be9-8110-9c205696e5a1","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":220,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"9791a106-b35f-4fa5-af55-1bedbbfc3c82","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":220,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"f8b8b585-e595-4066-be69-374c8446ab46","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":220,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"40a596f2-659c-476a-a107-32bcfaa4c371","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":220,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"5672b942-b5ba-45a5-b1df-6e29aac4207f","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":220,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"9df63301-d3b8-49c1-a75a-40fde2b53ae8","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":220,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"f246b2ec-dc67-4c06-8d6a-8f7ce530d349","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":220,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"0137a251-22e3-4cd7-bf0d-4b4c8005808b","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":220,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"b427f0e0-c5bc-4c46-8e3e-8d43ebcc31e2","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":220,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"b81e9c08-3b0e-4d83-8ead-18f550ad962b","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":220,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"06a3a022-6e40-4e50-943b-b3c7892ca2b5","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":220,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"632cd58e-e328-4360-bd13-43dc7b12b9a1","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":220,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"1ab765cd-6fde-4d53-896b-964b67e2f771","block_type":"box","text":"3","page_number":220,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"eabc0955-a36d-4040-9b05-b983784757a8","block_type":"box","text":"For example, in","page_number":220,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"83f95f7c-8f6b-4bc2-8ce5-b0e04be28a19","block_type":"box","text":"most markets, shareholders have the right to:","page_number":220,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"e0d96e10-5b47-43ec-b74a-0f6a48032710","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"3ce2ec62-cac4-498c-95dd-564602d55343","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":220,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"e4bf9819-2683-4965-9427-cc7f5e9f1e76","block_type":"box","text":"char ter or bylaws.","page_number":220,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"9c6008a0-cfa9-4491-b360-784d9a0068eb","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"8061dc19-06dd-4cb9-9289-2196e13385cd","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":220,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"1e385dfe-8586-47b7-b93f-4507d7ecdafe","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":220,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"ba1bc5f2-0b57-48d5-b219-d7611ec7c10f","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"c04b3044-d1b4-440d-94b4-49ff49a0be3f","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":220,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"515f4ed6-b47e-4a96-af48-d28067f272a2","block_type":"box","text":"are material — to make informed decisions.","page_number":220,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"fd5ebd72-4eb3-4bb7-a29f-3308592dd225","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":220,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"08bd3290-7645-4b7b-b33f-2587e0e3ddb1","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":220,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"3d529f5d-1e86-4800-8e4a-757c9be47534","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":220,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"8edf1802-15de-47b8-b0c7-cb6b779c2b4d","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":220,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"e9627e58-185d-4609-bffa-14fabbc3b15d","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"c3890ac8-a020-48e4-b8a5-4da7a0c8bda8","block_type":"box","text":"Boards and directors","page_number":220,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"6e159620-b283-47bc-ae7c-f38e2d355179","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"578383d9-64d8-4155-89a7-053948cd4da8","block_type":"box","text":"Auditors and audit-related issues","page_number":220,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"327fc470-2b4b-451f-b39c-03a37c55e4a7","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"1ba2f56d-697f-4394-b828-20cec2dfe549","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":220,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"e2d39304-667e-485a-889d-3a2df0bbf914","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"16dc10c4-b82d-47be-a779-3b1a1918ef3f","block_type":"box","text":"Executive compensation","page_number":220,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"bab2cddc-d385-490a-99e3-35c2f7b9785e","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"181f96d2-8abe-4f05-af04-b86da69c4f98","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":220,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"ea9a1ead-394c-40d9-bcde-9effbe737836","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"0d2e6519-896b-49c0-8e48-61942aab53a9","block_type":"box","text":"Shareholder proposals","page_number":220,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"1e7a4793-24c8-428a-ac73-9a770841d850","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":220,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"b17f224b-e731-4f83-8770-e502bafe5e38","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":220,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"12c803cf-6e7a-4857-922e-0df7cf72541c","block_type":"box","text":"which companies operate.","page_number":220,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"956db4ac-0337-4797-9c27-ca49b81742e7","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":220,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"7d583911-fd15-4b75-af56-2a7045015b01","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":220,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"032dffbe-da88-4f2d-add3-66976ec297d4","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":220,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"bc0cd56c-0c0f-4e72-9a5c-d6ce3d49ac26","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":220,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"da024e2e-9e05-4dcd-988d-5c1e1f9b5185","block_type":"box","text":"4","page_number":220,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"99889c5f-be2a-4817-bcc6-2d41548ede7e","block_type":"box","text":"3","page_number":220,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"0d8d851e-8589-4c1e-85de-eb67f15ad045","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":220,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"dda4f87c-5676-47d0-95d0-e19183a6290c","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":220,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"dd093d45-166d-4034-bb45-b45522e45710","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":220,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"fa1abfc3-0065-4ef8-9c70-43e72b4ccd62","block_type":"box","text":"4","page_number":220,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"1231fae9-f881-4dbc-babd-4063f13f7caa","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":220,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"90fc967c-e8b3-4542-ab77-79a463524d3a","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":220,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"d0b75521-37cc-4454-b569-995070f9fc02","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":220,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"163250ea-f81b-47d5-9167-ae7b276de5ae","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":220,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"be27ed5c-a8e9-4f25-ac12-30ddb2f60768","block_type":"box","text":"guidelines.","page_number":220,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"5ec1aa74-748b-4d17-955f-dbc889ed6c3d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e7e84f1b-db61-41e7-847d-ffc927fe90be","block_type":"box","text":"Global Principles | 4","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d52b79d5-b08c-4f75-ba18-5192ffe6ad4d","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cad5f5d-9bcc-4129-abc9-a0c217c0b3fa","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":221,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"bc8bcfa2-f278-4cf9-ae4e-bc8a657c1538","block_type":"box","text":"Oversight role of the board","page_number":221,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"b7c99467-a081-47e7-ba39-33cfd9976635","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":221,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"5efde025-7654-4c70-b169-985a8d08ca31","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":221,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"d6be5a25-6312-4f81-b8d3-d33c121329ac","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":221,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"59128605-d962-4116-9eed-7394a337afc9","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":221,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"96ed36a7-d4c1-42e9-b4b0-3cc0802d01c9","block_type":"box","text":"long-term financial per formance.","page_number":221,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"904daf46-fc29-4ebe-b2f4-aaa548ad13d4","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":221,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"26baf6e2-bd51-45fe-a20e-54b374abf3fc","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":221,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"aa47fba1-0abc-42ce-9e61-67400448ec85","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":221,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"d176476c-3355-4911-84fc-72e79ea6f47a","block_type":"box","text":"the business environment in which a company is operating.","page_number":221,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"50976e71-85de-4320-914f-b104217206c2","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":221,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"a9a7455e-6c35-4b1b-837a-0d670dc51031","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":221,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"18338035-2a9e-4fb3-9aa9-a4f3bc427b3f","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":221,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"bca3d32f-b4ab-4d14-8448-ee7e91e688bb","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":221,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"5174d0a9-d46b-424e-a894-2b4c4bc0825f","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":221,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"f1c9011c-cb2f-499b-802e-16868cb2bc1f","block_type":"box","text":"mitigating such risks.","page_number":221,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"a3459e93-b4f3-46c2-9a8f-e0a53109dd02","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":221,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"58cc7aa3-0fcc-49cd-94a9-838d9d419bc2","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":221,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"8ea57bfb-64d9-4118-9c76-1bced7131bd1","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":221,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"002ffc4a-c7e3-45a3-b55c-b6d0e87a0652","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":221,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"8c851c38-0cc4-4d69-820a-b75a0649dcac","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":221,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"8ef3f484-a40c-4c4d-b5e7-19a09dd16feb","block_type":"box","text":"strategy.","page_number":221,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"7e4e07c1-36c4-4e9f-9c82-71e24081e8af","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":221,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"bd710569-2823-4a8b-92cb-d8ea637cbd90","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":221,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"8870be95-2449-4156-be01-16e57563e731","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":221,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"3b69e710-745a-46e1-a95b-80a1d037a8b0","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":221,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"aa8bcc87-9e7e-4d2a-8d8e-92cf9ffdd782","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":221,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"9c4d1414-ddd0-438d-87e6-735a7a7809e7","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":221,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"db9126e3-556d-466f-9807-461ca54a087f","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":221,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"1071e59d-33ea-43d3-bef0-808b51684bc6","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":221,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"eb4f4468-1e46-4ad9-ac4f-73d05723bfad","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":221,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"13151a6f-6232-4754-a8c5-b28e4965472f","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":221,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"ecadd51c-5e20-4426-845f-75d31b1f3f09","block_type":"box","text":"Regular accountability through director elections","page_number":221,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"89f5e052-6ba1-479f-b465-f89c292ccba4","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":221,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"a487eea8-d089-4afa-86df-a2ea9f2b4c9d","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":221,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"454c4fb0-c0ea-479d-95b6-ae384b161c6d","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":221,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"342fc3d2-a774-447e-821c-1224a2fac6e2","block_type":"box","text":"5","page_number":221,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"4926cab3-6dfe-49a2-892a-b4889da3fac9","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":221,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"f1901226-02ac-4b6b-86ea-e2ee638f04b4","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":221,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"ed93e628-9842-4f9f-97c7-b953fd08f790","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":221,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"24a0fcf4-d466-4696-98a0-eac638a49135","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":221,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"5584efb6-c9da-4982-8633-ca71bdfb657e","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":221,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"3ba83bc7-425e-42d5-a4af-b9af381d4b40","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":221,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"d489a45c-7910-4684-85ef-ebc14fe741a6","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":221,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"7d45959a-394c-4482-b2d2-90c28e24e557","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":221,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"a4b8c47c-a546-41e0-9d4b-df178bdf6d74","block_type":"box","text":"5","page_number":221,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"e4dafd44-7df4-438e-9c3c-07bf055ce987","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":221,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"be02f964-0f6b-48b6-8b0e-d6182594e4d8","block_type":"box","text":"market regulation or voluntary best practice.","page_number":221,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"1c33a6b7-9f85-47e4-b638-bf681cf3e931","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"37c0839e-8da7-4bf5-b761-6b1cc00c61f2","block_type":"box","text":"Global Principles | 5","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d73860ab-41cc-4524-8514-2d726eb420bd","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1aaac3dc-f831-40e0-b75e-2b1c70d320a0","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":222,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"2c0bcd2a-42a4-4330-8d49-50871d80e8f7","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":222,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"05d96466-f012-4543-b821-26585eaaa3b5","block_type":"box","text":"recently.","page_number":222,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"3f0a60f9-a5fc-4740-a3fd-a755abd7dbe9","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":222,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"424c4f75-4eef-44b0-a121-ffbdd96d9e89","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":222,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"29244753-f608-4890-a322-e34120cc78ad","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":222,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"fc8145d7-8060-49f5-82a1-c680c984a521","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":222,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"fdfbb7ab-9e4e-4a2c-b70e-1ead3e06e131","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":222,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"86ea05ac-3897-47c9-ba9e-8d47f51fb7e2","block_type":"box","text":"Director independence","page_number":222,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"36a6faed-1251-4100-b98d-9ffa750468f3","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":222,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"0037b712-0a10-427c-abf9-d27985bd1397","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":222,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"768742e7-7b03-46b5-87b0-9f2aa66f1462","block_type":"box","text":"6","page_number":222,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"14db4bd2-6f47-426b-b419-4f8d518d1ddd","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":222,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"ea15ac11-16fe-4266-b365-1d4d91a98541","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":222,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"d7199706-6d26-4fe3-bb20-7dc830f183db","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":222,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"83ca1646-1d0a-4478-865d-66e5c5ad371b","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":222,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"f0eb7803-d2e6-4d82-9f51-e5036fa5d387","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":222,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"dc9ec431-39fa-4fe4-bbbd-8dbe604f22c2","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"91bd4da2-e953-429d-b21a-dec7b0ddbfbc","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":222,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"c6438ac9-54bd-4a41-861b-38c99ada1f32","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"7ccb7480-bc11-4fed-a35f-16ca195daffc","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":222,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"09260fa9-13ab-4e84-ad5a-3f7900a7df35","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"a365f0de-46af-4685-8343-07d52f2fd421","block_type":"box","text":"Interlocking directorates","page_number":222,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"e1b0bb5f-8269-496b-8d13-81443f7e6903","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"ced07ddc-49e3-4213-a46d-e299aaa2f262","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":222,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"35fa5253-7863-422f-8a1f-9c8f5d4982ad","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":222,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"83305bb5-1c0d-4fa3-878e-a728feead1b9","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":222,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"28e44a7a-ce67-4756-97d3-06db2c270680","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":222,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"357c7f97-cbca-48d3-bed4-f5c9fa0d1acd","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":222,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"6617813d-6829-4d83-a4ee-26a868ce4ba2","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":222,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"58eefbb5-7c02-4249-a71f-5ecb0e9dc4c2","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":222,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"116ff665-3499-4dbb-af7b-e3b3703a1ad0","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":222,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"575780f0-c984-496b-899b-b49af621bbb9","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":222,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"630a694e-89e7-4451-a281-f753996bbcc8","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":222,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"13661a52-853b-4204-b21b-c7a35d00e2f7","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":222,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"4e3c0cdf-402a-4f76-8a68-32c0c01ff236","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":222,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"a00ea427-44fb-47a0-ab99-fa6a29af1ef8","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":222,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"25a0d0fe-359e-4f3f-bfc2-efd41cc284cd","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":222,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"35b35158-cb91-4624-ab8c-2bd3154a084e","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":222,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"50b50503-fd66-4f46-8bc8-2cb9e17beaec","block_type":"box","text":"Sufficient capacity","page_number":222,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"5e80b2ad-2cf4-41a0-a3e9-19d101979174","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":222,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"531652e3-58db-4b3e-b130-155c9c2c8b53","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":222,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"968f1549-4238-4e11-b3ac-becd1104b53d","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":222,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"d0d44b11-023a-4afb-a910-7c30ada0f68f","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":222,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"db2718fd-09ac-4365-8383-1aab4fa8c87b","block_type":"box","text":"Board composition","page_number":222,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"d96182df-8d1b-4bc5-a7c9-ba3cd787c1b6","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":222,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"bc44c7e2-ec42-418b-8fdc-8bcc2d6e9095","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":222,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"7ff45a39-8df3-4df8-85ac-8b4eb1ff92ce","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":222,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"571117b7-28dc-4e93-a6cf-6b50300a561a","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":222,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"633d4a42-cd84-4a86-9dbf-9a7705d4a0e2","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":222,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"f6970e4c-444e-4692-8899-bc8c7322d40c","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":222,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"31e52a07-d1f6-4eab-9fd1-60dec3d099dd","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":222,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"e23cfd15-4464-4182-87b3-b9d72746c5b8","block_type":"box","text":"6","page_number":222,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"b00bb760-9f7b-4b56-be6b-616e937a1ab0","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":222,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"e4b3f116-f60e-4ef4-a96c-9d84259f0a92","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":222,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"32c5582c-4284-4288-9255-b5cc22267179","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"41c934ed-97cf-48b2-8793-61f8950ccf0e","block_type":"box","text":"Global Principles | 6","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"1d8e360b-0c1a-4bf2-bdbc-cc2c5d6450e4","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90f47b21-535f-4dba-818a-6b976718f808","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":223,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"9eb09ce0-8f6d-4073-80b0-5301090d1113","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":223,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"3aa4d090-3464-4efa-a333-6910f75a8750","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":223,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"e5cf8922-4f38-451f-8a91-e4d13bfd39ec","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":223,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"f2182d37-0b56-42f0-a53e-c563c05ab3bb","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":223,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"8acd5066-bdd9-43bd-b7de-7e7a5fe1383c","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":223,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"64d7949f-50d3-45c6-91ae-0bfe85cc71c3","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":223,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"6e4d367f-6dc2-4be7-872d-5f8f234b4601","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":223,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"aae59987-0340-40ea-a529-adb703345eae","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":223,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"d58a823e-6fdf-47fa-9961-4014b99000f1","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":223,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"ae036562-89c5-4828-9aa6-c381a4e4631f","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":223,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"388ced03-a1c8-4b6d-b6e8-61d4930922e5","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":223,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"cd371d28-35cb-41e6-8afd-38b3efe9cad3","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":223,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"212a04ee-a84b-49ab-b82a-c8bf4718973d","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":223,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"b72e7f72-2b78-4434-97f3-8dc5ab5ef22c","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":223,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"bbd77cc5-040a-4087-ae90-d65658bf7993","block_type":"box","text":"systems.","page_number":223,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"d7cba9f6-4070-4cd0-90a0-f25c29b7d9c5","block_type":"box","text":"7","page_number":223,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"46e24d03-e6c1-42f3-9609-895513c6cd7e","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":223,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"fb93f081-8637-4df9-89a7-aa143e389bb5","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":223,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"4796fbe2-6b86-44f4-8c74-9db8c87740a2","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":223,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"b85628b1-2905-4c11-ac9f-1bddedf515d7","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":223,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"0901b909-3787-42e6-8e3c-20157c7f4618","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":223,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"9c88a5c0-2978-4f91-b8b4-f6f154b159be","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":223,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"d9e9fc0f-b3e4-4d8c-8e9f-1c922da2886c","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":223,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"d30dbba7-d4c0-4da4-85b4-aedc5da343d0","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":223,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"beb5a604-b53b-40f1-8b17-8b1f65925ced","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":223,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"578846bf-5508-494e-98b5-0cbd6912667e","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":223,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"2101c64b-614e-4891-9f43-282f6311a99d","block_type":"box","text":"or internal audit function.","page_number":223,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"abaa0f8a-7d10-4a59-abe6-483b474dba23","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":223,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"544a311d-bf78-442f-a501-055cc2424a73","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":223,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"5a5b7214-3d36-4799-9c07-35c610991cf2","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":223,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"08dc9b0a-1fba-435e-a3a2-4e6040319b26","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":223,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"1e4a67b3-b68a-44e4-9657-5bb11a7a0d88","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":223,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"1a9e01b6-b6a5-4343-8394-bac49d7be6b0","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":223,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"2b79647e-7de9-4a0b-b6e2-a17895c10c4f","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":223,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"ff1b6053-a615-4219-b7c8-b6fd2576c286","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":223,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"5ba6014c-dffa-4178-9e08-921f92af3f2e","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":223,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"9656caf5-aa49-48d5-adca-0524d7cfc2c2","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":223,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"7f51bfd7-e6a1-46c7-863a-7ad940d8e8e9","block_type":"box","text":"risk.","page_number":223,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"db68ebc1-1ccf-498d-b15c-6c173e8b5330","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":223,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"ebecab61-7355-436d-841c-2e5fcc8aaf76","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":223,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"1d514d66-7b67-4afe-8be9-f24ff1b85ee6","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":223,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"cf114ca1-052c-431d-9db7-71d6c19d9d4c","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":223,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"a1693fa5-55a6-4487-9839-d5fd16c92a32","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":223,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"3c6f5755-44d9-4d1f-a267-91cfa275238c","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":223,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"d6eb4b08-0837-436e-9dbc-46f92ce939be","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":223,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"2df9e6da-e927-4a35-aa2f-9bda1b03adeb","block_type":"box","text":"7","page_number":223,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"90d34f42-6e5d-40ea-9dfc-51d3a4a91f67","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":223,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"3bdd990c-5660-4303-9fbc-44ed02c29061","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":223,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"82880c3c-344b-41d6-aa5a-fa174441db5a","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":223,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"beb0698a-5fcb-494f-9717-aa598201ed80","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":223,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"94e14938-ddde-40d5-94a4-f79725886af0","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":223,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"843b326f-1056-400f-8c8c-cb06337d7570","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"925707d6-4f26-4ac1-bb74-c07822ec2f05","block_type":"box","text":"Global Principles | 7","page_number":223,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"ed86dec1-5bca-47f7-9d55-a687b22a9eb0","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e6baaf3-058b-4791-8ed9-14573c44b26e","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":224,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"72a7b7b2-e7c8-4ba3-bd00-1c999c044ba9","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":224,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"b23f50fc-914a-4210-b0bb-03fcb5b23cdb","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":224,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"454c91cb-a023-448b-9696-0f60a221ee70","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":224,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"c103d613-74a4-4812-840a-790e86288cde","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":224,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"8b2c773e-ea46-414a-8369-e39c9214a0ea","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":224,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"5d3cad5a-ebd8-47d9-abae-445ec5085234","block_type":"box","text":"minimizing costs to shareholders.","page_number":224,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"19c661b4-c976-4d74-a4a9-51d014cc6047","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":224,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"b8caaa90-8eab-4ae5-96e4-f60d0c43ad64","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":224,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"6f0e3a4a-bbb5-4f10-a0aa-74ec7d901dba","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":224,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"97cf58f3-5810-42d1-b9a3-c11ac6a74e6d","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":224,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"2b42f20c-e9fc-4f69-add1-3de05b6b6c3a","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":224,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"32d3a2a8-53af-4eb6-bf42-90aa8021b0fe","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":224,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"269e5088-f1a7-4e67-a728-1cfc37c537ac","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":224,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"d02817bc-cb7d-4dd1-80e5-2885e053aa84","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":224,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"7607b796-8d3f-4f58-aed3-86f78772dec1","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":224,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"08817880-f79b-4c01-a508-08d91a5baa7a","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":224,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"799e6bb8-2fef-4c6c-a06c-1b010106b008","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":224,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"9711c635-c4e2-4edd-8694-d7bcb4886103","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":224,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"673bc322-00fb-4ffc-9467-1622f4287aa4","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":224,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"7a32802c-8296-4513-af6f-60f4b218b55b","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":224,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"1dcf41a3-eddf-498f-89e1-6b84ec953521","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":224,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"74eeb735-683f-4085-9c7f-633f440e846c","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":224,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"a506ef05-4b85-44de-98de-6fddf41c537c","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":224,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"10747021-c30c-482b-ac34-9dcab2d9f72c","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":224,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"b27c9f74-d3c0-4103-9cdc-0153bd5d4920","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":224,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"393220a1-6ab6-4103-9047-e14869e2ecdb","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":224,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"1aae2987-c1da-4750-89c1-9153b2c20c25","block_type":"box","text":"ownership.","page_number":224,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"a5246e1d-6a94-44f8-b59a-8a18070aca20","block_type":"box","text":"8","page_number":224,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"66a8d10d-c84a-4129-aa9a-0a1bb36a671c","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":224,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"fd9efe9c-148a-471f-90b4-b5ae8b9f714f","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":224,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"acb7ed8f-55a3-4cc3-8705-cf5fafcda74e","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":224,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"ee283d9a-7efe-4abe-a48b-616c6d824a87","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":224,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"d83853ac-c24d-4d41-a92a-44a75a11eb7d","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":224,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"0219e524-fb01-4e58-af91-054dad9bc5e1","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":224,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"5f3028a7-26f5-4e21-bedc-14f4c1ed9f8b","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":224,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"226e9857-9efe-401b-a9d7-40e4d4e22dd0","block_type":"box","text":"results over a period of years.","page_number":224,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"7c03b007-28da-4e3e-9cab-9dcb73388803","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":224,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"9263dd89-506c-417b-9370-32ad7d236f0d","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":224,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"37184e53-f475-45b6-9e89-092f7bb85d6f","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":224,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"80098182-c2f5-40a2-beff-9dc83b30f508","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":224,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"7220cc52-18cd-48be-ba8f-ec07b3e70b2b","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":224,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"e4d64b2b-806e-49d6-bc85-6769d5bc3de0","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":224,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"87600ae9-a62c-4ccd-98ba-d1586bb78408","block_type":"box","text":"executive compensation strategies.","page_number":224,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"1a1912c7-199e-4309-abd9-4bd82011725a","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":224,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"ddbba01f-62fa-4fe9-afd7-3545bc9adc33","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":224,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"eeddc032-7122-4de1-9b3c-d1ccdec6de29","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":224,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"b7a44142-2152-436c-bce7-6b92c1f48470","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":224,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"9127ba61-5a17-4696-9987-85b3f2fe7cf9","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":224,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"0bd08e60-b2c7-4264-a687-6575018573c8","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":224,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"f2e90883-c5dd-4a0d-a1d6-3533ae40173e","block_type":"box","text":"8","page_number":224,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"db308a77-b573-462d-a455-b2fef1901db0","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":224,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"b2022b7b-e69e-4395-b49f-30002f959bfc","block_type":"box","text":"different markets.","page_number":224,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"18bc5259-02f2-45c6-a04a-fbe319da5b00","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"78959243-52a5-4b54-8873-7848352d37e8","block_type":"box","text":"Global Principles | 8","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"57cbbf60-8ff3-4462-bd18-6c6223456479","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff2a8154-bd3d-45eb-8211-289035d0c9b9","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":225,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"270f17a3-7408-4637-8c2d-9367a2f64c58","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":225,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"444a6942-64a6-4dc1-90e0-88a6999a5087","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":225,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"5f8515a7-83f2-47bf-b98a-bc154ac31e2d","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":225,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"9f1a882a-758d-42ed-a730-2b798e1bce65","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":225,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"05d6881f-0920-4520-b794-3adab6f864bf","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":225,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"f33d2821-e71d-4cef-b873-3b4a08747273","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":225,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"566671d9-4af8-48fa-85bb-4554e1358ee0","block_type":"box","text":"whom they are charged with overseeing.","page_number":225,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"51f4ade0-38b5-4574-b2aa-ffcad1b2a55e","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":225,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"552bae31-9288-4388-a326-9f2b7d22ada7","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":225,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"bb3809c9-f7a0-413a-a5ad-cdf05e8b5ff0","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":225,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"432193a8-89bd-4637-a148-bdc9f750912a","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":225,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"8d453d6b-76a4-4d5a-9fd8-48187f6772ed","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":225,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"680b5b06-5768-4575-94e0-42a983db0dda","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":225,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"b77d5431-b2ff-438d-a781-1dddd8b57d11","block_type":"box","text":"structures.","page_number":225,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"00daf1ad-ead9-4024-aef7-8b744c2468ec","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":225,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"700f0550-ea0b-4a52-8b60-a760633c8a51","block_type":"box","text":"Corporate form","page_number":225,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"c87642e0-eb2d-4890-a83b-1afff0176a00","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":225,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"5edbbe0a-a741-41fa-8e85-b5ea05178c3b","block_type":"box","text":"the company’s purpose and business model.","page_number":225,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"40fe262a-a9eb-4dae-96fa-563590ac3cdc","block_type":"box","text":"9","page_number":225,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"f229ebec-0b9b-4e40-a236-3e0551cc61d3","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":225,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"1e6f8bcc-b08d-4722-a0ae-692272fbeac3","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":225,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"b2cc33d4-7c9b-4aad-922f-0249bb19d610","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":225,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"b40a3afa-864f-4d1e-9867-2b4f55fe4c98","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":225,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"89f70f2a-88a6-4357-8947-6d438f58820b","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":225,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"12aab44c-c082-420a-a561-87357e61d26d","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":225,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"fd718644-8027-40d9-8f3c-f22c80bbdad0","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":225,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"d320c2cf-aa22-4fab-bd3c-70947c72e5ae","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":225,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"32133070-7a3b-48e4-a88a-ae962c395306","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":225,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"5f44581f-217e-4070-a598-ddb8583ee56b","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":225,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"c6141261-a654-4a77-b0a1-ab1610ac1e25","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":225,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"3a3077d5-c483-42e5-864d-ffb10176110e","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":225,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"38568e60-cf45-4c10-82ef-b074491b9270","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":225,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"67b1f6e0-3e06-44fe-a0ed-6593f2180b34","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":225,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"2057e45d-0619-4cb9-9543-e7d4657470a9","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":225,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"51a63201-3be6-4487-890d-e86a683cb249","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":225,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"d313eada-507b-4655-bf52-1944f826e98e","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":225,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"d7115ae2-3002-45be-8847-5d45f79faa10","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":225,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"52d0e0cb-0304-44e0-8845-342135e80b17","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":225,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"a4e2e40f-e077-4b48-850f-74fdc4fac29e","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":225,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"5e114218-310b-4096-8d89-7eed7b4797ec","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":225,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"dcf832e6-2fef-4295-a8d3-214b5a6308ef","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":225,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"2c86551f-4371-42a4-83d2-8b273ee964e5","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":225,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"4041c7c4-a9a6-4e2f-9c8b-e80d24f534f1","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":225,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"3ae8acbf-ae56-4667-ae19-a2bf616ef644","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":225,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"8a68369e-3b35-410d-b583-2f8ce5c25ec5","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":225,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"e5dc4906-6e52-477e-b3a4-1591bbb60b9f","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":225,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"ed3c5416-e23c-4259-8918-405cbac2e718","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":225,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"2a9bd191-b085-4e8d-96d9-e049d8a8cd31","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":225,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"12693a29-88a0-4cca-af64-973a21aa4944","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":225,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"fafe2ad7-f20f-4da2-a2d8-6f0b74158964","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":225,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"2cf1ee78-7d7e-4089-87a6-fa890b66c066","block_type":"box","text":"9","page_number":225,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"ae17dfdf-9d0a-4cb3-9718-e82ec8e3624f","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":225,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"b0cf928a-b121-42f7-8272-ddaa52494511","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"20e70048-0a45-4a60-8c82-37fb5a6cb861","block_type":"box","text":"Global Principles | 9","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"636c6e11-2bd8-40a2-9b48-9af904dc94a4","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e351890a-33d4-48f8-9d88-e7a90b999056","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":226,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"b7f404fd-5aa0-4d19-93f2-d5c6a745db35","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":226,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"46e3f9d8-5cb8-40d0-b2a1-c8f5e3f6526e","block_type":"box","text":"long-term financial interests.","page_number":226,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"17b20184-b10e-4ce3-bca4-38413d8364e6","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":226,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"3d354998-2525-4469-b46c-5434ee54dba0","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":226,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"d87e9665-a699-4297-933c-d003e72bb0a3","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":226,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"bbe16bc1-8e49-4c70-bf6b-56dcbd619954","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":226,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"3f49b84b-55e0-4777-a3ef-2bb49c6d2150","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":226,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"10fc29b1-c86d-45ab-afdb-74bd6b6808be","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":226,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"5dbd2190-6b10-4ff9-a3d7-7869d0320c12","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":226,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"640811aa-fcca-405c-8dee-362c3d6bc42b","block_type":"box","text":"term financial value creation.","page_number":226,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"ba6b4bc1-f0eb-4387-bb71-bdfb5dd11144","block_type":"box","text":"10","page_number":226,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"95d6ed28-cc26-430f-9eb2-c572fed830cf","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":226,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"83f91848-f39a-4df2-9f8b-634d9c707018","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":226,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"5cd2ce9c-f359-4d7e-9c12-4ded9da8c64b","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":226,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"9033a86d-da82-4933-821c-6aa15ff3697c","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":226,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"d9d67c91-4480-4aef-85f1-4f78f9bd3ccd","block_type":"box","text":"industry-specific metrics.","page_number":226,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"c249b623-a95c-4f8f-b0f0-eea87502514d","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":226,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"6268db59-84ab-421b-ac80-8a62ff8383de","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":226,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"b401624f-c2fd-402f-ab97-f0c256eb9b2f","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":226,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"b5e64c3a-d4e9-4437-a479-98eac8c3c7a3","block_type":"box","text":"11","page_number":226,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"90dee6c2-c0a6-4b66-ab09-ca7872a7ff33","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":226,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"35bb896d-a40e-4125-80e1-05fd86dbdcba","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":226,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"7e7eb7bc-fc03-4438-b47d-3daba2940e0c","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":226,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"6d05789a-29c5-4438-a5f8-f1267d5cd4ce","block_type":"box","text":"specific.","page_number":226,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"0f81612f-f1ad-41dc-86d6-be32dfd0ad7a","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":226,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"d2cfe383-9959-4865-9caf-0fca004020d6","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":226,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"1cffbb4a-5143-463b-b4fa-84c4ab1d76d3","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":226,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"ddf9a8d1-9e89-48dc-87c3-20576f4db175","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":226,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"167d0b94-0e46-43cf-81c6-ef2555b377fa","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":226,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"a3dab4df-0e8e-48b7-933d-06335afae4d9","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":226,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"f34eea2b-f7e5-43f5-b2a0-2f5d02f915e2","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":226,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"4306ac0d-5e3f-4ad3-9946-59de26fe0cde","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":226,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"550f3a8f-e36b-41c3-babb-900e2bbc460a","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":226,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"f3b94511-c60b-4dd0-98e4-f70c3df8ee56","block_type":"box","text":"10","page_number":226,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"7564a732-447a-4dc4-8e9a-e845454832df","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":226,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"360031c3-beb2-463c-9dc9-b30bc4f18929","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":226,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"fae7e6c1-6955-4515-bfaf-aa20973d4bb3","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":226,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"2f24da4a-a8d6-443e-bc54-e6a2628be172","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":226,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"7b81b210-fdb8-4e9e-9472-15bf383ec97b","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":226,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"8ad66714-7f05-4672-94d6-c3a65dcbc483","block_type":"box","text":"11","page_number":226,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"c74d357d-733d-41a3-b135-ba5bbff19df1","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":226,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"056d38a8-205f-4f88-ae77-ac63e39961c0","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":226,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"3b5b4d87-eb4f-4997-8eb2-4ed00a861395","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":226,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"1a71db32-f416-4388-b140-457b74322d10","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":226,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"b1347ee8-3817-492c-9f59-b16a28364a43","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":226,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"814ddf66-ef33-4778-963f-1fdf18c420b7","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":226,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"f2e2b9be-d9ae-4f13-90b8-3645c9c6ec11","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"622f8730-59af-44f5-8127-181e7100c815","block_type":"box","text":"Global Principles | 10","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"5260382f-a90b-4ae7-8128-a1f595fab4a9","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"503258c4-b883-4636-b8dd-ba6808c6077e","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":227,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"7cdaca5e-3bc2-4108-9e1b-d312f2011739","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":227,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"563dbf29-09da-4f59-9efd-1eb92d6c0f2e","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":227,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"cb92bea5-0684-4641-8261-f3094c334e94","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":227,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"895f172a-b434-4b95-a4be-4d064f1daa2e","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":227,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"18731653-c881-4601-b191-9653fcb8863d","block_type":"box","text":"12, 13","page_number":227,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"3bd9cc5e-9bee-46c5-ad2c-b2145752e4f3","block_type":"box","text":"From company disclosures and","page_number":227,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"2f060478-03f6-48aa-8022-14593c8ae7ab","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":227,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"bf5e777a-8878-4c5d-8578-6c291dbf6450","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":227,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"61ef5427-5d39-4f9e-8c72-fe832c14a3dc","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":227,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"1de2a6d4-7ff6-4d79-8338-1340788a5e3e","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":227,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"549606f2-a8f7-4eb2-a1ac-808af2732e60","block_type":"box","text":"viewed as best practice in the market.","page_number":227,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"7cad7f55-e163-43de-88fc-c95c721492bc","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":227,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"a6121bb1-5989-4189-9015-c6cb301b2ee2","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":227,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"de3ea179-5222-4511-b1c4-07b272d52d1a","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":227,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"dcf279e7-d5e7-401c-851a-a028bd03fc25","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":227,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"a52b1e33-73fc-4f66-8337-2cf46d6d28e7","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":227,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"d44e8f04-d8fa-4192-aa52-27dd873e3702","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":227,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"7434ae51-fc1e-4695-97e5-de591c7be949","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":227,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"0a9f4d11-4bec-478d-97c3-92c36e307653","block_type":"box","text":"interests of their investors.","page_number":227,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"0ba726c1-9276-488f-b74b-b7483382b2d2","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":227,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"4f3fef51-b530-4065-81fe-f221ac6be510","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":227,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"40898aa9-5d03-43d4-b318-b2a3db255a91","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":227,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"7aee109f-a288-4050-8890-2e0f336ee7d3","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":227,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"aec4c0d6-44bf-44d5-a7cd-da75a2f55d9d","block_type":"box","text":"good-faith basis as methodology develops.","page_number":227,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"090f644b-3bca-4173-87b2-1b1714ab06be","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":227,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"d652eac1-ec6e-4a1f-8fe8-191d3d992aee","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":227,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"bca15ba7-f592-4776-bd2a-dd50814bd506","block_type":"box","text":"generate long-term financial returns.","page_number":227,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"32913ce9-231f-4d44-a3b0-da495218557e","block_type":"box","text":"14","page_number":227,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"6c33ba77-a095-4b3a-9a49-c68d9434638e","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":227,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"813b6c7c-a99a-46ae-8c75-a694b183c514","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":227,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"95dcbb8c-2da0-430b-8a42-0d86a0373e51","block_type":"box","text":"15","page_number":227,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"f169e7ad-fe40-4de3-9cec-5a3ebb57da80","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":227,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"50d8eb21-0e4b-45a3-8f07-b706b8deaf05","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":227,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"a313ac5d-8ddb-4ead-82c5-90ed50dda499","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":227,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"4bf61435-7d52-4b92-9a9a-da8f72a1b8c1","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":227,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"5989b8f6-42ee-445a-95ba-ef46ca6a803a","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":227,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"681747f9-001b-4046-834b-f9c39c413148","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":227,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"05bc40af-14e8-4406-b9e9-f4946b719680","block_type":"box","text":"12","page_number":227,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"edd54b1c-0409-498f-a20f-cb0036b3d187","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":227,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"53e9b0c6-9336-4ae6-95f7-3f793439b5eb","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":227,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"f989d6c6-16cf-4bb4-80b5-ea335d5ca908","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":227,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"43f1936b-5bbf-40ee-8f50-433f2330e6ba","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":227,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"5585dd04-3a2e-4a06-93f9-33133d744e7e","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":227,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"3b9169e9-5355-49f5-b1bc-b20f400b48ec","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":227,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"845d326c-1dee-44f4-a099-d40e7b0ff161","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":227,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"c96a31fa-7252-40c4-a58d-43147da1065b","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":227,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"2449b477-3995-48a7-b7ea-5efe017c94e9","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":227,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"098d5588-bef3-42b5-ada1-d2b1159103d8","block_type":"box","text":"13","page_number":227,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"e97e9e61-502b-4bdb-824b-f6dd2dec9147","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":227,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"7e48ae4f-94fb-4d3b-b97b-f2b5a02f5049","block_type":"box","text":"2025.","page_number":227,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"e37c6f5a-00d5-4418-a5ae-f847b23c2118","block_type":"box","text":"14","page_number":227,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"0e662ff3-dc65-4715-b83d-15b939b3cc91","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":227,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"e734ba9b-0cc6-4d67-8652-1b4b8db3226d","block_type":"box","text":"2025.","page_number":227,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"a8f7cf48-4632-4002-8e00-4b175b8aa02b","block_type":"box","text":"15","page_number":227,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"d2e62e1b-0e49-4720-bb3d-50d79c570900","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":227,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"595e2bd5-63b0-4c57-bd4e-e5792667fb04","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":227,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"a68e09fb-898b-49c6-b3a5-d5d635bd6277","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":227,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"a4c32407-7692-4f94-99fb-634fedb86832","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":227,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"07948665-40f5-4231-8d3a-9a1e15a21484","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":227,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"91550e9b-267d-4a88-a52d-391910d3d953","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c58dda1a-229f-4057-a5e1-b68987701d13","block_type":"box","text":"Global Principles | 11","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b9534baa-247d-4b9a-8fcc-2977969c49e8","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80cdb992-05e8-438b-b332-9445e5399e99","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":228,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"2099f190-9960-48ce-a7bf-2ea253b86d36","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":228,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"79f7aec1-53f8-454a-af6d-13524428c70e","block_type":"box","text":"16","page_number":228,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"58de1cab-7f3f-4b04-b673-a632e352af9f","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":228,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"29f35875-11d5-4c1a-8db6-67bcb44d9888","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":228,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"abbf5b3a-7014-494c-8aed-05c48f287eb3","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":228,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"d38a1253-9045-4532-ad5e-8c39090eb97a","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":228,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"989f7a43-963d-4a6e-88cb-f516228c5821","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":228,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"ced526b3-eefa-4c81-9b2b-dc3959b39013","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":228,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"5ba5e635-3879-4939-aae5-9ce93be9e8a7","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":228,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"11e98896-c49d-4559-b78c-60e67fa93411","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":228,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"a88e16af-da5b-4469-a7c9-9736cf13ef03","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":228,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"77e4b94d-50b8-45dc-8f9b-0669ade9282d","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":228,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"42df8dca-4160-4388-82c8-002c277af69b","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":228,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"0279f35b-8038-46dd-bd35-c111fc0f05dc","block_type":"box","text":"impacts.","page_number":228,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"d0ca4284-a65c-4800-a61a-3c578c3b3fba","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":228,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"1dcb57f6-bb8f-4278-841b-74ecf55bb967","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":228,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"e63d8c46-189b-4e0e-b434-d968cfd0888d","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":228,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"7f02d4bb-f56e-4d9f-8666-854f74e85001","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":228,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"e4b8f797-ca7b-4ff1-87ef-f2d25fd22362","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":228,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"9d40a80b-6e83-42b2-8121-b5eed172f69e","block_type":"box","text":"clients at the global and regional level.","page_number":228,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"2334c9a8-c230-41a3-bc7e-114310757983","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":228,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"95f380b5-2279-4156-9183-beec21d8d7a5","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":228,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"c6a8e940-fc6d-4606-9aa3-8e191efb1f43","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":228,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"3606e0ed-92a7-44b6-9df5-9abf4152e13a","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":228,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"60c1dd6b-f752-48cd-bb1e-cc27c66b828b","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":228,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"ef0621b0-4be3-4647-bb9a-33177ef40b79","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":228,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"cfafa526-4fef-48f8-8036-cd63a74a28f9","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":228,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"882f8f6f-3c4a-4e7f-97d6-28110b59918b","block_type":"box","text":"are independent from the investment stewardship function.","page_number":228,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"48fe5fbb-c260-4479-9d20-a29647812086","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":228,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"0448bc55-4e06-4e8d-b450-85e08805c1e9","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":228,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"7336439f-9367-4b9c-88a6-27b26fac172c","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":228,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"ac475196-4381-4f29-9b92-929c217e0be4","block_type":"box","text":"VOTE EXECUTION","page_number":228,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"2ddc6965-31e8-4e81-9751-32ff52f2b274","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":228,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"b408751d-5d88-4657-b403-663851cb79f9","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":228,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"37cbfe42-d5f7-4d1f-a4f5-e3ca1c82af75","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":228,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"3d6bb60b-9948-4fe1-a2ea-911cd3ea8ba0","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":228,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"023984f7-f1a9-42c1-83c8-31deaff30a66","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":228,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"52d63f66-0d4b-42c9-9145-1295ffef588c","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":228,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"92e0703f-e0d0-4e68-8181-aed2b05c6a42","block_type":"box","text":"management policies and procedures,” below).","page_number":228,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"d20ef998-0c93-45be-b92f-591b88451671","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":228,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"c185f101-c478-4c0c-9a4d-86a27bdc3868","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":228,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"a4ef9efd-825d-4ee0-a0e3-152f1f301cab","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":228,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"1be24c50-6102-4a01-b9e0-d7d03ca4b00e","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":228,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"970fad0a-390e-443c-b1b9-b2e8cba7119c","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":228,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"cc132e6b-888b-42c8-9924-aa763f6e6901","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":228,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"359ecdd7-e572-44de-9f46-3a6fb7554d0d","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":228,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"d1f4f5ea-f1ba-4de1-9d98-b8388da77601","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":228,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"3fe58ff4-c131-4105-bc8f-c856c2a7f174","block_type":"box","text":"16","page_number":228,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"7e711b32-99e9-41bf-b7a0-8c3f8ff69ad3","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":228,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"d739ca1a-0074-4a82-897f-10acbd4ea9cd","block_type":"box","text":"December 2025.","page_number":228,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"c3b1b4bc-0434-49ff-9257-d390b9514c47","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f812f76a-8e83-480c-a55e-1ee04917c59e","block_type":"box","text":"Global Principles | 12","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"74bcfee4-913b-44f0-b324-d331d25dd070","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d63f7d13-1a50-48ef-a446-ebd8fdd65df1","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":229,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"0de1d3a5-270b-4882-9e26-7c1eaef95605","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":229,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"ef368a40-ea3b-48bc-bf90-86a5ea7a6317","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":229,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"23cffd0a-1870-43f8-a483-359b9c76c625","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":229,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"bde07749-ab6a-4c93-a16e-3d312eccab89","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":229,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"bf83a27d-9bc0-48d3-947c-13e779e35812","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":229,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"404e1523-8bb8-4ba2-8edb-84b79f918a77","block_type":"box","text":"enterprise-level vendor management activities.","page_number":229,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"898df93f-d69e-42d5-88e0-e1d6fb4de9ae","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":229,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"c168fd28-ae98-476b-ba7c-d836557a9e80","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":229,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"d344a408-3182-4811-a42a-5de8d6527292","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":229,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"eabdcf21-edde-4535-adba-34270aa48e90","block_type":"box","text":"BlackRock employees.","page_number":229,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"0654652d-1d45-48ce-b053-c69faafab319","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":229,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"c08fa354-5cb3-4016-a393-4df1cac1f3aa","block_type":"box","text":"SECURITIES LENDING","page_number":229,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"42489fdf-6264-42a8-8163-c646dcf0eea5","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":229,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"1f4be311-adbe-4d78-a14f-39c2bc6f48ff","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":229,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"10e9b743-144a-495a-9924-057febfc9119","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":229,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"a6b26cd2-6c0a-40f0-b876-ae4b029eefb9","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":229,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"c81e9ae8-84a7-4c56-a128-216c69d179c0","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":229,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"f33fdb98-4e5f-4630-bddc-f3db2377cda2","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":229,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"a6a8c8a5-5840-43f5-9700-67d1ff31fbd0","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":229,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"eecbd3df-ed95-47f5-99e0-8d2560572ebd","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":229,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"113eafdc-824d-408a-837e-fabffb0e5510","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":229,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"b6c7a6d1-c861-4649-9e47-f9a4fc0170e5","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":229,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"efcd3756-5028-462b-9afc-33da0db2d766","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":229,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"f6dc4091-25f0-42bf-ab6f-ab56f4bf7658","block_type":"box","text":"of recall consideration).","page_number":229,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"84f059de-b183-454e-9dc5-227305643f73","block_type":"box","text":"17","page_number":229,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"3d8f4c88-a3e6-41e5-a699-02a4bf80e286","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":229,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"fd394adf-8bd0-4df0-88af-76a22d0d0e90","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":229,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"069e7086-2cea-4a2b-957d-d7172295fbe2","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":229,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"199905cd-0344-4795-9000-94d285fd199a","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":229,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"5e783a66-3253-463e-8c50-fb7d1dfef024","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":229,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"1a0fe961-7c73-4336-ab13-3ce6f23766c6","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":229,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"97f47b1d-0056-4907-8b72-06e72a171f71","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":229,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"999c2b6b-3864-4269-ac52-d78119a4c248","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":229,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"c2a4ff1f-f6c0-49bd-9b36-ce1f36b90f53","block_type":"box","text":"and may modify it as necessary.","page_number":229,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"dd1700e9-cae9-4c0a-9485-0d2930162311","block_type":"box","text":"VOTING CHOICE","page_number":229,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"76aa8296-6cec-4186-97e7-c454d4b55546","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":229,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"e0b39010-0e5d-475a-b1d1-de99bc504afa","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":229,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"3b9d6df3-ec38-477f-a1fa-32bbf9f1e84a","block_type":"box","text":"18","page_number":229,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"e914aab2-7af8-4220-9240-d40388fad865","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":229,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"aef36dfe-1c39-4dbd-8430-3ea4dbd8c129","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":229,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"22399006-fd38-4885-80c7-3389512a66e8","block_type":"box","text":"17","page_number":229,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"3590342d-a026-46fa-af2e-febc88e56944","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. 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As a result, managers must weigh independent","page_number":229,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"8227e1cd-8cd6-4704-9aba-e7b63d8b1bbc","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":229,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"948c82c5-1058-421d-9105-f424856a1e3d","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":229,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"326f211d-f23d-41ef-bd14-a32bcd887875","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":229,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"a50d8c3e-ead3-45ef-b27b-40267451a0d3","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":229,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"d2bfc8e2-2d19-464c-82ec-8254f32efbcf","block_type":"box","text":"18","page_number":229,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"cfeeba24-d528-4263-aa1f-e9a5c1558e97","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":229,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"3418a575-b82e-40dc-bd24-6d89ff2cd012","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":229,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"3c09ff54-cfe6-47f9-9f13-e0cf6c80c7f7","block_type":"box","text":"including the decision to lend securities.","page_number":229,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"040b6e64-eecc-4723-bae5-f4c8aed0a5c9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"acb8bf68-c6b6-43fa-a564-71d6e403fa08","block_type":"box","text":"Global Principles | 13","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c30c85d5-d006-488f-829e-56ad5c4007d5","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7647ad14-c6db-40d0-8195-d76a83971adb","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":230,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"d0033d75-8da5-4b61-8afd-6f2a36b5f60b","block_type":"box","text":"(SAE) strategies. 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In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":236,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"c2f295a4-a584-43d1-b7fe-40e5d931ac13","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":236,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"ba899eff-a41a-49f5-99d8-325b913e2379","block_type":"box","text":"14","page_number":236,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"5d0c932e-7bf3-49a8-ab08-2ec182662131","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":236,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"95aac4a7-7625-47e3-8850-975cea8fbe92","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":236,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"9c53fc04-49a6-4165-a640-7c80233d71bd","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":236,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"904d6d06-bd24-4429-831c-f3b872a440b9","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":236,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"224bd14f-d40b-4438-872f-eee73da18b34","block_type":"box","text":"15","page_number":236,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"80c76353-6beb-48a1-a01a-57836b7b58cd","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":236,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"e4759849-4eaa-473c-b911-800e09b5a3c5","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":236,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"f1dbaa03-d1a8-4e3a-9f80-8f1b7fe5f853","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":236,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"47de1e74-b7cd-4e8b-835b-b207b7dfa7e6","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":236,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"65597b91-5658-49cb-9e95-98bf8056e593","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":236,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"2dc93bc1-c8f3-42bf-adeb-32d1a632ebcb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ee741f29-9da3-4029-ae96-f3fcf2310b11","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"1909fad1-d81b-4387-8e51-b3d66f5ab699","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b40b9b4-de38-468f-8fef-8efab5000217","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":237,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"f36a9e1b-ebe5-453e-89b9-1f2612971718","block_type":"box","text":"16, 17","page_number":237,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"63d1e660-fd19-4f4d-8b5a-74ee1bbaf93a","block_type":"box","text":"In addition, the dedicated team looks to","page_number":237,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"4f924167-81a2-4c20-b18d-c3200f8dd8b0","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":237,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"a96d234d-aaff-4903-a0ac-fe8dc4fe5af6","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":237,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"191da85a-9dc0-4102-b93e-36f28c1f44ce","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":237,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"0639fcda-1880-4c6f-91be-ee6ccbd2c811","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":237,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"539ce7dd-6670-4efa-a9a0-99e2e078e4ff","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":237,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"860c3f7c-e12d-4641-b275-d266ab95aa4b","block_type":"box","text":"18","page_number":237,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"1d0cc53b-580e-4526-b640-e071b5d85b97","block_type":"box","text":"However,","page_number":237,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"3830c9ff-4dea-4510-81e6-00ea78da2802","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":237,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"aceb65b1-ccc3-444d-acf5-3b86c3038cb9","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":237,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"a2c14405-f23d-4ab6-bee1-51d0a9af236b","block_type":"box","text":"their decarbonization targets. For some companies that play an impor tant role in the low-carbon transition, scope","page_number":237,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"0fff0d76-dc62-4b88-8c8d-f946179a93de","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":237,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"16da3e1f-a702-44ff-9a9c-5a2a23eb3441","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":237,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"a33beecf-93cc-4564-bb59-610af36f9051","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":237,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"cc9b045e-4777-4ac9-83fc-86f7db3afe6f","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":237,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"9c378488-8a9a-4deb-b646-a4ea4d4bc35b","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":237,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"e3a4258c-b8d0-40c8-a597-1629f5d78d3b","block_type":"box","text":"transition risks.","page_number":237,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"9d80c9c7-cf39-462c-a38b-31b2713a98c8","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":237,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"51acddd1-42bb-4cc4-8bc2-f969e805faa0","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":237,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"37c0e139-57b7-4e20-81e8-1aff7548a3aa","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":237,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"61baab51-2988-4fc8-8d40-d2975b33d949","block_type":"box","text":"Transition plans","page_number":237,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"f587727a-483e-4e47-b92c-7e6b23e679c6","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":237,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"1a18dc6a-e96c-40f2-808b-ece83d54166c","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":237,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"295c8f79-8fb7-4d3a-a584-e08961759811","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":237,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"9fd2f511-8a68-41ee-820a-5826edc979a1","block_type":"box","text":"(see Appendix 1).","page_number":237,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"4db0e749-319f-43c4-838a-0401e31ad34e","block_type":"box","text":"19","page_number":237,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"f22ff52b-d9f8-4aae-a30a-c5c0948e39b6","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":237,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"35bd2ba9-3d08-4e63-ba69-7fe1216cf880","block_type":"box","text":"transition plans.","page_number":237,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"765f91cc-2e63-402f-b368-d4c13fae59d0","block_type":"box","text":"20","page_number":237,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"e735636a-ed11-40af-b8ff-3685501806e1","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":237,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"640bacd7-4edf-496a-a68b-6a9f3f7c4137","block_type":"box","text":"repor ting approaches.","page_number":237,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"9889f91d-2f2b-4fc4-9b3a-b0a95c52397a","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":237,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"d7935e6e-c782-4f72-9dc8-50ee132a3e80","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":237,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"b2c9663b-79dc-45a6-b21b-9b499c2f51b1","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":237,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"e1ef372d-1f13-4539-aaae-9e1fb04fa6b8","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":237,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"1e863a17-8488-4286-abdb-3853e9f8aa78","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":237,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"4e260e25-1a7f-4267-b07b-5c2ccf168258","block_type":"box","text":"informed voting decisions.","page_number":237,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"045d8253-808a-4fc1-88ce-c2d4120c0883","block_type":"box","text":"16","page_number":237,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"ff490bf5-cce5-4faa-ac14-228d8062e131","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":237,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"1befa37d-d1fe-472b-a599-df860b9a7191","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":237,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"6bae98d3-020f-49a0-b32f-24a07186cddf","block_type":"box","text":"December 2025.","page_number":237,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"f6fee482-5277-401f-80b3-b666f0724d52","block_type":"box","text":"17","page_number":237,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"15cbe746-e48b-4f94-8adb-ce57068e95bc","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":237,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"61aafbcd-540a-404a-b644-85094b65cd79","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":237,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"8d5d7102-5311-4bdb-907f-63c1de5e678a","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":237,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"ab3ad6d7-f84f-4f1c-8833-a585a323f849","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":237,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"0876d0f9-fc52-4b0d-9ec9-eebd00507a60","block_type":"box","text":"18","page_number":237,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"b46b5570-fb37-4f0b-bce2-ae76ff8e7c71","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":237,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"4f1bbd21-ae4b-419c-9bb9-6391cc918667","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":237,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"a9eae154-237f-4612-932c-4a426b9074ed","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":237,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"597ee575-62b9-4d58-96c4-b69cd8377373","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":237,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"9164e9c6-6763-4d2f-a264-dac0c0382a34","block_type":"box","text":"material to their business models.","page_number":237,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"a44b77ce-7fdc-4e0d-b095-5a4439e7dcf7","block_type":"box","text":"19","page_number":237,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"96d7e926-6cc2-4225-b1cc-fe90ce48a8bb","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":237,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"c53b339b-46da-4487-a7da-d38e10a0014d","block_type":"box","text":"December 2025.","page_number":237,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"ef323ffa-e9b6-4a9e-8fb0-a7fb85da280e","block_type":"box","text":"20","page_number":237,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"c3e8dd7d-1736-489a-b0fc-cb35a0727d83","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":237,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"d2c137b9-aa92-4255-8fb9-5a59c89fc5cf","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":237,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"ac988c93-f102-40cc-a880-668f5690a427","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":237,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"387af86e-52f1-449e-99ee-51c9574ab2b6","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":237,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"9b56c23f-45d7-461b-abc6-fad375ad1b97","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":237,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"d1fcc869-2e60-4203-b16a-f59bfe514cb4","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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In assessing the role and effectiveness of the board in this regard, the dedicated team seeks to","page_number":238,"box":{"x":68,"y":98,"width":825,"height":11}},{"id":"20b9f3f9-88e1-49c9-b46b-b21eca29e35c","block_type":"box","text":"understand whether:","page_number":238,"box":{"x":69,"y":113,"width":145,"height":9}},{"id":"8d53dca2-482e-4c32-ada8-9fb28430fcf4","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":136,"width":6,"height":4}},{"id":"13df0be9-5883-48d9-be6b-8dc25234c66f","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":238,"box":{"x":101,"y":133,"width":711,"height":11}},{"id":"c7251d84-04e4-485b-9ae6-4cd07a670062","block_type":"box","text":"oppor tunities in the company’s business model. 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Under the Guidelines, the team may suppor t","page_number":239,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"03dbe419-fb71-4062-9151-642fe5064ea1","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":239,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"96403548-84ab-4baa-8d98-92c6e52710e2","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"2528b5e7-851c-42b7-87bd-e8d94c7e852e","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":239,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"baf6c9f6-bc27-46c5-8068-ae0fc50db075","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":239,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"3364bce5-378d-4abb-b498-d779024668b3","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"9dd7df1a-6422-4c1d-80c1-5913a21355d7","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":239,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"2ffd49d9-17e9-4d6f-b44a-d60990477943","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":239,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"9c847155-096f-400f-acc8-33b03f5b05d9","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"ee9d49f2-3441-4d5f-9e10-8514821874ab","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":239,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"dfa479bc-6923-41b7-a3bb-8302b4e41993","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"837ca639-4d3d-48aa-91b6-c81d681b1b91","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":239,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"aad80ed6-9401-41b0-8ee6-e6dba2654f80","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":239,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"1bdfe8d3-69af-4473-9537-effd3602cef6","block_type":"box","text":"25","page_number":239,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"3d4cf8a9-9d93-4dd5-8c24-b777e2393808","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":239,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"fbfe4011-e66c-47c7-ad7c-fa4f35c1556a","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":239,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"662b2911-388b-4bab-b756-fb88b7ae3642","block_type":"box","text":"RELATED MATTERS","page_number":239,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"39fc1289-eb5e-4bd9-9966-2a7baa1031ba","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":239,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"3e963425-8955-4be8-ac6c-bee1d330cb64","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":239,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"792919c3-7bc3-4041-8e6e-9ac6e3826c1d","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":239,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"e93e21cd-ff77-4184-b05f-c2f9e261a0f5","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":239,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"743cfe36-d5bd-4323-a174-26c91c587c15","block_type":"box","text":"Executive compensation","page_number":239,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"6fc1274e-1fdc-4faf-bfbd-839f6dd9562f","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":239,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"d1dc0878-6b22-4101-b806-9a1386fb0ebe","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":239,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"86839e43-48ca-4a37-aa20-69c473aebc3f","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":239,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"d67df1b2-101d-4fa9-8ff7-a1baa3a64020","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":239,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"1592c813-20aa-4bcb-b175-136fb903a683","block_type":"box","text":"24","page_number":239,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"4d2fa7d4-45b8-40b4-8cb2-160461228ed6","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":239,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"1073d11f-78c9-4b91-b3bc-66bcf6348d39","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":239,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"eafe0a93-1897-4d61-8ec4-162cdf87d372","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":239,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"c8f90dd3-4048-49a5-9743-d46e1ac8d05d","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":239,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"425fed67-d174-4d07-9606-8d10c7c87a62","block_type":"box","text":"25","page_number":239,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"f97c31ad-3c26-4ba6-a61c-674b382c6c2e","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":239,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"c3a6b739-c0da-4b4c-9164-a576a8ac04d6","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":239,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"be99e17d-52c4-4138-9c91-f01e857a7b61","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"81495966-21ec-4250-96a7-f4cc0656c8be","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":239,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"4fb08d24-492d-47d4-89e9-c4efbc5842b6","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc0a8d56-1d58-4b10-961f-ca357f53034d","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":240,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"802455c9-43b7-4f74-be7c-e4118b504cba","block_type":"box","text":"strategy and risk management.","page_number":240,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"394d2057-b6cf-4c0a-bc68-6226c450bf61","block_type":"box","text":"Auditors and audit-related issues","page_number":240,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"baf37fbf-4284-4876-83e1-afcac75a3791","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":240,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"21d46a35-3553-43fd-aba6-1d867abf7d0d","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":240,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"a17036a9-d7e9-43da-bd16-7db4bcaee460","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":240,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"370a739e-1c41-4cee-972f-e170a84ec791","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":240,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"45df20fb-4739-4116-b270-5ffeccf15887","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":240,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"1baf1ef4-a2b9-4043-805f-b8d49890d8c9","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":240,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"fe0cda85-3d3b-4a0b-b892-ecf94043e42f","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":240,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"2cadb739-eba7-4d15-aaa8-2ff1af791fb7","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":240,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"763e5a20-3178-4fd6-8b85-ca250af4518b","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":240,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"2d389454-85d0-46ae-a007-d4d0ff3ce855","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":240,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"385b31f2-69b1-46de-a680-f16649963402","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":240,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"6a6740dc-adb8-4372-8ccf-714b9c41b396","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":240,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"f726b35c-9565-4c2f-9f2f-4af41143cdd0","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":240,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"32e064a8-286b-4b49-8a07-10a069d40695","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":240,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"8965bd49-2e4c-480a-8bb2-ce1518b3b01b","block_type":"box","text":"stakeholders.","page_number":240,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"528c4d4f-e685-45b1-bd4f-19ab67c1f974","block_type":"box","text":"26","page_number":240,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"6b30c193-8fe8-45bf-8e3c-9644fe78c164","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":240,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"62636b08-5774-4ab0-8583-f9fab4b88957","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":240,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"db5522a1-43f9-447e-b6c7-0b8585844b3d","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":240,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"7ef5142f-2b50-47b1-b0df-3f1028bb6f0e","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":240,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"d2453fe3-8f2b-480e-af78-0d61410bd74d","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":240,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"98e3962c-5782-4816-a567-de0629927fbe","block_type":"box","text":"26","page_number":240,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"8faade16-37b0-44af-b407-e32bd5dfc8ca","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":240,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"0652f2c8-d376-4cf1-af09-f4cdb6998cb7","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":240,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"a99b7d05-9383-4c52-adf1-886d8c9f100e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c0ee3f3f-68c4-4021-9313-3f923251f3b5","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":240,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"ef4941ab-016f-4565-984e-fe2c7b7adc50","block_type":"box","text":"BNM1026U-6033397-19205829","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32eb3535-5de2-45b7-88ff-870647e3ea5b","block_type":"box","text":"Appendix 1","page_number":241,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"72c64117-da86-4231-adc4-d76d8426e7b0","block_type":"box","text":"Terminology","page_number":241,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"b22ae04f-53f6-4fdd-bd72-bbcf64ce5728","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":241,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"8631c0b4-243c-41fa-8370-eeaa6bc1b5cf","block_type":"box","text":"Climate risk:","page_number":241,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"ad0d8cb6-fb55-44bd-b5ea-587b8eae4bb1","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":241,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"9ac810fb-ea0c-484a-bf63-2690ec43150f","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":241,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"3208a8fd-b6ec-42fd-b0b9-4784ee0446ac","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":241,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"e0ce07fd-a818-469a-b586-bc0f77be6db1","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":241,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"42446a0a-498c-4b7b-b973-392e66976221","block_type":"box","text":"The global economic shift toward lower","page_number":241,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"67320b6c-d70c-48d9-923f-0d57bcd63726","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":241,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"3bbc1644-e86f-41f0-940a-3146c77f5fdb","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":241,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"9d96324e-e7d9-48c7-a0d5-1743b0e775a0","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":241,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"e6280301-9572-46e5-b1c8-cd27cc602cf4","block_type":"box","text":"Decarbonization:","page_number":241,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"1cdb9eda-fe86-4c6f-ac5b-fcd5d11dfc86","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":241,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"12bd580e-3488-484b-af05-390590e6b0de","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":241,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"9dca9c47-4229-4b11-97a5-fdd222ef8051","block_type":"box","text":"individual consumers. 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